Company: HLI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001302215-25-000111
Chunk: 27

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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574,957 15 %$1,264,801 $1,088,566 16 %Operating expenses:Compensation423,202 360,637 17 %816,039 690,753 18 %Non-compensation84,909 83,651 2 %207,621 172,404 20 %Total operating expenses508,111 444,288 14 %1,023,660 863,157 19 %Operating income151,341 130,669 16 %241,141 225,409 7 %Other (income) expense, net(8,712)(5,419)61 %(16,962)(10,553)61 %Income before provision for income taxes160,053 136,088 18 %258,103 235,962 9 %Provision for income taxes48,272 42,539 13 %48,789 53,473 (9)%Net income$111,781 $93,549 19 %$209,314 $182,489 15 %

20

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

Revenues were $659.5 million for the three months ended September 30, 2025, compared with $575.0 million for the three months ended September 30, 2024, representing an increase of 15%. The increase in revenues were primarily driven by higher revenues from our CF and FVA business segments, as described in further detail below.

Operating expenses were $508.1 million for the three months ended September 30, 2025, compared with $444.3 million for the three months ended September 30, 2024, representing an increase of 14%. Compensation expenses, as a component of operating expenses, were $423.2 million for the three months ended September 30, 2025, compared with $360.6 million for the three months ended September 30, 2024, representing an increase of 17%. The increase was primarily a result of an increase in revenues for the quarter when compared with the same quarter last year. The Compensation Ratio was 64.2% for the three months ended September 30, 2025, compared with 62.7% for the three months ended September 30, 2024. Non-compensation expense, as a component