Houlihan Lokey Reports Fiscal Year and Fourth Quarter Fiscal 2018 Financial Results

Record Fiscal Year 2018 Revenue of $963 million, up 10% Year-Over-Year

Fiscal Year 2018 Diluted EPS of $2.60, up 60% Year-Over-Year

Adjusted Fiscal Year 2018 Diluted EPS of $2.39, up 26% Year-Over-Year

Fourth Quarter Fiscal 2018 Revenue of $245 million, down 5% Year-Over-Year

Fourth Quarter Fiscal 2018 Diluted EPS of $0.58, up 14%Year-Over-Year

Adjusted Fourth Quarter Fiscal 2018 Diluted EPS of $0.65, up 10% Year-Over-Year

Increased Dividend 35% to $0.27 per Share for First Quarter Fiscal 2019

LOS ANGELES & NEW YORK--()--Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey”, or the “Company”) today reported financial results for its fiscal year and fourth quarter ended March 31, 2018. For the fiscal year, total revenue grew 10% to a fiscal year record of $963 million, compared with $872 million for the fiscal year ended March 31, 2017. For the fourth quarter ended March 31, 2018, total revenue decreased 5% to $245 million, compared with $257 million for the fourth quarter ended March 31, 2017.

“Reconciliation of GAAP to Adjusted Financial Information.”

Net income grew 59% to $172 million, or $2.60 per diluted share, for the fiscal year ended March 31, 2018, compared with $108 million, or $1.63 per diluted share, for the fiscal year ended March 31, 2017. Adjusted net income for the fiscal year ended March 31, 2018 grew 26% to $159 million, or $2.39 per diluted share, compared with $126 million, or $1.89 per diluted share, for the fiscal year ended March 31, 2017.

Net income grew 12% to $38 million, or $0.58 per diluted share, for the fourth quarter ended March 31, 2018, compared with $34 million, or $0.51 per diluted share, for the fourth quarter ended March 31, 2017. Adjusted net income for the fourth quarter ended March 31, 2018 grew 9% to $43 million, or $0.65 per diluted share, compared with $39 million, or $0.59 per diluted share, for the fourth quarter ended March 31, 2017.

"We are pleased to report another record fiscal year at Houlihan Lokey resulting in our 6th consecutive year of revenue growth. All three business segments performed well, and we enter our fiscal year 2019 with strong momentum in our business. We promoted nine Directors to MD and hired 20 new MDs in fiscal 2018 which adds considerable talent to our senior banking staff and positions us well for continued growth. Also, last month, we completed the acquisition of Quayle Munro. Our management team is thankful to our employees who helped us achieve record results, and our investors who supported us throughout the year,” stated Scott Beiser, Chief Executive Officer of Houlihan Lokey.

 

Selected Financial Data

(Unaudited and in thousands, except per share data)

     
U.S. GAAP
Three Months Ended
March 31,
  Twelve Months Ended
March 31,
2018   2017 2018   2017
Fee revenue $244,753 $257,100 $963,364 $872,091
Operating expenses:
Employee compensation and benefits 155,519 170,567 636,631 582,244
Non-compensation expenses 29,472   29,199   112,287   107,852
Total operating expenses 184,991 199,766 748,918 690,096
Operating income 59,762 57,334 214,446 181,995
Other (income) expense, net (1,052 ) 767   (3,390 ) 3,508
Income before provision for income taxes 60,814 56,567 217,836 178,487
Provision for income taxes 22,715   22,491   45,553   70,144
Net income attributable to Houlihan Lokey, Inc. $38,099 $34,076 $172,283 $108,343
Diluted net income per share of common stock $0.58 $0.51 $2.60 $1.63
 

Revenues

For the fiscal year ended March 31, 2018, total fee revenue grew 10% to $963 million from $872 million for the fiscal year ended March 31, 2017. For the fiscal year, Corporate Finance (“CF”) revenues increased 22%, Financial Restructuring (“FR”) revenues decreased 4%, and Financial Advisory Services (“FAS”) revenues increased 8% when compared with the fiscal year ended March 31, 2017.

For the fourth quarter ended March 31, 2018, total fee revenue decreased 5% to $245 million from $257 million for the fourth quarter ended March 31, 2017. For the quarter, CF revenues increased 13%, FR revenues decreased 25%, and FAS revenues decreased 1% when compared with the fourth quarter ended March 31, 2017.

Expenses

The Company’s employee compensation and benefits and non-compensation expenses during the periods presented and described below are on a GAAP, an adjusted, and an adjusted awarded basis, as appropriate.

