Houlihan Lokey Investor Presentation Deck

Comparable GAAP vs. Adjusted Financial Figures GAAP Pre-tax Income $218 2018 $224 2019 $244 $236 Adjusted Pre-tax Income 2020 $264 $409 2021 $604 2022 $680 $339 2023 $428 GAAP Pre-tax Margin 2023 22.6% 2018 20.7% 25.3% 2019 2018 Adjusted Pre-tax Margin 20.3% 24.4% 2020 2019 28.4% 24.3% $434 ..... ... $282 2018 2019 2020 2021 2022 Note: For fiscal years ended March 31. All dollar amounts in millions unless otherwise noted. 26.8% 2020 2021 26.6% 2021 2022 29.9% 18.7% 2022 2023 23.7% 2023 Houlihan Lokey | 30

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