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Houlihan Lokey Reports Fiscal Year and Fourth Quarter 2016 Financial Results

May 18, 2016

– Fiscal Year 2016 Record Revenue of $694 Million, up 2% Year-Over-Year –

– GAAP Fiscal Year 2016 Diluted EPS of $1.10 and

Adjusted Fiscal Year 2016 Diluted EPS of $1.46 –

– Fourth Quarter Revenue of $184Million –

– GAAP Fourth Quarter Diluted EPS of $0.35 and

Adjusted Fourth Quarter Diluted EPS of $0.43 –

– Increased Dividend by 13% to $0.17 per-Share for the First Quarter of Fiscal Year 2017 –

LOS ANGELES & NEW YORK--(BUSINESS WIRE)-- Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its fiscal year and fourth quarter ended March 31, 2016. For the fiscal year ended March 31, 2016, total revenue was a record $694 million, an increase of 2% as compared with $681 million for the fiscal year ended March 31, 2015. Total revenue for the fourth quarter was $184 million as compared with $186 million for the fourth quarter of last year.

On a GAAP basis, net income was $70 million, or $1.10 per diluted share, for fiscal year 2016, compared with $80 million, or $1.33 per diluted share, in the prior year. GAAP net income was $23 million, or $0.35 per diluted share, for the quarter ended March 31, 2016, compared with $25 million, or $0.41 per diluted share, in the fourth quarter of the prior year.

Adjusted net income increased 15% to $93 million, or $1.46 per diluted share, for fiscal year 2016, compared with $81 million, or $1.35 per diluted share, in the prior year. Adjusted net income for the fourth quarter increased 12% to $28 million, or $0.43 per diluted share, compared with $25 million, or $0.41 per diluted share, in the prior year period.

“Fiscal 2016 was another record year at Houlihan Lokey with all three of our product lines contributing solid results. As a result of a record number of mandates in corporate finance, a more attractive financial restructuring market relative to prior years and a meaningful expansion of our financial staff, we remain confident that we are well positioned to grow our business and deliver enhanced results in our ongoing efforts to build shareholder value,” stated Scott Beiser, Chief Executive Officer of Houlihan Lokey.

 
GAAP and Adjusted Selected Financial Data

(Unaudited and in thousands, except share and per-share data)

 
                       
U.S. GAAPAdjusted
Fiscal Year Ended March 31,
  2016     2015     2016     2015
Fee revenue$693,765$680,872$693,765$680,872
Operating expenses:
Employee compensation and benefits 461,609 475,100 447,109 474,344
Non-compensation expenses   105,756     77,118     89,330     76,612
Total operating expenses 567,365 552,218 536,439 550,956
Operating income 126,400 128,654 157,326 129,916
Other income (expense), net   (770 )   3,481     (488 )   3,342
Income before provision for income taxes 125,630 132,135 156,838 133,258
Provision for income taxes   55,863     52,196     64,012     52,293
Net income 69,767 79,939 92,826 80,965
Net income (loss) attributable to noncontrolling interest   (26 )   (58 )   0     0
Net income attributable to Houlihan Lokey, Inc.   69,741     79,881     92,826     80,965
 
Diluted net income per share of common stock $ 1.10 $ 1.33 $ 1.46 $ 1.35
 
 
U.S. GAAPAdjusted
Three Months Ended March 31,
  2016     2015     2016     2015
Fee revenue$183,596$186,468$183,596$186,468
Operating expenses:
Employee compensation and benefits 120,683 128,540 114,663 128,540
Non-compensation expenses   21,416     17,323     21,416     17,323
Total operating expenses 142,099 145,863 136,079 145,863
Operating income 41,497 40,605 47,517 40,605
Other income (expense), net   (664 )   366     (664 )   366
Income before provision for income taxes 40,833 40,971 46,853 40,971
Provision for income taxes   18,053     16,186     19,069     16,186
Net income 22,780 24,785 27,784 24,785
Net income (loss) attributable to noncontrolling interest   0     (13 )   0     0
Net income attributable to Houlihan Lokey, Inc.   22,780     24,772     27,784     24,785
 
Diluted net income per share of common stock $ 0.35 $ 0.41 $ 0.43 $ 0.41
 

Note: The adjusted columns 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.

