Houlihan Lokey Reports Third Quarter Fiscal 2024 Financial Results

Published

Third Quarter Fiscal 2024 Revenues of $511 million Third Quarter Fiscal 2024 Diluted EPS of $1.04 Adjusted Third Quarter Fiscal 2024 Diluted EPS of $1.22 Announces Dividend of $0.55 per Share for Fourth Quarter Fiscal 2024

LOS ANGELES & NEW YORK--(BUSINESS WIRE)-- Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its third quarter ended December 31, 2023.

For the third quarter ended December 31, 2023, revenues were $511 million, compared with $456 million for the third quarter ended December 31, 2022. Net income was $71 million, or $1.04 per diluted share, for the third quarter ended December 31, 2023, compared with $63 million, or $0.90 per diluted share, for the third quarter ended December 31, 2022. Adjusted net income for the third quarter ended December 31, 2023 was $84 million, or $1.22 per diluted share, compared with $79 million, or $1.14 per diluted share, for the third quarter ended December 31, 2022.

“Houlihan Lokey continues to see measured improvements in the M&A markets, helping to drive a 9% increase in revenues for our fiscal third quarter when compared to our second fiscal quarter. In addition, we once again distinguished ourselves in the industry. I am proud to announce that in calendar year 2023, we were recognized as the No. 1 M&A advisor globally based on number of completed transactions, the No. 1 restructuring advisor globally based on both the number of completed transactions and value, and the No. 1 most active fairness opinion advisor by volume for the past 25 years, per LSEG. We believe we are well positioned to continue to create long term value for our shareholders as M&A markets improve,” 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,

2023

 

2022

 

2023

 

2022

Revenues by segment

 

 

 

 

 

 

 

Corporate Finance

$

310,512

 

 

$

291,734

 

$

819,247

 

 

$

870,701

Financial Restructuring

 

128,565

 

 

 

98,819

 

 

366,603

 

 

 

275,351

Financial and Valuation Advisory

 

72,053

 

 

 

65,946

 

 

208,098

 

 

 

218,628

Revenues

$

511,130

 

 

$

456,499

 

$

1,393,948

 

 

$

1,364,680

Operating expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

$

324,039

 

 

$

289,348

 

$

884,064

 

 

$

864,942

Non-compensation

 

90,551

 

 

 

82,978

 

 

249,720

 

 

 

248,624

Operating income

 

96,540

 

 

 

84,173

 

 

260,164

 

 

 

251,114

Other (income)/expense, net

 

(6,035

)

 

 

563

 

 

(12,336

)

 

 

7,416

Income before provision for income taxes

 

102,575

 

 

 

83,610

 

 

272,500

 

 

 

243,698

Provision for income taxes

 

31,772

 

 

 

20,559

 

 

73,276

 

 

 

49,135

Net income attributable to Houlihan Lokey, Inc.

$

70,803

 

 

$

63,051

 

$

199,224

 

 

$

194,563

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to Houlihan Lokey, Inc.

$

1.04

 

 

$

0.90

 

$

2.93

 

 

$

2.80

Revenues

For the third quarter ended December 31, 2023, revenues were $511 million, compared with $456 million for the third quarter ended December 31, 2022. For the third quarter ended December 31, 2023, Corporate Finance (“CF”) revenues increased 6%, Financial Restructuring (“FR”) revenues increased 30%, and Financial and Valuation Advisory (“FVA”) revenues increased 9%, in each case, when compared with the third quarter ended December 31, 2022.

Expenses

The Company’s 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.

 

U.S. GAAP

 

Adjusted (Non-GAAP) *

 

Three Months Ended December 31,

($ in thousands)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

$

324,039

 

 

$

289,348

 

 

$

314,345

 

 

$

280,749

 

% of Revenues

 

63.4

%

 

 

63.4

%

 

 

61.5

%

 

 

61.5

%

Non-compensation

$

90,551

 

 

$

82,978

 

 

$

82,129

 

 

$

72,611

 

% of Revenues

 

17.7

%

 

 

18.2

%

 

 

16.1

%

 

 

15.9

%

Per full-time employee (1)

$

34

 

 

$

33

 

 

$

31

 

 

$

29

 

Provision for income taxes

$

31,772

 

 

$

20,559

 

 

$

36,584

 

 

$

25,897

 

% of Pre-tax income

 

31.0

%

 

 

24.6

%

 

 

30.3

%

 

 

24.6

%

* Adjusted figures represent non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

(1) Calculated using the average of the number of full-time employees at the beginning of the reporting period and the end of the reporting period.

