Global Mid-Cap M&A Market Share Insights
Long history of revenue 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
$1,365
$1,394
$1,084
$1,159
REVENUES
Consistent track record of
profitability through market cycles
Maintained double-digit adjusted pre-tax
margins through downturns in the economy
Each business segment is similarly
profitable to shareholders
Scalable, capital-light model
Minimal capital balance sheet requirements
Low leverage levels
Scalable model that can be further leveraged
to support top-line growth
2019
2020
2021
2022
2023
9-mo ended
9/30/2022
9-mo ended
9/30/2023
29.9%
28.4%
24.4%
24.3%
23.7%
23.5%
22.6%
ADJUSTED PRE-
TAX MARGIN¹
2019
2020
20212
20222
2023
9-mo ended 9-mo ended
12/31/2022 12/31/2023
$485
$317
$315
$238
ADJUSTED NET
INCOME¹
$189
$211
$223
2019
2020
20212
20222
2023
9-mo ended
12/31/2022
9-mo ended
12/31/2023
Note: Fiscal year ended March 31, unless otherwise noted. All dollar amounts in millions.
1. See page 30 for a description and reconciliation to the most directly comparable GAAP measures for relative year-to-date periods for fiscal 2023 and
2022. See page 31 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 | 27View entire presentation