Q - HOULIHAN LOKEY,
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
View on SEC.govAbout this filing
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.
Jun 30, 2025 · Filed Aug 5, 2025
HLI$145.86-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-12-31; filed 2025-02-04.
0001302215-25-000007
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001302215-25-000092
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 73 previous paragraphs and 62 current paragraphs.
35 unchanged; 22 reworded; 5 added; 15 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
Revenues were $605.3 million for the three months ended June 30, 2025, compared with $513.6 million for the three months ended June 30, 2024, representing an increase of 18%. The increase in revenues was primarily attributable to an increase in CF revenues, as described in more detail below. For the quarter, CF revenues increased 21%, FR revenues increased 9%, and FVA revenues increased 16% when compared with the three months ended June 30, 2024.
Current report
Revenues for CF were $398.5 million for the three months ended June 30, 2025, compared with $328.4 million for the three months ended June 30, 2024, representing an increase of 21%. Revenues increased primarily due to an increase in the average transaction fee on closed transactions. The increase in the average transaction fee on closed transactions was driven by transaction mix, and does not represent a trend in the average transaction fee on closed transactions.
Current report
Corporate expenses were $98.0 million for the three months ended June 30, 2025, compared with $62.5 million for the three months ended June 30, 2024, representing an increase of 57%. Corporate expenses increased primarily as a result of an increase in the revaluation of acquisition contingent consideration and by higher compensation expenses when compared to the same quarter last year.
Current report
Three Months Ended June 30, 2025
Current report
Three Months Ended June 30, 2024
Removed paragraphs (15)
Previous report
Revenues were $634.4 million for the three months ended December 31, 2024, compared with $511.1 million for the three months ended December 31, 2023, representing an increase of 24%.
Previous report
Revenues were $1.72 billion for the nine months ended December 31, 2024, compared with $1.39 billion for the nine months ended December 31, 2023, representing an increase of 24%.
Previous report
Operating expenses were $1.36 billion for the nine months ended December 31, 2024, compared with $1.13 billion for the nine months ended December 31, 2023, an increase of 20%. Employee compensation and benefits expense, as a component of operating expenses, was $1.09 billion for the nine months ended December 31, 2024, compared with $884.1 million for the nine months ended December 31, 2023, an increase of 24%. The increase in employee compensation and benefits expense was primarily a result of higher revenues when compared with the same period last year. The Compensation Ratio was 63.5% for the nine months ended December 31, 2024, compared with 63.4% for the nine months ended December 31, 2023. Non-compensation expense, as a component of operating expenses, was $266.9 million for the nine months ended December 31, 2024, compared with $249.7 million for the nine months ended December 31, 2023, representing an increase of 7%. The increase in non-compensation expense was primarily a result of an increase in information technology and communication expenses, other operating expenses, and depreciation and amortization when compared with the same period last year, partially offset by a decrease in professional fees.
Previous report
The provision for income taxes for the nine months ended December 31, 2024 was $103.3 million, which reflected an effective tax rate of 27.1%. The provision for income taxes for the nine months ended December 31, 2023 was $73.3 million, which reflected an effective tax rate of 26.9%.
Previous report
Revenues for CF were $421.6 million for the three months ended December 31, 2024, compared with $310.5 million for the three months ended December 31, 2023, representing an increase of 36%. Revenues increased due to an increase in the number of closed transactions during the quarter, which was driven by favorable market conditions for M&A and capital markets transactions when compared to the same quarter last year. This increase was partially offset by a decrease in the average transaction fee on closed transactions, which was driven by transaction mix, and does not represent a trend in the average transaction fee on closed transactions.
Previous report
Revenues for CF were $1.11 billion for the nine months ended December 31, 2024, compared with $819.2 million for the nine months ended December 31, 2023, representing an increase of 36%. Revenues increased primarily due to an increase in the number of closed transactions during the period, driven by favorable market conditions for M&A and capital markets transactions.
Previous report
Segment profit for CF was $341.6 million for the nine months ended December 31, 2024, compared with $245.4 million for the nine months ended December 31, 2023, an increase of 39%. Profitability increased primarily as a result of an increase in revenues and lower non-compensation expenses as a percentage of revenues when compared to the same period last year.