       

(Unaudited and in thousands)

Three Months Ended March 31,
U.S. GAAP   Adjusted (Non-GAAP)*
2018   2017 2018   2017
Expenses:
Employee compensation and benefits $155,519 $170,567 $153,098 $163,825
% of Revenues 63.5 % 66.3 % 62.6 % 63.7 %
Non-compensation expenses $29,472 $29,199 $27,918 $26,966
% of Revenues 12.0 % 11.4 % 11.4 % 10.5 %
Total operating expenses $184,991 $199,766 $181,017 $190,791
% of Revenues 75.6 % 77.7 % 74.0 % 74.2 %
                       
 
Adjusted awarded employee compensation and benefits $157,178 $168,400
% of Revenues 64.2 % 65.5 %
 
       

(Unaudited and in thousands)

Twelve Months Ended March 31,
U.S. GAAP   Adjusted (Non-GAAP)*
2018   2017 2018   2017
Expenses:
Employee compensation and benefits $636,631 $582,244 $611,714 $556,041
% of Revenues 66.1 % 66.8 % 63.5 % 63.8 %
Non-compensation expenses $112,287 $107,852 $109,458 $105,619
% of Revenues 11.7 % 12.4 % 11.4 % 12.1 %
Total operating expenses $748,918 $690,096 $721,172 $661,660
% of Revenues 77.7 % 79.1 % 74.9 % 75.9 %
                       
 
Adjusted awarded employee compensation and benefits $626,572 $570,300
% of Revenues 65.0 % 65.4 %
 

Note: Figures may not sum due to rounding.

*Note: The adjusted and adjusted awarded 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.

Total operating expenses were $749 million for the fiscal year ended March 31, 2018, an increase of 9% when compared with $690 million in operating expenses for the fiscal year ended March 31, 2017. Employee compensation and benefits expenses were $637 million for the fiscal year ended March 31, 2018, compared with $582 million for the fiscal year ended March 31, 2017. The increase in employee compensation and benefits expenses was primarily a result of the growth in revenues for the fiscal year.

Total adjusted operating expenses were $721 million for the fiscal year ended March 31, 2018, an increase of 9% when compared with $662 million in adjusted operating expenses for the fiscal year ended March 31, 2017. Adjusted employee compensation and benefits expenses were $612 million for the fiscal year ended March 31, 2018, compared with $556 million for the fiscal year ended March 31, 2017. The increase in adjusted employee compensation and benefits expenses was primarily a result of the growth in revenues for the fiscal year. This resulted in an adjusted compensation ratio of 63.5% for the fiscal year ended March 31, 2018, versus 63.8% for the fiscal year ended March 31, 2017.

Non-compensation expenses were $112 million for the fiscal year ended March 31, 2018, compared with $108 million for the fiscal year ended March 31, 2017. Non-compensation expenses increased primarily as a result of higher general operating expenses during the fiscal year ended March 31, 2018. Adjusted non-compensation expenses were $109 million for the fiscal year ended March 31, 2018, compared with $106 million for the fiscal year ended March 31, 2017. The increase in adjusted non-compensation expenses was primarily a result of higher general operating expenses during the fiscal year ended March 31, 2018.

The provision/(benefit) for income taxes was $46 million, representing an effective tax rate of 21% for the fiscal year ended March 31, 2018, compared with $70 million, representing an effective tax rate of 39% for the fiscal year ended March 31, 2017. The significant decrease in the effective tax rate was a result of (i) the Tax Cuts and Jobs Acts (the "Tax Act") that was enacted into law in December 2017 that resulted in a lower effective federal tax rate; the re-measurement of deferred tax assets and liabilities based on the new tax rate; a one-time deemed repatriation tax on foreign earnings, among other discrete items and (ii) the positive difference between the price of the stock at the time of vesting in October 2017 (accelerated from April/May 2018) and our stock price at the time of grant for the shares that vested. The adjusted provision for income taxes was $85 million, representing an adjusted effective tax rate of 35% for the fiscal year ended March 31, 2018, compared with $81 million, representing an adjusted effective tax rate of 39% for the fiscal year ended March 31, 2017. The decrease in the adjusted effective tax rate was a result of a lower statutory federal tax rate per the Tax Act.

Total operating expenses were $185 million for the fourth quarter ended March 31, 2018, a decrease of 7% when compared with $200 million in operating expenses for the fourth quarter ended March 31, 2017. Employee compensation and benefits expenses were $156 million for the fourth quarter ended March 31, 2018, compared with $171 million for the fourth quarter ended March 31, 2017. The decrease in employee compensation and benefits expenses was primarily a result of (i) the decline in revenues and (ii) a lower compensation ratio in the fourth quarter ended March 31, 2018 compared with the same period last year.

