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Houlihan Lokey Reports Third Quarter Fiscal 2023 Financial Results

Third Quarter Fiscal 2023 Revenues of $456 million

Third Quarter Fiscal 2023 Diluted EPS of $0.90

Adjusted Third Quarter Fiscal 2023 Diluted EPS of $1.14

Announces Dividend of $0.53 per Share for Fourth Quarter Fiscal 2023

Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its third quarter ended December 31, 2022.

For the third quarter ended December 31, 2022, revenues were $456 million, compared with $889 million for the third quarter ended December 31, 2021. Net income was $63 million, or $0.90 per diluted share, for the third quarter ended December 31, 2022, compared with $174 million, or $2.54 per diluted share, for the third quarter ended December 31, 2021. Adjusted net income for the third quarter ended December 31, 2022 was $79 million, or $1.14 per diluted share, compared with $198 million, or $2.90 per diluted share, for the third quarter ended December 31, 2021.

“Houlihan Lokey continues to operate in a challenging M&A environment, which negatively impacted our third quarter fiscal 2023 results. However, once again the firm distinguished itself in the industry in calendar year 2022. I am proud to announce that in 2022 we were recognized as the #1 M&A advisor globally based on number of completed transactions, the #1 restructuring advisor globally based on both the number of completed transactions and value, and the #1 most active fairness opinion advisor by volume for the past 25 years, per Refinitiv. The firm is well poised to continue its long term growth profile when the market dynamics improve.” stated Scott Beiser, Chief Executive Officer of Houlihan Lokey.

 

Selected Financial Data

 

(In thousands, except per share data)

U.S. GAAP

Three Months Ended December 31,

 

Nine Months Ended December 31,

2022

 

2021

 

2022

 

2021

Revenues by segment

 

 

 

 

 

 

 

Corporate Finance

$

291,734

 

$

715,663

 

 

$

870,701

 

$

1,314,064

 

Financial Restructuring

 

98,819

 

 

89,273

 

 

 

275,351

 

 

271,232

 

Financial and Valuation Advisory

 

65,946

 

 

83,862

 

 

 

218,628

 

 

213,496

 

Revenues

$

456,499

 

$

888,798

 

 

$

1,364,680

 

$

1,798,792

 

Operating expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

$

289,348

 

$

549,376

 

 

$

864,942

 

$

1,115,054

 

Non-compensation

 

82,978

 

 

90,162

 

 

 

248,624

 

 

169,483

 

Operating income

 

84,173

 

 

249,260

 

 

 

251,114

 

 

514,255

 

Other expense, net

 

563

 

 

253

 

 

 

7,416

 

 

1,005

 

Income before provision for income taxes

 

83,610

 

 

249,007

 

 

 

243,698

 

 

513,250

 

Provision for income taxes

 

20,559

 

 

74,699

 

 

 

49,135

 

 

140,099

 

Net income

$

63,051

 

$

174,308

 

 

$

194,563

 

$

373,151

 

Net income attributable to noncontrolling interest

 

 

 

(573

)

 

 

 

 

(573

)

Net income attributable to Houlihan Lokey, Inc.

$

63,051

 

$

173,735

 

 

$

194,563

 

$

372,578

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to Houlihan Lokey, Inc.

$

0.90

 

$

2.54

 

 

$

2.80

 

$

5.44

 

Revenues

For the third quarter ended December 31, 2022, revenues were $456 million, compared with $889 million for the third quarter ended December 31, 2021. Revenues decreased primarily as a result of a decrease in the number of closed transactions. For the third quarter ended December 31, 2022, Corporate Finance (“CF”) revenues decreased (59)%, Financial Restructuring (“FR”) revenues increased 11%, and Financial and Valuation Advisory (“FVA”) revenues decreased (21)% when compared with the third quarter ended December 31, 2021.

Expenses

The Company’s employee compensation and benefits expenses, non-compensation expenses, and provision for income taxes during the periods presented and described below are on a GAAP and an adjusted basis.