 

U.S. GAAP

 

Adjusted (Non-GAAP) *

 

Nine Months Ended December 31,

($ in thousands)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

$

884,064

 

 

$

864,942

 

 

$

857,278

 

 

$

839,279

 

% of Revenues

 

63.4

%

 

 

63.4

%

 

 

61.5

%

 

 

61.5

%

Non-compensation

$

249,720

 

 

$

248,624

 

 

$

233,118

 

 

$

204,543

 

% of Revenues

 

17.9

%

 

 

18.2

%

 

 

16.7

%

 

 

15.0

%

Per full-time employee (1)

$

95

 

 

$

103

 

 

$

88

 

 

$

85

 

Provision for income taxes

$

73,276

 

 

$

49,135

 

 

$

92,412

 

 

$

83,186

 

% of Pre-tax income

 

26.9

%

 

 

20.2

%

 

 

29.3

%

 

 

25.9

%

* Adjusted figures represent non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

(1) Calculated using the average of the number of full-time employees at the beginning of the reporting period and the end of the reporting period.

Employee compensation and benefits expenses were $324 million for the third quarter ended December 31, 2023, compared with $289 million for the third quarter ended December 31, 2022. Adjusted employee compensation and benefits expenses were $314 million for the third quarter ended December 31, 2023, compared with $281 million for the third quarter ended December 31, 2022. This resulted in an adjusted compensation ratio of 61.5% for both the third quarter ended December 31, 2023 and the third quarter ended December 31, 2022. The increase in GAAP and adjusted employee compensation and benefits expenses was a result of an increase in revenues for the quarter when compared with the same quarter last year.

Non-compensation expenses were $91 million for the third quarter ended December 31, 2023, compared with $83 million for the third quarter ended December 31, 2022. The increase in GAAP non-compensation expenses was primarily a result of an increase in professional fees and rent expense for the quarter when compared with the same quarter last year. Adjusted non-compensation expenses were $82 million for the third quarter ended December 31, 2023, compared with $73 million for the third quarter ended December 31, 2022. The increase in adjusted non-compensation expenses was primarily a result of an increase in rent expense.

The provision for income taxes was $32 million, representing an effective tax rate of 31.0% for the third quarter ended December 31, 2023, compared with $21 million, representing an effective tax rate of 24.6% for the third quarter ended December 31, 2022. The increase in the Company’s tax rate during the three months ended December 31, 2023 relative to the same period in 2022 was primarily a result of increased state taxes and increased taxes due to foreign operations. The adjusted provision for income taxes was $37 million, representing an adjusted effective tax rate of 30.3% for the third quarter ended December 31, 2023, compared with $26 million, representing an adjusted effective tax rate of 24.6% for the third quarter ended December 31, 2022.

Segment Reporting for the Third Fiscal Quarter

Corporate Finance

CF revenues were $311 million for the third quarter ended December 31, 2023, compared with $292 million for the third quarter ended December 31, 2022, representing an increase of 6%. Revenues increased due to an increase in the average transaction fee on closed transactions, which was driven by transaction mix, and did not represent a trend in the average transaction fee on closed transactions.

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

($ in thousands)

2023

 

2022

 

2023

 

2022

Corporate Finance

 

 

 

 

 

 

 

Revenues

$

310,512

 

$

291,734

 

$

819,247

 

$

870,701

# of Managing Directors

 

219

 

 

215

 

 

219

 

 

215

# of Closed transactions (1)

 

117

 

 

125

 

 

329

 

 

363

Financial Restructuring

FR revenues increased 30% to $129 million for the third quarter ended December 31, 2023, compared with $99 million for the third quarter ended December 31, 2022. Revenues increased primarily due to an increase in the average transaction fee on closed transactions, which was driven by transaction mix, and did not represent a trend in the average transaction fee on closed transactions.

