For the quarter ending 2025-12-31, HLI had $132,906K increase in cash & cash equivalents over the period. $217,043K in free cash flow.
| Cash Flow | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|
| Unrealized gains on investment securities | - | - | 811 |
| Net income | 116,548 | 111,781 | 97,533 |
| Provision for bad debts, net | 6,013 | 3,592 | 2,027 |
| Non-cash lease expense | 11,196 | 6,732 | 8,368 |
| Depreciation and amortization | 8,297 | 10,303 | 15,990 |
| Deferred income taxes | - | - | -1,281 |
| Revaluation of acquisition contingent consideration | 0 | 0 | 17,895 |
| Deferred income | - | - | 3,281 |
| Compensation expense equity and liability classified share awards (note 14) | 60,923 | 46,632 | 42,220 |
| Income taxes receivable | - | - | -9,273 |
| Other | -2,613 | -536 | - |
| Accounts receivable | -36,323 | 36,015 | -39,615 |
| Unbilled work in progress | -43,481 | -10,988 | -25,224 |
| Other assets | -141 | 18,977 | 3,846 |
| Accrued salaries and bonuses | 58,069 | 182,126 | -293,861 |
| Accounts payable and accrued expenses and other liabilities | -33,734 | 22,312 | -24,263 |
| Net cash provided by operating activities | 217,682 | 325,046 | -131,630 |
| Purchases of investment securities | -103,151 | 130,087 | 153,089 |
| Sales or maturities of investment securities | -46,103 | 18,047 | 276,647 |
| Acquisition of business, net of cash acquired | 0 | 0 | 725 |
| Capital expenditures | 639 | 2,238 | 13,185 |
| Net cash provided by/(used in) investing activities | 56,409 | -114,278 | 109,648 |
| Dividends paid | 40,628 | 41,776 | 52,476 |
| Share repurchases | 87,897 | 29,721 | 7,811 |
| Payments to settle employee tax obligations on share-based awards | 2,160 | 640 | 137,051 |
| Earnouts paid | 0 | 0 | 0 |
| Other financing activities | -710 | 0 | 710 |
| Net cash used in financing activities | -131,395 | -72,137 | -196,628 |
| Effects of exchange rate changes on cash, cash equivalents, and restricted cash | -9,790 | -8,629 | 41,427 |
| Net increase in cash, cash equivalents, and restricted cash | 132,906 | 130,002 | -177,183 |
| Cash and cash equivalents at beginning of period | 928,398 | 975,579 | - |
| Cash and cash equivalents at end of period | 1,061,304 | 928,398 | - |
HOULIHAN LOKEY, INC. (HLI)
HOULIHAN LOKEY, INC. (HLI)