Previous report
Revenues for FR were $379.9 million for the nine months ended December 31, 2024, compared with $366.6 million for the nine months ended December 31, 2023, representing an increase of 4%. The increase in revenues was a result of an increase in the number of closed transactions, which was driven by favorable market conditions for restructuring transactions when compared to the same period last year. This increase was partially offset by a decrease in the average transaction fee on closed transactions, which was driven by transaction mix, and does not represent a trend in the average transaction fee on closed transactions.
Previous report
Segment profit for FR was $144.3 million for the nine months ended December 31, 2024, compared with $119.4 million for the nine months ended December 31, 2023, an increase of 21%. Profitability increased primarily as a result of lower compensation expenses and higher revenues when compared to the same period last year.
Previous report
Revenues for FVA were $229.0 million for the nine months ended December 31, 2024, compared with $208.1 million for the nine months ended December 31, 2023, representing an increase of 10%. The increase in revenues was primarily due to an increase in the number of Fee Events, driven by improvements in the M&A markets, which impacted one or more of the service lines within our FVA business.
Previous report
Segment profit for FVA was $60.4 million for the nine months ended December 31, 2024, compared with $48.8 million for the nine months ended December 31, 2023, an increase of 24%. Profitability increased primarily as a result of increased revenues and a decrease in non-compensation expenses when compared to the same period last year.
Previous report
Corporate expenses were $63.0 million for the three months ended December 31, 2024, compared with $54.3 million for the three months ended December 31, 2023. This 16% increase was driven primarily by increased compensation expense, partially offset by a reduction in other operating expense when compared to the same quarter last year.
Previous report
Corporate expenses were $183.9 million for the nine months ended December 31, 2024, compared with $153.4 million for the nine months ended December 31, 2023. This 20% increase was driven primarily by increased compensation expense, partially offset by a reduction in professional fees when compared to the same period last year.
Previous report
Nine Months Ended December 31, 2024
Previous report
Nine Months Ended December 31, 2023
Reworded paragraphs (22)
Previous wording
FR provides advice to debtors, creditors and other parties-in-interest in connection with recapitalization/deleveraging transactions implemented through bankruptcy proceedings and out-of-court exchanges, consent solicitations or other mechanisms, as well as in distressed mergers and acquisitions and capital markets activities. As part of these engagements, our FR business segment offers a wide range of advisory services to our clients, including: the structuring, negotiation, and confirmation of plans of reorganization; structuring and analysis of exchange offers; liability management transactions; corporate viability assessment; dispute resolution and expert testimony; and procuring debtor-in-possession financing. Although atypical, FR transactions can fail to be completed for many reasons that are outside of our control. In these instances, our fees are generally limited to the Retainer Fees and/or Progress Fees.
Current wording
FR provides advice to debtors, creditors and other parties-in-interest in connection with recapitalization/deleveraging transactions implemented through bankruptcy proceedings and out-of-court exchanges, consent solicitations or other mechanisms, as well as in distressed mergers and acquisitions and capital markets activities. As part of these engagements, our FR business segment offers a wide range of advisory services to our clients, including: the structuring, negotiation, and confirmation of plans of reorganization; structuring and analysis of exchange offers; liability management transactions; corporate viability assessment; dispute resolution and expert testimony; and procuring debtor-in-possession financing. The majority of our FR revenues consists of Completion Fees. Although atypical, FR transactions can fail to be completed for many reasons that are outside of our control. In these instances, our fees are generally limited to the Retainer Fees and/or Progress Fees.
Previous wording
FVA primarily provides financial advisory and valuation services with respect to companies, debt and equity interests (including complex illiquid investments), and other types of assets and liabilities; fairness opinions in connection with mergers and acquisitions and other transactions, solvency opinions in connection with corporate spin-offs and dividend recapitalizations, and other types of financial opinions in connection with other transactions; as well as diligence, tax, transaction accounting, and other financial advisory services to companies, boards of directors, special committees, retained counsel, financial and strategic investors, trustees, and other parties. Also, our FVA business segment provides dispute resolution services to clients where fees are usually based on the hourly rates of our financial professionals. Unlike our CF or FR segments, the fees generated in our FVA segment are generally not contingent on the successful completion of a transaction.
