BlackRock Investor Day 2021
Reconciliation between GAAP and as adjusted
($mm, except per share data)
Operating income
(2)
(2)
2013
2014
2015(2)
2016
$3,857
$4,474
$4,664
$4,565
2017
2018
2019
IRH0621U/M-1675207-1/171
2020
Operating Income, GAAP basis
Non-GAAP expense adjustments:
Restructuring charge
Compensation expense related to appreciation
(depreciation) on deferred compensation plans
Reduction of indemnification asset
Charitable Contribution
$5,254
$5,457
$5,551
$5,695
76
60
10
7
1
-
50
124
589
PNC LTIP funding obligation
33
32
30
Operating Income, as adjusted
Product launch costs and commissions
4,024
18
4,563
4,695
28
4,669
15
5,269
11
5
14
5,531
13
5,551
61
6,284
Operating income used for operating margin measurement
$4,042
$4,574
$4,700
$4,669
$5,269
$5,544
$5,612
172
$6,456
Revenue (1)
Revenue, GAAP basis
$10,180
Distribution fees
Investment advisory fees
(73)
(332)
Revenue used for operating margin measurement
$9,775
$11,081
(70)
(350)
$10,661
$11,401
(55)
(402)
$10,944
$12,261
$13,600
$14,198
$14,539
$16,205
(1,198)
(410)
$10,653
(1,183)
(480)
$11,937
(1,155)
(520)
$12,523
(1,069)
(1,131)
(616)
$12,854
(704)
$14,370
Operating margin, GAAP basis
37.9%
40.4%
40.9%
37.2%
38.6%
38.4%
38.2%
35.1%
Operating margin, as adjusted
41.4%
42.9%
42.9%
43.8%
44.1%
44.3%
43.7%
44.9%
Net Income
Net income attributable to BlackRock, Inc., GAAP basis
Restructuring charge, net of tax
$2,932
$3,294
$3,345
$3,168
$4,952
$4,305
$4,476
$4,932
PNC LTIP funding obligation, net of tax
23
25
22
53
19
47
11
12
Amount related to the Charitable Contribution, net of tax
The 2017 Tax Act:
(4)
226
Deferred tax revaluation (noncash)
Deemed repatriation tax
Other income tax matters
(69)
Net income attributable to BlackRock, Inc., as adjusted
$2,882
(9)
$3,310
(54)
$3,313
(30)
$3,210
(1,758)
477
16
$3,698
(3)
$4,361
8
$4,484
79
$5,237
Diluted weighted-average common shares outstanding
Diluted earnings per common share, GAAP basis
Diluted earnings per common share, as adjusted
173,828,902
$16.87
$16.58
171,112,261
$19.25
$19.34
169,038,571
$19.79
$19.60
166,579,752
$19.02
$19.27
164,415,035
$30.12
$22.49
161,948,732
$26.58
$26.93
157,459,546
$28.43
$28.48
152,840,582
$31.85
$33.82
(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) 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.
BlackRock
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