Houlihan Lokey, Inc. (HLI) 10K Annual Reports & 10Q SEC Filings

LOS ANGELES and NEW YORK - May 9, 2023 - Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its fiscal year and fourth quarter ended March 31, 2023. For the fiscal year, revenues declined (20)% to $1.81 billion, compared with $2.27 billion for the fiscal year ended March 31, 2022. For the fourth quarter ended March 31, 2023, revenues declined (6)% to $445 million, compared with $471 million for the fourth quarter ended March 31, 2022.

Net income was $269 million, or $3.98 per diluted share, for the fiscal year ended March 31, 2023, compared with $438 million, or $6.41 per diluted share, for the fiscal year ended March 31, 2022. Adjusted net income for the fiscal year ended March 31, 2023 was $315 million, or $4.54 per diluted share, compared with $485 million, or $7.10 per diluted share, for the fiscal year ended March 31, 2022.

Net income was $75 million, or $1.10 per diluted share, for the fourth quarter ended March 31, 2023, compared with $65 million, or $0.97 per diluted share, for the fourth quarter ended March 31, 2022. Adjusted net income for the fourth quarter ended March 31, 2023 was $77 million, or $1.11 per diluted share, compared with $88 million, or $1.30 per diluted share, for the fourth quarter ended March 31, 2022.

“As we look towards a new fiscal year, we believe that our diversified business model will continue to help us produce solid profitability under the current market environment. Our Corporate Finance business continues to see strong new business activity and some consistency in its quarterly results, notwithstanding the complexities in closing transactions in this market environment. Our Financial Restructuring business had a solid fourth quarter and is poised to deliver strong results in fiscal 2024, and our Financial and Valuation Advisory business modestly grew in fiscal 2023, maintaining its growth profile in a challenging 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,
	2023		2022		2023		2022
Revenues by segment
Corporate Finance	$	256,425	$	279,019	$	1,127,126	$	1,593,083
Financial Restructuring	120,382		121,586		395,733		392,818
Financial and Valuation Advisory	67,960		70,561		286,588		284,057
Revenues	$	444,767	$	471,166	$	1,809,447	$	2,269,958
Operating expenses:
Employee compensation and benefits	$	282,937	$	293,580	$	1,147,879	$	1,408,634
Non-compensation expenses	71,206		78,977		319,830		248,460
Operating income	90,624		98,609		341,738		612,864
Other (income)/expense, net	(4,678)		7,921		2,738		8,926
Income before provision for income taxes	95,302		90,688		339,000		603,938
Provision for income taxes	20,642		25,515		69,777		165,614
Net income	74,660		65,173		269,223		438,324
Net income attributable to noncontrolling interest	—		—		—		(573)
Net income attributable to Houlihan Lokey, Inc.	$	74,660	$	65,173	$	269,223	$	437,751

Diluted earnings per share attributable to Houlihan Lokey, Inc.	$	1.10	$	0.97	$	3.98	$	6.41

The following information was filed by Houlihan Lokey, Inc. (HLI) on Wednesday, May 10, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Houlihan Lokey, Inc.'s 10-K Annual Report:

Other - Other Highlight
Our liquidity is highly dependent upon cash receipts from clients that are generally dependent upon the successful completion of transactions as well as the timing of receivables collections, which typically occur within 60 days of billing.

Financial - Cash Flow Highlight
A summary of our operating, investing, and financing cash flows is as follows: Year Ended March 31, 2023 Operating activities resulted in a net inflow of $136.3 million for the year ended March 31, 2023, primarily due to net income of $254.2 million and non-cash charges of $250.6 million, partially offset by a decrease in other operating activities of $(368.5) million.
M & A - Other Highlight
Acquisitions over the last several years include: Fidentiis Capital in November 2019, an independent advisory business providing corporate finance advisory services relating to mergers and acquisitions, capital raising, and financing; Freeman & Co. in December 2019, an independent advisory business providing mergers and acquisitions advisory, capital raising, and other investment banking advisory services for the financial services sector; MVP Capital, LLC, in August 2020, an independent advisory firm that provides a range of financial advisory services to clients in the technology, media, and telecommunications sectors; and in October 2021, GCA Corporation ("GCA"), a global technology-focused investment bank providing M&A advisory and capital markets advisory services in Europe, Japan/Asia, and the United States.
Revenue - Product Highlight
The decrease in revenues was primarily a result of (i) a decrease in the average transaction fee on closed transactions and a decrease in the number of transactions that closed for the year ended March 31, 2023, compared with the year ended March 31, 2022.
Financial - Expense Highlight
Corporate Expenses Year Ended March 31, 2023 Compared to the Year Ended March 31, 2022 Corporate expenses were $215 million for the year ended March 31, 2023, compared with $182 million for the year ended March 31, 2022, representing an increase of 18%.
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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Houlihan Lokey, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.12: Material Contract

Exhibit 10.14: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: HLI
CIK: 1302215
Form Type: 10-K Annual Report
Accession Number: 0001302215-23-000031
Submitted to the SEC: Thu May 25 2023 4:50:16 PM EST
Accepted by the SEC: Thu May 25 2023
Period: Friday, March 31, 2023
Industry: Investment Advice

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Houlihan Lokey, Inc. (HLI) SEC Filing 10-K Annual Report for the fiscal year ending Friday, March 31, 2023

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