Houlihan Lokey Reports Second Quarter Fiscal 2025 Financial Results
Houlihan Lokey (NYSE:HLI) reported strong financial results for Q2 fiscal 2025. Revenues reached $575 million, up from $467 million in Q2 fiscal 2024. Net income increased to $94 million ($1.37 per diluted share) from $67 million ($0.99 per diluted share) year-over-year. The company saw growth across all business segments: Corporate Finance revenues up 29%, Financial Restructuring up 15%, and Financial and Valuation Advisory up 12%. The Board declared a quarterly dividend of $0.57 per share, payable December 15, 2024.
Houlihan Lokey (NYSE:HLI) ha riportato risultati finanziari solidi per il secondo trimestre dell'anno fiscale 2025. I ricavi hanno raggiunto 575 milioni di dollari, rispetto ai 467 milioni di dollari del secondo trimestre dell'anno fiscale 2024. Il reddito netto è aumentato a 94 milioni di dollari (1,37 dollari per azione diluita) rispetto ai 67 milioni di dollari (0,99 dollari per azione diluita) dell'anno precedente. L'azienda ha registrato una crescita in tutti i segmenti di business: i ricavi della Finanza Aziendale sono aumentati del 29%, della Ristrutturazione Finanziaria del 15% e della Consulenza Finanziaria e di Valutazione del 12%. Il Consiglio di Amministrazione ha dichiarato un dividendo trimestrale di 0,57 dollari per azione, pagabile il 15 dicembre 2024.
Houlihan Lokey (NYSE:HLI) reportó resultados financieros sólidos para el segundo trimestre del año fiscal 2025. Los ingresos alcanzaron 575 millones de dólares, en comparación con 467 millones de dólares en el segundo trimestre del año fiscal 2024. El ingreso neto aumentó a 94 millones de dólares (1,37 dólares por acción diluida) desde 67 millones de dólares (0,99 dólares por acción diluida) del año anterior. La empresa vio crecimiento en todos los segmentos de negocios: los ingresos de Finanzas Corporativas aumentaron un 29%, la Reestructuración Financiera un 15% y la Consultoría Financiera y de Valoración un 12%. La Junta declaró un dividendo trimestral de 0,57 dólares por acción, que se pagará el 15 de diciembre de 2024.
Houlihan Lokey (NYSE:HLI)는 2025 회계 연도 2분기 강력한 재무 결과를 보고했습니다. 수익은 5억 7500만 달러를 기록했으며, 2024 회계 연도 2분기의 4억 6700만 달러에서 증가했습니다. 순이익은 9400만 달러 (희석주당 1.37달러)로 증가했으며, 전년 대비 6700만 달러 (희석주당 0.99달러)에서 상승했습니다. 회사는 모든 사업 부문에서 성장을 보았습니다: 기업 금융 수익은 29%, 재무 구조조정은 15%, 재무 및 가치 자문은 12% 증가했습니다. 이사회는 분기 배당금으로 0.57달러 per share를 발표했으며, 2024년 12월 15일에 지급됩니다.
Houlihan Lokey (NYSE:HLI) a annoncé de bons résultats financiers pour le deuxième trimestre de l'exercice 2025. Les revenus ont atteint 575 millions de dollars, contre 467 millions de dollars au deuxième trimestre de l'exercice 2024. Le bénéfice net a augmenté à 94 millions de dollars (1,37 dollar par action diluée) contre 67 millions de dollars (0,99 dollar par action diluée) d'une année sur l'autre. L'entreprise a connu une croissance dans tous les segments d'activité : les revenus de la finance d'entreprise ont augmenté de 29 %, la restructuration financière de 15 % et le conseil financier et d'évaluation de 12 %. Le conseil d'administration a déclaré un dividende trimestriel de 0,57 dollar par action, payable le 15 décembre 2024.
