BlackRock Investor Conference Presentation Deck
Reconciliation between GAAP and as adjusted
($in millions)
Operating Income
GAAP
Non-GAAP expense adjustments¹
As Adjusted
Closed-end fund launch costs and commissions
Operating income used for operating margin measurement
Revenue
GAAP
Non-GAAP adjustments²
Revenue used for operating margin measurement
Operating margin, GAAP basis
Operating margin, as adjusted basis
9/30/12 -
9/30/13
$3,729
193
3,922
18
3,940
9,942
(398)
9,544
37.5%
41.3%
9/30/17 -
9/30/18
$5,696
13
5,709
13
5,722
14,528
(1,688)
12,840
IR1218U-683415-2109255
39.2%
44.6%
Information above for 9/30/12 - 9/30/13 reflects previously reported amounts and does not reflect the adoption of the new revenue recognition standard. Information above for 9/30/17 - 9/30/18 and
2017 reflect recast related to the adoption of new revenue recognition standard. See the Company's Current Report on Form 8-K furnished on March 22, 2018 for 2017 and 2016 recast amounts due to
the adoption of new revenue recognition accounting guidance.
1 Non-GAAP expense adjustments include the PNC LTIP funding obligation, UK lease exit costs, contribution to STIFs, compensation expense related to appreciation on deferred compensation plans. 17
2 Non-GAAP adjustments include distribution and servicing costs and amortization of deferred sales commissions.View entire presentation