BlackRock Reports Full Year 2020 Diluted EPS Of 31.85, Or .
INVESTOR RELATIONS:Samantha Tortora 212.810.5397MEDIA RELATIONS:Brian Beades 212.810.5596BlackRock Reports Full Year 2020 Diluted EPS of 31.85, or 33.82 as adjustedFourth Quarter 2020 Diluted EPS of 10.02, or 10.18 as adjustedNew York, January 14, 2021 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months and year endedDecember 31, 2020. 391 billion of full year total net inflows, reflects 5% organicasset growth and 7% organic base fee growth, led by recordflows in cash, active equity and alternatives and continuedmomentum in fixed income 127 billion of quarterly total net inflows, positive acrossinvestment style, product type and region, driven by strengthin iShares and active strategies11% increase in full year revenue reflects strong organicgrowth, record performance fees and 17% growth intechnology services revenueIncreases in full year GAAP operating income and dilutedEPS impacted by previously announced 589 million pre-taxcharitable contribution, which has been excluded from asadjusted results3% growth in full year operating income (13% as adjusted)12% increase in full year diluted EPS (19% as adjusted) alsoreflects higher nonoperating income and a lower diluted sharecount in the current year 3.8 billion returned to shareholders in 2020, including 1.5billion of share repurchasesFINANCIAL RESULTSAUM% changeAverage AUM% changeTotal net flowsGAAP basis:Revenue% changeOperating income% changeOperating marginNet income(1)% changeDiluted EPS% changeWeighted-averagediluted shares% changeQ42019Full Year20202019 8,676,680 7,429,63317 % 8,154,225 7,191,15913 % 126,933 128,839 8,676,680 7,429,63317 % 7,549,103 6,750,11912 % 390,838 428,736 4,47813 %1,84820 %41.3 %1,54819 %10.0221 %154.5(2 )%“For decades, we’ve built our platform, strategy and culture around stayingin front of clients’ needs, and this approach was proven out during 2020.BlackRock generated 391 billion of total net inflows and we ended the yearwith strong momentum, evidenced by a record 13% annualized organicbase fee growth in the fourth quarter. In addition, our ability to deliverglobal insights, strategic advice and comprehensive solutions to clients, nomatter the market environment, drove positive flows across every assetclass, investment style and region.“Our strategic areas of investment flourished in 2020 as we saw recordclient demand for active equity, sustainable, cash and alternativeinvestment strategies, generated 185 billion of net inflows into iSharesETFs and surpassed 1 billion in technology services revenue. BlackRock’scontinued investment in building a multi-faceted investment platform withintegrated technology, data and risk management, scale, global reach andinterconnectivity enables us to deliver strong and consistent investmentperformance and more stable outcomes for our clients.“We begin 2021 well-positioned and intend to keep investing in ourbusiness to drive long-term growth and to lead the evolution of the assetmanagement industry. In doing so, we remain committed to help millionsof people build savings throughout their lives, make investing easier andmore affordable, advance sustainable investing, and contribute to a moreresilient economy that benefits more people.”NET FLOW HIGHLIGHTSQ42020(in millions,except per share data)Laurence D. Fink, Chairman and CEO:“The world faced unprecedented challenges in 2020 - many of whichcontinue today. Through it all, BlackRock remained steadfast in meetingthe needs of all our stakeholders. We stayed true to our purpose and usedour voice and values to advocate on behalf of the institutions andindividuals we help to meet their investment and savings goals, and to be apositive force in the communities where we operate. 