Global Mid-Cap M&A Market Share Insights

Comparable GAAP vs. Adjusted Financial Figures GAAP Pre-tax Income GAAP Pre-tax Margin $604 $409 22.6% 20.7% $324 20.3% 26.8% 26.6% 17.9% …….th milli $218 $224 $236 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 Adjusted Pre-tax Income $264 $282 $244 2018 2019 2020 $434 2021 $680 Adjusted Pre-tax Margin 29.9% 28.4% 25.3% 24.4% 24.3% $428 2022 2023 2018 2019 2020 2021 2022 Note: For fiscal years ended March 31. All dollar amounts in millions unless otherwise noted. 23.7% 2023 Houlihan Lokey | 31

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