Investor Presentaiton
Long history of revenues growth
through various market cycles
Resilient business mix consisting of cyclical
and countercyclical elements
Leader in each of our three business
segments with ample growth opportunities
Strong Top-Line Growth & Disciplined Expense
$2,270
$1,809
$1,525
$1,159
$1,084
$963
REVENUES
Consistent track record of
profitability through market cycles
Maintained double digit adj. pre-tax
margins through downturns in the economy
Each business segment is similarly
profitable to shareholders
2018
2019
2020
2021
2022
2023
28.4%
29.9%
25.3%
24.4%
24.3%
23.7%
ADJUSTED PRE-
TAX MARGIN¹
2018
2019
2020
20212
20222
2023
Scalable, capital-light model
Minimal capital balance sheet requirements
Low leverage levels
Scalable model that can be further leveraged
to support top-line growth
$485
$317
$315
ADJUSTED NET
INCOME¹
$189
$211
$158
2018
2019
2020
20212
20222
2023
Note: Fiscal year ended March 31, unless otherwise noted. All dollar amounts in millions.
1. See page 29 for a description and reconciliation to the most directly comparable GAAP measures for the year ended March 31, 2023 and 2022. See
page 30 for comparable historical GAAP figures and refer to previously filed earnings releases for historical adjustments.
2. Operated at higher margins as a result of temporarily lower non-compensation expenses as a result of COVID-19.
Houlihan Lokey | 26View entire presentation