3,977 1,538 38.7 %1,301 8.29156.9 16,20511 %5,6953%35.1 %4,93210 %31.8512 %154.8(2 )%(in billions)Long-term net flows:116 257 385325 959765Retail:USInternational 351025 702545iShares:CoreNon-Core 792356 18545140Institutional:ActiveIndex 211 332(29 )Cash management net flows 9 113Advisory net flows 2 20Total net flows 127 391By region: 14,539 5,551By client type: 38.2 %4,476 28.43As Adjusted:Operating income(2) 1,848 1,538 6,284 5,551% change20 %13 %Operating margin(2)46.6 %43.5 %44.9 %43.7 %Net income(1) (2) 1,573 1,309 5,237 4,484% change20 %17 %Diluted EPS(2) 10.18 8.34 33.82 28.48% change22 %19 %(1)Net income represents net income attributable to BlackRock, Inc.(2)See notes (1) through (4) to the condensed consolidated statements of incomeand supplemental information on pages 10 and 11 for more information on asadjusted items and the reconciliation to GAAP.Full Year2020 AmericasEMEAAPAC157.5Q420201
BUSINESS RESULTSQ4 2020Net flows(in millions), (unaudited)RESULTS BY CLIENT TYPERetailiShares ETFsInstitutional:ActiveIndexTotal institutionalLong-termCash managementAdvisory(2)TotalRESULTS BY INVESTMENT STYLEActiveIndex and iShares ETFsLong-termCash managementAdvisory(2)TotalRESULTS BY PRODUCT TYPEEquityFixed incomeMulti-assetAlternativesLong-termCash managementAdvisory(2)Total(1)(2) December 31, 2020AUMQ4 2020Base fees(1)December 31, 2020AUM% of TotalQ4 2020Base fees(1)% of Total35,320 78,753845,917 2,669,0071,0161,30110 %31 %30 %38 %1,3547702,124116,1978,9441,792126,933 ,676,680 6282518793,1961973,39318 %33 %51 %92 %8%100 %19 %7%26 %94 %6%100 %31,061 85,136116,1978,9441,792126,933 2,250,887 5,737,1827,988,069666,25222,3598,676,680 1,6221,5743,1961973,39326 %66 %92 %8%100 %48 %46 %94 %6%100 %48,077 62,705(402 )5,817116,1978,9441,792126,933 4,419,806 ,680 1,6089253113523,1961973,39351 %30 %8%3%92 %8%100 %48 %27 %9%10 %94 %6%100 %Base fees include investment advisory, administration fees and securities lending revenue.Approximately 4.3 billion of iShares ETFs AUM held in advisory accounts associated with the Federal Reserve Bank of New York (“FRBNY”) assignment asof December 31, 2020 (disclosed via FRBNY reporting as of January 11, 2021) are included within iShares ETFs AUM or Fixed Income AUM above. Theseholdings are excluded from Advisory AUM.INVESTMENT PERFORMANCE AT DECEMBER 31, 2020(1)Fixed income:Actively managed AUM above benchmark or peer medianTaxableTax-exemptIndex AUM within or above applicable toleranceEquity:Actively managed AUM above benchmark or peer medianFundamentalSystematicIndex AUM within or above applicable tolerance(1)One-year periodThree-year periodFive-year %85%88%99%Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 12 forperformance disclosure detail.CAPITAL MANAGEMENTSubject to market conditions, we expect to seek Board approval later in January for an increase to our first quarter 2021 dividend.TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATIONChairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Gary S. Shedlin, will host ateleconference call for investors and analysts on Thursday, January 14, 2021 at 8:30 a.m. (Eastern Time). Members of the public who areinterested in participating in the teleconference should dial, from the United States, (800) 374-0176, or from outside the United States,(706) 679-8281, shortly before 8:30 a.m. and reference the BlackRock Conference Call (ID Number 8192056). A live, listen-only webcast willalso be available via the investor relations section of www.blackrock.com.Both the teleconference and webcast will be available for replay by 11:30 a.m. (Eastern Time) on Thursday, January 14, 2021 and ending atmidnight on Thursday, January 28, 2021. To access the replay of the teleconference, callers from the United States should dial (855) 8592056 and callers from outside the United States should dial (404) 537-3406 and enter the Conference ID Number 8192056. To access thewebcast, please visit the investor relations section of www.blackrock.com.ABOUT BLACKROCKBlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider offinancial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of December 31,2020, the firm managed approximately 8.68 trillion in assets on behalf of investors worldwide. For additional information on BlackRock,please visit www.blackrock.com Twitter: @blackrock LinkedIn: www.linkedin.com/company/blackrock.