HOULIHAN LOKEY, INC., 10-K filed on 5/15/2025
Annual Report
v3.25.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2025
May 12, 2025
Sep. 30, 2024
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Mar. 31, 2025    
Current Fiscal Year End Date --03-31    
Document Transition Report false    
Entity File Number 001-37537    
Entity Registrant Name Houlihan Lokey, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 95-2770395    
Entity Address, Address Line One 10250 Constellation Blvd.    
Entity Address, Address Line Two 5th Floor    
Entity Address, City or Town Los Angeles    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 90067    
City Area Code 310    
Local Phone Number 553-8871    
Title of 12(b) Security Class A Common Stock, par value $0.001    
Trading Symbol HLI    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 8,430
Documents Incorporated by Reference Portions of the Registrant’s definitive proxy statement for its 2025 annual meeting of stockholders, which the Registrant anticipates will be filed no later than 120 days after the end of its fiscal year, are incorporated by reference in Part III of this Form 10‑K.    
Amendment Flag false    
Entity Central Index Key 0001302215    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Auditor Name KPMG LLP    
Auditor Location Los Angeles, California    
Auditor Firm ID 185    
Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   53,789,857  
Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   16,003,904  
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Assets    
Cash and cash equivalents $ 971,007 $ 721,235
Restricted cash 4,572 619
Investment securities 195,624 38,005
Accounts receivable, net of allowance for credit losses of $13,843 and $8,767, respectively 257,326 199,630
Unbilled work in progress, net of allowance for credit losses of $6,764 and $6,132, respectively 157,760 192,012
Income taxes receivable 0 32,856
Deferred income taxes 92,776 90,064
Property and equipment, net 149,350 136,701
Operating lease right-of-use assets 362,669 344,024
Goodwill 1,284,589 1,127,497
Other intangible assets, net 212,670 197,439
Other assets 131,365 90,677
Total assets 3,819,708 3,170,759
Liabilities:    
Accrued salaries and bonuses 936,619 726,031
Accounts payable and accrued expenses 137,228 114,171
Deferred income 48,215 33,139
Income taxes payable 6,396 0
Deferred income taxes 8,784 7,505
Operating lease liabilities 438,185 415,412
Other liabilities 69,404 37,751
Total liabilities 1,644,831 1,334,009
Commitments and contingencies (Note 17)
Stockholders' equity:    
Additional paid-in capital 843,350 739,870
Retained earnings 1,394,738 1,163,419
Accumulated other comprehensive loss (63,281) (66,608)
Total stockholders' equity 2,174,877 1,836,750
Total liabilities and stockholders' equity 3,819,708 3,170,759
Class A    
Stockholders' equity:    
Common stock 54 52
Class B    
Stockholders' equity:    
Common stock $ 16 $ 17
v3.25.1
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Allowance For Doubtful Accounts $ 13,843 $ 8,767
Allowance for doubtful accounts, unbilled receivables, work in process $ 6,764 $ 6,132
Class A    
Common stock, par value (in usd per share) $ 0.001 $ 0.001
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 53,822,189 52,348,511
Common stock, shares outstanding (in shares) 53,822,189 52,348,511
Class B    
Common stock, par value (in usd per share) $ 0.001 $ 0.001
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 16,021,106 16,746,676
Common stock, shares outstanding (in shares) 16,021,106 16,746,676
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]      
Revenues $ 2,389,416 $ 1,914,404 $ 1,809,447
Operating expenses:      
Employee compensation and benefits 1,469,491 1,177,355 1,112,809
Acquisition related compensation and benefits 54,777 36,234 35,070
Travel, meals, and entertainment 64,917 65,298 51,082
Rent 77,882 76,079 55,838
Depreciation and amortization 41,270 28,536 58,221
Information technology and communications 69,400 60,168 54,125
Professional fees 41,202 49,077 32,940
Other operating expenses 68,933 58,796 67,624
Total operating expenses 1,887,872 1,551,543 1,467,709
Operating income 501,544 362,861 341,738
Other income, net (29,791) (27,678) 17,738
Income before provision for income taxes 531,335 390,539 324,000
Provision for income taxes 131,624 110,238 69,777
Net income attributable to Houlihan Lokey, Inc. 399,711 280,301 254,223
Other comprehensive income, net of tax:      
Foreign currency translation adjustments 3,327 (3,794) (19,467)
Comprehensive income attributable to Houlihan Lokey, Inc. $ 403,038 $ 276,507 $ 234,756
Weighted average shares of common stock outstanding:      
Basic (in shares) 65,724,473 64,337,975 63,358,408
Diluted (in shares) 68,658,347 68,159,390 67,586,263
Earnings per share (Note 13)      
Basic (in usd per share) $ 6.08 $ 4.36 $ 4.01
Diluted (in usd per share) $ 5.82 $ 4.11 $ 3.76
v3.25.1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Class A
Class B
Total stockholders' equity
Common stock
Class A
Common stock
Class B
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Beginning balance (in shares) at Mar. 31, 2022         49,853,564 17,649,555      
Beginning balance at Mar. 31, 2022       $ 1,443,705 $ 50 $ 18 $ 564,761 $ 922,223 $ (43,347)
Increase (Decrease) in Stockholders' Equity                  
Shares issued (in shares)           2,485,582      
Shares issued       16,775   $ 2 16,773    
Stock compensation vesting (note 14)       151,769     151,769    
Dividends       (143,374)       (143,374)  
Conversion of Class B to Class A shares (in shares)         1,455,908 (1,455,908)      
Conversion of Class B to Class A shares       0 $ 1 $ (1)      
Shares issued to non-employee directors (note 14) (in shares)         6,739        
Shares issued to non-employee directors (note 14)       570     570    
Other shares repurchased/forfeited (in shares)         (677,287) (630,884)      
Other shares repurchased/forfeited       (90,904) $ 0   (90,903)    
Net income $ 254,223     254,223       254,223  
Change in unrealized translation       (19,467)         (19,467)
Comprehensive income attributable to Houlihan Lokey, Inc. 234,756     234,756       254,223 (19,467)
Ending balance (in shares) at Mar. 31, 2023         50,638,924 18,048,345      
Ending balance at Mar. 31, 2023       1,613,297 $ 51 $ 18 642,970 1,033,072 (62,814)
Increase (Decrease) in Stockholders' Equity                  
Shares issued (in shares)           1,767,036      
Shares issued       31,133   $ 1 31,132    
Stock compensation vesting (note 14)       160,846     160,846    
Dividends       (149,954)       (149,954)  
Conversion of Class B to Class A shares (in shares)         1,942,078 (1,942,078)      
Conversion of Class B to Class A shares       0 $ 1 $ (1)      
Shares issued to non-employee directors (note 14) (in shares)         6,609        
Shares issued to non-employee directors (note 14)       587     587    
Other shares repurchased/forfeited (in shares)         (239,100) (1,126,627)      
Other shares repurchased/forfeited       (95,666)   $ (1) (95,665)    
Net income 280,301     280,301       280,301  
Change in unrealized translation       (3,794)         (3,794)
Comprehensive income attributable to Houlihan Lokey, Inc. 276,507     276,507       280,301 (3,794)
Ending balance (in shares) at Mar. 31, 2024   52,348,511 16,746,676   52,348,511 16,746,676      
Ending balance at Mar. 31, 2024 1,836,750     1,836,750 $ 52 $ 17 739,870 1,163,419 (66,608)
Increase (Decrease) in Stockholders' Equity                  
Shares issued (in shares)         91,656 1,978,147      
Shares issued       94,030   $ 2 94,028    
Stock compensation vesting (note 14)       163,599     163,599    
Dividends       (168,392)       (168,392)  
Conversion of Class B to Class A shares (in shares)         1,699,118 (1,699,118)      
Conversion of Class B to Class A shares       0 $ 2 $ (2)      
Shares issued to non-employee directors (note 14) (in shares)         5,248        
Shares issued to non-employee directors (note 14)       710     710    
Other shares repurchased/forfeited (in shares)         (322,344) (1,004,599)      
Other shares repurchased/forfeited       (154,858)   $ (1) (154,857)    
Net income 399,711     399,711       399,711  
Change in unrealized translation       3,327         3,327
Comprehensive income attributable to Houlihan Lokey, Inc. 403,038     403,038       399,711 3,327
Ending balance (in shares) at Mar. 31, 2025   53,822,189 16,021,106   53,822,189 16,021,106      
Ending balance at Mar. 31, 2025 $ 2,174,877     $ 2,174,877 $ 54 $ 16 $ 843,350 $ 1,394,738 $ (63,281)
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:      
Net income $ 399,711 $ 280,301 $ 254,223
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income tax benefit (957) 20,470 (3,446)
Provision for bad debts, net 9,260 7,264 6,429
Unrealized (gains)/losses on investment securities (1,449) (876) 3,680
Non-cash lease expense 37,303 32,908 26,609
Depreciation and amortization 41,270 28,536 58,221
Contingent consideration valuation (1,047) (10,373) 2,131
Compensation expense — equity and liability classified share awards (Note 14) 168,443 166,595 156,936
Changes in operating assets and liabilities:      
Accounts receivable (55,698) (23,828) (37,742)
Unbilled work in progress 33,770 (77,477) (11,596)
Other assets (33,194) (6,756) (25,958)
Accrued salaries and bonuses 210,254 (42,269) (189,534)
Accounts payable and accrued expenses and other (13,367) (23,192) (32,014)
Deferred income (15,076) 7,556 (11,943)
Income taxes payable 39,234 (15,289) (83,609)
Net cash provided by operating activities 848,609 328,458 136,273
Cash flows from investing activities:      
Purchases of investment securities (250,476) (11,278) (19,230)
Sales or maturities of investment securities 94,305 11,458 87,384
Acquisition of businesses, net of cash acquired (69,188) (3,856) (20,427)
Purchase of property and equipment, net (39,699) (66,730) (50,731)
Net cash used in investing activities (265,058) (70,406) (3,004)
Cash flows from financing activities:      
Dividends paid (165,217) (148,454) (140,384)
Share repurchases (52,514) (24,952) (48,659)
Payments to settle employee tax obligations on share-based awards (102,343) (70,713) (42,283)
Earnouts paid (9,706) (7,053) (6,679)
Loans payable to former shareholders redeemed 0 0 (539)
Repayments of loans to non-affiliates 0 0 (2,488)
Other financing activities 710 587 570
Net cash used in financing activities (329,070) (250,585) (240,462)
Effects of exchange rate changes on cash and cash equivalents (756) (425) (12,065)
Net increase/(decrease) in cash, cash equivalents, and restricted cash 253,725 7,042 (119,258)
Cash, cash equivalents and restricted cash – beginning of period 721,854 714,812 834,070
Cash, cash equivalents and restricted cash – end of period 975,579 721,854 714,812
Supplemental disclosures of non-cash activities:      
Shares issued via vesting of liability classified awards 5,953 5,176 5,955
Promissory note issued as consideration for acquisition 351 14,500 0
Shares issued as consideration for acquisition 84,995 19,343 7,238
Cash acquired through acquisitions 3,836 224 11,933
Cash paid during the year:      
Interest 1,363 579 5,904
Taxes, net of refunds 93,312 105,056 156,786
Regulatory fines and penalties $ 0 $ 15,000 $ 0
v3.25.1
BACKGROUND
 12 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BACKGROUND Background
Houlihan Lokey, Inc. is a Delaware corporation. Unless the context otherwise requires, as used in this Annual Report on Form 10-K, the terms “Houlihan Lokey”, “HL, Inc.”, “the Company”, “we”, “our”, and “us” refer to Houlihan Lokey, Inc., and, in each case, unless otherwise stated, all of its subsidiaries. The Company controls the following primary subsidiaries:
•Houlihan Lokey Capital, Inc., a California corporation (“HL Capital, Inc.”), is a wholly-owned indirect subsidiary of HL, Inc. HL Capital, Inc. is registered as a broker-dealer under Section 15(b) of the Securities Exchange Act of 1934 and a member of Financial Industry Regulatory Authority, Inc.

•Houlihan Lokey Financial Advisors, Inc., a California corporation (“HL FA, Inc.”), is a wholly-owned indirect subsidiary of HL, Inc.

•Houlihan Lokey UK Limited, a private limited company registered in England (“HL UK Ltd.”), is an indirect subsidiary of HL, Inc. HL UK Ltd. is regulated by the Financial Conduct Authority in the United Kingdom (“U.K.”).

The Company offers financial services and financial advice to a broad clientele through more than thirty offices in the United States of America, South America, Europe, the Middle East, and the Asia-Pacific region. The Company earns professional fees by providing focused services across the following three business segments:
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”), pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), and include all information and footnotes required for consolidated financial statement presentation, and include all disclosures required under GAAP for annual financial statements.
In connection with certain acquisitions, select employees may be entitled to deferred consideration, primarily in the form of retention payments, contingent upon the fulfillment of specific service and/or performance conditions in the future. Accordingly, beginning with the quarter ended September 30, 2024, such deferred consideration is presented as Acquisition related compensation and benefits. Prior to the quarter ended September 30, 2024, such Acquisition related compensation and benefits were included as a component of Employee compensation and benefits within our Consolidated Statements of Comprehensive Income. Beginning with the Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, management has deemed it beneficial for stakeholders to separately disclose Acquisition related compensation and benefits and Employee compensation and benefits within our Consolidated Statements of Comprehensive Income. Comparable prior year information has been recast to reflect this new presentation. These reclassifications had no impact on net income, stockholders' equity, or cash flows as previously reported.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its subsidiaries where it has a controlling financial interest. All intercompany balances and transactions have been eliminated.

Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements. Management estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities at the reporting date. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Items subject to such estimates and assumptions include, but are not limited to: the allowance for credit losses; the valuation of deferred tax assets, valuation of acquired intangibles and goodwill, accrued expenses, and share based compensation; the allocation of goodwill and other assets across the reporting units (segments); and reserves for income tax uncertainties and other contingencies.
Revenues
Revenues consist of fee revenues from advisory services and reimbursed costs incurred in fulfilling the contracts. Revenues reflect fees generated from our CF, FR, and FVA business segments.
The Company generates revenues from contractual advisory services and reimbursed costs incurred in fulfilling the contracts for such services. Revenues for all three business segments (CF, FR, and FVA) are recognized upon satisfaction of the performance obligation, which may be satisfied over time or at a point in time. The amount and timing of the fees paid vary by the type of engagement.

