Company: HLI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001302215-25-000111
Chunk: 97

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 97
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 the reduction/increase in fair value of earnout liabilities. We refer to all of these expenses as non-compensation expenses. A portion of our non-compensation expenses fluctuates in response to changes in headcount.

Other (Income) Expense, Net

Other (income) expense, 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) and (iii) other miscellaneous non-operating expenses.

Results of Consolidated Operations 

The following is a discussion of our results of operations for the three and six months ended September 30, 2025 and 2024.

Three Months Ended September 30,Six Months Ended September 30,($ in thousands)20252024Change20252024ChangeRevenues$659,452 $574,957 15 %$1,264,801 $1,088,566 16 %Operating expenses:Compensation423,202 360,637 17 %816,039 690,753 18 %Non-compensation84,909 83,651 2 %207,621 172,404 20 %Total operating expenses508,111 444,288 14 %1,023,660 863,157 19 %Operating income151,341 130,669 16 %241,141 225,409 7 %Other (income) expense, net(8,712)(5,419)61 %(16,962)(10,553)61 %Income before provision for income taxes160,053 136,088 18 %258,103 235,962 9 %Provision for income taxes48,272 42,539 13 %48,789 53,473 (9)%Net income$111,781 $93,549 19 %$209,314 $182,489 15 %

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

Revenues were $659.5 million for the three months ended September 30, 2025, compared with $575.0 million for the three months ended September 30, 2024, representing an increase of 15%. The increase in revenues were primarily driven by higher revenues from our CF and