Houlihan Lokey Reports Second Quarter Fiscal 2024 Financial Results

Second Quarter Fiscal 2024 Revenues of $467 million

Second Quarter Fiscal 2024 Diluted EPS of $0.99

Adjusted Second Quarter Fiscal 2024 Diluted EPS of $1.11

Announces Dividend of $0.55 per Share for Third Quarter Fiscal 2024

Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its second quarter ended September 30, 2023.

For the second quarter ended September 30, 2023, revenues were $467 million, compared with $490 million for the second quarter ended September 30, 2022. Net income was $67 million, or $0.99 per diluted share, for the second quarter ended September 30, 2023, compared with $61 million, or $0.87 per diluted share, for the second quarter ended September 30, 2022. Adjusted net income for the second quarter ended September 30, 2023 was $77 million, or $1.11 per diluted share, compared with $83 million, or $1.19 per diluted share, for the second quarter ended September 30, 2022.

“We finished our second fiscal quarter with better results than our prior quarter. We continue to see improvements in the availability of debt capital and confidence in the earnings outlook for our clients, all of which bodes well for a steady recovery of the M&A markets. However, the recent geopolitical crises may impact our cautious optimism. Regardless, we believe we are well positioned to handle most economic environments, and we will continue to invest in professionals, acquisitions, industries and geographies where we believe we can create long term shareholder value,” stated Scott Beiser, Chief Executive Officer of Houlihan Lokey.

Selected Financial Data

(In thousands, except per share data)

 

U.S. GAAP

 

Three Months Ended September 30,

 

Six Months Ended September 30,

 

2023

 

2022

 

2023

 

2022

Revenues by segment

 

 

 

 

 

 

 

 

Corporate Finance

 

$

281,684

 

 

$

315,016

 

$

508,735

 

 

$

578,967

Financial Restructuring

 

 

114,670

 

 

 

97,694

 

 

238,038

 

 

 

176,532

Financial and Valuation Advisory

 

 

70,635

 

 

 

76,827

 

 

136,045

 

 

 

152,682

Revenues

 

$

466,989

 

 

$

489,537

 

$

882,818

 

 

$

908,181

Operating expenses:

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

$

296,542

 

 

$

309,859

 

$

560,025

 

 

$

575,594

Non-compensation

 

 

80,170

 

 

 

90,307

 

 

159,169

 

 

 

165,646

Operating income

 

 

90,277

 

 

 

89,371

 

 

163,624

 

 

 

166,941

Other expense, net

 

 

(3,296

)

 

 

5,104

 

 

(6,301

)

 

 

6,853

Income before provision for income taxes

 

 

93,573

 

 

 

84,267

 

 

169,925

 

 

 

160,088

Provision for income taxes

 

 

26,542

 

 

 

23,537

 

 

41,504

 

 

 

28,576

Net income attributable to Houlihan Lokey, Inc.

 

$

67,031

 

 

$

60,730

 

$

128,421

 

 

$

131,512

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to Houlihan Lokey, Inc.

 

$

0.99

 

 

$

0.87

 

$

1.89

 

 

$

1.90

Revenues

For the second quarter ended September 30, 2023, revenues were $467 million, compared with $490 million for the second quarter ended September 30, 2022. Revenues decreased primarily as a result of a decrease in the average transaction fee on closed transactions in our Corporate Finance (“CF”) business. For the second quarter ended September 30, 2023, CF revenues decreased (11)%, Financial Restructuring (“FR”) revenues increased 17%, and Financial and Valuation Advisory (“FVA”) revenues decreased (8)%, in each case, when compared with the second quarter ended September 30, 2022.

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) *

 

 

Three Months Ended September 30,

($ in thousands)

 

2023

 

2022

 

2023

 

2022

Expenses:

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

$

296,542

 

 

$

309,859

 

 

$

287,200

 

 

$

301,063

 

% of Revenues

 

 

63.5

%

 

 

63.3

%

 

 

61.5

%

 

 

61.5

%

Non-compensation

 

$

80,170

 

 

$

90,307

 

 

$

75,345

 

 

$

72,358

 

% of Revenues

 

 

17.2

%

 

 

18.4

%

 

 

16.1

%

 

 

14.8

%

Per full time employee (1)

 

$

30

 

 

$

38

 

 

$

29

 

 

$

30

 

Provision for income taxes

 

$

26,542

 

 

$

23,537

 

 

$

30,329

 

 

$

32,084

 

% of Pre-tax income

 

 

28.4

%

 

 

27.9

%

 

 

28.4

%

 

 

27.9

%

*

 

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.

