Slide 1: Q4 2019 Earnings Release Supplement
January 15, 2020 Q4 2019 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 $7.43 trillion at December 31, 2019 Q4 2019 Total Base Fees of $3.089 billion Client Type Style Product Type Region Active Institutional 27% 33% Active Equity Equity Institutional 46% 47% 60% 52% Ameri
Slide 3: Long-term net flows
Long-term net flows ($ in billions) Total long-term Retail 7% 6% 4% 3% 2% 2% 4% 5% 6% 6% 7% 7% 6% 3% 0% 0% 0% 3% 7% 7% 4% 3% 2% 1% 2% 3% 5% $125 $99 $81 $17 $55 $59 $52 $11 $44 $8 $7 $5 $14 $11 $2 $2 $(1) $(3) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 2018 2018 2018 2019 2019 2
Slide 4: Profitability
Profitability ($ in millions, except per share data) Operating Income and Margin, as adjusted Net Income and EPS, as adjusted $8.34 $1,700 $1,800 44.7% 44.1% 45.2% 44.2% 43.5% 46.0% $7.52 41.9% 43.1% 43.5% $1,580 44.2% $7.15 $1,700 $6.70 $6.66 $6.61 $1,600 $1,538 $1,460 $6.19 $6.08 $6.41 $1,488 $1,5
Slide 5: Capital management
Capital management (amounts in millions, except per share data) Share repurchases and weighted average diluted shares Dividends per share 163.8 162.9 162.2 161.4 160.5 159.3 156.4 $3.30 $3.30 $3.30 $3.30 156.4 156.9 $3.13 $3.13 $1,566 (1) $2.88 $2.88 $2.50 $500 $525 $335 $300 $275 $100 $0 $0 Q4 Q1 Q
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates % Change % Change Spot 12/31/19 vs. Average Q4 2019 vs. 12/31/2018 9/30/2019 12/31/2019 9/30/2019 12/31/2018 Q4 2018 Q3 2019 Q4 2019 Q3 2019 Q4 2018 Equity Indices Domestic S&P 500 2,507 2,977 3,231 9% 29% 2,693 2,958 3,086 4% 15% Global MSCI Barra World Index
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) 73% Percentage Change Year-over-Year Sequential Base fees ex. securities lending Base fees ex. securities lending 10% 3% Securities lending Securities lending 31% 13% Performance fees Performance fees 139% 98% Technology services revenue Technology services revenue
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q4 2019 compared to Q4 2018 Q4 2019 compared to Q3 2019 $310 $109 $9 $3,089 $7 $4 $(5) $3,089 $17 $12 $12 $8 $19 $18 $14 $25 $23 $26 $34 $53 $2,980 $64 $79 $2,779 Q4 2018 iShares Alts iShares Cash Activ
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) Employee comp. & benefits Percentage Change Year-over-Year Sequential 18% 19% 9% Employee comp. & benefits Distribution & servicing costs Distribution & servicing costs 4% 3% 10% Direct fund expense Direct fund expense 9% 3% 50% General & administration
Slide 10: Full year revenue
Full year revenue ($ in millions) Percentage Change Year-over-Year 77% Base fees ex. securities lending Base fees ex. securities lending 2% Securities lending Securities lending (2)% Performance fees Performance fees 9% Technology services revenue Technology services revenue 24% 2% Distribution fees
Slide 11: Full year investment advisory, administration fees and securities lending revenue
Full year investment advisory, administration fees and securities lending revenue ($ in millions) 2019 compared to 2018 $224 $78 $18 $11 $(18) $(28) $138 $(54) $(100) $179 $11,777 $11,553 2018 Alts iShares ETFs Active Non-ETF Cash Non-ETF Multi-Asset iShares ETFs Active 2019 FI FI FI EQ EQ EQ 10 10
Slide 12: Full year expense, as adjusted
Full year expense, as adjusted ($ in millions) Percentage Change Year-over-Year Employee comp. & benefits 19% Employee comp. & benefits 4% Distribution & servicing costs 1% Distribution & servicing costs 11% Direct fund expense (2)% Direct fund expense General & administration 7% 49% 20% General & a
Slide 13: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($ in millions) 2017 2018 2019 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operating Income GAAP $ 1,485 $ 1,375 $ 1,440 $ 1,396 $ 1,246 $ 1,233 $ 1,278 $ 1,502 $ 1,538 Non-GAAP expense adjustments 3 3 3 4 64 - - - - As Adjusted $ 1,488 $ 1,378 $ 1,443 $ 1,400 $ 1,310 $ 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