0001302215-24-000002.txt : 20240202 0001302215-24-000002.hdr.sgml : 20240202 20240201190116 ACCESSION NUMBER: 0001302215-24-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240201 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240202 DATE AS OF CHANGE: 20240201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HOULIHAN LOKEY, INC. CENTRAL INDEX KEY: 0001302215 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] ORGANIZATION NAME: 02 Finance IRS NUMBER: 952770395 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37537 FILM NUMBER: 24588374 BUSINESS ADDRESS: STREET 1: HOULIHAN LOKEY, INC. STREET 2: 10250 CONSTELLATION BLVD., 5TH FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90067 BUSINESS PHONE: 310.553.8871 MAIL ADDRESS: STREET 1: HOULIHAN LOKEY, INC. STREET 2: 10250 CONSTELLATION BLVD., 5TH FLOOR CITY: LOS ANGELES STATE: CA ZIP: 90067 FORMER COMPANY: FORMER CONFORMED NAME: HOULIHAN LOKEY HOWARD & ZUKIN INC DATE OF NAME CHANGE: 20040902 8-K 1 hli-20240201.htm 8-K hli-20240201
0001302215false00013022152024-02-012024-02-01

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934


Date of report (Date of earliest event reported):
February 1, 2024
Houlihan Lokey, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware 001-37537 95-2770395
(State or Other Jurisdiction of
Incorporation)
 (Commission File Number) (IRS Employer
Identification No.)
10250 Constellation Blvd.
5th Floor
Los Angeles, California 90067
(Address of principal executive offices) (Zip Code)

310-788-5200
Registrant’s telephone number, including area code:

N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.001HLINew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



Item 2.02.    Results of Operations and Financial Condition.

On February 1, 2024, Houlihan Lokey, Inc. issued a press release announcing its financial results for the third fiscal quarter ended December 31, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information in Item 2.02 of this Current Report on Form 8-K, including the information contained in Exhibit 99.1, is being furnished to the Securities and Exchange Commission pursuant to Item 2.02, and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by a specific reference in such filing.

Item 9.01.    Financial Statements and Exhibits.

(d)  Exhibits

104    Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date:February 1, 2024Houlihan Lokey, Inc.
  
  
 By:/s/ J. Lindsey Alley 
  Name: J. Lindsey Alley 
  Position: Chief Financial Officer 




EXHIBIT INDEX
Exhibit No.Description
99.1


EX-99.1 2 q3fy24-ex991.htm EX-99.1 Document
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Houlihan Lokey Reports Third Quarter Fiscal 2024 Financial Results

Third Quarter Fiscal 2024 Revenues of $511 million
Third Quarter Fiscal 2024 Diluted EPS of $1.04
Adjusted Third Quarter Fiscal 2024 Diluted EPS of $1.22
Announces Dividend of $0.55 per Share for Fourth Quarter Fiscal 2024

LOS ANGELES and NEW YORK - February 1, 2024 - Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its third quarter ended December 31, 2023.
For the third quarter ended December 31, 2023, revenues were $511 million, compared with $456 million for the third quarter ended December 31, 2022. Net income was $71 million, or $1.04 per diluted share, for the third quarter ended December 31, 2023, compared with $63 million, or $0.90 per diluted share, for the third quarter ended December 31, 2022. Adjusted net income for the third quarter ended December 31, 2023 was $84 million, or $1.22 per diluted share, compared with $79 million, or $1.14 per diluted share, for the third quarter ended December 31, 2022.
“Houlihan Lokey continues to see measured improvements in the M&A markets, helping to drive a 9% increase in revenues for our fiscal third quarter when compared to our second fiscal quarter. In addition, we once again distinguished ourselves in the industry. I am proud to announce that in calendar year 2023, we were recognized as the No. 1 M&A advisor globally based on number of completed transactions, the No. 1 restructuring advisor globally based on both the number of completed transactions and value, and the No. 1 most active fairness opinion advisor by volume for the past 25 years, per LSEG. We believe we are well positioned to continue to create long term value for our shareholders as M&A markets improve,” stated Scott Beiser, 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,
2023202220232022
Revenues by segment
Corporate Finance$310,512 $291,734 $819,247 $870,701 
Financial Restructuring128,565 98,819 366,603 275,351 
Financial and Valuation Advisory72,053 65,946 208,098 218,628 
Revenues
$511,130 $456,499 $1,393,948 $1,364,680 
Operating expenses:
Employee compensation and benefits$324,039 $289,348 $884,064 $864,942 
Non-compensation90,551 82,978 249,720 248,624 
Operating income
96,540 84,173 260,164 251,114 
Other (income)/expense, net(6,035)563 (12,336)7,416 
Income before provision for income taxes
102,575 83,610 272,500 243,698 
Provision for income taxes31,772 20,559 73,276 49,135 
Net income attributable to Houlihan Lokey, Inc.$70,803 $63,051 $199,224 $194,563 
Diluted earnings per share attributable to Houlihan Lokey, Inc.
$1.04 $0.90 $2.93 $2.80 

