NYSE$BX

BlackStone Group LP · Q4 2019 earnings

Q4 2019 earnings · · Investor relations

Briefing

Reported fourth quarter and full year 2019 results, showcasing growth in AUM and distributable earnings.

Blackstone reported a strong Q4 2019, marked by a 21% increase in Assets Under Management (AUM) to $571 billion and a rise in distributable earnings. The company declared a dividend of $0.61 per share. Blackstone's strategic expansion and record capital inflows contributed to the positive results.

  • Total Assets Under Management (AUM) reached a record $571.1 billion, up 21% year-over-year.
  • Inflows for the quarter were $26.0 billion, bringing the full year inflows to $134.4 billion.
  • Distributable Earnings (DE) for the quarter were $914 million ($0.72/share), up 27% year-over-year.
  • Declared a dividend of $0.61 per common share payable on February 18, 2020.

Headline financials

Total Revenue

$2.09B

Previous: $505M+314.1%
EPS (adj)

$0.71

Previous: -$0.02+3650.0%
Assets Under Mgmt

$571B

No prior period
Fee-Earning AUM

$408B

No prior period
Capital Expenditures

$11.1M

Previous: $9.62M+15.8%
Free Cash Flow

$579M

Previous: $1.38B-57.9%
Net Income

$978M

Previous: -$10.9M+9102.5%
Operating Income

$1.01B

No prior period
Gross Profit

$3.94B

Previous: $4.27B-7.7%
Cash & Equivalents

$2.17B

Previous: $2.21B-1.6%
Total Assets

$32.6B

Previous: $28.9B+12.7%
Stock-Based Comp

$85.3M

Previous: $84.2M+1.3%

Revenue & EPS history

BlackStone · Revenue · Quarterly

$2.09B

Q4 2019+314.1%vs Q4 2018
Beat estimate in 11 of 16 quarters(69%)
ActualEstimate

Revenue by segment

BlackStone · $1.03B total across 2 segments · Q4 2019

  • Mgmt & Advisory Fees
    $944M
  • Fee-Related Perf. Rev.
    $87.6M

Forward guidance

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2019

Historical avgQ4 2019

+1.2%

Avg return

Earnings day

+1.2%

Avg return

5 days after

+0.6%

Avg return

30 days after

62%

40 / 65 earnings

Positive

+11.5%

Q4 2021

Best reaction

-8.1%

Q1 2022

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+1.0%-6.3%-8.6%
Q4 2025-2.6%-8.8%-22.8%
Q3 2025-4.2%-6.2%-11.8%
Q2 2025-1.1%-5.3%+2.7%
Q1 2025+0.8%-3.5%+13.4%
Q4 2024-4.1%-7.8%-13.1%
Q3 2024+7.9%+5.5%+13.6%
Q2 2024+2.8%+6.5%-0.4%
Q1 2024-3.9%+0.9%+2.0%
Q4 2023+3.3%+5.4%+3.7%
Q3 2023-7.7%-7.0%+2.6%
Q2 2023-3.0%-3.5%-8.7%
Q1 2023-3.3%-6.6%-10.2%
Q4 2022+7.9%+8.0%+0.2%
Q3 2022-2.6%+4.3%+4.5%
Q2 2022-4.6%-7.4%+2.2%
Q1 2022-8.1%-10.9%-10.6%
Q4 2021+11.5%+21.1%+15.5%
Q3 2021+6.9%+10.5%+13.8%
Q2 2021+5.2%+8.0%+7.1%
Q1 2021+8.6%+10.3%+13.0%
Q4 2020+3.3%+6.8%+6.7%
Q3 2020-1.7%-1.0%+16.7%
Q2 2020-4.0%-6.6%-8.7%
Q1 2020+4.5%+10.9%+16.4%
Q4 2019-2.5%+1.0%-14.1%
Q3 2019+6.0%+7.5%+4.4%
Q2 2019+0.8%+7.3%+4.3%
Q1 2019+8.6%+10.6%+13.1%
Q4 2018+2.6%+4.5%+1.2%
Q3 2018-4.0%-6.4%-10.1%
Q2 2018-0.8%-0.1%-0.1%
Q1 2018+1.4%+1.3%-1.5%
Q4 2017-3.4%-5.2%-8.8%
Q3 2017+2.9%+3.3%-5.1%
Q2 2017-1.0%-0.7%-9.4%
Q1 2017+0.7%+2.8%-0.6%
Q4 2016+2.2%+0.0%-3.5%
Q3 2016+0.5%-1.8%+4.6%
Q2 2016+6.1%+7.1%+9.1%
Q1 2016-3.4%
Q4 2015+2.6%
Q3 2015+2.9%
Q2 2015+0.6%
Q1 2015+2.0%
Q4 2014+1.6%
Q3 2014+0.8%
Q2 2014+5.0%
Q1 2014+2.6%
Q4 2013+5.9%
Q3 2013+2.9%
Q2 2013+8.4%
Q1 2013-1.9%
Q4 2012+9.5%
Q3 2012+4.1%
Q2 2012+1.9%
Q1 2012+2.1%
Q2 2011-1.2%
Q4 2011-1.2%
Q3 2011-7.2%
Q1 2011+0.5%
Q4 2010+2.9%
Q3 2010-0.5%
Q2 2010-1.3%
Q1 2010+7.0%

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