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Houlihan Lokey, Inc. (HLI) SEC Filing 10-Q Quarterly report for the period ending Thursday, December 31, 2020

Houlihan Lokey, Inc.

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

Third Quarter Fiscal 2021 Revenues of $538 million
Third Quarter Fiscal 2021 Diluted EPS of $1.71
Adjusted Third Quarter Fiscal 2021 Diluted EPS of $1.77
Announces Dividend of $0.33 per Share for Fourth Quarter Fiscal 2021
Announces Increase in Share Repurchase Program to $200 million

LOS ANGELES and NEW YORK - January 28, 2021 - Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its third quarter ended December 31, 2020. For the third quarter ended December 31, 2020, revenues were $538 million, compared with $334 million for the third quarter ended December 31, 2019.
Net income was $119 million, or $1.71 per diluted share, for the third quarter ended December 31, 2020, compared with $49 million, or $0.75 per diluted share, for the third quarter ended December 31, 2019. Adjusted net income for the third quarter ended December 31, 2020 was $123 million, or $1.77 per diluted share, compared with $58 million, or $0.88 per diluted share, for the third quarter ended December 31, 2019.
“By almost every measure this was a standout quarter for the firm. Not only did we produce record results in all three business segments, but we were once again recognized for our leading positions in both M&A and Financial Restructuring. I am proud to announce that in 2020 and for the sixth year in a row, we were recognized as the #1 M&A advisor in the U.S. based on number of completed transactions, and in 2020 and for the seventh year in a row, we were recognized as the #1 Restructuring Advisor globally based on number of completed transactions, both per Refinitiv. I am very proud of our employees for achieving these rankings.” 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,
2020201920202019
Revenues
$537,876 $333,515 $1,024,748 $856,674 
Operating expenses:
Employee compensation and benefits339,743 213,107 654,113 551,056 
Non-compensation39,717 52,392 102,754 144,672 
Operating income
158,416 68,016 267,881 160,946 
Other (income)/expense, net(187)(1,039)(1,544)(3,787)
Income before provision for income taxes
158,603 69,055 269,425 164,733 
Provision for income taxes
40,088 20,161 56,020 39,954 
Net income attributable to Houlihan Lokey, Inc.
$118,515 $48,894 $213,405 $124,779 
Diluted earnings per share
$1.71 $0.75 $3.11 $1.90 

Revenues

For the third quarter ended December 31, 2020, revenues were $538 million, compared with $334 million for the third quarter ended December 31, 2019. For the third quarter ended December 31, 2020, Corporate Finance (“CF”) revenues increased 52%, Financial Restructuring (“FR”) revenues increased 92%, and Financial and Valuation Advisory (“FVA”) revenues increased 36% when compared with the third quarter ended December 31, 2019.

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The following information was filed by Houlihan Lokey, Inc. (HLI) on Friday, January 29, 2021 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: 0001302215-21-000006
Submitted to the SEC: Thu Feb 04 2021 4:43:38 PM EST
Accepted by the SEC: Thu Feb 04 2021
Period: Thursday, December 31, 2020
Industry: Investment Advice

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