Company Quick10K Filing
BlackRock
Price446.13 EPS26
Shares157 P/E17
MCap70,215 P/FCF43
Net Debt1,633 EBIT5,232
TEV71,848 TEV/EBIT14
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-10
8-K 2020-07-17 Earnings, Regulation FD, Exhibits
8-K 2020-05-21
8-K 2020-05-11
8-K 2020-05-06
8-K 2020-04-27
8-K 2020-04-16
8-K 2020-04-16
8-K 2020-03-31
8-K 2020-02-13
8-K 2020-01-27
8-K 2020-01-16
8-K 2020-01-16
8-K 2020-01-15
8-K 2020-01-15
8-K 2019-10-15
8-K 2019-07-19
8-K 2019-05-23
8-K 2019-04-29
8-K 2019-04-17
8-K 2019-04-17
8-K 2019-04-16
8-K 2019-04-16
8-K 2019-03-29
8-K 2019-03-22
8-K 2019-01-16
8-K 2018-10-16
8-K 2018-07-16
8-K 2018-05-23
8-K 2018-04-12
8-K 2018-04-03
8-K 2018-03-22
8-K 2018-03-15
8-K 2018-01-12

BLK 10Q Quarterly Report

Part I
Part II
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 blk-ex311_6.htm
EX-31.2 blk-ex312_7.htm
EX-32.1 blk-ex321_8.htm

BlackRock Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
245196147984902012201420172020
Assets, Equity
3.73.02.21.50.70.02016201720182020
Rev, G Profit, Net Income
1.40.7-0.0-0.8-1.5-2.22012201420172020
Ops, Inv, Fin

blk-10q_20200331.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934.

For the transition period from                                 to                                 .

Commission file number 001-33099

 

BlackRock, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

32-0174431

(State or Other Jurisdiction of

Incorporation or Organization)

 

    (I.R.S. Employer Identification No.)

55 East 52nd Street, New York, NY 10055

(Address of Principal Executive Offices)

(Zip Code)

(212) 810-5300

(Registrant’s Telephone Number, Including Area Code)

 

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $.01 par value

 

BLK

 

New York Stock Exchange

1.250% Notes due 2025

 

BLK25

 

New York Stock Exchange

 

 

 

 

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  

Yes

 

X

 

No

 

 

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  

Yes

 

X

 

No

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

Large accelerated filer

 

Accelerated filer

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

 

 

 

No

 

X

As of April 30, 2020, there were 154,262,173 shares of the registrant’s common stock outstanding.

 

 


 

BlackRock, Inc.

Index to Form 10-Q

PART I

FINANCIAL INFORMATION

 

 

 

Page

 

 

 

Item 1.

Financial Statements (unaudited)

 

 

 

 

 

Condensed Consolidated Statements of Financial Condition

1

 

 

 

 

Condensed Consolidated Statements of Income

2

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income

3

 

 

 

 

Condensed Consolidated Statements of Changes in Equity

4

 

 

 

 

Condensed Consolidated Statements of Cash Flows

5

 

 

 

 

Notes to Condensed Consolidated Financial Statements

6

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

35

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

64

 

 

 

Item 4.

Controls and Procedures

65

 

PART II

OTHER INFORMATION

 

Item 1.

Legal Proceedings

66

 

 

 

Item 1A.

Risk Factors

68

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

69

 

 

 

Item 6.

Exhibits

70

 

 

 

i


 

PART I – FINANCIAL INFORMATION

Item 1.     Financial Statements

BlackRock, Inc.

Condensed Consolidated Statements of Financial Condition

(unaudited)

 

 

 

March 31,

 

 

December 31,

 

(in millions, except shares and per share data)

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

4,406

 

 

$

4,829

 

Accounts receivable

 

 

3,095

 

 

 

3,179

 

Investments(1)

 

 

5,240

 

 

 

5,489

 

Separate account assets

 

 

83,262

 

 

 

102,844

 

Separate account collateral held under securities lending agreements

 

 

14,777

 

 

 

15,466

 

Property and equipment (net of accumulated depreciation of $923 and $880 at

   March 31, 2020 and December 31, 2019, respectively)

 

