HLI FY 2023 Earnings Report — Houlihan Lokey, Inc. Revenue & Financial Results | Market Cap Arena

Houlihan Lokey, Inc.HLI

FY 2023 Earnings

Reported May 25, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$1.8B	—	$2.3B	—	-20.3%
Op. Income	$342M	—	$613M	—	-44.2%
Gross Margin	38.5%	—	37.9%	—	0.6pp
Net Margin	14.0%	—	19.3%	—	-5.2pp
EPS (Diluted)	$3.76	—	$6.41	—	-41.3%
Free Cash Flow	$86M	—	$728M	—	-88.2%

Revenue Flow

Item	Amount
REVENUE	$1.8B
Cost of Revenue	$1.1B
GROSS PROFIT	$697M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$143M
SG&A Expenses	$143M
Other Expenses	$212M
Operating Expenses	$355M
Cost & Expenses	$1.5B
OPERATING INCOME	$342M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$18M
INCOME BEFORE TAX	$324M
Income Tax Expense	$70M
Net Income from Continuing Ops	$254M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$254M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$254M
D&A	$58M
EBIT	$377M
EBITDA	$435M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$1.8B
Cost of Revenue	$1.1B
GROSS PROFIT	$697M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$143M
SG&A Expenses	$143M
Other Expenses	$212M
Operating Expenses	$355M
Cost & Expenses	$1.5B
OPERATING INCOME	$342M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$18M
INCOME BEFORE TAX	$324M
Income Tax Expense	$70M
Net Income from Continuing Ops	$254M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$254M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$254M
D&A	$58M
EBIT	$377M
EBITDA	$435M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$254M
Depreciation & Amortization	$58M
Stock-Based Compensation	$157M
Deferred Income Tax	-$3M
Other Non-Cash Items	$39M
Change in Working Capital	-$369M
OPERATING CASH FLOW	$136M
Capital Expenditure	-$51M
Acquisitions (Net)	-$20M
Purchases of Investments	-$19M
Sales/Maturities of Investments	$87M
Other Investing Activities	$0
NET CASH FROM INVESTING	-$3M
Net Debt Issuance	-$3M
Common Stock Repurchased	-$49M
Common Dividends Paid	-$140M
Other Financing Activities	-$48M
NET CASH FROM FINANCING	-$240M
FREE CASH FLOW	$86M
Net Change in Cash	-$119M

Balance Sheet

Item	Amount
Cash & Equivalents	$714M
Short-Term Investments	$6M
Net Receivables	$315M
Inventory	$0
Other Current Assets	$373.0K
TOTAL CURRENT ASSETS	$1.0B
PP&E (Net)	$422M
Goodwill	$1.1B
Intangible Assets	$203M
Long-Term Investments	$31M
Tax Assets	$105M
Other Non-Current Assets	$84M
TOTAL NON-CURRENT ASSETS	$1.9B
TOTAL ASSETS	$3.0B
Account Payables	$113M
Short-Term Debt	$0
Deferred Revenue	$41M
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$920M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$544.0K
Other Non-Current Liabilities	$60M
TOTAL NON-CURRENT LIABILITIES	$436M
TOTAL LIABILITIES	$1.4B
Common Stock	$69.0K
Additional Paid-In Capital	$643M
Retained Earnings	$1.0B
Treasury Stock	$0
Accum. Other Comp. Income	-$63M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.6B
Minority Interest	$0
TOTAL EQUITY	$1.6B
TOTAL LIABILITIES & EQUITY	$3.0B
Total Debt	$375M
Net Debt	-$340M