Houlihan Lokey Reports Fiscal Year and Fourth Quarter 2021 Financial Results

Record Fiscal Year 2021 Revenues of $1.53 billion

Fiscal Year 2021 Diluted EPS of $4.55

Adjusted Fiscal Year 2021 Diluted EPS of $4.62

Fourth Quarter Fiscal 2021 Revenues of $501 million

Fourth Quarter Fiscal 2021 Diluted EPS of $1.44

Adjusted Fourth Quarter Fiscal 2021 Diluted EPS of $1.51

Announces a 30% Increase in the Quarterly Dividend to $0.43 per Share

Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its fiscal year and fourth quarter ended March 31, 2021. For the fiscal year, revenues grew 32% to a fiscal year record of $1.53 billion, compared with $1.16 billion for the fiscal year ended March 31, 2020. For the fourth quarter ended March 31, 2021, revenues increased 65% to $501 million, compared with $303 million for the fourth quarter ended March 31, 2020.

Net income was $313 million, or $4.55 per diluted share, for the fiscal year ended March 31, 2021, compared with $184 million, or $2.80 per diluted share, for the fiscal year ended March 31, 2020. Adjusted net income for the fiscal year ended March 31, 2021 grew 51% to $317 million, or $4.62 per diluted share, compared with $211 million, or $3.20 per diluted share, for the fiscal year ended March 31, 2020.

Net income was $99 million, or $1.44 per diluted share, for the fourth quarter ended March 31, 2021, compared with $59 million, or $0.90 per diluted share, for the fourth quarter ended March 31, 2020. Adjusted net income for the fourth quarter ended March 31, 2021 was $104 million, or $1.51 per diluted share, compared with $63 million, or $0.96 per diluted share, for the fourth quarter ended March 31, 2020.

“Fiscal 2021 was a roller coaster year, with the first half led by restructuring and then followed by a very robust market for our M&A and valuation businesses. Houlihan Lokey’s employees, once again, rose to the challenge and achieved record revenues for the 9th consecutive fiscal year. Our business performed exceptionally well and all three product lines did as they were designed to do. We remain committed to building upon a business model that will continue to provide growth and stability to our stakeholders” 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,

2021

 

2020

 

2021

 

2020

Revenues

$

500,704

 

 

$

302,694

 

 

$

1,525,452

 

 

$

1,159,368

 

Operating expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

317,082

 

 

186,706

 

 

971,195

 

 

737,762

 

Non-compensation expenses

43,346

 

 

47,333

 

 

146,100

 

 

192,005

 

Operating income

140,276

 

 

68,655

 

 

408,157

 

 

229,601

 

Other (income)/expense, net

473

 

 

(2,259)

 

 

(1,071)

 

 

(6,046)

 

Income before provision for income taxes

139,803

 

 

70,914

 

 

409,228

 

 

235,647

 

Provision for income taxes

40,437

 

 

11,900

 

 

96,457

 

 

51,854

 

Net income attributable to Houlihan Lokey, Inc.

$

99,366

 

 

$

59,014

 

 

$

312,771

 

 

$

183,793

 

 

 

 

 

 

 

 

 

Diluted earnings per share

$

1.44

 

 

$

0.90

 

 

$

4.55

 

 

$

2.80

 

Revenues

For the fiscal year ended March 31, 2021, revenues increased to $1.53 billion, compared with $1.16 billion for the fiscal year ended March 31, 2020. For the fiscal year, Corporate Finance (“CF”) revenues increased 24%, Financial Restructuring (“FR”) revenues increased 52%, and Financial and Valuation Advisory (“FVA”) revenues increased 17% when compared with the fiscal year ended March 31, 2020.

For the fourth quarter ended March 31, 2021, revenues increased to $501 million, compared with $303 million for the fourth quarter ended March 31, 2020. For the fourth quarter ended March 31, 2021, CF revenues increased 93%, FR revenues increased 38%, and FVA revenues increased 32% when compared with the fourth quarter ended March 31, 2020.