(1)

 

Calculated using the average of the number of full time employees at the beginning of the reporting period and the end of the reporting period.

 

 

U.S. GAAP

 

Adjusted (Non-GAAP) *

 

 

Six Months Ended September 30,

($ in thousands)

 

2023

 

2022

 

2023

 

2022

Expenses:

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

$

560,025

 

 

$

575,594

 

 

$

542,933

 

 

$

558,530

 

% of Revenues

 

 

63.4

%

 

 

63.4

%

 

 

61.5

%

 

 

61.5

%

Non-compensation

 

$

159,169

 

 

$

165,646

 

 

$

150,989

 

 

$

131,932

 

% of Revenues

 

 

18.0

%

 

 

18.2

%

 

 

17.1

%

 

 

14.5

%

Per full time employee (1)

 

$

60

 

 

$

69

 

 

$

57

 

 

$

55

 

Provision for income taxes

 

$

41,504

 

 

$

28,576

 

 

$

55,828

 

 

$

57,289

 

% of Pre-tax income

 

 

24.4

%

 

 

17.9

%

 

 

28.7

%

 

 

26.5

%

*

 

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.

(1)

 

Calculated using the average of the number of full time employees at the beginning of the reporting period and the end of the reporting period.

Employee compensation and benefits expenses were $297 million for the second quarter ended September 30, 2023, compared with $310 million for the second quarter ended September 30, 2022. Adjusted employee compensation and benefits expenses were $287 million for the second quarter ended September 30, 2023, compared with $301 million for the second quarter ended September 30, 2022. This resulted in an adjusted compensation ratio of 61.5% for both the second quarter ended September 30, 2023 and the second quarter ended September 30, 2022. The decrease in GAAP and adjusted employee compensation and benefits expenses was a result of a decrease in revenues for the quarter when compared with the same quarter last year.

Non-compensation expenses were $80 million for the second quarter ended September 30, 2023, compared with $90 million for the second quarter ended September 30, 2022. The decrease in GAAP non-compensation expenses was primarily a result of a decrease in depreciation and amortization and a decrease in other operating expenses for the quarter when compared with the same quarter last year. Adjusted non-compensation expenses were $75 million for the second quarter ended September 30, 2023, compared with $72 million for the second quarter ended September 30, 2022. The increase in adjusted non-compensation expenses was primarily a result of an increase in rent expense.

The provision for income taxes was $27 million, representing an effective tax rate of 28.4% for the second quarter ended September 30, 2023, compared with $24 million, representing an effective tax rate of 27.9% for the second quarter ended September 30, 2022. The adjusted provision for income taxes was $30 million, representing an adjusted effective tax rate of 28.4% for the second quarter ended September 30, 2023, compared with $32 million, representing an adjusted effective tax rate of 27.9% for the second quarter ended September 30, 2022.

Segment Reporting for the Second Fiscal Quarter

Corporate Finance

CF revenues were $282 million for the second quarter ended September 30, 2023, compared with $315 million for the second quarter ended September 30, 2022, representing a decrease of (11)%. Revenues decreased due to a decrease in the average transaction fee on closed transactions, which was driven by transaction mix, and did not represent a trend in the average transaction fee on closed transactions.

 

 

Three Months Ended September 30,

 

Six Months Ended September 30,

($ in thousands)

 

2023

 

2022

 

2023

 

2022

Corporate Finance

 

 

 

 

 

 

 

 

Revenues

 

$

281,684

 

$

315,016

 

$

508,735

 

$

578,967

# of Managing Directors

 

 

211

 

 

210

 

 

211

 

 

210

# of Closed transactions (1)

 

 

117

 

 

114

 

 

212

 

 

238

Financial Restructuring

FR revenues increased 17% to $115 million for the second quarter ended September 30, 2023, compared with $98 million for the second quarter ended September 30, 2022. Revenues increased primarily due to an increase in the number of closed transactions during the quarter, which was driven by favorable market conditions for restructuring transactions.