Total adjusted operating expenses were $181 million for the fourth quarter ended March 31, 2018, a decrease of 5% when compared with $191 million in adjusted operating expenses for the fourth quarter ended March 31, 2017. Adjusted employee compensation and benefits expenses were $153 million for the fourth quarter ended March 31, 2018, compared with $164 million for the fourth quarter ended March 31, 2017. The decrease in adjusted employee compensation and benefits expenses was primarily a result of the decline in revenues for the quarter. This resulted in an adjusted compensation ratio of 62.6% for the fourth quarter ended March 31, 2018, versus 63.7% for the fourth quarter ended March 31, 2017.

Non-compensation expenses were $29 million for both the fourth quarter ended March 31, 2018 and March 31, 2017. Non-compensation expenses remained flat primarily due to increases in general operating expenses that were offset by a decline in costs related to the Company's completed secondary stock offerings quarter-over-quarter. Adjusted non-compensation expenses were $28 million for the fourth quarter ended March 31, 2018 and $27 million for the fourth quarter ended March 31, 2017. The slight increase in adjusted non-compensation expenses was primarily a result of higher general operating expenses during the fiscal year ended March 31, 2018.

The provision/(benefit) for income taxes was $23 million, representing an effective tax rate of 37% for the fourth quarter ended March 31, 2018, compared with $22 million, representing an effective tax rate of 40% for the fourth quarter ended March 31, 2017. The adjusted provision for income taxes was $22 million, representing an adjusted effective tax rate of 34% for the fourth quarter ended March 31, 2018, compared with $26 million, representing an adjusted effective tax rate of 40% for the fourth quarter ended March 31, 2017. The decrease in the adjusted effective tax rate was a result of a lower statutory federal tax rate per the Tax Act.

Segment Reporting for the Fourth Quarter

For the fourth quarter ended March 31, 2018, Corporate Finance revenue grew 13% to $130 million, compared with $115 million during the fourth quarter ended March 31, 2017. The growth in revenues was driven by an increase in the average transaction fee per closed transaction offset by a decline in the number of closed transactions. CF closed 56 transactions in the fourth quarter ended March 31, 2018, versus 62 transactions in the fourth quarter ended March 31, 2017. Segment profit equaled $48 million for the fourth quarter ended March 31, 2018, compared with $28 million for the fourth quarter ended March 31, 2017. Segment profitability increased primarily as a result of lower employee compensation and benefits as a percentage of revenues when compared to the same quarter of the prior year.

         
Three Months Ended
March 31,
Twelve Months Ended
March 31,
2018   2017 2018   2017
Corporate Finance
Revenues $129,820 $115,075 $528,643 $434,558
Segment Profit¹ 47,886 28,222 177,575 119,739
# of MDs 92 87 92 87
# of Closed Transactions 56 62 226 216
 

For the fourth quarter ended March 31, 2018, Financial Restructuring revenue decreased 25% to $78 million, compared with $104 million during the fourth quarter ended March 31, 2017. FR closed 26 transactions in the fourth quarter ended March 31, 2018, versus 30 transactions in the fourth quarter ended March 31, 2017. Segment profit was $22 million for the fourth quarter ended March 31, 2018, compared with $37 million for the fourth quarter ended March 31, 2017, a decrease of 40%. The decrease in profitability was primarily a result of higher employee compensation and benefits expenses and higher non-compensation expenses as a percentage of revenues when compared to the same quarter last year.

(Unaudited and $ in thousands)

        Three Months Ended
March 31,
  Twelve Months Ended
March 31,
2018   2017 2018   2017
Financial Restructuring
Revenues $77,673 $104,223 $294,142 $307,595
Segment Profit¹ 22,339 37,289 73,691 92,831
# of MDs 42 43 42 43
# of Closed Transactions 26 30 77 75
 

For the fourth quarter ended March 31, 2018, Financial Advisory Services revenue decreased 1% to $37 million, compared with $38 million in the fourth quarter ended March 31, 2017. Segment profit was $6 million for the fourth quarter ended March 31, 2018, compared with $7 million for the fourth quarter ended March 31, 2017. Segment profitability decreased primarily as a result of higher non-compensation expenses when compared to the same quarter last year.

(Unaudited and $ in thousands)

        Three Months Ended
March 31,
  Twelve Months Ended
March 31,
2018   2017 2018   2017
Financial Advisory Services
Revenues $37,260 $37,802 $140,579 $129,938
Segment Profit¹ 5,557 7,129 26,334 28,905
# of MDs 35 35 35 35
# of Fee Events2 602 595 1,339 1,236
 
1.   We adjust the compensation expense for a business segment in situations where an employee residing in one business segment is performing work in another business segment where the revenues are accrued. We account for the compensation expense in the business segment where the employee resides.
2. A Fee Event includes any engagement that involves revenue activity during the measurement period based on a revenue minimum of $1,000 (one thousand dollars).
 

