Company: HLI
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001302215-25-000111
Chunk: 30

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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,419)61 %(16,962)(10,553)61 %Income before provision for income taxes$160,053 $136,088 18 %$258,103 $235,962 9 %Segment metricsNumber of Managing Directors (3)Corporate Finance242 224 8 %242 224 8 %Financial Restructuring58 58 — %58 58 — %Financial and Valuation Advisory45 41 10 %45 41 10 %Number of closed transactions/Fee Events (4)Corporate Finance171 131 31 %296 247 20 %Financial Restructuring37 33 12 %72 66 9 %Financial and Valuation Advisory1,075 903 19 %1,517 1,316 15 %

(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 include costs not allocated to individual segments, including certain acquisition related charges and share-based payments to corporate employees, as well as expenses of senior management and corporate departmental functions managed on a worldwide basis, including office of the executives, accounting, human capital, marketing, information technology, and legal and compliance.

(3)As of the end of the respective reporting period.

(4)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 $1,000. References to closed transactions should be understood to be the same as transactions that are “effectively closed” as described in our annual report on Form 10-K.

Corporate Finance

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

Revenues for CF were $438.7 million for the three months ended September 30, 2025, compared with $364.0 million for the three months ended September 30, 2024, representing an increase of 21%. Revenues increased due to an increase in the number of closed transactions during the quarter, which was driven by favorable market conditions for M&A and capital solutions. This increase was partially offset by a decrease in the average transaction fee on closed transactions, which was driven by transaction mix and does not represent a trend in