The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised services (i.e., the “transaction price”). In determining the transaction price, we consider multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, we consider the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third parties. The substantial majority of the Company’s advisory fees (i.e., the success-related Completion Fees) are considered variable and constrained as they are contingent upon a future event which includes factors outside of our control (e.g., completion of a transaction or third-party emergence from bankruptcy or approval by the court).
Revenues from CF engagements primarily consist of fees generated in connection with advisory services related to mergers and acquisitions, capital markets, and other corporate finance transactions. Completion Fees from these engagements are recognized at a point in time when the related transaction has been effectively closed. At that time, the Company has transferred control of the promised service and the customer obtains control. CF contracts generally contain a variety of promised services that may be capable of being distinct, but they are not distinct within the context of the engagement as the various services are inputs to the combined output of successfully brokering a specific transaction. Completion Fees, Retainer Fees, and Progress Fees from these engagements are considered variable and constrained until the corresponding transaction has been effectively closed as they are contingent upon a future event, which includes factors outside of our control (e.g., completion of a transaction or regulatory approval).

Revenues from FR engagements primarily consist of fees generated in connection with advisory services to debtors, creditors and other parties-in-interest involving recapitalization or deleveraging transactions implemented both 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. Retainer Fees and Progress Fees from FR engagements are recognized over time using a time elapsed measure of progress as our clients simultaneously receive and consume the benefits of those services as they are provided. Completion Fees from these engagements are recognized at a point in time when the related transaction has been effectively closed. At that time, the Company has transferred control of the promised service and the customer obtains control. Completion Fees from these engagements are considered variable and constrained until the related transaction has been effectively closed as they are contingent upon a future event, which includes factors outside of our control (e.g., completion of a transaction or third party emergence from bankruptcy or approval by the court).

Revenues from FVA engagements primarily consist of fees generated in connection with valuation, diligence, tax transaction accounting, and other financial advisory services and rendering fairness, solvency and other financial opinions. Revenues are recognized at a point in time as these engagements include a singular objective that does not transfer any notable value to the Company’s clients until the opinions or reports have been rendered and delivered to the client. However, certain engagements consist of advisory services where fees are usually based on the hourly rates of our financial professionals. Such revenues are recognized over time as the benefits of these advisory services are transferred to the Company’s clients throughout the course of the engagement, and, as a practical expedient, the Company has elected to use the ‘as-invoiced’ approach to recognize revenue.

Taxes, including value added taxes, collected from customers and remitted to governmental authorities are accounted for on a net basis, and therefore, are excluded from revenue in the Consolidated Statements of Comprehensive Income.
Operating Expenses
The majority of the Company’s operating expenses are related to compensation for employees, which includes the amortization of the relevant portion of the Company’s share-based incentive plans (Note 14). Other types of operating expenses include: Travel, meals, and entertainment; Rent; Depreciation and amortization; Information technology and communications; Professional fees; and Other operating expenses.
Translation of Foreign Currency Transactions
The reporting currency for the consolidated financial statements of the Company is the U.S. Dollar. The assets and liabilities of subsidiaries whose functional currency is other than the U.S. Dollar are included in the consolidation by translating the assets and liabilities at the reporting period-end exchange rates; however, revenues and expenses are translated using the applicable exchange rates determined on a monthly basis throughout the fiscal year. Resulting translation adjustments are reported as a separate component of Accumulated other comprehensive loss, net of applicable taxes.
From time to time, we enter into transactions to hedge our exposure to certain foreign currency fluctuations through the use of derivative instruments or other methods. As of March 31, 2025, we had one foreign currency forward contract between the U.S. Dollar and Pound Sterling, with an aggregate notional value of $75,000 and one foreign currency forward contract between the Swedish Krona and the Pound Sterling, with an aggregate notional value of SEK 79,000. As of March 31, 2024, we had one foreign currency forward contract between the U.S. Dollar and Pound Sterling, with an aggregate notional value of $38,300. The fair value of these foreign currency forward contracts represented a gain included in Other operating expenses of $237 and $55 during the year ended March 31, 2025 and March 31, 2024, respectively.
Fair Value Measurements
The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels in accordance with Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement:
•Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.
•Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
•Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.
For Level 3 investments in which pricing inputs are unobservable and limited market activity exists, management's determination of fair value is based upon the best information available, and may incorporate management's own assumptions or involve a significant degree of judgment.
The following methods and assumptions were used by the Company in estimating fair value disclosures:
•Corporate debt securities: All fair value measurements are obtained from a third-party pricing service and are not adjusted by management.
•U.S. treasury securities: Fair values for U.S. treasury securities are based on quoted prices from recent trading activity of identical or similar securities. All fair value measurements are obtained from a third-party pricing service and are not adjusted by management.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the instrument.
The fair values of the financial instruments represent the amounts that would be received to sell assets or that would be paid to transfer liabilities in an orderly transaction between market participants as of a specified date. Fair value measurements maximize the use of observable inputs; however, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances, including expected cash flows and appropriately risk-adjusted discount rates, as well as available observable and unobservable inputs.

The carrying value of Cash and cash equivalents, Restricted cash, Accounts receivable, Unbilled work in progress, Accounts payable and accrued expenses, and Deferred income approximates fair value due to the short maturity of these instruments.

The carrying value of loans to employees included in Other assets approximate fair value due to the variable interest rate borne by those instruments.

Cash and Cash Equivalents, and Restricted Cash
Cash and cash equivalents include cash held at banks and highly liquid investments with original maturities of three months or less. As of March 31, 2025 and 2024, the Company had cash balances with banks in excess of insured limits. The Company believes it is not exposed to any significant credit risk with respect to Cash and cash equivalents.
The following table provides a reconciliation of Cash and cash equivalents, and Restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows.         
March 31, 2025March 31, 2024
Cash and cash equivalents$971,007 $721,235 
Restricted cash (1)
4,572 619 
Total cash, cash equivalents, and restricted cash$975,579 $721,854 
(1)Restricted cash as of March 31, 2025 and March 31, 2024 included cash deposits in support of two letters of credit for our Frankfurt office. Restricted cash as of March 31, 2025 also included cash held in escrow accounts and collateral to support rent guarantees.

Investment Securities
Investment securities consist primarily of corporate debt and U.S. treasury securities with original maturities over 90 days. The Company classifies its corporate debt and U.S. treasury securities as trading and measures them at fair value in the Consolidated Balance Sheets. Unrealized holding gains and losses for trading securities are included in Other operating expenses in the accompanying Consolidated Statements of Comprehensive Income.

Allowance for Credit Losses
The allowance for credit losses on accounts receivable and unbilled work in progress reflects management’s best estimate of expected losses using the Company's internal current expected credit losses model. This model analyzes expected losses based on relevant information about historical experience, current conditions, and reasonable and supportable forecasts that could potentially affect the collectability of the reported amounts. This is recorded through provision for bad debts, which is included in Other operating expenses in the accompanying Consolidated Statements of Comprehensive Income. Amounts deemed to be uncollectible are written off against the allowance for credit losses.

Property and Equipment
Property and equipment are stated at cost. Repair and maintenance charges are expensed as incurred and costs of renewals or improvements are capitalized at cost. Depreciation on furniture and office equipment is recognized on a straight-line basis over the estimated useful lives of the respective assets.

Income Taxes
The Company files consolidated federal income tax returns, as well as consolidated and separate returns in state and local jurisdictions, and the Company reports income tax expense on this basis.

We account for income taxes in accordance with ASC Topic 740, Income Taxes, which requires the recognition of tax benefits or expenses on temporary differences between the financial reporting and tax basis of our assets and liabilities. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. The measurement of the deferred items is based on enacted tax laws and applicable tax rates. A valuation allowance related to a deferred tax asset is recorded if it is more likely than not that some portion or all of the deferred tax asset will not be realized.

The Company utilized a comprehensive model to recognize, measure, present, and disclose in its financial statements any uncertain tax positions that have been taken or are expected to be taken on a tax return. The impact of an uncertain tax position that is more likely than not of being sustained upon audit by the relevant taxing authority must be recognized at the largest amount that is more likely than not to be sustained. No portion of an uncertain tax position will be recognized if the position has less than a 50% likelihood of being sustained. Interest expense and penalties related to income taxes are included in the provision for income taxes in the accompanying Consolidated Statements of Comprehensive Income.

The Global Intangible Low-Taxed Income tax (“GILTI inclusion”) can be recognized in the financial statements through an accounting policy election by either recording a period cost (permanent item) or providing deferred income taxes stemming from certain basis differences that are expected to result in GILTI inclusion. The Company has elected to account for the tax impacts of the GILTI inclusion as a period cost.
In 2021, the Organization for Economic Co-operation and Development (“OECD”) reached agreement among various countries to establish a 15% minimum tax on certain multinational enterprises, commonly referred to as Pillar Two. The EU effective dates are January 1, 2024 and January 1, 2025, for different aspects of the directive. A significant number of other countries are expected to also implement similar legislation with varying effective dates in the future. The Company is continuing to evaluate the potential impact on future periods of Pillar Two, pending legislative adoption by individual countries.
Leases
We assess whether an arrangement is or contains a lease at the inception of the agreement. Right-of-use (“ROU”) assets represent our right to use underlying assets for the lease term and lease liabilities represent our obligation to make lease payments arising from leases. ROU assets and lease liabilities are recognized at the commencement date based on the present value of future lease payments over the lease terms utilizing the discount rate implicit in the leases. If the discount rate implicit in the leases is not readily determinable, the present value of future lease payments is calculated utilizing the Company’s incremental borrowing rate, which approximates the interest that the Company would have to pay on a secured loan. The Company elected to utilize a portfolio approach and applies the rates to a portfolio of leases with similar terms and economic environments. The terms of our leases used to determine the ROU asset and lease liability account for options to extend when it is reasonably certain that we will exercise those options, if applicable. ROU assets and lease liabilities are subject to adjustment in the event of modification to lease terms, changes in probability that an option to extend or terminate a lease would be exercised and other factors. In addition, ROU assets are periodically reviewed for impairment.

Lease expense is recognized on a straight-line basis over the lease terms. Lease expense includes amortization of the ROU assets and accretion of the lease liabilities. Amortization of ROU assets is calculated as the periodic lease cost less accretion of the lease liability. The amortized period for ROU assets is limited to the expected lease term.

The Company has elected a practical expedient to combine the lease and non-lease components into a single lease component. The Company also elected the short-term lease measurement and recognition exemption and does not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less.

Goodwill and Intangible Assets
Goodwill represents an acquired company’s acquisition cost over the fair value of acquired net tangible and intangible assets. Goodwill is the net asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Intangible assets identified and accounted for include tradenames and marks, backlog, developed technologies, and customer relationships. Those intangible assets with finite lives, including backlog and customer relationships, are amortized over their estimated useful lives.
Goodwill is reviewed annually during the fourth quarter for impairment and more frequently if potential impairment indicators exist. Goodwill is reviewed for impairment in accordance with ASC Topic 350, Intangibles – Goodwill and Other, as amended by Accounting Standards Update (“ASU”) No. 2017-04, Simplifying the Test for Goodwill Impairment, which permits management to perform a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit is less than its corresponding carrying value. If management determines the reporting unit's fair value is more likely than not less than its carrying value, a quantitative analysis will be performed to compare the fair value of the reporting unit with its corresponding carrying value. If the conclusion of the quantitative analysis is that the fair value is in fact less than the carrying value, management will recognize a goodwill impairment charge for the amount by which the reporting unit’s carrying value exceeds its fair value. Impairment testing of goodwill requires a significant amount of judgment in assessing both qualitative factors and if necessary, quantitative factors used to estimate the fair value of the reporting unit. As of March 31, 2025, management concluded that it was not more likely than not that the Company’s reporting units’ fair value was less than their carrying amount and no further quantitative impairment testing had been considered necessary.
Indefinite-lived intangible assets are reviewed annually for impairment in accordance with ASU 2012-02, Testing Indefinite-lived Intangible Assets for Impairment, which provides management the option to perform a qualitative assessment. If it is more likely than not that the asset is impaired, the amount that the carrying value exceeds the fair value is recorded as an impairment expense. As of March 31, 2025, management concluded that it was not more likely than not that the fair values were less than the carrying values.
Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group (inclusive of other long-lived assets) be tested for possible impairment, management first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. As of March 31, 2025, no events or changes in circumstances were identified that indicated that the carrying amount of the finite-lived intangible assets were not recoverable.

Business Combinations
Accounting for business combinations requires management to make significant estimates and assumptions. We allocate the purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair value as of the acquisition date, with the consideration in excess recorded as goodwill. Critical estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows, expected asset lives, geographic risk premiums, discount rates, and more. The amounts and useful lives assigned to acquisition-related intangible assets impact the amount and timing of future amortization expense.
v3.25.1
REVENUE RECOGNITION
 12 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION Revenue Recognition
Disaggregation of Revenues
The Company has disclosed disaggregated revenues based on its business segment and geographical area, which provides a reasonable representation of how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See Note 18 for additional information.

Contract Balances
The timing of revenue recognition may differ from the timing of payment by customers. The Company records a receivable when revenue is recognized prior to payment and there is an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred income (contract liability) until the performance obligations are satisfied.

Costs incurred in fulfilling advisory contracts with point-in-time revenue recognition are recorded as a contract asset when the costs (i) relate directly to a contract, (ii) generate or enhance resources of the Company that will be used in satisfying performance obligations, and (iii) are expected to be recovered. The Company amortizes the contract asset costs related to fulfilling a contract based on recognition of fee revenues for the corresponding contract.

Costs incurred in fulfilling an advisory contract with over-time revenue recognition are expensed as incurred.
The change in the Company’s contract assets and liabilities during the period primarily reflects the timing difference between the Company’s performance and the customer’s payment. The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers:
March 31, 2025March 31, 2024
Receivables, net (1)
$247,622 $192,952 
Unbilled work in progress, net of allowance for credit losses157,760 192,012 
Contract Assets (1)
9,704 6,678 
Contract Liabilities (2)
48,215 33,139 
(1)Included within Accounts receivable, net of allowance for credit losses in the Consolidated Balance Sheets.
(2)Included within Deferred income in the Consolidated Balance Sheets.

During the years ended March 31, 2025 and 2024, $21,514 and $28,400 of revenues, respectively, were recognized that were included in the Deferred income balance at the beginning of the period.