Balance Sheet and Capital Allocation

The Board of Directors of the Company declared a regular quarterly cash dividend of $0.27 per share of Class A and Class B common stock. The dividend will be payable on June 15, 2018 to stockholders of record as of the close of business on June 4, 2018.

As of March 31, 2018, the Company had $416 million of cash and cash equivalents and investment securities, and loans payable aggregating $12 million.

Investor Conference Call and Webcast

The Company will host a conference call and live webcast at 5:00 p.m. Eastern Time on Wednesday, May 9, 2018, to discuss its fourth quarter fiscal year 2018 results. The number to call is 1-888-394-8218 (domestic) or 1-323-701-0225 (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 9, 2018 through May 16, 2018, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the passcode 5061549#. 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, financial restructuring, valuation, and strategic consulting. 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 ranked as the No. 1 M&A advisor for all U.S. transactions, the No. 1 global restructuring advisor, and the No. 1 global M&A fairness opinion advisor over the past 20 years, 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

(In thousands, except share data and par value)

       
March 31,
2018
March 31,
2017
(unaudited) (audited)
Assets:
Cash and cash equivalents $206,723 $300,314
Restricted cash 93,500 192,372
Investment securities 209,319
Accounts receivable, net of allowance for doubtful accounts 77,259 60,718
Unbilled work in process 45,862 57,682
Receivable from affiliates 8,732 10,913
Property and equipment – net of accumulated depreciation 32,146 30,416
Goodwill and other intangibles 723,310 715,343
Other assets 21,990   17,949  
Total assets 1,418,841   1,385,707  
Liabilities and Stockholders' Equity
Liabilities:
Accrued salaries and bonuses 377,901 336,465
Accounts payable and accrued expenses 40,772 41,655
Deferred income 3,620 3,717
Income taxes payable 9,967 4,937
Deferred income taxes 22,180 31,196
Forward repurchase liability 93,500 192,372
Loan payable to affiliate 15,000
Loans payable to former shareholders 3,036 5,482
Loan payable to non-affiliate 8,825 12,080
Other liabilities 6,227   12,348  
Total liabilities 566,028   655,252  
Redeemable noncontrolling interest 3,838
 
Stockholders' equity:
Class A common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 30,604,405 and 22,026,811 shares as of March 31, 2018 and March 31, 2017, respectively 31 22
Class B common stock, $0.001 par value. Authorized 1,000,000,000 shares; issued and outstanding 37,187,932 and 50,883,299 shares as of March 31, 2018 and March 31, 2017, respectively 37 51
Treasury stock, at cost; 2,000,000 and 6,900,000 shares as of March 31, 2018, and March 31, 2017, respectively (93,500 ) (193,572 )
Additional paid-in capital 753,077 854,750
Retained earnings 207,124 87,407
Accumulated other comprehensive loss (13,956 ) (21,917 )
Stock subscription receivable   (124 )
Total stockholders' equity 852,813     726,617  
Total liabilities and stockholders' equity 1,418,841     1,385,707  
 
 

Houlihan Lokey, Inc.

Consolidated Statement of Income

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

       

Three Months Ended
March 31,

Twelve Months Ended
March 31,
2018   2017 2018   2017
Fee revenue $244,753 $257,100 $963,364 $872,091
 
Operating expenses:
Employee compensation and benefits 155,519 170,567 636,631 582,244
Travel, meals, and entertainment 6,504 5,780 26,445 21,707
Rent 7,252 6,346 28,560 27,094
Depreciation and amortization 1,785 1,955 7,905 8,853
Information technology and communications 4,815 4,146 18,481 17,628
Professional fees 6,875 4,859 17,117 13,073
Other operating expenses, net 2,241   6,113   13,779   19,497
Total operating expenses 184,991 199,766 748,918 690,096
 
Operating income 59,762 57,334 214,446 181,995
 
Other (income) expense, net (1,052 ) 767   (3,390 ) 3,508
Income before provision for income taxes 60,814 56,567 217,836 178,487
 
Provision for income taxes 22,715   22,491   45,553   70,144
Net income attributable to Houlihan Lokey, Inc. $38,099 $34,076 $172,283 $108,343
 
Weighted average shares of common stock outstanding:
Basic 62,971,472 61,584,806 62,494,275 61,100,497
Fully Diluted 65,886,277 66,456,651 66,324,093 66,579,130
Net income per share of common stock:
Basic $0.61 $0.55 $2.76 $1.77
Fully Diluted $0.58 $0.51 $2.60 $1.63
 
 

Houlihan Lokey, Inc.