Current wording
FVA primarily provides financial advisory and valuation services with respect to companies, debt and equity interests (including complex illiquid investments), and other types of assets and liabilities; fairness opinions in connection with mergers and acquisitions and other transactions, solvency opinions in connection with corporate spin-offs and dividend recapitalizations, and other types of financial opinions in connection with other transactions; as well as diligence, tax, transaction accounting, and other financial advisory services to companies, boards of directors, special committees, retained counsel, financial and strategic investors, trustees, and other parties. Also, our FVA business segment provides dispute resolution services to clients, for which fees are usually based on the hourly rates of our financial professionals. The majority of our FVA revenues consists of Retainer Fees, Progress Fees and/or Completion Fees, which are recognized on the achievement of our performance obligations.
Previous wording
Our employee compensation and benefits expense consists of base salary, payroll taxes, benefits, annual incentive compensation payable as cash bonus awards, deferred cash bonus awards, and the amortization of equity-based bonus awards. Base salary and benefits are paid ratably throughout the year. Our annual equity-based bonus awards include fixed share compensation awards and liability classified fixed dollar awards as a component of the annual bonus awards for certain employees. These equity awards are generally subject to annual vesting requirements over a four-year period beginning at the date of grant, which typically occurs in the first quarter of each fiscal year; accordingly, expenses are amortized over the stated vesting period. In most circumstances, the unvested portion of these awards is subject to forfeiture should the employee depart from the Company, and in certain cases if certain financial metrics are not met. Cash bonuses, which are accrued monthly, are discretionary and dependent upon a number of factors including the Company's performance and are generally paid in the first quarter of each fiscal year with respect to prior year performance. Generally, a portion of the cash bonus is deferred and paid in the third quarter of the fiscal year in which the bonus is awarded. We refer to the ratio of our employee compensation and benefits expenses to our revenues as our “Compensation Ratio.”
Current wording
Our employee compensation and benefits expense consists of base salary, payroll taxes, benefits, annual incentive compensation payable as cash bonus awards, deferred cash bonus awards, and the amortization of equity-based bonus awards. Base salary and benefits are paid ratably throughout the year. Equity awards are generally subject to annual vesting requirements over a four-year period beginning at the date of grant, which typically occurs in the first quarter of each fiscal year; accordingly, expenses are amortized over the stated vesting period. In most circumstances, the unvested portion of these awards is subject to forfeiture should the employee depart from the Company, and in certain cases if certain financial metrics are not met. Certain annual equity-based bonus awards granted prior to December 31, 2024 include fixed share compensation awards and liability classified fixed dollar awards as a component of the annual bonus awards for certain employees. Cash bonuses, which are accrued monthly, are discretionary and dependent upon a number of factors including the Company's performance and are generally paid in the first quarter of each fiscal year with respect to prior year performance. Generally, a portion of the cash bonus is deferred and paid in the third quarter of the fiscal year in which the bonus is awarded. We refer to the ratio of our employee compensation and benefits expenses to our revenues as our “Compensation Ratio.”
Previous wording
Non-Compensation Expense. The balance of our operating expenses includes costs for travel, meals and entertainment, rent, depreciation and amortization, information technology and communications, professional fees, and other operating expenses. We refer to all of these expenses as non-compensation expenses. A portion of our non-compensation expenses fluctuates in response to changes in headcount.
Current wording
Non-Compensation Expense.The balance of our operating expenses includes costs for travel, meals and entertainment, rent, depreciation and amortization, information technology and communications, professional fees, other operating expenses, and gains and/or losses associated with the reduction/increase in fair value of earnout liabilities. We refer to all of these expenses as non-compensation expenses. A portion of our non-compensation expenses fluctuates in response to changes in headcount.
Previous wording
Other income, net includes (i) interest income earned on non-marketable and investment securities, cash and cash equivalents, loans receivable from affiliates, employee loans, and commercial paper, (ii) interest expense and fees on our HLI Line of Credit (defined herein), (iii) equity income and/or gains or losses from funds and partnership interests where we have had more than a minor ownership interest or more than minor influence over operations, but do not have a controlling interest and are not the primary beneficiary, (iv) gains and/or losses associated with the reduction/increase of earnout liabilities, and (v) other miscellaneous non-operating expenses.
