Houlihan Lokey Reports Third Quarter Fiscal 2025 Financial Results
Houlihan Lokey (NYSE:HLI) reported strong financial results for Q3 fiscal 2025. Revenues reached $634 million, up from $511 million in the same quarter last year. Net income increased to $95 million ($1.39 per diluted share) from $71 million ($1.04 per diluted share) year-over-year.
Corporate Finance revenues grew 36% to $422 million, Financial Restructuring revenues increased 2% to $131 million, and Financial and Valuation Advisory revenues rose 14% to $82 million. The company declared a quarterly dividend of $0.57 per share payable on March 15, 2025.
The company maintained strong liquidity with $903 million in cash and cash equivalents and investment securities as of December 31, 2024.
Houlihan Lokey (NYSE:HLI) ha riportato risultati finanziari solidi per il terzo trimestre dell'anno fiscale 2025. I ricavi hanno raggiunto 634 milioni di dollari, in aumento rispetto ai 511 milioni di dollari dello stesso trimestre dell'anno scorso. L'utile netto è aumentato a 95 milioni di dollari (1,39 dollari per azione diluita) rispetto ai 71 milioni di dollari (1,04 dollari per azione diluita) dell'anno precedente.
I ricavi da Corporate Finance sono cresciuti del 36% a 422 milioni di dollari, i ricavi da Financial Restructuring sono aumentati del 2% a 131 milioni di dollari, e i ricavi da Financial and Valuation Advisory sono saliti del 14% a 82 milioni di dollari. L'azienda ha dichiarato un dividendo trimestrale di 0,57 dollari per azione che sarà pagabile il 15 marzo 2025.
L'azienda ha mantenuto una solida liquidità con 903 milioni di dollari in contante e equivalenti di cassa e titoli di investimento al 31 dicembre 2024.
Houlihan Lokey (NYSE:HLI) informó resultados financieros sólidos para el tercer trimestre del año fiscal 2025. Los ingresos alcanzaron 634 millones de dólares, un aumento desde los 511 millones de dólares en el mismo trimestre del año pasado. El ingreso neto aumentó a 95 millones de dólares (1,39 dólares por acción diluida) desde los 71 millones de dólares (1,04 dólares por acción diluida) en comparación con el año anterior.
Los ingresos de Finanzas Corporativas crecieron un 36% a 422 millones de dólares, los ingresos de Reestructuración Financiera aumentaron un 2% a 131 millones de dólares y los ingresos de Asesoría Financiera y de Valoración subieron un 14% a 82 millones de dólares. La compañía declaró un dividendo trimestral de 0,57 dólares por acción que será pagadero el 15 de marzo de 2025.
La compañía mantuvo una fuerte liquidez con 903 millones de dólares en efectivo y equivalentes de caja y valores de inversión al 31 de diciembre de 2024.
Houlihan Lokey (NYSE:HLI)는 2025 회계년도 3분기 강력한 재무 결과를 보고했습니다. 수익은 6억 3,400만 달러에 이르렀으며, 이는 지난 해 같은 분기의 5억 1,100만 달러에서 증가한 수치입니다. 순이익은 9,500만 달러 (희석 주당 1.39 달러)로, 작년의 7,100만 달러 (희석 주당 1.04 달러)에서 증가했습니다.
기업 재무 수익은 36% 증가하여 4억 2,200만 달러에 이르렀고, 재무 재구성 수익은 2% 증가하여 1억 3,100만 달러에, 재무 및 가치 자문 수익은 14% 증가하여 8,200만 달러에 이르렀습니다. 회사는 주당 0.57 달러의 분기 배당금을 선언했으며, 이는 2025년 3월 15일에 지급될 예정입니다.
회사는 2024년 12월 31일 기준으로 9억 3백만 달러의 현금 및 현금 등가물과 투자 증권을 보유하여 강력한 유동성을 유지하고 있습니다.
Houlihan Lokey (NYSE:HLI) a publié des résultats financiers solides pour le troisième trimestre de l'exercice 2025. Les revenus ont atteint 634 millions de dollars, contre 511 millions de dollars au même trimestre de l'année dernière. Le bénéfice net a augmenté à 95 millions de dollars (1,39 dollar par action diluée) contre 71 millions de dollars (1,04 dollar par action diluée) d'une année sur l'autre.