 

714

 

 

 

715

 

Intangible assets (net of accumulated amortization of $210 and $185 at March 31, 2020 and

   December 31, 2019, respectively)

 

 

18,344

 

 

 

18,369

 

Goodwill

 

 

14,559

 

 

 

14,562

 

Other assets(1)

 

 

4,623

 

 

 

3,169

 

Total assets

 

$

149,020

 

 

$

168,622

 

Liabilities

 

 

 

 

 

 

 

 

Accrued compensation and benefits

 

$

858

 

 

$

2,057

 

Accounts payable and accrued liabilities

 

 

982

 

 

 

1,167

 

Borrowings

 

 

5,933

 

 

 

4,955

 

Separate account liabilities

 

 

83,262

 

 

 

102,844

 

Separate account collateral liabilities under securities lending agreements

 

 

14,777

 

 

 

15,466

 

Deferred income tax liabilities

 

 

3,610

 

 

 

3,734

 

Other liabilities(1)

 

 

5,088

 

 

 

3,470

 

Total liabilities

 

 

114,510

 

 

 

133,693

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

Temporary equity

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

1,440

 

 

 

1,316

 

Permanent Equity

 

 

 

 

 

 

 

 

BlackRock, Inc. stockholders’ equity

 

 

 

 

 

 

 

 

Common stock, $0.01 par value;

 

 

2

 

 

 

2

 

Shares authorized: 500,000,000 at March 31, 2020 and December 31, 2019;

   Shares issued: 171,252,185 at March 31, 2020 and December 31, 2019;

   Shares outstanding: 154,262,618 and 154,375,780 at March 31, 2020 and

   December 31, 2019, respectively

 

 

 

 

 

 

 

 

Preferred stock (Note 20)

 

 

 

 

 

 

Additional paid-in capital

 

 

18,885

 

 

 

19,186

 

Retained earnings

 

 

21,872

 

 

 

21,662

 

Accumulated other comprehensive loss

 

 

(810

)

 

 

(571

)

Treasury stock, common, at cost (16,989,567 and 16,876,405 shares held at March 31, 2020

   and December 31, 2019, respectively)

 

 

(6,936

)

 

 

(6,732

)

Total BlackRock, Inc. stockholders’ equity

 

 

33,013

 

 

 

33,547

 

Nonredeemable noncontrolling interests

 

 

57

 

 

 

66

 

Total permanent equity

 

 

33,070

 

 

 

33,613

 

Total liabilities, temporary equity and permanent equity

 

$

149,020

 

 

$

168,622

 

 

 

(1)

At March 31, 2020, cash and cash equivalents, investments, other assets and other liabilities include $269 million, $3,170 million, $90 million, and $883 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2019, cash and cash equivalents, investments, other assets and other liabilities include $131 million, $3,301 million, $68 million, and $820 million, respectively, related to consolidated VIEs.  

 

See accompanying notes to condensed consolidated financial statements.

 

 

1


 

BlackRock, Inc.

Condensed Consolidated Statements of Income

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in millions, except shares and per share data)

 

2020

 

 

2019

 

Revenue

 

 

 

 

 

 

 

 

Investment advisory, administration fees and

  securities lending revenue

 

 

 

 

 

 

 

 

Related parties

 

$

2,175

 

 

$

1,989

 

Other third parties

 

 

880

 

 

 

816

 

Total investment advisory, administration fees and

   securities lending revenue

 

 

3,055

 

 

 

2,805

 

Investment advisory performance fees

 

 

41

 

 

 

26

 

Technology services revenue

 

 

274

 

 

 

204

 

Distribution fees

 

 

276

 

 

 

262

 

Advisory and other revenue

 

 

64

 

 

 

49

 

Total revenue

 

 

3,710

 

 

 

3,346

 

Expense

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

1,137

 

 

 

1,064

 

Distribution and servicing costs

 

 

445

 

 

 

404

 

Direct fund expense

 

 

277

 

 

 

242

 

General and administration

 

 

1,142

 

 

 

388

 

Amortization of intangible assets

 

 

25

 

 

 

15

 

Total expense

 

 

3,026

 

 

 

2,113

 