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

($ in thousands)

2023

 

2022

 

2023

 

2022

Financial Restructuring

 

 

 

 

 

 

 

Revenues

$

128,565

 

$

98,819

 

$

366,603

 

$

275,351

# of Managing Directors

 

52

 

 

56

 

 

52

 

 

56

# of Closed transactions (1)

 

30

 

 

28

 

 

91

 

 

68

Financial and Valuation Advisory

FVA revenues increased 9% to $72 million for the third quarter ended December 31, 2023, compared with $66 million for the third quarter ended December 31, 2022. Revenues increased primarily due to an increase in the number of Fee Events. The increase in the number of Fee Events was driven by expanding our scope of work for new and existing clients for one or more of the service lines within our FVA business.

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

($ in thousands)

2023

 

2022

 

2023

 

2022

Financial and Valuation Advisory

 

 

 

 

 

 

 

Revenues

$

72,053

 

$

65,946

 

$

208,098

 

$

218,628

# of Managing Directors

 

41

 

 

38

 

 

41

 

 

38

# of Fee Events (1)

 

926

 

 

876

 

 

1,704

 

 

1,815

(1) A Fee Event includes any engagement that involves revenue activity during the measurement period based on a revenue minimum of one thousand dollars. References in this press release to closed transactions should be understood to be the same as transactions that are “effectively closed” as described in our periodic reports on Forms 10-K and 10-Q.

Balance Sheet and Capital Allocation

The Board of Directors of the Company declared a regular quarterly cash dividend of $0.55 per share of Class A and Class B common stock. The dividend will be payable on March 15, 2024 to stockholders of record as of the close of business on March 1, 2024. As of December 31, 2023, the Company had $591 million of cash and cash equivalents and investment securities, and $50 million of other liabilities.

Investor Conference Call and Webcast

The Company will host a conference call and live webcast at 5:00 p.m. Eastern Time on Thursday, February 1, 2024, to discuss its third quarter fiscal 2024 results. The number to call is 1-877-407-4018 (domestic) or 1-201-689-8471 (international). A live webcast will be available in the Investor Relations section of the Company’s website. A replay of the conference call will be available from February 1, 2024 through February 8, 2024, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the passcode 13743771. A replay of the webcast will be archived and available on the Company’s website.

Forward-Looking Statements

This 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 “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” 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 which are, in some cases, beyond the Company’s control and could materially affect actual results, performance, or achievements. For a further description of such factors, you should read the Company’s 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.

Non-GAAP Financial Measures

Adjusted 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’s operating results. The 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’s financial information determined under GAAP. For a description of the Company’s use of these adjusted items and a reconciliation with comparable GAAP items, see the section of this press release titled “Reconciliation of GAAP to Adjusted Financial Information.” Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations, and cash flows.

About Houlihan Lokey

Houlihan Lokey, Inc. (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and financial and valuation advisory. Houlihan Lokey serves corporations, institutions, and governments worldwide with offices in the Americas, Europe, the Middle East, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of the firm’s commitment to client success across its advisory services. The firm is the No. 1 investment bank for all global M&A transactions, the No. 1 M&A advisor for the past nine consecutive years in the U.S., the No. 1 global restructuring advisor for the past ten consecutive years, and the No. 1 global M&A fairness opinion advisor over the past 25 years, all based on number of transactions and according to data provided by LSEG (formerly Refinitiv).

For more information, please visit www.HL.com.

Appendix

Condensed Consolidated Balance Sheets (Unaudited) Condensed Consolidated Statements of Income (Unaudited) Reconciliation of GAAP to Adjusted Financial Information (Unaudited)

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands, except share data and par value)

December 31, 2023

 

March 31, 2023

Assets

 

 

 

Cash and cash equivalents

$

555,532

 

 

$

714,439

 

Restricted cash

 

373

 

 

 

373

 

Investment securities

 

35,367

 

 

 

37,309

 

Accounts receivable, net of allowance for credit losses

 

152,755

 

 

 

182,029

 

Unbilled work in process, net of allowance for credit losses

 

174,178

 

 

 

115,045

 

Income taxes receivable

 

32,898

 

 

 

17,693

 

Deferred income taxes

 

103,472

 

 

 

104,941

 

Property and equipment, net

 

130,696

 

 

 

88,345

 

Operating lease right-of-use assets

 

356,595

 

 

 

333,877

 

Goodwill

 

1,128,610

 

 

 

1,087,784

 

Other intangible assets, net

 

199,941

 

 

 

203,370

 

Other assets

 

88,491

 

 

 

83,609

 

Total assets

$

2,958,908

 

 

$

2,968,814

 

 

 

 

 

Liabilities and stockholders' equity

 

 

 

