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Houlihan Lokey Inc. Class A (HLI-2.86%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details financial performance, with revenues of $634.4 million for the quarter, an increase from $511.1 million in the same quarter the previous year. The increase is attributed to favorable market conditions for mergers and acquisitions and capital markets transactions.
Operating expenses for the quarter were $498.3 million, up from $414.6 million the previous year. Employee compensation and benefits accounted for $403.0 million of the expenses, reflecting a rise due to increased revenues.
The company reported an operating income of $136.1 million, compared to $96.5 million in the prior year. The increase in operating income is primarily due to higher revenues.
Other income, net, was reported at $(9.0) million, compared to $(6.0) million the previous year, with the increase primarily due to a net rise in interest income.
The provision for income taxes was $49.8 million, resulting in an effective tax rate of 34.3%, up from 31.0% the previous year.
Net income for the quarter was $95.3 million, an increase from $70.8 million in the prior year.
The company's liquidity position includes cash and cash equivalents of $799.3 million, with no outstanding principal under its revolving line of credit as of December 31, 2024.
The filing also discusses segment performance, with Corporate Finance revenues at $421.6 million, Financial Restructuring at $130.9 million, and Financial and Valuation Advisory at $81.9 million for the quarter.
The company declared a quarterly cash dividend of $0.57 per share, payable on March 15, 2025, to shareholders of record on March 3, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Houlihan Lokey Inc. Class A quarterly 10-Q report dated February 4, 2025. To report an error, please email earnings@qz.com.