Houlihan Lokey, Inc. (HLI) 10-K Annual Report May 2020

LOS ANGELES and NEW YORK - May 12, 2020 - Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its fiscal year and fourth quarter ended March 31, 2020. For the fiscal year, revenues grew 7% to a fiscal year record of $1,159 million, compared with $1,084 million for the fiscal year ended March 31, 2019. For the fourth quarter ended March 31, 2020, revenues increased 4% to $303 million, compared with $291 million for the fourth quarter ended March 31, 2019.

Net income increased 16% to $184 million, or $2.80 per diluted share, for the fiscal year ended March 31, 2020, compared with $159 million, or $2.42 per diluted share, for the fiscal year ended March 31, 2019. Adjusted net income for the fiscal year ended March 31, 2020 grew 11% to $211 million, or $3.20 per diluted share, compared with $189 million, or $2.87 per diluted share, for the fiscal year ended March 31, 2019.

Net income was $59 million, or $0.90 per diluted share, for the fourth quarter ended March 31, 2020, compared with $45 million, or $0.69 per diluted share, for the fourth quarter ended March 31, 2019. Adjusted net income for the fourth quarter ended March 31, 2020 was $63 million, or $0.96 per diluted share, compared with $56 million, or $0.86 per diluted share, for the fourth quarter ended March 31, 2019.

“Concluding a fiscal year of record performance is a point of pride for all within our organization. It remains a tremendous accomplishment, but needless to say, our attention quickly turned to the onset of the COVID-19 crisis and the pronounced drop-off in global economic activity. While we enter this period of uncertainty in as strong of a financial and strategic position as we have ever been, challenges, no doubt, lie ahead for us, the economy and the world as a whole. Notwithstanding this rapidly evolving and uncertain environment, we have an advantage in that we built our business to perform during all cycles. Though cyclical disruptions take time to work themselves through our reported results, we are confident that our business will emerge from this crisis stronger than ever.” stated Scott Beiser, Chief Executive Officer of Houlihan Lokey.

Selected Financial Data



(In thousands, except per share data)	U.S. GAAP
	Three Months Ended March 31,						Year Ended March 31,
	2020			2019			2020			2019
Revenues	$	302,694		$	291,378		$	1,159,368		$	1,084,385
Operating expenses:
Employee compensation and benefits	186,706			190,391			737,762			692,073
Non-compensation expenses	47,333			40,436			192,005			173,215
Operating income	68,655			60,551			229,601			219,097
Other (income)/expense, net	(2,259		)	(1,922		)	(6,046		)	(5,223		)
Income before provision for income taxes	70,914			62,473			235,647			224,320
Provision for income taxes	11,900			17,125			51,854			65,214
Net income attributable to Houlihan Lokey, Inc.	$	59,014		$	45,348		$	183,793		$	159,106

Diluted earnings per share	$	0.90		$	0.69		$	2.80		$	2.42

The following information was filed by Houlihan Lokey, Inc. (HLI) on Wednesday, May 13, 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-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:

Other - Other Highlight
As of March 31, 2020 and 2019, our Cash and cash equivalents, Investment securities, and Restricted cash were as follows: (1) Our liquidity is highly dependent upon cash receipts from clients which in turn 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.

Financial - Income Highlight
Effective April 1, 2018, fees received prior to the completion of the transaction, including Retainer Fees and Progress Fees, are deferred within deferred income in the consolidated balance sheets and not recognized until the performance obligation is satisfied, or when the transaction is deemed by management to be terminated.
Financial - Expense Highlight
The decrease in the Company's tax rate during the year ended March 31, 2020 relative to the year ended March 31, 2019 was primarily a result of the vesting of stock that occurred in April and May 2019, as well as decreased state tax expense.
Revenue - Product Highlight
For the fiscal year ended March 31, 2020, we earned revenues of $1,159.4 million, an increase of 7% from the $1,084.4 million earned during the fiscal year ended March 31, 2019.
Other - Other Highlight
Progress Fees were recognized based on management's estimates of the relative proportion of services provided through the financial reporting date to the total services required to be performed.
Other - Other
Progress Fees were recognized based...Read more
Other - Other
We grant employees awards that...Read more
Financial - Dividend
Financing activities resulted in a...Read more
Financial - Expense
Accordingly, the amount of employee...Read more
Revenue - Product
The increase in revenues was...Read more
Financial - Dividend
Financing activities resulted in a...Read more
Other - Other
During fiscal 2020, 2019, and...Read more
Other - Other
Those intangible assets with finite...Read more
M & A - Other
Goodwill is the net asset...Read more
Financial - Expense
Corporate expenses were $92.9 million...Read more
Other - Other
CF contracts generally contain a...Read more
Financial - Expense
Operating expenses were $929.8 million...Read more
Financial - Expense
Our operating expenses are classified...Read more
Revenue - Product
Investing activities resulted in a...Read more
Other - Other
Our current assets comprise cash...Read more
Revenue - Product
However, if the fee that...Read more
Financial - Dividend
Subsequent to the end of...Read more
Financial - Cash Flow
A summary of our operating,...Read more
Other - Other
Prior to April 1, 2018,...Read more
Other - Other
Completion Fees were recognized only...Read more
Other - Other
Prior to April 1, 2018,...Read more
Financial - Cash Flow
If the carrying amount of...Read more
Revenue - Product
Such revenues are recognized over...Read more
Financial - Expense
Employee compensation and benefits expense,...Read more
Financial - Expense
Non-compensation expenses, as a component...Read more
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The Company files a consolidated...Read more
Revenue - Product
The increase in revenues was...Read more
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Our employee compensation and benefits...Read more
Revenue - Product
For our fiscal year ended...Read more
Other - Other
During the annual impairment review...Read more
Revenue - Product
Revenues for CF were $646.8...Read more
Revenue - Product
Revenues for FR were $352.5...Read more
Other - Other
In this uncertain environment, we...Read more
Financial - Earnings
Operating activities resulted in a...Read more
Financial - Earnings
Segment profit for FR was...Read more
Financial - Earnings
Segment profit for FVA was...Read more
Other - Other
In these instances, our fees...Read more
Other - Other
In our CF business segment,...Read more
Revenue - Product
We believe that our FR...Read more
Other - Other
The following table shows the...Read more
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Completion Fees from these engagements...Read more
Other - Other
On November 16, 2015, we...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

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

Exhibit 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 99.1: Additional Exhibits

Ticker: HLI
CIK: 1302215
Form Type: 10-K Annual Report
Accession Number: 0001302215-20-000074
Submitted to the SEC: Fri May 15 2020 5:31:47 PM EST
Accepted by the SEC: Fri May 15 2020
Period: Tuesday, March 31, 2020
Industry: Investment Advice

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Houlihan Lokey, Inc. (HLI) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, March 31, 2020

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