Les revenus des finances d'entreprise ont augmenté de 36 % pour atteindre 422 millions de dollars, les revenus de la restructuration financière ont augmenté de 2 % pour atteindre 131 millions de dollars, et les revenus de conseil financier et d'évaluation ont augmenté de 14 % pour atteindre 82 millions de dollars. La société a déclaré un dividende trimestriel de 0,57 dollar par action payable le 15 mars 2025.
La société a maintenu une solide liquidité avec 903 millions de dollars en liquidités et équivalents de liquidités ainsi que des titres d'investissement au 31 décembre 2024.
Houlihan Lokey (NYSE:HLI) berichtete über starke Finanzergebnisse für das 3. Quartal des Geschäftsjahres 2025. Die Umsätze erreichten 634 Millionen Dollar, ein Anstieg von 511 Millionen Dollar im gleichen Quartal des Vorjahres. Der Nettogewinn stieg auf 95 Millionen Dollar (1,39 Dollar pro verwässerter Aktie) im Vergleich zu 71 Millionen Dollar (1,04 Dollar pro verwässerter Aktie) im Vorjahr.
Die Einnahmen aus Corporate Finance stiegen um 36% auf 422 Millionen Dollar, die Einnahmen aus Financial Restructuring erhöhten sich um 2% auf 131 Millionen Dollar, und die Einnahmen aus Financial and Valuation Advisory stiegen um 14% auf 82 Millionen Dollar. Das Unternehmen erklärte eine vierteljährliche Dividende von 0,57 Dollar pro Aktie, die am 15. März 2025 zahlbar ist.
Das Unternehmen wies zum 31. Dezember 2024 eine starke Liquidität mit 903 Millionen Dollar in bar und liquiden Mitteln sowie Wertpapieren aus.
- Revenue increased 24% YoY to $634 million
- Net income grew 34% YoY to $95 million
- Corporate Finance segment showed strong growth of 36% YoY
- Increased number of closed transactions across all segments
- Strong cash position of $903 million
- Decrease in average transaction fees in Corporate Finance segment
- Decrease in average transaction fees in Financial Restructuring segment
- Higher effective tax rate of 34.3% vs 31.0% year-over-year
Insights
Houlihan Lokey's Q3 FY2025 results reveal exceptional momentum across all business segments, particularly in Corporate Finance. The
Financial Restructuring's modest
Notably, the company maintained cost discipline with adjusted compensation ratio steady at
The expansion in Managing Directors across segments (CF: 238, FR: 57, FVA: 42) indicates strategic talent investments to capture market opportunities. The positive outlook for fiscal 2026 suggests management's confidence in sustained growth trajectory, supported by improving macro conditions and deal activity.
– Third Quarter Fiscal 2025 Revenues of
– Third Quarter Fiscal 2025 Diluted EPS of
– Adjusted Third Quarter Fiscal 2025 Diluted EPS of
– Announces Dividend of
For the third quarter ended December 31, 2024, revenues were
“We are pleased with our results for the third quarter as well as our performance year to date, as we continue to see momentum across our business lines. Given the stronger macro environment, we remain optimistic about the balance of this fiscal year, and our outlook for fiscal 2026 is positive,” stated Scott Adelson, Chief Executive Officer of Houlihan Lokey.
