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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, 2023

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

img177475217_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.)

50 Hudson Yards, New York, NY 10001

(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, 2023, there were 148,762,471 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

36

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

69

 

 

 

Item 4.

Controls and Procedures

70

 

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

71

 

 

 

Item 1A.

Risk Factors

72

 

 

 

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

73

 

 

 

Item 6.

Exhibits

74

 

 

Signatures

75

 

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)

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

7,316

 

 

$

7,416

 

Accounts receivable

 

 

3,886

 

 

 

3,264

 

Investments(1)

 

 

9,835

 

 

 

7,466

 

Separate account assets

 

 

51,606

 

 

 

54,066

 

Separate account collateral held under securities lending agreements

 

 

4,740

 

 

 

5,765

 

Property and equipment (net of accumulated depreciation and amortization of $1,487 and
   $1,390 at September 30, 2023 and December 31, 2022, respectively)

 

 

1,058

 

 

 

1,031

 

Intangible assets (net of accumulated amortization of $580 and $483 at
   September 30, 2023 and December 31, 2022, respectively)

 

 

18,291

 

 

 

18,302

 

Goodwill

 

 

15,516

 

 

 

15,341

 

Operating lease right-of-use assets

 

 

1,429

 

 

 

1,516

 

Other assets(1)

 

 

4,908

 

 

 

3,461

 

Total assets

 

$

118,585

 

 

$

117,628

 

Liabilities

 

 

 

 

 

 

Accrued compensation and benefits

 

$

1,796

 

 

$

2,272

 

Accounts payable and accrued liabilities

 

 

1,217

 

 

 

1,294

 

Borrowings

 

 

7,884

 

 

 

6,654

 

Separate account liabilities

 

 

51,606

 

 

 

54,066

 

Separate account collateral liabilities under securities lending agreements

 

 

4,740

 

 

 

5,765

 

Deferred income tax liabilities

 

 

3,448

 

 

 

3,381

 

Operating lease liabilities

 

 

1,780

 

 

 

1,835

 

Other liabilities(1)

 

 

5,483

 

 

 

3,576

 

Total liabilities

 

 

77,954

 

 

 

78,843

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

Temporary equity

 

 

 

 

 

 

Redeemable noncontrolling interests

 

 

1,851

 

 

 

909

 

Permanent equity

 

 

 

 

 

 

BlackRock, Inc. stockholders’ equity

 

 

 

 

 

 

Common stock, $0.01 par value;

 

 

2

 

 

 

2

 

Shares authorized: 500,000,000 at September 30, 2023 and December 31, 2022;
   Shares issued: 172,075,373 at September 30, 2023 and December 31, 2022;
   Shares outstanding: 148,942,746 and 149,756,492 at September 30, 2023 and
      December 31, 2022, respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

19,687

 

 

 

19,772

 

Retained earnings

 

 

31,711

 

 

 

29,876

 

Accumulated other comprehensive loss

 

 

(1,101

)

 

 

(1,101

)

Treasury stock, common, at cost (23,132,627 and 22,318,881 shares held at September 30, 2023
   and December 31, 2022, respectively)

 

 

(11,672

)

 

 

(10,805

)

Total BlackRock, Inc. stockholders’ equity

 

 

38,627

 

 

 

37,744

 

Nonredeemable noncontrolling interests

 

 

153

 

 

 

132

 

Total permanent equity

 

 

38,780

 

 

 

37,876

 

Total liabilities, temporary equity and permanent equity

 

$

118,585

 

 

$

117,628

 

 

(1)
At September 30, 2023, cash and cash equivalents, investments, other assets and other liabilities include $246 million, $5.1 billion, $83 million, and $2.2 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2022, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $3.9 billion, $68 million, and $1.9 billion, 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)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees
  and securities lending revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Related parties

 

$

2,765

 

 

$

2,647

 

 

$

8,065

 

 

$

8,299

 

Other third parties

 

 

916

 

 

 

884

 

 

 

2,729

 

 

 

2,753

 

Total investment advisory, administration fees
   and securities lending revenue

 

 

3,681

 

 

 

3,531

 

 

 

10,794

 

 

 

11,052

 

Investment advisory performance fees

 

 

70

 

 

 

82

 

 

 

243

 

 

 

286

 

Technology services revenue

 

 

407

 

 

 

338

 

 

 

1,106

 

 

 

1,011

 

Distribution fees

 

 

321

 

 

 

325

 

 

 

959

 

 

 

1,067

 

Advisory and other revenue

 

 

43

 

 

 

