Houlihan Lokey Reports First Quarter Fiscal 2025 Financial Results
Houlihan Lokey (NYSE:HLI) reported strong financial results for Q1 fiscal 2025. Revenues increased 24% to $514 million, driven by a 45% surge in Corporate Finance revenues. Net income rose to $89 million, or $1.30 per diluted share, up from $61 million, or $0.90 per diluted share, in Q1 fiscal 2024. Adjusted EPS grew to $1.22 from $0.89. The company's performance was boosted by improving M&A activity, with Corporate Finance having its strongest first quarter ever. Financial Restructuring revenues slightly declined by 5%, while Financial and Valuation Advisory revenues increased by 4%. Houlihan Lokey announced a quarterly dividend of $0.57 per share. Despite macro uncertainties, the company remains optimistic about the fiscal year due to continued improvements in M&A and capital markets activity.
Houlihan Lokey (NYSE:HLI) ha riportato risultati finanziari solidi per il primo trimestre dell'anno fiscale 2025. Le entrate sono aumentate del 24% fino a 514 milioni di dollari, grazie a un'impennata del 45% nelle entrate della Finanza Aziendale. Il reddito netto è salito a 89 milioni di dollari, ovvero 1,30 dollari per azione diluita, rispetto ai 61 milioni di dollari, o 0,90 dollari per azione diluita, del primo trimestre dell'anno fiscale 2024. L'EPS rettificato è cresciuto a 1,22 dollari rispetto allo 0,89 dollari. La performance dell'azienda è stata sostenuta dal miglioramento delle attività di M&A, con la Finanza Aziendale che ha registrato il suo miglior primo trimestre di sempre. Le entrate della Ristrutturazione Finanziaria sono leggermente diminuite del 5%, mentre le entrate della Consulenza Finanziaria e di Valutazione sono aumentate del 4%. Houlihan Lokey ha annunciato un dividendo trimestrale di 0,57 dollari per azione. Nonostante le incertezze macroeconomiche, l'azienda rimane ottimista riguardo all'anno fiscale grazie ai continui miglioramenti nelle attività di M&A e nei mercati dei capitali.
Houlihan Lokey (NYSE:HLI) reportó resultados financieros sólidos para el primer trimestre del año fiscal 2025. Los ingresos aumentaron un 24% hasta 514 millones de dólares, impulsados por un aumento del 45% en los ingresos de Finanzas Corporativas. El ingreso neto subió a 89 millones de dólares, es decir, 1,30 dólares por acción diluida, frente a los 61 millones de dólares, o 0,90 dólares por acción diluida, en el primer trimestre del año fiscal 2024. El EPS ajustado creció a 1,22 dólares desde 0,89 dólares. El desempeño de la empresa se vio favorecido por la mejora en la actividad de M&A, con Finanzas Corporativas teniendo su mejor primer trimestre de la historia. Los ingresos por Reestructuración Financiera disminuyeron ligeramente un 5%, mientras que los ingresos por Asesoramiento Financiero y de Valoración aumentaron un 4%. Houlihan Lokey anunció un dividendo trimestral de 0,57 dólares por acción. A pesar de las incertidumbres macroeconómicas, la empresa sigue siendo optimista sobre el año fiscal debido a mejoras continuas en la actividad de M&A y en los mercados de capitales.
Houlihan Lokey (NYSE:HLI)는 2025 회계 연도 1분기 강력한 재무 실적을 발표했습니다. 매출은 5억 1,400만 달러로 24% 증가했습니다, 이는 기업 금융 수익이 45% 급증한 덕분입니다. 순이익은 8,900만 달러 또는 희석주당 1.30달러로 상승했습니다, 이는 2024 회계 연도 1분기의 6,100만 달러 또는 희석주당 0.90달러에서 증가한 것입니다. 조정 EPS는 0.89달러에서 1.22달러로 증가했습니다. 회사의 성과는 M&A 활동 개선으로 강화되었으며, 기업 금융 부문은 역대 가장 강력한 1분기를 기록했습니다. 재무 재구성 수익은 5%가량 감소했으며, 금융 및 가치 평가 자문 수익은 4% 증가했습니다. Houlihan Lokey는 주당 0.57달러의 분기 배당금을 발표했습니다. 매크로 불확실성에도 불구하고, 회사는 M&A 및 자본 시장 활동의 지속적인 개선 덕분에 회계 연도에 대해 낙관적인 태도를 유지하고 있습니다.