Selected Financial Data
(In thousands, except per share data) |
|
||||||||||||||
Three Months Ended December 31, |
|
Nine Months Ended December 31, |
|||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenues by segment |
|
|
|
|
|
|
|
||||||||
Corporate Finance |
$ |
421,602 |
|
|
$ |
310,512 |
|
|
$ |
1,114,047 |
|
|
$ |
819,247 |
|
Financial Restructuring |
|
130,942 |
|
|
|
128,565 |
|
|
|
379,932 |
|
|
|
366,603 |
|
Financial and Valuation Advisory |
|
81,884 |
|
|
|
72,053 |
|
|
|
229,015 |
|
|
|
208,098 |
|
Revenues |
$ |
634,428 |
|
|
$ |
511,130 |
|
|
$ |
1,722,994 |
|
|
$ |
1,393,948 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits |
$ |
402,971 |
|
|
$ |
324,039 |
|
|
$ |
1,093,724 |
|
|
$ |
884,064 |
|
Non-compensation |
|
95,355 |
|
|
|
90,551 |
|
|
|
266,931 |
|
|
|
249,720 |
|
Operating income |
|
136,102 |
|
|
|
96,540 |
|
|
|
362,339 |
|
|
|
260,164 |
|
Other income, net |
|
(9,016 |
) |
|
|
(6,035 |
) |
|
|
(18,741 |
) |
|
|
(12,336 |
) |
Income before provision for income taxes |
|
145,118 |
|
|
|
102,575 |
|
|
|
381,080 |
|
|
|
272,500 |
|
Provision for income taxes |
|
49,816 |
|
|
|
31,772 |
|
|
|
103,289 |
|
|
|
73,276 |
|
Net income attributable to Houlihan Lokey, Inc. |
$ |
95,302 |
|
|
$ |
70,803 |
|
|
$ |
277,791 |
|
|
$ |
199,224 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share attributable to Houlihan Lokey, Inc. |
$ |
1.39 |
|
|
$ |
1.04 |
|
|
$ |
4.05 |
|
|
$ |
2.93 |
|
Revenues
For the third quarter ended December 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) * |
||||||||||||
|
Three Months Ended December 31, |
||||||||||||||
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Expenses: |
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits |
$ |
402,971 |
|
|
$ |
324,039 |
|
|
$ |
390,173 |
|
|
$ |
314,345 |
|
% of Revenues |
|
63.5 |
% |
|
|
63.4 |
% |
|
|
61.5 |
% |
|
|
61.5 |
% |
Non-compensation |
$ |
95,355 |
|
|
$ |
90,551 |
|
|
$ |
83,002 |
|
|
$ |
82,129 |
|
% of Revenues |
|
15.0 |
% |
|
|
17.7 |
% |
|
|
13.1 |
% |
|
|
16.1 |
% |
Per full-time employee (1) |
$ |
35 |
|
|
$ |
34 |
|
|
$ |
31 |
|
|
$ |
31 |
|
Provision for income taxes |
$ |
49,816 |
|
|
$ |
31,772 |
|
|
$ |
56,734 |
|
|
$ |
36,584 |
|
% of Pre-tax income |
|
34.3 |
% |
|
|
31.0 |
% |
|
|
33.3 |
% |
|
|
30.3 |
% |
* |
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) * |
|||||||||||||
|
Nine Months Ended December 31, |
||||||||||||||
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Expenses: |
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits |
$ |
1,093,724 |
|
|
$ |
884,064 |
|
|
$ |
1,059,641 |
|
|
$ |
857,278 |
|
% of Revenues |
|
63.5 |
% |
|
|
63.4 |
% |
|
|
61.5 |
% |
|
|
61.5 |
% |
Non-compensation |
$ |
266,931 |
|
|
$ |
249,720 |
|
|
$ |
244,211 |
|
|
$ |
233,118 |
|
% of Revenues |
|
15.5 |
% |
|
|
17.9 |
% |
|
|
14.2 |
% |
|
|
16.7 |
% |
Per full-time employee (1) |
$ |
101 |
|
|
$ |
95 |
|
|
$ |
92 |
|
|
$ |
88 |
|
Provision for income taxes |
$ |
103,289 |
|
|
$ |
73,276 |
|
|
$ |
140,583 |
|
|
$ |
92,412 |
|
% of Pre-tax income |
|
27.1 |
% |
|
|
26.9 |
% |
|
|
32.0 |
% |
|
|
29.3 |
% |
* |
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 Third Fiscal Quarter
Corporate Finance
CF revenues were
|
Three Months Ended December 31, |
|
Nine Months Ended December 31, |
||||||||
