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Houlihan Lokey Reports Fiscal Year and Fourth Quarter 2022 Financial Results

Record Fiscal Year 2022 Revenues of $2.27 billion

Fiscal Year 2022 Diluted EPS of $6.41

Adjusted Fiscal Year 2022 Diluted EPS of $7.10

Fourth Quarter Fiscal 2022 Revenues of $471 million

Fourth Quarter Fiscal 2022 Diluted EPS of $0.97

Adjusted Fourth Quarter Fiscal 2022 Diluted EPS of $1.30

Announces an Increase in the Quarterly Dividend to $0.53 per Share

Announces Replacement Share Repurchase Program of up to $500 million

Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its fiscal year and fourth quarter ended March 31, 2022. For the fiscal year, revenues grew 49% to a fiscal year record of $2.27 billion, compared with $1.53 billion for the fiscal year ended March 31, 2021. For the fourth quarter ended March 31, 2022, revenues decreased (6)% to $471 million, compared with $501 million for the fourth quarter ended March 31, 2021.

Net income was $438 million, or $6.41 per diluted share, for the fiscal year ended March 31, 2022, compared with $313 million, or $4.55 per diluted share, for the fiscal year ended March 31, 2021. Adjusted net income for the fiscal year ended March 31, 2022 grew 53% to $486 million, or $7.10 per diluted share, compared with $317 million, or $4.62 per diluted share, for the fiscal year ended March 31, 2021.

Net income was $65 million, or $0.97 per diluted share, for the fourth quarter ended March 31, 2022, compared with $99 million, or $1.44 per diluted share, for the fourth quarter ended March 31, 2021. Adjusted net income for the fourth quarter ended March 31, 2022 was $88 million, or $1.30 per diluted share, compared with $104 million, or $1.51 per diluted share, for the fourth quarter ended March 31, 2021.

“We are pleased with our financial performance in fiscal year 2022 as we reached a new milestone of over $2 billion in revenue. We continue to build our advisory model focused on growth and diversification across geography, industry, product line and banker. We enter fiscal year 2023 optimistic about the firm’s continued ability to perform in today’s evolving market environment.” stated Scott Beiser, Chief Executive Officer of Houlihan Lokey.

Selected Financial Data

(In thousands, except per share data)

U.S. GAAP

Three Months Ended March 31,

 

Year Ended March 31,

 

2022

 

 

2021

 

 

2022

 

 

 

2021

 

Revenues

$

471,166

 

$

500,704

 

$

2,269,958

 

 

$

1,525,452

 

Operating expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

 

293,580

 

 

317,082

 

 

1,408,634

 

 

 

971,195

 

Non-compensation expenses

 

78,977

 

 

43,346

 

 

248,460

 

 

 

146,100

 

Operating income

 

98,609

 

 

140,276

 

 

612,864

 

 

 

408,157

 

Other (income)/expense, net

 

7,921

 

 

473

 

 

8,926

 

 

 

(1,071

)

Income before provision for income taxes

 

90,688

 

 

139,803

 

 

603,938

 

 

 

409,228

 

Provision for income taxes

 

25,515

 

 

40,437

 

 

165,614

 

 

 

96,457

 

Net income

 

65,173

 

 

99,366

 

 

438,324

 

 

 

312,771

 

Net income attributable to noncontrolling interest

 

 

 

 

 

(573

)

 

 

 

Net income attributable to Houlihan Lokey, Inc.

$

65,173

 

$

99,366

 

$

437,751

 

 

$

312,771

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to Houlihan Lokey, Inc.

$

0.97

 

$

1.44

 

$

6.41

 

 

$

4.55

 

Revenues

For the fiscal year ended March 31, 2022, revenues increased to $2.27 billion, compared with $1.53 billion for the fiscal year ended March 31, 2021. Revenues increased primarily as a result of (i) the completion of our acquisition of GCA Corporation (“GCA”) during the third quarter ended December 31, 2021, resulting in the consolidation of their operating results and (ii) a significant increase in the number of closed transactions and the average transaction fee on closed transactions for our Corporate Finance (“CF”) business segment. For the fiscal year ended March 31, 2022, CF revenues increased 98%, Financial Restructuring (“FR”) revenues decreased (27)%, and Financial and Valuation Advisory (“FVA”) revenues increased 51% when compared with the fiscal year ended March 31, 2021.

For the fourth quarter ended March 31, 2022, revenues decreased to $471 million, compared with $501 million for the fourth quarter ended March 31, 2021. For the fourth quarter ended March 31, 2022, CF revenues decreased (7)%, FR revenues decreased (15)%, and FVA revenues increased 23% when compared with the fourth quarter ended March 31, 2021.

