Q1 2024 BlackRock Inc Earnings Call Transcript
Key Points
- Record AUM of nearly $10.5 trillion, indicating sustained momentum across the platform.
- First quarter long-term net inflows of $76 billion, leading the industry and driving positive organic base fee growth.
- Revenue and earnings growth with first quarter revenue of $4.7 billion, up 11% year-over-year.
- Operating income of $1.8 billion, up 17%, and earnings per share of $9.81, 24% higher versus a year ago.
- Continued innovation with the launch of a Bitcoin fund and expansion into private markets, including the planned acquisition of GIP.
- Seasonal outflows from institutional money market funds partially offsetting long-term net inflows.
- Annualized organic base fee growth of 1% reflected seasonally softer flows earlier in the quarter.
- A lower annualized effective fee rate compared to the fourth quarter due to client preferences for lower-fee U.S. exposures.
- Institutional index net outflows of $13 billion concentrated in low-fee index equities as clients rebalanced portfolios.
- Cash management platform experienced $19 billion of net outflows in line with industry trends.
Good morning. My name is Katie, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the BlackRock, Inc. First Quarter 2024 Earnings Teleconference.
Our host for today's call will be the Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer, Martin S. Small; President, Robert S. Kapito; and General Counsel, Christopher J. Meade. (Operator Instructions). Thank you.
Mr. Meade, you may begin your conference.
Thank you. Good morning, everyone. I'm Chris Meade, the General Counsel of BlackRock.
Before we begin, I'd like to remind you that during the course of this call, we may make a number of forward-looking statements. We call your attention to the fact that BlackRock's actual results may, of course, differ from these statements.
As you know, BlackRock has filed reports with the SEC, which was some of the factors that may result -- cause the results of
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