($ in thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Corporate Finance |
|
|
|
|
|
|
|
||||
Revenues |
$ |
421,602 |
|
$ |
310,512 |
|
$ |
1,114,047 |
|
$ |
819,247 |
# of Managing Directors |
|
238 |
|
|
219 |
|
|
238 |
|
|
219 |
# of Closed transactions (1) |
|
170 |
|
|
117 |
|
|
417 |
|
|
329 |
Financial Restructuring
FR revenues were
|
Three Months Ended December 31, |
|
Nine Months Ended December 31, |
||||||||
($ in thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Financial Restructuring |
|
|
|
|
|
|
|
||||
Revenues |
$ |
130,942 |
|
$ |
128,565 |
|
$ |
379,932 |
|
$ |
366,603 |
# of Managing Directors |
|
57 |
|
|
52 |
|
|
57 |
|
|
52 |
# of Closed transactions (1) |
|
41 |
|
|
30 |
|
|
107 |
|
|
91 |
Financial and Valuation Advisory
FVA revenues were
|
Three Months Ended December 31, |
|
Nine Months Ended December 31, |
||||||||
($ in thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Financial and Valuation Advisory |
|
|
|
|
|
|
|
||||
Revenues |
$ |
81,884 |
|
$ |
72,053 |
|
$ |
229,015 |
|
$ |
208,098 |
# of Managing Directors |
|
42 |
|
|
41 |
|
|
42 |
|
|
41 |
# of Fee Events (1) |
|
1,005 |
|
|
926 |
|
|
1,804 |
|
|
1,704 |
| (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 Tuesday, January 28, 2025, to discuss its third 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 January 28, 2025 through February 4, 2025, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the passcode 10195795. 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) |
December 31, 2024 |
|
March 31, 2024 |
||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
799,340 |
|
|
$ |
721,235 |
|
Restricted cash |
|
1,452 |
|
|
|
619 |
|
Investment securities |
|
103,538 |
|
|
|
38,005 |
|
Accounts receivable, net of allowance for credit losses |
|
166,687 |
|
|
|
199,630 |
|
Unbilled work in process, net of allowance for credit losses |
|
202,716 |
|
|
|
192,012 |
|
Income taxes receivable |
|
— |
|
|
|
32,856 |
|
Deferred income taxes |
|
83,428 |
|
|
|
90,064 |
|
Property and equipment, net |
|
140,105 |
|
|
|
136,701 |
|
Operating lease right-of-use assets |
|
355,937 |
|
|
|
344,024 |
|
Goodwill |
|
1,280,304 |
|
|
|
1,127,497 |
|
Other intangible assets, net |
|
222,113 |
|
|
|
197,439 |
|
Other assets |
|
120,142 |
|
|
|
90,677 |
|
Total assets |
$ |
3,475,762 |
|
|
$ |
3,170,759 |
|
|
|
|
|
||||
Liabilities and stockholders' equity |
|
|
|
||||
Liabilities: |
|
|
|
||||
Accrued salaries and bonuses |
$ |
719,301 |
|
|
$ |
726,031 |
|
Accounts payable and accrued expenses |
|
123,129 |
|
|
|
114,171 |
|
Deferred income |
|
40,500 |
|
|
|
33,139 |
|
Income taxes payable |
|
5,501 |
|
|
|
— |
|
Deferred income taxes |
|
7,711 |
|
|
|
7,505 |
|
Operating lease liabilities |
|
433,032 |
|
|
|
415,412 |
|
Other liabilities |
|
66,047 |
|
|
|
37,751 |
|
Total liabilities |
|
1,395,221 |
|
|
|
1,334,009 |
|
|
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Class A common stock, |
|
54 |
|
|
|
52 |
|
Class B common stock, |
|
16 |
|
|
|
17 |
|
Additional paid-in capital |
|
851,854 |
|
|
|
739,870 |
|
Retained earnings |
|
1,314,974 |
|
|
|
1,163,419 |
|
Accumulated other comprehensive loss |
|
(86,357 |
) |
|
|
(66,608 |
) |
Total stockholders’ equity |
|
2,080,541 |
|
|
|
1,836,750 |
|
Total liabilities and stockholders’ equity |
