0001302215-24-000010.txt : 20240509 0001302215-24-000010.hdr.sgml : 20240509 20240508191045 ACCESSION NUMBER: 0001302215-24-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240508 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240509 DATE AS OF CHANGE: 20240508 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: 24928001 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-20240508.htm 8-K hli-20240508
0001302215false00013022152024-05-082024-05-08

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):
May 8, 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 May 8, 2024, Houlihan Lokey, Inc. issued a press release announcing its financial results for the fiscal year and fourth fiscal quarter ended March 31, 2024. 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:May 8, 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 q4fy24-ex991.htm EX-99.1 Document
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Houlihan Lokey Reports Fiscal Year and Fourth Quarter 2024 Financial Results
– Fiscal Year 2024 Revenues of $1.91 billion –
– Fiscal Year 2024 Diluted EPS of $4.11 –
– Adjusted Fiscal Year 2024 Diluted EPS of $4.49 –
– Fourth Quarter Fiscal 2024 Revenues of $520 million –
– Fourth Quarter Fiscal 2024 Diluted EPS of $1.18 –
– Adjusted Fourth Quarter Fiscal 2024 Diluted EPS of $1.27 –
– Announces an Increase in the Quarterly Dividend to $0.57 per Share –

LOS ANGELES and NEW YORK - May 8, 2024 - Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its fiscal year and fourth quarter ended March 31, 2024. For the fiscal year, revenues were $1.91 billion, compared with $1.81 billion for the fiscal year ended March 31, 2023. For the fourth quarter ended March 31, 2024, revenues were $520 million, compared with $445 million for the fourth quarter ended March 31, 2023.
Net income was $280 million, or $4.11 per diluted share, for the fiscal year ended March 31, 2024, compared with $254 million, or $3.76 per diluted share, for the fiscal year ended March 31, 2023. Adjusted net income for the fiscal year ended March 31, 2024 was $310 million, or $4.49 per diluted share, compared with $315 million, or $4.54 per diluted share, for the fiscal year ended March 31, 2023.
Net income was $81 million, or $1.18 per diluted share, for the fourth quarter ended March 31, 2024, compared with $60 million, or $0.88 per diluted share, for the fourth quarter ended March 31, 2023. Adjusted net income for the fourth quarter ended March 31, 2024 was $88 million, or $1.27 per diluted share, compared with $77 million, or $1.11 per diluted share, for the fourth quarter ended March 31, 2023.
“We ended our fiscal year 2024 with our highest fourth quarter revenues ever. Revenues for the fourth quarter were up 17% versus the fourth quarter last year, and we ended the fiscal year up 6% versus last year; a good result in a challenging market. Our results for the quarter and fiscal year are a reflection of our diversified business model and the firm’s stability through the cycles. We enter fiscal 2025 with good momentum in our business and the most talented work force in the firm’s history, however, we are realistic about the pace of recovery in this sluggish M&A environment,” 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,
2024202320242023
Revenues by segment
Corporate Finance$287,579 $256,425 $1,106,826 $1,127,126 
Financial Restructuring155,381 120,382 521,984 395,733 
Financial and Valuation Advisory77,496 67,960 285,594 286,588 
Revenues
$520,456 $444,767 $1,914,404 $1,809,447 
Operating expenses:
Employee compensation and benefits$329,525 $282,937 $1,213,589 $1,147,879 
Non-compensation expenses88,234 71,206 337,954 319,830 
Operating income
102,697 90,624 362,861 341,738 
Other (income)/expense, net(15,342)10,322 (27,678)17,738 
Income before provision for income taxes
118,039 80,302 390,539 324,000 
Provision for income taxes
36,962 20,642 110,238 69,777 
Net income attributable to Houlihan Lokey, Inc.$81,077 $59,660 $280,301 $254,223 
Diluted earnings per share attributable to Houlihan Lokey, Inc.
$1.18 $0.88 $4.11 $3.76 
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Revenues

For the fiscal year ended March 31, 2024, revenues were $1.91 billion, compared with $1.81 billion for the fiscal year ended March 31, 2023. For the fiscal year ended March 31, 2024, CF revenues decreased (2)%, Financial Restructuring (“FR”) revenues increased 32%, and Financial and Valuation Advisory (“FVA”) revenues remained relatively flat when compared with the fiscal year ended March 31, 2023.