Houlihan Lokey (NYSE:HLI) hat starke finanzielle Ergebnisse für das zweite Quartal des Geschäftsjahres 2025 gemeldet. Die Einnahmen erreichten 575 Millionen US-Dollar, ein Anstieg von 467 Millionen US-Dollar im zweiten Quartal des Geschäftsjahres 2024. Der Nettogewinn erhöhte sich auf 94 Millionen US-Dollar (1,37 US-Dollar pro verwässerter Aktie) im Vergleich zu 67 Millionen US-Dollar (0,99 US-Dollar pro verwässerter Aktie) im Vorjahr. Das Unternehmen verzeichnete ein Wachstum in allen Geschäftsbereichen: Die Einnahmen aus Unternehmensfinanzierung stiegen um 29%, die finanzielle Restrukturierung um 15% und die finanzielle und Bewertungsberatung um 12%. Der Vorstand erklärte eine vierteljährliche Dividende von 0,57 US-Dollar pro Aktie, zahlbar am 15. Dezember 2024.
- Revenue increased 23% YoY to $575 million
- Net income grew 40% YoY to $94 million
- Corporate Finance revenues up 29% YoY
- Financial Restructuring revenues up 15% YoY
- Financial and Valuation Advisory revenues up 12% YoY
- Closed transactions increased from 117 to 131 in Corporate Finance segment
- Employee compensation and benefits expenses increased 22% YoY to $361 million
- Non-compensation expenses rose 5% YoY to $84 million
- Effective tax rate increased to 31.3% from 28.4% YoY
Insights
Strong quarterly performance with revenues up
The firm maintained healthy margins with adjusted compensation ratio steady at
The results demonstrate resilience in Houlihan Lokey's diversified business model amid market uncertainties. Increased average transaction fees and higher deal volumes suggest a thawing M&A environment. The growth in restructuring revenues (
Key performance indicators show broad-based strength:
- 131 closed Corporate Finance transactions vs 117 last year
- 33 Financial Restructuring deals vs 31 prior year
- 903 Fee Events in Advisory vs 852 year-over-year
– Second Quarter Fiscal 2025 Revenues of
– Second Quarter Fiscal 2025 Diluted EPS of
– Adjusted Second Quarter Fiscal 2025 Diluted EPS of
– Announces Dividend of
For the second quarter ended September 30, 2024, revenues were
“We are pleased with our second-quarter results, and we enter the second half of the year with momentum across all three of our business lines. While we recognize uncertainties in the macro environment, our outlook for the second half of fiscal 2025 is positive, as we continue to see the benefits of our highly diversified business model,” stated Scott Adelson, Chief Executive Officer of Houlihan Lokey.
Selected Financial Data
(In thousands, except per share data) |
|
||||||||||||||
Three Months Ended September 30, |
|
Six Months Ended September 30, |
|||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenues by segment |
|
|
|
|
|
|
|
||||||||
Corporate Finance |
$ |
364,028 |
|
|
$ |
281,684 |
|
|
$ |
692,445 |
|
|
$ |
508,735 |
|
Financial Restructuring |
|
131,568 |
|
|
|
114,670 |
|
|
|
248,990 |
|
|
|
238,038 |
|
Financial and Valuation Advisory |
|
79,361 |
|
|
|
70,635 |
|
|
|
147,131 |
|
|
|
136,045 |
|
Revenues |
$ |
574,957 |
|
|
$ |
466,989 |
|
|
$ |
1,088,566 |
|
|
$ |
882,818 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits |
$ |
360,637 |
|
|
$ |
296,542 |
|
|
$ |
690,753 |
|
|
$ |
560,025 |
|
Non-compensation |
|
83,651 |
|
|
|
80,170 |
|
|
|
171,576 |
|
|
|
159,169 |
|
Operating income |
|
130,669 |
|
|
|
90,277 |
|
|
|
226,237 |
|
|
|
163,624 |
|
Other income, net |
|
(5,419 |
) |
|
|
(3,296 |
) |
|
|
(9,725 |
) |
|
|
(6,301 |
) |
Income before provision for income taxes |
|
136,088 |
|
|
|
93,573 |
|
|
|
235,962 |
|
|
|
169,925 |
|
Provision for income taxes |
|
42,539 |
|
|
|
26,542 |
|
|
|
53,473 |
|
|
|
41,504 |
|
Net income attributable to Houlihan Lokey, Inc. |
$ |
93,549 |
|
|
$ |
67,031 |
|
|
$ |
182,489 |
|
|
$ |
128,421 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share attributable to Houlihan Lokey, Inc. |
$ |
1.37 |
|
|
$ |
0.99 |
|
|
$ |
2.67 |
|
|
$ |
1.89 |
|
Revenues
For the second quarter ended September 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 September 30, |
||||||||||||||
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Expenses: |
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits |
$ |
360,637 |
|
|
$ |
296,542 |
|
|
$ |
353,599 |
|
|
$ |
287,200 |
|
% of Revenues |
|
62.7 |
% |
|
|
63.5 |
% |
|
|
61.5 |
% |
|
|
61.5 |
% |
Non-compensation |
$ |
83,651 |
|
|
$ |
80,170 |
|
|
$ |
80,879 |
|
|
$ |
75,345 |
|
% of Revenues |
|
14.5 |
% |
|
|
17.2 |
% |
|
|
14.1 |
% |
|
|
16.1 |
% |
Per full-time employee (1) |
$ |
32 |
|
|
$ |
30 |
|
|
$ |
31 |
|
|
$ |
29 |
|
Provision for income taxes |
$ |
42,539 |
|
|
$ |
26,542 |
|
|
$ |
45,610 |
|
|
$ |
30,329 |
|
% of Pre-tax income |
|
31.3 |
% |
|
|
28.4 |
% |
|
|
31.3 |
% |
|
|
28.4 |
% |
* |
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. |
|
(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. |
|
|
|
Adjusted (Non-GAAP) * |
||||||||||||
|
Six Months Ended September 30, |
||||||||||||||
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Expenses: |
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits |
$ |
690,753 |
|
|
$ |
560,025 |
|
|
$ |
669,468 |
|
|
$ |
542,933 |
|
% of Revenues |
|
63.5 |
% |
|
|
63.4 |
% |
|
|
61.5 |
% |
|
|
61.5 |
% |
Non-compensation |
$ |
171,576 |
|
|
$ |
159,169 |
|
|
$ |
161,209 |
|
|
$ |
150,989 |
|
% of Revenues |
|
15.8 |
% |
|
|
18.0 |
% |
|
|
14.8 |
% |
|
|
17.1 |
% |
Per full-time employee (1) |
$ |
65 |
|
|
$ |
60 |
|
|
$ |
61 |
|
|
$ |
57 |
|
Provision for income taxes |
$ |
53,473 |
|
|
$ |
41,504 |
|
|
$ |
83,849 |
|
|
$ |
55,828 |
|
% of Pre-tax income |
|
22.7 |
% |
|
|
24.4 |
% |
|
|
31.2 |
% |
|
|
28.7 |
% |
* |
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 Second Fiscal Quarter
Corporate Finance
CF revenues were
|
Three Months Ended September 30, |
|
Six Months Ended September 30, |
||||||||
($ in thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Corporate Finance |
|
|
|
|
|
|
|
||||
Revenues |
$ |
364,028 |
|
$ |
281,684 |
|
$ |
692,445 |
|
$ |
508,735 |
# of Managing Directors |
|
224 |
|
|
211 |
|
|
224 |
|
|
211 |
# of Closed transactions (1) |
|
131 |
|
|
117 |
|
|
247 |
|
|
212 |
Financial Restructuring
FR revenues increased
|
Three Months Ended September 30, |
|
Six Months Ended September 30, |
||||||||