$ |
3,475,762 |
|
|
$ |
3,170,759 |
|
HOULIHAN LOKEY, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
Three Months Ended December 31, |
|
Nine Months Ended December 31, |
||||||||||||
(In thousands, except share and per share data) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
$ |
634,428 |
|
|
$ |
511,130 |
|
|
$ |
1,722,994 |
|
|
$ |
1,393,948 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits |
|
390,173 |
|
|
|
314,345 |
|
|
|
1,059,641 |
|
|
|
857,278 |
|
Acquisition related compensation and benefits |
|
12,798 |
|
|
|
9,694 |
|
|
|
34,083 |
|
|
|
26,786 |
|
Travel, meals, and entertainment |
|
17,942 |
|
|
|
17,325 |
|
|
|
50,024 |
|
|
|
47,494 |
|
Rent |
|
22,259 |
|
|
|
19,002 |
|
|
|
56,717 |
|
|
|
55,418 |
|
Depreciation and amortization |
|
9,561 |
|
|
|
6,657 |
|
|
|
25,861 |
|
|
|
20,275 |
|
Information technology and communications |
|
16,945 |
|
|
|
15,443 |
|
|
|
50,889 |
|
|
|
43,319 |
|
Professional fees |
|
11,744 |
|
|
|
14,853 |
|
|
|
29,898 |
|
|
|
35,269 |
|
Other operating expenses |
|
16,904 |
|
|
|
17,271 |
|
|
|
53,542 |
|
|
|
47,945 |
|
Total operating expenses |
|
498,326 |
|
|
|
414,590 |
|
|
|
1,360,655 |
|
|
|
1,133,784 |
|
Operating income |
|
136,102 |
|
|
|
96,540 |
|
|
|
362,339 |
|
|
|
260,164 |
|
Other income, net |
|
(9,016 |
) |
|
|
(6,035 |
) |
|
|
(18,741 |
) |
|
|
(12,336 |
) |
Income before provision for income taxes |
|
145,118 |
|
|
|
102,575 |
|
|
|
381,080 |
|
|
|
272,500 |
|
Provision for income taxes |
|
49,816 |
|
|
|
31,772 |
|
|
|
103,289 |
|
|
|
73,276 |
|
Net income |
$ |
95,302 |
|
|
$ |
70,803 |
|
|
$ |
277,791 |
|
|
$ |
199,224 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares of common stock outstanding: |
|||||||||||||||
Basic |
|
65,831,122 |
|
|
|
64,411,668 |
|
|
|
65,563,605 |
|
|
|
64,258,216 |
|
Fully diluted |
|
68,760,959 |
|
|
|
67,886,301 |
|
|
|
68,558,325 |
|
|
|
67,896,302 |
|
Earnings per share attributable to Houlihan Lokey, Inc. |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
1.45 |
|
|
$ |
1.10 |
|
|
$ |
4.24 |
|
|
$ |
3.10 |
|
Fully diluted |
$ |
1.39 |
|
|
$ |
1.04 |
|
|
$ |
4.05 |
|
|
$ |
2.93 |
|
HOULIHAN LOKEY, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
Three Months Ended December 31, |
|
Nine Months Ended December 31, |
||||||||||||
(In thousands, except share and per share data) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
$ |
634,428 |
|
|
$ |
511,130 |
|
|
$ |
1,722,994 |
|
|
$ |
1,393,948 |
|
|
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits expenses |
|
|
|
|
|
|
|
||||||||
Employee compensation and benefits expenses (GAAP) |
$ |
402,971 |
|
|
$ |
324,039 |
|
|
$ |
1,093,724 |
|
|
$ |
884,064 |
|
Less: Acquisition related compensation and benefits |
|
(12,798 |
) |
|
|
(9,694 |
) |
|
|
(34,083 |
) |
|
|
(26,786 |
) |
Employee compensation and benefits expenses (adjusted) |
|
390,173 |
|
|
|
314,345 |
|
|
|
1,059,641 |
|
|
|
857,278 |
|
|
|
|
|
|
|
|
|
||||||||
Non-compensation expenses |
|
|
|
|
|
|
|
||||||||
Non-compensation expenses (GAAP) |
$ |
95,355 |
|
|
$ |
90,551 |
|
|
$ |
266,931 |
|
|
$ |
249,720 |
|
Less: Acquisition related legal structure reorganization |
|
(3,619 |
) |
|
|
(2,603 |
) |
|
|
(4,824 |
) |
|
|
(2,603 |
) |
Less: Integration and acquisition related costs |
|
(4,668 |
