BlackRock Results Presentation Deck
Operating Income
GAAP
Non-GAAP expense adjustments
As Adjusted
Nonoperating Income (Expense)
GAAP
Reconciliation between GAAP and as adjusted
($ in millions)
Non-GAAP adjustments
As Adjusted
Net Income
GAAP
Non-GAAP adjustments
As Adjusted
Q2
BlackRock.
85
$ 1,931 $ 1,935 $ 2,039
(169)
2021
Q3
$ 270 $ 336 $
$1,378
$ 2,016 $ 2,025 $ 2,107
236
90
$1,614
$ 101 $ 264 $
(72)
Q4
68
69
71
11
82
$ 1,681 $ 1,643
7
$ 1,750 $1,650
Q1
$ 1,764
58
$
$ (138) $
73
(65) $
$ 1,436
Q2
$ 1,668 $
26
2022
59
$ 1,822 $ 1,727 $ 1,585 $ 1,577
(347) $
114
(233) $
Q3
1,526
45
59
165 $
45
210 $
Q4
1,427
45
150
(48)
$ 1,077 $ 1,406 $ 1,259
177
97
225 $ 116 $
$ 1,462 $ 1,122 $ 1,451 $ 1,356
Q1
2023
$ 1,438 $ 1,615
$
73
$ 1,511 $
(29)
87
$ 1,157
43
$
$
Q2
$ 1,200 $
60
1,675
251
(73)
178
1,366
33
1,399
Beginning in the first quarter of 2023, the Company updated its definition of operating income, as adjusted, operating margin, as adjusted, nonoperating income (expense), as adjusted, and net income, as
adjusted, to exclude the compensation expense related to the market valuation changes on certain deferred cash compensation plans, and the related gain (loss) on the economic hedge of these deferred
cash compensation plans. Non-GAAP adjustments include amounts related to (i) net impact of compensation expense and hedge (gain) loss on deferred cash compensation plans, (ii) amortization of
intangible assets, (iii) acquisition-related compensation costs, (iv) acquisition-related transaction costs, (v) contingent consideration fair value adjustments, (vi) Lease costs - New York, (vii) net income
(loss) attributable to noncontrolling interests, (viii) a restructuring charge and (ix) noncash income tax matters, as applicable. For further information and reconciliation between GAAP and as adjusted, see
notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.
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