EX-99.2

EX-99.2 3 d455729dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

LOGO

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


*(In thousands, except share data and par value)*		March 31, 2023				March 31, 2022
Assets
Cash and cash equivalents		$	714,439			$	833,697
Restricted cash			373				373
Investment securities			37,309				109,143
Accounts receivable, net of allowance for credit losses			182,029				144,029
Unbilled work in process, net of allowance for credit losses			115,045				104,751
Income taxes receivable			17,693				—
Deferred income taxes			104,941				95,278
Property and equipment, net			88,345				52,176
Operating lease right-of-use assets			333,877				171,942
Goodwill			1,087,784				1,070,442
Other intangible assets, net			203,370				247,333
Other assets			83,609				57,646

Total assets		$	2,968,814			$	2,886,810

Liabilities and Stockholders’ Equity
Liabilities:
Accrued salaries and bonuses		$	765,877			$	953,604
Accounts payable and accrued expenses			113,421				126,190
Deferred income			40,695				28,753
Income taxes payable			—				61,266
Deferred income taxes			544				789
Loans payable to former shareholders			—				539
Operating lease liabilities			374,869				197,091
Other liabilities			60,111				74,873

Total liabilities			1,355,517				1,443,105

Stockholders’ equity:
Class A common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 50,638,924 and 49,853,564 shares, respectively			51				50
Class B common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 18,048,345 and 17,649,555 shares, respectively			18				18
Additional paid-in capital			642,970				564,761
Retained earnings			1,033,072				922,223
Accumulated other comprehensive loss			(62,814	)			(43,347	)

Total stockholders’ equity			1,613,297				1,443,705

Total liabilities and stockholders’ equity		$	2,968,814			$	2,886,810

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LOGO

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)*		2023				2022				2023				2022
Revenues		$	444,767			$	471,166			$	1,809,447			$	2,269,958
Operating expenses:
Employee compensation and benefits			282,937				293,580				1,147,879				1,408,634
Travel, meals, and entertainment			13,391				5,001				51,082				22,465
Rent			17,911				14,120				55,838				47,747
Depreciation and amortization			6,347				19,948				58,221				48,537
Information technology and communications			15,201				13,497				54,125				41,714
Professional fees			9,078				10,361				32,940				38,349
Other operating expenses			9,278				16,050				67,624				49,648

Total operating expenses			354,143				372,557				1,467,709				1,657,094
Operating income			90,624				98,609				341,738				612,864
Other (income)/expense, net			10,322				7,921				17,738				8,926

Income before provision for income taxes			80,302				90,688				324,000				603,938
Provision for income taxes			20,642				25,515				69,777				165,614

Net income			59,660				65,173				254,223				438,324
Net income attributable to noncontrolling interest			—				—				—				(573	)

Net income attributable to Houlihan Lokey, Inc.		$	59,660			$	65,173			$	254,223			$	437,751

Weighted average shares of common stock outstanding:
Basic			63,351,104				64,085,273				63,358,408				64,970,287
Fully diluted			68,107,465				67,461,779				67,586,263				68,259,708
Earnings per share attributable to Houlihan Lokey, Inc.
Basic		$	0.94			$	1.02			$	4.01			$	6.74
Fully diluted		$	0.88			$	0.97			$	3.76			$	6.41

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