) |
|
|
(4,259 |
) |
|
|
(8,222 |
) |
|
|
(5,724 |
) |
Less: Acquisition amortization |
|
(4,066 |
) |
|
|
(1,560 |
) |
|
|
(9,674 |
) |
|
|
(8,275 |
) |
Non-compensation expenses (adjusted) |
|
83,002 |
|
|
|
82,129 |
|
|
|
244,211 |
|
|
|
233,118 |
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
|
|
|
|
|
|
||||||||
Operating income (GAAP) |
$ |
136,102 |
|
|
$ |
96,540 |
|
|
$ |
362,339 |
|
|
$ |
260,164 |
|
Plus: Adjustments (1) |
|
25,151 |
|
|
|
18,116 |
|
|
|
56,803 |
|
|
|
43,388 |
|
Operating income (adjusted) |
|
161,253 |
|
|
|
114,656 |
|
|
|
419,142 |
|
|
|
303,552 |
|
|
|
|
|
|
|
|
|
||||||||
Other income, net |
|
|
|
|
|
|
|
||||||||
Other income, net (GAAP) |
$ |
(9,016 |
) |
|
$ |
(6,035 |
) |
|
$ |
(18,741 |
) |
|
$ |
(12,336 |
) |
Plus/(less): Change in acquisition earnout liability fair value |
|
— |
|
|
|
— |
|
|
|
(828 |
) |
|
|
816 |
|
Other income, net (adjusted) |
|
(9,016 |
) |
|
|
(6,035 |
) |
|
|
(19,569 |
) |
|
|
(11,520 |
) |
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes |
|
|
|
|
|
|
|
||||||||
Provision for income taxes (GAAP) |
$ |
49,816 |
|
|
$ |
31,772 |
|
|
$ |
103,289 |
|
|
$ |
73,276 |
|
Plus: Impact of the excess tax benefit for stock vesting |
|
— |
|
|
|
— |
|
|
|
21,921 |
|
|
|
7,299 |
|
Less: Reversal of deferred tax asset |
|
— |
|
|
|
— |
|
|
|
(1,690 |
) |
|
|
— |
|
Less: Non-deductible acquisition related costs |
|
(1,462 |
) |
|
|
(679 |
) |
|
|
(1,462 |
) |
|
|
(679 |
) |
Adjusted provision for income taxes |
|
48,354 |
|
|
|
31,093 |
|
|
|
122,058 |
|
|
|
79,896 |
|
Plus: Resulting tax impact (2) |
|
8,380 |
|
|
|
5,491 |
|
|
|
18,525 |
|
|
|
12,516 |
|
Provision for income taxes (adjusted) |
|
56,734 |
|
|
|
36,584 |
|
|
|
140,583 |
|
|
|
92,412 |
|
|
|
|
|
|
|
|
|
||||||||
Net income |
|
|
|
|
|
|
|
||||||||
Net income (GAAP) |
$ |
95,302 |
|
|
$ |
70,803 |
|
|
$ |
277,791 |
|
|
$ |
199,224 |
|
Plus/(less): Adjustments (3) |
|
18,233 |
|
|
|
13,304 |
|
|
|
20,337 |
|
|
|
23,436 |
|
Net income (adjusted) |
$ |
113,535 |
|
|
$ |
84,107 |
|
|
|
298,128 |
|
|
|
222,660 |
|
|
|
|
|
|
|
|
|
||||||||
Fully diluted shares outstanding |
|
|
|
|
|
|
|
||||||||
Fully diluted shares outstanding (GAAP) |
|
68,760,959 |
|
|
|
67,886,301 |
|
|
|
68,558,325 |
|
|
|
67,896,302 |
|
Plus: Impact of unvested GCA retention and deferred share awards |
|
334,677 |
|
|
|
968,515 |
|
|
|
454,494 |
|
|
|
1,148,657 |
|
Fully diluted shares outstanding (adjusted) |
|
69,095,636 |
|
|
|
68,854,816 |
|
|
|
69,012,819 |
|
|
|
69,044,959 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted EPS attributable to Houlihan Lokey, Inc. (GAAP) |
$ |
1.39 |
|
|
$ |
1.04 |
|
|
$ |
4.05 |
|
|
$ |
2.93 |
|
Diluted EPS attributable to Houlihan Lokey, Inc. (adjusted) |
$ |
1.64 |
|
|
$ |
1.22 |
|
|
$ |
4.32 |
|
|
$ |
3.22 |
|
| (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/20250128536027/en/
Investor Relations
212.331.8225
IR@HL.com
OR
Media Relations
212.331.8223
PR@HL.com
Source: Houlihan Lokey, Inc.
FAQ
What were Houlihan Lokey's (HLI) Q3 2025 revenue and earnings?
How much did HLI's Corporate Finance segment grow in Q3 2025?
What dividend did Houlihan Lokey declare for Q4 2025?
How many transactions did HLI close in Corporate Finance during Q3 2025?
What was HLI's cash position as of December 31, 2024?
