HOULIHAN LOKEY INC
For the period ended Dec 31, 2023. Filed Feb 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Feb 8, 2024
HLI$148.03-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| Nine Months Ended December 31, | ||
|---|---|---|
| (In thousands) | 2023 | 2022 |
| Cash flows from operating activities: | ||
| Net income | $199,224 | $194,563 |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Deferred income taxes | 3,661 | (10,985) |
| Provision for bad debts, net | 9,353 | 11,676 |
| Unrealized losses on investment securities | (701) | 4,264 |
| Non-cash lease expense | 26,528 | 17,988 |
| Depreciation and amortization | 20,275 | 51,874 |
| Contingent consideration valuation | (969) | 2,869 |
| Compensation expense – equity and liability classified share awards (Note 14) | 126,123 | 122,766 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 26,331 | (234) |
| Unbilled work in progress | (63,451) | (52,742) |
| Other assets | (4,643) | (17,896) |
| Accrued salaries and bonuses | (191,814) | (312,888) |
| Accounts payable and accrued expenses and other | (31,379) | (49,109) |
| Deferred income | 319 | 11,823 |
| Income taxes payable | (15,709) | (75,844) |
| Net cash provided by/(used) in operating activities | 103,148 | (101,875) |
| Cash flows from investing activities: | ||
| Purchases of investment securities | (3,420) | (14,496) |
| Sales or maturities of investment securities | 6,062 | 82,600 |
| Acquisition of business, net of cash acquired | (3,853) | — |
| Purchase of property and equipment, net | (54,507) | (31,646) |
| Net cash provided by/(used in) investing activities | (55,718) | 36,458 |
| Cash flows from financing activities: | ||
| Dividends paid | (112,900) | (108,043) |
| Share repurchases | (24,952) | (49,091) |
| Payments to settle employee tax obligations on share-based awards | (70,120) | (42,283) |
| Earnouts paid | (7,053) | (6,272) |
| Loans payable to former shareholders redeemed | — | (232) |
| Repayments of loans to non-affiliates | — | (2,488) |
| Other financing activities | 587 | 570 |
| Net cash used in financing activities | (214,438) | (207,839) |
| Effects of exchange rate changes on cash, cash equivalents, and restricted cash | 8,101 | (11,019) |
| Net decrease in cash, cash equivalents, and restricted cash | (158,907) | (284,275) |
| Cash, cash equivalents, and restricted cash – beginning of period | 714,812 | 834,070 |
| Cash, cash equivalents, and restricted cash – end of period | $555,905 | $549,795 |
| Supplemental disclosures of non-cash activities: | ||
| Shares issued via vesting of liability classified awards | $5,176 | $5,955 |
| Shares issued as consideration for acquisition | 19,343 | — |
| Cash acquired through acquisitions | $228 | $— |
| Cash paid during the period: | ||
| Interest | $319 | $3,261 |
| Taxes, net of refunds | $85,324 | $135,919 |
| Regulatory fines and penalties | $15,000 | $— |
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