35

 

 

 

126

 

 

 

120

 

Total revenue

 

 

4,522

 

 

 

4,311

 

 

 

13,228

 

 

 

13,536

 

Expense

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

1,420

 

 

 

1,339

 

 

 

4,276

 

 

 

4,251

 

Distribution and servicing costs

 

 

526

 

 

 

536

 

 

 

1,549

 

 

 

1,682

 

Direct fund expense

 

 

354

 

 

 

318

 

 

 

1,013

 

 

 

951

 

General and administration expense

 

 

546

 

 

 

554

 

 

 

1,587

 

 

 

1,580

 

Amortization of intangible assets

 

 

39

 

 

 

38

 

 

 

113

 

 

 

114

 

Total expense

 

 

2,885

 

 

 

2,785

 

 

 

8,538

 

 

 

8,578

 

Operating income

 

 

1,637

 

 

 

1,526

 

 

 

4,690

 

 

 

4,958

 

Nonoperating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on investments

 

 

114

 

 

 

174

 

 

 

434

 

 

 

(242

)

Interest and dividend income

 

 

139

 

 

 

41

 

 

 

314

 

 

 

80

 

Interest expense

 

 

(82

)

 

 

(50

)

 

 

(210

)

 

 

(158

)

Total nonoperating income (expense)

 

 

171

 

 

 

165

 

 

 

538

 

 

 

(320

)

Income before income taxes

 

 

1,808

 

 

 

1,691

 

 

 

5,228

 

 

 

4,638

 

Income tax expense

 

 

213

 

 

 

330

 

 

 

1,041

 

 

 

951

 

Net income

 

 

1,595

 

 

 

1,361

 

 

 

4,187

 

 

 

3,687

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to
   noncontrolling interests

 

 

(9

)

 

 

(45

)

 

 

60

 

 

 

(232

)

Net income attributable to BlackRock, Inc.

 

$

1,604

 

 

$

1,406

 

 

$

4,127

 

 

$

3,919

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

10.75

 

 

$

9.33

 

 

$

27.60

 

 

$

25.92

 

Diluted

 

$

10.66

 

 

$

9.25

 

 

$

27.36

 

 

$

25.67

 

Weighted-average common shares
   outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

149.2

 

 

 

150.6

 

 

 

149.6

 

 

 

151.2

 

Diluted

 

 

150.5

 

 

 

152.0

 

 

 

150.9

 

 

 

152.6

 

 

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)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

 

$

1,595

 

 

$

1,361

 

 

$

4,187

 

 

$

3,687

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments(1)

 

 

(221

)

 

 

(381

)

 

 

—

 

 

 

(922

)

Comprehensive income (loss)

 

 

1,374

 

 

 

980

 

 

 

4,187

 

 

 

2,765

 

Less: Comprehensive income (loss) attributable to
     noncontrolling interests

 

 

(9

)

 

 

(45

)

 

 

60

 

 

 

(232

)

Comprehensive income attributable to
     BlackRock, Inc.

 

$

1,383

 

 

$

1,025

 

 

$

4,127

 

 

$

2,997

 

 

(1)
Amounts for the three months ended September 30, 2023 and 2022 include gains from a net investment hedge of $17 million (net of tax expense of $5 million) and $35 million (net of tax expense of $11 million), respectively. Amounts for the nine months ended September 30, 2023 and 2022 include gains from a net investment hedge of $5 million (net of tax expense of $1 million) and $84 million (net of tax expense of $26 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, 2023

(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, 2022

$

19,774

 

 

$

29,876

 

 

$

(1,101

)

 

$

(10,805

)

 

$

37,744

 

 

$

132

 

 

$

37,876

 

 

$

909

 

Net income

 

—

 

 

 

4,127

 

 

 

—

 

 

 

—

 

 

 

4,127

 

 

 

23

 

 

 

4,150

 

 

 

37

 

Dividends declared ($15.00 per share)

 

—

 

 

 

(2,292

)

 

 

—

 

 

 

—

 

 

 

(2,292

)

 

 

—

 

 

 

(2,292

)

 

 

—

 

Stock-based compensation

 

469

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

469

 

 

 

—

 

 

 

469

 

 

 

—

 

Issuance of common shares related to
   employee stock transactions

 

(554

)

 

 

—

 

 

 

—

 

 

 

633

 

 

 

79

 

 

 

—

 

 

 

79

 

 

 

—

 

Employee tax withholdings related to
   employee stock transactions

 

—

 

 

 

—

 

 

 

—

 

 

 

(369

)

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