BLACKROCK, INC. 
April 12, 2024
Q1 2024 Earnings
Earnings Release Supplement
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 $3.8 billion
Client Type | Style | Product Type | Region |
Active | ||||||||
Institutional | 26% | |||||||
31% | ||||||||
Active | ||||||||
44% | Equity | Equity | ||||||
Institutional | ||||||||
54% | 50% | Americas | Americas | |||||
55% | ||||||||
68% | 64% | |||||||
Retail | Index | |||||||
28% | ||||||||
31% | Index | |||||||
8% | ||||||||
Retail | Fixed | |||||||
9% | ||||||||
Fixed | Income | |||||||
Income | 24% | |||||||
ETFs | 27% | |||||||
ETFs | ||||||||
41% | Multi-asset | EMEA | EMEA | |||||
36% | ||||||||
ETFs | ETFs | 30% | ||||||
8% | 24% | |||||||
36% | 41% | Multi-asset | ||||||
Alternatives | ||||||||
9% | ||||||||
Alternatives | 3% | 11% | ||||||
Cash | ||||||||
Cash | Cash | Cash | Asia-Pacific | Asia-Pacific | ||||
7% | 7% | 7% | 7% | 8% | 6% | |||
AUM | Base Fees | AUM | Base Fees | AUM | Base Fees | AUM | Base Fees |
Base fees include investment advisory, administration fees and securities lending revenue. Base Fees and AUM by region data is based on client domicile.
1
Net flows
Total BlackRock
($ in billions)
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 | $114 | Cash | Advisory | ||||||||||||||||||||||||||
$87 | $90 | $110 | $96 | $10 | |||||||||||||||||||||||||
$17 | $8 | $80 | $57 | $4 | $7 | ||||||||||||||||||||||||
$21 | $146 | $33 | |||||||||||||||||||||||||||
$114 | $103 | $23 | $3 | $0.3 | |||||||||||||||||||||||||
$69 | $65 | $57 | $63 | $76 | |||||||||||||||||||||||||
$15 | $(5) | $(4) | |||||||||||||||||||||||||||
$(10) | $(9) | ||||||||||||||||||||||||||||
$(27) | $(40) | $(32) | $(13) | $(19) | $(15) | ||||||||||||||||||||||||
Q1 | Q2 | $(9) | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||||||||||||
Q3 | |||||||||||||||||||||||||||||
2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2024 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2024 | ||||||||||||
ETFs | Institutional Long-term | ||||||||||||||||||||||||||||
10% | 9% | 8% | 7% | 6% | 7% | 7% | 6% | 8% | 2% | 3% | 4% | 4% | 5% | 5% | 3% | 1% | (1)% | ||||||||||||
$90 | $88 | Institutional Active | $9 | Institutional Index | |||||||||||||||||||||||||
$67 | |||||||||||||||||||||||||||||
$56 | $52 | $48 | $31 | $71 | $76 | $72 | |||||||||||||||||||||||
$8 | $15 | ||||||||||||||||||||||||||||
$29 | $16 | $21 | $9 | $(1) | |||||||||||||||||||||||||
$22 | $22 | ||||||||||||||||||||||||||||
$5 | $(23) | $(5) | $(4) | $(36) | $(24) | $(13) | |||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||||||||||||
2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2024 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2024 | ||||||||||||
LTM organic asset growth rate (%) | LTM organic base fee growth rate (%) |
LTM organic asset growth rate measures rolling last twelve months net flows over beginning of period assets. LTM organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows for the LTM period by the base fee run-rate at the beginning of the period.
Totals may not add due to rounding.
