(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Emerging growth company |
Date: | July 27, 2023 | Houlihan Lokey, Inc. | ||||||||||||
By: | /s/ J. Lindsey Alley | |||||||||||||
Name: J. Lindsey Alley | ||||||||||||||
Position: Chief Financial Officer |
Exhibit No. | Description | |||||||
99.1 |
(In thousands, except per share data) | U.S. GAAP | ||||||||||
Three Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Revenues by segment | |||||||||||
Corporate Finance | $ | 227,051 | $ | 263,951 | |||||||
Financial Restructuring | 123,368 | 78,838 | |||||||||
Financial and Valuation Advisory | 65,410 | 75,855 | |||||||||
Revenues | $ | 415,829 | $ | 418,644 | |||||||
Operating expenses: | |||||||||||
Employee compensation and benefits | $ | 263,483 | $ | 265,735 | |||||||
Non-compensation expenses | 78,999 | 75,339 | |||||||||
Operating income | 73,347 | 77,570 | |||||||||
Other (income)/expense, net | (3,005) | 1,749 | |||||||||
Income before provision for income taxes | 76,352 | 75,821 | |||||||||
Provision for income taxes | 14,962 | 5,039 | |||||||||
Net income | $ | 61,390 | $ | 70,782 | |||||||
Diluted earnings per share attributable to Houlihan Lokey, Inc. | $ | 0.90 | $ | 1.03 |
U.S. GAAP | Adjusted (Non-GAAP) * | ||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||
($ in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Employee compensation and benefits | $ | 263,483 | $ | 265,735 | $ | 255,733 | $ | 257,467 | |||||||||||||||
% of Revenues | 63.4 | % | 63.5 | % | 61.5 | % | 61.5 | % | |||||||||||||||
Non-compensation | $ | 78,999 | $ | 75,339 | $ | 75,644 | $ | 59,574 | |||||||||||||||
% of Revenues | 19.0 | % | 18.0 | % | 18.2 | % | 14.2 | % | |||||||||||||||
Non-compensation per full time employee (1) | $ | 30 | $ | 33 | $ | 29 | $ | 26 | |||||||||||||||
Provision for income taxes | $ | 14,962 | $ | 5,039 | $ | 25,499 | $ | 25,205 | |||||||||||||||
% of Pre-tax income | 19.6 | % | 6.6 | % | 29.2 | % | 24.9 | % |
Three Months Ended June 30, | |||||||||||
($ in thousands) | 2023 | 2022 | |||||||||
Corporate Finance | |||||||||||
Revenues | $ | 227,051 | $ | 263,951 | |||||||
# of Managing Directors | 225 | 217 | |||||||||
# of Closed transactions (1) | 95 | 124 |
Three Months Ended June 30, | |||||||||||
($ in thousands) | 2023 | 2022 | |||||||||
Financial Restructuring | |||||||||||
Revenues | $ | 123,368 | $ | 78,838 | |||||||
# of Managing Directors | 59 | 55 | |||||||||
# of Closed transactions (1) | 30 | 16 |
Three Months Ended June 30, | |||||||||||
($ in thousands) | 2023 | 2022 | |||||||||
Financial and Valuation Advisory | |||||||||||
Revenues | $ | 65,410 | $ | 75,855 | |||||||
# of Managing Directors | 42 | 42 | |||||||||
# of Fee Events (1) | 786 | 876 |
Investor Relations 212.331.8225 IR@HL.com | OR | Public Relations 212.331.8223 PR@HL.com |
(In thousands, except share data and par value) | June 30, 2023 | March 31, 2023 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 456,116 | $ | 714,439 | |||||||
Restricted cash | 373 | 373 | |||||||||
Investment securities | 33,860 | 37,309 | |||||||||
Accounts receivable, net of allowance for credit losses | 137,551 | 182,029 | |||||||||
Unbilled work in process, net of allowance for credit losses | 104,911 | 115,045 | |||||||||
Income taxes receivable | 15,964 | 17,693 | |||||||||
Deferred income taxes | 108,990 | 104,941 | |||||||||
Property and equipment, net | 101,151 | 88,345 | |||||||||
Operating lease right-of-use assets | 379,336 | 333,877 | |||||||||
Goodwill | 1,090,597 | 1,087,784 | |||||||||
Other intangible assets, net | 200,151 | 203,370 | |||||||||
Other assets | 77,821 | 83,609 | |||||||||
Total assets | $ | 2,706,821 | $ | 2,968,814 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Liabilities: | |||||||||||
Accrued salaries and bonuses | $ | 473,464 | $ | 765,877 | |||||||
Accounts payable and accrued expenses | 91,100 | 113,421 | |||||||||
Deferred income | 39,442 | 40,695 | |||||||||
Deferred income taxes | 285 | 544 | |||||||||
Operating lease liabilities | 429,085 | 374,869 | |||||||||
Other liabilities | 58,392 | 60,111 | |||||||||
Total liabilities | 1,091,768 | 1,355,517 | |||||||||
Stockholders' equity: | |||||||||||
Class A common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 51,296,601 and 50,638,924 shares, respectively | 51 | 51 | |||||||||
Class B common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 18,035,565 and 18,048,345 shares, respectively | 18 | 18 | |||||||||
