{"id":521801,"date":"2021-08-03T06:03:37","date_gmt":"2021-08-03T10:03:37","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/houlihan-lokey-reports-first-quarter-fiscal-2022-financial-results\/"},"modified":"2021-08-03T06:03:37","modified_gmt":"2021-08-03T10:03:37","slug":"houlihan-lokey-reports-first-quarter-fiscal-2022-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/houlihan-lokey-reports-first-quarter-fiscal-2022-financial-results\/","title":{"rendered":"Houlihan Lokey Reports First Quarter Fiscal 2022 Financial Results"},"content":{"rendered":"

<\/p>\n

Houlihan Lokey Reports First Quarter Fiscal 2022 Financial Results<\/b><\/p>\n

\n\u2013 First Quarter Fiscal 2022 Revenues of $373 million <\/i>\u2013
\n
\u2013First Quarter Fiscal 2022 Diluted EPS of $1.25 <\/i>\u2013
\n
\u2013Adjusted First Quarter Fiscal 2022 Diluted EPS of $1.19 <\/i>\u2013
\n
\u2013Announces Dividend of $0.43 per Share for Second Quarter Fiscal 2022 <\/i>\u2013\n<\/p>\n

LOS ANGELES & NEW YORK–(BUSINESS WIRE<\/a>)–
\nHoulihan Lokey, Inc. (NYSE:HLI) (\u201cHoulihan Lokey\u201d or the \u201cCompany\u201d) today reported financial results for its first quarter ended June 30, 2021. For the first quarter ended June 30, 2021, revenues were $373 million, compared with $211 million for the first quarter ended June 30, 2020.\n<\/p>\n

\nNet income was $86 million, or $1.25 per diluted share, for the first quarter ended June 30, 2021, compared with $46 million, or $0.69 per diluted share, for the first quarter ended June 30, 2020. Adjusted net income for the first quarter ended June 30, 2021 was $82 million, or $1.19 per diluted share, compared with $38 million, or $0.56 per diluted share, for the first quarter ended June 30, 2020.\n<\/p>\n

\n\u201cWe are pleased to report record first quarter results as we kick-off our fiscal year 2022. Over the last five quarters, our bull\/bear, cyclically balanced model performed as we expected it to, and we continue to experience strong market momentum coming out of the pandemic. In addition to reporting earnings, we made a separate announcement yesterday regarding our acquisition agreement with GCA Corporation (‘GCA’). We are excited about the prospect of acquiring GCA, which we believe solidifies our presence in the technology industry and continues to expand our global reach. We look forward to welcoming our new colleagues into the firm once we close the tender offer process,\u201d stated Scott Beiser, Chief Executive Officer of Houlihan Lokey.\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Selected Financial Data<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(In thousands, except per share data)<\/span><\/i><\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

U.S. GAAP<\/b><\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

Three Months Ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenues\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n372,722\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n211,136\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating expenses:\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEmployee compensation and benefits\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n232,304\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n137,121\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-compensation\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n32,742\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n31,425\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating income\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n107,676\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n42,590\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther income, net\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(101\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(1,161\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome before provision\/(benefit) for income taxes\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n107,777\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n43,751\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvision\/(benefit) for income taxes\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n21,817\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(2,349\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income attributable to Houlihan Lokey, Inc.\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n85,960\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n46,100\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted earnings per share\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.25\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.69\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Revenues<\/b><\/p>\n

\nFor the first quarter ended June 30, 2021, revenues were $373 million, compared with $211 million for the first quarter ended June 30, 2020. For the first quarter ended June 30, 2021, Corporate Finance (\u201cCF\u201d) revenues increased 139%, Financial Restructuring (\u201cFR\u201d) revenues increased 11%, and Financial and Valuation Advisory (\u201cFVA\u201d) revenues increased 85% when compared with the first quarter ended June 30, 2020.\n<\/p>\n

Expenses<\/b><\/p>\n

\nThe Company\u2019s employee compensation and benefits expenses, non-compensation expenses, and provision for income taxes during the periods presented and described below are on a GAAP and an adjusted basis.\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

U.S. GAAP<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Adjusted (Non-GAAP) *<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

