Blackrock, Inc. · NYSE:BLK
Blackrock — Q1 2023 Earnings Presentation
12 slides from Blackrock's earnings presentation, Apr 14, 2023
Slide 1: Q1 2023 Earnings
April 14, 2023 Q1 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 $9.09 trillion at March 31, 2023 Q1 2023 Base Fees and Securities Lending Revenue of $3.5 billion Client Type Style Product Type Region Active Institutional 27% 30% Active 46% Equity Equity Institution
Slide 3: Net flows
Net flows ($ in billions) Total BlackRock Retail Long-term 8% 7% 6% 6% 5% 5% 4% 3% 3% 16% 16% 12% 8% 4% 2% (2)% (3)% 14% 13% 13% 11% 8% 5% 2% 0% 0% Long-term Cash Advisory $212 $37 $172 $44 $114 $21 $23 $22 $39 $110 $87 $75 $90 $8 $10 $81 $23 $169 $21 $17 $146 $133 $114 $- $98 $103 $60 $69 $65 $(5)
Slide 4: Profitability
Profitability ($ in millions, except per share data) Operating Income and Margin, as adjusted Net Income and EPS, as adjusted $2,040 $11.34 $10.68 $10.45 $2,700 $1,920 50.0% $2,600 46.9% 47.6% 46.6% $9.52 $9.55 $2,500 45.8% $1,800 $2,400 44.2% 43.7% $1,750 $8.93 $2,300 45.0% $8.04 42.0% $1,680 $1,65
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 $4.88 $4.88 $4.88 $4.88 154.3 154.4 154.3 154.6 $4.13 $4.13 $4.13 $4.13 153.5 152.5 152.0 151.8 151.3 $500 $500 $500 $375 $375 $300 $300 $300 $300 Q1 Q2 Q3
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates % Change % Change Spot 3/31/23 vs. Average Q1 2023 vs. 3/31/2022 12/31/2022 3/31/2023 12/31/2022 3/31/2022 Q1 2022 Q4 2022 Q1 2023 Q4 2022 Q1 2022 Equity Indices Domestic S&P 500 4,530 3,840 4,109 7% (9)% 4,465 3,855 3,999 4% (10)% Global MSCI Barra World Inde
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) Percentage Change Year-over-Year Sequential 78% Base fees Base fees (10)% 2% Securities lending revenue Securities lending revenue 21% 20% Performance fees Performance fees (44)% (76)% Technology services revenue Technology services revenue -% (4)% 1% 8% Distributio
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q1 2023 compared to Q1 2022 Q1 2023 compared to Q4 2022 $(331) $103 $39 $6 $(10) $(10) $(31) $3,833 $(63) $(66) $(80) $(116) $3,502 $12 $6 $3 $2 $1 $(18) $3,502 $22 $18 $3,399 $57 Q1 2022 Cash ETFs Non-
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) Employee comp. & benefits Percentage Change Year-over-Year Sequential 18% Employee comp. & benefits (6)% (2)% Distribution & servicing costs Distribution & servicing costs (12)% 2% 12% Direct fund expense (4)% 15% 51% Direct fund expense -% (100)% Produ
Slide 10: Alternatives client assets
Alternatives client assets ($ in billions, as of March 31, 2023) Non-Fee Client Fee Paying Paying Assets AUM Commitments Illiquid alternatives: Alternative solutions $12 $7 $5 Private equity 38 30 8 Opportunistic & credit strategies 29 26 3 Real assets: Real estate 30 29 1 Infrastructure 46 31 15 Re
Slide 11: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($ in millions) 2021 2022 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Operating Income GAAP $ 1,545 $ 1,931 $ 1,935 $ 2,039 $ 1,764 $ 1,668 $ 1,526 $ 1,427 $ 1,438 Non-GAAP expense adjustments 54 85 90 68 58 59 59 150 73 As Adjusted $ 1,599 $ 2,016 $ 2,025 $ 2,107 $ 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