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Houlihan Lokey, Inc. (HLI) SEC Filing 10-K Annual report for the fiscal year ending Sunday, March 31, 2019

Houlihan Lokey, Inc.

CIK: 1302215 Ticker: HLI
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Houlihan Lokey Reports Fiscal Year and Fourth Quarter Fiscal 2019 Financial Results

Record Fiscal Year 2019 Revenues of $1,084 million
Fiscal Year 2019 Diluted EPS of $2.42
Adjusted Fiscal Year 2019 Diluted EPS of $2.87

Fourth Quarter Fiscal 2019 Revenues of $291 million
Fourth Quarter Fiscal 2019 Diluted EPS of $0.69
Adjusted Fourth Quarter Fiscal 2019 Diluted EPS of $0.86

Increased Dividend 15% to $0.31 per Share for First Quarter Fiscal 2020

LOS ANGELES and NEW YORK - May 8, 2019 - Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its fiscal year and fourth quarter ended March 31, 2019. For the fiscal year, revenues grew 13% to a fiscal year record of $1,084 million, compared with $963 million for the fiscal year ended March 31, 2018. For the fourth quarter, revenues increased 19% to $291 million, compared with $245 million for the fourth quarter ended March 31, 2018.
Net income was $159 million, or $2.42 per diluted share, for the fiscal year ended March 31, 2019, compared with $172 million, or $2.60 per diluted share, for the fiscal year ended March 31, 2018. Adjusted net income for the fiscal year ended March 31, 2019 grew 19% to $189 million, or $2.87 per diluted share, compared with $159 million, or $2.39 per diluted share, for the fiscal year ended March 31, 2018.
Net income increased 19% to $45 million, or $0.69 per diluted share, for the fourth quarter ended March 31, 2019, compared with $38 million, or $0.58 per diluted share, for the fourth quarter ended March 31, 2018. Adjusted net income for the fourth quarter ended March 31, 2019 grew 30% to $56 million, or $0.86 per diluted share, compared with $43 million, or $0.65 per diluted share, for the fourth quarter ended March 31, 2018.
"We are pleased to report another record year at Houlihan Lokey, with all three business segments contributing to our growth. Our corporate finance business continued to capture market share around the world to produce another record year; our financial restructuring business delivered strong results for the year in a low default rate environment; and our financial advisory services business had its best year ever with continued productivity improvements across the service lines. We enter fiscal 2020 with positive momentum in all three of our product lines and a generally healthy business environment. Our performance in fiscal 2019 could not have been achieved without the hard work and success from our nearly 1,400 employees.  I would like to thank all of our employees, clients and shareholders for helping us achieve record results once again this 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,
2019
 
2018
 
2019
 
2018
Revenues

$291,378

 

$244,753

 

$1,084,385

 

$963,364

Operating expenses:

 

 

 

Employee compensation and benefits
190,391

 
155,519

 
692,073

 
636,631

Non-compensation expenses
40,022

 
29,472

 
172,785

 
112,287

Operating income
60,965

 
59,762

 
219,527

 
214,446

Other (income) expense, net
(1,508
)
 
(1,052
)
 
(4,793
)
 
(3,390
)
Income before provision for income taxes
62,473

 
60,814

 
224,320

 
217,836

Provision for income taxes
17,125

 
22,715

 
65,214

 
45,553

Net income attributable to Houlihan Lokey, Inc.

$45,348

 

$38,099

 

$159,106

 

$172,283

 
 
 
 
 
 
 
 
Diluted net income per share of common stock

$0.69

 

$0.58

 

$2.42

 

$2.60


1

The following information was filed by Houlihan Lokey, Inc. (HLI) on Thursday, May 9, 2019 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:

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 Trading Securities (Details)
Allowance For Doubtful Accounts
Allowance For Doubtful Accounts (Details)
Allowance For Doubtful Accounts (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)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Effect Of The Revenue Recognition (Details)
Revenue Recognition - Narrative (Details)
Revenue Recognition - Summary Of Receivables, Contract Assets, And Contract Liabilities (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 - Income Taxes (Details)
Summary Of Significant Accounting Policies - Investment Securities (Details)
Summary Of Significant Accounting Policies - Recent Accounting Pronouncements (Details)
Summary Of Significant Accounting Policies - Reconciliation Of Cash, Cash Equivalents, And Restricted Cash (Details)
Summary Of Significant Accounting Policies - Revenue Recognition (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: 0001302215-19-000044
Submitted to the SEC: Thu May 23 2019 4:26:40 PM EST
Accepted by the SEC: Fri May 24 2019
Period: Sunday, March 31, 2019
Industry: Investment Advice

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