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Section 1: 8-K (8-K)

blk-8k_20191015.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): October 15, 2019

 

 

BLACKROCK, INC.

(Exact name of registrant as specified in its charter)

 

delaware

(State or other jurisdiction

of incorporation)

001-33099

(Commission

File Number)

32-0174431

(IRS Employer

Identification No.)

 

 

55 East 52nd Street, New York, New York

 

10055

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (212) 810-5300

 

_________________________________________________________________________________________________

(Former name or former address, if changed since last report.)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $.01 par value

 

BLK

 

New York Stock Exchange

1.250% Notes due 2025

 

BLK25

 

New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


Item 2.02. Results of Operations and Financial Condition

 

On October 15, 2019, BlackRock, Inc. (the “Company”) reported results of operations for the three and nine months ended September 30, 2019. A copy of the earnings release issued by the Company is attached as Exhibit 99.1 to this Form 8-K.

 

Item 7.01. Regulation FD Disclosure

 

On October 15, 2019, the Company will hold an investor conference call and webcast to discuss the Company’s earnings results for the three and nine months ended September 30, 2019. A copy of supplemental materials used during the earnings call is furnished as Exhibit 99.2 to this Form 8-K.

 

Item 9.01. Financial Statements and Exhibits

 

(d)  Exhibits

 

99.1

Earnings release dated October 15, 2019 issued by the Company

99.2

Third Quarter 2019 Earnings – Earnings Release Supplement

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 



EXHIBIT INDEX

 

99.1

Earnings release dated October 15, 2019 issued by the Company

99.2

Third Quarter 2019 Earnings – Earnings Release Supplement

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 



SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

BlackRock, Inc.

 

(Registrant)

 

 

 

 

 

By: /s/ Gary S. Shedlin          

Date: October 15, 2019

Gary S. Shedlin

 

Senior Managing Director and

 

Chief Financial Officer

 

 

 

(Back To Top)

Section 2: EX-99.1 (EARNINGS RELEASE DATED OCTOBER 15, 2019)

blk-ex991_24.htm

Exhibit 99.1

 

 

 

 

 

INVESTOR RELATIONS:

Samantha Tortora      212.810.5397

MEDIA RELATIONS:

Brian Beades      212.810.5596

 

BlackRock Reports Third Quarter 2019 Diluted EPS of $7.15

New York, October 15, 2019 BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and nine months ended September 30, 2019.

 

 

 

 

$84 billion of quarterly total net inflows, or 5% organic asset growth, driven by continued momentum in fixed income and cash

3% increase in revenue year-over-year driven by higher base fees and technology services revenue, partially offset by lower performance fees

30% increase in technology services revenue year-over-year reflects Aladdin® growth and the impact of the eFront acquisition

8% increase in operating income (7% as adjusted) year-over-year, driven in part by lower transaction-related expense in the current quarter

5% decrease in diluted EPS year-over-year reflects lower nonoperating income and a higher effective tax rate in the current quarter

$100 million of share repurchases in the current quarter, bringing year-to-date repurchases to $1.7 billion

 

Laurence D. Fink, Chairman and CEO:

“Clients are increasingly looking for strategic partners who understand their whole portfolio and investment goals in the context of a complex and changing landscape. Clients have entrusted BlackRock to manage almost $350 billion in new assets over the last twelve months, validating the differentiation of our model. BlackRock’s globally integrated platform, bringing together cash, index, factors, active and alternatives with Aladdin’s portfolio and risk management technology, is better positioned than ever before to provide solutions to clients.

“BlackRock generated $84 billion of total net inflows in the third quarter, demonstrating strength in fixed income, cash and alternative strategies, as clients re-balanced, de-risked and sought uncorrelated sources of return in the face of significant global market volatility.

“Technology services revenue increased 30% year-over-year, driven by growth in Aladdin and our eFront acquisition. Aladdin’s comprehensive investment operating system powers BlackRock’s digital offerings and enables asset and wealth managers to scale and grow their businesses.

“Clients worldwide are demanding transparency, convenience and a focus on their outcomes. BlackRock’s broadly diversified asset management and technology platform is well positioned to meet this client demand and deliver growth for shareholders.”

