HOULIHAN LOKEY, INC., 10-K filed on 5/27/2022
Annual Report
v3.22.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2022
May 23, 2022
Sep. 30, 2021
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Mar. 31, 2022    
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 788-5200    
Title of 12(b) Security Class A Common Stock, par value $.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    
Entity Shell Company false    
Entity Public Float     $ 4,690
Documents Incorporated by Reference Portions of the Registrant’s definitive proxy statement for its 2022 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 2022    
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   49,464,157  
Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   17,080,479  
v3.22.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2022
Mar. 31, 2021
Assets    
Cash and cash equivalents $ 833,697 $ 846,851
Restricted cash 373 373
Investment securities 109,143 208,618
Accounts receivable, net of allowance for credit losses of $8,954 and $8,262, respectively 144,029 108,409
Unbilled work in progress, net of allowance for credit losses of $4,320 and $3,520, respectively 104,751 118,115
Deferred income taxes 95,278 28,332
Property and equipment, net 52,176 46,370
Operating lease right-of-use assets 171,942 152,031
Goodwill 1,070,442 671,065
Other intangible assets, net 247,333 195,156
Other assets 57,646 50,747
Total assets 2,886,810 2,426,067
Liabilities:    
Accrued salaries and bonuses 953,604 648,399
Accounts payable and accrued expenses 126,190 67,468
Deferred income 28,753 27,868
Income taxes payable 61,266 68,339
Deferred income taxes 789 52
Loans payable to former shareholders 539 818
Operating lease liabilities 197,091 174,516
Other liabilities 74,873 55,046
Total liabilities 1,443,105 1,042,506
Commitments and contingencies (Note 17)
Stockholders' equity:    
Additional paid-in capital 564,761 803,573
Retained earnings 922,223 600,096
Accumulated other comprehensive loss (43,347) (20,176)
Total stockholders' equity 1,443,705 1,383,561
Total liabilities and stockholders' equity 2,886,810 2,426,067
Class A    
Stockholders' equity:    
Common stock 50 51
Class B    
Stockholders' equity:    
Common stock $ 18 $ 17
v3.22.1
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($)
$ in Thousands
Mar. 31, 2022
Mar. 31, 2021
Statement of Financial Position [Abstract]    
Allowance For Doubtful Accounts $ 8,954 $ 8,262
Allowance for doubtful accounts, unbilled receivables, work in process $ 4,320 $ 3,520
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) 49,853,564 51,245,442
Common stock, shares outstanding (in shares) 49,853,564 51,245,442
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) 17,649,555 16,951,696
Common stock, shares outstanding (in shares) 17,649,555 16,951,696
v3.22.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]      
Revenues $ 2,269,958 $ 1,525,452 $ 1,159,368
Operating expenses:      
Employee compensation and benefits 1,408,634 971,195 737,762
Travel, meals, and entertainment 22,465 6,527 41,945
Rent 47,747 39,233 44,693
Depreciation and amortization 48,537 15,228 17,291
Information technology and communications 41,714 31,646 26,904
Professional fees 38,349 24,681 21,704
Other operating expenses 49,648 28,785 39,468
Total operating expenses 1,657,094 1,117,295 929,767
Operating income 612,864 408,157 229,601
Other (income)/expense, net 8,926 (1,071) (6,046)
Income before provision for income taxes 603,938 409,228 235,647
Provision for income taxes 165,614 96,457 51,854
Net income 438,324 312,771 183,793
Net income attributable to noncontrolling interest (573) 0 0
Net income attributable to Houlihan Lokey, Inc. 437,751 312,771 183,793
Other comprehensive income, net of tax:      
Foreign currency translation adjustments (23,171) 22,932 (12,814)
Net income attributable to Houlihan Lokey, Inc. $ 414,580 $ 335,703 $ 170,979
Weighted average shares of common stock outstanding:      
Basic (in shares) 64,970,287 65,785,042 62,152,870
Diluted (in shares) 68,259,708 68,671,248 65,725,516
Earnings per share (Note 13)      
Basic (in usd per share) $ 6.74 $ 4.75 $ 2.96
Diluted (in usd per share) $ 6.41 $ 4.55 $ 2.80