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,

(Dollars in thousands)

2021

 

2020

 

2021

 

2020

Expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

$

971,195

 

 

$

737,762

 

 

$

953,409

 

 

$

706,019

 

% of Revenues

63.7

%

 

63.6

%

 

62.5

%

 

60.9

%

Non-compensation

$

146,100

 

 

$

192,005

 

 

$

139,527

 

 

$

176,476

 

% of Revenues

9.6

%

 

16.6

%

 

9.1

%

 

15.2

%

Provision for Income Taxes

$

96,457

 

 

$

51,854

 

 

$

116,418

 

 

$

71,078

 

% of Pre-Tax Income

23.6

%

 

22.0

%

 

26.9

%

 

25.2

%

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,

(Dollars in thousands)

2021

 

2020

 

2021

 

2020

Expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

$

317,082

 

 

$

186,706

 

 

$

311,531

 

 

$

184,415

 

% of Revenues

63.3

%

 

61.7

%

 

62.2

%

 

60.9

%

Non-compensation

$

43,346

 

 

$

47,333

 

 

$

42,265

 

 

$

45,063

 

% of Revenues

8.7

%

 

15.6

%

 

8.4

%

 

14.9

%

Provision for Income Taxes

$

40,437

 

 

$

11,900

 

 

$

42,410

 

 

$

11,230

 

% of Pre-Tax Income

28.9

%

 

16.8

%

 

29.0

%

 

15.1

%

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, 2021 Compared to the Year Ended March 31, 2020

Employee compensation and benefits expenses were $971 million for the fiscal year ended March 31, 2021, compared with $738 million for the fiscal year ended March 31, 2020. This resulted in a GAAP compensation ratio of 63.7% for the fiscal year ended March 31, 2021, compared with 63.6% for the fiscal year ended March 31, 2020. Adjusted employee compensation and benefits expenses were $953 million for the fiscal year ended March 31, 2021, compared with $706 million for the fiscal year ended March 31, 2020. This resulted in an adjusted compensation ratio of 62.5% for the fiscal year ended March 31, 2021, compared with 60.9% for the fiscal year ended March 31, 2020. 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 last year.

Non-compensation expenses were $146 million for the fiscal year ended March 31, 2021, compared with $192 million for the fiscal year ended March 31, 2020. Adjusted non-compensation expenses were $140 million for the fiscal year ended March 31, 2021, compared with $176 million for the fiscal year ended March 31, 2020. The decrease in GAAP and adjusted non-compensation expenses was primarily driven by lower travel, meals, and entertainment expenses and other operating expenses. The decrease in travel, meals, and entertainment expenses was primarily driven by reduced travel and entertainment activity as a result of the COVID-19 pandemic. The decrease in other operating expenses was due to a reduction in other miscellaneous costs, also driven in large part by the COVID-19 pandemic.

The provision for income taxes was $96 million, representing an effective tax rate of 23.6% for the fiscal year ended March 31, 2021, compared with $52 million, representing an effective tax rate of 22.0% for the fiscal year ended March 31, 2020. The adjusted provision for income taxes was $116 million, representing an adjusted effective tax rate of 26.9% for the fiscal year ended March 31, 2021, compared with $71 million, representing an adjusted effective tax rate of 25.2% for the fiscal year ended March 31, 2020. The increase in the Company’s GAAP and adjusted effective tax rate during the year ended March 31, 2021 relative to the year ended March 31, 2020 was primarily the result of a beneficial state true-up that occurred in the quarter ended March 31, 2020 that did not repeat in the quarter ended March 31, 2021.

Quarter Ended March 31, 2021 Compared to the Quarter Ended March 31, 2020

Employee compensation and benefits expenses were $317 million for the fourth quarter ended March 31, 2021, compared with $187 million for the fourth quarter ended March 31, 2020. This resulted in a GAAP compensation ratio of 63.3% for the fourth quarter ended March 31, 2021, compared with 61.7% for the fourth quarter ended March 31, 2020. Adjusted employee compensation and benefits expenses were $312 million for the fourth quarter ended March 31, 2021, compared with $184 million for the fourth quarter ended March 31, 2020. This resulted in an adjusted compensation ratio of 62.2% for the fourth quarter ended March 31, 2021, compared with 60.9% for the fourth quarter ended March 31, 2020. The increase in GAAP and adjusted employee compensation and benefits expenses was primarily a result of an increase in revenues.