For the fourth quarter ended March 31, 2024, revenues were $520 million, compared with $445 million for the fourth quarter ended March 31, 2023. For the fourth quarter ended March 31, 2024, CF revenues increased 12%, FR revenues increased 29%, and FVA revenues increased 14% when compared with the fourth quarter ended March 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. GAAPAdjusted (Non-GAAP) *
Year Ended March 31,
($ in thousands)2024202320242023
Expenses:
Employee compensation and benefits$1,213,589 $1,147,879 $1,177,355 $1,112,809 
% of Revenues63.4 %63.4 %61.5 %61.5 %
Non-compensation$337,954 $319,830 $314,081 $272,534 
% of Revenues17.7 %17.7 %16.4 %15.1 %
Provision for Income Taxes$110,238 $69,777 $129,850 $113,150 
% of Pre-Tax Income28.2 %21.5 %29.5 %26.4 %
*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. GAAPAdjusted (Non-GAAP) *
Three Months Ended March 31,
($ in thousands)2024202320242023
Expenses:
Employee compensation and benefits$329,525 $282,937 $320,077 $273,530 
% of Revenues63.3 %63.6 %61.5 %61.5 %
Non-compensation$88,234 $71,206 $80,963 $67,991 
% of Revenues17.0 %16.0 %15.6 %15.3 %
Provision for Income Taxes$36,962 $20,642 $37,438 $29,964 
% of Pre-Tax Income31.3 %25.7 %29.9 %28.0 %
*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.

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Year Ended March 31, 2024 Compared to the Year Ended March 31, 2023

Employee compensation and benefits expenses were $1.21 billion for the fiscal year ended March 31, 2024, compared with $1.15 billion for the fiscal year ended March 31, 2023. This resulted in a GAAP compensation ratio of 63.4% for both the fiscal year ended March 31, 2024 and March 31, 2023. Adjusted employee compensation and benefits expenses were $1.18 billion for the fiscal year ended March 31, 2024, compared with $1.11 billion for the fiscal year ended March 31, 2023. This resulted in an adjusted compensation ratio of 61.5% for both the fiscal year ended March 31, 2024 and March 31, 2023. 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 the prior year.

Non-compensation expenses were $338 million for the fiscal year ended March 31, 2024, compared with $320 million for the fiscal year ended March 31, 2023. The increase in GAAP non-compensation expenses was primarily a result of an increase in rent expense and professional fees, partially offset by a decrease in depreciation and amortization. Adjusted non-compensation expenses were $314 million for the fiscal year ended March 31, 2024, compared with $273 million for the fiscal year ended March 31, 2023. The increase in adjusted non-compensation expenses was primarily a result of an increase in rent expense and travel, meals, and entertainment expenses, partially offset by a decrease in other operating expenses.

The provision for income taxes was $110 million, representing an effective tax rate of 28.2% for the fiscal year ended March 31, 2024, compared with $70 million, representing an effective tax rate of 21.5%, for the fiscal year ended March 31, 2023. The increase in the Company's tax rate during the fiscal year ended March 31, 2024 relative to the fiscal year ended March 31, 2023 was primarily a result of decreased stock compensation deductions and increased taxes due to foreign operations, as well as the release of the provision for an uncertain tax position as a result of the successful closure of a state audit that occurred during the fiscal year ended March 31, 2023 that did not repeat in the fiscal year ended March 31, 2024. The adjusted provision for income taxes was $130 million, representing an adjusted effective tax rate of 29.5%, for the fiscal year ended March 31, 2024, compared with $113 million, representing an adjusted effective tax rate of 26.4%, for the fiscal year ended March 31, 2023.

Quarter Ended March 31, 2024 Compared to the Quarter Ended March 31, 2023

Employee compensation and benefits expenses were $330 million for the fourth quarter ended March 31, 2024, compared with $283 million for the fourth quarter ended March 31, 2023. This resulted in a GAAP compensation ratio of 63.3% for the fourth quarter ended March 31, 2024, compared with 63.6% for the fourth quarter ended March 31, 2023. Adjusted employee compensation and benefits expenses were $320 million for the fourth quarter ended March 31, 2024, compared with $274 million for the fourth quarter ended March 31, 2023. This resulted in an adjusted compensation ratio of 61.5% for both the fourth quarter ended March 31, 2024 and March 31, 2023. The increase in GAAP and adjusted employee compensation and benefits expenses was primarily a result of an increase in revenues when compared with the same quarter last year.

Non-compensation expenses were $88 million for the fourth quarter ended March 31, 2024, compared with $71 million for the fourth quarter ended March 31, 2023. The increase in GAAP non-compensation expenses was primarily a result of an increase in professional fees and travel, meals, and entertainment expenses. Adjusted non-compensation expenses were $81 million for the quarter ended March 31, 2024, compared with $68 million for the fourth quarter ended March 31, 2023. The increase in adjusted non-compensation expenses was primarily a result of an increase in travel, meals, and entertainment expenses and an increase in rent expense.

