Exhibit 99.1

 

 

 

 

 

INVESTOR RELATIONS:

Samantha Tortora      212.810.5397

MEDIA RELATIONS:

Brian Beades      212.810.5596

 

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 months and year ended December 31, 2020.

 

 

 

 

$391 billion of full year total net inflows, reflects 5% organic asset growth and 7% organic base fee growth, led by record flows in cash, active equity and alternatives and continued momentum in fixed income

$127 billion of quarterly total net inflows, positive across investment style, product type and region, driven by strength in iShares® and active strategies

11% increase in full year revenue reflects strong organic growth, record performance fees and 17% growth in technology services revenue

Increases in full year GAAP operating income and diluted EPS impacted by previously announced $589 million pre-tax charitable contribution, which has been excluded from as adjusted results

3% growth in full year operating income (13% as adjusted)

12% increase in full year diluted EPS (19% as adjusted) also reflects higher nonoperating income and a lower diluted share count in the current year

$3.8 billion returned to shareholders in 2020, including $1.5 billion of share repurchases

 

Laurence D. Fink, Chairman and CEO:

“The world faced unprecedented challenges in 2020 - many of which continue today. Through it all, BlackRock remained steadfast in meeting the needs of all our stakeholders. We stayed true to our purpose and used our voice and values to advocate on behalf of the institutions and individuals we help to meet their investment and savings goals, and to be a positive force in the communities where we operate.

“For decades, we’ve built our platform, strategy and culture around staying in front of clients’ needs, and this approach was proven out during 2020. BlackRock generated $391 billion of total net inflows and we ended the year with strong momentum, evidenced by a record 13% annualized organic base fee growth in the fourth quarter. In addition, our ability to deliver global insights, strategic advice and comprehensive solutions to clients, no matter the market environment, drove positive flows across every asset class, investment style and region.

“Our strategic areas of investment flourished in 2020 as we saw record client demand for active equity, sustainable, cash and alternative investment strategies, generated $185 billion of net inflows into iShares ETFs and surpassed $1 billion in technology services revenue. BlackRock’s continued investment in building a multi-faceted investment platform with integrated technology, data and risk management, scale, global reach and interconnectivity enables us to deliver strong and consistent investment performance and more stable outcomes for our clients.

“We begin 2021 well-positioned and intend to keep investing in our business to drive long-term growth and to lead the evolution of the asset management industry. In doing so, we remain committed to help millions of people build savings throughout their lives, make investing easier and more affordable, advance sustainable investing, and contribute to a more resilient economy that benefits more people.”

 

FINANCIAL RESULTS

(in millions,

Q4

 

 

Q4

 

Full Year

 

except per share data)

2020

 

 

2019

 

2020

 

2019

 

AUM

$

8,676,680

 

 

$

7,429,633

 

$

8,676,680

 

$

7,429,633

 

% change

 

17

%

 

 

 

 

 

17

%

 

 

 

Average AUM

$

8,154,225

 

 

$

7,191,159

 

$

7,549,103

 

$

6,750,119

 

% change

 

13

%

 

 

 

 

 

12

%

 

 

 

Total net flows

$

126,933

 

 

$

128,839

 

$

390,838

 

$

428,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP basis:

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

4,478

 

 

$

3,977

 

$

16,205

 

$

14,539

 

% change

 

13

%

 

 

 

 

 

11

%

 

 

 

Operating income

$

1,848

 

 

$

1,538

 

$

5,695

 

$

5,551

 

% change

 

20

%

 

 

 

 

 

3

%

 

 

 

Operating margin

 

41.3

%

 

 

38.7

%

 

35.1

%

 

38.2

%

Net income(1)

$

1,548

 

 

$

1,301

 

$

4,932

 

$

4,476

 

% change

 

19

%

 

 

 

 

 

10

%

 

 

 

Diluted EPS

$

10.02

 

 

$

8.29

 

$

31.85

 

$

28.43

 

% change

 

21

%

 

 

 

 

 

12

%

 

 

 

Weighted-average

  diluted shares

 

154.5

 

 

 

156.9

 

 

154.8

 

 

157.5

 

% change

 

(2

)%

 

 

 

 

 

(2

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As Adjusted:

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income(2)

$

1,848

 

 

$

1,538

 

$

6,284

 

$

5,551

 

% change

 

20

%

 

 

 

 

 

13

%

 

 

 

Operating margin(2)

 

46.6

%

 

 

43.5

%

 

44.9

%

 

43.7

%

Net income(1) (2)

$

1,573

 

 

$

1,309

 

$

5,237

 

$

4,484

 

% change

 

20

%

 

 

 

 

 

17

%

 

 

 

Diluted EPS(2)

$

10.18

 

 

$

8.34

 

$

33.82

 

$

28.48

 

% change

 

22

%

 

 

 

 

 

19

%

 

 

 

(1)

Net income represents net income attributable to BlackRock, Inc.

(2)

See notes (1) through (4) to the condensed consolidated statements of income and supplemental information on pages 10 and 11 for more information on as adjusted items and the reconciliation to GAAP.

NET FLOW HIGHLIGHTS

 

 

 

Q4

Full Year

(in billions)

2020

2020

Long-term net flows:

$

116

 

 

$

257

 

 

 

 

 

 

 

 

 

 

 

 

 

By region:

 

 

 

 

 

 

 

 

 

 

 

 

Americas

$

38

 

 

$

95

 

 

 

EMEA

 

53

 

 

 

97

 

 

 

APAC

 

25

 

 

 

65

 

 

 

 

 

 

 

 

 

 

 

 

 

By client type:

 

 

 

 

 

 

 

 

 

 

 

 

Retail:

$

35

 

 

$

70

 

 

 

 

US

 

10

 

 

 

25

 

 

 

 

International

 

25

 

 

 

45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iShares:

$

79

 

 

$

185

 

 

 

 

Core

 

23

 

 

 

45

 

 

 

 

Non-Core

 

56

 

 

 

140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional:

$

2

 

 

$

3

 

 

 

 

Active

 

1

 

 

 

32

 

 

 

 

Index

 

1

 

 

 

(29

)

 

 

 

 

 

 

 

 

 

 

 

 

Cash management net flows

$

9

 

 

$

113

 

 

 

 

 

 

 

 

 

 

 

 

 

Advisory net flows

$

2

 

 

$

20

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net flows

$

127

 

 

$

391

 

 

 

 

 

 

 

 

 

1

 


The following information was filed by Blackrock Inc. (BLK) on Thursday, January 14, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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