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Houlihan Lokey, Inc. (HLI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, December 31, 2019

Houlihan Lokey, Inc.

CIK: 1302215 Ticker: HLI
hl2019logoa01.jpg

Houlihan Lokey Reports Third Quarter Fiscal 2020 Financial Results

Third Quarter Fiscal 2020 Revenues of $334 million
Third Quarter Fiscal 2020 Diluted EPS of $0.75
Adjusted Third Quarter Fiscal 2020 Diluted EPS of $0.88
Announces Dividend of $0.31 per Share for Fourth Quarter Fiscal 2020

LOS ANGELES and NEW YORK - February 3, 2020 - Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its third quarter ended December 31, 2019. For the third quarter ended December 31, 2019, revenues increased 11.9% to $334 million, compared with $298 million for the third quarter ended December 31, 2018.
Net income was $49 million, or $0.75 per diluted share, for the third quarter ended December 31, 2019, compared with $44 million, or $0.67 per diluted share, for the third quarter ended December 31, 2018. Adjusted net income for the third quarter ended December 31, 2019 was $58 million, or $0.88 per diluted share, compared with $51 million, or $0.77 per diluted share, for the third quarter ended December 31, 2018.
"Houlihan Lokey had a strong fiscal third quarter and we enter the new decade with good momentum across all three of our product lines. 2019 was not without its macro-economic challenges, but our firm performed well in light of those challenges as a result of our balanced revenue model, strong diversification across clients, industries and products, and most importantly, an exceptional group of employees. Now that calendar 2019 is behind us, I am proud to report that we have maintained our leadership rankings. Houlihan Lokey is the No. 1 M&A advisor for the last five consecutive years in the U.S., the No. 1 global restructuring advisor for the last six consecutive years, and the No. 1 global M&A fairness opinion advisor over the past 20 years, all based on number of transactions, according to Refinitiv.” stated Scott Beiser, Chief Executive Officer of Houlihan Lokey.

Selected Financial Data
(In thousands, except per share data)
U.S. GAAP
Three Months Ended December 31,
 
Nine Months Ended December 31,
2019
 
2018
 
2019
 
2018
Revenues
$
333,515

 
$
298,013

 
$
856,674

 
$
793,007

Operating expenses:

 

 

 

Employee compensation and benefits
213,107

 
187,180

 
551,056

 
501,682

Non-compensation expenses
52,392

 
48,590

 
144,672

 
132,779

Operating income
68,016

 
62,243

 
160,946

 
158,546

Other (income)/expense, net
(1,039
)
 
(688
)
 
(3,787
)
 
(3,301
)
Income before provision for income taxes
69,055

 
62,931

 
164,733

 
161,847

Provision for income taxes
20,161

 
18,974

 
39,954

 
48,089

Net income attributable to Houlihan Lokey, Inc.
$
48,894

 
$
43,957

 
$
124,779

 
$
113,758

 
 
 
 
 
 
 
 
Diluted earnings per share
$
0.75

 
$
0.67

 
$
1.90

 
$
1.72


Revenues

For the third quarter ended December 31, 2019, Corporate Finance ("CF") revenues increased 9%, Financial Restructuring ("FR") revenues increased 24%, and Financial and Valuation Advisory ("FVA"), formerly known as Financial Advisory Services, revenues increased 1% when compared with the third quarter ended December 31, 2018.


1

The following information was filed by Houlihan Lokey, Inc. (HLI) on Tuesday, February 4, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Houlihan Lokey, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Houlihan Lokey, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Accumulated Other Comprehensive (Loss)
Accumulated Other Comprehensive (Loss) (Details)
Accumulated Other Comprehensive (Loss) (Tables)
Allowance For Doubtful Accounts
Allowance For Doubtful Accounts (Details)
Allowance For Doubtful Accounts (Tables)
Background
Background (Details)
Commitments And Contingencies
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (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 (Narrative) (Details)
Employee Benefit Plans - Share-Based Incentive Plans (Narrative) (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
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 - Schedule Of Goodwill And Other Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Schedule Of Amortized Cost, Gross Unrealized Gains And Losses, And Fair Value Of Securities Held To Maturity (Details)
Investment Securities - Schedule Of Maturities Of Debt Securities (Details)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Maturity Of Existing Operating Leases (Details)
Leases - Narrative (Details)
Leases - Supplemental Cash Flow Information (Details)
Leases - Weighted Average Details (Details)
Loans Payable
Loans Payable - Narrative (Details)
Loans Payable - Schedule Of Loan Repayments (Details)
Loans Payable Loans Payable (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 - 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 - Narrative (Details)
Summary Of Significant Accounting Policies - Reconciliation Of Cash, Cash Equivalents, And Restricted Cash (Details)

Material Contracts, Statements, Certifications & more

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

Ticker: HLI
CIK: 1302215
Form Type: 10-Q Quarterly Report
Accession Number: 0001302215-20-000005
Submitted to the SEC: Thu Feb 06 2020 4:50:55 PM EST
Accepted by the SEC: Thu Feb 06 2020
Period: Tuesday, December 31, 2019
Industry: Investment Advice

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