Investing to Deliver Shareholder Value
Reconciliation between GAAP and as adjusted(¹)
(Figures in $M)
Revenue:
Revenue, GAAP basis
Non-GAAP adjustments:
2018
2019
2020
9/30/21 YTD
$14,198
$14,539
$16,205
$14,268
(1,155)
(520)
Revenue used for operating margin measurement
$12,523
(1,069)
(616)
$12,854
(1,131)
(704)
$14,370
(1,110)
(503)
$12,655
Distribution fees
Investment advisory fees
Compensation Expense
GAAP
Non-GAAP adjustments:
$4,320
$4,470
$5,041
$4,484
PNC LTIP funding obligation
14
Compensation expense, as adjusted
$4,306
$4,470
$5,041
$4,484
Compensation expense, as adjusted / Net Revenue
34.4%
34.8%
35.1%
35.4%
General and Adminstrative (G&A) Expense
G&A expense, GAAP basis
$1,638
$1,758
Charitable Contribution
$2,465
(589)
$1,657
Lease costs - Hudson Yards
(11)
G&A expense, as adjusted
$1,638
$1,758
$1,876
$1,646
G&A Expense, as adjusted / Net Revenue
13.1%
13.7%
13.1%
13.0%
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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