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Houlihan Lokey, Inc. (HLI) SEC Filing 10-K Annual report for the fiscal year ending Friday, March 31, 2017

Houlihan Lokey, Inc.

CIK: 1302215 Ticker: HLI
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Houlihan Lokey Reports Fiscal Year and Fourth Quarter Fiscal 2017 Financial Results

Fiscal Year 2017 Revenue of $872 million, up 26% Year-Over-Year
Fiscal Year 2017 Diluted EPS of $1.63, up 48% Year-Over-Year
Adjusted Fiscal Year 2017 Diluted EPS of $1.89, up 29% Year-Over-Year
Fourth Quarter Fiscal 2017 Revenue of $257 million, up 40% Year-Over-Year
Fourth Quarter Fiscal 2017 Diluted EPS of $0.51, up 46% Year-Over-Year
Adjusted Fourth Quarter Fiscal 2017 Diluted EPS of $0.59, up 37% Year-Over-Year
Announced Dividend of $0.20 per Share for First Quarter Fiscal 2018

LOS ANGELES and NEW YORK - May 9, 2017 - Houlihan Lokey, Inc. (NYSE: HLI) (“Houlihan Lokey”, or the “Company”) today reported financial results for its fiscal year and fourth quarter ended March 31, 2017. For the fiscal year, total revenue grew 26% to a fiscal year record of $872 million, compared with $694 million for the fiscal year ended March 31, 2016. For the fourth quarter ended March 31, 2017, total revenue grew 40% to a record $257 million, compared with $184 million for the fourth quarter ended March 31, 2016.
Net income grew 55% to $108 million, or $1.63 per diluted share, for the fiscal year ended March 31, 2017, compared with $70 million, or $1.10 per diluted share, for the fiscal year ended March 31, 2016. Adjusted net income for the fiscal year ended March 31, 2017 grew 35% to $126 million, or $1.89 per diluted share, compared with $93 million, or $1.46 per diluted share, for the fiscal year ended March 31, 2016.
Net income grew 50% to $34 million, or $0.51 per diluted share, for the fourth quarter ended March 31, 2017, compared with $23 million, or $0.35 per diluted share, for the fourth quarter ended March 31, 2016. Adjusted net income for the fourth quarter ended March 31, 2017 grew 42% to $39 million, or $0.59 per diluted share, compared with $28 million, or $0.43 per diluted share, for the fourth quarter ended March 31, 2016.
"Fiscal 2017 was another record year at Houlihan Lokey with all three of our business segments reporting significant year-over-year revenue growth. In light of a stable M&A and financing environment and evolving pockets of distressed situations, we continue to see positive momentum heading into our fiscal 2018, ” stated Scott Beiser, Chief Executive Officer of Houlihan Lokey.
Selected Financial Data
(Unaudited and in thousands, except per share data)
 
U.S. GAAP
Three Months Ended
March 31,
 
Twelve Months Ended
March 31,
2017
 
2016
 
2017
 
2016
Fee revenue

$257,100

 

$183,596

 

$872,091

 

$693,765

Operating expenses:

 

 

 

Employee compensation and benefits
170,567

 
120,683

 
582,244

 
461,609

Non-compensation expenses
29,199

 
21,416

 
107,852

 
105,756

Total operating expenses
199,766

 
142,099

 
690,096

 
567,365

Operating income
57,334

 
41,497

 
181,995

 
126,400

Other income (expense), net
(767
)
 
(664
)
 
(3,508
)
 
(770
)
Income before provision for income taxes
56,567

 
40,833

 
178,487

 
125,630

Provision for income taxes
22,491

 
18,053

 
70,144

 
55,863

Net income
34,076

 
22,780

 
108,343

 
69,767

Net income attributable to noncontrolling interests

 

 

 
(26
)
Net income attributable to Houlihan Lokey, Inc.

$34,076

 

$22,780

 

$108,343

 

$69,741

 
 
 
 
 
 
 
 
Diluted net income per share of common stock

$0.51

 

$0.35

 

$1.63

 

$1.10


1

The following information was filed by Houlihan Lokey, Inc. (HLI) on Wednesday, May 10, 2017 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (parenthetical)
Allowance For Uncollectible Accounts Receivable
Allowance For Uncollectible Accounts Receivable (details)
Allowance For Uncollectible Accounts Receivable (tables)
Background
Background (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Future Minimum Annual Noncancelable Rental Commitments (details)
Commitments And Contingencies - Narrative (details)
Commitments And Contingencies - Schedule Of Loan Payments (details)
Consolidated Quarterly Results Of Operations (unaudited)
Consolidated Quarterly Results Of Operations (unaudited) (details)
Consolidated Quarterly Results Of Operations (unaudited) (tables)
Employee Benefit Plans
Employee Benefit Plans (tables)
Employee Benefit Plans - Activity In Equity Classified Share Awards (details)
Employee Benefit Plans - Activity In Liability Classified Shares (details)
Employee Benefit Plans - Defined Contribution Plans (details)
Employee Benefit Plans - Share-based Incentive Plans Narrative (details)
Fair Value Of Financial Instruments
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Finite-lived Intangible Assets, Additional Information (details)
Goodwill And Other Intangible Assets - Finite-lived Intangible Assets, Amortization Expense, Fiscal Year Maturity (details)
Goodwill And Other Intangible Assets - Goodwill By Business Segments (details)
Goodwill And Other Intangible Assets - Schedule Of Goodwill And Other Intangible Assets (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Deferred Income Taxes (details)
Income Taxes - Effective Income Tax Rate Reconciliation (details)
Income Taxes - Narrative (details)
Income Taxes - Provision (benefit) For Income Taxes On Operations (details)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (details)
Loans Payable
Loans Payable (details)
Other Comprehensive Income And Accumulated Other Comprehensive Loss
Other Comprehensive Income And Accumulated Other Comprehensive Loss (details)
Other Comprehensive Income And Accumulated Other Comprehensive Loss (tables)
Property And Equipment
Property And Equipment (details)
Property And Equipment (tables)
Related???party Transactions
Related???party Transactions (details)
Segment And Geographical Information
Segment And Geographical Information (tables)
Segment And Geographical Information - Revenue And Assets By Geographical Areas (details)
Segment And Geographical Information - Revenue And Assets By Segment (details)
Stockholders' Equity
Stockholders' Equity (details)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Cash And Cash Equivalents (narrative) (details)
Summary Of Significant Accounting Policies - Goodwill And Intangible Assets (narrative) (details)
Summary Of Significant Accounting Policies - Operating Expenses (narrative) (details)
Summary Of Significant Accounting Policies - Reconciliation Of Cash, Cash Equivalents, And Restricted Cash (details)
Summary Of Significant Accounting Policies - Translation Of Foreign Currency Transactions (narrative) (details)
Ticker: HLI
CIK: 1302215
Form Type: 10-K Annual Report
Accession Number: 0001302215-17-000027
Submitted to the SEC: Tue Jun 13 2017 5:32:21 PM EST
Accepted by the SEC: Tue Jun 13 2017
Period: Friday, March 31, 2017
Industry: Investment Advice

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