Company: HLI
Filing Date: 2025-05-15
Form Type: 10-K
Source: 0001302215-25-000024
Chunk: 125

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-05-15
Form: 10-K
Item: Item 9
Chunk 125
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2023 at $84.55, (ii) six independent directors in the first quarter of fiscal 2024 at $87.60, and (iii) six independent directors in the first quarter of the fiscal year ending March 31, 2025, at $134.08 per share.

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

An excess tax benefit of $20,387 and $7,468 was recognized during the years ended March 31, 2025 and 2024, respectively, as a component of the provision for income taxes and an operating activity on the Consolidated Statements of Cash Flows. The Company recorded cash outflows of $(102,343), $(70,713), and $(42,283) related to the settlement of share-based awards in satisfaction of withholding tax requirements in financing activities on the Consolidated Statements of Cash Flows for the years ended March 31, 2025, 2024, and 2023, respectively.We recognize compensation expense for all stock-based awards, including restricted stock and restricted stock units (“RSU”s), based on the estimate of fair value of the award at the grant date. The fair value of each restricted stock and RSU award is measured based on the closing stock price of our common stock on the date of grant. We account for forfeitures as they occur. The compensation expense is recognized using a straight-line basis over the requisite service periods of the awards, which is four years.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 that relate to the Company's 2006 Incentive Award Plan (the “2006 Incentive Plan”) and the 2016 Incentive Plan during the years ended March 31, 2025, 2024, and 2023, is as follows:Unvested Share AwardsSharesWeighted Average Grant Date Fair ValueBalance, April 1, 20224,314,375 $71.42 Granted2,266,088 84.78 V