Expenses

The Company’s employee compensation and benefits expenses, non-compensation expenses, and provision for income taxes during the periods presented and described below are on a GAAP and an adjusted basis.

 

U.S. GAAP

 

Adjusted (Non-GAAP) *

 

Year Ended March 31,

($ in thousands)

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

$

1,408,634

 

 

$

971,195

 

 

$

1,396,025

 

 

$

953,409

 

% of Revenues

 

62.1

%

 

 

63.7

%

 

 

61.5

%

 

 

62.5

%

Non-compensation

$

248,460

 

 

$

146,100

 

 

$

192,925

 

 

$

139,527

 

% of Revenues

 

10.9

%

 

 

9.6

%

 

 

8.5

%

 

 

9.1

%

Provision for Income Taxes

$

165,614

 

 

$

96,457

 

 

$

194,180

 

 

$

116,418

 

% of Pre-Tax Income

 

27.4

%

 

 

23.6

%

 

 

28.6

%

 

 

26.9

%

* Adjusted figures represent non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

 

U.S. GAAP

 

Adjusted (Non-GAAP) *

 

Three Months Ended March 31,

($ in thousands)

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

$

293,580

 

 

$

317,082

 

 

$

289,768

 

 

$

311,531

 

% of Revenues

 

62.3

%

 

 

63.3

%

 

 

61.5

%

 

 

62.2

%

Non-compensation

$

78,977

 

 

$

43,346

 

 

$

59,377

 

 

$

42,265

 

% of Revenues

 

16.8

%

 

 

8.7

%

 

 

12.6

%

 

 

8.4

%

Provision for Income Taxes

$

25,515

 

 

$

40,437

 

 

$

34,011

 

 

$

42,410

 

% of Pre-Tax Income

 

28.1

%

 

 

28.9

%

 

 

27.9

%

 

 

29.0

%

* Adjusted figures represent non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

Year Ended March 31, 2022 Compared to the Year Ended March 31, 2021

Employee compensation and benefits expenses were $1.41 billion for the fiscal year ended March 31, 2022, compared with $971 million for the fiscal year ended March 31, 2021. This resulted in a GAAP compensation ratio of 62.1% for the fiscal year ended March 31, 2022, compared with 63.7% for the fiscal year ended March 31, 2021. Adjusted employee compensation and benefits expenses were $1.40 billion for the fiscal year ended March 31, 2022, compared with $953 million for the fiscal year ended March 31, 2021. This resulted in an adjusted compensation ratio of 61.5% for the fiscal year ended March 31, 2022, compared with 62.5% for the fiscal year ended March 31, 2021. The increase in GAAP and adjusted employee compensation and benefits expenses was primarily a result of an increase in revenues for the year when compared with the prior year.

Non-compensation expenses were $248 million for the fiscal year ended March 31, 2022, compared with $146 million for the fiscal year ended March 31, 2021. The increase in GAAP non-compensation expenses was primarily a result of non-compensation expenses attributable to GCA, amortization of intangible assets recognized in connection with the acquisition of GCA, integration and acquisition related costs associated with our acquisition of GCA and an increase in other operating expenses. Adjusted non-compensation expenses were $193 million for the fiscal year ended March 31, 2022, compared with $140 million for the fiscal year ended March 31, 2021. The increase in adjusted non-compensation expenses was primarily a result of non-compensation expenses attributable to GCA and an increase in other operating expenses and travel, meals, and entertainment expenses.

The provision for income taxes was $166 million, representing an effective tax rate of 27.4%, for the fiscal year ended March 31, 2022, compared with $96 million, representing an effective tax rate of 23.6%, for the fiscal year ended March 31, 2021. The increase in the Company’s GAAP effective tax rate during the fiscal year ended March 31, 2022 relative to the fiscal year ended March 31, 2021 was primarily the result of increased state taxes, increased foreign taxes and decreased stock compensation deductions. The adjusted provision for income taxes was $194 million, representing an adjusted effective tax rate of 28.6%, for the fiscal year ended March 31, 2022, compared with $116 million, representing an adjusted effective tax rate of 26.9%, for the fiscal year ended March 31, 2021.

