Company: HLI
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0001302215-25-000007
Chunk: 118

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-02-04
Form: 10-Q
Item: Part I, Item 2
Chunk 118
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 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, 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.

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Results of Consolidated Operations 

The following is a discussion of our results of operations for the three and nine months ended December 31, 2024 and 2023. 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 Part I, Item 2 of this Form 10-Q under the heading “Business Segments” below.

Three Months Ended December 31,Nine Months Ended December 31,($ in thousands)20242023Change20242023ChangeRevenues$634,428 $511,130 24 %$1,722,994 $1,393,948 24 %Operating expenses:Employee compensation and benefits402,971 324,039 24 %1,093,724 884,064 24 %Non-compensation95,355 90,551 5 %266,931 249,720 7 %Total operating expenses498,326 414,590 20 %1,360,655 1,133,784 20 %Operating income136,102 96,540 41 %362,339 260,164 39 %Other income, net(9,016)(6,035)49 %(18,741)(12,336)52 %Income before provision for income taxes145,118 102,575 41 %381,080 272,500 40 %Provision for income taxes49,816 31,772 57 %103,289 73,276 41 %Net income attributable to Houli