Company: HLI
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0001302215-25-000007
Chunk: 28

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-02-04
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 its sole discretion and to the extent such class of common stock exists from time to time.

 Note 15 — Stockholders' Equity

There are two classes of authorized Company common stock: Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share, and each share of Class B common stock is entitled to ten votes per share. Each share of Class B common stock may be converted into one share of Class A common stock at the option of its holder and will be automatically converted into one share of Class A common stock upon transfer thereof, subject to certain exceptions.

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Table of ContentsHOULIHAN LOKEY, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)(UNAUDITED)(In thousands, except share data or as otherwise stated)

Class A Common StockDuring the three months ended December 31, 2024 and 2023, there were no shares issued to non-employee directors and 611,795 and 461,684 shares were converted from Class B to Class A, respectively. During the nine months ended December 31, 2024 and 2023, 5,248 and 6,609 shares were issued to non-employee directors, respectively, and 1,570,319 and 1,621,243 shares were converted from Class B to Class A, respectively.As of December 31, 2024, there were 53,946,551 Class A shares held by the public and 69,183 Class A shares held by non-employee directors. As of December 31, 2023, there were 51,962,741 Class A shares held by the public and 64,935 Class A shares held by non-employee directors.Class B Common StockAs of December 31, 2024 and 2023, there were 16,129,101 and 17,114,509 Class B shares held by the HL Voting Trust, respectively.DividendsPreviously declared dividends related to unvested shares of $20,383 and $20,110 were unpaid as of December 31, 2024 and 2023, respectively. Share RepurchasesIn April 2022, the board of directors authorized an increase to the existing July 2021