BlackRock Investor Conference Presentation Deck
Reconciliation between GAAP and as adjusted (¹)
(Figures in $M)
Revenue:
Revenue, GAAP basis
Non-GAAP adjustments:
Distribution fees
Investment advisory fees
Revenue used for operating margin measurement
Compensation Expense
GAAP
Non-GAAP adjustments:
PNC LTIP funding obligation
Compensation expense, as adjusted
Compensation expense, as adjusted / Net Revenue
General and Adminstrative (G&A) Expense
G&A expense, GAAP basis
Charitable Contribution
Lease costs - Hudson Yards
G&A expense, as adjusted
G&A Expense, as adjusted / Net Revenue
2018
BlackRock
$14,198
(1,155)
(520)
$12,523
$4,320
14
$4,306
34.4%
$1,638
$1,638
13.1%
2019
$14,539
(1,069)
(616)
$12,854
$4,470
$4,470
34.8%
$1,758
$1,758
13.7%
2020
$16,205
(1,131)
(704)
$14,370
$5,041
$5,041
35.1%
$2,465
(589)
$1,876
13.1%
9/30/21 YTD
$14,268
(1,110)
(503)
$12,655
$4,484
$4,484
35.4%
$1,657
(11)
$1,646
13.0%
IRH1221U/M-1946957-1/20
(1) For further information and reconciliations between GAAP and non-GAAP measures, see notes (1) through (4) in our earnings release for the quarter ended September 30, 2021 as well as previously filed Form 10-Ks and 8-Ks.
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