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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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    10-K Annual Report June 2016

Houlihan Lokey, Inc.

CIK: 1302215 Ticker: HLI
hl2019logoa01.jpg

Houlihan Lokey Reports Fiscal Year and Fourth Quarter 2020 Financial Results

Record Fiscal Year 2020 Revenues of $1,159 million
Fiscal Year 2020 Diluted EPS of $2.80
Adjusted Fiscal Year 2020 Diluted EPS of $3.20

Fourth Quarter Fiscal 2020 Revenues of $303 million
Fourth Quarter Fiscal 2020 Diluted EPS of $0.90
Adjusted Fourth Quarter Fiscal 2020 Diluted EPS of $0.96

Announces Dividend of $0.31 per Share for First Quarter Fiscal 2021

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


1

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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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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual 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
- Revenues (Narrative) (Details)
- 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 - 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)
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 (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 - 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 - 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: 0001302215-20-000074
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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