 

U.S. GAAP

 

Adjusted (Non-GAAP) *

 

Three Months Ended December 31,

($ in thousands)

2022

 

2021

 

2022

 

2021

Expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

$

289,348

 

 

$

549,376

 

 

$

280,749

 

 

$

546,611

 

% of Revenues

 

63.4

%

 

 

61.8

%

 

 

61.5

%

 

 

61.5

%

Non-compensation

$

82,978

 

 

$

90,162

 

 

$

72,611

 

 

$

58,543

 

% of Revenues

 

18.2

%

 

 

10.1

%

 

 

15.9

%

 

 

6.6

%

Provision for income taxes

$

20,559

 

 

$

74,699

 

 

$

25,897

 

 

$

85,014

 

% of Pre-tax income

 

24.6

%

 

 

30.0

%

 

 

24.6

%

 

 

30.0

%

 

* Adjusted figures represent non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

 

U.S. GAAP

 

Adjusted (Non-GAAP) *

 

Nine Months Ended December 31,

($ in thousands)

2022

 

2021

 

2022

 

2021

Expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

$

864,942

 

 

$

1,115,054

 

 

$

839,279

 

 

$

1,106,257

 

% of Revenues

 

63.4

%

 

 

62.0

%

 

 

61.5

%

 

 

61.5

%

Non-compensation

$

248,624

 

 

$

169,483

 

 

$

204,543

 

 

$

133,548

 

% of Revenues

 

18.2

%

 

 

9.4

%

 

 

15.0

%

 

 

7.4

%

Provision for income taxes

$

49,135

 

 

$

140,099

 

 

$

83,186

 

 

$

160,169

 

% of Pre-tax income

 

20.2

%

 

 

27.3

%

 

 

25.9

%

 

 

28.7

%

 

* Adjusted figures represent non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

Employee compensation and benefits expenses were $289 million for the third quarter ended December 31, 2022, compared with $549 million for the third quarter ended December 31, 2021. Adjusted employee compensation and benefits expenses were $281 million for the third quarter ended December 31, 2022, compared with $547 million for the third quarter ended December 31, 2021. This resulted in an adjusted compensation ratio of 61.5% for both the third quarter ended December 31, 2022 and the third quarter ended December 31, 2021. The decrease in GAAP and adjusted employee compensation and benefits expenses was a result of a decrease in fee revenues for the quarter when compared with the same quarter last year.

Non-compensation expenses were $83 million for the third quarter ended December 31, 2022, compared with $90 million for the third quarter ended December 31, 2021. The decrease in GAAP non-compensation expenses was primarily a result of a decrease in depreciation and amortization and a decrease in professional fees for the quarter when compared with the same quarter last year. Adjusted non-compensation expenses were $73 million for the third quarter ended December 31, 2022, compared with $59 million for the third quarter ended December 31, 2021. The increase in adjusted non-compensation expenses was primarily a result of an increase in travel, meals, and entertainment expenses and other operating expenses.

The provision for income taxes was $21 million, representing an effective tax rate of 24.6% for the third quarter ended December 31, 2022, compared with $75 million, representing an effective tax rate of 30.0% for the third quarter ended December 31, 2021. The decrease in the Company's tax rate during the three months ended December 31, 2022 relative to the same period in 2021 was primarily the result of decreased state taxes and decreased taxes due to foreign operations.

Segment Reporting for the Third Fiscal Quarter

Corporate Finance

CF revenues were $292 million for the third quarter ended December 31, 2022, compared with $716 million for the third quarter ended December 31, 2021, representing a decrease of (59)%. Revenues decreased primarily due to a decrease in the number of closed transactions and a decrease in the average transaction fee on closed transactions.

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

($ in thousands)

2022

 

2021

 

2022

 

2021

Corporate Finance

 

 

 

 

 

 

 

Revenues

$

291,734

 

$

715,663

 

$

870,701

 

$

1,314,064

# of Managing Directors

 

215

 

 

198

 

 

215

 

 

198

# of Closed transactions (1)

 

125

 

 

238

 

 

363

 

 

456

Financial Restructuring

FR revenues increased 11% to $99 million for the third quarter ended December 31, 2022, compared with $89 million for the third quarter ended December 31, 2021. Revenues increased primarily due to an increase in the number of closed transactions during the quarter, partially offset by a decrease in the average transaction fee on closed transactions during the quarter.

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

($ in thousands)

2022

 

2021

 

2022

 

2021

Financial Restructuring

 

 

 

 

 

 

 

Revenues

$

98,819

 

$

89,273

 

$

275,351

 

$

271,232

# of Managing Directors

 

56

 

 

52

 

 

56

 

 

52

# of Closed transactions (1)

 

28

 

 

21

 

 

68

 

 

65

Financial and Valuation Advisory

FVA revenues decreased (21)% to $66 million for the third quarter ended December 31, 2022, compared with $84 million for the third quarter ended December 31, 2021. Revenues decreased primarily due to a decrease in the average fee per fee event.

