Company: HLI
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001302215-25-000092
Chunk: 40

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 and the payment of operating expenses, including payments of incentive compensation to our employees. We pay a significant portion of our incentive compensation during the first and third quarters of each fiscal year. A summary of our operating, investing, and financing cash flows is as follows:

Three Months Ended June 30,(In thousands)20252024ChangeOperating activities:Net income$97,533 $88,940 10 %Non-cash charges84,408 63,384 33 %Other operating activities(313,571)(216,835)45 %Net cash used in operating activities(131,630)(64,511)104 %Net cash provided by/(used in) investing activities109,648 (40,432)(371)%Net cash used in financing activities(196,628)(161,499)22 %Effects of exchange rate changes on cash, cash equivalents, and restricted cash41,427 (5,096)(913)%Net decrease in cash, cash equivalents, and restricted cash(177,183)(271,538)(35)%Cash, cash equivalents, and restricted cash — beginning of period975,579 721,854 35 %Cash, cash equivalents, and restricted cash — end of period$798,396 $450,316 77 %

Three Months Ended June 30, 2025

Operating activities resulted in a net outflow of $(131.6) million, primarily attributable to cash bonus payments in May 2025. Investing activities resulted in a net inflow of $109.6 million, primarily attributable to sales or maturities of investment securities. Financing activities resulted in a net outflow of $(196.6) million, primarily attributable to payments made to settle employee tax obligations on share-based awards and dividends paid.

Three Months Ended June 30, 2024

Operating activities resulted in a net outflow of $(64.5) million, primarily attributable to cash bonus payments in May 2024. Investing activities resulted in a net outflow of $(40.4) million, primarily attributable to the acquisition of Triago and the purchase of property and equipment, net. Financing activities resulted in a net outflow of $(161.5) million, primarily attributable to payments made to settle employee tax obligations on share-based awards and dividends paid.

Contractual Obligations

There have been no material changes outside of the ordinary course of business to our known contractual obligations, which are included in Item 7 of our 2025 Annual Report