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Houlihan Lokey, Inc. (HLI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Houlihan Lokey, Inc.

CIK: 1302215 Ticker: HLI
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Houlihan Lokey Reports Second Quarter Fiscal 2022 Financial Results

Second Quarter Fiscal 2022 Revenues of $537 million
Second Quarter Fiscal 2022 Diluted EPS of $1.65
Adjusted Second Quarter Fiscal 2022 Diluted EPS of $1.71
Announces Dividend of $0.43 per Share for Third Quarter Fiscal 2022

LOS ANGELES and NEW YORK - October 28, 2021 - Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its second quarter ended September 30, 2021. For the second quarter ended September 30, 2021, revenues were $537 million, compared with $276 million for the second quarter ended September 30, 2020.
Net income was $113 million, or $1.65 per diluted share, for the second quarter ended September 30, 2021, compared with $49 million, or $0.70 per diluted share, for the second quarter ended September 30, 2020. Adjusted net income for the second quarter ended September 30, 2021 was $117 million, or $1.71 per diluted share, compared with $52 million, or $0.75 per diluted share, for the second quarter ended September 30, 2020.
“We are beginning our third fiscal quarter with record year-to-date results and the completion of the largest acquisition in the firm’s history. I want to welcome our new colleagues from GCA to the Houlihan Lokey family. As a combined firm, we meaningfully increase our capabilities in the strategically important technology and technology related industry sectors, and become an even more formidable provider of investment banking services in Europe and Asia. We believe that this acquisition creates significant strategic and shareholder value for our firm, and we look forward to achieving these goals over the coming years.” 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,
2021202020212020
Revenues
$537,272 $275,736 $909,994 $486,872 
Operating expenses:
Employee compensation and benefits333,374 177,249 565,678 314,370 
Non-compensation46,579 31,612 79,321 63,037 
Operating income
157,319 66,875 264,995 109,465 
Other (income)/expense, net853 (196)752 (1,357)
Income before provision for income taxes
156,466 67,071 264,243 110,822 
Provision for income taxes
43,583 18,281 65,400 15,932 
Net income attributable to Houlihan Lokey, Inc.
$112,883 $48,790 $198,843 $94,890 
Diluted earnings per share
$1.65 $0.70 $2.90 $1.39 

Revenues

For the second quarter ended September 30, 2021, revenues were $537 million, compared with $276 million for the second quarter ended September 30, 2020. For the second quarter ended September 30, 2021, Corporate Finance (“CF”) revenues increased 259%, Financial Restructuring (“FR”) revenues decreased (34)%, and Financial and Valuation Advisory (“FVA”) revenues increased 55% when compared with the second quarter ended September 30, 2020.

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The following information was filed by Houlihan Lokey, Inc. (HLI) on Friday, October 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 (Tables)
Subsequent Events - Narrative (Details)
Subsequent Events - Schedule Of Business Acquisitions, By Acquisition (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)
Ticker: HLI
CIK: 1302215
Form Type: 10-Q Quarterly Report
Accession Number: 0001302215-21-000087
Submitted to the SEC: Fri Nov 05 2021 4:47:05 PM EST
Accepted by the SEC: Fri Nov 05 2021
Period: Thursday, September 30, 2021
Industry: Investment Advice

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