$HLI

HOULIHAN LOKEY, INC.

CIK:0001302215|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 511	$ 605
Operating expenses:
Employee compensation and benefits	314	372
Acquisition related compensation and benefits	14	21
Travel, meals, and entertainment	19	20
Rent	21	18
Depreciation and amortization	8	16
Information technology and communications	19	18
Professional fees	17	12
Other operating expenses	21	20
Revaluation of acquisition contingent consideration	0	18
Total operating expenses	433	515
Operating income	78	90
Other (income) expense, net	(8)	(8)
Income before provision for income taxes	86	98
Provision for income taxes	8	0
Net income	78	98
Net (income) loss attributable to noncontrolling interest	0	0
Net income attributable to Houlihan Lokey, Inc.	$ 78	$ 98
Weighted average shares of common stock outstanding:
Basic (in shares)	66.5	66.2
Fully diluted (in shares)	67.6	68.9
Earnings per common share (Note 12)
Basic (in dollars per share)	$ 1.17	$ 1.47
Fully diluted (in dollars per share)	$ 1.15	$ 1.42

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 78	$ 98
Adjustments to reconcile net income to net cash used in operating activities:
Non-cash lease expense	10	8
Depreciation and amortization	8	16
Revaluation of acquisition contingent consideration	0	18
Compensation expense – equity-based incentive awards (Note 13)	45	42
Other	0	(1)
Changes in operating assets and liabilities:
Accounts receivable	1	40
Unbilled work in progress	18	(25)
Other assets	10	(13)
Accrued salaries and bonuses	(481)	(294)
Accounts payable and accrued expenses and other liabilities	(25)	(21)
Net cash used in operating activities	(336)	(132)
Cash flows from investing activities:
Purchases of investment securities	(4)	(153)
Sales or maturities of investment securities	122	277
Acquisition of businesses, net of cash acquired	0	(1)
Capital expenditures	(6)	(13)
Net cash provided by investing activities	112	110
Cash flows from financing activities:
Dividends paid	(61)	(53)
Share repurchases	(50)	(8)
Payments to settle employee tax obligations on share-based awards	(106)	(137)
Other financing activities	0	1
Net cash used in financing activities	(217)	(197)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	(3)	41
Net decrease in cash, cash equivalents, and restricted cash	(444)	(178)
Cash, cash equivalents, and restricted cash – beginning of period	1,193	976
Cash, cash equivalents, and restricted cash – end of period	749	798
Cash paid during the period for:
Taxes, net of refunds	$ 26	$ 11

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Mar. 31, 2026
Assets:
Cash and cash equivalents	$ 745	$ 1,189
Investment securities	52	170
Accounts receivable, net of allowance for credit losses of $11 and $13, respectively	224	228
Unbilled work in progress, net of allowance for credit losses of $7 and $8, respectively	255	271
Property and equipment, net	143	143
Operating lease right-of-use assets	412	407
Goodwill	1,396	1,396
Other intangible assets, net	203	204
Other assets	287	301
Total assets	3,717	4,309
Liabilities:
Accrued salaries and bonuses	589	1,077
Accounts payable and accrued expenses	122	136
Operating lease liabilities	493	492
Other liabilities	148	151
Total liabilities	1,352	1,856
Commitments and contingencies (Note 15)
Redeemable noncontrolling interest	110	111
Stockholders' equity:
Additional paid-in capital	639	746
Retained earnings	1,667	1,645
Accumulated other comprehensive loss	(51)	(49)
Total stockholders' equity	2,255	2,342
Total liabilities, temporary equity and stockholders' equity	3,717	4,309
Common Class A
Stockholders' equity:
Common stock	0	0
Common Class B
Stockholders' equity:
Common stock	$ 0	$ 0