Blackrock, Inc. · NYSE:BLK
Blackrock — Q3 2024 Earnings Presentation
12 slides from Blackrock's earnings presentation, Oct 11, 2024
Slide 1: Q3 2024 Earnings
October 11, 2024 Q3 2024 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 $11.5 trillion at September 30, 2024 Q3 2024 Base Fees and Securities Lending Revenue of $4.0 billion Client Type Style Product Type Region Active Institutional 25% 31% Active 43% Equity Institutional
Slide 3: Net flows
Net flows ($ in billions) Total BlackRock Retail Long-term 4% 3% 3% 4% 4% 3% 3% 3% 5% 2% (2)% (3)% (2)% (2)% (1)% 0% 0% 1% 2% 0% 0% 0% 1% 1% 1% 1% 3% Long-term Cash Advisory $221 $61 $114 $110 $8 $96 $82 $7 $7 $17 $80 $57 $4 $6 $146 $23 $33 $160 $0.3 $3 $30 $103 $76 $65 $57 $15 $63 $51 $(4) $(5) $(3
Slide 4: Profitability
Profitability ($ in millions, except per share data) Operating Income and Margin, as adjusted Net Income and EPS, as adjusted $2,040 $1,920 $11.46 $2,700 50.0% $2,600 $10.91 $2,500 45.8% $1,800 $10.36 $2,400 44.1% $9.66 $9.81 $1,715 $2,300 45.0% $9.55 $9.28 42.5% 42.3% $2,200 42.0% 41.2% 41.6% 42.2%
Slide 5: Capital management
Capital management (amounts in millions, except per share data) Share repurchases and weighted-average diluted shares Dividends per share 152.0 151.8 151.3 150.7 150.5 150.2 150.1 149.7 149.6 $5.10 $5.10 $5.10 $5.00 $5.00 $5.00 $5.00 $500 $500 $4.88 $4.88 $375 $375 $375 $375 $375 $375 $375 Q3 Q4 Q1
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates % Change % Change Spot 9/30/2024 vs. Average Q3 2024 vs. 9/30/2023 6/30/2024 9/30/2024 6/30/2024 9/30/2023 Q3 2023 Q2 2024 Q3 2024 Q2 2024 Q3 2023 Equity Indices Domestic S&P 500 4,288 5,460 5,762 6% 34% 4,459 5,251 5,545 6% 24% Global MSCI Barra World Index 2
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) Percentage Change Year-over-Year Sequential 75% Base fees Base fees 10% 4% Securities lending revenue Securities lending revenue (11)% (3)% Performance fees Performance fees 454% 137% Technology services revenue Technology services revenue (1)% 2% 1% 6% Distribution
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q3 2024 compared to Q3 2023 Q3 2024 compared to Q2 2024 $349 $155 $14 $12 $4,030 $8 $5 $4,030 $17 $12 $12 $21 $17 $14 $30 $28 $39 $59 $43 $3,875 $173 $3,681 Q3 2023 ETFs Active ETFs Cash Alts Multi- Act
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) Percentage Change Year-over-Year Sequential Employee comp. & benefits 31% Employee comp. & benefits 10% 6% Sales, asset and account 6% 4% Sales, asset and account General & administration 8% 5% 51% 8% 5% Total General & administration 18% Q3 2024 compar
Slide 10: Alternatives client assets
Alternatives client assets ($ in billions, as of September 30, 2024) Non-Fee Client Fee Paying Paying Assets AUM Commitments Illiquid alternatives: Alternative solutions $11 $7 $4 Private equity 43 36 7 Opportunistic & credit strategies 37 32 5 Real assets: Real estate 27 27 - Infrastructure 52 39 1
Slide 11: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($ in millions) 2022 2023 2024 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Operating Income GAAP $ 1,526 $ 1,427 $ 1,438 $ 1,615 $ 1,637 $ 1,585 $ 1,693 $ 1,800 $ 2,006 Non-GAAP expense adjustments 59 150 73 60 54 131 82 81 122 As Adjusted $ 1,585 $ 1,577 $ 1,511 $ 1,675 $
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