Houlihan Lokey Investor Presentation Deck

Comparable GAAP vs. Adjusted Financial Figures (Cont'd) GAAP Pre-tax Margin 22.6% 2018 25.3% 20.7% 2018 2019 Adjusted Pre-tax Margin 24.4% 20.3% 2019 2020 24.3% 2020 26.8% 2021 28.4% 2021 26.6% 2022 29.9% 2022 Note: For fiscal years ended March 31. All dollar amounts in millions unless otherwise noted. 17.9% 2023 23.7% 2023 GAAP Net Income $172 2018 $159 $159 Adjusted Net Income 2018 2019 $189 2019 $184 2020 $211 2020 $313 2021 $317 2021 $438 2022 $485 2022 $254 2023 $315 2023 Houlihan Lokey | 31

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