Three Months Ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Dollars in thousands)<\/span><\/i><\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Expenses:<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEmployee compensation and benefits\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n232,304\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n137,121\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n229,225\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n131,960\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

% of Revenues<\/i><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

62.3<\/i><\/p>\n<\/td>\n

\n

%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

64.9<\/i><\/p>\n<\/td>\n

\n

%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

61.5<\/i><\/p>\n<\/td>\n

\n

%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

62.5<\/i><\/p>\n<\/td>\n

\n

%<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-compensation\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n32,742\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n31,425\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n31,678\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n30,009\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

% of Revenues<\/i><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

8.8<\/i><\/p>\n<\/td>\n

\n

%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

14.9<\/i><\/p>\n<\/td>\n

\n

%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

8.5<\/i><\/p>\n<\/td>\n

\n

%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

14.2<\/i><\/p>\n<\/td>\n

\n

%<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\nProvision\/(benefit) for income taxes\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n21,817\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(2,349\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n29,844\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n12,721\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

% of Pre-tax income<\/i><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

20.2<\/i><\/p>\n<\/td>\n

\n

%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

(5.4<\/i><\/p>\n<\/td>\n

\n

)%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

26.7<\/i><\/p>\n<\/td>\n

\n

%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

25.3<\/i><\/p>\n<\/td>\n

\n

%<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n
\n

\n\u2217\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nAdjusted figures represent non-GAAP information. See \u201cNon-GAAP Financial Measures\u201d and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nEmployee compensation and benefits expenses were $232 million for the first quarter ended June 30, 2021, compared with $137 million for the first quarter ended June 30, 2020. Adjusted employee compensation and benefits expenses were $229 million for the first quarter ended June 30, 2021, compared with $132 million for the first quarter ended June 30, 2020. This resulted in an adjusted compensation ratio of 61.5% for the first quarter ended June 30, 2021, versus 62.5% for the first quarter ended June 30, 2020. The increases in GAAP and adjusted employee compensation and benefits expenses were primarily a result of an increase in fee revenues for the quarter when compared with the same quarter last year.\n<\/p>\n

\nNon-compensation expenses were $33 million for the first quarter ended June 30, 2021, compared with $31 million for the first quarter ended June 30, 2020. Adjusted non-compensation expenses were $32 million for the first quarter ended June 30, 2021, compared with $30 million for the first quarter ended June 30, 2020. The increase in GAAP and adjusted non-compensation expenses was primarily a result of an increase in professional fees, rent and information technology and communications expenses, partially offset by a decrease in other operating expenses and travel, meals, and entertainment expenses.\n<\/p>\n

\nThe provision for income taxes was $22 million, representing an effective tax rate of 20.2% for the first quarter ended June 30, 2021, compared with ($2) million, representing an effective tax rate of (5.4)% for the first quarter ended June 30, 2020. The increase in the Company\u2019s tax rate during the first quarter ended June 30, 2021, relative to the same period in 2020, was primarily a result of a decreased stock compensation deduction. The adjusted provision for income taxes was $30 million, representing an adjusted effective tax rate of 26.7% for the first quarter ended June 30, 2021, compared with $13 million, representing an adjusted effective tax rate of 25.3% for the first quarter ended June 30, 2020.\n<\/p>\n

Segment Reporting for the First Quarter<\/b><\/p>\n

Corporate Finance<\/span><\/i><\/p>\n

\nCF revenues were $210 million for the first quarter ended June 30, 2021, compared with $88 million for the first quarter ended June 30, 2020, representing an increase of 139%. Revenues increased primarily due to a significant increase in the number of closed transactions.\n<\/p>\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

Three Months Ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Dollars in thousands)<\/span><\/i><\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Corporate Finance<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenues\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n209,991\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n87,971\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n# of Managing Directors\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n127\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n117\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n# of Closed transactions (1)<\/sup><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n84\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n35\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Financial Restructuring<\/span><\/i><\/p>\n

\nFR revenues increased 11% to $99 million for the first quarter ended June 30, 2021, compared with $89 million for the first quarter ended June 30, 2020. Revenues increased primarily due to a significant increase in the average transaction fee on closed transactions.\n<\/p>\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