The provision for income taxes was $37 million, representing an effective tax rate of 31.3%, for the fourth quarter ended March 31, 2024, compared with $21 million, representing an effective tax rate of 25.7%, for the fourth quarter ended March 31, 2023. The increase in the Company's tax rate during the quarter ended March 31, 2024 relative to the quarter ended March 31, 2023 was primarily a result of increased taxes due to foreign operations. The adjusted provision for income taxes was $37 million, representing an adjusted effective tax rate of 29.9%, for the fourth quarter ended March 31, 2024, compared with $30 million, representing an adjusted effective tax rate of 28.0%, for the fourth quarter ended March 31, 2023.
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Segment Reporting for the Fourth Quarter

Corporate Finance
CF revenues were $288 million for the fourth quarter ended March 31, 2024, compared with $256 million for the fourth quarter ended March 31, 2023. Revenues increased primarily due to an increase in the average transaction fee on closed transactions, offset by a decrease in the number of closed transactions. The increase in the average transaction fee was driven by the size and timing of transactions that closed during the quarter, and does not represent a trend in the average fee on closed transactions.
Three Months Ended March 31,Year Ended March 31,
($ in thousands)2024202320242023
Corporate Finance
Revenues$287,579 $256,425 $1,106,826 $1,127,126 
# of Managing Directors223 217 223 217 
# of Closed transactions (1)
121 140 450 503 

Financial Restructuring
FR revenues were $155 million for the fourth quarter ended March 31, 2024, compared with $120 million for the fourth quarter ended March 31, 2023. Revenues increased primarily due to an increase in the average transaction fee on closed transactions, which was driven by the size and timing of transactions that closed during the quarter, and does not represent a trend in the average fee on closed transactions.
Three Months Ended March 31,Year Ended March 31,
($ in thousands)2024202320242023
Financial Restructuring
Revenues$155,381 $120,382 $521,984 $395,733 
# of Managing Directors54 57 54 57 
# of Closed transactions (1)
35 38 126 106 
Financial and Valuation Advisory
FVA revenues were $77 million for the quarter ended March 31, 2024, compared with $68 million for the fourth quarter ended March 31, 2023. Revenues increased primarily due to an increase in the number of fee events. The increase in the number of Fee Events was driven by improvements in the M&A markets, which affected one or more of the service lines within our FVA business.
Three Months Ended March 31,Year Ended March 31,
($ in thousands)2024202320242023
Financial and Valuation Advisory
Revenues$77,496 $67,960 $285,594 $286,588 
# of Managing Directors39 39 39 39 
# of Fee Events (1)
1,025 957 2,178 2,257 
(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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Other Announcements

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 June 15, 2024 to stockholders of record as of the close of business on June 3, 2024.

Investor Conference Call and Webcast

The Company will host a conference call and live webcast at 5:00 p.m. Eastern Time on Wednesday, May 8, 2024, to discuss its full year and fourth quarter fiscal 2024 results. The number to call is 1-800-267-6316 (domestic) or 1-203-518-9783 (international) and entering the conference ID: HLOKEY. 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 8, 2024 through May 15, 2024, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the passcode 11155795#. 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)March 31, 2024March 31, 2023
Assets
Cash and cash equivalents$721,235 $714,439 
Restricted cash619 373 
Investment securities38,005 37,309 
Accounts receivable, net of allowance for credit losses199,630 182,029 
Unbilled work in process, net of allowance for credit losses192,012 115,045 
Income taxes receivable32,856 17,693 
Deferred income taxes90,064 104,941 
Property and equipment, net136,701 88,345 
Operating lease right-of-use assets344,024 333,877 
Goodwill1,127,497 1,087,784 
Other intangible assets, net197,439 203,370 
Other assets90,677 83,609 
Total assets$3,170,759 $2,968,814 
Liabilities and stockholders' equity
Liabilities:
Accrued salaries and bonuses$726,031 $765,877 
Accounts payable and accrued expenses114,171 113,421 
Deferred income33,139 40,695 
Deferred income taxes7,505 544 
Operating lease liabilities415,412 374,869 
Other liabilities37,751 60,111 
Total liabilities1,334,009 1,355,517 
Stockholders' equity:
Class A common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 52,348,511 and 50,638,924 shares, respectively52 51 
Class B common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 16,746,676 and 18,048,345 shares, respectively17 18 
Additional paid-in capital739,870 642,970 
Retained earnings1,163,419 1,033,072 
Accumulated other comprehensive loss(66,608)(62,814)
Total stockholders’ equity1,836,750 1,613,297 
Total liabilities and stockholders’ equity$3,170,759 $2,968,814 
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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)2024202320242023
Revenues$520,456 $444,767 $1,914,404 $1,809,447 
Operating expenses:
Employee compensation and benefits329,525 282,937 1,213,589 1,147,879 
Travel, meals, and entertainment17,804 13,391 65,298 51,082 
Rent20,661 17,911 76,079 55,838 
Depreciation and amortization8,261 6,347 28,536 58,221 
Information technology and communications16,849 15,201 60,168 54,125 
Professional fees13,808 9,078 49,077 32,940 
Other operating expenses10,851 9,278 58,796 67,624 
Total operating expenses417,759 354,143 1,551,543 1,467,709 
Operating income102,697 90,624 362,861 341,738 
Other (income)/expense, net(15,342)10,322 (27,678)17,738 
Income before provision for income taxes118,039 80,302 390,539 324,000 
Provision for income taxes36,962 20,642 110,238 69,777 
Net income$81,077 $59,660 $280,301 $254,223 
Weighted average shares of common stock outstanding:
Basic64,579,004 63,351,104 64,337,975 63,358,408 
Fully diluted68,492,023 68,107,465 68,159,390 67,586,263 
Earnings per share attributable to Houlihan Lokey, Inc.
Basic$1.26 $0.94 $4.36 $4.01 
Fully diluted$1.18 $0.88 $4.11 $3.76 