Non-compensation expenses were $43 million for the fourth quarter ended March 31, 2021, compared with $47 million for the fourth quarter ended March 31, 2020. Adjusted non-compensation expenses were $42 million for the quarter ended March 31, 2021, compared with $45 million for the fourth quarter ended March 31, 2020. The decrease in GAAP and adjusted non-compensation expenses was primarily driven by lower travel, meals, and entertainment expenses. The decrease in travel, meals, and entertainment expenses was primarily driven by reduced travel and entertainment activity as a result of the COVID-19 pandemic.

The provision for income taxes was $40 million, representing an effective tax rate of 28.9% for the fourth quarter ended March 31, 2021, compared with $12 million, representing an effective tax rate of 16.8% for the fourth quarter ended March 31, 2020. The adjusted provision for income taxes was $42 million, representing an adjusted effective tax rate of 29.0% for the fourth quarter ended March 31, 2021, compared with $11 million, representing an adjusted effective tax rate of 15.1% for the fourth quarter ended March 31, 2020. The increase in the Company’s GAAP and adjusted effective tax rate during the quarter ended March 31, 2021 relative to the quarter ended March 31, 2020 was primarily the result of a beneficial state true-up that occurred in the quarter ended March 31, 2020 that did not repeat in the quarter ended March 31, 2021.

Segment Reporting for the Fourth Quarter

Corporate Finance

CF revenues increased 93% to $301 million for the fourth quarter ended March 31, 2021, compared with $156 million for the fourth quarter ended March 31, 2020. Revenues increased primarily due to a significant increase in the number of closed transactions and the average transaction fee on closed transactions.

 

Three Months Ended March 31,

 

Year Ended March 31,

(Dollars in thousands)

2021

 

2020

 

2021

 

2020

Corporate Finance

 

 

 

 

 

 

 

Revenues

$

300,662

 

 

$

156,081

 

 

$

802,853

 

 

$

646,788

 

# of Managing Directors

120

 

 

123

 

 

120

 

 

123

 

# of Closed transactions (1)

151

 

 

84

 

 

360

 

 

309

 

Financial Restructuring

FR revenues increased 38% to $143 million for the fourth quarter ended March 31, 2021, compared with $103 million for the fourth quarter ended March 31, 2020. Revenues increased primarily due to an increase in the number of closed transactions and average transaction fee on closed transactions.

 

Three Months Ended March 31,

 

Year Ended March 31,

(Dollars in thousands)

2021

 

2020

 

2021

 

2020

Financial Restructuring

 

 

 

 

 

 

 

Revenues

$

142,741

 

 

$

103,079

 

 

$

534,747

 

 

$

352,517

 

# of Managing Directors

47

 

 

45

 

 

47

 

 

45

 

# of Closed transactions (1)

35

 

 

29

 

 

138

 

 

99

 

Financial and Valuation Advisory

FVA revenues increased 32% to $57 million for the quarter ended March 31, 2021, compared with $44 million for the fourth quarter ended March 31, 2020. Revenues increased primarily due to an increase in the number of fee events and average fee per fee event.

 

Three Months Ended March 31,

 

Year Ended March 31,

(Dollars in thousands)

2021

 

2020

 

2021

 

2020

Financial and Valuation Advisory

 

 

 

 

 

 

 

Revenues

$

57,301

 

 

$

43,534

 

 

$

187,852

 

 

$

160,063

 

# of Managing Directors

31

 

 

30

 

 

31

 

 

30

 

# of Fee Events (1)

765

 

 

624

 

 

1,540

 

 

1,385

 

  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.

Balance Sheet and Capital Allocation

The Board of Directors of the Company declared a regular quarterly cash dividend of $0.43 per share of Class A and Class B common stock. The dividend will be payable on June 15, 2021 to stockholders of record as of the close of business on June 2, 2021.

As of March 31, 2021, the Company had $1.1 billion of cash and cash equivalents and investment securities, and $56 million of other liabilities and loans payable to former shareholders.

