Blackrock, Inc. · NYSE:BLK
Blackrock — Q1 2021 Earnings Presentation
11 slides from Blackrock's earnings presentation, Apr 15, 2021
Slide 1: Q1 2021 Earnings Release Supplement
April 15, 2021 Q1 2021 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 $9.01 trillion at March 31, 2021 Q1 2021 Base Fees and Securities Lending Revenue of $3.592 billion Client Type Style Product Type Region Active Institutional 26% 29% Equity Active Equity 48% Instituti
Slide 3: Net flows
Net flows ($ in billions) Total BlackRock Retail Long-term 2% 4% 5% 7% 6% 5% 6% 5% 8% 0% 0% 0% 3% 2% 4% 6% 10% 18% 1% 2% 3% 5% 4% 5% 7% 7% 14% Long-term Cash Advisory $172 $37 $151 $35 $129 $129 $127 $39 $26 $2 $100 $3 $9 $84 $30 $28 $65 $14 $20 $6 $35 $24 $16 $125 $32 $116 $133 $99 $1 $98 $7 $8 $59
Slide 4: Profitability
Profitability ($ in millions, except per share data) Operating Income and Margin, as adjusted Net Income and EPS, as adjusted $1,940 46.0% 47.0% $1,820 $2,100 46.6% $10.18 43.5% 43.7% 41.9% 43.1% 41.7% 44.4% $1,700 44.2% $2,000 $9.22 $1,900 $1,848 $1,573 $1,580 $8.34 $1,800 $1,757 $7.85 34.2% $1,700
Slide 5: Capital management
Capital management (amounts in millions, except per share data) Share repurchases and weighted-average diluted shares Dividends per share 159.3 156.4 156.4 156.9 156.4 154.7 $4.13 153.7 154.5 154.3 $3.63 $3.63 $3.63 $3.63 $1,566 (1) $3.30 $3.30 $3.30 $3.30 (2) $1,113 $400 $300 $100 $0 $0 $0 $0 Q1 Q2
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates % Change % Change Spot 3/31/21 vs. Average Q1 2021 vs. 3/31/2020 12/31/2020 3/31/2021 12/31/2020 3/31/2020 Q1 2020 Q4 2020 Q1 2021 Q4 2020 Q1 2020 Equity Indices Domestic S&P 500 2,585 3,756 3,973 6% 54% 3,068 3,558 3,864 9% 26% Global MSCI Barra World Index 1
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) Percentage Change Year-over-Year Sequential 78% Base fees Base fees 20% 6% Securities lending Securities lending (20)% (3)% Performance fees Performance fees 215% (69)% Technology services revenue Technology services revenue 12% -% 1% 8% Distribution fees Distributi
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q1 2021 compared to Q1 2020 Q1 2021 compared to Q4 2020 $537 $199 $13 $1 $11 $4 $(7) $(54) $35 $(35) $17 $16 $3,592 $17 $3,592 $36 $75 $44 $76 $120 $178 $3,393 $189 $3,055 Q1 2020 ETFs Active Alts Activ
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) Employee comp. & benefits Percentage Change Year-over-Year Sequential 18% Employee comp. & benefits 24% 5% Distribution & servicing costs 11% Distribution & servicing costs 13% -% Direct fund expense Direct fund expense 16% 13% 49% General & administrat
Slide 10: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($ in millions) 2019 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Operating Income GAAP $ 1,233 $ 1,278 $ 1,502 $ 1,538 $ 684 $ 1,406 $ 1,757 $ 1,848 $ 1,545 Non-GAAP expense adjustments - - - - 589 - - - - As Adjusted $ 1,233 $ 1,278 $ 1,502 $ 1,538 $ 1,273 $ 1,4
Slide 11: 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