 

 

FINANCIAL RESULTS

 

 

Q3

 

Q3

 

(in millions, except per share data)

2019

 

2018

 

AUM

$

6,963,932

 

$

6,444,100

 

% change

 

8

%

 

 

 

Total net flows

$

84,246

 

$

(3,105

)

 

 

 

 

 

 

 

GAAP basis:

 

 

 

 

 

 

Revenue

$

3,692

 

$

3,576

 

% change

 

3

%

 

 

 

Operating income

$

1,502

 

$

1,396

 

% change

 

8

%

 

 

 

Operating margin

 

40.7

%

 

39.0

%

Net income(1)

$

1,119

 

$

1,216

 

% change

 

(8

)%

 

 

 

Diluted EPS

$

7.15

 

$

7.54

 

% change

 

(5

)%

 

 

 

Weighted average diluted shares

 

156.4

 

 

161.4

 

% change

 

(3

)%

 

 

 

 

 

 

 

 

 

 

As Adjusted:

 

 

 

 

 

 

Operating income(2)

$

1,502

 

$

1,400

 

% change

 

7

%

 

 

 

Operating margin(2)

 

46.0

%

 

44.2

%

Net income(1) (2)

$

1,119

 

$

1,214

 

% change

 

(8

)%

 

 

 

Diluted EPS(2)

$

7.15

 

$

7.52

 

% change

 

(5

)%

 

 

 

 

(1)

Net income represents net income attributable to BlackRock, Inc.

(2)

See notes (1) through (3) to the condensed consolidated statements of income and supplemental information on pages 11 and 12 for more information on as adjusted items and the reconciliation to GAAP.

NET FLOW HIGHLIGHTS

 

 

 

Q3

YTD

(in billions)

2019

2019

Long-term net flows:

$

52.2

 

 

$

236.6

 

 

 

 

 

 

 

 

 

 

 

 

 

By region:

 

 

 

 

 

 

 

 

 

 

 

 

Americas

$

17.1

 

 

$

165.4

 

 

 

EMEA

 

25.5

 

 

 

58.3

 

 

 

APAC

 

9.6

 

 

 

12.9

 

 

 

 

 

 

 

 

 

 

 

 

 

By client type:

 

 

 

 

 

 

 

 

 

 

 

 

Retail:

$

6.7

 

 

$

7.8

 

 

 

 

US

 

5.5

 

 

 

15.3

 

 

 

 

International

 

1.2

 

 

 

(7.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

iShares®:

$

41.5

 

 

$

108.3

 

 

 

 

Core

 

18.3

 

 

 

57.5

 

 

 

 

Non-Core

 

23.2

 

 

 

50.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional:

$

4.0

 

 

$

120.5

 

 

 

 

Active

 

(4.4

)

 

 

84.1

 

 

 

 

Index

 

8.4

 

 

 

36.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash management net flows

$

32.0

 

 

$

63.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net flows

$

84.2

 

 

$

299.9

 

 

 

 

 

 

 

 

 

 

1

 


 

BUSINESS RESULTS

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2019

 

Q3 2019

 

 

 

Q3 2019

 

September 30, 2019

 

Q3 2019

 

AUM

 

Base fees(1)

 

 

(in millions), (unaudited)

Net flows

 

AUM

 

Base fees(1)

 

% of Total

 

% of Total

 

 

RESULTS BY CLIENT TYPE

Retail

$

6,698

 

$

668,118

 

$

862

 

 

10

%

 

29

%

 

iShares ETFs

 

41,504

 

 

2,046,818

 

 

1,151

 

 

29

%

 

39

%

 

Institutional:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active

 

(4,379

)

 

1,283,064

 

 

558

 

 

18

%

 

19

%

 

Index

 

8,437

 

 

2,453,181

 

 

250

 

 

36

%

 

8

%

 

Total institutional

 

4,058

 

 

3,736,245

 

 

808

 

 

54

%

 

27

%

 

Long-term

 

52,260

 

 

6,451,181

 

 

2,821

 

 

93

%

 

95

%

 

Cash management

 

31,988

 

 

510,984

 

 

159

 

 

7

%

 

5

%

 

Advisory

 

(2

)

 

1,767

 

 

-

 

 

-

 

 

-

 

 

Total

$

84,246

 

$

6,963,932

 

$

2,980

 

 

100

%

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESULTS BY INVESTMENT STYLE

Active

$

741

 

$

1,865,437

 

$

1,401

 

 

27

%

 

47

%

 

Index and iShares ETFs

 

51,519

 

 

4,585,744

 

 

1,420

 

 

66

%

 

48

%

 

Long-term

 

52,260

 

 

6,451,181

 

 

2,821

 

 

93

%

 

95

%

 

Cash management

 

31,988

 

 

510,984

 

 

159

 

 

7

%

 

5

%

 

Advisory

 

(2

)

 

1,767

 

 

-

 

 

-

 

 

-

 

 

Total

$

84,246

 

$

6,963,932

 

$

2,980

 

 

100

%

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESULTS BY PRODUCT TYPE

Equity

$

9,916

 

$

3,488,503

 

$

1,431

 

 

50

%

 

48

%

 

Fixed income

 

