HLI Houlihan Lokey Inc

– Third Quarter Fiscal 2025 Revenues of $634 million – – Third Quarter Fiscal 2025 Diluted EPS of $1.39 – – Adjusted Third Quarter Fiscal 2025 Diluted EPS of $1.64 – – Announces Dividend of $0.57 per Share for Fourth Quarter Fiscal 2025 –

Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its third quarter ended December 31, 2024.

For the third quarter ended December 31, 2024, revenues were $634 million, compared with $511 million for the third quarter ended December 31, 2023. Net income was $95 million, or $1.39 per diluted share, for the third quarter ended December 31, 2024, compared with $71 million, or $1.04 per diluted share, for the third quarter ended December 31, 2023. Adjusted net income for the third quarter ended December 31, 2024 was $114 million, or $1.64 per diluted share, compared with $84 million, or $1.22 per diluted share, for the third quarter ended December 31, 2023.

“We are pleased with our results for the third quarter as well as our performance year to date, as we continue to see momentum across our business lines. Given the stronger macro environment, we remain optimistic about the balance of this fiscal year, and our outlook for fiscal 2026 is positive,” stated Scott Adelson, Chief Executive Officer of Houlihan Lokey.

Selected Financial Data

(In thousands, except per share data)

U.S. GAAP

Three Months Ended December 31,

 

Nine Months Ended December 31,

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenues by segment

 

 

 

 

 

 

 

Corporate Finance

$

421,602

 

 

$

310,512

 

 

$

1,114,047

 

 

$

819,247

 

Financial Restructuring

 

130,942

 

 

 

128,565

 

 

 

379,932

 

 

 

366,603

 

Financial and Valuation Advisory

 

81,884

 

 

 

72,053

 

 

 

229,015

 

 

 

208,098

 

Revenues

$

634,428

 

 

$

511,130

 

 

$

1,722,994

 

 

$

1,393,948

 

Operating expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

$

402,971

 

 

$

324,039

 

 

$

1,093,724

 

 

$

884,064

 

Non-compensation

 

95,355

 

 

 

90,551

 

 

 

266,931

 

 

 

249,720

 

Operating income

 

136,102

 

 

 

96,540

 

 

 

362,339

 

 

 

260,164

 

Other income, net

 

(9,016

)

 

 

(6,035

)

 

 

(18,741

)

 

 

(12,336

)

Income before provision for income taxes

 

145,118

 

 

 

102,575

 

 

 

381,080

 

 

 

272,500

 

Provision for income taxes

 

49,816

 

 

 

31,772

 

 

 

103,289

 

 

 

73,276

 

Net income attributable to Houlihan Lokey, Inc.

$

95,302

 

 

$

70,803

 

 

$

277,791

 

 

$

199,224

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to Houlihan Lokey, Inc.

$

1.39

 

 

$

1.04

 

 

$

4.05

 

 

$

2.93

 

Revenues

For the third quarter ended December 31, 2024, revenues were $634 million, compared with $511 million for the third quarter ended December 31, 2023. For the third quarter ended December 31, 2024, Corporate Finance (“CF”) revenues increased 36%, Financial Restructuring (“FR”) revenues increased 2%, and Financial and Valuation Advisory (“FVA”) revenues increased 14%, in each case, when compared with the third quarter ended December 31, 2023.

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 December 31,

($ in thousands)

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

$

402,971

 

 

$

324,039

 

 

$

390,173

 

 

$

314,345

 

% of Revenues

 

63.5

%

 

 

63.4

%

 

 

61.5

%

 

 

61.5

%

Non-compensation

$

95,355

 

 

$

90,551

 

 

$

83,002

 

 

$

82,129

 

% of Revenues

 

15.0

%

 

 

17.7

%

 

 

13.1

%

 

 

16.1

%

Per full-time employee (1)

$

35

 

 

$

34

 

 

$

31

 

 

$

31

 

Provision for income taxes

$

49,816

 

 

$

31,772

 

 

$

56,734

 

 

$

36,584

 

% of Pre-tax income

 

34.3

%

 

 

31.0

%

 

 

33.3

%

 

 

30.3

%

*

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) *

 

Nine Months Ended December 31,

($ in thousands)

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

$

1,093,724

 

 

$

884,064

 

 

$

1,059,641

 

 

$

857,278

 

% of Revenues

 

63.5

%

 

 

63.4

%

 

 

61.5

%

 

 

61.5

%

Non-compensation

$

266,931

 

 

$

249,720

 

 

$

244,211

 

 

$

233,118

 

% of Revenues

 

15.5

%

 

 

17.9

%

 

 

14.2

%

 

 

16.7

%

Per full-time employee (1)

$

101

 

 

$

95

 

 

$

92

 

 

$

88

 

Provision for income taxes

$

103,289

 