Revenues

For fiscal year 2016, total fee revenue was $694 million, 2% higher than the total fee revenue for fiscal year 2015. For fiscal year 2016, Corporate Finance (“CF”) revenues increased 1%, Financial Restructuring (“FR”) revenues declined (3%), and Financial Advisory Services (“FAS”) revenues increased 14% when compared with fiscal year 2015.

For the fourth quarter ended March 31, 2016, total fee revenue was $184 million compared to $186 million in the fourth quarter of fiscal year 2015. For the quarter, CF revenues declined (11%), FR revenues increased 10%, and FAS revenues increased 3% when compared with the fourth quarter ended March 31, 2015.

Expenses

Our employee compensation and benefits during the periods presented and discussed below are on an adjusted and an adjusted awarded basis, and our non-compensation expenses are also on an adjusted basis. 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.

(Unaudited and in thousands)

      U.S. GAAP       Adjusted
Fiscal Year Ended March 31,
2016       20152016       2015
Expenses:
Employee compensation and benefits $461,609$475,100$447,109$474,344
% of Revenues66.5%69.8%64.4%69.7%
Non-compensation expenses $105,756$77,118$89,330$76,612
% of Revenues15.2%11.3%12.9%11.3%
Total operating expenses $567,365$552,218$536,439$550,956
% of Revenues81.8%81.1%77.3%80.9%
                                 
 
Adjusted awarded employee compensation and benefits $464,366$481,482
% of Revenues66.9%70.7%
 
 
U.S. GAAPAdjusted
Three Months Ended March 31,
2016201520162015
Expenses:
Employee compensation and benefits $120,683$128,540$114,663$128,540
% of Revenues65.7%68.9%62.5%68.9%
Non-compensation expenses $21,416$17,323$21,416$17,323
% of Revenues11.7%9.3%11.7%9.3%
Total operating expenses $142,099$145,863$136,079$145,863
% of Revenues77.4%78.2%74.1%78.2%
                                 
 
Adjusted awarded employee compensation and benefits $120,494$134,293
% of Revenues65.6%72.0%
 

Total adjusted operating expenses improved to $536 million for fiscal year 2016, compared with $551 million for fiscal year 2015. Adjusted employee compensation and benefits expenses decreased (6%) to $447 million for fiscal year 2016, as compared with $474 million for fiscal year 2015. The reduction in adjusted employee compensation and benefits expenses was due to our change on October 1, 2015 from a revenue sharing model that historically approximated an awarded compensation ratio of between 67% and 71% to a target adjusted awarded compensation ratio of between 65% and 66%. This resulted in an adjusted awarded compensation ratio of 67% for fiscal year 2016, versus 71% for fiscal year 2015.

Adjusted non-compensation expenses were $89 million for fiscal year 2016, compared with $77 million for fiscal year 2015. The increase in adjusted non-compensation expenses was primarily a result of (i) planned increases in non-compensation expenses as a result of being a public company, and (ii) increases in general operating expenses associated with the significant expansion of the Company’s financial staff.

Total adjusted operating expenses were $136 million for the fourth quarter of fiscal year 2016, a decrease of (7%) when compared with $146 million in adjusted operating expenses for the fourth quarter of fiscal year 2015. Adjusted employee compensation and benefits expenses were $115 million for the fourth quarter fiscal year 2016, compared with $129 million for the same three-month period a year ago. The decrease in adjusted employee compensation and benefits expenses was primarily the result of our change on October 1st from a revenue sharing model to a target adjusted awarded compensation ratio. This resulted in an adjusted awarded compensation ratio of 66% for the fourth quarter of fiscal year 2016, versus 72% for the fourth quarter last year.