34,990

 

 

2,267,431

 

 

845

 

 

33

%

 

28

%

 

Multi-asset

 

(605

)

 

527,721

 

 

288

 

 

8

%

 

10

%

 

Alternatives

 

7,959

 

 

167,526

 

 

257

 

 

2

%

 

9

%

 

Long-term

 

52,260

 

 

6,451,181

 

 

2,821

 

 

93

%

 

95

%

 

Cash management

 

31,988

 

 

510,984

 

 

159

 

 

7

%

 

5

%

 

Advisory

 

(2

)

 

1,767

 

 

-

 

 

-

 

 

-

 

 

Total

$

84,246

 

$

6,963,932

 

$

2,980

 

 

100

%

 

100

%

 

 

(1)

Base fees include investment advisory, administration fees and securities lending revenue.

INVESTMENT PERFORMANCE AT SEPTEMBER 30, 2019(1)

 

 

One-year period

 

Three-year period

 

Five-year period

 

Fixed income:

 

 

 

 

 

 

 

 

 

Actively managed AUM above benchmark or peer median

 

 

 

 

 

 

 

 

 

Taxable

75%

 

83%

 

82%

 

Tax-exempt

32%

 

79%

 

77%

 

Index AUM within or above applicable tolerance

95%

 

98%

 

95%

 

Equity:

 

 

 

 

 

 

 

 

 

Actively managed AUM above benchmark or peer median

 

 

 

 

 

 

 

 

 

Fundamental

59%

 

77%

 

85%

 

Systematic

28%

 

87%

 

90%

 

Index AUM within or above applicable tolerance

96%

 

98%

 

98%

 

 

(1)

Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 13 for performance disclosure detail.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Gary S. Shedlin, will host a teleconference call for investors and analysts on Tuesday, October 15, 2019 at 8:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (800) 374-0176, or from outside the United States, (706) 679-8281, shortly before 8:30 a.m. and reference the BlackRock Conference Call (ID Number 8987453). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

Both the teleconference and webcast will be available for replay by 11:30 a.m. (Eastern Time) on Tuesday, October 15, 2019 and ending at midnight on Tuesday, October 29, 2019. To access the replay of the teleconference, callers from the United States should dial (855) 859-2056 and callers from outside the United States should dial (404) 537-3406 and enter the Conference ID Number 8987453. To access the webcast, please visit the investor relations section of www.blackrock.com.

ABOUT BLACKROCK

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of September 30, 2019, the firm managed approximately $6.96 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock.

 

2

 


 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except shares and per share data), (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Ended

 

 

 

 

 

 

September 30,

 

 

 

 

 

 

June 30,

 

 

 

 

 

 

2019

 

 

2018

 

 

Change

 

 

2019

 

 

Change

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and

  securities lending revenue

$

2,980

 

 

$

2,883

 

 

$

97

 

 

$

2,903

 

 

$

77

 

Investment advisory performance fees

 

121

 

 

 

151

 

 

 

(30

)

 

 

64

 

 

 

57

 

Technology services revenue

 

259

 

 

 

200

 

 

 

59

 

 

 

237

 

 

 

22

 

Distribution fees

 

270

 

 

 

279

 

 

 

(9

)

 

 

267

 

 

 

3

 

Advisory and other revenue

 

62

 

 

 

63

 

 

 

(1

)

 

 

53

 

 

 

9

 

Total revenue

 

3,692

 

 

 

3,576

 

 

 

116

 

 

 

3,524

 

 

 

168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

1,111

 

 

 

1,097

 

 

 

14

 

 

 

1,083

 

 

 

28

 

Distribution and servicing costs

 

427

 

 

 

408

 

 

 

19

 

 

 

416

 

 

 

11

 

Direct fund expense

 

239

 

 

 

249

 

 

 

(10

)

 

 

252

 

 

 

(13

)

General and administration

 

385

 

 

 

413

 

 

 

(28

)

 

 

470

 

 

 

(85

)

Amortization of intangible assets

 

28

 

 

 

13

 

 

 

15

 

 

 

25

 

 

 

3

 

Total expense

 

2,190

 

 

 

2,180

 

 

 

10

 

 

 

2,246

 

 

 

(56

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

1,502

 

 

 

1,396

 

 

 

106

 

 

 

1,278

 

 

 

224

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonoperating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on investments

 

(7

)

 

 

50

 

 

 

(57

)

 

 

89

 

 

 

(96

)

Interest and dividend income

 

19

 

 

 

29

 

 

 

(10

)

 

 

20

 

 

 

(1

)

Interest expense

 

(54

)

 

 

(46

)

 

 

(8

)

 

 

(52

)

 

 

(2

)

Total nonoperating income (expense)

 

(42

)

 

 

33

 

 

 

(75

)

 

 

57

 

 

 

(99

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

1,460

 

 

 

1,429

 

 

 

31

 

 

 

1,335

 

 

 

125

 

Income tax expense

 

341

 

 

 

226

 

 

 

115

 

 

 

322

 

 

 

19

 

Net income

 

1,119

 

 

 

1,203

 

 

 

(84

)

 

 

1,013

 

 

 

106

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling

  interests

 

-

 

 

 

(13

)

 

 

13

 

 

 

10

 

 

 

(10

)

Net income attributable to BlackRock, Inc.

