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Houlihan Lokey, Inc. (HLI) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Houlihan Lokey, Inc.

CIK: 1302215 Ticker: HLI
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Houlihan Lokey Reports Second Quarter Fiscal 2021 Financial Results

Second Quarter Fiscal 2021 Revenues of $276 million
Second Quarter Fiscal 2021 Diluted EPS of $0.70
Adjusted Second Quarter Fiscal 2021 Diluted EPS of $0.75
Announces Dividend of $0.33 per Share for Third Quarter Fiscal 2021

LOS ANGELES and NEW YORK - October 29, 2020 - Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its second quarter ended September 30, 2020. For the second quarter ended September 30, 2020, revenues were $276 million, compared with $273 million for the second quarter ended September 30, 2019.
Net income was $49 million, or $0.70 per diluted share, for the second quarter ended September 30, 2020, compared with $33 million, or $0.50 per diluted share, for the second quarter ended September 30, 2019. Adjusted net income for the second quarter ended September 30, 2020 was $52 million, or $0.75 per diluted share, compared with $46 million, or $0.70 per diluted share, for the second quarter ended September 30, 2019.
“As the markets continue to navigate a challenging environment, our platform is performing as it should. Revenues in Financial Restructuring and Capital Markets were strong for the first half of our year, partially offsetting lower revenues in M&A due to the pandemic. We enter the second half of our year with good momentum in all three product lines. I want to thank our employees for working hard to deliver exceptional advice to our clients, while facing many obstacles along the way.” stated Scott Beiser, Chief Executive Officer of Houlihan Lokey.
Selected Financial Data
(In thousands, except per share data)
U.S. GAAP
Three Months Ended September 30,Six Months Ended September 30,
2020201920202019
Revenues
$275,736 $272,810 $486,872 $523,159 
Operating expenses:
Employee compensation and benefits177,249 174,638 314,370 337,949 
Non-compensation expenses31,612 53,019 63,037 92,280 
Operating income
66,875 45,153 109,465 92,930 
Other (income)/expense, net(196)(1,101)(1,357)(2,748)
Income before provision for income taxes
67,071 46,254 110,822 95,678 
Provision for income taxes
18,281 13,144 15,932 19,793 
Net income attributable to Houlihan Lokey, Inc.
$48,790 $33,110 $94,890 $75,885 
Diluted earnings per share
$0.70 $0.50 $1.39 $1.15 

Revenues

For the second quarter ended September 30, 2020, revenues were $276 million, compared with $273 million for the second quarter ended September 30, 2019. For the second quarter ended September 30, 2020, Corporate Finance (“CF”) revenues decreased (31)%, Financial Restructuring (“FR”) revenues increased 62%, and Financial and Valuation Advisory (“FVA”) revenues increased 7% when compared with the second quarter ended September 30, 2019.

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The following information was filed by Houlihan Lokey, Inc. (HLI) on Friday, October 30, 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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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 Credit Losses
Allowance For Credit Losses (Details)
Allowance For Credit Losses (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 - Goodwill By Business Segments (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 - Recent Accounting Pronouncements (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: 0001302215-20-000135
Submitted to the SEC: Thu Nov 05 2020 4:48:14 PM EST
Accepted by the SEC: Thu Nov 05 2020
Period: Wednesday, September 30, 2020
Industry: Investment Advice

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