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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 share and per share data)2024202320242023
Revenues$520,456 $444,767 $1,914,404 $1,809,447 
Employee compensation and benefits expenses
Employee compensation and benefits expenses (GAAP)$329,525 $282,937 $1,213,589 $1,147,879 
Less: Acquisition related retention payments(9,448)(9,407)(36,234)(35,070)
Employee compensation and benefits expenses (adjusted)320,077 273,530 1,177,355 1,112,809 
Non-compensation expenses
Non-compensation expenses (GAAP)$88,234 $71,206 $337,954 $319,830 
Less: Acquisition related legal structure reorganization(3,514)— (6,117)— 
Less: Integration and acquisition related costs(1,278)— (7,002)(2,325)
Less: Acquisition amortization(2,479)(3,215)(10,754)(44,971)
Non-compensation expenses (adjusted)80,963 67,991 314,081 272,534 
Operating income
Operating income (GAAP)$102,697 $90,624 $362,861 $341,738 
Plus: Adjustments (1)
16,719 12,622 60,107 82,366 
Operating income (adjusted)119,416 103,246 422,968 424,104 
Other (income)/expense, net
Other (income)/expense, net (GAAP)$(15,342)$10,322 $(27,678)$17,738 
Less: Warrant revaluation— — — (2,264)
Less: SPAC wind-down write-off— — — (2,742)
Less: Settlement of SEC investigation— (15,000)— (15,000)
Plus/(less): Change in acquisition earnout liability fair value9,557 738 10,373 (2,103)
Other income, net (adjusted)(5,785)(3,940)(17,305)(4,371)
Provision for income taxes
Provision for income taxes (GAAP)$36,962 $20,642 $110,238 $69,777 
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 
Plus: Release of valuation allowance— 5,881 — 5,881 
Less: Non-deductible acquisition related costs(1,676)— (2,355)— 
Adjusted provision for income taxes35,286 26,523 115,182 89,522 
Plus: Resulting tax impact (2)
2,152 3,441 14,668 23,628 
Provision for income taxes (adjusted)37,438 29,964 129,850 113,150 
Net income
Net income (GAAP)$81,077 $59,660 $280,301 $254,223 
Plus: Adjustments (3)
6,686 17,562 30,122 61,102 
Net income (adjusted)87,763 77,222 310,423 315,325 
Fully diluted shares outstanding
Fully diluted shares outstanding (GAAP)68,492,023 68,107,465 68,159,390 67,586,263 
Plus: Impact of unvested GCA retention and deferred share awards755,020 1,591,157 1,034,118 1,927,786 
Fully diluted shares outstanding (adjusted)69,247,043 69,698,622 69,193,508 69,514,049 
Diluted EPS attributable to Houlihan Lokey, Inc. (GAAP)$1.18 $0.88 $4.11 $3.76 
Diluted EPS attributable to Houlihan Lokey, Inc. (adjusted)$1.27 $1.11 $4.49 $4.54 
(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.
9
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Cover Page Document
May 08, 2024
Cover page [Abstract]  
Document Type 8-K
Document Period End Date May 08, 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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