Quarter Ended March 31, 2022 Compared to the Quarter Ended March 31, 2021

Employee compensation and benefits expenses were $294 million for the fourth quarter ended March 31, 2022, compared with $317 million for the fourth quarter ended March 31, 2021. This resulted in a GAAP compensation ratio of 62.3% for the fourth quarter ended March 31, 2022, compared with 63.3% for the fourth quarter ended March 31, 2021. Adjusted employee compensation and benefits expenses were $290 million for the fourth quarter ended March 31, 2022, compared with $312 million for the fourth quarter ended March 31, 2021. This resulted in an adjusted compensation ratio of 61.5% for the fourth quarter ended March 31, 2022, compared with 62.2% for the fourth quarter ended March 31, 2021. The decrease in GAAP and adjusted employee compensation and benefits expenses was primarily a result of a decrease in revenues.

Non-compensation expenses were $79 million for the fourth quarter ended March 31, 2022, compared with $43 million for the fourth quarter ended March 31, 2021. The increase in GAAP non-compensation expenses was primarily a result of non-compensation expenses attributable to GCA, amortization of intangible assets recognized in connection with the acquisition of GCA, integration and acquisition related costs associated with our acquisition of GCA and an increase in other operating expenses. Adjusted non-compensation expenses were $59 million for the quarter ended March 31, 2022, compared with $42 million for the fourth quarter ended March 31, 2021. The increase in adjusted non-compensation expenses was primarily a result of non-compensation expenses attributable to GCA and an increase in other operating expenses and rent expense.

The provision for income taxes was $26 million, representing an effective tax rate of 28.1%, for the fourth quarter ended March 31, 2022, compared with $40 million, representing an effective tax rate of 28.9%, for the fourth quarter ended March 31, 2021. The adjusted provision for income taxes was $34 million, representing an adjusted effective tax rate of 27.9%, for the fourth quarter ended March 31, 2022, compared with $42 million, representing an adjusted effective tax rate of 29.0%, for the fourth quarter ended March 31, 2021.

Segment Reporting for the Fourth Quarter

Corporate Finance

CF revenues decreased (7)% to $279 million for the fourth quarter ended March 31, 2022, compared with $301 million for the fourth quarter ended March 31, 2021. Revenues decreased primarily due to a decrease in the number of closed transactions.

 

Three Months Ended March 31,

 

Year Ended March 31,

($ in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

Corporate Finance

 

 

 

 

 

 

 

Revenues

$

279,019

 

$

300,662

 

$

1,593,083

 

$

802,853

# of Managing Directors

 

202

 

 

120

 

 

202

 

 

120

# of Closed transactions (1)

 

144

 

 

151

 

 

600

 

 

360

Financial Restructuring

FR revenues decreased (15)% to $122 million for the fourth quarter ended March 31, 2022, compared with $143 million for the fourth quarter ended March 31, 2021. Revenues decreased primarily due to a decrease in the number of closed transactions, partially offset by an increase in the average transaction fee on closed transactions.

 

Three Months Ended March 31,

 

Year Ended March 31,

($ in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

Financial Restructuring

 

 

 

 

 

 

 

Revenues

$

121,586

 

$

142,741

 

$

392,818

 

$

534,747

# of Managing Directors

 

53

 

 

47

 

 

53

 

 

47

# of Closed transactions (1)

 

25

 

 

35

 

 

90

 

 

138

Financial and Valuation Advisory

FVA revenues increased 23% to $71 million for the quarter ended March 31, 2022, compared with $57 million for the fourth quarter ended March 31, 2021. Revenues increased primarily due to an increase in the number of fee events.

 

Three Months Ended March 31,

 

Year Ended March 31,

($ in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

Financial and Valuation Advisory

 

 

 

 

 

 

 

Revenues

$

70,561

 

$

57,301

 

$

284,057

 

$

187,852

# of Managing Directors

 

34

 

 

31

 

 

34

 

 

31

# of Fee Events (1)

 

999

 

 

765

 

 

2,183

 

 

1,540

  1. A Fee Event includes any engagement that involves revenue activity during the measurement period based on a revenue minimum of $1,000. References in this press release to closed transactions should be understood to be the same as transactions that are “effectively closed” as described in our periodic reports on Forms 10-K and 10-Q.

Other Announcements

The Board of Directors of the Company declared a regular quarterly cash dividend of $0.53 per share of Class A and Class B common stock. The dividend will be payable on June 15, 2022 to stockholders of record as of the close of business on June 2, 2022.

The Board of Directors replaced its prior stock repurchase program, which authorized repurchases from time to time up to $250 million in aggregate purchase price of the Company’s common stock, with a new stock repurchase program, which authorizes repurchases of an aggregate of up to $500 million of the Company’s common stock.

