Company: HLI
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001302215-25-000092
Chunk: 34

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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 (iv) other miscellaneous non-operating expenses.

Results of Consolidated Operations 

The following is a discussion of our results of consolidated operations for the three months ended June 30, 2025 and 2024. For a more detailed discussion of the factors that affected the revenues and the operating expenses of our CF, FR, and FVA business segments in these periods, see Part I, Item 2 of this Form 10-Q under the heading “Business Segments” below.

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Three Months Ended June 30,($ in thousands)20252024ChangeRevenues$605,349 $513,609 18 %Operating expenses:Employee compensation and benefits392,837 330,116 19 %Non-compensation122,712 88,753 38 %Total operating expenses515,549 418,869 23 %Operating income89,800 94,740 (5)%Other income, net(8,250)(5,134)61 %Income before provision for income taxes98,050 99,874 (2)%Provision for income taxes517 10,934 (95)%Net income attributable to Houlihan Lokey, Inc.$97,533 $88,940 10 %

Three Months Ended June 30, 2025 versus June 30, 2024

Revenues were $605.3 million for the three months ended June 30, 2025, compared with $513.6 million for the three months ended June 30, 2024, representing an increase of 18%. The increase in revenues was primarily attributable to an increase in CF revenues, as described in more detail below. For the quarter, CF revenues increased 21%, FR revenues increased 9%, and FVA revenues increased 16% when compared with the three months ended June 30, 2024. 

Operating expenses were $515.5 million for the three months ended June 30, 2025, compared with $418.9 million for the three months ended June 30, 2024, representing an increase of 23%. Employee compensation and benefits expense, as a component of operating expenses, was $392.8 million for the three months ended June 30, 2025, compared with $330.1 million for the three months ended June 30, 2024, representing an increase of 19%. The increase in employee compensation and benefits expense was a result of an increase in revenues