Additional paid-in capital | 616,315 | 642,970 | |||||||||
Retained earnings | 1,058,509 | 1,033,072 | |||||||||
Accumulated other comprehensive loss | (59,840) | (62,814) | |||||||||
Total stockholders’ equity | 1,615,053 | 1,613,297 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,706,821 | $ | 2,968,814 |
Three Months Ended June 30, | |||||||||||
(In thousands, except share and per share data) | 2023 | 2022 | |||||||||
Revenues | $ | 415,829 | $ | 418,644 | |||||||
Operating expenses: | |||||||||||
Employee compensation and benefits | 263,483 | 265,735 | |||||||||
Travel, meals, and entertainment | 16,018 | 11,050 | |||||||||
Rent | 17,403 | 11,790 | |||||||||
Depreciation and amortization | 6,532 | 19,143 | |||||||||
Information technology and communications | 13,548 | 10,990 | |||||||||
Professional fees | 9,557 | 6,469 | |||||||||
Other operating expenses | 15,941 | 15,897 | |||||||||
Total operating expenses | 342,482 | 341,074 | |||||||||
Operating income | 73,347 | 77,570 | |||||||||
Other (income)/expense, net | (3,005) | 1,749 | |||||||||
Income before provision for income taxes | 76,352 | 75,821 | |||||||||
Provision for income taxes | 14,962 | 5,039 | |||||||||
Net income | $ | 61,390 | $ | 70,782 | |||||||
Weighted average shares of common stock outstanding: | |||||||||||
Basic | 63,806,156 | 63,277,596 | |||||||||
Fully diluted | 68,000,392 | 68,828,246 | |||||||||
Earnings per share attributable to Houlihan Lokey, Inc. | |||||||||||
Basic | $ | 0.96 | $ | 1.12 | |||||||
Fully diluted | $ | 0.90 | $ | 1.03 |
Three Months Ended June 30, | |||||||||||
(In thousands, except share and per share data) | 2023 | 2022 | |||||||||
Revenues | $ | 415,829 | $ | 418,644 | |||||||
Employee compensation and benefits expenses | |||||||||||
Employee compensation and benefits expenses (GAAP) | $ | 263,483 | $ | 265,735 | |||||||
Less: Acquisition related retention payments | (7,750) | (8,268) | |||||||||
Employee compensation and benefits expenses (adjusted) | 255,733 | 257,467 | |||||||||
Non-compensation expenses | |||||||||||
Non-compensation expenses (GAAP) | $ | 78,999 | $ | 75,339 | |||||||
Less: Acquisition amortization | (3,355) | (15,765) | |||||||||
Non-compensation expenses (adjusted) | 75,644 | 59,574 | |||||||||
Operating income | |||||||||||
Operating income (GAAP) | $ | 73,347 | $ | 77,570 | |||||||
Plus: Adjustments (1) | 11,105 | 24,033 | |||||||||
Operating income (adjusted) | 84,452 | 101,603 | |||||||||
Other (income)/expense, net | |||||||||||
Other (income)/expense, net (GAAP) | $ | (3,005) | $ | 1,749 | |||||||
Less: Warrant revaluation | — | (1,250) | |||||||||
Other (income)/expense, net (adjusted) | (3,005) | 499 | |||||||||
Provision for income taxes | |||||||||||
Provision for income taxes (GAAP) | $ | 14,962 | $ | 5,039 | |||||||
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 | 22,261 | 18,903 | |||||||||
Plus: Resulting tax impact (2) | 3,238 | 6,302 | |||||||||
Provision for income taxes (adjusted) | 25,499 | 25,205 | |||||||||
Net income | |||||||||||
Net income (GAAP) | $ | 61,390 | $ | 70,782 | |||||||
Plus: Adjustments (3) | 568 | 5,117 | |||||||||
Net income (adjusted) | 61,958 | 75,899 | |||||||||
Fully diluted shares outstanding | |||||||||||
Fully diluted shares outstanding (GAAP) | 68,000,392 | 68,828,246 | |||||||||
Plus: Impact of unvested GCA retention and deferred share awards | 1,472,899 | — | |||||||||
Fully diluted shares outstanding (adjusted) | 69,473,291 | 68,828,246 | |||||||||
Diluted EPS attributable to Houlihan Lokey, Inc. (GAAP) | $ | 0.90 | $ | 1.03 | |||||||
Diluted EPS attributable to Houlihan Lokey, Inc. (adjusted) | $ | 0.89 | $ | 1.10 |
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Cover Page Document |
Jul. 27, 2023 |
---|---|
Cover page [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 27, 2023 |
Entity Registrant Name | Houlihan Lokey, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-37537 |
Entity Tax Identification Number | 95-2770395 |
Entity Address, Address Line One | 10250 Constellation Blvd. |
Entity Address, Address Line Two | 5th Floor |
Entity Address, City or Town | Los Angeles |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 90067 |
City Area Code | 310 |
Local Phone Number | 788-5200 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, par value $0.001 |
Trading Symbol | HLI |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001302215 |
Amendment Flag | false |
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