Non-compensation expenses were $21 million in the fourth quarter of fiscal year 2016, compared with $17 million in the prior year period. The increase in non-compensation expenses was primarily a result of (i) planned increases in non-compensation expenses as a result of being a public company, and (ii) increases in general operating expenses associated with the significant expansion of the Company’s financial staff.

Segment Reporting for the Fourth Quarter

For the fourth quarter ended March 31, 2016, Corporate Finance revenue was $79 million as compared with $89 million during the same period last year. Revenues were impacted quarter-over-quarter primarily as a result of a reduction in the number of closed transactions given challenging market conditions in the first half of the quarter. CF closed 40 transactions in the fourth quarter, versus 49 transactions in the same quarter last year. Segment profit equaled $24 million for the three months ended March 31, 2016, compared with $34 million for the three months ended March 31, 2015. Profitability was affected due to the corresponding decrease in revenues and higher non-compensation expenses for the quarter, which was partially offset by our change on October 1st to a target adjusted awarded compensation ratio of between 65% and 66%, as described above.

(Unaudited and in $ thousands)

      Three Months Ended       Fiscal Year Ended
March 31,March 31,
2016       20152016       2015
Corporate Finance
Revenues $79,329$89,352$371,790$367,632
Segment Profit¹ 24,292 33,611 103,447 101,266
# of MDs 89 65 89 65
# of Closed Transactions 40 49 162 164
 

For the fourth quarter ended March 31, 2016, Financial Restructuring revenue was $72 million, compared with $66 million during the prior year period. The growth in revenues was primarily driven by a higher number of transaction closings. FR closed 23 transactions in the fourth quarter versus 18 transactions in the same quarter last year. Segment profit was $20 million for the three months ended March 31, 2016, compared with $12 million for the three months ended March 31, 2015. The increase in profitability was a result of (i) the corresponding increase in revenues, and (ii) our change on October 1st to a target adjusted awarded compensation ratio of between 65% and 66%, as described above.

(Unaudited and in $ thousands)

      Three Months Ended       Fiscal Year Ended
March 31,March 31,
2016       20152016       2015
Financial Restructuring
Revenues $72,204$65,851$202,343$207,909
Segment Profit¹ 20,482 12,033 54,950 52,246
# of MDs 42 40 42 40
# of Closed Transactions 23 18 58 62

For the fourth quarter ended March 31, 2016, Financial Advisory Services revenue was $32 million, compared with $31 million in the prior year period. Strong quarter revenues for FAS reflect (i) continued strong performance for transaction based products despite weakness in the overall M&A markets, and (ii) continued strength in non-transaction based products. Segment profit equaled $10 million for the three months ended March 31, 2016, compared with $8 million for the three months ended March 31, 2015. The increase in profitability was a result of (i) the corresponding increase in revenues, and (ii) our change on October 1st to a target adjusted awarded compensation ratio of between 65% and 66%, as described above. FAS generated 538 fee events in the fourth quarter, versus 532 fee events during the same quarter last year.

(Unaudited and in $ thousands)

      Three Months Ended       Fiscal Year Ended
March 31,March 31,
2016       20152016       2015
Financial Advisory Services
Revenues $32,063$31,265$119,632$105,331
Segment Profit¹ 9,528 8,159 30,313 24,344
# of MDs 34 32 34 32
# of Fee Events² 538 532 1,179 1,046
 
1.   We adjust the compensation expense for a business segment in situations where an employee assigned to one business segment is performing work in another business segment and we want to adequately reflect the compensation expense in the business segment where the revenue is being booked.
2. A Fee Event includes any engagement that involves revenue activity during the measurement period.
 

Balance Sheet and Capital Allocation

The Board of Directors of the Company declared a regular quarterly cash dividend of $0.17 per-share of Class A and Class B common stock. The dividend will be payable on June 15, 2016 to stockholders of record as of the close of business on June 3, 2016.