As a practical expedient, the Company does not disclose information about remaining performance obligations pertaining to (i) contracts that have an original expected duration of one year or less and/or (ii) contracts where the variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that is or forms part of a single performance obligation. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material at March 31, 2025.
v3.25.1
RELATED‑PARTY TRANSACTIONS
 12 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
RELATED‑PARTY TRANSACTIONS Related Party Transactions
The Company has historically provided financial advisory services to its affiliates and certain other related parties, and received fees for these services totaling approximately $3,640, $9,044, and $284 during the years ended March 31, 2025, 2024, and 2023, respectively. Accounts receivable and Unbilled work in progress in the accompanying Consolidated Balance Sheets include amounts pertaining to these services of $1,111 and $7,228, respectively, as of March 31, 2025 and 2024, respectively.

Other assets in the accompanying Consolidated Balance Sheets includes loans receivable from certain employees of $44,290 and $32,937 as of March 31, 2025 and 2024, respectively.
v3.25.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value Measurements
The following table presents information about the Company's financial assets, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values:
March 31, 2025
Level ILevel IILevel IIITotal
Corporate debt securities$— $178,150 $— $178,150 
U.S. treasury securities— 16,904 — 16,904 
Common stock21 — — 21 
Certificates of deposit— 549 — 549 
Total asset measured at fair value$21 $195,603 $— $195,624 

March 31, 2024
Level ILevel IILevel IIITotal
Corporate debt securities$— $21,641 $— $21,641 
U.S. treasury securities— 15,833 — 15,833 
Certificates of deposit— 531 — 531 
Total asset measured at fair value$— $38,005 $— $38,005 
The Company had no transfers between fair value levels during the years ended March 31, 2025 and March 31, 2024.
v3.25.1
INVESTMENT SECURITIES
 12 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
INVESTMENT SECURITIES Investment Securities
The amortized cost and gross unrealized gains (losses) of marketable investment securities accounted under the fair value method were as follows:
March 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
Corporate debt securities$177,687 $627 $(164)$178,150 
U.S. treasury securities17,044 17 (157)16,904 
Common stock21 — — 21 
Certificates of deposit549 — — 549 
Total securities with unrealized gains/(losses)$195,301 $644 $(321)$195,624 

March 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized (Losses)
Fair Value
Corporate debt securities$22,318 $8 $(685)$21,641 
U.S. treasury securities16,071 110 (348)15,833 
Certificates of deposit531 — — 531 
Total securities with unrealized gains/(losses)$38,920 $118 $(1,033)$38,005 
Scheduled maturities of the securities held by the Company included within the investment securities portfolio were as follows:
March 31, 2025March 31, 2024
Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due within one year$166,799 $167,328 $7,592 $7,566 
Due within years two through five28,502 28,296 31,328 30,439 
Total debt within the investment securities portfolio$195,301 $195,624 $38,920 $38,005 
v3.25.1
ALLOWANCE FOR DOUBTFUL ACCOUNTS
 12 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
ALLOWANCE FOR DOUBTFUL ACCOUNTS Allowance for Credit Losses
The following table presents information about the Company's allowance for credit losses:
March 31, 2025March 31, 2024
Beginning balance$14,899 $14,395 
Provision for bad debt, net9,260 7,264 
Write-off of uncollectible accounts, net(3,552)(6,760)
Ending balance$20,607 $14,899 
v3.25.1
PROPERTY AND EQUIPMENT
 12 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT Property and Equipment
Property and equipment, net of accumulated depreciation consists of the following:
Useful LivesMarch 31, 2025March 31, 2024
Equipment5 years$10,409 $9,972 
Furniture and fixtures5 years37,801 29,672 
Leasehold improvements10 years159,961 144,996 
Computers and software3 years13,620 12,282 
OtherVarious8,092 8,088 
Total cost229,883 205,010 
Less: accumulated depreciation(80,533)(68,309)
Total net book value$149,350 $136,701 
Additions to property and equipment during the years ended March 31, 2025 and March 31, 2024 were primarily related to leasehold improvement costs incurred.
Depreciation expense of $21,942, $17,782, and $13,250 was recognized during the years ended March 31, 2025, 2024, and 2023, respectively
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and Other Intangible Assets
The following table provides a reconciliation of Goodwill and other intangible assets, net reported on the Consolidated Balance Sheets.
Useful LivesMarch 31, 2025March 31, 2024
GoodwillIndefinite$1,284,589 $1,127,497 
Tradename-Houlihan LokeyIndefinite192,210 192,210 
Other intangible assetsVaries133,785 98,897 
Total cost1,610,584 1,418,604 
Less: accumulated amortization(113,325)(93,668)
Goodwill and other intangible assets, net$1,497,259 $1,324,936 
Amortization expense of approximately $19,328, $10,754, and $44,971 was recognized for finite-lived intangible assets for the years ended March 31, 2025, 2024, and 2023, respectively.

The estimated future amortization for finite-lived intangible assets for each of the next five years and thereafter are as follows:

Year Ended March 31,
2026$13,990 
2027834 
2028682 
2029657 
2030 and thereafter3,993 
Goodwill attributable to the Company’s business segments is as follows:
April 1, 2024ChangeMarch 31, 2025
Corporate Finance (1)
$872,967 $145,016 $1,017,983 
Financial Restructuring162,815 — 162,815 
Financial and Valuation Advisory (2)
91,715 12,076 103,791 
Goodwill$1,127,497 $157,092 $1,284,589 
(1)Change pertains primarily to the acquisition of Waller Helms Advisors LLC and Triago.
v3.25.1
LOANS PAYABLE
 12 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
LOANS PAYABLE Other Liabilities
On August 23, 2019, the Company entered into a syndicated revolving line of credit with Bank of America, N.A. and certain other financial institutions party thereto, which was amended by the First Amendment to Credit Agreement dated as of August 2, 2022 (the “HLI Line of Credit”), which allows for borrowings of up to $100,000 (and, subject to certain conditions, provides the Company with an uncommitted expansion option, which, if exercised in full, would provide for a total credit facility of $200,000) and matures on August 23, 2025 (or if such date is not a business day, the immediately preceding business day). Borrowings under the HLI Line of Credit bear interest at a floating rate, which can be either, at the Company's option, (i) Term Secured Overnight Financing Rate (“SOFR”) plus a 0.10% SOFR adjustment plus a 1.00% margin or (ii) base rate, which is the highest of (a) the Federal Funds Rate plus one-half of one percent (0.50%), (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) Term SOFR plus a 0.10% SOFR adjustment. Commitment fees apply to unused amounts, and the HLI Line of Credit contains debt covenants which require that the Company maintain certain financial ratios. As of March 31, 2025 and 2024, no principal was outstanding under the HLI Line of Credit.

In December 2023, the Company acquired 7 Mile Advisors, LLC (“7MA”). Total consideration included an unsecured note of $14,500 bearing interest at an annual rate of 2.00% and payable on December 11, 2053. The note was issued by the Company to the former principals and sellers of 7MA (who became employees of the Company). Under certain circumstances, the note will be pre-paid to each seller for Company stock over a three-year period in equal annual installments starting in December 2025. The Company incurred interest expense of $290 and $88 for the years ended March 31, 2025 and 2024, respectively. Contingent consideration was also issued in connection with the acquisition of 7MA, which had a fair value of $2,200 and $4,000 as of March 31, 2025 and 2024, respectively, and is included in Other liabilities in our Consolidated Balance Sheets.

In December 2024, the Company acquired Waller Helms Advisors LLC (“WHA”). Contingent consideration was issued in connection with the acquisition of WHA, which had a fair value of $30,000 as of March 31, 2025.
v3.25.1
ACCUMULATED OTHER COMPREHENSIVE (LOSS)
 12 Months Ended
Mar. 31, 2025
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE (LOSS) Accumulated Other Comprehensive (Loss)
Accumulated other comprehensive (loss) is comprised of Foreign currency translation adjustments of $3,327 and $(3,794) for the years ended March 31, 2025 and 2024, respectively. We do not expect the change in foreign currency translation to have a material impact on our operating results and financial position.
Accumulated other comprehensive (loss) as of March 31, 2025, 2024, and 2023, was comprised of the following:
Total
Balance, March 31, 2023$(62,814)
Foreign currency translation adjustments(3,794)
Balance, March 31, 2024(66,608)
Foreign currency translation adjustments3,327 
Balance, March 31, 2025$(63,281)
v3.25.1
INCOME TAXES
 12 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES Income Taxes
The Company’s provision for income taxes was $131,624, $110,238, and $69,777, for the years ended March 31, 2025, 2024, and 2023, respectively. This represents effective tax rates of 24.8%, 28.2%, and 21.5% for the years ended March 31, 2025, 2024, and 2023, respectively.

The provision for income taxes on operations for the years ended March 31, 2025, 2024, and 2023 is comprised of the following approximate values:
Year Ended March 31,
202520242023
Current:
Federal$73,724 $40,838 $66,529 
State and local15,065 16,116 4,819 
Foreign43,792 32,814 1,875 
     Subtotal132,581 89,768 73,223 
Deferred:
Federal(7,593)14,116 1,605 
State and local1,114 3,498 1,092 
Foreign5,522 2,856 (6,143)
Subtotal(957)20,470 (3,446)
Total$131,624 $110,238 $69,777 

The provision for income taxes on operations for the years ended March 31, 2025, 2024, and 2023 is reconciled to the income taxes computed at the statutory federal income tax rate (computed by applying the federal corporate rate of 21% to consolidated operating income before provision for income taxes) as follows:
Year Ended March 31,
202520242023
Federal income tax provision computed at statutory rate$111,580 21.0 %$82,013 21.0 %$68,040 21.0 %
State and local taxes, net of federal tax effect21,297 4.0 %20,027 5.1 %16,609 5.1 %
Tax impact from foreign operations12,535 2.4 %7,922 2.0 %(5,040)(1.5)%
Nondeductible expenses14,313 2.7 %9,133 2.4 %9,396 2.9 %
Stock compensation(20,387)(3.8)%(7,468)(1.9)%(8,044)(2.5)%
Uncertain tax positions, true-up items, and other(7,714)(1.5)%(1,389)(0.4)%(11,184)(3.5)%
Total$131,624 24.8 %$110,238 28.2 %$69,777 21.5 %
Deferred income taxes arise principally from temporary differences between book and tax recognition of income, expenses, and losses relating to financing and other transactions. The deferred income taxes on the accompanying Consolidated Balance Sheets as of March 31, 2025 and March 31, 2024, comprise the following:
March 31, 2025March 31, 2024
Deferred tax assets:
Deferred compensation expense/accrued bonus$125,428 $109,416 
Allowance for credit losses2,246 1,243 
Accounts receivable and work in progress950 9,577 
US foreign tax credits 2,365 2,313 
Operating lease liabilities85,088 87,219 
Non-US40,639 43,434 
Other, net2,431 6,051 
Total deferred tax assets259,147 259,253 
Deferred tax asset valuation allowance (13,415)(12,386)
Total deferred tax assets245,732 246,867 
Deferred tax liabilities:
Intangibles(69,335)(71,575)
Operating lease right-of-use assets(67,901)(69,978)
Other, net(24,504)(22,755)
Total deferred tax liabilities(161,740)(164,308)
Net deferred tax assets$83,992 $82,559 

The Company has various foreign net operating losses totaling $41,707. If not utilized, the foreign net operating loss carryforwards will begin to expire in three years, although in certain jurisdictions these attributes do not expire. A valuation allowance is required when it is more likely than not that some portion of the deferred tax assets will not be realized. The Company has determined that deferred tax assets related to US foreign tax credits and certain foreign deferred tax assets are not likely to be realized. The Company’s US foreign tax credit carryforwards as of March 31, 2025 were primarily driven as a result of U.S. Tax Reform. The Company assessed the realizability of these foreign tax credits based on currently enacted and proposed legislation issued by the U.S. Department of Treasury and the Internal Revenue Service, and recorded a full valuation allowance of $2,365 and $2,313 against these assets for March 31, 2025 and 2024, respectively. The Company does not expect to utilize these foreign tax credits in the future as the Company does not currently project future foreign source income. These foreign tax credits will expire in various years through 2029. In addition, certain deferred tax assets related to tax deductible goodwill from previous acquisitions and net operating losses generated from these deductions were not more likely than not realizable; therefore, the Company maintained valuation allowances for March 31, 2025 and 2024 of $11,051 and $10,072 respectively. The change in the total valuation allowance was an increase of $979 and $9,139 during the years ended March 31, 2025 and March 31, 2024, respectively.

We continue to expect that the remaining balance of our undistributed foreign earnings will be indefinitely reinvested. If we determine that all or a portion of such foreign earnings are no longer indefinitely reinvested, we may be subject to additional foreign withholding taxes and U.S. state income taxes. Determination of the amount of unrecognized deferred tax liability on these unremitted earnings is not practicable.

