Company: HLI
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0001302215-25-000007
Chunk: 88

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-02-04
Form: 10-Q
Item: Part I, Item 8
Chunk 88
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 tax benefit of $21,921 and $7,299 was recognized during the nine months ended December 31, 2024 and 2023, respectively, as a component of the provision for income taxes and an operating activity on the Consolidated Statements of Cash Flows. The excess tax benefits recognized during the nine months ended December 31, 2024 and 2023 were related to shares vested in May 2024 and May 2023, respectively. 

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Table of ContentsHOULIHAN LOKEY, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)(UNAUDITED)(In thousands, except share data or as otherwise stated)

The share awards are classified as equity awards at the time of grant unless the number of shares granted is unknown. Awards that are settleable in shares based upon a future determinable stock price are classified as liabilities until the price is established and the resulting number of shares is known, at which time they are re-classified from liabilities to equity awards. Activity in equity-classified share awards which relate to the 2016 Incentive Plan during the nine months ended December 31, 2024 and 2023 was as follows:Unvested Share AwardsSharesWeighted AverageGrant DateFair ValueBalance, April 1, 20244,519,024 $83.37 Granted975,043 136.04 Vested(1,619,144)80.49 Forfeited/Repurchased(208,753)90.69 Balance, December 31, 20243,666,170 $98.24 Balance, April 1, 20235,281,779 $79.57 Granted1,244,902 87.60 Vested(1,639,703)74.21 Forfeited/Repurchased(321,337)84.21 Balance, December 31, 20234,565,641 $83.36 Activity in liability-classified share awards during the nine months ended December 31, 2024 and 2023 was as follows:Awards Settleable in SharesFair ValueBalance, April 1, 2024$17,184 Offer to grant1,198 Share price determined-converted to cash payments(5)Share price determined-transferred to equity grants(3,896)Forfeited(3,128)Balance, December 31