Company: HLI
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001302215-25-000092
Chunk: 3

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 3
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031)Conversion of Class B to Class A shares608,084 1 (608,084)(1)— — — — Shares issued to non-employee directors (Note 14)5,248 — — — 710 — — 710 Other shares repurchased/forfeited— — (900,440)(1)(101,233)— — (101,234)Net income— — — — — 88,940 — 88,940 Change in unrealized translation— — — — — — (2,962)(2,962)Total comprehensive income— — — — — 88,940 (2,962)85,978 Balances – June 30, 202453,053,499 $53 16,456,793 $16 $691,651 $1,207,328 $(69,570)$1,829,478 

See accompanying Notes to Consolidated Financial Statements3

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS 

(UNAUDITED)

Three Months Ended June 30,(In thousands) 20252024Cash flows from operating activities:Net income$97,533 $88,940 Adjustments to reconcile net income to net cash used in operating activities:Deferred income taxes(1,281)8,989 Provision for bad debts, net2,027 2,436 Unrealized gains on investment securities(811)(152)Non-cash lease expense8,368 9,380 Depreciation and amortization15,990 8,856 Revaluation of acquisition contingent consideration17,895 804 Compensation expense – equity and liability classified share awards  (Note 14)42,220 33,071 Changes in operating assets and liabilities:Accounts receivable39,615 15,552 Unbilled work in progress(25,224)36,073 Other assets(3,846)(7,624)Accrued salaries and bonuses(293,861)(234,141)Accounts payable and accrued expenses and other(24,263)(14,902)Deferred income3,281 3,507 Income taxes receivable(9,273)(15,300)Net cash used in operating activities(