 

 

Three Months Ended September 30,

 

Six Months Ended September 30,

($ in thousands)

 

2023

 

2022

 

2023

 

2022

Financial Restructuring

 

 

 

 

 

 

 

 

Revenues

 

$

114,670

 

$

97,694

 

$

238,038

 

$

176,532

# of Managing Directors

 

 

60

 

 

56

 

 

60

 

 

56

# of Closed transactions (1)

 

 

31

 

 

24

 

 

61

 

 

40

Financial and Valuation Advisory

FVA revenues decreased (8)% to $71 million for the second quarter ended September 30, 2023, compared with $77 million for the second quarter ended September 30, 2022. Revenues decreased primarily due to a decrease in the number of Fee Events. The decrease in the number of Fee Events was driven by softness in the M&A markets, which affected one or more of the service lines within our FVA business.

 

 

Three Months Ended September 30,

 

Six Months Ended September 30,

($ in thousands)

 

2023

 

2022

 

2023

 

2022

Financial and Valuation Advisory

 

 

 

 

 

 

 

 

Revenues

 

$

70,635

 

$

76,827

 

$

136,045

 

$

152,682

# of Managing Directors

 

 

40

 

 

40

 

 

40

 

 

40

# of Fee Events (1)

 

 

852

 

 

890

 

 

1,255

 

 

1,404

(1)

 

A Fee Event includes any engagement that involves revenue activity during the measurement period based on a revenue minimum of one thousand dollars. 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.

Balance Sheet and Capital Allocation

The Board of Directors of the Company declared a regular quarterly cash dividend of $0.55 per share of Class A and Class B common stock. The dividend will be payable on December 15, 2023 to stockholders of record as of the close of business on December 1, 2023. As of September 30, 2023, the Company had $525 million of cash and cash equivalents and investment securities, and $31 million of other liabilities.

Investor Conference Call and Webcast

The Company will host a conference call and live webcast at 5:00 p.m. Eastern Time on Thursday, October 26, 2023, to discuss its second quarter fiscal 2024 results. The number to call is 1-877-407-4018 (domestic) or 1-201-689-8471 (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 October 26, 2023 through November 2, 2023, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the passcode 13741798. 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 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, Inc. (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and financial and valuation advisory. Houlihan Lokey serves corporations, institutions, and governments worldwide with offices in the Americas, 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. The firm is the No. 1 investment bank for global M&A transactions under $1 billion, the No. 1 M&A advisor for the past eight consecutive years in the U.S., the No. 1 global restructuring advisor for the past nine consecutive years, and the No. 1 global M&A fairness opinion advisor over the past 25 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 Balance Sheets (Unaudited)

Condensed Consolidated Statements of Income (Unaudited)

Reconciliation of GAAP to Adjusted Financial Information (Unaudited)

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

(In thousands, except share data and par value)

 

September 30, 2023

 

March 31, 2023

Assets

 

 

 

 

Cash and cash equivalents

 

$

493,929

 

 

$

714,439

 

Restricted cash

 

 

373

 

 

 

373

 

Investment securities

 

 

31,214

 

 

 

37,309

 

Accounts receivable, net of allowance for credit losses

 

 

152,243

 

 

 

182,029

 

Unbilled work in process, net of allowance for credit losses

 

 

133,787

 

 

 

115,045

 

Income taxes receivable

 

 

22,549

 

 

 

17,693

 

Deferred income taxes

 

 

106,343

 

 

 

104,941

 

Property and equipment, net

 

 

119,394

 

 

 

88,345

 

Operating lease right-of-use assets

 

 

363,719

 

 

 

333,877

 

Goodwill

 

 

1,086,438

 

 

 

1,087,784

 

Other intangible assets, net

 

 

196,652

 

 

 

203,370

 

Other assets

 

 

74,912

 

 

 

83,609

 