Investor Conference Call and Webcast

The Company will host a conference call and live webcast at 5:00 p.m. Eastern Time on Tuesday, May 11, 2021, to discuss its full year and fourth quarter fiscal 2021 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 May 11, 2021 through May 18, 2021, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the passcode 13718782#. 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 M&A advisor for the past six consecutive years in the U.S., the No. 1 global restructuring advisor for the past seven 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 Balance Sheet (Unaudited)

Condensed Consolidated Statement 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)

March 31, 2021

 

March 31, 2020

Assets

 

 

 

Cash and cash equivalents

$

846,851

 

 

$

380,373

 

Restricted cash

373

 

 

373

 

Investment securities

208,618

 

 

135,389

 

Accounts receivable, net of allowance for credit losses

108,409

 

 

80,912

 

Unbilled work in process, net of allowance for credit losses

118,115

 

 

39,821

 

Income taxes receivable

 

 

4,282

 

Deferred income taxes

28,332

 

 

6,507

 

Property and equipment, net

46,370

 

 

42,372

 

Operating lease right-of-use assets

152,031

 

 

135,240

 

Goodwill and other intangibles, net

866,221

 

 

812,844

 

Other assets

50,747

 

 

38,890

 

Total assets

$

2,426,067

 

 

$

1,677,003

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

Liabilities:

 

 

 

Accrued salaries and bonuses

$

648,399

 

 

$

420,376

 

Accounts payable and accrued expenses

67,468

 

 

53,883

 

Deferred income

27,868

 

 

26,780

 

Income taxes payable

68,339

 

 

 

Deferred income taxes

52

 

 

664

 

Loans payable to former shareholders

818

 

 

1,393

 

Loan payable to non-affiliate

 

 

3,283

 

Operating lease liabilities

174,516

 

 

154,218

 

Other liabilities

55,046

 

 

32,024

 

Total liabilities

1,042,506

 

 

692,621

 

 

 

 

 

Stockholders' equity:

 

 

 

Class A common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 51,245,442 and 46,178,633 shares, respectively

51

 

 

46

 

Class B common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 16,951,696 and 19,345,277 shares, respectively

17

 

 

19

 

Additional paid-in capital

803,573

 

 

649,954

 

Retained earnings

600,096

 

 

377,471

 

Accumulated other comprehensive (loss)

(20,176)

 

 

(43,108)

 

Total stockholders' equity

1,383,561

 

 

984,382

 

Total liabilities and stockholders' equity

$

2,426,067

 

 

$

1,677,003

 

 

 

 

 

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)

2021

 

2020

 

2021

 

2020

Revenues

$

500,704

 

 

$

302,694

 

 

$

1,525,452

 

 

$

1,159,368

 

Operating expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

317,082

 

 

186,706

 

 

971,195

 

 

737,762

 

Travel, meals, and entertainment

2,111

 

 

9,185

 

 

6,527

 

 

41,945

 

Rent

9,223

 

 

10,239

 

 

39,233

 

 

44,693

 

Depreciation and amortization

3,937

 

 

5,011

 

 

15,228

 

 

17,291

 

Information technology and communications

9,114

 

 

7,427

 

 

31,646

 

 

26,904

 

Professional fees

8,259

 

 

5,210

 

 

24,681

 

 

21,704

 

Other operating expenses

10,702

 

 

10,261

 

 

28,785

 

 

39,468

 

Total operating expenses

360,428

 

 

234,039

 

 

1,117,295

 

 

929,767

 

Operating income

140,276

 

 

68,655

 

 

408,157

 

 

229,601

 

Other (income)/expense, net

473

 

 

(2,259)

 

 

(1,071)

 

 

(6,046)

 

Income before provision for income taxes

139,803

 

 

70,914

 

 

409,228

 

 

235,647

 

Provision for income taxes

40,437

 

 

11,900

 

 

96,457

 

 

51,854

 

Net income attributable to Houlihan Lokey, Inc.

