Q - HOULIHAN LOKEY,
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
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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.
Jun 30, 2025 · Filed Aug 5, 2025
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
| Three Months Ended June 30, | ||
|---|---|---|
| (In thousands) | 2025 | 2024 |
| Cash flows from operating activities: | ||
| Net income | $97,533 | $88,940 |
| Adjustments to reconcile net income to net cash used in operating activities: | ||
| Deferred income taxes | (1,281) | 8,989 |
| Provision for bad debts, net | 2,027 | 2,436 |
| Unrealized gains on investment securities | (811) | (152) |
| Non-cash lease expense | 8,368 | 9,380 |
| Depreciation and amortization | 15,990 | 8,856 |
| Revaluation of acquisition contingent consideration | 17,895 | 804 |
| Compensation expense – equity and liability classified share awards (Note 14) | 42,220 | 33,071 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 39,615 | 15,552 |
| Unbilled work in progress | (25,224) | 36,073 |
| Other assets | (3,846) | (7,624) |
| Accrued salaries and bonuses | (293,861) | (234,141) |
| Accounts payable and accrued expenses and other | (24,263) | (14,902) |
| Deferred income | 3,281 | 3,507 |
| Income taxes receivable | (9,273) | (15,300) |
| Net cash used in operating activities | (131,630) | (64,511) |
| Cash flows from investing activities: | ||
| Purchases of investment securities | (153,089) | (1,486) |
| Sales or maturities of investment securities | 276,647 | 4,021 |
| Acquisition of business, net of cash acquired | (725) | (32,095) |
| Purchase of property and equipment, net | (13,185) | (10,872) |
| Net cash provided by/(used in) investing activities | 109,648 | (40,432) |
| Cash flows from financing activities: | ||
| Dividends paid | (52,476) | (51,270) |
| Share repurchases | (7,811) | (240) |
| Payments to settle employee tax obligations on share-based awards | (137,051) | (100,993) |
| Earnouts paid | — | (9,706) |
| Other financing activities | 710 | 710 |
| Net cash used in financing activities | (196,628) | (161,499) |
| Effects of exchange rate changes on cash, cash equivalents, and restricted cash | 41,427 | (5,096) |
| Net decrease in cash, cash equivalents, and restricted cash | (177,183) | (271,538) |
| Cash, cash equivalents, and restricted cash – beginning of period | 975,579 | 721,854 |
| Cash, cash equivalents, and restricted cash – end of period | $798,396 | $450,316 |
| Supplemental disclosures of non-cash activities: | ||
| Shares issued via vesting of liability classified awards | $3,049 | $5,953 |
| Shares issued as consideration for acquisition | — | 12,489 |
| Cash acquired through acquisitions | $— | $2,170 |
| Cash paid during the period: | ||
| Interest | $230 | $301 |
| Taxes, net of refunds | 11,071 | 17,216 |
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