Liabilities:

 

 

 

Accrued salaries and bonuses

$

575,088

 

 

$

765,877

 

Accounts payable and accrued expenses

 

100,319

 

 

 

113,421

 

Deferred income

 

41,014

 

 

 

40,695

 

Deferred income taxes

 

3,269

 

 

 

544

 

Operating lease liabilities

 

420,107

 

 

 

374,869

 

Other liabilities

 

49,808

 

 

 

60,111

 

Total liabilities

 

1,189,605

 

 

 

1,355,517

 

 

 

 

 

Stockholders' equity:

 

 

 

Class A common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 52,027,676 and 50,638,924 shares, respectively

 

52

 

 

 

51

 

Class B common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 17,114,509 and 18,048,345 shares, respectively

 

17

 

 

 

18

 

Additional paid-in capital

 

701,996

 

 

 

642,970

 

Retained earnings

 

1,121,387

 

 

 

1,033,072

 

Accumulated other comprehensive loss

 

(54,149

)

 

 

(62,814

)

Total stockholders’ equity

 

1,769,303

 

 

 

1,613,297

 

Total liabilities and stockholders’ equity

$

2,958,908

 

 

$

2,968,814

 

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

(In thousands, except share and per share data)

 

2023

 

 

2022

 

 

2023

 

 

2022

Revenues

$

511,130

 

 

$

456,499

 

$

1,393,948

 

 

$

1,364,680

Operating expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

 

324,039

 

 

 

289,348

 

 

884,064

 

 

 

864,942

Travel, meals, and entertainment

 

17,325

 

 

 

14,271

 

 

47,494

 

 

 

37,691

Rent

 

19,002

 

 

 

12,852

 

 

55,418

 

 

 

37,927

Depreciation and amortization

 

6,657

 

 

 

13,256

 

 

20,275

 

 

 

51,874

Information technology and communications

 

15,443

 

 

 

14,751

 

 

43,319

 

 

 

38,924

Professional fees

 

14,853

 

 

 

7,795

 

 

35,269

 

 

 

23,862

Other operating expenses

 

17,271

 

 

 

20,053

 

 

47,945

 

 

 

58,346

Total operating expenses

 

414,590

 

 

 

372,326

 

 

1,133,784

 

 

 

1,113,566

Operating income

 

96,540

 

 

 

84,173

 

 

260,164

 

 

 

251,114

Other (income)/expense, net

 

(6,035

)

 

 

563

 

 

(12,336

)

 

 

7,416

Income before provision for income taxes

 

102,575

 

 

 

83,610

 

 

272,500

 

 

 

243,698

Provision for income taxes

 

31,772

 

 

 

20,559

 

 

73,276

 

 

 

49,135

Net income

$

70,803

 

 

$

63,051

 

 

199,224

 

 

 

194,563

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

Basic

 

64,411,668

 

 

 

63,381,024

 

 

64,258,216

 

 

 

63,360,741

Fully diluted

 

67,886,301

 

 

 

69,725,692

 

 

67,896,302

 

 

 

69,453,588

Earnings per share attributable to Houlihan Lokey, Inc.

 

 

 

 

 

 

 

Basic

$

1.10

 

 

$

0.99

 

$

3.10

 

 

$

3.07

Fully diluted

$

1.04

 

 

$

0.90

 

$

2.93

 

 

$

2.80

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO ADJUSTED FINANCIAL INFORMATION

(UNAUDITED)

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

(In thousands, except share and per share data)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenues

$

511,130

 

 

$

456,499

 

 

$

1,393,948

 

 

$

1,364,680

 

 

 

 

 

 

 

 

 

Employee compensation and benefits expenses

 

 

 

 

 

 

 

Employee compensation and benefits expenses (GAAP)

$

324,039

 

 

$

289,348

 

 

$

884,064

 

 

$

864,942

 

Less: Acquisition related retention payments

 

(9,694

)

 

 

(8,599

)

 

 

(26,786

)

 

 

(25,663

)

Employee compensation and benefits expenses (adjusted)

 

314,345

 

 

 

280,749

 

 

 

857,278

 

 

 

839,279

 

 

 

 

 

 

 

 

 

Non-compensation expenses

 

 

 

 

 

 

 

Non-compensation expenses (GAAP)

$

90,551

 

 

$

82,978

 

 

$

249,720

 

 

$

248,624

 