Current wording
Other income, net includes (i) interest income earned on non-marketable and investment securities, cash and cash equivalents, loans receivable from affiliates, employee loans, and commercial paper, (ii) interest expense and fees on our HLI Line of Credit (defined herein), (iii) equity income and/or gains or losses from funds and partnership interests where we have had more than a minor ownership interest or more than minor influence over operations, but do not have a controlling interest and are not the primary beneficiary, and (iv) other miscellaneous non-operating expenses.
Previous wording
The following is a discussion of our results of operations for the three and nine months ended December 31, 2024 and 2023. For a more detailed discussion of the factors that affected the revenues and the operating expenses of our CF, FR, and FVA business segments in these periods, see Part I, Item 2 of this Form 10-Q under the heading “Business Segments” below.
Current wording
The following is a discussion of our results of consolidated operations for the three months ended June 30, 2025 and 2024. For a more detailed discussion of the factors that affected the revenues and the operating expenses of our CF, FR, and FVA business segments in these periods, see Part I, Item 2 of this Form 10-Q under the heading “Business Segments” below.
Previous wording
Operating expenses were $498.3 million for the three months ended December 31, 2024, compared with $414.6 million for the three months ended December 31, 2023, representing an increase of 20%. Employee compensation and benefits expense, as a component of operating expenses, was $403.0 million for the three months ended December 31, 2024, compared with $324.0 million for the three months ended December 31, 2023, representing an increase of 24%. The increase in employee compensation and benefits expense was primarily a result of an increase in revenues for the quarter when compared with the same quarter last year. The Compensation Ratio was 63.5% for the three months ended December 31, 2024, compared with 63.4% for the three months ended December 31, 2023. Non-compensation expense, as a component of operating expenses, was $95.4 million for the three months ended December 31, 2024, compared with $90.6 million for the three months ended December 31, 2023, representing an increase of 5%. The increase in non-compensation expense was primarily a result of an increase in rent expense and depreciation and amortization for the quarter when compared with the same quarter last year, partially offset by a decrease in professional fees.
Current wording
Operating expenses were $515.5 million for the three months ended June 30, 2025, compared with $418.9 million for the three months ended June 30, 2024, representing an increase of 23%. Employee compensation and benefits expense, as a component of operating expenses, was $392.8 million for the three months ended June 30, 2025, compared with $330.1 million for the three months ended June 30, 2024, representing an increase of 19%. The increase in employee compensation and benefits expense was a result of an increase in revenues for the quarter when compared with the same quarter last year. The Compensation Ratio was 64.9% for the three months ended June 30, 2025, compared with 64.3% for the three months ended June 30, 2024. Non-compensation expense, as a component of operating expenses, was $122.7 million for the three months ended June 30, 2025, compared with $88.8 million for the three months ended June 30, 2024, representing an increase of 38%. The increase in non-compensation expense was primarily a result of increases in revaluation of acquisition contingent consideration, depreciation and amortization, and other operating expenses.
Previous wording
Other income, net was $(9.0) million for the three months ended December 31, 2024, compared with $(6.0) million for the three months ended December 31, 2023. Other income, net increased primarily due to a net increase in interest income.
Current wording
Other income, net was $(8.3) million for the three months ended June 30, 2025, compared with $(5.1) million for the three months ended June 30, 2024. Other income, net increased primarily due to a net increase in interest and other income generated by our investment securities.
Previous wording
The provision for income taxes for the three months ended December 31, 2024 was $49.8 million, which reflected an effective tax rate of 34.3%. The provision for income taxes for the three months ended December 31, 2023 was $31.8 million which reflected an effective tax rate of 31.0%. The increase in the Company’s tax rate was primarily a result of increased state taxes and non-deductible expenses.
Current wording
The provision for income taxes was $0.5 million, representing an effective tax rate of 0.5%, for the first quarter ended June 30, 2025, compared with $10.9 million, representing an effective tax rate of 10.9%, for the first quarter ended June 30, 2024. The decrease in the Company's tax rate during the quarter ended June 30, 2025 relative to the quarter ended June 30, 2024 was primarily a result of increased stock-based compensation deductions.
Previous wording
The following table presents revenues, expenses and contributions from our continuing operations by business segment. The revenues by segment represent each segment’s revenues, and the profit by segment represents profit for each segment before corporate expenses, other income, net, and income taxes.
