Investing in Strategic Growth Drivers and Accelerators
Reconciliation between GAAP and as adjusted (1)
Revenue:
Revenue, GAAP basis
Non-GAAP adjustments:
Distribution fees
Investment advisory fees
Revenue used for operating margin measurement
Compensation Expense
- (3)
2015
2020
$11,401
$16,205
(55)
(1,131)
(402)
(704)
$10,944
$14,370
GAAP
$4,005
$5,041
Non-GAAP adjustments:
PNC LTIP funding obligation
(30)
Compensation expense related to appreciation
(depreciation) on deferred compensation plans
(1)
Compensation expense, as adjusted
$3,974
$5,041
Compensation expense, as adjusted / Net Revenue
36.3%
35.1%
General and Adminstrative (G&A) Expense
G&A expense, GAAP basis
Charitable Contribution
G&A expense, as adjusted
Non-Core G&A (2)
$1,380
$2,465
(589)
$1,380
$1,876
19
276
Core G&A
$1,361
$1,600
G&A Expense, as adjusted / Net Revenue
12.4%
11.1%
IRH0621U/M-1675207-1/171
(1) For further information and reconciliation between GAAP and non-GAAP measures, see notes (1) through (4) in our earnings release for the year ended December 31, 2020 as well as previously filed Form 10-Ks and 8-Ks.
(2) Non-Core G&A includes product launch costs, transaction costs and contingent consideration fair value adjustments related to acquisitions, FX remeasurement expense, fixed asset impairment charge, certain one-time legal
items and COVID-19 related costs
(3) 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.
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