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