Less: Acquisition related legal structure reorganization

 

(2,603

)

 

 

 

 

 

(2,603

)

 

 

 

Less: Integration and acquisition related costs

 

(4,259

)

 

 

 

 

 

(5,724

)

 

 

(2,325

)

Less: Acquisition amortization

 

(1,560

)

 

 

(10,367

)

 

 

(8,275

)

 

 

(41,756

)

Non-compensation expenses (adjusted)

 

82,129

 

 

 

72,611

 

 

 

233,118

 

 

 

204,543

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

Operating income (GAAP)

$

96,540

 

 

$

84,173

 

 

$

260,164

 

 

$

251,114

 

Plus: Adjustments (1)

 

18,116

 

 

 

18,966

 

 

 

43,388

 

 

 

69,744

 

Operating income (adjusted)

 

114,656

 

 

 

103,139

 

 

 

303,552

 

 

 

320,858

 

 

 

 

 

 

 

 

 

Other (income)/expense, net

 

 

 

 

 

 

 

Other (income)/expense, net (GAAP)

$

(6,035

)

 

$

563

 

 

$

(12,336

)

 

$

7,416

 

Less: Warrant revaluation

 

 

 

 

 

 

 

 

 

 

(2,264

)

Less: SPAC wind-down write-off

 

 

 

 

(2,742

)

 

 

 

 

 

(2,742

)

Plus/(less): Change in acquisition earnout liability fair value

 

 

 

 

 

 

 

816

 

 

 

(2,841

)

Other income, net (adjusted)

 

(6,035

)

 

 

(2,179

)

 

 

(11,520

)

 

 

(431

)

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

 

 

 

 

 

Provision for income taxes (GAAP)

$

31,772

 

 

$

20,559

 

 

$

73,276

 

 

$

49,135

 

Plus: Impact of the excess tax benefit for stock vesting

 

 

 

 

 

 

 

7,299

 

 

 

8,102

 

Plus: Release of the provision for an uncertain tax position as a result of the successful closure of a state audit

 

 

 

 

 

 

 

 

 

 

5,762

 

Less: Non-deductible acquisition related costs

 

(679

)

 

 

 

 

 

(679

)

 

 

 

Adjusted provision for income taxes

 

31,093

 

 

 

20,559

 

 

 

79,896

 

 

 

62,999

 

Plus: Resulting tax impact (2)

 

5,491

 

 

 

5,338

 

 

 

12,516

 

 

 

20,187

 

Provision for income taxes (adjusted)

 

36,584

 

 

 

25,897

 

 

 

92,412

 

 

 

83,186

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

Net income (GAAP)

$

70,803

 

 

$

63,051

 

 

$

199,224

 

 

$

194,563

 

Plus: Adjustments (3)

 

13,304

 

 

 

16,370

 

 

 

23,436

 

 

 

43,540

 

Net income (adjusted)

 

84,107

 

 

 

79,421

 

 

 

222,660

 

 

 

238,103

 

 

 

 

 

 

 

 

 

Fully diluted shares outstanding

 

 

 

 

 

 

 

Fully diluted shares outstanding (GAAP)

 

67,886,301

 

 

 

69,725,692

 

 

 

67,896,302

 

 

 

69,453,588

 

Plus: Impact of unvested GCA retention and deferred share awards

 

968,515

 

 

 

 

 

 

1,148,657

 

 

 

 

Fully diluted shares outstanding (adjusted)

 

68,854,816

 

 

 

69,725,692

 

 

 

69,044,959

 

 

 

69,453,588

 

 

 

 

 

 

 

 

 

Diluted EPS attributable to Houlihan Lokey, Inc. (GAAP)

$

1.04

 

 

$

0.90

 

 

$

2.93

 

 

$

2.80

 

Diluted EPS attributable to Houlihan Lokey, Inc. (adjusted)

$

1.22

 

 

$

1.14

 

 

$

3.22

 

 

$

3.43

 

(1) The aggregate of adjustments from employee compensation and benefits and non-compensation expenses. (2) Reflects the tax impact of utilizing the adjusted effective tax rate on the non-tax adjustments identified above. (3) Consists of all adjustments identified above net of the associated tax impact.

 

Investor Relations 212.331.8225 IR@HL.com

OR

Media Relations 212.331.8223 PR@HL.com

Source: Houlihan Lokey, Inc.

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