Company: HLI
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0001302215-25-000007
Chunk: 106

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-02-04
Form: 10-Q
Item: Part I, Item 8
Chunk 106
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 services. Our current liabilities include deferred income, accounts payable and accrued expenses, accrued salaries and bonuses, income taxes payable, and current portion of loan obligations.

Our cash and cash equivalents include cash held at banks. We maintain moderate levels of cash on hand in support of regulatory requirements for our registered broker-dealer. As of December 31, 2024 and March 31, 2024, we had $571.7 million and $545.0 million of cash in foreign subsidiaries, respectively. Our excess cash may be invested from time to time in short-term investments, including treasury securities, commercial paper, certificates of deposit, and investment grade corporate and government debt securities. Please refer to Note 6 for further detail.

As of December 31, 2024 and March 31, 2024, our restricted cash, cash and cash equivalents, and investment securities were as follows:

(In thousands)December 31, 2024March 31, 2024Cash and cash equivalents$799,340 $721,235 Investment securities103,538 38,005 Total unrestricted cash and cash equivalents, including investment securities902,878 759,240 Restricted cash (1)1,452 619 Total cash, cash equivalents, and restricted cash, including investment securities$904,330 $759,859 

(1)Restricted cash as of December 31, 2024 and March 31, 2024 consisted of cash deposits in support of two letters of credit for our Frankfurt office. Restricted cash as of December 31, 2024 also included cash held in escrow accounts.

Our liquidity is highly dependent upon cash receipts from clients that are generally dependent upon the successful completion of transactions, as well as the timing of receivables collections, which typically occur within 60 days of billing. As of December 31, 2024, accounts receivable, net of credit losses was $166.7 million. As of December 31, 2024, unbilled work in progress, net of credit losses was $202.7 million. 

On August 23, 2019, the Company entered into a syndicated revolving line of credit with the Bank of America, N.A. and certain other financial institutions party thereto, which was amended by a First Amendment to Credit Agreement dated as of August 2, 2022 (the "HLI Line of Credit"), which allows for borrowings of up to $100