Company: HLI
Filing Date: 2025-05-15
Form Type: 10-K
Source: 0001302215-25-000024
Chunk: 72

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-05-15
Form: 10-K
Item: Item 7
Chunk 72
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 31, 2024 was primarily a result of the release of the provision for an uncertain tax position as a result of the successful closure of a city audit.

32

Business Segments

The following table presents revenues, expenses, and contributions from our continuing operations by business segment. The revenues by segment represents each segment's revenues, and the profit by segment represents profit for each segment before corporate expenses, other income, net, and income taxes.

 Year Ended March 31,Change($ in thousands)20252024’24-’25Revenues by segmentCorporate Finance$1,526,756 $1,106,826 38 %Financial Restructuring544,478 521,984 4 %Financial and Valuation Advisory318,182 285,594 11 %Revenues$2,389,416 $1,914,404 25 %Segment profit (1) Corporate Finance$474,423 $302,533 57 %Financial Restructuring209,306 194,116 8 %Financial and Valuation Advisory88,583 74,422 19 %Total segment profit772,312 571,071 35 %Corporate expenses (2)270,768 208,210 30 %Other income, net(29,791)(27,678)8 %Income before provision for income taxes$531,335 $390,539 36 %Segment Metrics:Number of Managing DirectorsCorporate Finance240 2238 %Financial Restructuring57 546 %Financial and Valuation Advisory42 398 %Number of closed transactions/Fee Events (3)Corporate Finance564 45025 %Financial Restructuring145 12615 %Financial and Valuation Advisory2,441 2,17812 %

(1)We adjust the compensation expense for a business segment in situations where an employee residing in one business segment is performing work in another business segment where the revenues are accrued. Segment profit may vary significantly between periods depending on the levels of collaboration among the different segments.

(2)Corporate expenses represent expenses that are not allocated to individual business segments such as those related to executive management, accounting, information technology, legal and compliance, marketing, and human capital.

(3)Fee Events applicable to FVA only; a Fee Event includes any engagement that involves revenue activity during the measurement period with a revenue minimum of one thousand dollars. References to closed transactions should be understood to be the same