$

99,366

 

 

$

59,014

 

 

$

312,771

 

 

$

183,793

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

Basic

66,104,427

 

 

62,011,301

 

 

65,785,042

 

 

62,152,870

 

Fully diluted

68,899,634

 

 

65,590,918

 

 

68,671,248

 

 

65,725,516

 

Earnings per share

 

 

 

 

 

 

 

Basic

$

1.50

 

 

$

0.95

 

 

$

4.75

 

 

$

2.96

 

Fully diluted

$

1.44

 

 

$

0.90

 

 

$

4.55

 

 

$

2.80

 

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)

2021

 

2020

 

2021

 

2020

Revenues

$

500,704

 

 

$

302,694

 

 

$

1,525,452

 

 

$

1,159,368

 

 

 

 

 

 

 

 

 

Employee compensation and benefits expenses

 

 

 

 

 

 

 

Employee compensation and benefits expenses (GAAP)

$

317,082

 

 

$

186,706

 

 

$

971,195

 

 

$

737,762

 

(Less)/plus: Pre-IPO grant vesting

 

 

(6,055)

 

 

 

 

(24,324)

 

(Less)/plus: Acquisition related retention payments

(5,551)

 

 

3,764

 

 

(17,786)

 

 

(7,419)

 

Employee compensation and benefits expenses (adjusted)

311,531

 

 

184,415

 

 

953,409

 

 

706,019

 

 

 

 

 

 

 

 

 

Non-compensation expenses

 

 

 

 

 

 

 

Non-compensation expenses (GAAP)

$

43,346

 

 

$

47,333

 

 

$

146,100

 

 

$

192,005

 

(Less)/plus: Secondary offering related costs

 

 

 

 

(418)

 

 

(665)

 

(Less)/plus: Acquisition related costs

 

 

 

 

(1,258)

 

 

(579)

 

(Less)/plus: Acquisition amortization

(1,081)

 

 

(2,270)

 

 

(4,161)

 

 

(7,454)

 

(Less)/plus: Oracle ERP implementation

 

 

 

 

(736)

 

 

 

(Less)/plus: London office buildout

 

 

 

 

 

 

(6,831)

 

Non-compensation expenses (adjusted)

42,265

 

 

45,063

 

 

139,527

 

 

176,476

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

Operating income (GAAP)

$

140,276

 

 

$

68,655

 

 

$

408,157

 

 

$

229,601

 

(Less)/plus: Adjustments (1)

6,632

 

 

4,561

 

 

24,359

 

 

47,272

 

Operating income (adjusted)

146,908

 

 

73,216

 

 

432,516

 

 

276,873

 

 

 

 

 

 

 

 

 

Other (income)/expense, net

 

 

 

 

 

 

 

Other (income)/expense, net (GAAP)

$

473

 

 

$

(2,259)

 

 

$

(1,071)

 

 

$

(6,046)

 

Less/(plus): Reduction of acquisition earnout liabilities

 

 

1,220

 

 

 

 

1,220

 

Other (income)/expense, net (adjusted)

473

 

 

(1,039)

 

 

(1,071)

 

 

(4,826)

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

 

 

 

 

 

Provision for income taxes (GAAP)

$

40,437

 

 

$

11,900

 

 

$

96,457

 

 

$

51,854

 

(Less)/plus: Impact of the excess tax benefit for stock vesting

 

 

 

 

13,408

 

 

7,605

 

Adjusted provision for income taxes

40,437

 

 

11,900

 

 

109,865

 

 

59,459

 

(Less)/plus: Resulting tax impact (2)

1,973

 

 

(670)

 

 

6,553

 

 

11,619

 

Provision for income taxes (adjusted)

42,410

 

 

11,230

 

 

116,418

 

 

71,078

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

Net income (GAAP)

$

99,366

 

 

$

59,014

 

 

$

312,771

 

 

$

183,793

 

(Less)/plus: adjustments (3)

4,659

 

 

4,011

 

 

4,398

 

 

26,828

 

Net income (adjusted)

104,025

 

 

63,025

 

 

317,169

 

 

210,621

 

 

 

 

 

 

 

 

 

Diluted EPS (GAAP)

$

1.44

 

 

$

0.90

 

 

$

4.55

 

 

$

2.80

 

Diluted EPS (adjusted)

$

1.51

 

 

$

0.96

 

 

$

4.62

 

 

$

3.20

 

  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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