Investor Conference Call and Webcast

The Company will host a conference call and live webcast at 5:00 p.m. Eastern Time on Thursday, May 12, 2022, to discuss its full year and fourth quarter fiscal 2022 results. The number to call is 1-888-394-8218 (domestic) or 1-646-828-8193 (international). A live webcast will be available in the Investor Relations section of the Company’s website. A replay of the conference call will be available from May 12, 2022 through May 19, 2022, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the passcode 2205005#. A replay of the webcast will be archived and available on the Company’s website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors (including the significant effect that the COVID-19 pandemic has had on our business and is expected to continue to have on our business) which are, in some cases, beyond the Company’s control and could materially affect actual results, performance, or achievements. For a further description of such factors, you should read the Company’s filings with the Securities and Exchange Commission. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Non-GAAP Financial Measures

Adjusted net income, total and on a per share basis, and certain adjusted items used to determine adjusted net income, are presented and discussed in this earnings press release and are non-GAAP measures that management believes, when presented together with comparable GAAP measures, are useful to investors in understanding the Company’s operating results. These adjusted items remove the significant accounting impact of one-time or non-recurring charges associated with the Company’s one-time/non-recurring matters, as set forth in the tables at the end of this release.

The adjusted items included in this earnings press release as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these adjusted amounts are not a measurement of financial performance or liquidity under GAAP and should not be considered as an alternative to the Company’s financial information determined under GAAP. For a description of the Company’s use of these adjusted items and a reconciliation with comparable GAAP items, see the section of this press release titled “Reconciliation of GAAP to Adjusted Financial Information.” Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations, and cash flows.

About Houlihan Lokey

Houlihan Lokey (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and valuation. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, the Middle East, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of the firm’s commitment to client success across its advisory services. Houlihan Lokey is the No. 1 investment bank for all global M&A transactions, the No. 1 M&A advisor for the past seven consecutive years in the U.S., the No. 1 global restructuring advisor for the past eight consecutive years, and the No. 1 global M&A fairness opinion advisor over the past 20 years, all based on number of transactions and according to data provided by Refinitiv.

For more information, please visit www.HL.com.

Appendix

Condensed Consolidated Statement of Income (Unaudited)

Reconciliation of GAAP to Adjusted Financial Information (Unaudited)

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

Three Months Ended March 31,

 

Year Ended March 31,

(In thousands, except share and per share data)

 

2022

 

 

2021

 

 

2022

 

 

 

2021

 

Revenues

$

471,166

 

$

500,704

 

$

2,269,958

 

 

$

1,525,452

 

Operating expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

 

293,580

 

 

317,082

 

 

1,408,634

 

 

 

971,195

 

Travel, meals, and entertainment

 

5,001

 

 

2,111

 

 

22,465

 

 

 

6,527

 

Rent

 

14,120

 

 

9,223

 

 

47,747

 

 

 

39,233

 

Depreciation and amortization

 

19,948

 

 

3,937

 

 

48,537

 

 

 

15,228

 

Information technology and communications

 

13,497

 

 

9,114

 

 

41,714

 

 

 

31,646

 

Professional fees

 

10,361

 

 

8,259

 

 

38,349

 

 

 

24,681

 

Other operating expenses

 

16,050

 

 

10,702

 

 

49,648

 

 

 

28,785

 

Total operating expenses

 

372,557

 

 

360,428

 

 

1,657,094

 

 

 

1,117,295

 

Operating income

 

98,609

 

 

140,276

 

 

612,864

 

 

 

408,157

 

Other (income)/expense, net

 

7,921

 

 

473

 

 

8,926

 

 

 

(1,071

)

Income before provision for income taxes

 

90,688

 

 

139,803

 

 

603,938

 

 

 

409,228

 

Provision for income taxes

 

25,515

 

 

40,437

 

 

165,614

 

 

 

96,457

 

Net income

 

65,173

 

 

99,366

 

 

438,324

 

 

 

312,771

 

Net income attributable to noncontrolling interest

 

 

 

 

 

(573

)

 

 

 

Net income attributable to Houlihan Lokey, Inc.

$

65,173

 

$

99,366

 

$

437,751

 

 

$

312,771

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

Basic

 

64,085,273

 

 

66,104,427

 

 

64,970,287

 

 

 

65,785,042

 

Fully diluted

 

67,461,779

 

 

68,899,634

 

 

68,259,708

 

 

 

68,671,248

 

Earnings per share attributable to Houlihan Lokey, Inc.