Three Months Ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Dollars in thousands)<\/span><\/i><\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Financial Restructuring<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenues\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n98,775\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n88,620\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n# of Managing Directors\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n52\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n48\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n# of Closed transactions (1)<\/sup><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n24\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n29\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Financial and Valuation Advisory<\/span><\/i><\/p>\n

\nFVA revenues increased 85% to $64 million for the first quarter ended June 30, 2021, compared with $35 million for the first quarter ended June 30, 2020. Revenues increased primarily due to a significant increase in the number of fee events.\n<\/p>\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

Three Months Ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Dollars in thousands)<\/span><\/i><\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Financial and Valuation Advisory<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenues\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n63,956\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n34,545\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n# of Managing Directors\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n35\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n31\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n# of Fee Events (1)<\/sup><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n820\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n512\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n
\n

(1)<\/i><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

A Fee Event includes any engagement that involves revenue activity during the measurement period based on a revenue minimum of $1,000. References in this press release to closed transactions should be understood to be the same as transactions that are \u201ceffectively closed\u201d as described in our periodic reports on Forms 10-K and 10-Q.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Balance Sheet and Capital Allocation<\/b><\/p>\n

\nThe Board of Directors of the Company declared a regular quarterly cash dividend of $0.43 per share of Class A and Class B common stock. The dividend will be payable on September 15, 2021, to stockholders of record as of the close of business on September 2, 2021.\n<\/p>\n

\nAs of June 30, 2021, the Company had $830 million of cash and cash equivalents and investment securities, and $46 million of other liabilities and loans payable to former shareholders.\n<\/p>\n

Investor Conference Call and Webcast<\/b><\/p>\n

\nThe Company will host a conference call and live webcast at 8:00 a.m. Eastern Time on Tuesday, August 3, 2021, to discuss its first quarter fiscal 2022 results. The number to call is 1-855-327-6837 (domestic) or 1-631-891-4304 (international). A live webcast will be available in the Investor Relations section of the Company\u2019s website. A replay of the conference call will be available from August 3, 2021 through August 10, 2021, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the passcode 10015775#. A replay of the webcast will be archived and available on the Company\u2019s website.\n<\/p>\n

Forward-Looking Statements<\/b><\/p>\n

\nThis press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words \u201cassumes,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cguidance,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cprojects,\u201d and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors (including the significant effect that the COVID-19 pandemic has had on our business and is expected to continue to have on our business) which are, in some cases, beyond the Company\u2019s control and could materially affect actual results, performance, or achievements. For a further description of such factors, you should read the Company\u2019s filings with the Securities and Exchange Commission. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.\n<\/p>\n

Non-GAAP Financial Measures<\/b><\/p>\n

\nAdjusted net income, total and on a per share basis, and certain adjusted items used to determine adjusted net income, are presented and discussed in this earnings press release and are non-GAAP measures that management believes, when presented together with comparable GAAP measures, are useful to investors in understanding the Company\u2019s operating results. These adjusted items remove the significant accounting impact of one-time or non-recurring charges associated with the Company\u2019s one-time\/non-recurring matters, as set forth in the tables at the end of this release.\n<\/p>\n

\nThe adjusted items included in this earnings press release as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these adjusted amounts are not a measurement of financial performance or liquidity under GAAP and should not be considered as an alternative to the Company\u2019s financial information determined under GAAP. For a description of the Company\u2019s use of these adjusted items and a reconciliation with comparable GAAP items, see the section of this press release titled \u201cReconciliation of GAAP to Adjusted Financial Information.\u201d Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations, and cash flows.\n<\/p>\n

About Houlihan Lokey<\/b><\/p>\n

\nHoulihan Lokey (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and valuation. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, the Middle East, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of the firm\u2019s commitment to client success across its advisory services. Houlihan Lokey is the No. 1 M&A advisor for the past six consecutive years in the U.S., the No. 1 global restructuring advisor for the past seven consecutive years, and the No. 1 global M&A fairness opinion advisor over the past 20 years, all based on number of transactions and according to data provided by Refinitiv.\n<\/p>\n

\nFor more information, please visit www.HL.com<\/a>.\n<\/p>\n

Appendix<\/b><\/p>\n

\nCondensed Consolidated Balance Sheet (Unaudited)
\n
Condensed Consolidated Statement of Income (Unaudited)
\n
Reconciliation of GAAP to Adjusted Financial Information (Unaudited)\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

