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Houlihan Lokey, Inc. (HLI) SEC Filing 10-K Annual report for the fiscal year ending Saturday, March 31, 2018

Houlihan Lokey, Inc.

CIK: 1302215 Ticker: HLI
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Houlihan Lokey Reports Fiscal Year and Fourth Quarter Fiscal 2018 Financial Results

Record Fiscal Year 2018 Revenue of $963 million, up 10% Year-Over-Year
Fiscal Year 2018 Diluted EPS of $2.60, up 60% Year-Over-Year
Adjusted Fiscal Year 2018 Diluted EPS of $2.39, up 26% Year-Over-Year

Fourth Quarter Fiscal 2018 Revenue of $245 million, down 5% Year-Over-Year
Fourth Quarter Fiscal 2018 Diluted EPS of $0.58, up 14%Year-Over-Year
Adjusted Fourth Quarter Fiscal 2018 Diluted EPS of $0.65, up 10% Year-Over-Year

Increased Dividend 35% to $0.27 per Share for First Quarter Fiscal 2019

LOS ANGELES and NEW YORK - May 9, 2018 - Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey”, or the “Company”) today reported financial results for its fiscal year and fourth quarter ended March 31, 2018. For the fiscal year, total revenue grew 10% to a fiscal year record of $963 million, compared with $872 million for the fiscal year ended March 31, 2017. For the fourth quarter ended March 31, 2018, total revenue decreased 5% to $245 million, compared with $257 million for the fourth quarter ended March 31, 2017.
Net income grew 59% to $172 million, or $2.60 per diluted share, for the fiscal year ended March 31, 2018, compared with $108 million, or $1.63 per diluted share, for the fiscal year ended March 31, 2017. Adjusted net income for the fiscal year ended March 31, 2018 grew 26% to $159 million, or $2.39 per diluted share, compared with $126 million, or $1.89 per diluted share, for the fiscal year ended March 31, 2017.
Net income grew 12% to $38 million, or $0.58 per diluted share, for the fourth quarter ended March 31, 2018, compared with $34 million, or $0.51 per diluted share, for the fourth quarter ended March 31, 2017. Adjusted net income for the fourth quarter ended March 31, 2018 grew 9% to $43 million, or $0.65 per diluted share, compared with $39 million, or $0.59 per diluted share, for the fourth quarter ended March 31, 2017.
"We are pleased to report another record fiscal year at Houlihan Lokey resulting in our 6th consecutive year of revenue growth.  All three business segments performed well, and we enter our fiscal year 2019 with strong momentum in our business. We promoted nine Directors to MD and hired 20 new MDs in fiscal 2018 which adds considerable talent to our senior banking staff and positions us well for continued growth. Also, last month, we completed the acquisition of Quayle Munro. Our management team is thankful to our employees who helped us achieve record results, and our investors who supported us throughout the year.” 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,
2018
 
2017
 
2018
 
2017
Fee revenue

$244,753

 

$257,100

 

$963,364

 

$872,091

Operating expenses:

 

 

 

Employee compensation and benefits
155,519

 
170,567

 
636,631

 
582,244

Non-compensation expenses
29,472

 
29,199

 
112,287

 
107,852

Total operating expenses
184,991

 
199,766

 
748,918

 
690,096

Operating income
59,762

 
57,334

 
214,446

 
181,995

Other (income) expense, net
(1,052
)
 
767

 
(3,390
)
 
3,508

Income before provision for income taxes
60,814

 
56,567

 
217,836

 
178,487

Provision for income taxes
22,715

 
22,491

 
45,553

 
70,144

Net income attributable to Houlihan Lokey, Inc.

$38,099

 

$34,076

 

$172,283

 

$108,343

 
 
 
 
 
 
 
 
Diluted net income per share of common stock

$0.58

 

$0.51

 

$2.60

 

$1.63


1

The following information was filed by Houlihan Lokey, Inc. (HLI) on Thursday, May 10, 2018 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)
- Summary Of Held-to-maturity Investments (details)
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)
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
Fair Value Of Financial Instruments (tables)
Fair Value Of Financial Instruments Fair Value Of Financial Instruments (details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
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 - Narrative (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)
Investment Securities
Investment Securities (tables)
Investment Securities - Summary Of Investment Contractual Maturity Dates (details)
Loans Payable
Loans Payable (details)
Net Income Per Share Attributable To Common Shareholders
Net Income Per Share Attributable To Common Shareholders (details)
Net Income Per Share Attributable To Common Shareholders (tables)
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 - 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: 0001302215-18-000015
Submitted to the SEC: Thu May 24 2018 9:55:42 PM EST
Accepted by the SEC: Fri May 25 2018
Period: Saturday, March 31, 2018
Industry: Investment Advice

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