Company: HLI
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0001302215-25-000007
Chunk: 105

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-02-04
Form: 10-Q
Item: Part I, Item 8
Chunk 105
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, which impacted one or more of the service lines within our FVA business.

Segment profit for FVA was $23.3 million for the three months ended December 31, 2024, compared with $14.3 million for the three months ended December 31, 2023, an increase of 63%. Profitability increased primarily as a result of an increase in revenues and lower compensation and non-compensation expenses as a percentage of revenues when compared to the same quarter last year.

Nine Months Ended December 31, 2024 versus December 31, 2023

Revenues for FVA were $229.0 million for the nine months ended December 31, 2024, compared with $208.1 million for the nine months ended December 31, 2023, representing an increase of 10%. The increase in revenues was primarily due to an increase in the number of Fee Events, driven by improvements in the M&A markets, which impacted one or more of the service lines within our FVA business.

Segment profit for FVA was $60.4 million for the nine months ended December 31, 2024, compared with $48.8 million for the nine months ended December 31, 2023, an increase of 24%. Profitability increased primarily as a result of increased revenues and a decrease in non-compensation expenses when compared to the same period last year.

30

Corporate Expenses

Three Months Ended December 31, 2024 versus December 31, 2023

Corporate expenses were $63.0 million for the three months ended December 31, 2024, compared with $54.3 million for the three months ended December 31, 2023. This 16% increase was driven primarily by increased compensation expense, partially offset by a reduction in other operating expense when compared to the same quarter last year.

Nine Months Ended December 31, 2024 versus December 31, 2023

Corporate expenses were $183.9 million for the nine months ended December 31, 2024, compared with $153.4 million for the nine months ended December 31, 2023. This 20% increase was driven primarily by increased compensation expense, partially offset by a reduction in professional fees when compared to the same period last year.

31

Liquidity and Capital Resources

Our current assets comprise cash and cash equivalents, investment securities, accounts receivable, and unbilled work in progress related to fees earned from providing advisory