As of March 31, 2016, the Company had $194 million of cash and equivalents (including our receivable from affiliates), and loans payable and a seller note relating to the Leonardo acquisition aggregating $77 million, resulting in net cash (cash and cash equivalents net of loans payable and seller note) of $117 million.

Investor Conference Call and Webcast

The Company will host a conference call and live webcast at 5:00 p.m. Eastern Daylight Time on Wednesday, May 18, 2016, to discuss its 2016 fiscal year and fourth quarter results. The number to call is 1-877-548-7901 (domestic) or 1-719-325-4750 (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 on May 18, 2016 through May 25, 2016, by dialing 1-877-870-5176 (domestic) or 1-858-384-5517 (international) and entering the passcode 8721447#. 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. 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 adjusted operating expenses 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. Adjusted net income and adjusted operating expenses remove the significant accounting impact of one-time charges associated with the Company’s IPO and other matters, as set forth in the tables at the end of this release.

Adjusted net income and adjusted operating expenses as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, adjusted net income is 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 adjusted net income and a reconciliation with net income, as well as a reconciliation of the specific line items in adjusted operating expenses, 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, valuation, financial restructuring, and strategic consulting. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of our commitment to client success across our advisory services. Houlihan Lokey is ranked as the No. 1 M&A advisor for all U.S. transactions, the No. 1 global M&A fairness opinion advisor over the past 15 years, and the No. 1 global restructuring advisor, according to Thomson Reuters. For more information, please visit www.HL.com.

Appendix

Consolidated Balance Sheet (Unaudited)
Consolidated Statement of Income (Unaudited)
Reconciliation of GAAP to Adjusted Financial Information (Unaudited)

 
Houlihan Lokey, Inc.
Consolidated Balance Sheet
(Unaudited and in thousands)
           

March 31,
2016

March 31,
2015

Assets
Cash and cash equivalents $ 166,169 $ 88,662
Accounts receivable, net of allowance for doubtful accounts 58,100 57,488
Unbilled work in process 51,300 42,547
Income taxes receivable 7,204 -
Investment in unconsolidated entities - 12,666
Receivable from affiliates 27,408 327,921
Property and equipment – at cost, net of accumulated depreciation 21,701 16,489
Goodwill and other intangibles 717,368 652,806
Other assets   21,634     31,269  
Total assets   1,070,884     1,229,848  
 
Liabilities and Stockholders' Equity
Liabilities:
Accrued salaries and bonuses 254,058 301,285
Accounts payable and accrued expenses 34,400 37,190
Deferred income 5,547 3,064
Income taxes payable - 9,760
Deferred income taxes 37,288 41,453
Loan payable to affiliate 45,000 -
Loans payable to former shareholders 16,738 -
Loan payable to non-affiliate 14,882 -
Other liabilities   9,416     11,208  
Total liabilities   417,329     403,960  
 
Redeemable noncontrolling interest 2,395 1,382
 
Stockholders' equity:
Common stock, $0.10 par value.

Authorized 2,500,000 shares; issued and outstanding 587,866 shares.

- 59
Class A common stock, $0.001 par value.

Authorized 1,000,000,000 shares; issued and outstanding 12,084,524 shares.

12 -
Class B common stock, $0.001 par value.

Authorized 1,000,000,000 shares; issued and outstanding 53,219,303 shares.

53 -
Additional paid-in capital 637,332 670,182
Retained earnings 28,623 170,929
Accumulated other comprehensive loss (14,613 ) (11,338 )
Stock subscription receivable   (247 )   (7,135 )
Total equity attributable to Houlihan Lokey, Inc.651,160822,697
 
Noncontrolling interest   -     1,809  
Total stockholders' equity   651,160     824,506  
Total liabilities and stockholders' equity   1,070,884     1,229,848  
 
 
Houlihan Lokey, Inc.
Consolidated Statement of Income
(Unaudited and in thousands, except share and per share data)
                     
Three Months EndedFiscal Year Ended
March 31,March 31,
  2016     2015     2016     2015  
Fee revenue$183,596$186,468$693,765$680,872
 
