Growth and Transition Strategy Update
Amortization of intangible assets
Acquisition-related compensation costs
Acquisition-related transaction costs
Contingent consideration fair value adjustments
U.K. lease exit costs
Lease cost - Hudson Yards
Compensation expense related to appreciation
Reconciliation between GAAP and as adjusted
($mm, except per share data)
Operating income
Operating Income, GAAP basis
Non-GAAP expense adjustments:
Restructuring charge
2012 1,2
1,2
2013
1,2
2014
2015 1,2
2016
2017
2
2018 2
2019 2
2
2
2020
2021
2022 2
$3,524
$3,857
$4,474
$4,664
$4,565
$5,254
$5,457
$5,551
$5,695
$7,450
$6,385
76
60
91
50
97
106
147
151
37
65
20
88
24
18
18
65
53
23
34
3
(8)
28
57
6
10
7
1
(depreciation) on deferred compensation plans
Reduction of indemnification asset
-
50
Charitable Contribution
124
589
Contribution to STIFS
PNC LTIP funding obligation
Operating Income, as adjusted
Product launch costs and commissions
30
22
3,574
25
33
32
30
28
4,024
4,563
4,695
4,669
15
5,269
Operating income used for operating margin measurement
3,599
18
$4,042
11
$4,574
5
$4,700
$4,669
$5,269
14
5,701
13
$5,714
5,784
61
$5,845
6,433
172
7,747
284
6,711
6
$6,605
$8,031
$6,717
Revenue
Revenue, GAAP basis
Distribution fees
Investment advisory fees
9,337
(71)
(348)
Revenue used for operating margin measurement
8,918
Operating margin, GAAP basis
Operating margin, as adjusted
37.7%
40.4%
$10,180
(73)
(332)
$9,775
37.9%
41.4%
$11,081
(70)
(350)
$10,661
40.4%
42.9%
$11,401
(55)
(402)
$10,944
40.9%
42.9%
$12,261
(1,198)
(410)
$10,653
37.2%
43.8%
$13,600
(1,183)
(480)
$11,937
38.6%
44.1%
$14,198
(1,155)
(520)
$12,523
38.4%
$14,539
$16,205
45.6%
(1,069)
(616)
$12,854
38.2%
45.5%
(1,131)
(704)
$14,370
35.1%
46.0%
$19,374
(1,521)
(679)
$17,174
38.5%
$17,873
(1,381)
(798)
$15,694
35.7%
46.8%
42.8%
Note: For additional information on the non-GAAP expense adjustments and explanations on the use of non-GAAP measures, see BlackRock's Form 10-K for the applicable period.
2012 to 2015 information reflects accounting guidance prior to the adoption of the new revenue recognition standard. For further information, refer to Note 2, Significant Accounting Policies, in the consolidated financial statements in our 2018
Form 10-K.
1.
2. Beginning in the first quarter of 2022, the BlackRock updated its definition of operating income, as adjusted, operating margin, as adjusted, and net income attributable to BlackRock, Inc., as adjusted, to include adjustments related to amortization
of intangible assets, other acquisition-related costs, including compensation costs for nonrecurring retention-related deferred compensation, and contingent consideration fair value adjustments incurred in connection with certain acquisitions.
Information from 2018 to 2022 reflects updated definitions. 2012 to 2017 does not reflect updated definitions. For further information, please see pages 37-38 of our 2022 Form 10-K.
BlackRock
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