Cohen & Steers Inc

Ladies and gentlemen, thank you for standing by. Welcome to the Cohen and Sears fourth quarter and full year 2022 earnings conference call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question and answer session. At that time, if you have a question, please press star followed by the number one on your telephone. If at any time during the conference you need to reach an operator, please press star zero. As a reminder, this conference is being recorded Thursday, January 26, 2023. I would now like to turn the conference over to Brian Heller, Senior Vice President and Corporate Counsel of Cohen & Steers. Please go ahead.

Thank you, and welcome to the Cohen & Steers Fourth Quarter and Full Year 2022 Earnings Conference Call. Joining me are our Chief Executive Officer, Joe Harvey, our Chief Financial Officer, Matt Stadler, and our Chief Investment Officer, John Cheh. I want to remind you that some of our comments and answers to your questions may include forward-looking statements. We believe these statements are reasonable based on information currently available to us, but actual outcomes could differ materially due to a number of factors, including those described in our accompanying fourth quarter and full year earnings release and presentation, our most recent annual report on Form 10-K, and our other SEC filings. we assume no duty to update any forward-looking statement. Further, none of our statements constitute an offer to sell or the solicitation of an offer to buy the securities of any fund or other investment vehicle. Our presentation also contains non-GAAP financial measures, referred to as as-adjusted financial measures, that we believe are meaningful in evaluating our performance. These non-GAAP financial measures should be read in conjunction with our GAAP results reconciliation of these non-GAAP financial measures is included in the earnings release and presentation to the extent reasonably available. The earnings release and presentation, as well as links to our SEC filings, are available in the investor relations section of our website at www.cohensears.com. With that, I'll turn the call over to Matt. Thank you, Brian. Good morning, everyone. Consistent with previous

A reconciliation of GAAP to US adjusted results can be found on pages 18 and 19 of the earnings release, and on slides 16 through 19 of the earnings presentation. Yesterday, we reported earnings of $0.79 per share, compared with $1.24 in the prior year's quarter, and $0.92 sequentially. Revenue was $125.5 million per quarter, compared with $159.7 million in the prior year's quarter. and 140.2 million sequentially. The decrease in revenue from the third quarter is primarily attributable to lower average assets under management across all three types of investment vehicles.