2
Profitability
($ in millions, except per share data)
Operating Income and Margin, as adjusted | Net Income and EPS, as adjusted |
$2,700 $2,600 $2,500 $2,400 $2,300 $2,200 $2,100 $2,000 $1,900 $1,800 $1,700 $1,600 $1,500 $1,400 $1,300 $1,200 $1,100 $1,000
$900 $800 $700 $600 $500 $400 $300 $200 $100
$0
$2,040 | ||||||||||||
$1,920 | ||||||||||||
50.0% | ||||||||||||
44.2% 43.7% | $1,800 | |||||||||||
42.0% | 42.5% | 42.3% | 41.6% 42.2% | 45.0% | ||||||||
41.2% 40.4% | $1,680 | |||||||||||
$1,560 | ||||||||||||
$1,822 | $1,727 | $1,775 | 40.0% | |||||||||
$1,585 | $1,577 | $1,675 | $1,691 | $1,716 | $1,440 | |||||||
$1,511 | 35.0% | |||||||||||
$1,320 | ||||||||||||
$1,200 | ||||||||||||
30.0% | ||||||||||||
$1,080 | ||||||||||||
25.0% | ||||||||||||
$960 | ||||||||||||
$840 | ||||||||||||
20.0% | ||||||||||||
$720 | ||||||||||||
15$.0%600 | ||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||||
2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2024 | ||||
Operating Income, as adjusted | Operating Margin, as adjusted | |||||||||||
$10.91 | ||||||
$9.52 | $9.55 | $9.28 | $9.66 | $9.81 | ||
$8.93 | ||||||
$7.36 | $7.93 | $1,642 | ||||
$1,462 | $1,451 | $1,399 | $1,451 | $1,473 | ||
$1,356 | ||||||
$1,200
$1,122
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | |||
2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2024 | |||
Net Income, as adjusted | EPS, as adjusted | ||||||||||
For further information and reconciliations to GAAP, see page 10 of this earnings release supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release, as well as previously filed Form 10-Ks,10-Qs and 8-Ks.
3
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 | |||||||
$5.00 | $5.00 $5.00 | $5.00 | $5.10 | ||||||||||
$4.88 | $4.88 | $4.88 | $4.88 | ||||||||||
$500 | $500 | $500 | ||||
$375 | $375 | $375 | $375 | $375 | $375 |
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 |
2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2024 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2024 |
Share repurchases(1) | Weighted-average diluted shares | ||||||||||||||||
(1) Amounts above exclude repurchases of employee tax withholdings related to employee stock transactions.
4
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 Index | 2,791 | 3,169 | 3,438 | 8% | 23% | 2,729 | 2,957 | 3,279 | 11% | 20% |
MSCI Europe Index | 167 | 178 | 185 | 4% | 11% | 163 | 165 | 179 | 8% | 10% |
MSCI AC Asia Pacific Index | 162 | 169 | 177 | 5% | 9% | 162 | 159 | 170 | 7% | 5% |
MSCI Emerging Markets Index | 990 | 1,024 | 1,043 | 2% | 5% | 997 | 964 | 1,010 | 5% | 1% |
S&P Global Natural Resources | 5,274 | 5,430 | 5,539 | 2% | 5% | 5,389 | 5,183 | 5,206 | -% | (3)% |
BLK Equity Index(1) | 6% | 20% | 12% | 15% | ||||||
Fixed Income Index | ||||||||||
Barclays U.S. Aggregate Bond Index | 2,109 | 2,162 | 2,145 | (1)% | 2% | 2,087 | 2,061 | 2,136 | 4% | 2% |
Foreign Exchange Rates | ||||||||||
GBP to USD | 1.23 | 1.27 | 1.26 | (1)% | 2% | 1.22 | 1.24 | 1.27 | 2% | 4% |
EUR to USD | 1.08 | 1.10 | 1.08 | (2)% | -% | 1.07 | 1.08 | 1.09 | 1% | 2% |
Source: Bloomberg
- Revenue weighted composite index is calculated by BlackRock to approximate the impact of market fluctuations on BlackRock's equity base fees. The index is derived from publicly available market indices that represent applicable AUM benchmarks for each equity portfolio, as selected by BlackRock. The performance information for each equity portfolio used to calculate the index may be substantially different from that shown. Index does not include portfolios that do not have an applicable market index. Index does not reflect BlackRock's investment performance, and is not indicative of past or future results.