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

($ in thousands)

2022

 

2021

 

2022

 

2021

Financial and Valuation Advisory

 

 

 

 

 

 

 

Revenues

$

65,946

 

$

83,862

 

$

218,628

 

$

213,496

# of Managing Directors

 

38

 

 

34

 

 

38

 

 

34

# of Fee Events (1)

 

876

 

 

901

 

 

1,815

 

 

1,673

(1)  

A Fee Event includes any engagement that involves revenue activity during the measurement period based on a revenue minimum of one thousand dollars. References in this press release to closed transactions should be understood to be the same as transactions that are “effectively closed” as described in our periodic reports on Forms 10-K and 10-Q.

Balance Sheet and Capital Allocation

The Board of Directors of the Company declared a regular quarterly cash dividend of $0.53 per share of Class A and Class B common stock. The dividend will be payable on March 15, 2023 to stockholders of record as of the close of business on March 2, 2023. As of December 31, 2022, the Company had $586 million of cash and cash equivalents and investment securities, and $47 million of other liabilities and loans payable to former shareholders.

Investor Conference Call and Webcast

The Company will host a conference call and live webcast at 5:00 p.m. Eastern Time on Tuesday, January 31, 2023, to discuss its third quarter fiscal 2023 results. The number to call is 1-888-394-8218 (domestic) or 1-646-828-8193 (international). A live webcast will be available in the Investor Relations section of the Company’s website. A replay of the conference call will be available from January 31, 2023 through February 7, 2023, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the passcode 1668989#. A replay of the webcast will be archived and available on the Company’s website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance, or achievements. For a further description of such factors, you should read the Company’s filings with the Securities and Exchange Commission. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Non-GAAP Financial Measures

Adjusted net income, total and on a per share basis, and certain adjusted items used to determine adjusted net income, are presented and discussed in this earnings press release and are non-GAAP measures that management believes, when presented together with comparable GAAP measures, are useful to investors in understanding the Company’s operating results. These adjusted items remove the significant accounting impact of one-time or non-recurring charges associated with the Company’s one-time/non-recurring matters, as set forth in the tables at the end of this release.

The adjusted items included in this earnings press release as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these adjusted amounts are not a measurement of financial performance or liquidity under GAAP and should not be considered as an alternative to the Company’s financial information determined under GAAP. For a description of the Company’s use of these adjusted items and a reconciliation with comparable GAAP items, see the section of this press release titled “Reconciliation of GAAP to Adjusted Financial Information.” Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations, and cash flows.

About Houlihan Lokey

Houlihan Lokey (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and financial and valuation advisory. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, the Middle East, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of the firm’s commitment to client success across its advisory services. Houlihan Lokey is the No. 1 investment bank for global M&A transactions under $1 billion, the No. 1 M&A advisor for the past eight consecutive years in the U.S., the No. 1 global restructuring advisor for the past nine consecutive years, and the No. 1 global M&A fairness opinion advisor over the past 25 years, all based on number of transactions and according to data provided by Refinitiv.

For more information, please visit www.HL.com.

Appendix

Condensed Consolidated Balance Sheets (Unaudited)

Condensed Consolidated Statements of Income (Unaudited)

Reconciliation of GAAP to Adjusted Financial Information (Unaudited)

 

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

(In thousands, except share data and par value)

December 31, 2022

 

March 31, 2022

Assets

 

 

 

Cash and cash equivalents

$

549,422

 

 

$

833,697

 

Restricted cash

 

373

 

 

 

373

 

Investment securities

 

36,775

 

 

 

109,143

 

Accounts receivable, net of allowance for credit losses

 

138,028

 

 

 

144,029

 

Unbilled work in process, net of allowance for credit losses

 

152,052

 

 

 

104,751

 

Income taxes receivable

 

9,864

 

 

 

 

Deferred income taxes

 

112,726

 

 

 

95,278

 

Property and equipment, net

 

75,624

 

 

 

52,176

 

Operating lease right-of-use assets

 

255,725

 

 

 

171,942

 

Goodwill

 

1,060,666

 

 

 

1,070,442

 

Other intangible assets, net

 

204,845

 

 

 

247,333

 

Other assets

 

75,542

 