HOULIHAN LOKEY, INC. AND SUBSIDIARIES<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

CONDENSED CONSOLIDATED BALANCE SHEETS <\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(UNAUDITED)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(In thousands, except share data and par value)<\/span><\/i><\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

June 30, 2021<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

March 31, 2021<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nAssets\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash and cash equivalents\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n782,194\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n846,851\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRestricted cash\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n373\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n373\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInvestment securities\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n47,856\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n208,618\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts receivable, net of allowance for credit losses\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n90,795\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n108,409\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nUnbilled work in process, net of allowance for credit losses\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n87,755\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n118,115\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDeferred income taxes\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n33,327\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n28,332\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProperty and equipment, net\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n45,073\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n46,370\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating lease right-of-use assets\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n146,734\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n152,031\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGoodwill and other intangibles, net\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n866,043\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n866,221\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther assets\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n48,929\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n50,747\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal assets\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,149,079\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,426,067\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLiabilities and Stockholders’ Equity\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLiabilities:\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccrued salaries and bonuses\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n390,894\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n648,399\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccounts payable and accrued expenses\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n70,259\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n67,468\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDeferred income\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n29,845\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n27,868\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome taxes payable\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n58,783\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n68,339\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDeferred income taxes\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n21\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n52\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLoans payable to former shareholders\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n744\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n818\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating lease liabilities\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n168,622\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n174,516\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther liabilities\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n45,313\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n55,046\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal liabilities\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n764,481\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n1,042,506\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nStockholders’ equity:\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nClass A common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 51,091,269 and 51,245,442 shares, respectively\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n51\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n51\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nClass B common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 17,745,973 and 16,951,696 shares, respectively\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n18\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n17\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdditional paid-in capital\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n745,705\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n803,573\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRetained earnings\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n657,375\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n600,096\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccumulated other comprehensive (loss)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(18,551\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(20,176\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal stockholders’ equity\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n1,384,598\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n1,383,561\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal liabilities and stockholders’ equity\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,149,079\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,426,067\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

HOULIHAN LOKEY, INC. AND SUBSIDIARIES<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

CONDENSED CONSOLIDATED STATEMENTS OF INCOME <\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(UNAUDITED)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

Three Months Ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(In thousands, except share and per share data)<\/span><\/i><\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenues\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n372,722\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n211,136\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating expenses:\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEmployee compensation and benefits\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n232,304\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n137,121\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTravel, meals, and entertainment\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n1,687\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n2,114\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRent\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n10,225\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n9,623\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n4,171\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n3,672\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInformation technology and communications\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n6,961\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n6,383\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProfessional fees\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n6,701\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n5,007\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther operating expenses\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n2,997\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n4,626\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal operating expenses\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n265,046\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n168,546\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating income\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n107,676\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n42,590\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther income, net\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(101\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(1,161\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome before provision\/(benefit) for income taxes\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n107,777\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n43,751\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvision\/(benefit) for income taxes\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n21,817\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(2,349\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income attributable to Houlihan Lokey, Inc.\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n85,960\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n46,100\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nWeighted average shares of common stock outstanding:\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n65,713,370\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n63,684,431\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFully diluted\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n68,718,629\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n66,798,560\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEarnings per share\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.31\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.72\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFully diluted\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.25\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.69\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

HOULIHAN LOKEY, INC. AND SUBSIDIARIES<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

RECONCILIATION OF GAAP TO ADJUSTED FINANCIAL INFORMATION<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(UNAUDITED)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