$

1,119

 

 

$

1,216

 

 

$

(97

)

 

$

1,003

 

 

$

116

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

155,280,877

 

 

 

160,141,506

 

 

 

(4,860,629

)

 

 

155,354,552

 

 

 

(73,675

)

Diluted

 

156,447,387

 

 

 

161,378,217

 

 

 

(4,930,830

)

 

 

156,360,741

 

 

 

86,646

 

Earnings per share attributable to BlackRock, Inc.

   common stockholders (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

7.21

 

 

$

7.59

 

 

$

(0.38

)

 

$

6.46

 

 

$

0.75

 

Diluted

$

7.15

 

 

$

7.54

 

 

$

(0.39

)

 

$

6.41

 

 

$

0.74

 

Cash dividends declared and paid per share

$

3.30

 

 

$

3.13

 

 

$

0.17

 

 

$

3.30

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AUM (end of period)

$

6,963,932

 

 

$

6,444,100

 

 

$

519,832

 

 

$

6,842,482

 

 

$

121,450

 

Shares outstanding (end of period)

 

155,173,103

 

 

 

159,804,364

 

 

 

(4,631,261

)

 

 

155,366,861

 

 

 

(193,758

)

GAAP:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

40.7

%

 

 

39.0

%

 

 

170

bps

 

 

36.3

%

 

 

440

  bps

Effective tax rate

 

23.3

%

 

 

15.7

%

 

 

760

bps

 

 

24.3

%

 

 

(100

) bps

As adjusted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (1)

$

1,502

 

 

$

1,400

 

 

$

102

 

 

$

1,278

 

 

$

224

 

Operating margin (1)

 

46.0

%

 

 

44.2

%

 

 

180

bps

 

 

43.1

%

 

 

290

  bps

Nonoperating income (expense), less net income

     (loss) attributable to noncontrolling interests

$

(42

)

 

$

46

 

 

$

(88

)

 

$

47

 

 

$

(89

)

Net income attributable to BlackRock, Inc. (2)

$

1,119

 

 

$

1,214

 

 

$

(95

)

 

$

1,003

 

 

$

116

 

Diluted earnings attributable to BlackRock, Inc.

     common stockholders per share (2) (3)

$

7.15

 

 

$

7.52

 

 

$

(0.37

)

 

$

6.41

 

 

$

0.74

 

Effective tax rate

 

23.3

%

 

 

16.0

%

 

 

730

bps

 

 

24.3

%

 

 

(100

) bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See pages 11-12 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

 

 


3

 


 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except shares and per share data), (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

September 30,

 

 

 

 

 

 

 

2019

 

 

2018

 

 

Change

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and securities

      lending revenue

$

8,688

 

 

$

8,774

 

 

$

(86

)

 

Investment advisory performance fees

 

211

 

 

 

312

 

 

 

(101

)

 

Technology services revenue

 

700

 

 

 

582

 

 

 

118

 

 

Distribution fees

 

799

 

 

 

884

 

 

 

(85

)

 

Advisory and other revenue

 

164

 

 

 

212

 

 

 

(48

)

 

Total revenue

 

10,562

 

 

 

10,764

 

 

 

(202

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

3,258

 

 

 

3,300

 

 

 

(42

)

 

Distribution and servicing costs

 

1,247

 

 

 

1,255

 

 

 

(8

)

 

Direct fund expense

 

733

 

 

 

774

 

 

 

(41

)

 

General and administration

 

1,243

 

 

 

1,189

 

 

 

54

 

 

Amortization of intangible assets

 

68

 

 

 

35

 

 

 

33

 

 

Total expense

 

6,549

 

 

 

6,553

 

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

4,013

 

 

 

4,211

 

 

 

(198

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonoperating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on investments

 

224

 

 

 

68

 

 

 

156

 

 

Interest and dividend income

 

68

 

 

 

63

 

 

 

5

 

 

Interest expense

 

(152

)

 

 

(138

)

 

 

(14

)

 

Total nonoperating income (expense)

 

140

 

 

 

(7

)

 

 

147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

4,153