5
Quarterly revenue
($ in millions)
77% | Base fees | Percentage Change | Year-over-Year | Sequential | |
Base fees | 9% | 5% | |||
Securities lending revenue | |||||
Securities lending revenue | (10)% | (4)% | |||
Performance fees | Performance fees | 271% | (34)% | ||
1% | Technology services revenue | Technology services revenue | 11% | (1)% | |
7% | Distribution fees | Distribution fees | (3)% | 2% | |
8% 4% 3% | Advisory and other revenue | Advisory and other revenue | 119% | 79% | |
Total | 11% | 2% | |||
Q1 2024 compared to Q1 2023
$485
Q1 2024 compared to Q4 2023
$97
$32 | $(9) | $(16) | $4,728 | $179 | $26 | $7 | $(2) | $(6) | $(107) | $4,728 | |||||
$149 | $37 | $4,631 | |||||||||||||
$292 |
$4,243
Q1 2023 | Base fees Performance | Technology | Advisory | Distribution | Securities | Q1 2024 | Q4 2023 | Base Fees | Advisory | Distribution | Technology | Securities | Performance Q1 2024 |
fees | services | and other | fees | lending | and other | fees | services | lending | Fees | ||||
revenue | revenue | revenue | revenue | revenue | revenue |
6
Quarterly investment advisory, administration fees
and securities lending revenue
($ in millions)
Q1 2024 compared to Q1 2023 | Q1 2024 compared to Q4 2023 | |||
$276 | $173 | |||
$31 | $18 | $16 | $16 | $10 | $5 | $3,778 | $32 | $16 | $16 | $15 | $7 | $5 | $4 | $(10) | $3,778 | |||
$36 | $32 | $88 | ||||||||||||||||
$112 | $3,605 |
$3,502
Q1 2023 ETFs Cash | ETFs | Alts Multi- | Active | Active | Non-ETFNon-ETF Q1 2024 | Q4 2023 ETFs | Active | ETFs | Active | Multi- Non-ETF Cash | Non-ETF Alts Q1 2024 | ||
EQ | FI | Asset | FI | EQ | EQ | FI | EQ | EQ | FI | FI | Asset | FI | EQ |
7
Quarterly expense, as adjusted
($ in millions)
Employee comp. & benefits
30%
Sales, asset and account
53%
17% | General & administration |
Q1 2024 compared to Q1 2023
$221
$149 $2,953
$2,732 $30 $42
Q1 2023 | G&A | Sales, asset | Employee | Q1 2024 |
expense | and account | comp. & | ||
benefits |
Percentage Change | Year-over-Year Sequential | |
Employee comp. & benefits | 11% | 5% |
Sales, asset and account | 5% | 4% |
General & administration | 6% | (12)% |
Total | 8% | 1% |
Q1 2024 compared to Q4 2023
$38
$2,915 | $(73) | $78 | $2,953 |
$33 | |||
Q4 2023 | G&A | Sales, asset | Employee | Q1 2024 |
expense | and account | comp. & | ||
benefits |
Beginning in the first quarter of 2024, BlackRock, Inc. updated the presentation of the Company's expense line items by including a new "sales, asset, and account expense" income statement caption. Such expense line items have been recast for 2023. For further information and reconciliations to GAAP, see page 10 of this earnings release supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release, as well as previously filed Form 10-Ks,10-Qs and 8-Ks.
8
Alternatives client assets
($ in billions, as of March 31, 2024)
Client | Fee Paying | |
Assets | AUM | |
Illiquid alternatives: | ||
Alternative solutions | $12 | $7 |
Private equity | 42 | 35 |
Opportunistic & credit strategies | 35 | 31 |
Real assets: | ||
Real estate | 27 | 27 |
Infrastructure | 51 | 37 |
Real assets subtotal | 78 | 64 |
Total illiquid alternatives | 167 | 137 |
Liquid alternatives | 76 | 76 |
Total illiquid and liquid alternatives | $243 | $213 |
Memo: | ||
Liquid credit | $87 | $87 |
Total illiquid and liquid alternatives and liquid credit | $330 | $300 |
Non-Fee
Paying
Commitments
$5 7 4
- 14 14
30 - $30
$- $30
Definitions:
Client Assets:Alternatives assets at BlackRock across AUM and non-fee paying committed capital
Fee Paying AUM: Assets reported in BlackRock's AUM. Includes both invested capital and committed capital that is fee-paying in its commitment stage
Non-FeePaying Commitments: Uninvested commitments, which are currently non-fee paying and are not included in AUM. These commitments are expected to generate fees and will be counted in AUM and flows as the capital is deployed over time
Liquid Alternatives: Includes hedge funds and hedge fund solutions (funds of funds)
Liquid Credit: Active liquid credit strategies (such as high yield, bank loans, and collateralized loans) included in fixed income AUM
Totals may not add due to rounding.
9
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Disclaimer
BlackRock Inc. published this content on 12 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 April 2024 09:59:05 UTC.