As of March 31, 2025 and March 31, 2024, the Company had recorded liabilities for interest and penalties related to uncertain tax positions in the amounts of $0 and $576, respectively. Unrecognized tax positions totaled $329 and $15,800 as of March 31, 2025 and March 31, 2024, respectively. If the income tax impacts from these tax positions are ultimately realized, such realization would affect the income tax provision and effective tax rate. The Company expects $201 of the unrecognized tax position to be recognized within the next 12 months.
A reconciliation of the unrecognized tax position as of March 31, 2025 and March 31, 2024 is as follows:
March 31, 2025March 31, 2024
Unrecognized tax position at the beginning of the year$15,800 $14,825 
Increase related to prior year tax positions— 2,233 
Decrease related to prior year tax positions(15,471)(1,258)
Unrecognized tax position at the end of the year$329 $15,800 

The Company files consolidated federal income tax returns, as well as consolidated and separate returns in state and local jurisdictions. As of March 31, 2025, all of the federal income tax returns filed since 2022 by the Company are still subject to adjustment upon audit. The Company also files combined and separate income tax returns in many states, which are also open to adjustment.
v3.25.1
EARNINGS PER SHARE
 12 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE Earnings Per Share
The calculations of basic and diluted earnings per share attributable to holders of shares of common stock are presented below. The determination of weighted average shares of common stock outstanding includes both the Company's Class A common stock and Class B common stock. Please refer to Note 15 for further detail on our two classes of authorized Company common stock
Year Ended March 31,
202520242023
Numerator:
Net income attributable to Houlihan Lokey, Inc.$399,711 $280,301 $254,223 
Denominator:
Weighted average shares of common stock outstanding — basic65,724,473 64,337,975 63,358,408 
Weighted average number of incremental shares pertaining to unvested restricted stock and issuable in respect of unvested restricted stock units, as-calculated using the treasury stock method2,933,874 3,821,415 4,227,855 
Weighted average shares of common stock outstanding — diluted68,658,347 68,159,390 67,586,263 
Basic earnings per share$6.08 $4.36 $4.01 
Diluted earnings per share$5.82 $4.11 $3.76 
v3.25.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
EMPLOYEE BENEFIT PLANS Employee Benefit Plans
Defined Contribution Plans
The Company sponsors a 401(k) defined contribution savings plan for its domestic employees and defined contribution retirement plans for its international employees. The Company contributed $13,423, $12,526, and $10,640 to these plans during the years ended March 31, 2025, 2024, and 2023, respectively.
Share-Based Incentive Plans
Following the IPO, additional awards of restricted shares and restricted stock units have been and will be made under the Amended and Restated Houlihan Lokey, Inc. 2016 Incentive Award Plan (the “2016 Incentive Plan”), which became effective in August 2015 and was amended in October 2017. Under the 2016 Incentive Plan, it is anticipated that the Company will continue to grant cash and equity-based incentive awards to eligible service providers in order to attract, motivate, and retain the talent necessary to operate the Company's business. Equity-based incentive awards issued under the 2016 Incentive Plan generally vest over a four-year period. Restricted shares of Class A common stock were granted under the 2016 Incentive Plan to i) six independent directors in the first quarter of fiscal 2023 at $84.55, (ii) six independent directors in the first quarter of fiscal 2024 at $87.60, and (iii) six independent directors in the first quarter of the fiscal year ending March 31, 2025, at $134.08 per share.
An excess tax benefit of $20,387 and $7,468 was recognized during the years ended March 31, 2025 and 2024, respectively, as a component of the provision for income taxes and an operating activity on the Consolidated Statements of Cash Flows. The Company recorded cash outflows of $(102,343), $(70,713), and $(42,283) related to the settlement of share-based awards in satisfaction of withholding tax requirements in financing activities on the Consolidated Statements of Cash Flows for the years ended March 31, 2025, 2024, and 2023, respectively.
We recognize compensation expense for all stock-based awards, including restricted stock and restricted stock units (“RSU”s), based on the estimate of fair value of the award at the grant date. The fair value of each restricted stock and RSU award is measured based on the closing stock price of our common stock on the date of grant. We account for forfeitures as they occur. The compensation expense is recognized using a straight-line basis over the requisite service periods of the awards, which is four years.
The share awards are classified as equity awards at the time of grant unless the number of shares granted is unknown. Awards that are settleable in shares based upon a future determinable stock price are classified as liabilities until the price is established and the resulting number of shares is known, at which time they are re-classified from liabilities to equity awards. Activity in equity classified share awards that relate to the Company's 2006 Incentive Award Plan (the “2006 Incentive Plan”) and the 2016 Incentive Plan during the years ended March 31, 2025, 2024, and 2023, is as follows:
Unvested Share AwardsShares
Weighted Average Grant Date Fair Value
Balance, April 1, 20224,314,375 $71.42 
Granted2,266,088 84.78 
Vested(1,175,311)59.77 
Shares repurchased/forfeited(123,373)79.00 
Balance, March 31, 20235,281,779 79.57 
Granted1,244,902 87.60 
Vested(1,655,390)74.28 
Shares repurchased/forfeited(352,267)84.05 
Balance, March 31, 20244,519,024 83.37 
Granted1,011,584 137.59 
Vested(1,619,144)80.49 
Shares repurchased/forfeited(225,371)91.62 
Balance, March 31, 20253,686,093 $99.02 
Activity in liability classified share awards during the years ended March 31, 2025, 2024, and 2023 is as follows:    

Awards Settleable in SharesFair Value
Balance, April 1, 2022$14,349 
Offer to grant5,318 
Share price determined-converted to cash payments(2,664)
Share price determined-transferred to equity grants (1)
(3,411)
Forfeited(1,621)
Balance, March 31, 202311,971 
Offer to grant7,022 
Share price determined-converted to cash payments(3)
Share price determined-transferred to equity grants (1)
(1,806)
Forfeited— 
Balance, March 31, 202417,184 
Offer to grant1,198 
Share price determined-converted to cash payments(5)
Share price determined-transferred to equity grants (1)
(3,896)
Forfeited(4,139)
Balance, March 31, 2025$10,342 
(1)29,057, 40,702, and 46,430 shares for the years ended March 31, 2025, 2024, and 2023, respectively.
The following table summarizes the activity of our RSUs for the years ended March 31, 2025, 2024, and 2023, respectively.

Restricted Stock UnitsRSUs
Weighted Average Grant Date Fair Value
RSUs as of April 1, 20221,038,503 $95.27 
Issued50,556 84.55 
Forfeitures(14,275)96.82 
Vested(24,138)63.75 
RSUs as of March 31, 20231,050,646 95.46 
Issued94,286 87.60 
Forfeitures(266,883)94.38 
Vested(34,319)91.07 
RSUs as of March 31, 2024843,730 95.09 
Issued136,559 155.37 
Forfeitures(28,396)94.99 
Vested(274,880)94.77 
RSUs as of March 31, 2025677,013 $107.39 

Compensation expenses for the Company associated with both equity-classified and liability-classified awards totaled $168,443, $166,595, and $156,936 for the years ended March 31, 2025, 2024, and 2023, respectively. As of March 31, 2025 and March 31, 2024 there was $303,520 and $298,100, respectively, of total unrecognized compensation cost related to unvested share awards granted under the 2016 Incentive Plan. These costs are recognized over a weighted average period of 1.8 years and 2.9 years, as of March 31, 2025 and March 31, 2024, respectively.
On October 24, 2024, our board of directors approved an amendment (the “Amendment”) to the 2016 Incentive Plan reducing the number of shares of common stock available for issuance under the 2016 Incentive Plan. Under the Amendment, the aggregate number of shares of common stock available for issuance under awards granted pursuant to the 2016 Incentive Plan on or after October 24, 2024 was equal to 8.0 million. Pursuant to the Amendment, the number of shares available for issuance increased on April 1, 2025 by 4,231,218.
On April 28, 2022, our board of directors approved the registration of an additional 10,000,000 shares of Class A Common Stock and 10,000,000 shares of Class B Common Stock to be issued pursuant to the 2016 Incentive Plan.
v3.25.1
STOCKHOLDERS' EQUITY
 12 Months Ended
Mar. 31, 2025
Equity [Abstract]  
STOCKHOLDERS' EQUITY Stockholders' Equity
There are two classes of authorized Company common stock: Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share, and each share of Class B common stock is entitled to ten votes per share. Each share of Class B common stock may be converted into one share of Class A common stock at the option of its holder and will be automatically converted into one share of Class A common stock upon transfer thereof, subject to certain exceptions.

Class A Common Stock    
During the year ended March 31, 2025, the Company issued 5,248 shares to non-employee directors, and 1,699,118 shares were converted from Class B to Class A. During the year ended March 31, 2024, the Company issued 6,609 shares to non-employee directors, and 1,942,078 shares were converted from Class B to Class A. As of March 31, 2025, there were 53,753,606 Class A shares held by the public and 68,583 Class A shares held by non-employee directors. As of March 31, 2024, there were 52,283,576 Class A shares held by the public and 64,935 Class A shares held by non-employee directors.

Class B Common Stock
As of March 31, 2025, there were 16,021,106 Class B shares held by the HL Voting Trust. As of March 31, 2024, there were 16,746,676 Class B shares held by the HL Voting Trust.

Dividends
Previously declared dividends related to unvested shares of $22,790 and $22,883 were unpaid as of March 31, 2025 and 2024, respectively.
Stock Subscriptions Receivable
Employees of the Company periodically issued notes receivable to the Company documenting loans made by the Company to such employees for the purchase of restricted shares of the Company.
Share Repurchases
In April 2022, the board of directors authorized an increase to the existing July 2021 share repurchase program, which provides for share repurchases of an aggregate amount of up to $500,000 of the Company's Class A common stock and Class B common stock. As of March 31, 2025, shares with a value of $405,524 remained available for purchase under the program.

During the years ended March 31, 2025, 2024, and 2023, the Company repurchased 676,572, 772,794, and 507,511 shares, respectively, of Class B common stock, to satisfy $102,343, $70,713, and $42,283 of required withholding taxes in connection with the vesting of restricted awards, respectively. During the years ended March 31, 2025, 2024, and 2023, the Company repurchased an additional 322,344, 240,666, and 677,287 shares of its outstanding common stock, respectively, at a weighted average price of $161.90, $103.68, and $85.74 per share, excluding commissions, for an aggregate purchase price of $52,189, $24,952, and $58,073, respectively.
v3.25.1
LEASES
 12 Months Ended
Mar. 31, 2025
Leases [Abstract]  
LEASES Leases
Lessee Arrangements
Operating Leases

We lease real estate and equipment used in operations from third parties. As of March 31, 2025, the remaining term of our operating leases ranged from 1 to 15 years with various automatic extensions.
The following table outlines the maturity of our existing operating lease liabilities on a fiscal year-end basis as of March 31, 2025.

Maturity of Operating Leases
Operating Leases
2026$49,866 
202755,393 
202856,554 
202955,787 
203054,088 
2031 and thereafter308,722 
Total580,410 
Less: present value discount(142,225)
Operating lease liabilities$438,185 
As of March 31, 2025, the Company entered into an operating lease for additional office space that has not yet commenced, for approximately $4,600. This operating lease will commence during fiscal year 2026 with a lease term of 5 years.

Lease costs
March 31, 2025March 31, 2024
Operating lease expense$61,106 $57,436 
Variable lease expense (1)
19,419 19,493 
Short-term lease expense231 211 
Less: Sublease income(2,874)(1,059)
Total lease costs$77,882 $76,081 
(1)Primarily consists of payments for property taxes, common area maintenance and usage based operating costs.

Weighted-average details
March 31, 2025March 31, 2024
Weighted-average remaining lease term (years)1112
Weighted-average discount rate5.4 %5.3 %
Supplemental cash flow information related to leases:
March 31, 2025March 31, 2024
Operating cash flows:
Cash paid for amounts included in the measurement of Operating lease liabilities$56,312 $34,341 
Non-cash activity:
Operating lease right-of-use assets obtained in exchange of Operating lease liabilities$55,433 $21,114 
Change in Operating lease right-of-use assets due to remeasurement(9,215)20,376 
v3.25.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES Commitments and Contingencies
The Company has been named in various legal actions arising in the normal course of business. In the opinion of the Company, in consultation with legal counsel, the final resolutions of these matters are not expected to have a material adverse effect on the Company’s financial condition, operations and cash flows.
The Company provides routine indemnifications relating to certain real estate (office) lease agreements under which it may be required to indemnify property owners for claims and other liabilities arising from the Company’s use of the applicable premises. In addition, the Company guarantees the performance of its subsidiaries under certain office lease agreements. The terms of these obligations vary, and because a maximum obligation is not explicitly stated, the Company has determined that it is not possible to make an estimate of the maximum amount that it could be obligated to pay under such contracts. Based on historical experience and evaluation of specific indemnities, management believes that judgments, if any, against the Company related to such matters are not likely to have a material effect on the consolidated financial statements. Accordingly, the Company has not recorded any liability for these obligations as of March 31, 2025 or March 31, 2024.
v3.25.1
SEGMENT AND GEOGRAPHICAL INFORMATION
 12 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHICAL INFORMATION Segment and Geographical Information
The Company’s reportable segments, described in Note 1, were identified based on several primary factors, including: each segment operates under independent management, offers distinct services, and requires specialized expertise for service delivery. Revenues by segment represent fees earned on the various services offered within each segment. Our operating expenses are classified as employee compensation and benefits expense and non-compensation expense; revenue and headcount are the primary drivers of our operating expenses. 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. The balance of our operating expenses (non-compensation expense) includes costs for travel, meals and entertainment, rent, depreciation and amortization, information technology and communications, professional fees, and other operating expenses. Segment profit consists of segment revenues, less (1) direct expenses including compensation, travel, meals and entertainment, professional fees, and bad debt and (2) expenses allocated by headcount such as communications, rent, depreciation and amortization, and office expense. The corporate expense category includes costs not allocated to individual segments, including charges related to incentive compensation and share-based payments to corporate employees, as well as expenses of senior management and corporate departmental functions managed on a worldwide basis, including office of the executives, accounting, human capital, marketing, information technology, and legal and compliance. The following tables present information about revenues, profit and assets by segment and geography. The Company's CODM is its Chief Executive Officer. The CODM oversees the performance of the Company's three reportable segments by analyzing their financial metrics, including revenues by segment and segment profit. The financial metrics the CODM regularly receives does not include asset information and does not use segment asset information to assess performance or allocate resources. Comparable prior year information has been recast to reflect the additional disclosure of employee compensation and benefits by segment and non-compensation expense by segment.
Year Ended March 31,
202520242023
Revenues by segment
Corporate Finance$1,526,756 $1,106,826 $1,127,126 
Financial Restructuring544,478 521,984 395,733 
Financial and Valuation Advisory318,182 285,594 286,588 
Revenues2,389,416 1,914,404 1,809,447 
Employee compensation and benefits by segment (1)
Corporate Finance871,313 638,072 623,884 
Financial Restructuring289,979 282,431 238,032 
Financial and Valuation Advisory175,412 155,502 159,254 
Non-compensation expense by segment
Corporate Finance181,020 166,221 149,167 
Financial Restructuring45,193 45,437 36,083 
Financial and Valuation Advisory54,187 55,670 45,946 
Segment profit
Corporate Finance474,423 302,533 354,075 
Financial Restructuring209,306 194,116 121,618 
Financial and Valuation Advisory88,583 74,422 81,388 
Total segment profit772,312 571,071 557,081 
Corporate expenses (2)
270,768 208,210 215,343 
Operating income501,544 362,861 341,738 
Other (income)/expense, net(29,791)(27,678)17,738 
Income before provision for income taxes$531,335 $390,539 $324,000 
(1)We adjust the compensation expense for a business segment in situations where an employee residing in one business segment is performing work in another business segment where the revenues are accrued. Segment profit may vary significantly between periods depending on the levels of collaboration among the different segments.
(2)Corporate expenses represent expenses that are not allocated to individual business segments such as those related to executive management, accounting, information technology, legal and compliance, marketing, and human capital.

