Company: HLI
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0001302215-25-000007
Chunk: 43

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-02-04
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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VA 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 services. Our current liabilities include deferred income, accounts payable and accrued expenses, accrued salaries and bonuses, income taxes payable, and current portion of loan obligations.

Our cash and cash equivalents include cash held at banks. We maintain moderate levels of cash on hand in support of regulatory requirements for our registered broker-dealer. As of December 31, 2024 and March 31, 2024, we had $571.7 million and $545.0 million of cash in foreign subsidiaries, respectively. Our excess cash may be invested from time to time in short-term investments, including treasury securities, commercial paper, certificates of deposit, and investment grade corporate and government debt securities. Please refer to Note 6 for further detail.

As of December 31, 2024 and March 31, 2024, our restricted cash, cash and cash equivalents, and investment securities were as follows:

(In thousands)December 31, 2024March 31, 2024Cash and cash equivalents$799,340 $721,