Blackrock, Inc. · NYSE:BLK
Blackrock — Q4 2021 Earnings Presentation
14 slides from Blackrock's earnings presentation, Jan 14, 2022
Slide 1: Q4 2021 Earnings Release Supplement
January 14, 2022 Q4 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 $10 trillion at December 31, 2021 Q4 2021 Base Fees and Securities Lending Revenue of $3.968 billion Client Type Style Product Type Region Active Institutional 26% 27% Active Equity Institutional 49% E
Slide 3: Net flows
Net flows ($ in billions) Total BlackRock Retail Long-term 7% 6% 5% 6% 5% 8% 7% 6% 6% 3% 2% 4% 6% 10% 18% 16% 16% 12% 5% 4% 5% 7% 7% 14% 13% 13% 11% Long-term Cash Advisory $212 $35 $37 $172 $44 $129 $39 $129 $2 $127 $23 $22 $100 $3 $9 $75 $20 $21 $30 $14 $28 $16 $81 $169 $35 $24 $116 $133 $23 $8 $9
Slide 4: Profitability
Profitability ($ in millions, except per share data) Operating Income and Margin, as adjusted Net Income and EPS, as adjusted $2,040 $10.95 47.0% 46.6% $10.18 $10.42 $2,300 $1,920 $10.03 $2,200 43.7% 44.4% 44.9% 45.8% 45.5% 43.5% 45.0% $1,800 $9.22 $2,100 41.7% $2,056 $8.34 $7.77 $1,690 $1,680 $7.85
Slide 5: Capital management
Capital management (amounts in millions, except per share data) Share repurchases and Dividends per share weighted-average diluted shares 156.9 $4.13 $4.13 $4.13 $4.13 156.4 154.7 154.5 154.3 154.4 154.3 154.6 153.7 $3.63 $3.63 $3.63 $3.63 $3.30 (1) $1,113 $400 $300 $300 $300 $300 $0 $0 $0 Q4 Q1 Q2
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates % Change % Change Spot 12/31/21 vs. Average Q4 2021 vs. 12/31/2020 9/30/2021 12/31/2021 9/30/2021 12/31/2020 Q4 2020 Q3 2021 Q4 2021 Q3 2021 Q4 2020 Equity Indices Domestic S&P 500 3,756 4,308 4,766 11% 27% 3,558 4,422 4,605 4% 29% Global MSCI Barra World Inde
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) Percentage Change Year-over-Year Sequential 75% Base fees Base fees 17% 1% Securities lending revenue Securities lending revenue 4% (11)% Performance fees Performance fees (21)% (5)% Technology services revenue Technology services revenue 11% 6% 1% 8% Distribution f
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q4 2021 compared to Q4 2020 Q4 2021 compared to Q3 2021 $575 $25 $12 $6 $(72) $5 $4 $4 $(1) $(17) $31 $10 $6 $3,968 $37 $3,968 $3,943 $14 $46 $62 $179 Yield-related $274 fee waivers $(105) $3,393 Q4 202
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) Employee comp. & benefits Percentage Change Year-over-Year Sequential 19% Employee comp & benefits(1) 16% 2% Distribution & servicing costs Distribution & servicing costs 16% 0% 10% Direct fund expense Direct fund expense 13% (10)% 52% Product launch co
Slide 10: Full year revenue
Full year revenue ($ in millions) Percentage Change Year-over-Year 75% Base fees ex. securities lending Base fees ex. securities lending 23% Securities lending Securities lending (15)% Performance fees Performance fees 4% Technology services revenue Technology services revenue 12% 1% 8% Distribution
Slide 11: Full year investment advisory, administration fees and securities lending revenue
Full year investment advisory, administration fees and securities lending revenue ($ in millions) 2021 compared to 2020 $2,621 $82 $8 $(320) $234 $107 $15,260 $251 $266 $834 Yield-related fee waivers $1,159 $(457) $12,639 2020 ETFs Active Alts Multi- Active Non-ETF ETFs Non-ETF Cash 2021 EQ EQ Asset
Slide 12: Full year expense, as adjusted
Full year expense, as adjusted ($ in millions) Percentage Change Year-over-Year Employee comp. & benefits Employee comp. & benefits(1) 20% 18% Distribution & servicing costs 20% Distribution & servicing costs 11% Direct fund expense 24% Direct fund expense General & Administration Product launch cos
Slide 13: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($ in millions) 2019 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operating Income GAAP $ 1,538 $ 684 $ 1,406 $ 1,757 $ 1,848 $ 1,545 $ 1,931 $ 1,935 $ 2,039 Non-GAAP expense adjustments - 589 - - - - - 11 17 As Adjusted $ 1,538 $ 1,273 $ 1,406 $ 1,757 $ 1,848 $ 1
Slide 14: 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