March 31, 2025March 31, 2024
Assets by segment
Corporate Finance$1,312,291 $1,147,432 
Financial Restructuring179,498 192,185 
Financial and Valuation Advisory207,162 170,627 
Total segment assets1,698,951 1,510,244 
Corporate assets2,120,757 1,660,515 
Total assets$3,819,708 $3,170,759 
Year Ended March 31,
202520242023
Income before provision for income taxes by geography
United States$356,072 $256,472 $222,923 
International175,263 134,067 101,077 
Income before provision for income taxes$531,335 $390,539 $324,000 
Year Ended March 31,
202520242023
Revenues by geography:
United States$1,702,163 $1,344,305 $1,289,365 
International687,253 570,099 520,082 
Revenues$2,389,416 $1,914,404 $1,809,447 

March 31, 2025March 31, 2024
Assets by geography
United States$2,439,032 $1,957,454 
International1,380,676 1,213,305 
Total assets$3,819,708 $3,170,759 
v3.25.1
SUBSEQUENT EVENTS
 12 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS Subsequent Events
On May 1, 2025, the Company's board of directors declared a quarterly cash dividend of $0.60 per share of Class A and Class B common stock, payable on June 15, 2025, to shareholders of record on June 2, 2025.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 399,711 $ 280,301 $ 254,223
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Mar. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Mar. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have developed and implemented a cybersecurity risk management program designed to protect critical assets, scale with business growth, identify and mitigate threats, and enable us to conduct our business securely. The program’s design applies concepts from the frameworks of the National Institute of Standards and Technology (“NIST”) as guidelines, incorporating their applicable principles while adapting certain elements to align with our specific operational needs and objectives. The program and other cybersecurity processes have been integrated into our overall risk management framework.

Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. There can be no assurance that our cybersecurity risk management program and processes, including our policies, controls, or procedures, will be fully implemented, complied with or effective in protecting our systems and information.

Our cybersecurity risk management program includes:

•a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;
•the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls;
•cybersecurity awareness training of our employees, incident response personnel, and senior management;
•ongoing risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment;
•a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and
•a third-party risk management process for service providers, suppliers, and vendors.

We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have developed and implemented a cybersecurity risk management program designed to protect critical assets, scale with business growth, identify and mitigate threats, and enable us to conduct our business securely. The program’s design applies concepts from the frameworks of the National Institute of Standards and Technology (“NIST”) as guidelines, incorporating their applicable principles while adapting certain elements to align with our specific operational needs and objectives. The program and other cybersecurity processes have been integrated into our overall risk management framework.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to the audit committee oversight of cybersecurity and other information technology risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The audit committee oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The audit committee receives regular reports from management on our cybersecurity risks. In addition, management updates the audit committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential.
Cybersecurity Risk Role of Management [Text Block]
Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] management team, including our Chief Information Officer, Executive VP IT Operations and IT Security Director, is responsible for assessing and managing material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The leadership of our cybersecurity team averages approximately 26 years of experience with information technology, with a background deeply rooted in data management and protection and data analytics and brings extensive experience in information security strategy and risk management at Houlihan Lokey and in previous roles
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The cybersecurity team leads dedicated cybersecurity meetings with the Chief Corporate Governance & Compliance Officer and key members of the legal and compliance and internal audit departments. This group meets monthly and regularly reviews key cybersecurity metrics.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”), pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), and include all information and footnotes required for consolidated financial statement presentation, and include all disclosures required under GAAP for annual financial statements.
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its subsidiaries where it has a controlling financial interest. All intercompany balances and transactions have been eliminated.
Use of Estimates
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements. Management estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities at the reporting date. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Items subject to such estimates and assumptions include, but are not limited to: the allowance for credit losses; the valuation of deferred tax assets, valuation of acquired intangibles and goodwill, accrued expenses, and share based compensation; the allocation of goodwill and other assets across the reporting units (segments); and reserves for income tax uncertainties and other contingencies.
Recognition of Revenue
Revenues
Revenues consist of fee revenues from advisory services and reimbursed costs incurred in fulfilling the contracts. Revenues reflect fees generated from our CF, FR, and FVA business segments.
The Company generates revenues from contractual advisory services and reimbursed costs incurred in fulfilling the contracts for such services. Revenues for all three business segments (CF, FR, and FVA) are recognized upon satisfaction of the performance obligation, which may be satisfied over time or at a point in time. The amount and timing of the fees paid vary by the type of engagement.

The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised services (i.e., the “transaction price”). In determining the transaction price, we consider multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, we consider the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third parties. The substantial majority of the Company’s advisory fees (i.e., the success-related Completion Fees) are considered variable and constrained as they are contingent upon a future event which includes factors outside of our control (e.g., completion of a transaction or third-party emergence from bankruptcy or approval by the court).
Revenues from CF engagements primarily consist of fees generated in connection with advisory services related to mergers and acquisitions, capital markets, and other corporate finance transactions. Completion Fees from these engagements are recognized at a point in time when the related transaction has been effectively closed. At that time, the Company has transferred control of the promised service and the customer obtains control. CF contracts generally contain a variety of promised services that may be capable of being distinct, but they are not distinct within the context of the engagement as the various services are inputs to the combined output of successfully brokering a specific transaction. Completion Fees, Retainer Fees, and Progress Fees from these engagements are considered variable and constrained until the corresponding transaction has been effectively closed as they are contingent upon a future event, which includes factors outside of our control (e.g., completion of a transaction or regulatory approval).

Revenues from FR engagements primarily consist of fees generated in connection with advisory services to debtors, creditors and other parties-in-interest involving recapitalization or deleveraging transactions implemented both 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. Retainer Fees and Progress Fees from FR engagements are recognized over time using a time elapsed measure of progress as our clients simultaneously receive and consume the benefits of those services as they are provided. Completion Fees from these engagements are recognized at a point in time when the related transaction has been effectively closed. At that time, the Company has transferred control of the promised service and the customer obtains control. Completion Fees from these engagements are considered variable and constrained until the related transaction has been effectively closed as they are contingent upon a future event, which includes factors outside of our control (e.g., completion of a transaction or third party emergence from bankruptcy or approval by the court).

Revenues from FVA engagements primarily consist of fees generated in connection with valuation, diligence, tax transaction accounting, and other financial advisory services and rendering fairness, solvency and other financial opinions. Revenues are recognized at a point in time as these engagements include a singular objective that does not transfer any notable value to the Company’s clients until the opinions or reports have been rendered and delivered to the client. However, certain engagements consist of advisory services where fees are usually based on the hourly rates of our financial professionals. Such revenues are recognized over time as the benefits of these advisory services are transferred to the Company’s clients throughout the course of the engagement, and, as a practical expedient, the Company has elected to use the ‘as-invoiced’ approach to recognize revenue.

Taxes, including value added taxes, collected from customers and remitted to governmental authorities are accounted for on a net basis, and therefore, are excluded from revenue in the Consolidated Statements of Comprehensive Income.
Operating Expenses
Operating Expenses
The majority of the Company’s operating expenses are related to compensation for employees, which includes the amortization of the relevant portion of the Company’s share-based incentive plans (Note 14).
Translation of Foreign Currency Transactions
Translation of Foreign Currency Transactions
The reporting currency for the consolidated financial statements of the Company is the U.S. Dollar. The assets and liabilities of subsidiaries whose functional currency is other than the U.S. Dollar are included in the consolidation by translating the assets and liabilities at the reporting period-end exchange rates; however, revenues and expenses are translated using the applicable exchange rates determined on a monthly basis throughout the fiscal year. Resulting translation adjustments are reported as a separate component of Accumulated other comprehensive loss, net of applicable taxes.
Fair Value Measurements
Fair Value Measurements
The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels in accordance with Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement:
•Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.
•Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
•Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.
For Level 3 investments in which pricing inputs are unobservable and limited market activity exists, management's determination of fair value is based upon the best information available, and may incorporate management's own assumptions or involve a significant degree of judgment.
The following methods and assumptions were used by the Company in estimating fair value disclosures:
•Corporate debt securities: All fair value measurements are obtained from a third-party pricing service and are not adjusted by management.
•U.S. treasury securities: Fair values for U.S. treasury securities are based on quoted prices from recent trading activity of identical or similar securities. All fair value measurements are obtained from a third-party pricing service and are not adjusted by management.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the instrument.
The fair values of the financial instruments represent the amounts that would be received to sell assets or that would be paid to transfer liabilities in an orderly transaction between market participants as of a specified date. Fair value measurements maximize the use of observable inputs; however, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances, including expected cash flows and appropriately risk-adjusted discount rates, as well as available observable and unobservable inputs.

The carrying value of Cash and cash equivalents, Restricted cash, Accounts receivable, Unbilled work in progress, Accounts payable and accrued expenses, and Deferred income approximates fair value due to the short maturity of these instruments.

The carrying value of loans to employees included in Other assets approximate fair value due to the variable interest rate borne by those instruments.
Cash and Cash Equivalents
Cash and Cash Equivalents, and Restricted Cash
Cash and cash equivalents include cash held at banks and highly liquid investments with original maturities of three months or less. As of March 31, 2025 and 2024, the Company had cash balances with banks in excess of insured limits. The Company believes it is not exposed to any significant credit risk with respect to Cash and cash equivalents.
The following table provides a reconciliation of Cash and cash equivalents, and Restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows.         
March 31, 2025March 31, 2024
Cash and cash equivalents$971,007 $721,235 
Restricted cash (1)
4,572 619 
Total cash, cash equivalents, and restricted cash$975,579 $721,854 
(1)Restricted cash as of March 31, 2025 and March 31, 2024 included cash deposits in support of two letters of credit for our Frankfurt office. Restricted cash as of March 31, 2025 also included cash held in escrow accounts and collateral to support rent guarantees.
Investment Securities
Investment Securities
Investment securities consist primarily of corporate debt and U.S. treasury securities with original maturities over 90 days. The Company classifies its corporate debt and U.S. treasury securities as trading and measures them at fair value in the Consolidated Balance Sheets. Unrealized holding gains and losses for trading securities are included in Other operating expenses in the accompanying Consolidated Statements of Comprehensive Income.
Allowance for Credit Losses
Allowance for Credit Losses
The allowance for credit losses on accounts receivable and unbilled work in progress reflects management’s best estimate of expected losses using the Company's internal current expected credit losses model. This model analyzes expected losses based on relevant information about historical experience, current conditions, and reasonable and supportable forecasts that could potentially affect the collectability of the reported amounts. This is recorded through provision for bad debts, which is included in Other operating expenses in the accompanying Consolidated Statements of Comprehensive Income. Amounts deemed to be uncollectible are written off against the allowance for credit losses.
Property and Equipment
Property and Equipment
Property and equipment are stated at cost. Repair and maintenance charges are expensed as incurred and costs of renewals or improvements are capitalized at cost. Depreciation on furniture and office equipment is recognized on a straight-line basis over the estimated useful lives of the respective assets.
Income Taxes
Income Taxes
The Company files consolidated federal income tax returns, as well as consolidated and separate returns in state and local jurisdictions, and the Company reports income tax expense on this basis.

We account for income taxes in accordance with ASC Topic 740, Income Taxes, which requires the recognition of tax benefits or expenses on temporary differences between the financial reporting and tax basis of our assets and liabilities. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. The measurement of the deferred items is based on enacted tax laws and applicable tax rates. A valuation allowance related to a deferred tax asset is recorded if it is more likely than not that some portion or all of the deferred tax asset will not be realized.

The Company utilized a comprehensive model to recognize, measure, present, and disclose in its financial statements any uncertain tax positions that have been taken or are expected to be taken on a tax return. The impact of an uncertain tax position that is more likely than not of being sustained upon audit by the relevant taxing authority must be recognized at the largest amount that is more likely than not to be sustained. No portion of an uncertain tax position will be recognized if the position has less than a 50% likelihood of being sustained. Interest expense and penalties related to income taxes are included in the provision for income taxes in the accompanying Consolidated Statements of Comprehensive Income.

The Global Intangible Low-Taxed Income tax (“GILTI inclusion”) can be recognized in the financial statements through an accounting policy election by either recording a period cost (permanent item) or providing deferred income taxes stemming from certain basis differences that are expected to result in GILTI inclusion. The Company has elected to account for the tax impacts of the GILTI inclusion as a period cost.
In 2021, the Organization for Economic Co-operation and Development (“OECD”) reached agreement among various countries to establish a 15% minimum tax on certain multinational enterprises, commonly referred to as Pillar Two. The EU effective dates are January 1, 2024 and January 1, 2025, for different aspects of the directive. A significant number of other countries are expected to also implement similar legislation with varying effective dates in the future. The Company is continuing to evaluate the potential impact on future periods of Pillar Two, pending legislative adoption by individual countries.
Leases
Leases
We assess whether an arrangement is or contains a lease at the inception of the agreement. Right-of-use (“ROU”) assets represent our right to use underlying assets for the lease term and lease liabilities represent our obligation to make lease payments arising from leases. ROU assets and lease liabilities are recognized at the commencement date based on the present value of future lease payments over the lease terms utilizing the discount rate implicit in the leases. If the discount rate implicit in the leases is not readily determinable, the present value of future lease payments is calculated utilizing the Company’s incremental borrowing rate, which approximates the interest that the Company would have to pay on a secured loan. The Company elected to utilize a portfolio approach and applies the rates to a portfolio of leases with similar terms and economic environments. The terms of our leases used to determine the ROU asset and lease liability account for options to extend when it is reasonably certain that we will exercise those options, if applicable. ROU assets and lease liabilities are subject to adjustment in the event of modification to lease terms, changes in probability that an option to extend or terminate a lease would be exercised and other factors. In addition, ROU assets are periodically reviewed for impairment.

Lease expense is recognized on a straight-line basis over the lease terms. Lease expense includes amortization of the ROU assets and accretion of the lease liabilities. Amortization of ROU assets is calculated as the periodic lease cost less accretion of the lease liability. The amortized period for ROU assets is limited to the expected lease term.

