Global Mid-Cap M&A Market Share Insights

Comparable GAAP vs. Adjusted Financial Figures (Cont'd) GAAP Pre-tax Margin GAAP Net Income 22.6% 20.7% 20.3% 26.8% 26.6% 17.9% $172 $184 $159 $313 $438 $254 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 Adjusted Pre-tax Margin 29.9% 28.4% 25.3% 24.4% 24.3% 2018 2019 2020 2021 23.7% Adjusted Net Income $317 $211 $189 $159 $485 2022 2023 2018 2019 2020 2021 2022 Note: For fiscal years ended March 31. All dollar amounts in millions unless otherwise noted. $315 2023 Houlihan Lokey | 32

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