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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 September 30, 2022

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

img176551696_0.jpg 

 

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 October 31, 2022, there were 150,195,577 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

6

 

 

 

 

Notes to Condensed Consolidated Financial Statements

7

 

 

 

Item 2.

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

33

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

65

 

 

 

Item 4.

Controls and Procedures

66

 

PART II

OTHER INFORMATION

 

Item 1.

Legal Proceedings

67

 

 

 

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)

 

 

 

September 30,

 

 

December 31,

 

(in millions, except shares and per share data)

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

6,797

 

 

$

9,323

 

Accounts receivable

 

 

3,361

 

 

 

3,789

 

Investments(1)

 

 

6,907

 

 

 

7,262

 

Separate account assets

 

 

51,072

 

 

 

86,226

 

Separate account collateral held under securities lending agreements

 

 

5,867

 

 

 

7,081

 

Property and equipment (net of accumulated depreciation and amortization of $1,393 and
   $
1,256 at September 30, 2022 and December 31, 2021, respectively)

 

 

965

 

 

 

762

 

Intangible assets (net of accumulated amortization of $485 and $399 at
   September 30, 2022 and December 31, 2021, respectively)

 

 

18,339

 

 

 

18,453

 

Goodwill

 

 

15,344

 

 

 

15,351

 

Operating lease right-of-use assets

 

 

1,491

 

 

 

1,621

 

Other assets(1)

 

 

5,287

 

 

 

2,780

 

Total assets

 

$

115,430

 

 

$

152,648

 

Liabilities

 

 

 

 

 

 

Accrued compensation and benefits

 

$

1,747

 

 

$

2,951

 

Accounts payable and accrued liabilities

 

 

1,601

 

 

 

1,397

 

Borrowings

 

 

6,591

 

 

 

7,446

 

Separate account liabilities

 

 

51,072

 

 

 

86,226

 

Separate account collateral liabilities under securities lending agreements

 

 

5,867

 

 

 

7,081

 

Deferred income tax liabilities

 

 

2,695

 

 

 

2,758

 

Operating lease liabilities

 

 

1,773

 

 

 

1,872

 

Other liabilities(1)

 

 

5,967

 

 

 

4,024

 

Total liabilities

 

 

77,313

 

 

 

113,755

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

Temporary equity

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

828

 

 

 

1,087

 

Permanent Equity

 

 

 

 

 

 

BlackRock, Inc. stockholders’ equity

 

 

 

 

 

 

Common stock, $0.01 par value;

 

 

2

 

 

 

2

 

Shares authorized: 500,000,000 at September 30, 2022 and December 31, 2021;
   Shares issued:
172,075,373 at September 30, 2022 and December 31, 2021;
   Shares outstanding:
150,461,863 and 151,684,491 at September 30, 2022 and
      December 31, 2021, respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

19,609

 

 

 

19,640

 

Retained earnings

 

 

29,348

 

 

 

27,688

 

Accumulated other comprehensive loss

 

 

(1,472

)

 

 

(550

)

Treasury stock, common, at cost (21,613,510 and 20,390,882 shares held at September 30, 2022
   and December 31, 2021, respectively)

 

 

(10,325

)

 

 

(9,087

)

Total BlackRock, Inc. stockholders’ equity

 

 

37,162

 

 

 

37,693

 

Nonredeemable noncontrolling interests

 

 

127

 

 

 

113

 

Total permanent equity

 

 

37,289

 

 

 

37,806

 

Total liabilities, temporary equity and permanent equity

 

$

115,430

 

 

$

152,648

 

 

(1)
At September 30, 2022, cash and cash equivalents, investments, other assets and other liabilities include $275 million, $3,533 million, $68 million, and $1,902 million, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2021, cash and cash equivalents, investments, other assets and other liabilities include $251 million, $3,968 million, $50 million, and $1,919 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in millions, except per share data)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees
  and securities lending revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Related parties

 

$

2,647

 

 

$

2,964

 

 

$

8,299

 

 

$

8,478

 

Other third parties

 

 

884

 

 

 

979

 

 

 

2,753

 

 

 

2,814

 

Total investment advisory, administration fees
   and securities lending revenue

 

 

3,531

 

 

 

3,943

 

 

 

11,052

 

 

 

11,292

 

Investment advisory performance fees

 

 

82

 