 

 

57,646

 

Total assets

$

2,671,642

 

 

$

2,886,810

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

Liabilities:

 

 

 

Accrued salaries and bonuses

$

638,646

 

 

$

953,604

 

Accounts payable and accrued expenses

 

119,974

 

 

 

126,190

 

Deferred income

 

40,576

 

 

 

28,753

 

Income taxes payable

 

 

 

 

61,266

 

Deferred income taxes

 

619

 

 

 

789

 

Loans payable to former shareholders

 

307

 

 

 

539

 

Operating lease liabilities

 

283,728

 

 

 

197,091

 

Other liabilities

 

47,135

 

 

 

74,873

 

Total liabilities

 

1,130,985

 

 

 

1,443,105

 

 

 

 

 

Stockholders' equity:

 

 

 

Class A common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 50,351,143 and 49,853,564 shares, respectively

 

50

 

 

 

50

 

Class B common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 18,271,833 and 17,649,555 shares, respectively

 

18

 

 

 

18

 

Additional paid-in capital

 

602,349

 

 

 

564,761

 

Retained earnings

 

1,008,246

 

 

 

922,223

 

Accumulated other comprehensive loss

 

(70,006

)

 

 

(43,347

)

Total stockholders’ equity

 

1,540,657

 

 

 

1,443,705

 

Total liabilities and stockholders’ equity

$

2,671,642

 

 

$

2,886,810

 

 

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

(In thousands, except share and per share data)

2022

 

2021

 

2022

 

2021

Revenues

$

456,499

 

$

888,798

 

 

$

1,364,680

 

$

1,798,792

 

Operating expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

 

289,348

 

 

549,376

 

 

 

864,942

 

 

1,115,054

 

Travel, meals, and entertainment

 

14,271

 

 

11,090

 

 

 

37,691

 

 

17,464

 

Rent

 

12,852

 

 

14,352

 

 

 

37,927

 

 

33,627

 

Depreciation and amortization

 

13,256

 

 

20,074

 

 

 

51,874

 

 

28,589

 

Information technology and communications

 

14,751

 

 

12,398

 

 

 

38,924

 

 

28,217

 

Professional fees

 

7,795

 

 

14,372

 

 

 

23,862

 

 

27,988

 

Other operating expenses

 

20,053

 

 

17,876

 

 

 

58,346

 

 

33,598

 

Total operating expenses

 

372,326

 

 

639,538

 

 

 

1,113,566

 

 

1,284,537

 

Operating income

 

84,173

 

 

249,260

 

 

 

251,114

 

 

514,255

 

Other expense, net

 

563

 

 

253

 

 

 

7,416

 

 

1,005

 

Income before provision for income taxes

 

83,610

 

 

249,007

 

 

 

243,698

 

 

513,250

 

Provision for income taxes

 

20,559

 

 

74,699

 

 

 

49,135

 

 

140,099

 

Net income

 

63,051

 

 

174,308

 

 

 

194,563

 

 

373,151

 

Net income attributable to noncontrolling interest

 

 

 

(573

)

 

 

 

 

(573

)

Net income attributable to Houlihan Lokey, Inc.

$

63,051

 

$

173,735

 

 

$

194,563

 

$

372,578

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

Basic

 

63,381,024

 

 

64,914,373

 

 

 

63,360,741

 

 

65,259,927

 

Fully diluted

 

69,725,692

 

 

68,279,939

 

 

 

69,453,588

 

 

68,520,849

 

Earnings per share attributable to Houlihan Lokey, Inc.

 

 

 

 

 

 

 

Basic

$

0.99

 

$

2.68

 

 

$

3.07

 

$

5.71

 

Fully diluted

$

0.90

 

$

2.54

 

 

$

2.80

 

$

5.44

 

 

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO ADJUSTED FINANCIAL INFORMATION

(UNAUDITED)

 

 

Three Months Ended December 31,

 

Nine Months Ended December 31,

(In thousands, except per share data)

2022

 

2021

 

2022

 

2021

Revenues

$

456,499

 

 

$

888,798

 

 

$

1,364,680

 

 

$

1,798,792

 

 

 

 

 

 

 

 

 

Employee compensation and benefits expenses

 

 

 

 

 

 

 

Employee compensation and benefits expenses (GAAP)

$

289,348

 

 

$

549,376

 

 

$

864,942

 

 

$

1,115,054

 

