Company: HLI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001302215-25-000111
Chunk: 5

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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, net5,619 5,234 Non-cash lease expense15,100 15,222 Depreciation and amortization26,293 16,300 Revaluation of acquisition contingent consideration17,895 804 Compensation expense – equity and liability classified share awards  (Note 14)88,852 78,396 Other(536)(939)Changes in operating assets and liabilities:Accounts receivable3,600 (15,106)Unbilled work in progress(36,212)55,786 Other assets(22,823)(643)Accrued salaries and bonuses(111,735)(84,213)Accounts payable and accrued expenses and other liabilities(1,951)(28,619)Net cash provided by operating activities193,416 224,711 Cash flows from investing activities:Purchases of investment securities(283,176)(23,496)Sales or maturities of investment securities294,694 5,611 Acquisition of business, net of cash acquired (725)(32,058)Purchase of property and equipment(15,423)(21,368)Net cash used in investing activities(4,630)(71,311)Cash flows from financing activities:Dividends paid(94,252)(89,674)Share repurchases(37,532)(240)Payments to settle employee tax obligations on share-based awards(137,691)(101,716)Earnouts paid— (9,706)Other financing activities710 710 Net cash used in financing activities(268,765)(200,626)Effects of exchange rate changes on cash, cash equivalents, and restricted cash32,798 18,234 Net decrease in cash, cash equivalents, and restricted cash(47,181)(28,992)Cash, cash equivalents, and restricted cash – beginning of period975,579 721,854 Cash, cash equivalents, and restricted cash – end of period$928,398 $692,862 Supplemental disclosures of non-cash activities:Shares issued via vesting of liability classified awards$3,049 $5,953 Shares issued as consideration for acquisition— 12,489 Cash acquired through acquisitions$— $2,207 Cash paid during the period for:Taxes, net of refunds$55,354 $37,211 

See accompanying Notes to Consolidated Financial Statements5

Table of ContentsHOULIHAN LOKEY, INC. AND SUB