BlackRock Investor Conference Presentation Deck
Reconciliation between GAAP and as adjusted (¹)
(Figures in $M)
Operating income
Operating Income, GAAP basis
Non-GAAP expense adjustments:
Restructuring charge
PNC LTIP funding obligation
Operating Income, as adjusted
Product launch costs and commissions
Operating income used for operating margin measurement
Revenue
Revenue, GAAP basis
Distribution fees
Investment advisory fees
Revenue used for operating margin measurement
Operating margin, GAAP basis
Operating margin, as adjusted
2016
BlackRock
$4,565
76
28
4,669
$4,669
$12,261
(1,198)
(410)
$10,653
37.2%
43.8%
9/30/21 LTM
$7,259
7,270
286
$7,556
$18,746
(1,424)
(694)
$16,628
38.7%
45.4%
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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