 

 

 

 

 

 

 

Basic

$

1.02

 

$

1.50

 

$

6.74

 

 

$

4.75

 

Fully diluted

$

0.97

 

$

1.44

 

$

6.41

 

 

$

4.55

 

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO ADJUSTED FINANCIAL INFORMATION

(UNAUDITED)

 

Three Months Ended March 31,

 

Year Ended March 31,

(In thousands, except per share data)

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenues

$

471,166

 

 

$

500,704

 

 

$

2,269,958

 

 

$

1,525,452

 

 

 

 

 

 

 

 

 

Employee compensation and benefits expenses

 

 

 

 

 

 

 

Employee compensation and benefits expenses (GAAP)

$

293,580

 

 

$

317,082

 

 

$

1,408,634

 

 

$

971,195

 

Less: Acquisition related retention payments

 

(3,812

)

 

 

(5,551

)

 

 

(12,609

)

 

 

(17,786

)

Employee compensation and benefits expenses (adjusted)

 

289,768

 

 

 

311,531

 

 

 

1,396,025

 

 

 

953,409

 

 

 

 

 

 

 

 

 

Non-compensation expenses

 

 

 

 

 

 

 

Non-compensation expenses (GAAP)

$

78,977

 

 

$

43,346

 

 

$

248,460

 

 

$

146,100

 

Less: Secondary offering related costs

 

 

 

 

 

 

 

 

 

 

(418

)

Less: Integration and acquisition related costs

 

(3,793

)

 

 

 

 

 

(21,598

)

 

 

(1,258

)

Less: Acquisition amortization

 

(15,807

)

 

 

(1,081

)

 

 

(33,937

)

 

 

(4,161

)

Less: Oracle ERP implementation

 

 

 

 

 

 

 

 

 

 

(736

)

Non-compensation expenses (adjusted)

 

59,377

 

 

 

42,265

 

 

 

192,925

 

 

 

139,527

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

Operating income (GAAP)

$

98,609

 

 

$

140,276

 

 

$

612,864

 

 

$

408,157

 

Plus: Adjustments (1)

 

23,412

 

 

 

6,632

 

 

 

68,144

 

 

 

24,359

 

Operating income (adjusted)

 

122,021

 

 

 

146,908

 

 

 

681,008

 

 

 

432,516

 

 

 

 

 

 

 

 

 

Other (income)/expense, net

 

 

 

 

 

 

 

Other (income)/expense, net (GAAP)

$

7,921

 

 

$

473

 

 

$

8,926

 

 

$

(1,071

)

Less/(plus): Increase in acquisition earnout liability

 

(7,613

)

 

 

 

 

 

(7,613

)

 

 

 

Other (income)/expense, net (adjusted)

 

308

 

 

 

473

 

 

 

1,313

 

 

 

(1,071

)

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

 

 

 

 

 

Provision for income taxes (GAAP)

$

25,515

 

 

$

40,437

 

 

$

165,614

 

 

$

96,457

 

Plus: Impact of the excess tax benefit for stock vesting

 

 

 

 

 

 

 

6,922

 

 

 

13,408

 

Adjusted provision for income taxes

 

25,515

 

 

 

40,437

 

 

 

172,536

 

 

 

109,865

 

Plus: Resulting tax impact (2)

 

8,496

 

 

 

1,973

 

 

 

21,644

 

 

 

6,553

 

Provision for income taxes (adjusted)

 

34,011

 

 

 

42,410

 

 

 

194,180

 

 

 

116,418

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

Net income (GAAP)

$

65,173

 

 

$

99,366

 

 

$

438,324

 

 

$

312,771

 

(Less)/plus: adjustments (3)

 

22,529

 

 

 

4,659

 

 

 

47,191

 

 

 

4,398

 

Net income (adjusted)

 

87,702

 

 

 

104,025

 

 

 

485,515

 

 

 

317,169

 

Net income attributable to noncontrolling interest

 

 

 

 

 

 

 

(573

)

 

 

 

Net income attributable to Houlihan Lokey, Inc. (GAAP)

 

65,173

 

 

 

99,366

 

 

 

437,751

 

 

 

312,771

 

Net income attributable to Houlihan Lokey, Inc. (adjusted)

 

87,702

 

 

 

104,025

 

 

 

484,942

 

 

 

317,169

 

 

 

 

 

 

 

 

 

Diluted EPS attributable to Houlihan Lokey, Inc. (GAAP)

$

0.97

 

 

$

1.44

 

 

$

6.41

 

 

$

4.55

 

Diluted EPS attributable to Houlihan Lokey, Inc. (adjusted)

$

1.30

 

 

$

1.51

 

 

$

7.10

 

 

$

4.62

 

  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.

 

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