Total assets

 

$

2,781,553

 

 

$

2,968,814

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

Liabilities:

 

 

 

 

Accrued salaries and bonuses

 

$

552,673

 

 

$

765,877

 

Accounts payable and accrued expenses

 

 

95,125

 

 

 

113,421

 

Deferred income

 

 

37,370

 

 

 

40,695

 

Deferred income taxes

 

 

349

 

 

 

544

 

Operating lease liabilities

 

 

419,421

 

 

 

374,869

 

Other liabilities

 

 

30,539

 

 

 

60,111

 

Total liabilities

 

 

1,135,477

 

 

 

1,355,517

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

Class A common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 51,565,992 and 50,638,924 shares, respectively

 

 

52

 

 

 

51

 

Class B common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 17,427,625 and 18,048,345 shares, respectively

 

 

17

 

 

 

18

 

Additional paid-in capital

 

 

638,404

 

 

 

642,970

 

Retained earnings

 

 

1,087,326

 

 

 

1,033,072

 

Accumulated other comprehensive loss

 

 

(79,723

)

 

 

(62,814

)

Total stockholders’ equity

 

 

1,646,076

 

 

 

1,613,297

 

Total liabilities and stockholders’ equity

 

$

2,781,553

 

 

$

2,968,814

 

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

 

 

Three Months Ended September 30,

 

Six Months Ended September 30,

(In thousands, except share and per share data)

 

2023

 

2022

 

2023

 

2022

Revenues

 

$

466,989

 

 

$

489,537

 

$

882,818

 

 

$

908,181

Operating expenses:

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

296,542

 

 

 

309,859

 

 

560,025

 

 

 

575,594

Travel, meals, and entertainment

 

 

14,151

 

 

 

12,370

 

 

30,169

 

 

 

23,420

Rent

 

 

19,013

 

 

 

13,285

 

 

36,416

 

 

 

25,075

Depreciation and amortization

 

 

7,086

 

 

 

19,475

 

 

13,618

 

 

 

38,618

Information technology and communications

 

 

14,328

 

 

 

13,183

 

 

27,876

 

 

 

24,173

Professional fees

 

 

10,859

 

 

 

9,598

 

 

20,416

 

 

 

16,067

Other operating expenses

 

 

14,733

 

 

 

22,396

 

 

30,674

 

 

 

38,293

Total operating expenses

 

 

376,712

 

 

 

400,166

 

 

719,194

 

 

 

741,240

Operating income

 

 

90,277

 

 

 

89,371

 

 

163,624

 

 

 

166,941

Other (income)/expense, net

 

 

(3,296

)

 

 

5,104

 

 

(6,301

)

 

 

6,853

Income before provision for income taxes

 

 

93,573

 

 

 

84,267

 

 

169,925

 

 

 

160,088

Provision for income taxes

 

 

26,542

 

 

 

23,537

 

 

41,504

 

 

 

28,576

Net income

 

$

67,031

 

 

$

60,730

 

 

128,421

 

 

 

131,512

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

Basic

 

 

64,551,353

 

 

 

63,422,701

 

 

64,180,642

 

 

 

63,350,545

Fully diluted

 

 

67,867,381

 

 

 

69,800,028

 

 

67,881,623

 

 

 

69,316,792

Earnings per share attributable to Houlihan Lokey, Inc.

 

 

 

 

 

 

 

 

Basic

 

$

1.04

 

 

$

0.96

 

$

2.00

 

 

$

2.08

Fully diluted

 

$

0.99

 

 

$

0.87

 

$

1.89

 

 

$

1.90

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO ADJUSTED FINANCIAL INFORMATION

(UNAUDITED)

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Six Months Ended September 30,

(In thousands, except share and per share data)

 

2023

 

2022

 

2023

 

2022

Revenues

 

$

466,989

 

 

$

489,537

 

 

$

882,818

 

 

$

908,181

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits expenses

 

 

 

 

 

 

 

 

Employee compensation and benefits expenses (GAAP)

 

$

296,542

 

 

$

309,859

 

 

$

560,025

 

 

$

575,594

 

Less: Acquisition related retention payments

 

