Company: HLI
Filing Date: 2025-05-15
Form Type: 10-K
Source: 0001302215-25-000024
Chunk: 70

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-05-15
Form: 10-K
Item: Item 7
Chunk 70
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-compensation expenses. A portion of our non-compensation expenses fluctuates in response to changes in headcount.

Other Income, Net

Other income, net includes (i) interest income earned on non-marketable and investment securities, cash and cash equivalents, loans receivable from affiliates, employee loans, and commercial paper, (ii) interest expense and fees on our HLI Line of Credit (defined herein), (iii) equity income and/or gains or losses from funds and partnership interests where we have had more than a minor ownership interest or more than minor influence over operations, but do not have a controlling interest and are not the primary beneficiary, (iv) gains and/or losses associated with the reduction/increase of earnout liabilities, and (v) other miscellaneous non-operating expenses.

Results of Consolidated Operations

The following is a discussion of our results of operations for the years ended March 31, 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 “Business Segments” below.

 Year Ended March 31,Change($ in thousands)20252024’24-’25Revenues$2,389,416 $1,914,404 25 %Operating expenses:Employee compensation and benefits1,524,268 1,213,589 26 %Non-compensation expenses363,604 337,954 8 %Total operating expenses1,887,872 1,551,543 22 %Operating income501,544 362,861 38 %Other income, net(29,791)(27,678)8 %Income before provision for income taxes531,335 390,539 36 %Provision for income taxes131,624 110,238 19 %Net income attributable to Houlihan Lokey, Inc.$399,711 $280,301 43 %

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Year Ended March 31, 2025 versus March 31, 2024 

Revenues were $2.39 billion for the year ended March 31, 2025, compared with $1.91 billion for the year ended March 31, 2024, representing an increase of 25%. The increase in revenues was primarily the result of an increase in CF revenues for the year ended March 31, 2025, compared with the year ended March 31,