Houlihan Lokey Reports Fiscal Year and Fourth Quarter 2024 Financial Results
Houlihan Lokey reported fiscal year 2024 revenues of $1.91 billion, with diluted EPS of $4.11. Adjusted diluted EPS for fiscal year 2024 was $4.49. Fourth quarter fiscal 2024 revenues were $520 million, with diluted EPS of $1.18. Adjusted diluted EPS for the fourth quarter was $1.27. The company announced an increase in the quarterly dividend to $0.57 per share.
Houlihan Lokey reported strong fiscal year 2024 revenues of $1.91 billion, showing a 6% increase compared to the previous year, and fourth quarter revenues of $520 million, up 17% from the previous year.
The company's net income for fiscal year 2024 was $280 million, or $4.11 per diluted share, a positive growth from the previous year.
Houlihan Lokey's adjusted net income for fiscal year 2024 was $310 million, or $4.49 per diluted share, compared to $315 million for the previous year, showcasing resilience and stability.
The company's provision for income taxes increased, resulting in an effective tax rate of 28.2% for fiscal year 2024, compared to 21.5% for the previous year, impacting net income.
Employee compensation and benefits expenses for fiscal year 2024 increased to $1.21 billion, impacting the company's overall expenses and financial performance.
Non-compensation expenses also rose to $338 million for fiscal year 2024, affecting the company's operating costs and potentially reducing profitability.
– Fiscal Year 2024 Revenues of
– Fiscal Year 2024 Diluted EPS of
– Adjusted Fiscal Year 2024 Diluted EPS of
– Fourth Quarter Fiscal 2024 Revenues of
– Fourth Quarter Fiscal 2024 Diluted EPS of
– Adjusted Fourth Quarter Fiscal 2024 Diluted EPS of
– Announces an Increase in the Quarterly Dividend to
Net income was
Net income was
“We ended our fiscal year 2024 with our highest fourth quarter revenues ever. Revenues for the fourth quarter were up
Selected Financial Data
(In thousands, except per share data) |
|
||||||||||||
Three Months Ended March 31, |
|
Year Ended March 31, |
|||||||||||
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||
Revenues by segment |
|
|
|
|
|
|
|
||||||
Corporate Finance |
$ |
287,579 |
|
|
$ |
256,425 |
|
$ |
1,106,826 |
|
|
$ |
1,127,126 |
Financial Restructuring |
|
155,381 |
|
|
|
120,382 |
|
|
521,984 |
|
|
|
395,733 |
Financial and Valuation Advisory |
|
77,496 |
|
|
|
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 expenses |
|
88,234 |
|
|
|
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 |
Revenues
For the fiscal year ended March 31, 2024, revenues were
For the fourth quarter ended March 31, 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) * |
||||||||||||
|
Year Ended March 31, |
||||||||||||||
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Expenses: |
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits |
$ |
1,213,589 |
|
|
$ |
1,147,879 |
|
|
$ |
1,177,355 |
|
|
$ |
1,112,809 |
|
% of Revenues |
|
63.4 |
% |
|
|
63.4 |
% |
|
|
61.5 |
% |
|
|
61.5 |
% |
Non-compensation |
$ |
337,954 |
|
|
$ |
319,830 |
|
|
$ |
314,081 |
|
|
$ |
272,534 |
|
% of Revenues |
|
17.7 |
% |
|
|
17.7 |
% |
|
|
16.4 |
% |
|
|
15.1 |
% |
Provision for Income Taxes |
$ |
110,238 |
|
|
$ |
69,777 |
|
|
$ |
129,850 |
|
|
$ |
113,150 |
|
% of Pre-Tax Income |
|
28.2 |
% |
|
|
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. |
|
|
|
|
Adjusted (Non-GAAP) * |
||||||||||||
|
Three Months Ended March 31, |
||||||||||||||
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Expenses: |
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits |
$ |
329,525 |
|
|
$ |
282,937 |
|
|
$ |
320,077 |
|
|
$ |
273,530 |
|
% of Revenues |
|
63.3 |
% |
|
|
63.6 |
% |
|
|
61.5 |
% |
|
|
61.5 |
% |
Non-compensation |
$ |
88,234 |
|
|
$ |
71,206 |
|
|
$ |
80,963 |
|
|
$ |
67,991 |
|
% of Revenues |
|
17.0 |
% |
|
|
16.0 |
% |
|
|
15.6 |
% |
|
|
15.3 |
% |
Provision for Income Taxes |
$ |
36,962 |
|
|
$ |
20,642 |
|
|
$ |
37,438 |
|
|
$ |
29,964 |
|
% of Pre-Tax Income |
|
31.3 |
% |
|
|
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. |
|
Year Ended March 31, 2024 Compared to the Year Ended March 31, 2023
Employee compensation and benefits expenses were
Non-compensation expenses were
The provision for income taxes was
Quarter Ended March 31, 2024 Compared to the Quarter Ended March 31, 2023
Employee compensation and benefits expenses were
Non-compensation expenses were
The provision for income taxes was
Segment Reporting for the Fourth Quarter
Corporate Finance
CF revenues were
|
Three Months Ended March 31, |
|
Year Ended March 31, |
||||||||
($ in thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Corporate Finance |
|
|
|
|
|
|
|
||||
Revenues |
$ |
287,579 |
|
$ |
256,425 |
|
$ |
1,106,826 |
|
$ |
