Houlihan Lokey (HLI) 8-K/A Houlihan Lokey Reports Certain Revised Financial Information

Exhibit 99.2

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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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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