($ in thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Financial Restructuring |
|
|
|
|
|
|
|
||||
Revenues |
$ |
131,568 |
|
$ |
114,670 |
|
$ |
248,990 |
|
$ |
238,038 |
# of Managing Directors |
|
58 |
|
|
60 |
|
|
58 |
|
|
60 |
# of Closed transactions (1) |
|
33 |
|
|
31 |
|
|
66 |
|
|
61 |
Financial and Valuation Advisory
FVA revenues increased
|
Three Months Ended September 30, |
|
Six Months Ended September 30, |
||||||||
($ in thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Financial and Valuation Advisory |
|
|
|
|
|
|
|
||||
Revenues |
$ |
79,361 |
|
$ |
70,635 |
|
$ |
147,131 |
|
$ |
136,045 |
# of Managing Directors |
|
41 |
|
|
40 |
|
|
41 |
|
|
40 |
# of Fee Events (1) |
|
903 |
|
|
852 |
|
|
1,316 |
|
|
1,255 |
(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
Investor Conference Call and Webcast
The Company will host a conference call and live webcast at 5:00 p.m. Eastern Time on Wednesday, October 30, 2024, to discuss its second quarter fiscal 2025 results. The number to call is 1-844-825-9789 (domestic) or 1-412-317-5180 (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 October 30, 2024 through November 6, 2024, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the passcode 10193284. 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 CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|||||||
(In thousands, except share data and par value) |
September 30, 2024 |
|
March 31, 2024 |
||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
691,410 |
|
|
$ |
721,235 |
|
Restricted cash |
|
1,452 |
|
|
|
619 |
|
Investment securities |
|
56,829 |
|
|
|
38,005 |
|
Accounts receivable, net of allowance for credit losses |
|
219,133 |
|
|
|
199,630 |
|
Unbilled work in process, net of allowance for credit losses |
|
138,293 |
|
|
|
192,012 |
|
Income taxes receivable |
|
21,832 |
|
|
|
32,856 |
|
Deferred income taxes |
|
87,020 |
|
|
|
90,064 |
|
Property and equipment, net |
|
148,729 |
|
|
|
136,701 |
|
Operating lease right-of-use assets |
|
359,739 |
|
|
|
344,024 |
|
Goodwill |
|
1,177,757 |
|
|
|
1,127,497 |
|
Other intangible assets, net |
|
196,641 |
|
|
|
197,439 |
|
Other assets |
|
113,916 |
|
|
|
90,677 |
|
Total assets |
$ |
3,212,751 |
|
|
$ |
3,170,759 |
|
|
|
|
|
||||
Liabilities and stockholders' equity |
|
|
|
||||
Liabilities: |
|
|
|
||||
Accrued salaries and bonuses |
$ |
641,370 |
|
|
$ |
726,031 |
|
Accounts payable and accrued expenses |
|
104,661 |
|
|
|
114,171 |
|
Deferred income |
|
37,956 |
|
|
|
33,139 |
|
Deferred income taxes |
|
7,575 |
|
|
|
7,505 |
|
Operating lease liabilities |
|
431,222 |
|
|
|
415,412 |
|
Other liabilities |
|
32,880 |
|
|
|
37,751 |
|
Total liabilities |
|
1,255,664 |
|
|
|
1,334,009 |
|
|
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Class A common stock, |
|
53 |
|
|
|
52 |
|
Class B common stock, |
|
16 |
|
|
|
17 |
|
Additional paid-in capital |
|
735,277 |
|
|
|
739,870 |
|
Retained earnings |
|
1,259,950 |
|
|
|
1,163,419 |
|
Accumulated other comprehensive loss |
|
(38,209 |
) |
|
|
(66,608 |
) |
Total stockholders’ equity |
|
1,957,087 |
|
|
|
1,836,750 |
|