 

$

73,276

 

 

$

140,583

 

 

$

92,412

 

% of Pre-tax income

 

27.1

%

 

 

26.9

%

 

 

32.0

%

 

 

29.3

%

*

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 $403 million for the third quarter ended December 31, 2024, compared with $324 million for the third quarter ended December 31, 2023. Adjusted employee compensation and benefits expenses were $390 million for the third quarter ended December 31, 2024, compared with $314 million for the third quarter ended December 31, 2023. This resulted in an adjusted compensation ratio of 61.5% for both the third quarter ended December 31, 2024 and the third quarter ended December 31, 2023. The increase in GAAP and adjusted employee compensation and benefits expenses was a result of an increase in revenues for the quarter when compared with the same quarter last year.

Non-compensation expenses were $95 million for the third quarter ended December 31, 2024, compared with $91 million for the third quarter ended December 31, 2023. The increase in GAAP non-compensation expenses was primarily a result of an increase in rent expense and depreciation and amortization expense, partially offset by a decrease in professional fees. Adjusted non-compensation expenses were relatively flat at $83 million for the third quarter ended December 31, 2024, compared with $82 million for the third quarter ended December 31, 2023.

The provision for income taxes was $50 million, representing an effective tax rate of 34.3% for the third quarter ended December 31, 2024, compared with $32 million, representing an effective tax rate of 31.0% for the third quarter ended December 31, 2023. The adjusted provision for income taxes was $57 million, representing an adjusted effective tax rate of 33.3% for the third quarter ended December 31, 2024, compared with $37 million, representing an adjusted effective tax rate of 30.3% for the third quarter ended December 31, 2023. The increase in the Company’s GAAP and adjusted effective tax rates during the third quarter ended December 31, 2024, relative to the third quarter ended December 31, 2023, was primarily a result of increased state taxes and non-deductible expenses.

Segment Reporting for the Third Fiscal Quarter

Corporate Finance

CF revenues were $422 million for the third quarter ended December 31, 2024, compared with $311 million for the third quarter ended December 31, 2023, representing an increase of 36%. Revenues increased due to an increase in the number of closed transactions during the quarter, which was driven by favorable market conditions for M&A and capital markets transactions. This increase was partially offset by a decrease in the average transaction fee on closed transactions, which was driven by transaction mix, and does not represent a trend in the average fee on closed transactions.

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

($ in thousands)

2024

 

2023

 

2024

 

2023

Corporate Finance

 

 

 

 

 

 

 

Revenues

$

421,602

 

$

310,512

 

$

1,114,047

 

$

819,247

# of Managing Directors

 

238

 

 

219

 

 

238

 

 

219

# of Closed transactions (1)

 

170

 

 

117

 

 

417

 

 

329

 

Financial Restructuring

FR revenues were $131 million for the third quarter ended December 31, 2024, compared with $129 million for the third quarter ended December 31, 2023, representing an increase of 2%. Revenues increased due to an increase in the number of closed transactions during the quarter, which was driven by favorable market conditions for restructuring transactions. This increase was partially offset by a decrease in the average transaction fee on closed transactions, which was driven by transaction mix and does not represent a trend in the average fee on closed transactions.

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

($ in thousands)

2024

 

2023

 

2024

 

2023

Financial Restructuring

 

 

 

 

 

 

 

Revenues

$

130,942

 

$

128,565

 

$

379,932

 

$

366,603

# of Managing Directors

 

57

 

 

52

 

 

57

 

 

52

# of Closed transactions (1)

 

41

 

 

30

 

 

107

 

 

91

 

Financial and Valuation Advisory

FVA revenues were $82 million for the third quarter ended December 31, 2024, compared with $72 million for the third quarter ended December 31, 2023, representing an increase of 14%. Revenues increased due to an increase in the number of Fee Events and an increase in the average fee per Fee Event, driven by improvements in the M&A markets, which impacted one or more of the service lines within our FVA business.

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

($ in thousands)

2024

 

2023

 

2024

 

2023

Financial and Valuation Advisory

 

 

 

 

 

 

 

Revenues

$

81,884

 

$

72,053

 

$

229,015

 

$

208,098

# of Managing Directors

 

42

 

 

41

 

 

42

 

 

41

# of Fee Events (1)

 

1,005

 

 

926

 

 

1,804

 

 

1,704

(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 $0.57 per share of Class A and Class B common stock. The dividend will be payable on March 15, 2025 to stockholders of record as of the close of business on March 3, 2025. As of December 31, 2024, the Company had $903 million of cash and cash equivalents and investment securities, and $66 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 Tuesday, January 28, 2025, to discuss its third quarter fiscal 2025 results. The number to call is 1-844-825-9789 (domestic) or 1-412-317-5180 (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 January 28, 2025 through February 4, 2025, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the passcode 10195795. 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. 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 all global M&A transactions, the No. 1 M&A advisor for the past nine consecutive years in the U.S., the No. 1 global restructuring advisor for the past ten 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 LSEG.