Operating expenses:
Employee compensation and benefits 120,683 128,540 461,609 475,100
Travel, meals, and entertainment 4,058 4,516 20,955 17,928
Rent 7,086 5,748 26,459 24,253
Depreciation and amortization 2,433 1,322 7,499 5,508
Information technology and communications 4,487 3,859 16,017 14,013
Professional fees 1,899 2,167 20,687 5,563
Other operating expenses 1,168 663 11,601 7,826
Provision for bad debt   285     (952 )   2,538     2,027  
Total operating expenses 142,099 145,863 567,365 552,218
 
Operating income 41,497 40,605 126,400 128,654
 
Other income (expense), net   (664 )   366     (770 )   3,481  
Income before provision for income taxes 40,833 40,971 125,630 132,135
 
Provision for income taxes   18,053     16,186     55,863     52,196  
Net income 22,780 24,785 69,767 79,939
 
Net income (loss) attributable to noncontrolling interest   0     (13 )   (26 )   (58 )
Net income attributable to Houlihan Lokey, Inc.   22,780     24,772     69,741     79,881  
 
Attributable to Houlihan Lokey, Inc. common stockholders:
Weighted average shares of common stock outstanding:
Basic 59,347,798 57,377,035 59,044,981 57,134,305
Fully Diluted 65,323,743 60,310,079 63,475,903 60,135,375
Net income per share of common stock
Basic $ 0.38 $ 0.43 $ 1.18 $ 1.40
Fully Diluted $ 0.35 $ 0.41 $ 1.10 $ 1.33
 

 

      
Houlihan Lokey, Inc.
Reconciliation of GAAP to Adjusted Financial Information

(Unaudited and in thousands, except share and per-share data)

 

                     
Three Months Ended March 31, 2016
GAAPAdj.AdjustedAdj.Adj. Awarded
Fee revenue$183,596-$183,596
Operating expenses:
Employee compensation and benefits 120,683 (6,020) (a) 114,663 5,831 (d) 120,494
Non-compensation expenses 21,416 - 21,416
Total operating expenses 142,099 (6,020) 136,079
Operating income 41,497 6,020 47,517
Other income (expense), net (664) - (664)
Income before provision for income taxes 40,833 6,020 46,853
Provision for income taxes 18,053 1,016 (b) 19,069
Net income 22,780 5,004 27,784
Net income (loss) attributable to noncontrolling interest 0 0 0
Net income attributable to Houlihan Lokey, Inc.22,7805,00427,784
 
Attributable to Houlihan Lokey, Inc. common stockholders:
Weighted average shares of common stock outstanding:
Basic 59,347,798 59,347,798
Fully Diluted 65,323,743 65,323,743
Net income per share of common stock
Basic $0.38$0.47
Fully Diluted $0.35$0.43
 
Three Months Ended March 31, 2015
GAAPAdj.AdjustedAdj.Adj. Awarded
Fee revenue$186,468-$186,468
Operating expenses:
Employee compensation and benefits 128,540 - 128,540 5,753 (d) 134,293
Non-compensation expenses 17,323 - 17,323
Total operating expenses 145,863 - 145,863
Operating income 40,605 - 40,605
Other income (expense), net 366 - 366
Income before provision for income taxes 40,971 - 40,971
Provision for income taxes 16,186 - 16,186
Net income 24,785 - 24,785
Net income (loss) attributable to noncontrolling interest (13) 13 (c) 0
Net income attributable to Houlihan Lokey, Inc.24,7721324,785
 
Attributable to Houlihan Lokey, Inc. common stockholders:
Weighted average shares of common stock outstanding:
Basic 57,377,035 57,377,035
Fully Diluted 60,310,079 60,310,079
Net income per share of common stock
Basic $0.43$0.43
Fully Diluted $0.41$0.41
 
____________________________
(a)   Consists of pre-IPO grant vesting, including grants re-awarded following forfeiture ($6,020 in FY2016).
(b) Normalizes quarter to an adjusted effective tax rate of 40.7%.
(c) Includes adjustments relating to previous ownership agreements (($13) in FY2015).
(d) Adjustment includes the normal year end grants of deferred stock that were made during the quarter ($10,455 in FY2016 and $10,250 in FY2015), less the vesting of grants that were made in prior year periods and vested during the quarter (($4,624) in FY2016 and ($4,497) in FY2015).
 