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION(in millions, except shares and per share data), (unaudited)Three MonthsEndedDecember 31,2020RevenueInvestment advisory, administration fees andsecurities lending revenueInvestment advisory performance feesTechnology services revenueDistribution feesAdvisory and other revenueTotal revenue 20193,393419305314474,478 Change3,0892392742701053,977 3041803144(58 )501Three MonthsEndedSeptember 30,2020 3,225532282288424,369Change 168(113 )23265109ExpenseEmployee compensation and benefitsDistribution and servicing costsDirect fund expenseGeneral and administrationAmortization of intangible assetsTotal 296738(41 )(2 )1911,411456257461272,612(70 )49261318Operating income1,8481,5383101,75791Nonoperating income (expense)Net gain (loss) on investmentsInterest and dividend incomeInterest expenseTotal nonoperating income (expense)Income before income taxesIncome tax expenseNet incomeLess:Net income (loss) attributable to noncontrollinginterestsNet income attributable to BlackRock, Inc.Weighted-average common shares outstandingBasicDilutedEarnings per share attributable to BlackRock, Inc.common stockholders (4)BasicDilutedCash dividends declared and paid per share34528(54 )31911829(51 )962,1674271,740 1921,548227(1 )(3 )2231,6343001,334 152,515,168154,512,860331,3012699(54 )224533127406 155,195,733156,894,2011592471,9814641,517 (2,680,565 )(2,381,341 ) 10.1510.023.63 8.388.293.30 8,676,680152,532,885 7,429,633155,198,968 1.771.730.337619951531,364186(37 )223 152,488,073153,742,2643918427,095770,596 8.948.873.63 1.211.15- 7,808,497152,496,403 868,18336,482Supplemental information:AUM (end of period)Shares outstanding (end of period)GAAP:Operating marginEffective tax rateAs adjusted:Operating income (1)Operating margin (1)Nonoperating income (expense), less net income(loss) attributable to noncontrolling interests (2)Net income attributable to BlackRock, Inc. (3)Diluted earnings attributable to BlackRock, Inc.common stockholders per share (3) (4)Effective tax rate41.3 %21.6 %38.7 %18.8 %1,247,047(2,666,083 )260 bps280 bps40.2 %25.4 %110 bps(380 ) bps 1,84846.6 % 1,53843.5 % 310310 bps 1,75747.0 % 91(40 ) bps 1271,573 631,309 64264 711,418 56155 10.1820.3 % 1.84200 bps 8.3418.3 %9.2222.5 % 0.96(220 ) bpsSee pages 10-11 for the reconciliation to GAAP and notes (1) through (4) for more information on as adjusted items.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION(in millions, except shares and per share data), (unaudited)Year EndedDecember 31,2020RevenueInvestment advisory, administration fees andsecurities lending revenueInvestment advisory performance feesTechnology services revenueDistribution feesAdvisory and other revenueTotal revenue ExpenseEmployee compensation and benefitsDistribution and servicing costsDirect fund expenseGeneral and administrationAmortization of intangible assetsTotal expenseOperating incomeNonoperating income (expense)Net gain (loss) on investmentsInterest and dividend incomeInterest expenseTotal nonoperating income (expense)Income before income taxesIncome tax expenseNet incomeLess:Net income (loss) attributable to noncontrollinginterestsNet income attributable to BlackRock, Inc.Weighted-average common shares outstandingBasicDilutedEarnings per share attributable to BlackRock, Inc.common stockholders (4)BasicDilutedCash dividends declared and paid per share201912,6391,1041,1391,13119216,205 11,7774509741,06926914,539 86265416562(77 758978,9885711508570791,5225,6955,55114497262(205 )82934297(203 )2366,5241,2385,286 Change3544,932630(35 )(2 )5935,7871,2614,526 153,489,422154,840,582504,476737(23 )760 156,014,343157,459,546304456(2,524,921 )(2,618,964 ) 32.1331.8514.52 28.6928.4313.20 8,676,680152,532,885 7,429,633155,198,968 3.443.421.32Supplemental information:AUM (end of period)Shares outstanding (end of period)GAAP:Operating marginEffective tax rateAs adjusted:Operating income (1)Operating margin (1)Nonoperating income (expense), less net income(loss) attributable to noncontrolling interests (2)Net income attributable to BlackRock, Inc. (3)Diluted earnings attributable to BlackRock, Inc.common stockholders per share (3) (4)Effective tax rate35.1 %20.1 %38.2 %22.0 %1,247,047(2,666,083 )(310 ) bps(190 ) bps 6,28444.9 % 5,55143.7 % 733120 bps 3535,237 1864,484 167753 33.8221.1 % 28.4821.9 % 5.34(80 ) bpsSee pages 10-11 for the reconciliation to GAAP and notes (1) through (4) for more information on as adjusted items.4
ASSETS UNDER MANAGEMENT(in millions), (unaudited)Current Quarter Component Changes by Client Type and Product TypeNetinflows(outflows)September 30,2020Retail:EquityFixed incomeMulti-assetAlternativesRetail subtotaliShares ETFs:EquityFixed incomeMulti-assetAlternativesiShares ETFs subtotalInstitutional:Active:EquityFixed incomeMulti-assetAlternativesActive subtotalIndex:EquityFixed incomeMulti-assetAlternativesIndex subtotalInstitutional subtotalLong-termCash managementAdvisory (3)Total 279,427316,008119,70831,121746,264 16,09614,2212,6462,35735,320Marketchange 38,5076,5169,69261355,328December 31,2020FX impact (1) 4,4043,7235783009,005 338,434340,468132,62434,391845,917Average AUM (2) 5,43066,0572,321,33565,25713,535416(455 0,5591,427,122(2,818 )3,516(2,572 20,3667,808,497(30,458 )31,433(892 ,6337,468,109664,70621,4108,154,225 243,8478,842513280253,482329,513640,129(219 )178640,088 Current Quarter Component Changes by Investment Style and Product Type (Long-Term)Netinflows(outflows)September 30,2020Active:EquityFixed incomeMulti-assetAlternativesActive subtotalIndex and iShares ETFs:iShares ETFs:EquityFixed incomeMulti-assetAlternativesiShares ETFs subtotalNon-ETF Index:EquityFixed incomeMulti-assetAlternativesNon-ETF Index subtotalIndex and iShares ETFs subtotalLong-Term 347,631989,412583,952151,6782,072,673 8,62316,784695,58531,061Marketchange 49,39219,09250,3212,486121,291December 31,2020FX impact (1) 4,5439,7279,5222,07025,862 410,1891,035,015643,864161,8192,250,887Average AUM (2) 2,9995,43066,0572,321,33565,25713,535416(455 5652,742,1215,063,4567,136,129(25,803 )32,386(887 09 Current Quarter Component Changes by Product Type (Long-Term)EquityFixed incomeMulti-assetAlternatives:Illiquid alternativesLiquid alternativesCurrency and commodities(4)Alternatives subtotalLong-Term(1)(2)(3)(4)September 30,2020 3,784,1182,531,465598,246 ows) 48,07762,705(402 ) 4,5291,0362525,817116,197 Marketchange547,26736,97651,219FX impact (1) 40,34443,3429,670December 31,2020 ,988,069 Average AUM (2)4,029,4692,592,160620,196 82,22270,69373,369226,2847,468,109Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.Advisory AUM represents mandates linked to purchases and disposition of assets and portfolios on behalf of official institutions and long-term portfolio liquidation assignments.Approximately 4.3 billion of iShares ETFs AUM held in advisory accounts associated with the FRBNY assignment as of December 31, 2020 (disclosed via FRBNY reporting as of January11, 2021) are included within Fixed Income iShares ETFs AUM or Fixed Income AUM above. These holdings are excluded from Advisory AUM in the first table above.Amounts include commodity iShares ETFs.5