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)

December 31, 2024

 

March 31, 2024

Assets

 

 

 

Cash and cash equivalents

$

799,340

 

 

$

721,235

 

Restricted cash

 

1,452

 

 

 

619

 

Investment securities

 

103,538

 

 

 

38,005

 

Accounts receivable, net of allowance for credit losses

 

166,687

 

 

 

199,630

 

Unbilled work in process, net of allowance for credit losses

 

202,716

 

 

 

192,012

 

Income taxes receivable

 

—

 

 

 

32,856

 

Deferred income taxes

 

83,428

 

 

 

90,064

 

Property and equipment, net

 

140,105

 

 

 

136,701

 

Operating lease right-of-use assets

 

355,937

 

 

 

344,024

 

Goodwill

 

1,280,304

 

 

 

1,127,497

 

Other intangible assets, net

 

222,113

 

 

 

197,439

 

Other assets

 

120,142

 

 

 

90,677

 

Total assets

$

3,475,762

 

 

$

3,170,759

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

Liabilities:

 

 

 

Accrued salaries and bonuses

$

719,301

 

 

$

726,031

 

Accounts payable and accrued expenses

 

123,129

 

 

 

114,171

 

Deferred income

 

40,500

 

 

 

33,139

 

Income taxes payable

 

5,501

 

 

 

—

 

Deferred income taxes

 

7,711

 

 

 

7,505

 

Operating lease liabilities

 

433,032

 

 

 

415,412

 

Other liabilities

 

66,047

 

 

 

37,751

 

Total liabilities

 

1,395,221

 

 

 

1,334,009

 

 

 

 

 

Stockholders' equity:

 

 

 

Class A common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 54,015,734 and 52,348,511 shares, respectively

 

54

 

 

 

52

 

Class B common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 16,129,101 and 16,746,676 shares, respectively

 

16

 

 

 

17

 

Additional paid-in capital

 

851,854

 

 

 

739,870

 

Retained earnings

 

1,314,974

 

 

 

1,163,419

 

Accumulated other comprehensive loss

 

(86,357

)

 

 

(66,608

)

Total stockholders’ equity

 

2,080,541

 

 

 

1,836,750

 

Total liabilities and stockholders’ equity

$

3,475,762

 

 

$

3,170,759

 

 

HOULIHAN LOKEY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

   

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

(In thousands, except share and per share data)

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenues

$

634,428

 

 

$

511,130

 

 

$

1,722,994

 

 

$

1,393,948

 

Operating expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

 

390,173

 

 

 

314,345

 

 

 

1,059,641

 

 

 

857,278

 

Acquisition related compensation and benefits

 

12,798

 

 

 

9,694

 

 

 

34,083

 

 

 

26,786

 

Travel, meals, and entertainment

 

17,942

 

 

 

17,325

 

 

 

50,024

 

 

 

47,494

 

Rent

 

22,259

 

 

 

19,002

 

 

 

56,717

 

 

 

55,418

 

Depreciation and amortization

 

9,561

 

 

 

6,657

 

 

 

25,861

 

 

 

20,275

 

Information technology and communications

 

16,945

 

 

 

15,443

 

 

 

50,889

 

 

 

43,319

 

Professional fees

 

11,744

 

 

 

14,853

 

 

 

29,898

 

 

 

35,269

 

Other operating expenses

 

16,904

 

 

 

17,271

 

 

 

53,542

 

 

 

47,945

 

Total operating expenses

 

498,326

 

 

 

414,590

 

 

 

1,360,655

 

 

 

1,133,784

 

Operating income

 

136,102

 

 

 

96,540

 

 

 

362,339

 

 

 

260,164

 

Other income, net

 

(9,016

)

 

 

(6,035

)

 

 

(18,741

)

 

 

(12,336

)

Income before provision for income taxes

 

145,118

 

 

 

102,575

 

 

 

381,080

 

 

 

272,500

 

Provision for income taxes

 

49,816

 

 

 

31,772

 

 

 

103,289

 

 

 

73,276

 

Net income

$

95,302

 

 

$

70,803

 

 

$

277,791

 

 

$

199,224

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

Basic

 

65,831,122

 

 

 

64,411,668

 

 

 

65,563,605

 

 

 

64,258,216

 

Fully diluted

 

68,760,959

 

 

 

67,886,301

 

 

 

68,558,325

 

 

 

67,896,302

 

Earnings per share attributable to Houlihan Lokey, Inc.

