Blackrock, Inc. · NYSE:BLK
Blackrock — Q1 2019 Earnings Presentation
11 slides from Blackrock's earnings presentation, Apr 16, 2019
Slide 1: Q1 2019 Earnings Release Supplement
April 16, 2019 Q1 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 $6.52 trillion at March 31, 2019 Q1 2019 Total Base Fees of $2.805 billion Client Type Style Product Type Region Active Institutional 26% 31% Active Equity 47% Equity 49% Institutional 52% Americas Ame
Slide 3: Long-term net flows
Long-term net flows ($ in billions) Total long-term Retail 5% 7% 7% 7% 6% 4% 3% 2% 2% (1)% 1% 3% 6% 7% 7% 6% 3% 0% 2% 5% 5% 7% 7% 4% 3% 2% 1% $94 $80 $81 $76 $59 $17 $55 $44 $11 $7 $7 $5 $5 $14 $11 $2 $(1) $(3) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 2017 2017 2017 2018 2018 2018
Slide 4: Profitability
Profitability ($ in millions, except per share data) Operating Income and Margin, as adjusted Net Income and EPS, as adjusted $1,340 $7.52 45.1% 44.7% 44.1% 45.2% 44.2% $1,600 42.6% 43.9% 43.5% 41.9% 44.2% $1,488 $6.70 $6.66 $1,214 $6.61 $1,500 $1,443 $1,220 $6.19 $6.08 $1,393 $1,378 $1,400 $5.90 $1
Slide 5: Capital management
Capital management (amounts in millions, except per share data) Share repurchases and weighted average diluted shares Dividends per share 164.9 164.1 163.8 163.8 162.9 162.2 161.4 160.5 159.3 $3.30 $3.13 $3.13 $2.88 $2.88 $1,566 $2.50 $2.50 $2.50 $2.50 $525 $500 $335 $300 $275 $275 $275 $275 Q1 Q2 Q
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates % Change % Change Spot 3/31/19 vs. Average Q1 2019 vs. 3/31/2018 12/31/2018 3/31/2019 12/31/2018 3/31/2018 Q1 2018 Q4 2018 Q1 2019 Q4 2018 Q1 2018 Equity Indices Domestic S&P 500 2,641 2,507 2,834 13% 7% 2,732 2,693 2,718 1% (1)% Global MSCI Barra World Index
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) Percentage Change Year-over-Year Sequential 80% Base fees ex. securities lending Base fees ex. securities lending (5)% -% Securities lending Securities lending (5)% 15% Performance fees Performance fees (63)% (74)% Technology services revenue Technology services rev
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q1 2019 compared to Q1 2018 Q1 2019 compared to Q4 2018 $(142) $26 $12 $4 $1 $(10) $(12) $25 $(20) $2,947 $(63) $(79) $11 $2 $(4) $(9) $12 $(10) $(11) $2,805 $15 $2,805 $20 $2,779 Q1 2018 Alts iShares N
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) Employee comp. & benefits Percentage Change Year-over-Year Sequential 19% (5)% 5% Employee comp. & benefits Distribution & servicing costs Distribution & servicing costs (6)% (4)% 11% Direct fund expense Direct fund expense (7)% 8% 51% General & adminis
Slide 10: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($ in millions) 2017 2018 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Operating Income GAAP $ 1,143 $ 1,237 $ 1,389 $ 1,485 $ 1,375 $ 1,440 $ 1,396 $ 1,246 $ 1,233 Non-GAAP adjustments 4 4 4 3 3 3 4 64 - As Adjusted $ 1,147 $ 1,241 $ 1,393 $ 1,488 $ 1,378 $ 1,443 $ 1,
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