Company: HLI
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0001302215-25-000007
Chunk: 5

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-02-04
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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)— — (95,073)Net income— — — — — 199,224 — 199,224 Change in unrealized translation— — — — — — 8,665 8,665 Total comprehensive income— — — — — 199,224 8,665 207,889 Balances – December 31, 202352,027,676 $52 17,114,509 $17 $701,996 $1,121,387 $(54,149)$1,769,303 

See accompanying Notes to Consolidated Financial Statements4

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS 

(UNAUDITED)

Nine Months Ended December 31,(In thousands) 20242023Cash flows from operating activities:Net income$277,791 $199,224 Adjustments to reconcile net income to net cash used in operating activities:Deferred income taxes6,032 3,661 Provision for bad debts, net8,608 9,353 Unrealized (gains)/losses on investment securities(752)(701)Non-cash lease expense27,426 26,528 Depreciation and amortization25,861 20,275 Contingent consideration valuation804 (969)Compensation expense – equity and liability classified share awards  (Note 14)123,982 126,123 Changes in operating assets and liabilities:Accounts receivable47,065 26,331 Unbilled work in progress(17,743)(63,451)Other assets(21,973)(4,643)Accrued salaries and bonuses(6,669)(191,814)Accounts payable and accrued expenses and other(21,276)(31,379)Deferred income2,650 319 Income taxes receivable38,419 (15,709)Net cash provided by operating activities490,225 103,148 Cash flows from investing activities:Purchases of investment securities(114,651)(3,420)Sales or maturities of investment securities49,870 6,062 Acquisition of business, net of cash acquired (68,710)(3,853)Purchase of property and equipment, net(25,218)(54,507)Net cash used in investing activities(158