BlackRock Investor Day Presentation Deck
Reconciliation between GAAP and as adjusted
($mm, except per share data)
Operating income
Operating Income, GAAP basis
Non-GAAP expense adjustments:
Restructuring charge
Amortization of intangible assets
Acquisition-related compensation costs
Acquisition-related transaction costs
Contingent consideration fair value adjustments
U.K. lease exit costs
Lease cost - Hudson Yards
Compensation expense related to appreciation
(depreciation) on deferred compensation plans
Reduction of indemnification asset
Charitable Contribution
Contribution to STIFs
PNC LTIP funding obligation
Operating Income, as adjusted
Product launch costs and commissions
Operating income used for operating margin measurement
Revenue
Revenue, GAAP basis
Distribution fees
Investment advisory fees
Revenue used for operating margin measurement
Operating margin, GAAP basis
Operating margin, as adjusted
2012 ¹,2
$3,524
BlackRock
(8)
6
30
22
3,574
25
3,599
9,337
(71)
(348)
8,918
37.7%
40.4%
2013 ¹,2
$3,857
10
124
33
4,024
18
$4,042
$10,180
(73)
(332)
$9,775
37.9%
41.4%
2014 ¹,2
$4,474
7
50
32
4,563
11
$4,574
$11,081
(70)
(350)
$10,661
40.4%
42.9%
2015
1,2
$4,664
1
30
4,695
5
$4,700
$11,401
(55)
(402)
$10,944
40.9%
42.9%
2016 ²
$4,565
76
28
4,669
$4,669
$12,261
(1,198)
(410)
$10,653
37.2%
43.8%
2017 ²
$5,254
|||||
15
5,269
$5,269
$13,600
(1,183)
(480)
$11,937
38.6%
44.1%
2
2018 ²
$5,457
60
50
37
18
65
14
5,701
13.
$5,714
$14,198
(1,155)
(520)
$12,523
38.4%
45.6%
2019 ²
$5,551
97
65
18
53
5,784
61
$5,845
$14,539
(1,069)
(616)
$12,854
38.2%
45.5%
2020
2
$5,695
106
20
23
589
6,433
172
$6,605
$16,205
(1,131)
(704)
$14,370
35.1%
46.0%
2021
2
$7,450
147
88
34
28
7,747
284
$8,031
$19,374
(1,521)
(679)
$17,174
38.5%
46.8%
2022
2
$6,385
91
151
24
3
57
6,711
6
$6,717
Note: For additional information on the non-GAAP expense adjustments and explanations on the use of non-GAAP measures, see BlackRock's Form 10-K for the applicable period.
1. 2012 to 2015 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.
$17,873
(1,381)
(798)
$15,694
35.7%
42.8%
2. Beginning in the first quarter of 2022, the BlackRock updated its definition of operating income, as adjusted, operating margin, as adjusted, and net income attributable to BlackRock, Inc., as adjusted, to include adjustments related to amortization
of intangible assets, other acquisition-related costs, including compensation costs for nonrecurring retention-related deferred compensation, and contingent consideration fair value adjustments incurred in connection with certain acquisitions.
Information from 2018 to 2022 reflects updated definitions. 2012 to 2017 does not reflect updated definitions. For further information, please see pages 37-38 of our 2022 Form 10-K.
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