Total liabilities and stockholders’ equity |
$ |
3,212,751 |
|
|
$ |
3,170,759 |
|
HOULIHAN LOKEY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Six Months Ended September 30, |
||||||||||||
(In thousands, except share and per share data) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
$ |
574,957 |
|
|
$ |
466,989 |
|
|
$ |
1,088,566 |
|
|
$ |
882,818 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits |
|
353,599 |
|
|
|
287,200 |
|
|
|
669,468 |
|
|
|
542,933 |
|
Acquisition related compensation and benefits |
|
7,038 |
|
|
|
9,342 |
|
|
|
21,285 |
|
|
|
17,092 |
|
Travel, meals, and entertainment |
|
13,570 |
|
|
|
14,151 |
|
|
|
32,082 |
|
|
|
30,169 |
|
Rent |
|
15,174 |
|
|
|
19,013 |
|
|
|
34,458 |
|
|
|
36,416 |
|
Depreciation and amortization |
|
7,444 |
|
|
|
7,086 |
|
|
|
16,300 |
|
|
|
13,618 |
|
Information technology and communications |
|
17,755 |
|
|
|
14,328 |
|
|
|
33,944 |
|
|
|
27,876 |
|
Professional fees |
|
9,677 |
|
|
|
10,859 |
|
|
|
18,154 |
|
|
|
20,416 |
|
Other operating expenses |
|
20,031 |
|
|
|
14,733 |
|
|
|
36,638 |
|
|
|
30,674 |
|
Total operating expenses |
|
444,288 |
|
|
|
376,712 |
|
|
|
862,329 |
|
|
|
719,194 |
|
Operating income |
|
130,669 |
|
|
|
90,277 |
|
|
|
226,237 |
|
|
|
163,624 |
|
Other income, net |
|
(5,419 |
) |
|
|
(3,296 |
) |
|
|
(9,725 |
) |
|
|
(6,301 |
) |
Income before provision for income taxes |
|
136,088 |
|
|
|
93,573 |
|
|
|
235,962 |
|
|
|
169,925 |
|
Provision for income taxes |
|
42,539 |
|
|
|
26,542 |
|
|
|
53,473 |
|
|
|
41,504 |
|
Net income |
$ |
93,549 |
|
|
$ |
67,031 |
|
|
$ |
182,489 |
|
|
$ |
128,421 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares of common stock outstanding: |
|||||||||||||||
Basic |
|
65,822,690 |
|
|
|
64,551,353 |
|
|
|
65,429,115 |
|
|
|
64,180,642 |
|
Fully diluted |
|
68,422,600 |
|
|
|
67,867,381 |
|
|
|
68,450,866 |
|
|
|
67,881,623 |
|
Earnings per share attributable to Houlihan Lokey, Inc. |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
1.42 |
|
|
$ |
1.04 |
|
|
$ |
2.79 |
|
|
$ |
2.00 |
|
Fully diluted |
$ |
1.37 |
|
|
$ |
0.99 |
|
|
$ |
2.67 |
|
|
$ |
1.89 |
|
HOULIHAN LOKEY, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO ADJUSTED FINANCIAL INFORMATION (UNAUDITED) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Six Months Ended September 30, |
||||||||||||
(In thousands, except share and per share data) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
$ |
574,957 |
|
|
$ |
466,989 |
|
|
$ |
1,088,566 |
|
|
$ |
882,818 |
|
|
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits expenses |
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits expenses (GAAP) |
$ |
360,637 |
|
|
$ |
296,542 |
|
|
$ |
690,753 |
|
|
$ |
560,025 |
|
Less: Acquisition related compensation and benefits |
|
(7,038 |
) |
|
|
(9,342 |
) |
|
|
(21,285 |
) |
|
|
(17,092 |
) |
Employee compensation and benefits expenses (adjusted) |
|
353,599 |
|
|
|
287,200 |
|
|
|
669,468 |
|
|
|
542,933 |
|
|
|
|
|
|
|
|
|
||||||||
Non-compensation expenses |
|
|
|
|
|
|
|
||||||||
Non-compensation expenses (GAAP) |
$ |
83,651 |
|
|
$ |
80,170 |
|
|
$ |
171,576 |