 

 

 

 

 

 

 

Basic

$

1.45

 

 

$

1.10

 

 

$

4.24

 

 

$

3.10

 

Fully diluted

$

1.39

 

 

$

1.04

 

 

$

4.05

 

 

$

2.93

 

 

HOULIHAN LOKEY, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO ADJUSTED FINANCIAL INFORMATION (UNAUDITED)

   

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

(In thousands, except share and per share data)

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenues

$

634,428

 

 

$

511,130

 

 

$

1,722,994

 

 

$

1,393,948

 

 

 

 

 

 

 

 

 

Employee compensation and benefits expenses

 

 

 

 

 

 

 

Employee compensation and benefits expenses (GAAP)

$

402,971

 

 

$

324,039

 

 

$

1,093,724

 

 

$

884,064

 

Less: Acquisition related compensation and benefits

 

(12,798

)

 

 

(9,694

)

 

 

(34,083

)

 

 

(26,786

)

Employee compensation and benefits expenses (adjusted)

 

390,173

 

 

 

314,345

 

 

 

1,059,641

 

 

 

857,278

 

 

 

 

 

 

 

 

 

Non-compensation expenses

 

 

 

 

 

 

 

Non-compensation expenses (GAAP)

$

95,355

 

 

$

90,551

 

 

$

266,931

 

 

$

249,720

 

Less: Acquisition related legal structure reorganization

 

(3,619

)

 

 

(2,603

)

 

 

(4,824

)

 

 

(2,603

)

Less: Integration and acquisition related costs

 

(4,668

)

 

 

(4,259

)

 

 

(8,222

)

 

 

(5,724

)

Less: Acquisition amortization

 

(4,066

)

 

 

(1,560

)

 

 

(9,674

)

 

 

(8,275

)

Non-compensation expenses (adjusted)

 

83,002

 

 

 

82,129

 

 

 

244,211

 

 

 

233,118

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

Operating income (GAAP)

$

136,102

 

 

$

96,540

 

 

$

362,339

 

 

$

260,164

 

Plus: Adjustments (1)

 

25,151

 

 

 

18,116

 

 

 

56,803

 

 

 

43,388

 

Operating income (adjusted)

 

161,253

 

 

 

114,656

 

 

 

419,142

 

 

 

303,552

 

 

 

 

 

 

 

 

 

Other income, net

 

 

 

 

 

 

 

Other income, net (GAAP)

$

(9,016

)

 

$

(6,035

)

 

$

(18,741

)

 

$

(12,336

)

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

 

—

 

 

 

—

 

 

 

(828

)

 

 

816

 

Other income, net (adjusted)

 

(9,016

)

 

 

(6,035

)

 

 

(19,569

)

 

 

(11,520

)

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

 

 

 

 

 

Provision for income taxes (GAAP)

$

49,816

 

 

$

31,772

 

 

$

103,289

 

 

$

73,276

 

Plus: Impact of the excess tax benefit for stock vesting

 

—

 

 

 

—

 

 

 

21,921

 

 

 

7,299

 

Less: Reversal of deferred tax asset

 

—

 

 

 

—

 

 

 

(1,690

)

 

 

—

 

Less: Non-deductible acquisition related costs

 

(1,462

)

 

 

(679

)

 

 

(1,462

)

 

 

(679

)

Adjusted provision for income taxes

 

48,354

 

 

 

31,093

 

 

 

122,058

 

 

 

79,896

 

Plus: Resulting tax impact (2)

 

8,380

 

 

 

5,491

 

 

 

18,525

 

 

 

12,516

 

Provision for income taxes (adjusted)

 

56,734

 

 

 

36,584

 

 

 

140,583

 

 

 

92,412

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

Net income (GAAP)

$

95,302

 

 

$

70,803

 

 

$

277,791

 

 

$

199,224

 

Plus/(less): Adjustments (3)

 

18,233

 

 

 

13,304

 

 

 

20,337

 

 

 

23,436

 

Net income (adjusted)

$

113,535

 

 

$

84,107

 

 

 

298,128

 

 

 

222,660

 

 

 

 

 

 

 

 

 

Fully diluted shares outstanding

 

 

 

 

 

 

 

Fully diluted shares outstanding (GAAP)

 

68,760,959

 

 

 

67,886,301

 

 

 

68,558,325

 

 

 

67,896,302

 

Plus: Impact of unvested GCA retention and deferred share awards

 

334,677

 

 

 

968,515

 

 

 

454,494

 

 

 

1,148,657

 

Fully diluted shares outstanding (adjusted)

 

69,095,636

 

 

 

68,854,816

 

 

 

69,012,819

 

 

 

69,044,959

 

 

 

 

 

 

 

 

 

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

$

1.39

 

 

$

1.04

 

 

$

4.05

 

 

$

2.93

 

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

$

1.64

 

 

$

1.22

 

 

$

4.32

 

 

$

3.22

 

(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.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250128536027/en/

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