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Houlihan Lokey, Inc. (HLI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

SEC Filings

HLI Quarterly Reports

Houlihan Lokey, Inc.

CIK: 1302215 Ticker: HLI
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Houlihan Lokey Reports First Quarter Fiscal 2023 Financial Results

First Quarter Fiscal 2023 Revenues of $419 million
First Quarter Fiscal 2023 Diluted EPS of $1.03
Adjusted First Quarter Fiscal 2023 Diluted EPS of $1.10
Announces Dividend of $0.53 per Share for Second Quarter Fiscal 2023

LOS ANGELES and NEW YORK - July 28, 2022 - Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its first quarter ended June 30, 2022. For the first quarter ended June 30, 2022, revenues were $419 million, compared with $373 million for the first quarter ended June 30, 2021.
Net income was $71 million, or $1.03 per diluted share, for the first quarter ended June 30, 2022, compared with $86 million, or $1.25 per diluted share, for the first quarter ended June 30, 2021. Adjusted net income for the first quarter ended June 30, 2022 was $76 million, or $1.10 per diluted share, compared with $82 million, or $1.19 per diluted share, for the first quarter ended June 30, 2021.
“We had a solid first fiscal quarter and our diversified business model is performing as we would expect it to in the face of current market conditions. We are seeing a slowdown in global M&A closings; however, new business activity in both our corporate finance and financial and valuation advisory business segments remains healthy. Furthermore, we are beginning to experience a meaningful increase in distressed business opportunities. Regardless of the business environment we encounter in the coming quarters, we believe we are well positioned to successfully address a variety of market conditions.” stated Scott Beiser, Chief Executive Officer of Houlihan Lokey.

Selected Financial Data
(In thousands, except per share data)
U.S. GAAP
Three Months Ended June 30,
20222021
Revenues
$418,644 $372,722 
Operating expenses:
Employee compensation and benefits265,735 232,304 
Non-compensation75,339 32,742 
Operating income
77,570 107,676 
Other (income)/expense, net1,749 (101)
Income before provision for income taxes75,821 107,777 
Provision for income taxes5,039 21,817 
Net income attributable to Houlihan Lokey, Inc.
$70,782 $85,960 
Diluted earnings per share
$1.03 $1.25 

Revenues

For the first quarter ended June 30, 2022, revenues were $419 million, compared with $373 million for the first quarter ended June 30, 2021. For the first quarter ended June 30, 2022, Corporate Finance (“CF”) revenues increased 26%, Financial Restructuring (“FR”) revenues decreased (20)%, and Financial and Valuation Advisory (“FVA”) revenues increased 19% when compared with the first quarter ended June 30, 2021.

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The following information was filed by Houlihan Lokey, Inc. (HLI) on Friday, July 29, 2022 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)
Business Combinations
Business Combinations (Tables)
Business Combinations - Business Acquisition, Pro Forma Information (Details)
Business Combinations - Narrative (Details)
Business Combinations - Schedule Of Business Acquisitions, By Acquisition (Details)
Business Combinations - Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed (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)
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 - Reconciliation Of Cash, Cash Equivalents, And Restricted Cash (Details)
Ticker: HLI
CIK: 1302215
Form Type: 10-Q Quarterly Report
Accession Number: 0001302215-22-000067
Submitted to the SEC: Thu Aug 04 2022 6:04:49 PM EST
Accepted by the SEC: Fri Aug 05 2022
Period: Thursday, June 30, 2022
Industry: Investment Advice

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