Three Months Ended June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(In thousands, except per share data)<\/span><\/i><\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Revenues<\/i><\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n372,722\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n211,136\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Employee compensation and benefits expenses<\/i><\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEmployee compensation and benefits expenses (GAAP)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n232,304\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n137,121\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(Less)\/plus: Acquisition related retention payments\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(3,079\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(5,161\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEmployee compensation and benefits expenses (adjusted)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n229,225\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n131,960\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Non-compensation expenses<\/i><\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-compensation expenses (GAAP)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n32,742\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n31,425\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(Less)\/plus: Secondary offering related costs\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(418\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(Less)\/plus: Acquisition amortization\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(1,064\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(998\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-compensation expenses (adjusted)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n31,678\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n30,009\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Operating income<\/i><\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating income (GAAP)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n107,676\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n42,590\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(Less)\/plus: Adjustments (1)<\/sup><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n4,143\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n6,577\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating income (adjusted)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n111,819\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n49,167\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Other income, net<\/i><\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther income, net (GAAP)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(101\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(1,161\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther income, net (adjusted)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(101\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(1,161\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Provision\/(benefit) for income taxes<\/i><\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvision\/(benefit) for income taxes (GAAP)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n21,817\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n(2,349\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(Less)\/plus: Impact of the excess tax benefit for stock vesting\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n6,922\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n13,408\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted provision\/(benefit) for income taxes\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n28,739\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n11,059\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(Less)\/plus: Resulting tax impact (2)<\/sup><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n1,105\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n1,662\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvision\/(benefit) for income taxes (adjusted)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n29,844\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n12,721\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Net income<\/i><\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income (GAAP)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n85,960\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n46,100\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(Less)\/plus: adjustments (3)<\/sup><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(3,884\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(8,493\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income (adjusted)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n82,076\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n37,607\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted EPS (GAAP)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.25\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.69\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted EPS (adjusted)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.19\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.56\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
\n

\n(1)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nThe aggregate of adjustments from employee compensation and benefits and non-compensation expenses.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(2)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nReflects the tax impact of utilizing the adjusted effective tax rate on the non-tax adjustments identified above.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(3)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nConsists of all adjustments identified above net of the associated tax impact.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210803005502\/en\/<\/a><\/span><\/p>\n

\nInvestor Relations
\n
212.331.8225
\n
IR@HL.com<\/a><\/p>\n

\nOR\n<\/p>\n

\nPublic Relations
\n
212.331.8223
\n
PR@HL.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America California New York<\/p>\n

INDUSTRY KEYWORDS:<\/b> Banking Professional Services Finance<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

Houlihan Lokey Reports First Quarter Fiscal 2022 Financial Results \u2013 First Quarter Fiscal 2022 Revenues of $373 million \u2013 \u2013First Quarter Fiscal 2022 Diluted EPS of $1.25 \u2013 \u2013Adjusted First Quarter Fiscal 2022 Diluted EPS of $1.19 \u2013 \u2013Announces Dividend of $0.43 per Share for Second Quarter Fiscal 2022 \u2013 LOS ANGELES & NEW YORK–(BUSINESS WIRE)– Houlihan Lokey, Inc. (NYSE:HLI) (\u201cHoulihan Lokey\u201d or the \u201cCompany\u201d) today reported financial results for its first quarter ended June 30, 2021. For the first quarter ended June 30, 2021, revenues were $373 million, compared with $211 million for the first quarter ended June 30, 2020. Net income was $86 million, or $1.25 per diluted share, for the first quarter ended June 30, 2021, compared … <\/p>\n

Continue reading “Houlihan Lokey Reports First Quarter Fiscal 2022 Financial Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-521801","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nHoulihan Lokey Reports First Quarter Fiscal 2022 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/houlihan-lokey-reports-first-quarter-fiscal-2022-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Houlihan Lokey Reports First Quarter Fiscal 2022 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Houlihan Lokey Reports First Quarter Fiscal 2022 Financial Results \u2013 First Quarter Fiscal 2022 Revenues of $373 million \u2013 \u2013First Quarter Fiscal 2022 Diluted EPS of $1.25 \u2013 \u2013Adjusted First Quarter Fiscal 2022 Diluted EPS of $1.19 \u2013 \u2013Announces Dividend of $0.43 per Share for Second Quarter Fiscal 2022 \u2013 LOS ANGELES & NEW YORK–(BUSINESS WIRE)– Houlihan Lokey, Inc. (NYSE:HLI) (\u201cHoulihan Lokey\u201d or the \u201cCompany\u201d) today reported financial results for its first quarter ended June 30, 2021. For the first quarter ended June 30, 2021, revenues were $373 million, compared with $211 million for the first quarter ended June 30, 2020. 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