1,127,126 |
# of Managing Directors |
|
223 |
|
|
217 |
|
|
223 |
|
|
217 |
# of Closed transactions (1) |
|
121 |
|
|
140 |
|
|
450 |
|
|
503 |
Financial Restructuring
FR revenues were
|
Three Months Ended March 31, |
|
Year Ended March 31, |
||||||||
($ in thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Financial Restructuring |
|
|
|
|
|
|
|
||||
Revenues |
$ |
155,381 |
|
$ |
120,382 |
|
$ |
521,984 |
|
$ |
395,733 |
# of Managing Directors |
|
54 |
|
|
57 |
|
|
54 |
|
|
57 |
# of Closed transactions (1) |
|
35 |
|
|
38 |
|
|
126 |
|
|
106 |
Financial and Valuation Advisory
FVA revenues were
|
Three Months Ended March 31, |
|
Year Ended March 31, |
||||||||
($ in thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Financial and Valuation Advisory |
|
|
|
|
|
|
|
||||
Revenues |
$ |
77,496 |
|
$ |
67,960 |
|
$ |
285,594 |
|
$ |
286,588 |
# of Managing Directors |
|
39 |
|
|
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 |
|
Other Announcements
The Board of Directors of the Company declared a regular quarterly cash dividend of
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
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) |
March 31, 2024 |
|
March 31, 2023 |
||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
721,235 |
|
|
$ |
714,439 |
|
Restricted cash |
|
619 |
|
|
|
373 |
|
Investment securities |
|
38,005 |
|
|
|
37,309 |
|
Accounts receivable, net of allowance for credit losses |
|
199,630 |
|
|
|
182,029 |
|
Unbilled work in process, net of allowance for credit losses |
|
192,012 |
|
|
|
115,045 |
|
Income taxes receivable |
|
32,856 |
|
|
|
17,693 |
|
Deferred income taxes |
|
90,064 |
|
|
|
104,941 |
|
Property and equipment, net |
|
136,701 |
|
|
|
88,345 |
|
Operating lease right-of-use assets |
|
344,024 |
|
|
|
333,877 |
|
Goodwill |
|
1,127,497 |
|
|
|
1,087,784 |
|
Other intangible assets, net |
|
197,439 |
|
|
|
203,370 |
|
Other assets |
|
90,677 |
|
|
|
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 expenses |
|
114,171 |
|
|
|
113,421 |
|
Deferred income |
|
33,139 |
|
|
|
40,695 |
|
Deferred income taxes |
|
7,505 |
|
|
|
544 |
|
Operating lease liabilities |
|
415,412 |
|
|
|
374,869 |
|
Other liabilities |
|
37,751 |
|
|
|
60,111 |
|
Total liabilities |
|
1,334,009 |
|
|
|
1,355,517 |
|
|
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Class A common stock, |
|
52 |
|
|
|
51 |
|
Class B common stock, |
|
17 |
|
|
|
18 |
|
Additional paid-in capital |
|
739,870 |
|
|
|
642,970 |
|
Retained earnings |
|
1,163,419 |
|
|
|
1,033,072 |
|
Accumulated other comprehensive loss |
|
(66,608 |
) |
|
|
(62,814 |
) |
Total stockholders’ equity |
|
1,836,750 |
|
|
|
1,613,297 |
|
Total liabilities and stockholders’ equity |
$ |
3,170,759 |
|
|
$ |
2,968,814 |
|
HOULIHAN LOKEY, INC. AND SUBSIDIARIES
|
|||||||||||||
|
Three Months Ended March 31, |
|
Year Ended March 31, |
||||||||||
(In thousands, except share and per share data) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
||
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 |
Travel, meals, and entertainment |
|
17,804 |
|
|
|
13,391 |
|
|
65,298 |
|
|
|
51,082 |
Rent |
|
20,661 |
|
|
|
17,911 |
|
|
76,079 |
|
|
|
55,838 |
Depreciation and amortization |
|
8,261 |
|
|
|
6,347 |
|
|
28,536 |
|
|
|
58,221 |
Information technology and communications |
|
16,849 |
|
|
|
15,201 |
|
|
60,168 |
|
|
|
54,125 |
Professional fees |
|
13,808 |
|
|
|
9,078 |
|
|
49,077 |
|
|
|
32,940 |
Other operating expenses |
|
10,851 |
|
|
|
9,278 |
|
|
58,796 |
|
|
|
67,624 |
Total operating expenses |
|
417,759 |
|
|
|
354,143 |
|
|
1,551,543 |
|
|
|
1,467,709 |
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 |
$ |
81,077 |
|
|
$ |
59,660 |
|
|
280,301 |
|
|
|
254,223 |
|
|
|
|
|
|
|
|
||||||
Weighted average shares of common stock outstanding: |
|||||||||||||
Basic |
|
64,579,004 |
|
|
|
63,351,104 |
|
|
64,337,975 |
|
|
|
63,358,408 |
Fully diluted |
|
68,492,023 |
|
|
|
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 |
HOULIHAN LOKEY, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
Three Months Ended March 31, |
|
Year Ended March 31, |
||||||||||||
(In thousands, except share and per share data) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
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 value |
|
9,557 |
|
|
|
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 taxes |
|
35,286 |
|
|
|
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 awards |
|
755,020 |
|
|
|
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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240508665273/en/
Investor Relations
212.331.8225
IR@HL.com
OR
Media Relations
212.331.8223
PR@HL.com
Source: Houlihan Lokey, Inc.
FAQ
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