Revenues

For the third quarter ended December 31, 2023, revenues were $511 million, compared with $456 million for the third quarter ended December 31, 2022. For the third quarter ended December 31, 2023, Corporate Finance (“CF”) revenues increased 6%, Financial Restructuring (“FR”) revenues increased 30%, and Financial and Valuation Advisory (“FVA”) revenues increased 9%, in each case, when compared with the third quarter ended December 31, 2022.

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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. GAAPAdjusted (Non-GAAP) *
Three Months Ended December 31,
($ in thousands)2023202220232022
Expenses:
Employee compensation and benefits$324,039 $289,348 $314,345 $280,749 
% of Revenues63.4 %63.4 %61.5 %61.5 %
Non-compensation$90,551 $82,978 $82,129 $72,611 
% of Revenues17.7 %18.2 %16.1 %15.9 %
Per full-time employee (1)
$34 $33 $31 $29 
Provision for income taxes$31,772 $20,559 $36,584 $25,897 
% of Pre-tax income31.0 %24.6 %30.3 %24.6 %
*Adjusted figures represent non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.
(1)Calculated using the average of the number of full-time employees at the beginning of the reporting period and the end of the reporting period.
U.S. GAAPAdjusted (Non-GAAP) *
Nine Months Ended December 31,
($ in thousands)2023202220232022
Expenses:
Employee compensation and benefits$884,064 $864,942 $857,278 $839,279 
% of Revenues63.4 %63.4 %61.5 %61.5 %
Non-compensation$249,720 $248,624 $233,118 $204,543 
% of Revenues17.9 %18.2 %16.7 %15.0 %
Per full-time employee (1)
$95 $103 $88 $85 
Provision for income taxes$73,276 $49,135 $92,412 $83,186 
% of Pre-tax income26.9 %20.2 %29.3 %25.9 %
*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.

Employee compensation and benefits expenses were $324 million for the third quarter ended December 31, 2023, compared with $289 million for the third quarter ended December 31, 2022. Adjusted employee compensation and benefits expenses were $314 million for the third quarter ended December 31, 2023, compared with $281 million for the third quarter ended December 31, 2022. This resulted in an adjusted compensation ratio of 61.5% for both the third quarter ended December 31, 2023 and the third quarter ended December 31, 2022. 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 $91 million for the third quarter ended December 31, 2023, compared with $83 million for the third quarter ended December 31, 2022. The increase in GAAP non-compensation expenses was primarily a result of an increase in professional fees and rent expense for the quarter when compared with the same quarter last year. Adjusted non-compensation expenses were $82 million for the third quarter ended December 31, 2023, compared with $73 million for the third quarter ended December 31, 2022. The increase in adjusted non-compensation expenses was primarily a result of an increase in rent expense.

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The provision for income taxes was $32 million, representing an effective tax rate of 31.0% for the third quarter ended December 31, 2023, compared with $21 million, representing an effective tax rate of 24.6% for the third quarter ended December 31, 2022. The increase in the Company’s tax rate during the three months ended December 31, 2023 relative to the same period in 2022 was primarily a result of increased state taxes and increased taxes due to foreign operations. The adjusted provision for income taxes was $37 million, representing an adjusted effective tax rate of 30.3% for the third quarter ended December 31, 2023, compared with $26 million, representing an adjusted effective tax rate of 24.6% for the third quarter ended December 31, 2022.

