Slide 1: Q3 2023 Earnings
October 13, 2023 Q3 2023 Earnings Earnings Release Supplement
Slide 2: A broadly diversified business across clients, products and geographies
A broadly diversified business across clients, products and geographies Assets Under Management of $9.1 trillion at September 30, 2023 Q3 2023 Base Fees and Securities Lending Revenue of $3.7 billion Client Type Style Product Type Region Active Institutional 27% 30% Active 46% Equity Equity Institut
Slide 3: Net flows
Net flows ($ in billions) Total BlackRock Retail Long-term 6% 6% 5% 5% 4% 3% 3% 4% 4% 16% 12% 8% 4% 2% (2)% (3)% (2)% (2)% 13% 11% 8% 5% 2% 0% 0% 0% 1% Long-term Cash Advisory $212 $44 $114 $23 $22 $87 $110 $75 $90 $8 $10 $169 $80 $21 $17 $146 $0.3 $4 $114 $23 $98 $103 $3 $69 $65 $57 $15 $(5) $(4) $
Slide 4: Profitability
Profitability ($ in millions, except per share data) Operating Income and Margin, as adjusted Net Income and EPS, as adjusted $2,040 $11.34 $10.68 $10.91 $2,700 $1,920 50.0% 47.6% $9.52 $2,600 46.6% $9.55 $2,500 $1,800 $8.93 $9.28 $2,400 44.2% 43.7% $1,750 $2,300 42.5% 42.3% 45.0% $7.93 $2,200 42.0%
Slide 5: Capital management
Capital management (amounts in millions, except per share data) Share repurchases and Dividends per share weighted-average diluted shares $5.00 $5.00 $5.00 $4.88 $4.88 $4.88 $4.88 154.3 154.6 153.5 152.5 152.0 151.8 $4.13 $4.13 151.3 150.7 150.5 $500 $500 $500 $375 $375 $375 $375 $300 $300 Q3 Q4 Q1
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates % Change % Change Spot 9/30/23 vs. Average Q3 2023 vs. 9/30/2022 6/30/2023 9/30/2023 6/30/2023 9/30/2022 Q3 2022 Q2 2023 Q3 2023 Q2 2023 Q3 2022 Equity Indices Domestic S&P 500 3,586 4,450 4,288 (4)% 20% 3,977 4,208 4,459 6% 12% Global MSCI Barra World Index 2
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) Percentage Change Year-over-Year Sequential 77% Base fees Base fees 4% 3% Securities lending revenue Securities lending revenue 3% (9)% Performance fees Performance fees (15)% (41)% Technology services revenue Technology services revenue 20% 13% 1% 7% Distribution f
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q3 2023 compared to Q3 2022 Q3 2023 compared to Q2 2023 $150 $70 $39 $30 $7 $7 $2 $1 $(1) $(8) $3,681 $19 $8 $8 $6 $5 $4 $(3) $(11) $3,681 $73 $3,611 $34 $3,531 Q3 2022 ETFs ETFs Alts Non-ETF Active Non
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) 19% Employee comp. & benefits Percentage Change Year-over-Year Sequential Employee comp. & benefits 6% -% Distribution & servicing costs Distribution & servicing costs (2)% 2% 13% Direct fund expense 11% 3% 49% Direct fund expense (1)% 4% General & admi
Slide 10: Alternatives client assets
Alternatives client assets ($ in billions, as of September 30, 2023) Non-Fee Client Fee Paying Paying Assets AUM Commitments Illiquid alternatives: Alternative solutions $12 $7 $5 Private equity 41 34 7 Opportunistic & credit strategies 30 30 - Real assets: Real estate 28 27 1 Infrastructure 48 34 1
Slide 11: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($ in millions) 2021 2022 2023 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Operating Income GAAP $ 1,935 $ 2,039 $ 1,764 $ 1,668 $ 1,526 $ 1,427 $ 1,438 $ 1,615 $ 1,637 Non-GAAP expense adjustments 90 68 58 59 59 150 73 60 54 As Adjusted $ 2,025 $ 2,107 $ 1,822 $ 1,727 $ 1
Slide 12: Important notes
Important notes This presentation, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-lookin