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October 2023
September 2023
August 2023
July 2023
May 2023
January 2023
October 2022
September 2022
July 2022
May 2022
(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 |
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Houlihan Lokey, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
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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.
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.
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.
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.
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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Operating expenses were $1,468 million...Read more
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Financial Statements, Disclosures and Schedules
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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