Segment Reporting for the Third Fiscal Quarter

Corporate Finance
CF revenues were $311 million for the third quarter ended December 31, 2023, compared with $292 million for the third quarter ended December 31, 2022, representing an increase of 6%. Revenues increased due to an increase in the average transaction fee on closed transactions, which was driven by transaction mix, and did not represent a trend in the average transaction fee on closed transactions.
Three Months Ended December 31,Nine Months Ended December 31,
($ in thousands)2023202220232022
Corporate Finance
Revenues$310,512 $291,734 $819,247 $870,701 
# of Managing Directors219 215 219 215 
# of Closed transactions (1)
117 125 329 363 

Financial Restructuring
FR revenues increased 30% to $129 million for the third quarter ended December 31, 2023, compared with $99 million for the third quarter ended December 31, 2022. Revenues increased primarily due to an increase in the average transaction fee on closed transactions, which was driven by transaction mix, and did not represent a trend in the average transaction fee on closed transactions.
Three Months Ended December 31,Nine Months Ended December 31,
($ in thousands)2023202220232022
Financial Restructuring
Revenues$128,565 $98,819 $366,603 $275,351 
# of Managing Directors52 56 52 56 
# of Closed transactions (1)
30 28 91 68 

Financial and Valuation Advisory
FVA revenues increased 9% to $72 million for the third quarter ended December 31, 2023, compared with $66 million for the third quarter ended December 31, 2022. Revenues increased primarily due to an increase in the number of Fee Events. The increase in the number of Fee Events was driven by expanding our scope of work for new and existing clients for one or more of the service lines within our FVA business.
Three Months Ended December 31,Nine Months Ended December 31,
($ in thousands)2023202220232022
Financial and Valuation Advisory
Revenues$72,053 $65,946 $208,098 $218,628 
# of Managing Directors41 38 41 38 
# of Fee Events (1)
926 876 1,704 1,815 
(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.

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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 March 15, 2024 to stockholders of record as of the close of business on March 1, 2024. As of December 31, 2023, the Company had $591 million of cash and cash equivalents and investment securities, and $50 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, February 1, 2024, to discuss its third 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 February 1, 2024 through February 8, 2024, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the passcode 13743771. 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 (formerly Refinitiv).

For more information, please visit www.HL.com.

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Contact Information
Investor Relations
212.331.8225
IR@HL.com
ORMedia Relations
212.331.8223
PR@HL.com

Appendix

Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Income (Unaudited)
Reconciliation of GAAP to Adjusted Financial Information (Unaudited)

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HOULIHAN LOKEY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except share data and par value)December 31, 2023March 31, 2023
Assets
Cash and cash equivalents$555,532 $714,439 
Restricted cash373 373 
Investment securities35,367 37,309 
Accounts receivable, net of allowance for credit losses152,755 182,029 
Unbilled work in process, net of allowance for credit losses174,178 115,045 
Income taxes receivable32,898 17,693 
Deferred income taxes103,472 104,941 
Property and equipment, net130,696 88,345 
Operating lease right-of-use assets356,595 333,877 
Goodwill1,128,610 1,087,784 
Other intangible assets, net199,941 203,370 
Other assets88,491 83,609 
Total assets$2,958,908 $2,968,814 
Liabilities and stockholders' equity
Liabilities:
Accrued salaries and bonuses$575,088 $765,877 
Accounts payable and accrued expenses100,319 113,421 
Deferred income41,014 40,695 
Deferred income taxes3,269 544 
Operating lease liabilities420,107 374,869 
Other liabilities49,808 60,111 
Total liabilities1,189,605 1,355,517 
Stockholders' equity:
Class A common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 52,027,676 and 50,638,924 shares, respectively52 51 
Class B common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 17,114,509 and 18,048,345 shares, respectively17 18 
Additional paid-in capital701,996 642,970 
Retained earnings1,121,387 1,033,072 
Accumulated other comprehensive loss(54,149)(62,814)
Total stockholders’ equity1,769,303 1,613,297 
Total liabilities and stockholders’ equity$2,958,908 $2,968,814 
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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)2023202220232022
Revenues$511,130 $456,499 $1,393,948 $1,364,680 
Operating expenses:
Employee compensation and benefits324,039 289,348 884,064 864,942 
Travel, meals, and entertainment17,325 14,271 47,494 37,691 
Rent19,002 12,852 55,418 37,927 
Depreciation and amortization6,657 13,256 20,275 51,874 
Information technology and communications15,443 14,751 43,319 38,924 
Professional fees14,853 7,795 35,269 23,862 
Other operating expenses17,271 20,053 47,945 58,346 
Total operating expenses414,590 372,326 1,133,784 1,113,566 
Operating income96,540 84,173 260,164 251,114 
Other (income)/expense, net(6,035)563 (12,336)7,416 
Income before provision for income taxes102,575 83,610 272,500 243,698 
Provision for income taxes31,772 20,559 73,276 49,135 
Net income$70,803 $63,051 199,224 194,563 
Weighted average shares of common stock outstanding:
Basic64,411,668 63,381,024 64,258,216 63,360,741 
Fully diluted67,886,301 69,725,692 67,896,302 69,453,588 
Earnings per share attributable to Houlihan Lokey, Inc.
Basic$1.10 $0.99 $3.10 $3.07 
Fully diluted$1.04 $0.90 $2.93 $2.80 