Houlihan Lokey (NYSE:HLI) a annoncé de solides résultats financiers pour le premier trimestre de l'exercice fiscal 2025. Les revenus ont augmenté de 24% pour atteindre 514 millions de dollars, soutenus par une augmentation de 45% des revenus de la Finance d'Entreprise. Le revenu net a grimpé à 89 millions de dollars, soit 1,30 dollar par action diluée, contre 61 millions de dollars, soit 0,90 dollar par action diluée, au premier trimestre de l'exercice fiscal 2024. Le BPA ajusté a augmenté de 0,89 dollar à 1,22 dollar. La performance de l'entreprise a été soutenue par l'amélioration de l'activité M&A, la Finance d'Entreprise ayant enregistré son meilleur premier trimestre jamais réalisé. Les revenus de la Refactoring Financier ont légèrement diminué de 5%, tandis que les revenus du Conseil Financier et d'Évaluation ont augmenté de 4%. Houlihan Lokey a annoncé un dividende trimestriel de 0,57 dollar par action. Malgré les incertitudes macroéconomiques, l'entreprise reste optimiste quant à l'exercice fiscal en raison des améliorations continues de l'activité M&A et des marchés des capitaux.
Houlihan Lokey (NYSE:HLI) hat für das erste Quartal des Geschäftsjahres 2025 starke finanzielle Ergebnisse gemeldet. Die Umsätze stiegen um 24% auf 514 Millionen Dollar, was durch einen Anstieg von 45% in den Einnahmen aus der Unternehmensfinanzierung getrieben wurde. Der Nettogewinn stieg auf 89 Millionen Dollar, oder 1,30 Dollar pro verwässerter Aktie, im Vergleich zu 61 Millionen Dollar, oder 0,90 Dollar pro verwässerter Aktie, im ersten Quartal des Geschäftsjahres 2024. Das bereinigte EPS wuchs von 0,89 Dollar auf 1,22 Dollar. Die Leistung des Unternehmens wurde durch die Verbesserung der M&A-Aktivitäten gestärkt, wobei die Unternehmensfinanzierung das stärkste erste Quartal aller Zeiten erzielte. Die Einnahmen aus der finanziellen Restrukturierung sanken leicht um 5%, während die Einnahmen aus Finanz- und Bewertungsberatung um 4% stiegen. Houlihan Lokey kündigte eine Vierteljahresdividende von 0,57 Dollar pro Aktie an. Trotz makroökonomischer Unsicherheiten bleibt das Unternehmen optimistisch für das Geschäftsjahr aufgrund der anhaltenden Verbesserungen bei M&A und Aktivitäten auf den Kapitalmärkten.
- Revenues increased 24% year-over-year to $514 million
- Net income rose 45.7% to $89 million
- Diluted EPS grew 44.4% to $1.30
- Corporate Finance revenues surged 45% to $328 million
- Financial and Valuation Advisory revenues increased 4% to $68 million
- Quarterly dividend of $0.57 per share declared
- Financial Restructuring revenues decreased 5% to $117 million
Insights
Houlihan Lokey's Q1 FY2025 results demonstrate robust performance, particularly in their Corporate Finance segment. Revenues increased by
The Corporate Finance segment, which saw a
The company's adjusted compensation ratio remained steady at
The effective tax rate decreased significantly from
Overall, Houlihan Lokey's performance suggests a positive outlook for the investment banking sector, particularly in M&A activity. The company's strong cash position of
Houlihan Lokey's Q1 results offer valuable insights into the current state of the M&A and capital markets. The
The Financial Restructuring segment's performance is particularly intriguing. Despite a slight revenue decline, it still posted its second-strongest first quarter. This suggests that while the economy is improving, there's still significant demand for restructuring services. This could be due to lingering effects of the pandemic or specific sectors still facing challenges.
The
CEO Scott Adelson's optimistic outlook for the fiscal year, citing continued improvements in M&A and capital markets activity, aligns with the company's strong performance. However, his mention of persistent macro uncertainties suggests caution is still warranted.
The company's ability to maintain its adjusted compensation ratio while growing revenues demonstrates strong operational efficiency. This could provide a competitive advantage in attracting and retaining top talent in the highly competitive investment banking industry.