Operating income

 

 

684

 

 

 

1,233

 

Nonoperating income (expense)

 

 

 

 

 

 

 

 

Net gain (loss) on investments

 

 

(40

)

 

 

142

 

Interest and dividend income

 

 

15

 

 

 

29

 

Interest expense

 

 

(46

)

 

 

(46

)

Total nonoperating income (expense)

 

 

(71

)

 

 

125

 

Income before income taxes

 

 

613

 

 

 

1,358

 

Income tax expense (benefit)

 

 

(14

)

 

 

298

 

Net income

 

 

627

 

 

 

1,060

 

Less:

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling

   interests

 

 

(179

)

 

 

7

 

Net income attributable to BlackRock, Inc.

 

$

806

 

 

$

1,053

 

Earnings per share attributable to BlackRock, Inc.

   common stockholders:

 

 

 

 

 

 

 

 

Basic

 

$

5.19

 

 

$

6.65

 

Diluted

 

$

5.15

 

 

$

6.61

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

155,243,279

 

 

 

158,268,034

 

Diluted

 

 

156,416,726

 

 

 

159,348,431

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

2


 

BlackRock, Inc.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in millions)

 

2020

 

 

2019

 

Net income

 

$

627

 

 

$

1,060

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Foreign currency translation adjustments(1)

 

 

(239

)

 

 

68

 

Comprehensive income (loss)

 

 

388

 

 

 

1,128

 

Less: Comprehensive income (loss) attributable to

     noncontrolling interests

 

 

(179

)

 

 

7

 

Comprehensive income attributable to BlackRock, Inc.

 

$

567

 

 

$

1,121

 

 

(1)

Amounts for the three months ended March 31, 2020 and 2019 include gains from a net investment hedge of $13 million (net of tax expense of $4 million) and $11 million (net of tax expense of $3 million), respectively.

See accompanying notes to condensed consolidated financial statements.

 

 

 

3


 

BlackRock, Inc.

Condensed Consolidated Statements of Changes in Equity

(unaudited)

 

For the Three Months Ended March 31, 2020

(in millions)

Additional

Paid-in

Capital(1)

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Treasury

Stock

Common

 

 

Total

BlackRock

Stockholders’

Equity

 

 

Nonredeemable

Noncontrolling

Interests

 

 

Total

Permanent

Equity

 

 

Redeemable

Noncontrolling

Interests /

Temporary

Equity

 

December 31, 2019

$

19,188

 

 

$

21,662

 

 

$

(571

)

 

$

(6,732

)

 

$

33,547

 

 

$

66

 

 

$

33,613

 

 

$

1,316

 

Net income

 

 

 

 

806

 

 

 

 

 

 

 

 

 

806

 

 

 

 

 

 

806

 

 

 

(179

)

Dividends declared ($3.63 per share)

 

 

 

 

(596

)

 

 

 

 

 

 

 

 

(596

)

 

 

 

 

 

(596

)

 

 

 

Stock-based compensation

 

149

 

 

 

 

 

 

 

 

 

 

 

 

149

 

 

 

 

 

 

149

 

 

 

 

Issuance of common shares related to

   employee stock transactions

 

(450

)

 

 

 

 

 

 

 

 

453

 

 

 

3

 

 

 

 

 

 

3

 

 

 

 

Employee tax withholdings related to

   employee stock transactions

 

 

 

 

 

 

 

 

 

 

(257

)

 

 

(257

)

 

 

 

 

 

(257

)

 

 

 

Shares repurchased

 

 

 

 

 

 

 

 

 

 

(400

)

 

 

(400

)

 

 

 

 

 

(400

)

 

 

 

Subscriptions (redemptions/distributions)

    — noncontrolling interest holders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9

)

 

 

(9

)

 

 

871

 

Net consolidations (deconsolidations) of

  sponsored investment funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(568

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

(239

)

 

 

 

 

 

(239

)

 

 

 

 

 

(239

)

 

 

 

March 31, 2020

$

18,887

 

 

$

21,872

 

 

$

(810

)

 

$

(6,936

)

 

$

33,013

 

 

$

57

 

 

$

33,070

 

 

$

1,440