 

(9,342

)

 

 

(8,796

)

 

 

(17,092

)

 

 

(17,064

)

Employee compensation and benefits expenses (adjusted)

 

 

287,200

 

 

 

301,063

 

 

 

542,933

 

 

 

558,530

 

 

 

 

 

 

 

 

 

 

Non-compensation expenses

 

 

 

 

 

 

 

 

Non-compensation expenses (GAAP)

 

$

80,170

 

 

$

90,307

 

 

$

159,169

 

 

$

165,646

 

Less: Integration and acquisition related costs

 

 

(1,465

)

 

 

(2,325

)

 

 

(1,465

)

 

 

(2,325

)

Less: Acquisition amortization

 

 

(3,360

)

 

 

(15,624

)

 

 

(6,715

)

 

 

(31,389

)

Non-compensation expenses (adjusted)

 

 

75,345

 

 

 

72,358

 

 

 

150,989

 

 

 

131,932

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

 

Operating income (GAAP)

 

$

90,277

 

 

$

89,371

 

 

$

163,624

 

 

$

166,941

 

Plus: Adjustments (1)

 

 

14,167

 

 

 

26,745

 

 

 

25,272

 

 

 

50,778

 

Operating income (adjusted)

 

 

104,444

 

 

 

116,116

 

 

 

188,896

 

 

 

217,719

 

 

 

 

 

 

 

 

 

 

Other (income)/expense, net

 

 

 

 

 

 

 

 

Other (income)/expense, net (GAAP)

 

$

(3,296

)

 

$

5,104

 

 

$

(6,301

)

 

$

6,853

 

Less: Warrant revaluation

 

 

 

 

 

(1,014

)

 

 

 

 

 

(2,264

)

Plus/(less): Change in acquisition earnout liability fair value

 

 

816

 

 

 

(2,841

)

 

 

816

 

 

 

(2,841

)

Other (income)/expense, net (adjusted)

 

 

(2,480

)

 

 

1,249

 

 

 

(5,485

)

 

 

1,748

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

 

 

 

 

 

 

Provision for income taxes (GAAP)

 

$

26,542

 

 

$

23,537

 

 

$

41,504

 

 

$

28,576

 

Plus: Impact of the excess tax benefit for stock vesting

 

 

 

 

 

 

 

 

7,299

 

 

 

8,102

 

Plus: Release of the provision for an uncertain tax position as a result of the successful closure of a state audit

 

 

 

 

 

 

 

 

 

 

 

5,762

 

Adjusted provision for income taxes

 

 

26,542

 

 

 

23,537

 

 

 

48,803

 

 

 

42,440

 

Plus: Resulting tax impact (2)

 

 

3,787

 

 

 

8,547

 

 

 

7,025

 

 

 

14,849

 

Provision for income taxes (adjusted)

 

 

30,329

 

 

 

32,084

 

 

 

55,828

 

 

 

57,289

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

67,031

 

 

$

60,730

 

 

$

128,421

 

 

$

131,512

 

Plus: Adjustments (3)

 

 

9,564

 

 

 

22,053

 

 

 

10,132

 

 

 

27,170

 

Net income (adjusted)

 

 

76,595

 

 

 

82,783

 

 

 

138,553

 

 

 

158,682

 

 

 

 

 

 

 

 

 

 

Fully diluted shares outstanding

 

 

 

 

 

 

 

 

Fully diluted shares outstanding (GAAP)

 

 

67,867,381

 

 

 

69,800,028

 

 

 

67,881,623

 

 

 

69,316,792

 

Plus: Impact of unvested GCA retention and deferred share awards

 

 

1,132,423

 

 

 

 

 

 

1,257,446

 

 

 

 

Fully diluted shares outstanding (adjusted)

 

 

68,999,804

 

 

 

69,800,028

 

 

 

69,139,069

 

 

 

69,316,792

 

 

 

 

 

 

 

 

 

 

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

 

$

0.99

 

 

$

0.87

 

 

$

1.89

 

 

$

1.90

 

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

 

$

1.11

 

 

$

1.19

 

 

$

2.00

 

 

$

2.29

 

(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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