Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

8b38f62a39c3227d77ce7e8c5d912aaed51508ebfa35da3639eaa10eded8e414

bf3b919eb52815ccb14405d2ecabf28679c5aa041a4a1ccd304122d5961cefb9

87842460850d82d9c491d1f30cd41962105d0039142b412775cc4b61a54955ff

ccafaf1b4308df5ee84f1f9221e7ca014539449e9760b7573ba01a76ea2fb331

Total Revenue (USD, millions)

Investment advisory, administration fees and securities lending revenue (USD, millions)

Investment advisory performance fees (USD, millions)

Technology services revenue (USD, millions)

Distribution fees (USD, millions)

Advisory and other revenue (USD, millions)

Total Expense (USD, millions)

Employee compensation and benefits (USD, millions)

Sales, asset and account expense - Total (USD, millions)

Distribution and servicing costs (USD, millions)

Direct fund expense (USD, millions)

Sub-advisory and other sales, asset and account expense (USD, millions)

General and administration expense (USD, millions)

Amortization and impairment of intangible assets (USD, millions)

Operating Income (USD, millions)

Total Nonoperating income (expense) (USD, millions)

Net gain (loss) on investments (USD, millions)

Interest and dividend income (USD, millions)

Interest expense (USD, millions)

Income before income taxes (USD, millions)

Income tax expense (USD, millions)

Net Income (USD, millions)

Net income attributable to BlackRock, Inc. (USD, millions)

7b3d645a11ca6338c546acfa65ac7350c8e599c83dfda8cfdca185b8bd020693

BlackRock's Investment advisory performance fees were particularly high in Q4 2023, reaching **$311 million**, primarily due to higher revenue from liquid alternatives and long-only mandates. The strong performance by BlackRock's teams also played a key role, with fees up about four times year-on-year. Approximately half of these fees came from private equity funds and programs, supported by successful realizations, while the remainder was driven by liquid hedge funds, strategic equity hedge funds, and systematic strategies.  **[BLK_3370235_3]** **[BLK_3379746_15]** 

Why was Investment advisory performance fees so high in Q4 2023?

The documents indicate that while the **interest expense in Q3 2024 increased significantly by **$72 million** (from **$82 million** to **$154 million**), they do not provide a definitive explanation for this change. Potential contributing factors mentioned include **higher debt levels, changes in interest rates, or new financing arrangements**.  **[0000950170-24-114208_blk-ex99_1.htm:4]** 

What drove the increase in Interest expense in Q3 2024?

The increase in Q3 2024 was driven primarily by a **$50 million noncash impairment charge** for indefinite-lived intangible assets related to open-end management contracts. This impairment was triggered by **reduced growth expectations**, a **decrease in revenue basis points**, and **net client outflows**, which caused the fair value of these assets to fall below their carrying value.  **[0000950170-24-122256_blk-20240930.htm:89]** **[0000950170-24-122256_blk-20240930.htm:71]** **[0000950170-24-122256_blk-20240930.htm:26]** 

What caused the jump in Amortization and impairment in Q3 2024?

The **revenue increase** in **Q3 2024** was driven by several factors. **Organic base fee growth** played a significant role, underpinned by strong net inflows and higher average assets under management.  **[BLK_3402769_2]** **[0000950170-24-122256_blk-20240930.htm:70]** **[0000950170-24-122256_blk-20240930.htm:68]**  Additionally, a **positive market beta impact** from favorable market movements improved average AUM, further boosting revenue.  **[0000950170-24-122256_blk-20240930.htm:70]** **[0000950170-24-122256_blk-20240930.htm:68]**  A major contributor was the increase in **performance fees**, which surged from **$70 million** to **$388 million** due to strong alpha generation.  **[0000950170-24-122256_blk-20240930.htm:70]** **[0000950170-24-122256_blk-20240930.htm:68]**  Revenue gains from **cash management and alternatives** also added to the increase, while **technology services revenue**, despite a slight **$4 million** decline, remained a stable part of the overall revenue profile.  **[0000950170-24-122256_blk-20240930.htm:70]** **[0000950170-24-122256_blk-20240930.htm:68]** 

What factors contributed to the revenue increase in Q3 2024?

The net gain on investments in Q4 2023 more than doubled compared to Q3 due to **mark-to-market gains in BlackRock's private equity co-investment portfolios**. This led to a significant increase in non-operating income, with **net investment income** reaching **$122 million** in Q4 2023, substantially contributing to the higher overall net gains.  **[BLK_3370235_2]** 

Why did the net gain on investments more than double in Q4 2023?

0fef081cf8d4ae412e0510e75f28ec09237a1f0e1fea8926cb96fb256784cdc3

The documents do not provide a detailed breakdown of the specific factors impacting Q1 2024. However, they highlight several contributing factors that could have led to the negative cash flow. These include **seasonal outflows** from cash management platforms—which saw **$19 billion in net outflows** due to tax and bonus payments—and **higher operating expenses**, with an **8% increase in compensation-related costs**. Additionally, while strong financial performance such as **record AUM of nearly $10.5 trillion** and **11% year-over-year revenue growth** were noted, these may have been offset by the negative impacts of these seasonal and expense-related factors, alongside **$3 billion of debt issuance** for acquisitions.  **[BLK_3379746_1]** **[BLK_3379746_4]** **[BLK_3379746_2]** **[BLK_3379746_3]** 

What led to the negative operating cash flow in Q1 2024?

The documents do not provide specific information regarding the reasons for the low capital expenditures in Q2 2024.  **[0000950170-24-091706_blk-20240630.htm:6]** 

Why were capital expenditures so low in Q2 2024?

58791032da90c96b3bcc69da51ab07d8aedad7dfd37e627a0cb625e6a199648f

Americas

Europe

Asia-Pacific

Total Revenue

54d6d889624d26ed0a0f2dddb3d6cd81583240469db95936a78286d10a7b435a

585c88d7c631696ab9fb9c035bbd5d077e2645a86b6beb1a181a3be850480066

Cash and cash equivalents (USD, millions)

Accounts receivable (USD, millions)

Investments (USD, millions)

Separate account assets (USD, millions)

Separate account collateral held under securities lending agreements (USD, millions)

Property and equipment (net of accumulated depreciation and amortization) (USD, millions)

Intangible assets (net of accumulated amortization) (USD, millions)

Goodwill (USD, millions)

Operating lease right-of-use assets (USD, millions)

Other assets (USD, millions)

Total assets (USD, millions)

Accrued compensation and benefits (USD, millions)

Accounts payable and accrued liabilities (USD, millions)

Borrowings (USD, millions)

Separate account liabilities (USD, millions)

Separate account collateral liabilities under securities lending agreements (USD, millions)

Deferred income tax liabilities (USD, millions)

Operating lease liabilities (USD, millions)

Other liabilities (USD, millions)

Total liabilities (USD, millions)

Redeemable noncontrolling interests (USD, millions)

Common stock, $ 0.01 par value; (USD, millions)

Additional paid-in capital (USD, millions)

Retained earnings (USD, millions)

Accumulated other comprehensive loss (USD, millions)

Treasury stock, common, at cost (USD, millions)

Total BlackRock, Inc. stockholders’ equity (USD, millions)

Nonredeemable noncontrolling interests (USD, millions)

Total permanent equity (USD, millions)

Total liabilities, temporary equity and permanent equity (USD, millions)

8cd59119f9753e296fe3336cfceed5774750a9ca5196e7c7db6843fb3d9fec2a

Net income (USD, millions)

24c3a9035c0e2feedc17f29ac04fce2cc232c56f6099256f586ead6779326fb3

BlackRock Inc (BLK)

Financials