Q: What is BlackRock (BLK) Q3 2024 Earnings Call Transcript Summary?
**BlackRock (BLK) Q3 2024 Earnings Call Summary**
**Bullish Points:**
1. BlackRock delivered some of the best financial results in its history with $221 billion of net inflows, the highest net flows quarter ever.
2. Record levels of quarterly revenue and operating income were achieved.
3. The company expanded its margin by 350 basis points year over year.
4. Generated 5% annualized organic base fee growth, the highest quarter in three years.
5. iShares is leading the industry in global flows with approximately $250 billion through the third quarter.
6. Fixed-income ETFs assets now stand at over $1 trillion, nearly 40% higher than at year-end 2021.
7. Closed on the acquisition of Global Infrastructure Partners, tripling infrastructure AUM and doubling private markets run-rate management fees.
8. Ended the quarter with AUM near $11.5 trillion.
9. Third quarter revenue of $5.2 billion was 15% higher year over year.
10. Operating income of $2.1 billion was up 26% year over year.
**Bearish Points:**
1. Higher tax rate compared to a year ago impacted earnings per share, which increased only 5%.
2. Technology services revenue was down 1% compared to a year ago due to prior-year quarter revenue impact of eFront on-premises license renewals.
3. Total expense was 8% higher year over year, driven by higher incentive compensation, G&A, and sales, asset, and account expense.
4. Employee compensation and benefit expense was up 10% year over year.
5. G&A expense was up 8% year over year.
6. Sales, asset, and account expense increased 6% compared to a year ago.
7. Direct fund expense increased 7% year over year and 6% sequentially.
8. Effective tax rate of 26% in the quarter, impacting EPS.
9. Annualized effective fee rate approximately four-tenths of a basis point lower sequentially due to mix of assets.
For more information about BlackRock's earnings call, you can read the relevant news: BlackRock (BLK) Q3 2024 Earnings Call Transcript
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