BlackRock Results Presentation Deck
51%
$8,988
2019
1%
18%
11%
19%
$9
Amortization of
intangible assets
Full year expense, as adjusted
($ in millions)
■ Employee comp. & benefits
Distribution & servicing costs
Direct fund expense
General & administration
Amortization of intangible assets
$11
G&A (1)
$85
Direct fund
expense
Percentage Change
2020 compared to 2019
$933
$111
Employee comp. & benefits
Distribution & servicing costs
Total
Direct fund expense
General & administration
Amortization of intangible assets
Product launch
costs and
comissions
$150
Distribution &
servicing costs
$567
Year-over-Year
13%
9%
9%
7%
9%
10%
Employee comp
& benefits (1)
$9,921
2020
(1)
Amounts exclude product launch costs and commissions incurred in 2020 and 2019, which are presented separately above.
2020 expense, as adjusted, excludes a $589 million expense in connection with the charitable contribution of BlackRock 's remaining 20% stake in PennyMac Financial Services, Inc. (the
Charitable Contribution"). For further information, see the item included under Non-GAAP expense adjustments on page 12 of this earnings release supplement and note (1) in the current earnings
release.
BlackRock.
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