Houlihan Lokey Investor Presentation Deck

Comparable GAAP vs. Adjusted Financial Figures (Cont'd) GAAP Pre-tax Margin 22.6% 26.8% $313 20.3% $184 ...... ..... $159 2020 2021 2020 2018 25.3% 20.7% Adjusted Pre-tax Margin 2018 2019 24.4% 2019 24.3% 2020 28.4% 2021 26.6% 2022 29.9% 2022 Note: For fiscal years ended March 31. All dollar amounts in millions unless otherwise noted. 18.7% 2023 23.7% GAAP Net Income 2023 $172 2018 Adjusted Net Income $159 2019 2018 $189 2019 $211 2020 2021 $317 $438 2021 2022 $485 2022 $263 2023 $315 2023 Houlihan Lokey | 31

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