HOULIHAN LOKEY, INC.
For the period ended Sep 30, 2026. Filed Oct 30, 2026.
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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.
Sep 30, 2026 · Filed Oct 30, 2026
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
| Six Months Ended September 30, | ||
|---|---|---|
| (In millions) | 2026 | 2025 |
| Cash flows from operating activities: | ||
| Net income | $188 | $209 |
| Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
| Non-cash lease expense | 22 | 15 |
| Depreciation and amortization | 18 | 26 |
| Revaluation of acquisition contingent consideration | — | 18 |
| Compensation expense – equity-based incentive awards (Note 13) | 87 | 89 |
| Other | (2) | 5 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (59) | 4 |
| Unbilled work in progress | 8 | (36) |
| Other assets | 7 | (23) |
| Accrued salaries and bonuses | (308) | (112) |
| Accounts payable and accrued expenses and other liabilities | (45) | (2) |
| Net cash provided by/(used in) operating activities | (84) | 193 |
| Cash flows from investing activities: | ||
| Purchases of investment securities | (8) | (283) |
| Sales or maturities of investment securities | 127 | 294 |
| Acquisition of businesses, net of cash acquired | (50) | (1) |
| Capital expenditures | (18) | (15) |
| Net cash provided by/(used in) investing activities | 51 | (5) |
| Cash flows from financing activities: | ||
| Dividends paid | (107) | (94) |
| Share repurchases | (100) | (38) |
| Payments to settle employee tax obligations on share-based awards | (107) | (138) |
| Other financing activities | — | 1 |
| Net cash used in financing activities | (314) | (269) |
| Effects of exchange rate changes on cash, cash equivalents, and restricted cash | (4) | 33 |
| Net decrease in cash, cash equivalents, and restricted cash | (351) | (48) |
| Cash, cash equivalents, and restricted cash – beginning of period | 1,193 | 976 |
| Cash, cash equivalents, and restricted cash – end of period | $842 | $928 |
| Supplemental disclosures of non-cash activities: | ||
| Promissory notes and earnouts issued as consideration for acquisitions | 25 | — |
| Cash paid during the period for: | ||
| Taxes, net of refunds | 93 | 55 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.