– First Quarter Fiscal 2025 Revenues of
– First Quarter Fiscal 2025 Diluted EPS of
– Adjusted First Quarter Fiscal 2025 Diluted EPS of
– Announces Dividend of
For the first quarter ended June 30, 2024, revenues were
“Our first quarter fiscal 2025 benefited primarily from improving M&A activity, with revenues up
Selected Financial Data
(In thousands, except per share data) |
|
||||||
Three Months Ended June 30, |
|||||||
|
2024 |
|
|
|
2023 |
|
|
Revenues by segment |
|
|
|
||||
Corporate Finance |
$ |
328,417 |
|
|
$ |
227,051 |
|
Financial Restructuring |
|
117,422 |
|
|
|
123,368 |
|
Financial and Valuation Advisory |
|
67,770 |
|
|
|
65,410 |
|
Revenues |
$ |
513,609 |
|
|
$ |
415,829 |
|
Operating expenses: |
|
|
|
||||
Employee compensation and benefits |
$ |
330,116 |
|
|
$ |
263,483 |
|
Non-compensation expenses |
|
87,925 |
|
|
|
78,999 |
|
Operating income |
|
95,568 |
|
|
|
73,347 |
|
Other income, net |
|
(4,306 |
) |
|
|
(3,005 |
) |
Income before provision for income taxes |
|
99,874 |
|
|
|
76,352 |
|
Provision for income taxes |
|
10,934 |
|
|
|
14,962 |
|
Net income |
$ |
88,940 |
|
|
$ |
61,390 |
|
|
|
|
|
||||
Diluted earnings per share attributable to Houlihan Lokey, Inc. |
$ |
1.30 |
|
|
$ |
0.90 |
|
Revenues
For the first quarter ended June 30, 2024, revenues were
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.
|
|
|
Adjusted (Non-GAAP) * |
||||||||||||
|
Three Months Ended June 30, |
||||||||||||||
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Expenses: |
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits |
$ |
330,116 |
|
|
$ |
263,483 |
|
|
$ |
315,869 |
|
|
$ |
255,733 |
|
% of Revenues |
|
64.3 |
% |
|
|
63.4 |
% |
|
|
61.5 |
% |
|
|
61.5 |
% |
Non-compensation |
$ |
87,925 |
|
|
$ |
78,999 |
|
|
$ |
80,330 |
|
|
$ |
75,644 |
|
% of Revenues |
|
17.1 |
% |
|
|
19.0 |
% |
|
|
15.6 |
% |
|
|
18.2 |
% |
Per full-time employee (1) |
$ |
34 |
|
|
$ |
30 |
|
|
$ |
31 |
|
|
$ |
29 |
|
Provision for income taxes |
$ |
10,934 |
|
|
$ |
14,962 |
|
|
$ |
38,239 |
|
|
$ |
25,499 |
|
% of Pre-tax income |
|
10.9 |
% |
|
|
19.6 |
% |
|
|
31.2 |
% |
|
|
29.2 |
% |
* |
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. |
|
(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
Non-compensation expenses were
The provision for income taxes was
Segment Reporting for the First Quarter
Corporate Finance
CF revenues were
|
Three Months Ended June 30, |
||||
($ in thousands) |
2024 |
|
2023 |
||
Corporate Finance |
|
|
|
||
Revenues |
$ |
328,417 |
|
$ |
227,051 |
# of Managing Directors |
|
228 |
|
|
225 |
# of Closed transactions (1) |
|
116 |
|
|
95 |
Financial Restructuring
FR revenues decreased (5)% to
|
Three Months Ended June 30, |
||||
($ in thousands) |
2024 |
|
2023 |
||
Financial Restructuring |
|
|
|
||
Revenues |
$ |
117,422 |
|
$ |
123,368 |
# of Managing Directors |
|
58 |
|
|
59 |
# of Closed transactions (1) |
|
33 |
|
|
30 |
Financial and Valuation Advisory
FVA revenues increased
|
Three Months Ended June 30, |
||||
($ in thousands) |
2024 |
|
2023 |
||
Financial and Valuation Advisory |
|
|
|
||
Revenues |
$ |
67,770 |
|
$ |
65,410 |
# of Managing Directors |
|
42 |
|
|
42 |
# of Fee Events (1) |
|
847 |
|
|
786 |
(1) |
A Fee Event includes any engagement that involves revenue activity during the measurement period based on a revenue minimum of |
|
Balance Sheet and Capital Allocation
The Board of Directors of the Company declared a regular quarterly cash dividend of
As of June 30, 2024, the Company had
Investor Conference Call and Webcast
The Company will host a conference call and live webcast at 5:00 p.m. Eastern Time on Tuesday, July 30, 2024, to discuss its first quarter fiscal 2025 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 July 30, 2024 through August 6, 2024, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the passcode 13747525. 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
For more information, please visit www.HL.com.