Reconciliation of GAAP to Adjusted Financial Information

(Unaudited and in thousands, except per share data)

       
Three Months Ended
March 31,
Twelve Months Ended
March 31,
2018   2017 2018   2017
Fee revenue $244,753 $257,100 $963,364 $872,091
 
Employee Compensation and Benefits                  
Employee Compensation and Benefits (GAAP) $155,519 $170,567 $636,631 $582,244
Less/Plus: Adjustments1 (2,421 ) (6,742 ) (24,917 ) (26,203 )
Employee Compensation and Benefits (Adjusted) 153,098 163,825 611,714 556,041
Less/Plus: Adjustments2 4,080   4,575   14,858   14,259  
Employee Compensation and Benefits (Adjusted Awarded) 157,178 168,400 626,572 570,300
 
Non-Compensation Expenses                    
Non-Compensation Expenses (GAAP) $29,472 $29,199 $112,287 $107,852
Less/Plus: Adjustments3 (1,554 ) (2,233 ) (2,829 ) (2,233 )
Non-Compensation Expenses (Adjusted) 27,918 26,966 109,458 105,619
 
Operating Income                  
Operating Income (GAAP) $59,762 $57,334 $214,446 $181,995
Less/Plus: Adjustments4 3,974   8,975   27,746   28,436  
Operating Income (Adjusted) 63,736 66,309 242,192 210,431
 
Other (Income) Expenses, net                  
Other (Income) Expenses, net (GAAP) ($1,052 ) $767 ($3,390 ) $3,508
Less/Plus: Adjustments5     1,552    
Other (Income) Expenses, net (Adjusted) (1,052 ) 767 (1,838 ) 3,508
 
Provision for Income Taxes                  
Provision for Income Taxes (GAAP) $22,715 $22,491 $45,553 $70,144
Less/Plus: Adjustments6 (955 ) 3,568   39,812   11,177  
Provision for Income Taxes (Adjusted) 21,760 26,059 85,365 81,321
 
Net Income                  
Net Income (GAAP) $38,099 $34,076 $172,283 $108,343
Less/Plus: Adjustments7 4,929   5,407   (13,618 ) 17,259  
Net Income (Adjusted) 43,028 39,483 158,665 125,602
       
Diluted adjusted net income per share of common stock $0.65 $0.59 $2.39 $1.89
 
____________________________
Note: Figures may not sum due to rounding.
1.   Consists of pre-IPO grant vesting, including grants re-awarded following forfeiture, if any.
2. Reflects (i) the expected vesting of grants that were made in prior year periods that were expensed during the period plus any unvested grants that were forfeited during the period (($1,798) in Q4 FY18; ($9,209) in Q4 FY17; ($32,301) in FY18; ($27,794) in FY17), and (ii) estimated normal year-end grants of deferred stock during the period ($5,878 in Q4 FY18; $13,784 in Q4 FY17; $47,159 in FY18; $42,053 in FY17).
3. Includes costs associated with Houlihan Lokey's secondary offering of stock (($809) in Q4 FY18; ($1,633) in Q4 FY17; ($2,084) in FY18; ($1,633) in FY17) and completed acquisitions (($744) in Q4 FY18 and FY18; ($600) in Q4 FY17 and FY17).
4. Includes pre-IPO grant vesting, including grants re-awarded following forfeiture, if any, plus costs associated with Houlihan Lokey's secondary offering of stock and completed acquisitions.
5. Includes (i) the net gain from the acquisition of the remaining outstanding equity stake of the Australia joint venture ($166 in FY18), and (ii) the reduction of an earnout liability ($1,386 in FY18).
6. Includes adjustments relating to the following: (i) the tax impact of the Tax Act and other discrete items (($2,559) in Q4 FY18 and $11,671 in FY18); (ii) the tax impact as a result of the adoption of ASU No. 2016-09, Compensation - Stock Compensation due to the acceleration of vesting of share awards in October 2017 and March 2018 ($269 Q4 FY18 and $19,122 in FY18), and (iii) the tax impact, using the adjusted effective tax rate, of the adjustments described in footnotes 1, 3, and 5 ($1,335 for Q4 FY18 and $3,568 in Q4 FY17; $9,018 in FY18 and $11,177 in FY17).
7. Consists of the adjustments described above net of the tax impact of described adjustments.

Contacts

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

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