The Company has elected a practical expedient to combine the lease and non-lease components into a single lease component. The Company also elected the short-term lease measurement and recognition exemption and does not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Goodwill represents an acquired company’s acquisition cost over the fair value of acquired net tangible and intangible assets. Goodwill is the net asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Intangible assets identified and accounted for include tradenames and marks, backlog, developed technologies, and customer relationships. Those intangible assets with finite lives, including backlog and customer relationships, are amortized over their estimated useful lives.
Goodwill is reviewed annually during the fourth quarter for impairment and more frequently if potential impairment indicators exist. Goodwill is reviewed for impairment in accordance with ASC Topic 350, Intangibles – Goodwill and Other, as amended by Accounting Standards Update (“ASU”) No. 2017-04, Simplifying the Test for Goodwill Impairment, which permits management to perform a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit is less than its corresponding carrying value. If management determines the reporting unit's fair value is more likely than not less than its carrying value, a quantitative analysis will be performed to compare the fair value of the reporting unit with its corresponding carrying value. If the conclusion of the quantitative analysis is that the fair value is in fact less than the carrying value, management will recognize a goodwill impairment charge for the amount by which the reporting unit’s carrying value exceeds its fair value. Impairment testing of goodwill requires a significant amount of judgment in assessing both qualitative factors and if necessary, quantitative factors used to estimate the fair value of the reporting unit. As of March 31, 2025, management concluded that it was not more likely than not that the Company’s reporting units’ fair value was less than their carrying amount and no further quantitative impairment testing had been considered necessary.
Indefinite-lived intangible assets are reviewed annually for impairment in accordance with ASU 2012-02, Testing Indefinite-lived Intangible Assets for Impairment, which provides management the option to perform a qualitative assessment. If it is more likely than not that the asset is impaired, the amount that the carrying value exceeds the fair value is recorded as an impairment expense. As of March 31, 2025, management concluded that it was not more likely than not that the fair values were less than the carrying values.
Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group (inclusive of other long-lived assets) be tested for possible impairment, management first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.
Business Combinations
Business Combinations
Accounting for business combinations requires management to make significant estimates and assumptions. We allocate the purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair value as of the acquisition date, with the consideration in excess recorded as goodwill. Critical estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows, expected asset lives, geographic risk premiums, discount rates, and more. The amounts and useful lives assigned to acquisition-related intangible assets impact the amount and timing of future amortization expense.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which was designed to enhance disclosure requirements for public entities’ reportable segments. The update addresses investor calls for more comprehensive information regarding the expenses of each reportable segment. The amendments introduce additional annual and interim disclosure requirements, with a primary focus on significant segment expenses, each segment's profit or loss, and details pertaining to the Chief Operating Decision Maker (“CODM”). The Company has implemented the updated guidance and has revised its segment disclosures accordingly in Note 18.

The Company has evaluated all recently issued accounting pronouncements and, except as discussed below, has determined that no such standards that are not yet effective would have a material impact on the Company's consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU enhances transparency in income tax reporting by expanding disclosure requirements for the rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures.
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Reconciliation of Cash, Cash Equivalents, and Restricted Cash The Company believes it is not exposed to any significant credit risk with respect to Cash and cash equivalents.
The following table provides a reconciliation of Cash and cash equivalents, and Restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows.         
March 31, 2025March 31, 2024
Cash and cash equivalents$971,007 $721,235 
Restricted cash (1)
4,572 619 
Total cash, cash equivalents, and restricted cash$975,579 $721,854 
(1)Restricted cash as of March 31, 2025 and March 31, 2024 included cash deposits in support of two letters of credit for our Frankfurt office. Restricted cash as of March 31, 2025 also included cash held in escrow accounts and collateral to support rent guarantees.
v3.25.1
REVENUE RECOGNITION (Tables)
 12 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Asset and Liability The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers:
March 31, 2025March 31, 2024
Receivables, net (1)
$247,622 $192,952 
Unbilled work in progress, net of allowance for credit losses157,760 192,012 
Contract Assets (1)
9,704 6,678 
Contract Liabilities (2)
48,215 33,139 
(1)Included within Accounts receivable, net of allowance for credit losses in the Consolidated Balance Sheets.
(2)Included within Deferred income in the Consolidated Balance Sheets.
v3.25.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The following table presents information about the Company's financial assets, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values:
March 31, 2025
Level ILevel IILevel IIITotal
Corporate debt securities$— $178,150 $— $178,150 
U.S. treasury securities— 16,904 — 16,904 
Common stock21 — — 21 
Certificates of deposit— 549 — 549 
Total asset measured at fair value$21 $195,603 $— $195,624 

March 31, 2024
Level ILevel IILevel IIITotal
Corporate debt securities$— $21,641 $— $21,641 
U.S. treasury securities— 15,833 — 15,833 
Certificates of deposit— 531 — 531 
Total asset measured at fair value$— $38,005 $— $38,005 
v3.25.1
INVESTMENT SECURITIES (Tables)
 12 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Held-to-maturity
The amortized cost and gross unrealized gains (losses) of marketable investment securities accounted under the fair value method were as follows:
March 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
Corporate debt securities$177,687 $627 $(164)$178,150 
U.S. treasury securities17,044 17 (157)16,904 
Common stock21 — — 21 
Certificates of deposit549 — — 549 
Total securities with unrealized gains/(losses)$195,301 $644 $(321)$195,624 

March 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized (Losses)
Fair Value
Corporate debt securities$22,318 $8 $(685)$21,641 
U.S. treasury securities16,071 110 (348)15,833 
Certificates of deposit531 — — 531 
Total securities with unrealized gains/(losses)$38,920 $118 $(1,033)$38,005 
Investments Classified by Contractual Maturity Date
Scheduled maturities of the securities held by the Company included within the investment securities portfolio were as follows:
March 31, 2025March 31, 2024
Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due within one year$166,799 $167,328 $7,592 $7,566 
Due within years two through five28,502 28,296 31,328 30,439 
Total debt within the investment securities portfolio$195,301 $195,624 $38,920 $38,005 
v3.25.1
ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)
 12 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Allowance for Uncollectible Accounts Receivable
The following table presents information about the Company's allowance for credit losses:
March 31, 2025March 31, 2024
Beginning balance$14,899 $14,395 
Provision for bad debt, net9,260 7,264 
Write-off of uncollectible accounts, net(3,552)(6,760)
Ending balance$20,607 $14,899 
v3.25.1
PROPERTY AND EQUIPMENT (Tables)
 12 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
Property and equipment, net of accumulated depreciation consists of the following:
Useful LivesMarch 31, 2025March 31, 2024
Equipment5 years$10,409 $9,972 
Furniture and fixtures5 years37,801 29,672 
Leasehold improvements10 years159,961 144,996 
Computers and software3 years13,620 12,282 
OtherVarious8,092 8,088 
Total cost229,883 205,010 
Less: accumulated depreciation(80,533)(68,309)
Total net book value$149,350 $136,701 
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 12 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill
The following table provides a reconciliation of Goodwill and other intangible assets, net reported on the Consolidated Balance Sheets.
Useful LivesMarch 31, 2025March 31, 2024
GoodwillIndefinite$1,284,589 $1,127,497 
Tradename-Houlihan LokeyIndefinite192,210 192,210 
Other intangible assetsVaries133,785 98,897 
Total cost1,610,584 1,418,604 
Less: accumulated amortization(113,325)(93,668)
Goodwill and other intangible assets, net$1,497,259 $1,324,936 
Finite-lived Intangible Assets Amortization Expense
The estimated future amortization for finite-lived intangible assets for each of the next five years and thereafter are as follows:

Year Ended March 31,
2026$13,990 
2027834 
2028682 
2029657 
2030 and thereafter3,993 
Schedule of Goodwill by Business Segment
Goodwill attributable to the Company’s business segments is as follows:
April 1, 2024ChangeMarch 31, 2025
Corporate Finance (1)
$872,967 $145,016 $1,017,983 
Financial Restructuring162,815 — 162,815 
Financial and Valuation Advisory (2)
91,715 12,076 103,791 
Goodwill$1,127,497 $157,092 $1,284,589 
(1)Change pertains primarily to the acquisition of Waller Helms Advisors LLC and Triago.
v3.25.1
ACCUMULATED OTHER COMPREHENSIVE (LOSS) (Tables)
 12 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Loss
Accumulated other comprehensive (loss) as of March 31, 2025, 2024, and 2023, was comprised of the following:
Total
Balance, March 31, 2023$(62,814)
Foreign currency translation adjustments(3,794)
Balance, March 31, 2024(66,608)
Foreign currency translation adjustments3,327 
Balance, March 31, 2025$(63,281)
v3.25.1
INCOME TAXES (Tables)
 12 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Provision (Benefit) for Income Taxes on Operations
The provision for income taxes on operations for the years ended March 31, 2025, 2024, and 2023 is comprised of the following approximate values:
Year Ended March 31,
202520242023
Current:
Federal$73,724 $40,838 $66,529 
State and local15,065 16,116 4,819 
Foreign43,792 32,814 1,875 
     Subtotal132,581 89,768 73,223 
Deferred:
Federal(7,593)14,116 1,605 
State and local1,114 3,498 1,092 
Foreign5,522 2,856 (6,143)
Subtotal(957)20,470 (3,446)
Total$131,624 $110,238 $69,777 
Effective Income Tax Rate Reconciliation
The provision for income taxes on operations for the years ended March 31, 2025, 2024, and 2023 is reconciled to the income taxes computed at the statutory federal income tax rate (computed by applying the federal corporate rate of 21% to consolidated operating income before provision for income taxes) as follows:
Year Ended March 31,
202520242023
Federal income tax provision computed at statutory rate$111,580 21.0 %$82,013 21.0 %$68,040 21.0 %
State and local taxes, net of federal tax effect21,297 4.0 %20,027 5.1 %16,609 5.1 %
Tax impact from foreign operations12,535 2.4 %7,922 2.0 %(5,040)(1.5)%
Nondeductible expenses14,313 2.7 %9,133 2.4 %9,396 2.9 %
Stock compensation(20,387)(3.8)%(7,468)(1.9)%(8,044)(2.5)%
Uncertain tax positions, true-up items, and other(7,714)(1.5)%(1,389)(0.4)%(11,184)(3.5)%
Total$131,624 24.8 %$110,238 28.2 %$69,777 21.5 %
Schedule of Deferred Tax Assets and Liabilities The deferred income taxes on the accompanying Consolidated Balance Sheets as of March 31, 2025 and March 31, 2024, comprise the following:
March 31, 2025March 31, 2024
Deferred tax assets:
Deferred compensation expense/accrued bonus$125,428 $109,416 
Allowance for credit losses2,246 1,243 
Accounts receivable and work in progress950 9,577 
US foreign tax credits 2,365 2,313 
Operating lease liabilities85,088 87,219 
Non-US40,639 43,434 
Other, net2,431 6,051 
Total deferred tax assets259,147 259,253 
Deferred tax asset valuation allowance (13,415)(12,386)
Total deferred tax assets245,732 246,867 
Deferred tax liabilities:
Intangibles(69,335)(71,575)
Operating lease right-of-use assets(67,901)(69,978)
Other, net(24,504)(22,755)
Total deferred tax liabilities(161,740)(164,308)
Net deferred tax assets$83,992 $82,559 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the unrecognized tax position as of March 31, 2025 and March 31, 2024 is as follows:
March 31, 2025March 31, 2024
Unrecognized tax position at the beginning of the year$15,800 $14,825 
Increase related to prior year tax positions— 2,233 
Decrease related to prior year tax positions(15,471)(1,258)
Unrecognized tax position at the end of the year$329 $15,800 
v3.25.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The calculations of basic and diluted earnings per share attributable to holders of shares of common stock are presented below. The determination of weighted average shares of common stock outstanding includes both the Company's Class A common stock and Class B common stock. Please refer to Note 15 for further detail on our two classes of authorized Company common stock
Year Ended March 31,
202520242023
Numerator:
Net income attributable to Houlihan Lokey, Inc.$399,711 $280,301 $254,223 
Denominator:
Weighted average shares of common stock outstanding — basic65,724,473 64,337,975 63,358,408 
Weighted average number of incremental shares pertaining to unvested restricted stock and issuable in respect of unvested restricted stock units, as-calculated using the treasury stock method2,933,874 3,821,415 4,227,855 
Weighted average shares of common stock outstanding — diluted68,658,347 68,159,390 67,586,263 
Basic earnings per share$6.08 $4.36 $4.01 
Diluted earnings per share$5.82 $4.11 $3.76 
v3.25.1
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Activity in Equity Classified Share Awards Activity in equity classified share awards that relate to the Company's 2006 Incentive Award Plan (the “2006 Incentive Plan”) and the 2016 Incentive Plan during the years ended March 31, 2025, 2024, and 2023, is as follows:
Unvested Share AwardsShares
Weighted Average Grant Date Fair Value
Balance, April 1, 20224,314,375 $71.42 
Granted2,266,088 84.78 
Vested(1,175,311)59.77 
Shares repurchased/forfeited(123,373)79.00 
Balance, March 31, 20235,281,779 79.57 
Granted1,244,902 87.60 
Vested(1,655,390)74.28 
Shares repurchased/forfeited(352,267)84.05 
Balance, March 31, 20244,519,024 83.37 
Granted1,011,584 137.59 
Vested(1,619,144)80.49 
Shares repurchased/forfeited(225,371)91.62 
Balance, March 31, 20253,686,093 $99.02 
Activity in Liability Classified Share Awards
Activity in liability classified share awards during the years ended March 31, 2025, 2024, and 2023 is as follows:    

Awards Settleable in SharesFair Value
Balance, April 1, 2022$14,349 
Offer to grant5,318 
Share price determined-converted to cash payments(2,664)
Share price determined-transferred to equity grants (1)
(3,411)
Forfeited(1,621)
Balance, March 31, 202311,971 
Offer to grant7,022 
Share price determined-converted to cash payments(3)
Share price determined-transferred to equity grants (1)
(1,806)
Forfeited— 
Balance, March 31, 202417,184 
Offer to grant1,198 
Share price determined-converted to cash payments(5)
Share price determined-transferred to equity grants (1)
(3,896)
Forfeited(4,139)
Balance, March 31, 2025$10,342 
(1)29,057, 40,702, and 46,430 shares for the years ended March 31, 2025, 2024, and 2023, respectively.
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
The following table summarizes the activity of our RSUs for the years ended March 31, 2025, 2024, and 2023, respectively.

