BlackRock Investor Conference Presentation Deck
Reconciliation between GAAP and as adjusted
($in millions)
Operating Income
GAAP
Non-GAAP expense adjustments
As Adjusted
Closed-end fund launch costs and commissions
Operating income used for operating margin measurement
Revenue
GAAP
2
Non-GAAP adjustments ²
Revenue used for operating margin measurement
Operating margin, GAAP basis
Operating margin, as adjusted basis.
6/30/12 -
6/30/13
$3,638
182
3,820
43
3,863
9,790
(406)
9,384
37.2%
41.2%
6/30/17 -
6/30/18
$5,689
13
5,702
12
5,714
14,460
(1,699)
12,761
39.3%
44.8%
2017
$5,254
15
5,269
5,269
13,600
(1,663)
11,937
38.6%
44.1%
Information above for 6/30/12 - 6/30/13 reflects previously reported amounts and does not reflect the adoption of the new revenue recognition standard. Information above for 6/30/17 - 6/30/18 and 2017 reflect recast
related to the adoption of new revenue recognition standard. See the Company's Current Report on Form 8-K furnished on March 22, 2018 for 2017 and 2016 recast amounts due to the adoption of new revenue
recognition accounting guidance.
1 Non-GAAP expense adjustments include the PNC LTIP funding obligation, UK lease exit costs, contribution to STIFs, compensation expense related to appreciation on deferred compensation plans.
2 Non-GAAP adjustments include distribution and servicing costs and amortization of deferred sales commissions.
BLACKROCK*
BI10918U-599462-1868978
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