Appendix
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Income (Unaudited)
Reconciliation of GAAP to Adjusted Financial Information (Unaudited)
HOULIHAN LOKEY, INC. AND SUBSIDIARIES
|
|||||||
(In thousands, except share data and par value) |
June 30, 2024 |
|
March 31, 2024 |
||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
449,697 |
|
|
$ |
721,235 |
|
Restricted cash |
|
619 |
|
|
|
619 |
|
Investment securities |
|
35,622 |
|
|
|
38,005 |
|
Accounts receivable, net of allowance for credit losses |
|
192,587 |
|
|
|
199,630 |
|
Unbilled work in process, net of allowance for credit losses |
|
156,023 |
|
|
|
192,012 |
|
Income taxes receivable |
|
48,179 |
|
|
|
32,856 |
|
Deferred income taxes |
|
80,607 |
|
|
|
90,064 |
|
Property and equipment, net |
|
143,368 |
|
|
|
136,701 |
|
Operating lease right-of-use assets |
|
362,222 |
|
|
|
344,024 |
|
Goodwill |
|
1,175,370 |
|
|
|
1,127,497 |
|
Other intangible assets, net |
|
198,707 |
|
|
|
197,439 |
|
Other assets |
|
99,915 |
|
|
|
90,677 |
|
Total assets |
$ |
2,942,916 |
|
|
$ |
3,170,759 |
|
|
|
|
|
||||
Liabilities and stockholders' equity |
|
|
|
||||
Liabilities: |
|
|
|
||||
Accrued salaries and bonuses |
$ |
491,048 |
|
|
$ |
726,031 |
|
Accounts payable and accrued expenses |
|
110,114 |
|
|
|
114,171 |
|
Deferred income |
|
36,647 |
|
|
|
33,139 |
|
Deferred income taxes |
|
7,598 |
|
|
|
7,505 |
|
Operating lease liabilities |
|
435,200 |
|
|
|
415,412 |
|
Other liabilities |
|
32,831 |
|
|
|
37,751 |
|
Total liabilities |
|
1,113,438 |
|
|
|
1,334,009 |
|
|
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Class A common stock, |
|
53 |
|
|
|
52 |
|
Class B common stock, |
|
16 |
|
|
|
17 |
|
Additional paid-in capital |
|
691,651 |
|
|
|
739,870 |
|
Retained earnings |
|
1,207,328 |
|
|
|
1,163,419 |
|
Accumulated other comprehensive loss |
|
(69,570 |
) |
|
|
(66,608 |
) |
Total stockholders’ equity |
|
1,829,478 |
|
|
|
1,836,750 |
|
Total liabilities and stockholders’ equity |
$ |
2,942,916 |
|
|
$ |
3,170,759 |
|
HOULIHAN LOKEY, INC. AND SUBSIDIARIES
|
|||||||
|
Three Months Ended June 30, |
||||||
(In thousands, except share and per share data) |
|
2024 |
|
|
|
2023 |
|
Revenues |
$ |
513,609 |
|
|
$ |
415,829 |
|
Operating expenses: |
|
|
|
||||
Employee compensation and benefits |
|
330,116 |
|
|
|
263,483 |
|
Travel, meals, and entertainment |
|
18,512 |
|
|
|
16,018 |
|
Rent |
|
19,284 |
|
|
|
17,403 |
|
Depreciation and amortization |
|
8,856 |
|
|
|
6,532 |
|
Information technology and communications |
|
16,189 |
|
|
|
13,548 |
|
Professional fees |
|
8,477 |
|
|
|
9,557 |
|
Other operating expenses |
|
16,607 |
|
|
|
15,941 |
|
Total operating expenses |
|
418,041 |
|
|
|
342,482 |
|
Operating income |
|
95,568 |
|
|
|
73,347 |
|
Other income, net |
|
(4,306 |
) |
|
|
(3,005 |
) |
Income before provision for income taxes |
|
99,874 |
|
|
|
76,352 |
|
Provision for income taxes |
|
10,934 |
|
|
|
14,962 |
|
Net income |
$ |
88,940 |
|
|
$ |
61,390 |
|
|
|
|
|
||||
Weighted average shares of common stock outstanding: |
|||||||
Basic |
|
65,031,216 |
