Investing to Deliver Shareholder Value
End notes
These notes refer to the financial metrics and/or defined term presented on:
Slide 8 We are widening our competitive moat
Note: Industry sources: Simfund, Broadridge, Spence Johnson, HFR, Preqin, iMoney Net, Bloomberg, Markit, P&I, Cerulli and BlackRock estimates.
1. 2021 YTD figures through 9/30/21 are annualized.
Slide 10
Compensation expense reflects our strong performance
1.
2.
Net revenue represents revenue used for operating margin measurement.
Reflects performance fees for last twelve month period ending 9/30/21.
IRH1221U/M-1946957-1/20
3.
Performance fee-based and MTM includes direct incentive and carry-related compensation primarily tied to performance fees and the mark-to-market impact on
deferred compensation; Corporate bonus & long-term incentive awards includes cash and deferred compensation primarily linked to the corporate bonus pool and
long-term equity retention awards, including granted under the BlackRock Performance Incentive Plan ("BPIP" - see 2021 Proxy Statement); Salaries & Benefits
includes salaries, benefits and payroll taxes.
Slide 11 G&A investments support our growth engines and reflect our operational excellence
1.
2.
3.
Net revenue represents revenue used for operating margin measurement.
Non-Core G&A includes product launch costs, transaction costs and contingent consideration fair value adjustments related to acquisitions, FX remeasurement
expense, fixed asset impairment charge and certain one-time legal items and COVID-19 related costs. Core G&A represents G&A as adjusted less Non-Core G&A.
Other Core G&A includes marketing and promotional, occupancy and office related, professional services, communications and other G&A expense. Technology and
Data represents Core G&A less Other Core G&A.
Slide 12 Commitment to invest first and then return cash to shareholders
1.
2.
Since 2012 figures through 9/30/21 except for dividend CAGR, which is through 12/31/21.
Seed and co-investments as of 9/30/21.
BlackRock
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