Restricted Stock UnitsRSUs
Weighted Average Grant Date Fair Value
RSUs as of April 1, 20221,038,503 $95.27 
Issued50,556 84.55 
Forfeitures(14,275)96.82 
Vested(24,138)63.75 
RSUs as of March 31, 20231,050,646 95.46 
Issued94,286 87.60 
Forfeitures(266,883)94.38 
Vested(34,319)91.07 
RSUs as of March 31, 2024843,730 95.09 
Issued136,559 155.37 
Forfeitures(28,396)94.99 
Vested(274,880)94.77 
RSUs as of March 31, 2025677,013 $107.39 
v3.25.1
LEASES (Tables)
 12 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Lessee, Operating Lease, Liability, Maturity
The following table outlines the maturity of our existing operating lease liabilities on a fiscal year-end basis as of March 31, 2025.

Maturity of Operating Leases
Operating Leases
2026$49,866 
202755,393 
202856,554 
202955,787 
203054,088 
2031 and thereafter308,722 
Total580,410 
Less: present value discount(142,225)
Operating lease liabilities$438,185 
Lease, Cost
Lease costs
March 31, 2025March 31, 2024
Operating lease expense$61,106 $57,436 
Variable lease expense (1)
19,419 19,493 
Short-term lease expense231 211 
Less: Sublease income(2,874)(1,059)
Total lease costs$77,882 $76,081 
(1)Primarily consists of payments for property taxes, common area maintenance and usage based operating costs.

Weighted-average details
March 31, 2025March 31, 2024
Weighted-average remaining lease term (years)1112
Weighted-average discount rate5.4 %5.3 %
Supplemental cash flow information related to leases:
March 31, 2025March 31, 2024
Operating cash flows:
Cash paid for amounts included in the measurement of Operating lease liabilities$56,312 $34,341 
Non-cash activity:
Operating lease right-of-use assets obtained in exchange of Operating lease liabilities$55,433 $21,114 
Change in Operating lease right-of-use assets due to remeasurement(9,215)20,376 
v3.25.1
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)
 12 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Revenue, Profit and Assets by Segment The following tables present information about revenues, profit and assets by segment and geography. The Company's CODM is its Chief Executive Officer. The CODM oversees the performance of the Company's three reportable segments by analyzing their financial metrics, including revenues by segment and segment profit. The financial metrics the CODM regularly receives does not include asset information and does not use segment asset information to assess performance or allocate resources. Comparable prior year information has been recast to reflect the additional disclosure of employee compensation and benefits by segment and non-compensation expense by segment.
Year Ended March 31,
202520242023
Revenues by segment
Corporate Finance$1,526,756 $1,106,826 $1,127,126 
Financial Restructuring544,478 521,984 395,733 
Financial and Valuation Advisory318,182 285,594 286,588 
Revenues2,389,416 1,914,404 1,809,447 
Employee compensation and benefits by segment (1)
Corporate Finance871,313 638,072 623,884 
Financial Restructuring289,979 282,431 238,032 
Financial and Valuation Advisory175,412 155,502 159,254 
Non-compensation expense by segment
Corporate Finance181,020 166,221 149,167 
Financial Restructuring45,193 45,437 36,083 
Financial and Valuation Advisory54,187 55,670 45,946 
Segment profit
Corporate Finance474,423 302,533 354,075 
Financial Restructuring209,306 194,116 121,618 
Financial and Valuation Advisory88,583 74,422 81,388 
Total segment profit772,312 571,071 557,081 
Corporate expenses (2)
270,768 208,210 215,343 
Operating income501,544 362,861 341,738 
Other (income)/expense, net(29,791)(27,678)17,738 
Income before provision for income taxes$531,335 $390,539 $324,000 
(1)We adjust the compensation expense for a business segment in situations where an employee residing in one business segment is performing work in another business segment where the revenues are accrued. Segment profit may vary significantly between periods depending on the levels of collaboration among the different segments.
(2)Corporate expenses represent expenses that are not allocated to individual business segments such as those related to executive management, accounting, information technology, legal and compliance, marketing, and human capital.