 

 

345

 

 

 

286

 

 

 

814

 

Technology services revenue

 

 

338

 

 

 

320

 

 

 

1,011

 

 

 

942

 

Distribution fees

 

 

325

 

 

 

401

 

 

 

1,067

 

 

 

1,110

 

Advisory and other revenue

 

 

35

 

 

 

41

 

 

 

120

 

 

 

110

 

Total revenue

 

 

4,311

 

 

 

5,050

 

 

 

13,536

 

 

 

14,268

 

Expense

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

1,339

 

 

 

1,527

 

 

 

4,251

 

 

 

4,484

 

Distribution and servicing costs

 

 

536

 

 

 

585

 

 

 

1,682

 

 

 

1,613

 

Direct fund expense

 

 

318

 

 

 

354

 

 

 

951

 

 

 

994

 

General and administration expense

 

 

554

 

 

 

611

 

 

 

1,580

 

 

 

1,657

 

Amortization of intangible assets

 

 

38

 

 

 

38

 

 

 

114

 

 

 

109

 

Total expense

 

 

2,785

 

 

 

3,115

 

 

 

8,578

 

 

 

8,857

 

Operating income

 

 

1,526

 

 

 

1,935

 

 

 

4,958

 

 

 

5,411

 

Nonoperating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on investments

 

 

174

 

 

 

370

 

 

 

(242

)

 

 

766

 

Interest and dividend income

 

 

41

 

 

 

14

 

 

 

80

 

 

 

41

 

Interest expense

 

 

(50

)

 

 

(48

)

 

 

(158

)

 

 

(155

)

Total nonoperating income (expense)

 

 

165

 

 

 

336

 

 

 

(320

)

 

 

652

 

Income before income taxes

 

 

1,691

 

 

 

2,271

 

 

 

4,638

 

 

 

6,063

 

Income tax expense

 

 

330

 

 

 

518

 

 

 

951

 

 

 

1,490

 

Net income

 

 

1,361

 

 

 

1,753

 

 

 

3,687

 

 

 

4,573

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to
   noncontrolling interests

 

 

(45

)

 

 

72

 

 

 

(232

)

 

 

315

 

Net income attributable to BlackRock, Inc.

 

$

1,406

 

 

$

1,681

 

 

$

3,919

 

 

$

4,258

 

Earnings per share attributable to
   BlackRock, Inc. common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

9.33

 

 

$

11.05

 

 

$

25.92

 

 

$

27.94

 

Diluted

 

$

9.25

 

 

$

10.89

 

 

$

25.67

 

 

$

27.59

 

Weighted-average common shares
   outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

150.6

 

 

 

152.1

 

 

 

151.2

 

 

 

152.4

 

Diluted

 

 

152.0

 

 

 

154.3

 

 

 

152.6

 

 

 

154.4

 

 

See accompanying notes to condensed consolidated financial statements.

 

2


 

BlackRock, Inc.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in millions)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

1,361

 

 

$

1,753

 

 

$

3,687

 

 

$

4,573

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments(1)

 

 

(381

)

 

 

(138

)

 

 

(922

)

 

 

(189

)

Comprehensive income (loss)

 

 

980

 

 

 

1,615

 

 

 

2,765

 

 

 

4,384

 

Less: Comprehensive income (loss) attributable to
     noncontrolling interests

 

 

(45

)

 

 

72

 

 

 

(232

)

 

 

315

 

Comprehensive income attributable to
     BlackRock, Inc.

 

$

1,025

 

 

$

1,543

 

 

$

2,997

 

 

$

4,069

 

 

(1)
Amounts for the three months ended September 30, 2022 and 2021 include gains from a net investment hedge of $35 million (net of tax expense of $11 million) and $14 million (net of tax expense of $5 million), respectively. Amounts for the nine months ended September 30, 2022 and 2021 include gains from a net investment hedge of $84 million (net of tax expense of $26 million) and $34 million (net of tax expense of $11 million), respectively.

See accompanying notes to condensed consolidated financial statements.

 

3


 

BlackRock, Inc.

Condensed Consolidated Statements of Changes in Equity

(unaudited)

 

For the Nine Months Ended September 30, 2022

 

(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, 2021

$

19,642

 

 

$

27,688

 

 

$

(550

)

 

$

(9,087

)

 

$

37,693

 

 

$