v3.22.1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Class A
Class B
Total stockholders' equity
Total stockholders' equity
Cumulative Effect, Period Of Adoption, Adjustment
Common Stock
Class A
Common Stock
Class B
Additional paid-in capital
Retained earnings
Retained earnings
Cumulative Effect, Period Of Adoption, Adjustment
Accumulated other comprehensive income (loss)
Beginning balance (in shares) at Mar. 31, 2019           38,200,802 27,197,734        
Beginning balance at Mar. 31, 2019       $ 891,329   $ 38 $ 27 $ 645,090 $ 276,468   $ (30,294)
Increase (Decrease) in Stockholders' Equity                      
Shares issued (in shares)             1,546,486        
Shares issued       8,713     $ 1 8,712      
Stock compensation vesting (note 14)       56,901       56,901      
Class B shares sold (in shares)           6,287,412 (6,287,412)        
Class B shares sold       0   $ 6 $ (6)        
Dividends       (82,790)         (82,790)    
Conversion of Class B to Class A shares (in shares)           2,352,461 (2,352,461)        
Conversion of Class B to Class A shares       0   $ 2 $ (2)        
Shares issued to non-employee directors (note 14) (in shares)           9,145          
Shares issued to non-employee directors (note 14)       369       369      
Other shares repurchased/forfeited (in shares)           (671,187) (759,070)        
Other shares repurchased/forfeited       (61,119)     $ (1) (61,118)      
Net income $ 183,793     183,793         183,793    
Change in unrealized translation       (12,814)             (12,814)
Total comprehensive income       170,979         183,793   (12,814)
Ending balance (in shares) at Mar. 31, 2020           46,178,633 19,345,277        
Ending balance at Mar. 31, 2020       984,382 $ (682) $ 46 $ 19 649,954 377,471 $ (682) (43,108)
Increase (Decrease) in Stockholders' Equity                      
Shares issued (in shares)           3,000,000 1,612,091        
Shares issued       223,173   $ 3 $ 2 223,168      
Stock compensation vesting (note 14)       50,152       50,152      
Dividends       (89,464)         (89,464)    
Conversion of Class B to Class A shares (in shares)           3,650,053 (3,650,053)        
Conversion of Class B to Class A shares       0   $ 4 $ (4)        
Shares issued to non-employee directors (note 14) (in shares)           8,751          
Shares issued to non-employee directors (note 14)       333       333      
Other shares repurchased/forfeited (in shares)           (1,591,995) (355,619)        
Other shares repurchased/forfeited       (120,036)   $ (2)   (120,034)      
Net income 312,771     312,771         312,771    
Change in unrealized translation       22,932             22,932
Total comprehensive income       335,703         312,771   22,932
Ending balance (in shares) at Mar. 31, 2021   51,245,442 16,951,696     51,245,442 16,951,696        
Ending balance at Mar. 31, 2021 1,383,561     1,383,561   $ 51 $ 17 803,573 600,096   (20,176)
Increase (Decrease) in Stockholders' Equity                      
Shares issued (in shares)             3,107,424        
Shares issued       14,185     $ 3 14,182      
Stock compensation vesting (note 14)       84,320       84,320      
Dividends       (115,624)         (115,624)    
Conversion of Class B to Class A shares (in shares)           1,874,009 (1,874,009)        
Conversion of Class B to Class A shares       0   $ 2 $ (2)        
Shares issued to non-employee directors (note 14) (in shares)           6,512          
Shares issued to non-employee directors (note 14)       477              
Other shares repurchased/forfeited (in shares)           (3,272,399) (535,556)        
Other shares repurchased/forfeited       (337,794)   $ (3) $ 0 (337,791)      
Net income 438,324     437,751         437,751    
Change in unrealized translation       (23,171)             (23,171)
Total comprehensive income       414,580         437,751   (23,171)
Ending balance (in shares) at Mar. 31, 2022   49,853,564 17,649,555     49,853,564 17,649,555        
Ending balance at Mar. 31, 2022 $ 1,443,705     $ 1,443,705   $ 50 $ 18 $ 564,761 $ 922,223   $ (43,347)
v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:      
Net income $ 438,324 $ 312,771 $ 183,793