Current wording
The following table presents revenues, expenses and contributions from our continuing operations by business segment. The revenues by segment represents each segment’s revenues, and the profit by segment represents profit for each segment before corporate expenses, other income, net, and income taxes.
Previous wording
(3)Fee Events applicable to FVA only; a Fee Event includes any engagement that involves revenue activity during the measurement period with a revenue minimum of $1,000. References to closed transactions should be understood to be the same as transactions that are “effectively closed” as described in Note 3 of our Consolidated Financial Statements.
Current wording
(3)Fee Events applicable to FVA only; a Fee Event includes any engagement that involves revenue activity during the measurement period with a revenue minimum of one thousand dollars. References to closed transactions should be understood to be the same as transactions that are “effectively closed” as described in Note 2 of our Consolidated Financial Statements.
Previous wording
Segment profit for CF was $131.6 million for the three months ended December 31, 2024, compared with $93.3 million for the three months ended December 31, 2023, an increase of 41%. Profitability increased primarily as a result of an increase in revenues and lower non-compensation expenses as a percentage of revenues when compared to the same quarter last year.
Current wording
Segment profit for CF was $126.8 million for the three months ended June 30, 2025, compared with $100.4 million for the three months ended June 30, 2024, representing an increase of 26%. Profitability increased primarily as a result of an increase in revenues when compared to the same quarter last year.
Previous wording
Revenues for FR were $130.9 million for the three months ended December 31, 2024, compared with $128.6 million for the three months ended December 31, 2023, representing an increase of 2%. Revenues increased primarily due to an increasein the number of closed transactions during the quarter, which was driven by favorable market conditions for restructuring transactions when compared to the same quarter last year. This increase was partially offset by a decrease in the average transaction fee on closed transactions, which was driven by transaction mix, and does not represent a trend in the average transaction fee on closed transactions.
Current wording
Revenues for FR were $128.2 million for the three months ended June 30, 2025, compared with $117.4 million for the three months ended June 30, 2024, representing an increase of 9%. Revenues increased primarily due to an increase in the number of closed transactions during the quarter, which was driven by favorable market conditions for restructuring transactions.
Previous wording
Segment profit for FR was $44.2 million for the three months ended December 31, 2024, compared with $43.3 million for the three months ended December 31, 2023, an increase of 2%. Profitability increased primarily as a result of an increase in revenues when compared to the same quarter last year.
Current wording
Segment profit for FR was $43.6 million for the three months ended June 30, 2025, compared with $39.1 million for the three months ended June 30, 2024, an increase of 11%. Profitability increased primarily as a result of an increase in revenues when compared to the same quarter last year.
Previous wording
Revenues for FVA were $81.9 million for the three months ended December 31, 2024, compared with $72.1 million for the three months ended December 31, 2023, representing an increase of 14%. Revenues increased due to an increase in the number of Fee Events and an increase in the average fee per Fee Event, driven by improvements in the M&A markets, which impacted one or more of the service lines within our FVA business.
Current wording
Revenues for FVA were $78.6 million for the three months ended June 30, 2025, compared with $67.8 million for the three months ended June 30, 2024, representing an increase of 16%. Revenues increased primarily due to an increase in the number of Fee Events during the quarter. The increase in the number of Fee Events was driven by increasing our client base and expanding our scope of work for existing clients in one or more of the service lines within our FVA business.
Previous wording
Segment profit for FVA was $23.3 million for the three months ended December 31, 2024, compared with $14.3 million for the three months ended December 31, 2023, an increase of 63%. Profitability increased primarily as a result of an increase in revenues and lower compensation and non-compensation expenses as a percentage of revenues when compared to the same quarter last year.
Current wording
Segment profit for FVA was $17.3 million for the three months ended June 30, 2025, compared with $17.6 million for the three months ended June 30, 2024, a decrease of (2)%. Profitability decreased as a result of an increase in compensation expenses and non-compensation expenses as a percentage of revenues when compared to the same quarter last year.
Previous wording
Our current assets comprise cash and cash equivalents, investment securities, accounts receivable, and unbilled work in progress related to fees earned from providing advisory services. Our current liabilities include deferred income, accounts payable and accrued expenses, accrued salaries and bonuses, income taxes payable, and current portion of loan obligations.
