BlackRock Results Presentation Deck
49%
$8,667
2018
19%
1%
11%
20%
$(20)
Direct fund
expense
Full year expense, as adjusted
($ in millions)
■ Employee comp. & benefits
Distribution & servicing costs
Direct fund expense
General & administration
Amortization of intangible assets
$10
Distribution &
servicing costs
$47
Amortization of
intangible assets
Percentage Change
$48
Employee comp. & benefits
Distribution & servicing costs
2019 compared to 2018
$321
Direct fund expense
General & administration
Product launch
costs and
comissions
Amortization of intangible assets
Total
$73
G&A (1)
$163
Year-over-Year
4%
1%
(2)%
7%
94%
4%
Employee comp
& benefits (1)
$8,988
2019
(1) Amounts exclude product launch costs and commissions incurred in 2019 and 2018, which are presented separately above.
2018 expense, as adjusted, includes non-GAAP adjustments related to a restructuring charge of $60 million and PNC LTIP funding obligation of $14 million. 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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