Company: HLI
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001302215-25-000092
Chunk: 108

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 2
Chunk 108
---
, 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.

Three Months Ended June 30,($ in thousands)20252024ChangeRevenues by segmentCorporate Finance$398,519 $328,417 21 %Financial Restructuring 128,216 117,422 9 %Financial and Valuation Advisory78,614 67,770 16 %Revenues$605,349 $513,609 18 %Segment profit (1)Corporate Finance$126,781 $100,422 26 %Financial Restructuring 43,644 39,149 11 %Financial and Valuation Advisory17,329 17,641 (2)%Total segment profit 187,754 157,212 19 %Corporate expenses (2)97,954 62,472 57 %Other income, net(8,250)(5,134)61 %Income before provision for income taxes$98,050 $99,874 (2)%Segment MetricsNumber of managing directorsCorporate Finance244 228 7 %Financial Restructuring58 58 — %Financial and Valuation Advisory45 42 7 %Number of closed transactions/Fee Events (3)Corporate Finance125 116 8 %Financial Restructuring35 33 6 %Financial and Valuation Advisory957 847 13 %

(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 office of the executives, 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 as transactions that are “effectively closed” as described in Note 2 of our Consolidated Financial Statements.

Corporate Finance

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

Revenues for CF were $398.