Current wording
Our current assets comprise cash and cash equivalents, investment securities, accounts receivable, income taxes receivable, and unbilled work in progress related to fees earned from providing advisory services. Our current liabilities include deferred income, accounts payable and accrued expenses, accrued salaries and bonuses, and current portion of loan obligations.
Previous wording
Our cash and cash equivalents include cash held at banks. We maintain moderate levels of cash on hand in support of regulatory requirements for our registered broker-dealer. As of December 31, 2024 and March 31, 2024, we had $571.7 million and $545.0 million of cash in foreign subsidiaries, respectively. Our excess cash may be invested from time to time in short-term investments, including treasury securities, commercial paper, certificates of deposit, and investment grade corporate and government debt securities. Please refer to Note 6 for further detail.
Current wording
Our cash and cash equivalents include cash held at banks. We maintain moderate levels of cash on hand in support of regulatory requirements for our registered broker-dealer. As of June 30, 2025 and March 31, 2025, we had $621.0 million and $686.2 million of cash in foreign subsidiaries, respectively. Our excess cash may be invested from time to time in short-term investments, including treasury securities, commercial paper, certificates of deposit, and investment grade corporate and government debt securities. Please refer to Note 6 for further detail.
Previous wording
(1)Restricted cash as of December 31, 2024 and March 31, 2024 consisted of cash deposits in support of two letters of credit for our Frankfurt office. Restricted cash as of December 31, 2024 also included cash held in escrow accounts.
Current wording
(1)Restricted cash included cash deposits in support of two letters of credit for our Frankfurt office, cash held in escrow accounts, and collateral to support rent guarantees.
Previous wording
Our liquidity is highly dependent upon cash receipts from clients that are generally dependent upon the successful completion of transactions, as well as the timing of receivables collections, which typically occur within 60 days of billing. As of December 31, 2024, accounts receivable, net of credit losses was $166.7 million. As of December 31, 2024, unbilled work in progress, net of credit losses was $202.7 million.
Current wording
Our liquidity is highly dependent upon cash receipts from clients that are generally dependent upon the successful completion of transactions, as well as the timing of receivables collections, which typically occur within 60 days of billing. As of June 30, 2025, accounts receivable, net of credit losses was $218.2 million. As of June 30, 2025, unbilled work in progress, net of credit losses was $180.8 million.
Previous wording
Operating activities resulted in a net inflow of $490.2 million, primarily attributable to net income plus equity and liability classified share awards issued, partially offset by cash bonus payments paid in May 2024. Investing activities resulted in a net outflow of $(158.7) million, primarily attributable to the purchase of investment securities and several acquisitions closing during the nine months ended December 31, 2024. Financing activities resulted in a net outflow of $(238.0) million, primarily attributable to dividends paid and payments made to settle employee tax obligations on share-based awards.
Current wording
Operating activities resulted in a net outflow of $(131.6) million, primarily attributable to cash bonus payments in May 2025. Investing activities resulted in a net inflow of $109.6 million, primarily attributable to sales or maturities of investment securities. Financing activities resulted in a net outflow of $(196.6) million, primarily attributable to payments made to settle employee tax obligations on share-based awards and dividends paid.
Previous wording
Operating activities resulted in a net inflow of $103.1 million, primarily attributable to net income plus equity and liability classified share awards issued, offset by cash bonus payments paid in May 2023. Investing activities resulted in a net outflow of $(55.7) million, primarily attributable to purchases of property and equipment, net. Financing activities resulted in a net outflow of $(214.4) million, primarily attributable to dividends paid and payments made to settle employee tax obligations on share-based awards.
Current wording
Operating activities resulted in a net outflow of $(64.5) million, primarily attributable to cash bonus payments in May 2024. Investing activities resulted in a net outflow of $(40.4) million, primarily attributable to the acquisition of Triago and the purchase of property and equipment, net. Financing activities resulted in a net outflow of $(161.5) million, primarily attributable to payments made to settle employee tax obligations on share-based awards and dividends paid.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Other income, net was $(18.7) million for the nine months ended December 31, 2024, compared with $(12.3) million for the nine months ended December 31, 2023. Other income, net increased primarily due to a net increase in interest income.