Blackrock, Inc. · NYSE:BLK
Blackrock — Q1 2024 Earnings Presentation
12 slides from Blackrock's earnings presentation, Apr 12, 2024
Slide 1: Q1 2024 Earnings
April 12, 2024 Q1 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 $10.5 trillion at March 31, 2024 Q1 2024 Base Fees and Securities Lending Revenue of $3.8 billion Client Type Style Product Type Region Active Institutional 26% 31% Active 44% Equity Equity Institution
Slide 3: Net flows
Net flows ($ in billions) Total BlackRock Retail Long-term 5% 5% 4% 3% 3% 4% 4% 3% 3% 8% 4% 2% (2)% (3)% (2)% (2)% (1)% 0% 8% 5% 2% 0% 0% 0% 1% 1% 1% Long-term Cash Advisory $114 $87 $110 $90 $8 $96 $10 $17 $80 $57 $7 $21 $146 $33 $4 $114 $23 $0.3 $103 $3 $69 $65 $57 $15 $63 $76 $(5) $(4) $(27) $(32
Slide 4: Profitability
Profitability ($ in millions, except per share data) Operating Income and Margin, as adjusted Net Income and EPS, as adjusted $2,040 $10.91 $1,920 $2,700 50.0% $9.55 $9.66 $9.81 $2,600 $9.52 $9.28 $2,500 $1,800 $8.93 $2,400 44.2% 43.7% $2,300 42.5% 42.3% 45.0% $7.36 $7.93 $2,200 42.0% 41.2% 41.6% 42
Slide 5: Capital management
Capital management (amounts in millions, except per share data) Share repurchases and Dividends per share weighted-average diluted shares 153.5 152.5 152.0 151.8 151.3 150.7 150.5 150.2 150.1 $5.10 $4.88 $4.88 $4.88 $4.88 $5.00 $5.00 $5.00 $5.00 $500 $500 $500 $375 $375 $375 $375 $375 $375 Q1 Q2 Q3
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates % Change % Change Spot 3/31/2024 vs. Average Q1 2024 vs. 3/31/2023 12/31/2023 3/31/2024 12/31/2023 3/31/2023 Q1 2023 Q4 2023 Q1 2024 Q4 2023 Q1 2023 Equity Indices Domestic S&P 500 4,109 4,770 5,254 10% 28% 3,999 4,471 4,990 12% 25% Global MSCI Barra World Ind
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) Percentage Change Year-over-Year Sequential 77% Base fees Base fees 9% 5% Securities lending revenue Securities lending revenue (10)% (4)% Performance fees Performance fees 271% (34)% Technology services revenue Technology services revenue 11% (1)% 1% 7% Distributio
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q1 2024 compared to Q1 2023 Q1 2024 compared to Q4 2023 $276 $173 $16 $10 $5 $3,778 $7 $5 $4 $(10) $3,778 $18 $16 $16 $15 $31 $32 $16 $32 $88 $36 $112 $3,605 $3,502 Q1 2023 ETFs Cash ETFs Alts Multi- Ac
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) Percentage Change Year-over-Year Sequential Employee comp. & benefits Employee comp. & benefits 11% 5% 30% Sales, asset and account 5% 4% Sales, asset and account General & administration 6% (12)% 53% Total 8% 1% General & administration 17% Q1 2024 com
Slide 10: Alternatives client assets
Alternatives client assets ($ in billions, as of March 31, 2024) Non-Fee Client Fee Paying Paying Assets AUM Commitments Illiquid alternatives: Alternative solutions $12 $7 $5 Private equity 42 35 7 Opportunistic & credit strategies 35 31 4 Real assets: Real estate 27 27 - Infrastructure 51 37 14 Re
Slide 11: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($ in millions) 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Operating Income GAAP $ 1,764 $ 1,668 $ 1,526 $ 1,427 $ 1,438 $ 1,615 $ 1,637 $ 1,585 $ 1,693 Non-GAAP expense adjustments 58 59 59 150 73 60 54 131 82 As Adjusted $ 1,822 $ 1,727 $ 1,585 $ 1,577 $
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