|
|
|
63,806,156 |
|
Fully diluted |
|
68,501,059 |
|
|
|
68,000,392 |
|
Earnings per share attributable to Houlihan Lokey, Inc. |
|
|
|
||||
Basic |
$ |
1.37 |
|
|
$ |
0.96 |
|
Fully diluted |
$ |
1.30 |
|
|
$ |
0.90 |
|
HOULIHAN LOKEY, INC. AND SUBSIDIARIES
|
|||||||
|
Three Months Ended June 30, |
||||||
(In thousands, except share and per share data) |
|
2024 |
|
|
|
2023 |
|
Revenues |
$ |
513,609 |
|
|
$ |
415,829 |
|
|
|
|
|
||||
Employee compensation and benefits expenses |
|
|
|
||||
Employee compensation and benefits expenses (GAAP) |
$ |
330,116 |
|
|
$ |
263,483 |
|
Less: Acquisition related retention payments |
|
(14,247 |
) |
|
|
(7,750 |
) |
Employee compensation and benefits expenses (adjusted) |
|
315,869 |
|
|
|
255,733 |
|
|
|
|
|
||||
Non-compensation expenses |
|
|
|
||||
Non-compensation expenses (GAAP) |
$ |
87,925 |
|
|
$ |
78,999 |
|
Less: Acquisition related legal structure reorganization |
|
(500 |
) |
|
|
— |
|
Less: Integration and acquisition related costs |
|
(3,554 |
) |
|
|
— |
|
Less: Acquisition amortization |
|
(3,541 |
) |
|
|
(3,355 |
) |
Non-compensation expenses (adjusted) |
|
80,330 |
|
|
|
75,644 |
|
|
|
|
|
||||
Operating income |
|
|
|
||||
Operating income (GAAP) |
$ |
95,568 |
|
|
$ |
73,347 |
|
Plus: Adjustments (1) |
|
21,842 |
|
|
|
11,105 |
|
Operating income (adjusted) |
|
117,410 |
|
|
|
84,452 |
|
|
|
|
|
||||
Other income, net |
|
|
|
||||
Other income, net (GAAP) |
$ |
(4,306 |
) |
|
$ |
(3,005 |
) |
Plus: Change in acquisition earnout liability fair value |
|
(828 |
) |
|
|
— |
|
Other income, net (adjusted) |
|
(5,134 |
) |
|
|
(3,005 |
) |
|
|
|
|
||||
Provision for income taxes |
|
|
|
||||
Provision for income taxes (GAAP) |
$ |
10,934 |
|
|
$ |
14,962 |
|
Plus: Impact of the excess tax benefit for stock vesting |
|
21,921 |
|
|
|
7,299 |
|
Less: Reversal of deferred tax asset |
|
(1,690 |
) |
|
|
— |
|
Adjusted provision for income taxes |
|
31,165 |
|
|
|
22,261 |
|
Plus: Resulting tax impact (2) |
|
7,074 |
|
|
|
3,238 |
|
Provision for income taxes (adjusted) |
|
38,239 |
|
|
|
25,499 |
|
|
|
|
|
||||
Net income |
|
|
|
||||
Net income (GAAP) |
$ |
88,940 |
|
|
$ |
61,390 |
|
Plus/(less): Adjustments (3) |
|
(4,635 |
) |
|
|
568 |
|
Net income (adjusted) |
$ |
84,305 |
|
|
$ |
61,958 |
|
|
|
|
|
||||
Fully diluted shares outstanding |
|
|
|
||||
Fully diluted shares outstanding (GAAP) |
|
68,501,059 |
|
|
|
68,000,392 |
|
Plus: Impact of unvested GCA retention and deferred share awards |
|
622,396 |
|
|
|
1,472,899 |
|
Fully diluted shares outstanding (adjusted) |
|
69,123,455 |
|
|
|
69,473,291 |
|
|
|
|
|
||||
Diluted EPS attributable to Houlihan Lokey, Inc. (GAAP) |
$ |
1.30 |
|
|
$ |
0.90 |
|
Diluted EPS attributable to Houlihan Lokey, Inc. (adjusted) |
$ |
1.22 |
|
|
$ |
0.89 |
|
| (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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240730305769/en/
Investor Relations
212.331.8225
IR@HL.com
OR
Media Relations
212.331.8223
PR@HL.com
Source: Houlihan Lokey, Inc.
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