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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)2023202220232022
Revenues$511,130 $456,499 $1,393,948 $1,364,680 
Employee compensation and benefits expenses
Employee compensation and benefits expenses (GAAP)$324,039 $289,348 $884,064 $864,942 
Less: Acquisition related retention payments(9,694)(8,599)(26,786)(25,663)
Employee compensation and benefits expenses (adjusted)314,345 280,749 857,278 839,279 
Non-compensation expenses
Non-compensation expenses (GAAP)$90,551 $82,978 $249,720 $248,624 
Less: Acquisition related legal structure reorganization(2,603)— (2,603)— 
Less: Integration and acquisition related costs(4,259)— (5,724)(2,325)
Less: Acquisition amortization(1,560)(10,367)(8,275)(41,756)
Non-compensation expenses (adjusted)82,129 72,611 233,118 204,543 
Operating income
Operating income (GAAP)$96,540 $84,173 $260,164 $251,114 
Plus: Adjustments (1)
18,116 18,966 43,388 69,744 
Operating income (adjusted)114,656 103,139 303,552 320,858 
Other (income)/expense, net
Other (income)/expense, net (GAAP)$(6,035)$563 $(12,336)$7,416 
Less: Warrant revaluation— — — (2,264)
Less: SPAC wind-down write-off— (2,742)— (2,742)
Plus/(less): Change in acquisition earnout liability fair value— — 816 (2,841)
Other income, net (adjusted)(6,035)(2,179)(11,520)(431)
Provision for income taxes
Provision for income taxes (GAAP)$31,772 $20,559 $73,276 $49,135 
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 
Less: Non-deductible acquisition related costs(679)— (679)— 
Adjusted provision for income taxes31,093 20,559 79,896 62,999 
Plus: Resulting tax impact (2)
5,491 5,338 12,516 20,187 
Provision for income taxes (adjusted)36,584 25,897 92,412 83,186 
Net income
Net income (GAAP)$70,803 $63,051 $199,224 $194,563 
Plus: Adjustments (3)
13,304 16,370 23,436 43,540 
Net income (adjusted)84,107 79,421 222,660 238,103 
Fully diluted shares outstanding
Fully diluted shares outstanding (GAAP)67,886,301 69,725,692 67,896,302 69,453,588 
Plus: Impact of unvested GCA retention and deferred share awards968,515 — 1,148,657 — 
Fully diluted shares outstanding (adjusted)68,854,816 69,725,692 69,044,959 69,453,588 
Diluted EPS attributable to Houlihan Lokey, Inc. (GAAP)$1.04 $0.90 $2.93 $2.80 
Diluted EPS attributable to Houlihan Lokey, Inc. (adjusted)$1.22 $1.14 $3.22 $3.43 
(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.
8
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Cover Page Document
Feb. 01, 2024
Cover page [Abstract]  
Document Type 8-K
Document Period End Date Feb. 01, 2024
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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