Investor Presentaiton
(In thousands, except per share data)
Revenues
Three Months Ended March 31,
Twelve Months Ended March 31,
2023
2022
2023
2022
444,767 $
471,166
S
1,809,447 $
2,269,958
Reconciliation
of GAAP to
Adjusted Financials
Employee compensation and benefits expenses
Employee compensation and benefits expenses (GAAP)
Less: Acquisition related retention payments
282.937 $
(9,407)
Employee compensation and benefits expenses (adjusted)
273,530
293,580
(3,812)
289,768
$
1,147,879 $
(35,070)
1,408,634
(12,609)
1,112,809
1,396,025
Non-compensation expenses
Non-compensation expenses (GAAP)
Less: Integration and acquisition related costs.
Less: Acquisition amortization
Non-compensation expenses (adjusted)
Operating income
Operating income (GAAP)
Plus: Adjustments
(1)
Operating income (adjusted).
Other lincome)/expense, net
Other (income)/expense, net (GAAP)
Less: Warrant revaluation
Less: SPAC wind-down write-off
Plus/(less): Change in acquisition earnout liability fair value
Other (income)/expense, net (adjusted)
Provision for Income Taxes
Provision for income taxes (GAAP)
$
71,206
$
78,977
$
319,830 $
248,460
(3,793)
(2,325)
(21,598)
(3,215)
67,991
(15,807)
(44,971)
(33,937)
59,377
272,534
192,925
$
90,624
12,622
$
98,609
$
23,412
103,246
122,021
341,738
82,366
424,104
$
612,864
68,144
681,008
$
(4,678) $
7,921
$
2,738
$
8,926
(2,264)
(2,742)
738
(3,940)
(7,613)
308
(2,103).
(4,371)
(7,613)
1,313
Plus: Impact of the excess tax benefit for stock vesting
Plus: Release of the provision for an uncertain tax position as a result of
the successful closure of a state audit
Plus: Release of valuation allowance
Adjusted provision for income taxes
(2)
Plus: Resulting tax impact
Provision for income taxes (adjusted)
Net income
Net income (GAAP)
Plus: Adjustments (3)
Net income (adjusted)
Net income attributable to noncontrolling interest
Net income attributable to Houlihan Lokey, Inc. (GAAP)
Net income attributable to Houlihan Lokey, Inc. (adjusted)
Fully diluted shares outstanding
20,642
$
25,515
$
69,777
8,102
$
165,614
6,922
5,762
5,881
5,881
26,523
3,441
29,964
25,515
8,496
89,522
172,536
23,628
21,644
34,011
113,150
194,180
$
74,660
$
65,173
S
269,223
$
438,324
2,562
22,529
77,222
87,702
46,102
315,325
47,191
485,515
(573)
74,660
65,173
269,223
437,751
77,222
87,702
315,325
484,942
Fully diluted shares outstanding (GAAP)
Plus: Unvested GCA retention and deferred share awards
Fully diluted shares outstanding (adjusted)
68,107,465
1,591,157
69,698,622
67,461,779
67,461,779
67,586,263
1,927,786
69,514,049
68,259,708
68,259,708
Diluted EPS attributeable to Houlihan Lokey, Inc, (GAAP)
1.10
Diluted EPS attributeable to Houlihan Lokey, Inc, (adjusted)
$
1.11
$
$
0.97
$
3.98
$
6.41
1.30
$
4.54
$
7.10
1. The aggregate of adjustments from employee compensation and benefits and non-compensation expenses.
2. Reflects the tax impact of utilizing the adjusted effective tax rate on the non-tax adjustments identified above.
3. Consists of all adjustments identified above net of the associated tax impact.
Houlihan Lokey | 29View entire presentation