Company: HLI
Filing Date: 2025-05-15
Form Type: 10-K
Source: 0001302215-25-000024
Chunk: 101

Company: HOULIHAN LOKEY, INC.
Filing Date: 2025-05-15
Form: 10-K
Item: Item 9
Chunk 101
---
710 — — 710 Other shares repurchased/forfeited(322,344)— (1,004,599)(1)(154,857)— — (154,858)Net income— — — — — 399,711 — 399,711 Change in unrealized translation— — — — — — 3,327 3,327 Total comprehensive income— — — — — 399,711 3,327 403,038 Balances – March 31, 202553,822,189 $54 16,021,106 $16 $843,350 $1,394,738 $(63,281)$2,174,877 

See accompanying Notes to Consolidated Financial Statements46

Table of Contents            

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended March 31,(In thousands)202520242023Cash flows from operating activities:Net income$399,711 $280,301 $254,223 Adjustments to reconcile net income to net cash provided by operating activities:Deferred income tax benefit(957)20,470 (3,446)Provision for bad debts, net9,260 7,264 6,429 Unrealized (gains)/losses on investment securities(1,449)(876)3,680 Non-cash lease expense37,303 32,908 26,609 Depreciation and amortization41,270 28,536 58,221 Contingent consideration valuation(1,047)(10,373)2,131 Compensation expense — equity and liability classified share awards (Note 14)168,443 166,595 156,936 Changes in operating assets and liabilities:Accounts receivable(55,698)(23,828)(37,742)Unbilled work in progress33,770 (77,477)(11,596)Other assets(33,194)(6,756)(25,958)Accrued salaries and bonuses210,254 (42,269)(189,534)Accounts payable and accrued expenses and other(13,367)(23,192)(32,014)Deferred income15,076 (7,556)11,943 Income taxes payable