ASSETS UNDER MANAGEMENT(in millions), (unaudited)Year-over-Year Component Changes by Client Type and Product TypeNetinflows(outflows)December 31,2019Retail:EquityFixed incomeMulti-assetAlternativesRetail subtotaliShares ETFs:EquityFixed incomeMulti-assetAlternativesiShares ETFs subtotalInstitutional:Active:EquityFixed incomeMulti-assetAlternativesActive subtotalIndex:EquityFixed incomeMulti-assetAlternativesIndex subtotalInstitutional subtotalLong-termCash managementAdvisory (3)Total 252,413305,265120,43925,180703,297 39,34122,784(481 )7,91269,556Marketchange 42,5459,72512,26292965,461December 31,2020FX impact (1) 4,1352,6944043707,603 338,434340,468132,62434,391845,917Average AUM (2) 3,938,5526,881,914545,9491,7707,429,633(68,543 )39,685(591 )732(28,717 50 )322,797452,780745,887(63 67,549,103 Year-over-Year Component Changes by Investment Style and Product Type (Long-Term)Netinflows(outflows)December 31,2019Active:EquityFixed incomeMulti-assetAlternativesActive subtotalIndex and iShares ETFs:iShares ETFs:EquityFixed incomeMulti-assetAlternativesiShares ETFs subtotalNon-ETF Index:EquityFixed incomeMulti-assetAlternativesNon-ETF Index subtotalIndex and iShares ETFs subtotalLong-Term 316,145939,275554,672137,1301,947,222 30,24126,93413,15417,40887,737Marketchange ,694,6274,934,6926,881,914(57,553 )42,133(587 )733(15,274 )169,611257,348262,14368,907747(51 )331,746559,392745,887 December 31,2020FX impact (1) 4,88110,65311,4092,49029,433 410,1891,035,015643,864161,8192,250,887Average AUM (2) ,6794,919,8206,917,878 Year-over-Year Component Changes by Product Type (Long-Term)EquityFixed incomeMulti-assetAlt
BlackRock Reports Full Year 2020 Diluted EPS of 31.85, or 33.82 as adjusted Fourth Quarter 2020 Diluted EPS of 10.02, or 10.18 as adjusted New York, January 14, 2021 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three
BlackRock Corporate governance and proxy voting guidelines for European, Middle Eastern, and African securities 3 These guidelines should be read in conjunction with the BlackRock Investment Stewardship Global Principles. Introduction BlackRock, Inc. and its subsidiaries (collectively, “BlackRock”) seek to make proxy voting decisions to achieve the outcome
Thomas Tasso TOM Bank of America Merrill Lynch New York Todd Burkhardt TODD Barclays Capital New York . Thomas Callahan THOMAS BlackRock New York Patrick Hennessey PAT BlackRock San Francisco Gene Meshechek GENE BlackRock New York Peter Schenck PETER BlackRock Chicago Patricia Hostin PATTY BlackRock New York Jason Strofs JASON
BLACKROCK VARIABLE SERIES FUNDS, INC. BlackRock Capital Appreciation V.I. Fund BlackRock Large Cap Focus Growth V.I. Fund (each, a "Fund" and together, the "Funds") Supplement dated October 18, 2022 to the Statement of Additional Information ("SAI") of the Funds, dated May 1, 2022, as supplemented to date
BlackRock New Jersey Municipal Bond Fund (2) New Jersey 95.61 4.39 - 14.91 BlackRock New York Municipal Opportunities Fund New York 93.51 5.74 0.75 8.21 BlackRock Pennsylvania Municipal Bond Fund Pennsylvania 94.82 5.18 - 5.37 (1) At least 50% of the fund's assets at the end of each quarter consist of California obligations.
Baron High Growth 0.00% none BlackRock 60/40 TA UCITS ETF 0.00% none BlackRock Core Bond 100.00% none . Blackrock Target Allocation 40/60 0.00% none Blackrock Target Allocation 40/60 . Franklin NextStep Moderate 0
(payable to "BlackRock", "BlackRock 529" or "BlackRock FBO Beneficiary Name"). If the check represents a rollover of assets from another 529 Plan, a UTMA/UGMA custodial account, qualified savings bond or a Coverdell Education Savings Account, please complete and include the . 529 Incoming Rollover Form.
2.) CollegeAdvantage Advisor 529 Savings Plan – offered through BlackRock In 2009, OTTA launched a new advisor plan in partnership with BlackRock, replacing Putnam as the previous advisor provider. BlackRock is the world’s large
Annual Report 2018 REPORT Contents The Provost 2 The Fellowship 5 Tutorial21 Undergraduates37 Graduates42 Chapel46 Choir 52 Research 60 Library and Archives 64 Bursary67 Staff 71 Development75 Major Promotions, Appointments or Awards 103 Appointments & Honours 104 Obituaries107 Information for Non-Resident Members 319. The University has been the subject of press attention in relation to the .