|
|
$ |
159,169 |
|
Less: Acquisition related legal structure reorganization |
|
(705 |
) |
|
|
— |
|
|
|
(1,205 |
) |
|
|
— |
|
Less: Integration and acquisition related costs |
|
— |
|
|
|
(1,465 |
) |
|
|
(3,554 |
) |
|
|
(1,465 |
) |
Less: Acquisition amortization |
|
(2,067 |
) |
|
|
(3,360 |
) |
|
|
(5,608 |
) |
|
|
(6,715 |
) |
Non-compensation expenses (adjusted) |
|
80,879 |
|
|
|
75,345 |
|
|
|
161,209 |
|
|
|
150,989 |
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
|
|
|
|
|
|
||||||||
Operating income (GAAP) |
$ |
130,669 |
|
|
$ |
90,277 |
|
|
$ |
226,237 |
|
|
$ |
163,624 |
|
Plus: Adjustments (1) |
|
9,810 |
|
|
|
14,167 |
|
|
|
31,652 |
|
|
|
25,272 |
|
Operating income (adjusted) |
|
140,479 |
|
|
|
104,444 |
|
|
|
257,889 |
|
|
|
188,896 |
|
|
|
|
|
|
|
|
|
||||||||
Other income, net |
|
|
|
|
|
|
|
||||||||
Other income, net (GAAP) |
$ |
(5,419 |
) |
|
$ |
(3,296 |
) |
|
$ |
(9,725 |
) |
|
$ |
(6,301 |
) |
Plus: Change in acquisition earnout liability fair value |
|
— |
|
|
|
816 |
|
|
|
(828 |
) |
|
|
816 |
|
Other income, net (adjusted) |
|
(5,419 |
) |
|
|
(2,480 |
) |
|
|
(10,553 |
) |
|
|
(5,485 |
) |
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes |
|
|
|
|
|
|
|
||||||||
Provision for income taxes (GAAP) |
$ |
42,539 |
|
|
$ |
26,542 |
|
|
$ |
53,473 |
|
|
$ |
41,504 |
|
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 |
|
42,539 |
|
|
|
26,542 |
|
|
|
73,704 |
|
|
|
48,803 |
|
Plus: Resulting tax impact (2) |
|
3,071 |
|
|
|
3,787 |
|
|
|
10,145 |
|
|
|
7,025 |
|
Provision for income taxes (adjusted) |
|
45,610 |
|
|
|
30,329 |
|
|
|
83,849 |
|
|
|
55,828 |
|
|
|
|
|
|
|
|
|
||||||||
Net income |
|
|
|
|
|
|
|
||||||||
Net income (GAAP) |
$ |
93,549 |
|
|
$ |
67,031 |
|
|
$ |
182,489 |
|
|
$ |
128,421 |
|
Plus/(less): Adjustments (3) |
|
6,739 |
|
|
|
9,564 |
|
|
|
2,104 |
|
|
|
10,132 |
|
Net income (adjusted) |
$ |
100,288 |
|
|
$ |
76,595 |
|
|
|
184,593 |
|
|
|
138,553 |
|
|
|
|
|
|
|
|
|
||||||||
Fully diluted shares outstanding |
|
|
|
|
|
|
|
||||||||
Fully diluted shares outstanding (GAAP) |
|
68,422,600 |
|
|
|
67,867,381 |
|
|
|
68,450,866 |
|
|
|
67,881,623 |
|
Plus: Impact of unvested GCA retention and deferred share awards |
|
458,865 |
|
|
|
1,132,423 |
|
|
|
532,840 |
|
|
|
1,257,446 |
|
Fully diluted shares outstanding (adjusted) |
|
68,881,465 |
|
|
|
68,999,804 |
|
|
|
68,983,706 |
|
|
|
69,139,069 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted EPS attributable to Houlihan Lokey, Inc. (GAAP) |
$ |
1.37 |
|
|
$ |
0.99 |
|
|
$ |
2.67 |
|
|
$ |
1.89 |
|
Diluted EPS attributable to Houlihan Lokey, Inc. (adjusted) |
$ |
1.46 |
|
|
$ |
1.11 |
|
|
$ |
2.68 |
|
|
$ |
2.00 |
|
(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/20241030322774/en/
Investor Relations
212.331.8225
IR@HL.com
OR
Media Relations
212.331.8223
PR@HL.com
Source: Houlihan Lokey, Inc.
FAQ
What was Houlihan Lokey's (HLI) revenue in Q2 fiscal 2025?
What was Houlihan Lokey's (HLI) EPS for Q2 fiscal 2025?
How much is Houlihan Lokey's (HLI) Q3 fiscal 2025 dividend?
How did Houlihan Lokey's (HLI) business segments perform in Q2 fiscal 2025?