Less: Acquisition related retention payments

 

(8,599

)

 

 

(2,765

)

 

 

(25,663

)

 

 

(8,797

)

Employee compensation and benefits expenses (adjusted)

 

280,749

 

 

 

546,611

 

 

 

839,279

 

 

 

1,106,257

 

 

 

 

 

 

 

 

 

Non-compensation expenses

 

 

 

 

 

 

 

Non-compensation expenses (GAAP)

$

82,978

 

 

$

90,162

 

 

$

248,624

 

 

$

169,483

 

Less: Integration and acquisition related costs

 

 

 

 

(16,165

)

 

 

(2,325

)

 

 

(17,805

)

Less: Acquisition amortization

 

(10,367

)

 

 

(15,454

)

 

 

(41,756

)

 

 

(18,130

)

Non-compensation expenses (adjusted)

 

72,611

 

 

 

58,543

 

 

 

204,543

 

 

 

133,548

 

 

 

 

 

 

 

 

 

Operating income

 

 

 

 

 

 

 

Operating income (GAAP)

$

84,173

 

 

$

249,260

 

 

$

251,114

 

 

$

514,255

 

Plus: Adjustments (1)

 

18,966

 

 

 

34,384

 

 

 

69,744

 

 

 

44,732

 

Operating income (adjusted)

 

103,139

 

 

 

283,644

 

 

 

320,858

 

 

 

558,987

 

 

 

 

 

 

 

 

 

Other expense, net

 

 

 

 

 

 

 

Other expense, net (GAAP)

$

563

 

 

$

253

 

 

$

7,416

 

 

$

1,005

 

Less: Warrant revaluation

 

 

 

 

 

 

 

(2,264

)

 

 

 

Less: SPAC wind-down write-off

 

(2,742

)

 

 

 

 

 

(2,742

)

 

 

 

Less: Increase in acquisition earnout liability

 

 

 

 

 

 

 

(2,841

)

 

 

 

Other (income)/expense, net (adjusted)

 

(2,179

)

 

 

253

 

 

 

(431

)

 

 

1,005

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

 

 

 

 

 

Provision for income taxes (GAAP)

$

20,559

 

 

$

74,699

 

 

$

49,135

 

 

$

140,099

 

Plus: Impact of the excess tax benefit for stock vesting

 

 

 

 

 

 

 

8,102

 

 

 

6,922

 

Plus: Release of the provision for an uncertain tax position as a result of the successful closure of a state audit

 

 

 

 

 

 

 

5,762

 

 

 

 

Adjusted provision for income taxes

 

20,559

 

 

 

74,699

 

 

 

62,999

 

 

 

147,021

 

Plus: Resulting tax impact (2)

 

5,338

 

 

 

10,315

 

 

 

20,187

 

 

 

13,148

 

Provision for income taxes (adjusted)

 

25,897

 

 

 

85,014

 

 

 

83,186

 

 

 

160,169

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

Net income (GAAP)

$

63,051

 

 

$

174,308

 

 

$

194,563

 

 

$

373,151

 

Plus: Adjustments (3)

 

16,370

 

 

 

24,069

 

 

 

43,540

 

 

 

24,662

 

Net income (adjusted)

 

79,421

 

 

 

198,377

 

 

 

238,103

 

 

 

397,813

 

Net income attributable to noncontrolling interest

 

 

 

 

(573

)

 

 

 

 

 

(573

)

Net income attributable to Houlihan Lokey, Inc. (GAAP)

 

63,051

 

 

 

173,735

 

 

 

194,563

 

 

 

372,578

 

Net income attributable to Houlihan Lokey, Inc. (adjusted)

 

79,421

 

 

 

197,804

 

 

 

238,103

 

 

 

397,240

 

 

 

 

 

 

 

 

 

Diluted EPS attributable to Houlihan Lokey, Inc. (GAAP)

$

0.90

 

 

$

2.54

 

 

$

2.80

 

 

$

5.44

 

Diluted EPS attributable to Houlihan Lokey, Inc. (adjusted)

$

1.14

 

 

$

2.90

 

 

$

3.43

 

 

$

5.79

 

(1)  

The aggregate of adjustments from employee compensation and benefits and non-compensation expenses.

(2)  

Reflects the tax impact of utilizing the adjusted effective tax rate on the non-tax adjustments identified above.

(3)  

Consists of all adjustments identified above net of the associated tax impact.

 

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