March 31, 2025March 31, 2024
Assets by segment
Corporate Finance$1,312,291 $1,147,432 
Financial Restructuring179,498 192,185 
Financial and Valuation Advisory207,162 170,627 
Total segment assets1,698,951 1,510,244 
Corporate assets2,120,757 1,660,515 
Total assets$3,819,708 $3,170,759 
Revenue and Income Before Provision for Income Taxes by Geographic Areas
Year Ended March 31,
202520242023
Income before provision for income taxes by geography
United States$356,072 $256,472 $222,923 
International175,263 134,067 101,077 
Income before provision for income taxes$531,335 $390,539 $324,000 
Year Ended March 31,
202520242023
Revenues by geography:
United States$1,702,163 $1,344,305 $1,289,365 
International687,253 570,099 520,082 
Revenues$2,389,416 $1,914,404 $1,809,447 
Assets by Geographic Areas
March 31, 2025March 31, 2024
Assets by geography
United States$2,439,032 $1,957,454 
International1,380,676 1,213,305 
Total assets$3,819,708 $3,170,759 
v3.25.1
BACKGROUND (Details)
 12 Months Ended
Mar. 31, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of business segments 3
v3.25.1
- Revenues (Narrative) (Details)
 12 Months Ended
Mar. 31, 2025
segment
Accounting Policies [Abstract]  
Number of business segments 3
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Translation of Foreign Currency Transactions (Narrative) (Details)
 12 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
numberOfInstruments
Mar. 31, 2025
EUR (€)
numberOfInstruments
Derivative [Line Items]      
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other operating expenses Other operating expenses  
Foreign currency forward contract      
Derivative [Line Items]      
Notional amount   $ 38,300,000 € 75,000,000
Gain (loss) included in other operating expenses | $ $ 237,000 $ 55,000  
Derivative, Number of Instruments Held | numberOfInstruments   1 1
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Accounting Policies [Abstract]        
Cash and cash equivalents $ 971,007 $ 721,235    
Restricted cash (1) 4,572 619    
Total cash, cash equivalents, and restricted cash $ 975,579 $ 721,854 $ 714,812 $ 834,070
v3.25.1
REVENUE RECOGNITION - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]    
Revenue $ 21,514 $ 28,400
v3.25.1
REVENUE RECOGNITION - Summary of Receivables, Contract Assets, and Contract Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]    
Receivables, net $ 247,622 $ 192,952
Unbilled work in progress, net of allowance for credit losses 157,760 192,012
Contract assets 9,704 6,678
Contract liabilities $ 48,215 $ 33,139
v3.25.1
RELATED‑PARTY TRANSACTIONS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Related Party Transaction [Line Items]      
Accounts receivable, net of allowance for credit losses $ 257,326 $ 199,630  
Unbilled work in progress, net of allowance for credit losses 157,760 192,012  
Other assets 131,365 90,677  
Financial and Valuation Advisory (2)      
Related Party Transaction [Line Items]      
Financial advisory services fees 3,640 9,044 $ 284
Company Employees      
Related Party Transaction [Line Items]      
Other assets 44,290 $ 32,937  
Related Party      
Related Party Transaction [Line Items]      
Accounts receivable, net of allowance for credit losses 1,111    
Unbilled work in progress, net of allowance for credit losses $ 7,228    
v3.25.1
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total asset measured at fair value $ 195,624 $ 38,005
Level I    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total asset measured at fair value 21 0
Level II    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total asset measured at fair value 195,603 38,005
Level III    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total asset measured at fair value 0 0
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 178,150 21,641
Corporate debt securities | Level I    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 0
Corporate debt securities | Level II    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 178,150 21,641
Corporate debt securities | Level III    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 0
U.S. treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 16,904 15,833
U.S. treasury securities | Level I    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 0
U.S. treasury securities | Level II    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 16,904 15,833
U.S. treasury securities | Level III    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 0
Common stock    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 21  
Common stock | Level I    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 21  
Common stock | Level II    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0  
Common stock | Level III    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0  
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 549 531
Certificates of deposit | Level I    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 0
Certificates of deposit | Level II    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 549 531
Certificates of deposit | Level III    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments $ 0 $ 0
v3.25.1
- Summary of Trading Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost $ 195,301  
Gross Unrealized Gains 644  
Gross Unrealized (Losses) (321)  
Fair Value 195,624  
Amortized Cost   $ 38,920
Gross Unrealized Gains   118
Gross Unrealized (Losses)   (1,033)
Fair Value   38,005
Corporate debt securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost 177,687  
Gross Unrealized Gains 627  
Gross Unrealized (Losses) (164)  
Fair Value 178,150  
Amortized Cost   22,318
Gross Unrealized Gains   8
Gross Unrealized (Losses)   (685)
Fair Value   21,641
U.S. treasury securities    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost 17,044  
Gross Unrealized Gains 17  
Gross Unrealized (Losses) (157)  
Fair Value 16,904  
Amortized Cost   16,071
Gross Unrealized Gains   110
Gross Unrealized (Losses)   (348)
Fair Value   15,833
Common stock    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost 21  
Gross Unrealized Gains 0  
Gross Unrealized (Losses) 0  
Fair Value 21  
Certificates of deposit    
Schedule of Held-to-maturity Securities [Line Items]    
Amortized Cost 549 531
Gross Unrealized Gains 0 0
Gross Unrealized (Losses) 0 0
Fair Value $ 549 $ 531
v3.25.1
INVESTMENT SECURITIES - Summary of Investment Contractual Maturity Dates (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Due within one year, amortized cost $ 166,799 $ 7,592
Due within one year, estimated fair value 167,328 7,566
Die within one year through five years, amortized cost 28,502 31,328
Due within one year through five years, fair value 28,296 30,439
Amortized cost 195,301 38,920
Fair value $ 195,624 $ 38,005
v3.25.1
ALLOWANCE FOR CREDIT LOSSES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Allowance for Uncollectible Accounts Receivable      
Beginning balance $ 14,899 $ 14,395  
Provision for bad debt, net 9,260 7,264 $ 6,429
Recovery or write-off of uncollectible accounts (3,552) (6,760)  
Ending balance $ 20,607 $ 14,899 $ 14,395
v3.25.1
PROPERTY AND EQUIPMENT (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Property, Plant and Equipment [Line Items]      
Total cost $ 229,883 $ 205,010  
Less: accumulated depreciation (80,533) (68,309)  
Total net book value 149,350 136,701  
Depreciation $ 21,942 17,782 $ 13,250
Equipment      
Property, Plant and Equipment [Line Items]      
Useful Lives 5 years    
Total cost $ 10,409 9,972  
Furniture and fixtures      
Property, Plant and Equipment [Line Items]      
Useful Lives 5 years    
Total cost $ 37,801 29,672  
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Useful Lives 10 years    
Total cost $ 159,961 144,996  
Computers and software      
Property, Plant and Equipment [Line Items]      
Useful Lives 3 years    
Total cost $ 13,620 12,282  
Other      
Property, Plant and Equipment [Line Items]      
Total cost $ 8,092 $ 8,088  
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill $ 1,284,589 $ 1,127,497
Tradename-Houlihan Lokey 192,210 192,210
Other intangible assets 133,785 98,897
Total cost 1,610,584 1,418,604
Less: accumulated amortization (113,325) (93,668)
Goodwill and other intangible assets, net $ 1,497,259 $ 1,324,936
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 19,328 $ 10,754 $ 44,971
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Finite-Lived Intangible Assets, Amortization Expense, Fiscal Year Maturity (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
(In thousands)  
2026 $ 13,990
2027 834
2028 682
2029 657
2030 and thereafter $ 3,993
v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill by Business Segments (Details)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
USD ($)
Goodwill  
April 1, 2024 $ 1,127,497
Changes 157,092
March 31, 2024 1,284,589
Corporate Finance (1)  
Goodwill  
April 1, 2024 872,967
Changes 145,016
March 31, 2024 1,017,983
Financial Restructuring  
Goodwill  
April 1, 2024 162,815
Changes 0
March 31, 2024 162,815
Financial and Valuation Advisory (2)  
Goodwill  
April 1, 2024 91,715
Changes 12,076
March 31, 2024 $ 103,791
v3.25.1
LOANS PAYABLE (Details) - USD ($)
 1 Months Ended 12 Months Ended
Aug. 23, 2019
Dec. 31, 2023
Mar. 31, 2025
Mar. 31, 2024
7 Mile Advisors, LLC        
Debt Instrument [Line Items]        
Contingent consideration     $ 2,200,000 $ 4,000,000
Loans Payable | 2.00% Loans Payable        
Debt Instrument [Line Items]        
Loans payable, face amount   $ 14,500,000    
Interest and unused commitment fees paid     290,000 88,000
Stated interest rate   2.00%    
Exchange period   3 years    
Revolving line of credit | Bank of America        
Debt Instrument [Line Items]        
Line of credit, maximum borrowing capacity $ 100,000,000      
Margin adjustment 1.00%      
Principal outstanding     $ 0 $ 0
Revolving line of credit | Bank of America | 2019 Line of Credit, Expansion Option        
Debt Instrument [Line Items]        
Line of credit, maximum borrowing capacity $ 200,000,000      
Secured Overnight Financing Rate (SOFR) | Revolving line of credit | Bank of America        
Debt Instrument [Line Items]        
Stated interest rate on line of credit 0.10%      
Fed Funds Effective Rate Overnight Index Swap Rate | Revolving line of credit | Bank of America        
Debt Instrument [Line Items]        
Stated interest rate on line of credit 0.50%      
v3.25.1
ACCUMULATED OTHER COMPREHENSIVE (LOSS) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Accumulated Other Comprehensive Loss      
Foreign currency translation adjustments $ 3,327 $ (3,794) $ (19,467)
Accumulated other comprehensive loss      
Accumulated Other Comprehensive Loss      
Beginning balance (66,608) (62,814)  
Ending balance $ (63,281) $ (66,608) $ (62,814)
v3.25.1
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Tax Credit Carryforward [Line Items]      
Provision for income taxes $ 131,624 $ 110,238 $ 69,777
Effective tax rate 24.80% 28.20% 21.50%
Deferred tax asset, foreign net operating losses $ 41,707    
Deferred tax asset valuation allowance 13,415 $ 12,386  
Increase in deferred tax assets valuation allowance 979 9,139  
Recorded liabilities for interest and penalties related to uncertain tax positions 0 576  
Unrecognized tax benefits 329 15,800 $ 14,825
Reasonably possible decrease in gross unrecognized income tax benefits for federal and state items may be necessary within the next 12 months 201    
Goodwill from Previous Acquisitions      
Tax Credit Carryforward [Line Items]      
Deferred tax asset valuation allowance 11,051 10,072  
Foreign Tax Jurisdiction      
Tax Credit Carryforward [Line Items]      
Deferred tax asset valuation allowance $ 2,365 $ 2,313  
v3.25.1
INCOME TAXES - Provision (Benefit) for Income Taxes on Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Current:      
Federal $ 73,724 $ 40,838 $ 66,529
State and local 15,065 16,116 4,819
Foreign 43,792 32,814 1,875
Current income tax expense (benefit) 132,581 89,768 73,223
Deferred:      
Federal (7,593) 14,116 1,605
State and local 1,114 3,498 1,092
Foreign 5,522 2,856 (6,143)
Deferred income tax expense (benefit) (957) 20,470 (3,446)
Total $ 131,624 $ 110,238 $ 69,777
v3.25.1
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Effective Income Tax Rate Reconciliation, Amount      
Federal income tax provision computed at statutory rate $ 111,580 $ 82,013 $ 68,040
State and local taxes, net of federal tax effect 21,297 20,027 16,609
Tax impact from foreign operations 12,535 7,922 (5,040)
Nondeductible expenses 14,313 9,133 9,396
Stock compensation (20,387) (7,468) (8,044)
Uncertain tax positions, true-up items, and other (7,714) (1,389) (11,184)
Total $ 131,624 $ 110,238 $ 69,777
Effective Income Tax Rate Reconciliation, Percent      
Federal income tax provision computed at statutory rate 21.00% 21.00% 21.00%
State and local taxes, net of federal tax effect 4.00% 5.10% 5.10%
Tax impact from foreign operations 2.40% 2.00% (1.50%)
Nondeductible expenses 2.70% 2.40% 2.90%
Stock compensation (3.80%) (1.90%) (2.50%)
Uncertain tax positions, true-up items, and other (1.50%) (0.40%) (3.50%)
Total 24.80% 28.20% 21.50%
v3.25.1
INCOME TAXES - Deferred Income Taxes (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Deferred tax assets:    
Deferred compensation expense/accrued bonus $ 125,428 $ 109,416
Allowance for credit losses 2,246 1,243
Accounts receivable and work in progress 950 9,577
US foreign tax credits 2,365 2,313
Operating lease liabilities 85,088 87,219
Non-US 40,639 43,434
Other, net 2,431 6,051
Total deferred tax assets 259,147 259,253
Deferred tax asset valuation allowance (13,415) (12,386)
Total deferred tax assets 245,732 246,867
Deferred tax liabilities:    
Intangibles (69,335) (71,575)
Operating lease right-of-use assets (67,901) (69,978)
Other, net (24,504) (22,755)
Total deferred tax liabilities (161,740) (164,308)
Net deferred tax assets $ 83,992 $ 82,559
v3.25.1
INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Reconciliation of Unrecognized Tax Benefits    
Unrecognized tax position at the beginning of the year $ 15,800 $ 14,825
Increase related to prior year tax positions 0 2,233
Decrease related to prior year tax positions (15,471) (1,258)
Unrecognized tax position at the end of the year $ 329 $ 15,800
v3.25.1
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Numerator:      
Comprehensive income attributable to Houlihan Lokey, Inc. $ 403,038 $ 276,507 $ 234,756
Denominator:      
Weighted average shares of common stock outstanding—basic (in shares) 65,724,473 64,337,975 63,358,408
Weighted average number of incremental shares issuable from unvested restricted stock and restricted stock units, as calculated using the treasury stock method (in shares) 2,933,874 3,821,415 4,227,855
Weighted average shares of common stock outstanding—diluted (in shares) 68,658,347 68,159,390 67,586,263
Basic (in usd per share) $ 6.08 $ 4.36 $ 4.01
Diluted (in usd per share) $ 5.82 $ 4.11 $ 3.76
v3.25.1
EMPLOYEE BENEFIT PLANS - Defined Contribution Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Defined contribution plan, amount of contributions $ 13,423 $ 12,526 $ 10,640
v3.25.1
EMPLOYEE BENEFIT PLANS - Share-Based Incentive Plans Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Aug. 31, 2015
Jun. 30, 2024
$ / shares
Mar. 31, 2024
USD ($)
director
Jun. 30, 2023
director
$ / shares
Jun. 30, 2022
director
$ / shares
Mar. 31, 2025
USD ($)
$ / shares
Mar. 31, 2024
USD ($)
$ / shares
Mar. 31, 2023
USD ($)
$ / shares
Apr. 01, 2025
shares
Oct. 24, 2024
shares
Apr. 28, 2022
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Share-based compensation, excess tax benefit amount | $           $ 20,387 $ 7,468 $ 8,044      
Payments related to tax withholding for share-based compensation | $           (102,343) (70,713) (42,283)      
Compensation expense — equity and liability classified share awards (Note 14) | $           168,443 166,595 $ 156,936      
Unrecognized compensation cost | $     $ 298,100     $ 303,520 $ 298,100        
Unrecognized compensation cost, period for recognition           1 year 9 months 18 days 2 years 10 months 24 days        
Restricted Stock                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Award requisite service period           4 years          
2006 Incentive Plan | Restricted Stock                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Granted (in usd per share) | $ / shares           $ 137.59 $ 87.60 $ 84.78      
2016 Incentive Plan                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting period, restricted stock 4 years                    
October 2024 Incentive Plan                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Common stock, reserved for future issuance (in shares) | shares                   8,000,000  
October 2024 Incentive Plan | Subsequent Event                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Common stock, reserved for future issuance (in shares) | shares                 4,231,218    
Director | 2016 Incentive Plan | Restricted Stock                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Aggregate shares granted, number of recipients | director     6 6 6            
Granted (in usd per share) | $ / shares   $ 134.08   $ 87.60 $ 84.55            
Class B | Amended And Restated 2016 Incentive Award Plan                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Increase (decrease) in number of shares authorized (in shares) | shares                     10,000,000
Class A | Amended And Restated 2016 Incentive Award Plan                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Increase (decrease) in number of shares authorized (in shares) | shares                     10,000,000
v3.25.1
EMPLOYEE BENEFIT PLANS - Activity in Equity Classified Share Awards (Details) - 2006 Incentive Plan - Restricted Stock - $ / shares
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Shares      
Beginning balance (in shares) 4,519,024 5,281,779 4,314,375
Granted (in shares) 1,011,584 1,244,902 2,266,088
Vested (in shares) (1,619,144) (1,655,390) (1,175,311)
Forfeited (in shares)   (352,267) (123,373)
Shares repurchased/forfeited (in shares) (225,371)    
Ending balance (in shares) 3,686,093 4,519,024 5,281,779
Weighted Average Grant Date Fair Value      
Beginning balance (in usd per share) $ 83.37 $ 79.57 $ 71.42
Granted (in usd per share) 137.59 87.60 84.78
Vested (in usd per share) 80.49 74.28 59.77
Forfeited (in usd per share) 91.62 84.05 79.00
Ending balance (in usd per share) $ 99.02 $ 83.37 $ 79.57
v3.25.1
EMPLOYEE BENEFIT PLANS - Activity in Liability Classified Shares (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Liability Classified Awards Settleable in Shares      
Beginning balance $ 17,184 $ 11,971 $ 14,349
Offer to grant 1,198 7,022 5,318
Share price determined-converted to cash payments (5) (3) (2,664)
Share price determined-transferred to equity grants (3,896) (1,806) (3,411)
Forfeited (4,139) 0 (1,621)
Ending balance $ 10,342 $ 17,184 $ 11,971
Share price determined-transferred to equity grants (in shares) 29,057 40,702 46,430
v3.25.1
EMPLOYEE BENEFIT PLANS - Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity (Details) - Restricted Stock Units (RSUs) - $ / shares
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
RSUs      
Beginning balance (in shares) 843,730 1,050,646 1,038,503
Issued (in shares) 136,559 94,286 50,556
Forfeitures (in shares) (28,396) (266,883) (14,275)
Vested (in shares) (274,880) (34,319) (24,138)
Ending balance (in shares) 677,013 843,730 1,050,646
Weighted Average Grant Date Fair Value      
Beginning balance (in usd per share) $ 95.09 $ 95.46 $ 95.27
Granted (in usd per share) 155.37 87.60 84.55
Forfeitures (in usd per share) 94.99 94.38 96.82
Vested (in usd per share) 94.77 91.07 63.75
Ending balance (in usd per share) $ 107.39 $ 95.09 $ 95.46
v3.25.1
STOCKHOLDERS' EQUITY (Details) - USD ($)
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Jul. 31, 2021
Class of Stock [Line Items]          
Dividends outstanding $ 22,790,000 $ 22,883,000      
Stock repurchase program, authorized amount         $ 500,000,000
Stock repurchase program, remaining authorized repurchase amount $ 405,524,000        
Treasury stock acquired, average cost per share (in dollars per share) $ 161.90 $ 103.68 $ 85.74    
Class A          
Class of Stock [Line Items]          
Shares issued of common stock (in shares) 53,822,189 52,348,511      
Number of common shares outstanding (in shares) 53,822,189 52,348,511      
Stock repurchased and retired during period, shares (in shares) 322,344,000 240,666 677,287    
Stock repurchased and retired during period, value $ 52,189,000 $ 24,952,000 $ 58,073,000    
Class B          
Class of Stock [Line Items]          
Shares issued of common stock (in shares) 16,021,106 16,746,676      
Number of common shares outstanding (in shares) 16,021,106 16,746,676      
Stock repurchased and retired during period, shares (in shares) 676,572,000 772,794,000 507,511,000    
Stock repurchased and retired during period, value $ 102,343,000 $ 70,713,000 $ 42,283,000    
Director | Class A          
Class of Stock [Line Items]          
Shares issued to non-employee directors (in shares) 5,248 6,609      
Investor | Class A          
Class of Stock [Line Items]          
Shares issued of common stock (in shares) 53,753,606 52,283,576      
Common stock | Class A          
Class of Stock [Line Items]          
Shares issued to non-employee directors (in shares) 5,248 6,609 6,739    
Shares converted from Class B to Class A (in shares) 1,699,118 1,942,078      
Number of common shares outstanding (in shares) 53,822,189 52,348,511 50,638,924 49,853,564  
Common stock | Class B          
Class of Stock [Line Items]          
Number of common shares outstanding (in shares) 16,021,106 16,746,676 18,048,345 17,649,555  
Director | Class A          
Class of Stock [Line Items]          
Shares issued of common stock (in shares) 68,583 64,935      
v3.25.1
LEASES - Narrative (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Lessee, Lease, Description [Line Items]  
Lease not yet commenced, amount $ 4,600
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease, term of contract 1 year
Operating lease, lease not yet commenced, term of contract 5 years
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease, term of contract 15 years
v3.25.1
LEASES - Maturity of Existing Operating Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
2026 $ 49,866  
2027 55,393  
2028 56,554  
2029 55,787  
2030 54,088  
2031 and thereafter 308,722  
Total 580,410  
Less: present value discount (142,225)  
Operating lease liabilities $ 438,185 $ 415,412
v3.25.1
LEASES - Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Operating lease expense $ 61,106 $ 57,436
Variable lease expense (1) 19,419 19,493
Short-term lease expense 231 211
Less: Sublease income (2,874) (1,059)
Total lease costs $ 77,882 $ 76,081
v3.25.1
LEASES - Weighted Average Details (Details)
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Weighted-average remaining lease term (years)   12 years
Weighted-average discount rate 5.40% 5.30%
v3.25.1
LEASES - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Cash paid for amounts included in the measurement of Operating lease liabilities $ 56,312 $ 34,341
Operating lease right-of-use assets obtained in exchange of Operating lease liabilities 55,433 21,114
Change in Operating lease right-of-use assets due to remeasurement $ (9,215) $ 20,376
v3.25.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue and Assets by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 2,389,416 $ 1,914,404 $ 1,809,447
Employee compensation and benefits 1,469,491 1,177,355 1,112,809
Segment profit 772,312 571,071 557,081
Corporate expenses 1,887,872 1,551,543 1,467,709
Operating income 501,544 362,861 341,738
Other income, net (29,791) (27,678) 17,738
Income before provision for income taxes 531,335 390,539 324,000
Assets 3,819,708 3,170,759  
Operating Segments      
Segment Reporting Information [Line Items]      
Assets 1,698,951 1,510,244  
Operating Segments | Corporate Finance (1)      
Segment Reporting Information [Line Items]      
Revenues 1,526,756 1,106,826 1,127,126
Employee compensation and benefits 871,313 638,072 623,884
Non-Compensation Expense 181,020 166,221 149,167
Segment profit 474,423 302,533 354,075
Assets 1,312,291 1,147,432  
Operating Segments | Financial Restructuring      
Segment Reporting Information [Line Items]      
Revenues 544,478 521,984 395,733
Employee compensation and benefits 289,979 282,431 238,032
Non-Compensation Expense 45,193 45,437 36,083
Segment profit 209,306 194,116 121,618
Assets 179,498 192,185  
Operating Segments | Financial and Valuation Advisory (2)      
Segment Reporting Information [Line Items]      
Revenues 318,182 285,594 286,588
Employee compensation and benefits 175,412 155,502 159,254
Non-Compensation Expense 54,187 55,670 45,946
Segment profit 88,583 74,422 81,388
Assets 207,162 170,627  
Segment Reporting, Reconciling Item, Corporate Nonsegment      
Segment Reporting Information [Line Items]      
Corporate expenses 270,768 208,210 $ 215,343
Assets $ 2,120,757 $ 1,660,515  
v3.25.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue and Assets by Geographical Areas (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Income before provision for income taxes $ 531,335 $ 390,539 $ 324,000
Revenues 2,389,416 1,914,404 1,809,447
Assets 3,819,708 3,170,759  
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Income before provision for income taxes 356,072 256,472 222,923
Revenues 1,702,163 1,344,305 1,289,365
Assets 2,439,032 1,957,454  
International      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Income before provision for income taxes 175,263 134,067 101,077
Revenues 687,253 570,099 $ 520,082
Assets $ 1,380,676 $ 1,213,305  
v3.25.1
SUBSEQUENT EVENTS (Details)
May 01, 2025
$ / shares
Subsequent Event  
Subsequent Event [Line Items]  
Quarterly dividend declared (in usd per share) $ 0.60