 

      
Houlihan Lokey, Inc.
Reconciliation of GAAP to Adjusted Financial Information

(Unaudited and in thousands, except share and per-share data)

 

                 
Fiscal Year Ended March 31, 2016
GAAPAdj.AdjustedAdj.Adj. Awarded
Fee revenue$693,765-$693,765
Operating expenses:
Employee compensation and benefits 461,609 (14,500) (a) 447,109 17,257 (e) 464,366
Non-compensation expenses 105,756 (16,426) (b) 89,330
Total operating expenses 567,365 (30,926) 536,439
Operating income 126,400 30,926 157,326
Other income (expense), net (770) 282 (c) (488)
Income before provision for income taxes 125,630 31,208 156,838
Provision for income taxes 55,863 8,149 64,012
Net income 69,767 23,059 92,826
Net income (loss) attributable to noncontrolling interest (26) 26 (d) 0
Net income attributable to Houlihan Lokey, Inc.69,74123,08592,826
 
Attributable to Houlihan Lokey, Inc. common stockholders:
Weighted average shares of common stock outstanding:
Basic 59,044,981 59,044,981
Fully Diluted 63,475,903 63,475,903
Net income per share of common stock
Basic $1.18$1.57
Fully Diluted $1.10$1.46
 
Fiscal Year Ended March 31, 2015
GAAPAdj.AdjustedAdj.Adj. Awarded
Fee revenue$680,872-$680,872
Operating expenses:
Employee compensation and benefits 475,100 (756) (a) 474,344 7,138 (e) 481,482
Non-compensation expenses 77,118 (506) (b) 76,612
Total operating expenses 552,218 (1,262) 550,956
Operating income 128,654 1,262 129,916
Other income (expense), net 3,481 (139) (c) 3,342
Income before provision for income taxes 132,135 1,123 133,258
Provision for income taxes 52,196 97 52,293
Net income 79,939 1,026 80,965
Net income (loss) attributable to noncontrolling interest (58) 58 (d) 0
Net income attributable to Houlihan Lokey, Inc.79,8811,08480,965
 
Attributable to Houlihan Lokey, Inc. common stockholders:
Weighted average shares of common stock outstanding:
Basic 57,134,305 57,134,305
Fully Diluted 60,135,375 60,135,375
Net income per share of common stock
Basic $1.40$1.42
Fully Diluted $1.33$1.35
____________________________
(a) Consists of pre-IPO Grant Vesting, including grants re-awarded following forfeiture ($15,275 in FY2016), and adjustments relating to previous ownership agreements (($775) in FY2016 and $756 in FY2015).
(b) Includes IPO-related costs ($12,783 in FY2016), other acquisition-related costs ($2,637 in FY2016 and $453 in FY2015), and adjustments relating to previous ownership agreements ($1,006 in FY2016 and $53 in FY2015).
(c) Includes adjustments relating to previous ownership agreements (($282) in FY2016 and $139 in FY2015).
(d) Includes adjustments relating to previous ownership agreements (($26) in FY2016 and ($58) in FY2015).
(e) Adjustment includes the normal year end grants of deferred stock that were made during the fiscal year ($38,602 in FY2016 and $26,000 in FY2015), less the vesting of grants that were made in prior year periods and vested during the fiscal year (($21,345) in FY2016 and ($18,862) in FY2015).
 
 

 

Houlihan Lokey, Inc.
Investor Relations: 212-331-8225
IR@HL.com
or
Public Relations: 212-331-8223
PR@HL.com

Source: Houlihan Lokey, Inc.

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