Houlihan Lokey Investor Presentation Deck
Reconciliation
of GAAP to
Adjusted Financials
(In thousands, except per share data)
Revenues
Employee compensation and benefits expenses
Employee compensation and benefits expenses (GAAP)
Less: Acquisition related retention payments
Employee compensation and benefits expenses (adjusted)
Non-compensation expenses
Non-compensation expenses (GAAP)
Less: Acquisition amortization
Non-compensation expenses (adjusted)
Operating income
Operating income (GAAP)
Plus: Adjustments (1)
Operating income (adjusted)
Other (income)/expense, net
Other (income)/expense, net (GAAP)
Less: Warrant revaluation
Other (income)/expense, net (adjusted)
Provision for Income Taxes
Provision for income taxes (GAAP)
Plus: Impact of the excess tax benefit for stock vesting
Plus: Release of the provision for an uncertain tax position as a result
of the successful closure of a state audit
Adjusted provision for income taxes
Plus: Resulting tax impact (2)
Provision for income taxes (adjusted)
Net income
Net income (GAAP)
Plus: Adjustments (3)
Net income (adjusted)
Fully diluted shares outstanding
Fully diluted shares outstanding (GAAP)
Plus: Unvested GCA retention and deferred share awards
Fully diluted shares outstanding (adjusted)
Diluted EPS attributeable to Houlihan Lokey, Inc, (GAAP)
Diluted EPS attributeable to Houlihan Lokey, Inc, (adjusted)
$
$
$
$
$
$
$
$
$
Three Months Ended June 30,
2023
2022
415,829 $
263,483 $
(7,750)
255,733
78,999
(3,355)
75,644
73,347
11,105
84,452
(3,005)
(3,005)
14,962
7,299
22,261
3,238
25,499
61,390
569
61,959
68,000,392
1,472,899
69,473,291
$
$
$
$
$
0.90 $
0.89 $
418,644
265,735
(8,268)
257,467
75,339
(15,765)
59,574
77,570
24,033
101,603
1,749
(1,250)
499
5,039
8,102
5,762
18,903
6,302
25,205
70,782
5,117
75,899
68,828,246
1. The aggregate of adjustments from employee compensation and benefits and non-compensation expenses.
2. Reflects the tax impact of utilizing the adjusted effective tax rate on the non-tax adjustments identified above.
3. Consists of all adjustments identified above net of the associated tax impact.
68,828,246
1.03
1.10
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