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income tax benefit (71,068) (21,237) (9,654)
Provision for bad debts, net 3,718 7,290 4,873
Unrealized (gains)/losses on investment securities 4,228 (99) (75)
Non-cash lease expense 31,508 22,756 24,654
Depreciation and amortization 48,537 15,228 17,291
Contingent consideration valuation 7,104 478 (1,220)
Compensation expense — equity and liability classified share awards (Note 14) 91,875 62,421 64,345
Changes in operating assets and liabilities:      
Accounts receivable 14,128 (32,965) (13,387)
Unbilled work in progress 18,036 (78,526) 32,423
Unbilled work in progress 14,895 (11,579) (4,515)
Accrued salaries and bonuses 150,721 228,546 11,351
Accounts payable and accrued expenses and other (9,955) 535 (8,709)
Deferred income (807) (991) 1,058
Income taxes payable (6,254) 73,227 (12,443)
Net cash provided by operating activities 736,604 579,837 287,669
Cash flows from investing activities:      
Purchases of investment securities (101,562) (391,555) (350,679)
Sales or maturities of investment securities 197,324 318,425 340,624
Acquisition of business, net of cash acquired (360,996) (12,470) (2,197)
Receivables from affiliates 0 0 (170)
Purchase of property and equipment, net (8,680) (14,148) (20,722)
Net cash used in investing activities (273,914) (99,748) (33,144)
Cash flows from financing activities:      
Dividends paid (114,806) (92,006) (80,655)
Share repurchases (304,793) (102,224) (29,641)
Payments to settle employee tax obligations on share-based awards (33,741) (17,810) (31,477)
Proceeds from issuance of Class A shares 0 189,060 0
Earnouts paid (5,917) 0 0
Loans payable to former shareholders redeemed (280) (575) (654)
Repayments of loans to non-affiliates 0 (3,601) (10,081)
Other financing activities 477 333 369
Net cash used in financing activities (459,060) (26,823) (152,139)
Effects of exchange rate changes on cash and cash equivalents (16,784) 13,212 (7,755)
Net increase/(decrease) in cash, cash equivalents, and restricted cash (13,154) 466,478 94,631
Cash, cash equivalents and restricted cash – beginning of period 847,224 380,746 286,115
Cash, cash equivalents and restricted cash – end of period 834,070 847,224 380,746
Supplemental disclosures of non-cash activities:      
Shares issued via vesting of liability classified awards 4,270 7,511 6,555
Shares issued as consideration for acquisitions 2,000 1,050 0
Cash acquired through acquisitions 244,162 88 15,755
Cash paid during the year:      
Interest 1,000 989 1,049
Taxes, net of refunds $ 242,031 $ 44,202 $ 73,881
v3.22.1
BACKGROUND
 12 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BACKGROUND Background
Houlihan Lokey, Inc. ("Houlihan Lokey," or "HL, Inc." also referred to as the "Company," "we," "our," or "us") is a Delaware corporation that controls the following primary subsidiaries:
•Houlihan Lokey Capital, Inc., a California corporation ("HL Capital, Inc."), is a wholly owned direct 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 direct subsidiary of HL, Inc.

•HL Finance, LLC ("HL Finance"), a syndicated leveraged finance platform established to arrange senior secured leveraged loans for financial sponsor-backed, privately-held, and public corporate entities. HL Finance acts as an arranger on syndicated loan transactions and has entered into an agreement with an unaffiliated third party investor that may provide commitments with respect to certain syndicated loans arranged by HL Finance.

•Houlihan Lokey EMEA, LLP, a limited liability partnership registered in England ("HL EMEA, LLP"), is an indirect subsidiary of HL, Inc. HL EMEA, LLP is regulated by the Financial Conduct Authority in the United Kingdom ("U.K.").

On August 18, 2015, the Company successfully completed an initial public offering ("IPO") of its Class A common stock. Expenses related to the IPO recorded in the consolidated statements of comprehensive income include the following:
•$0, $0, and $14,289 of compensation expenses associated with the amortization of restricted stock granted in connection with the IPO for the years ended March 31, 2022, 2021, and 2020, respectively; amortization expense of restricted stock granted in connection with the IPO was recognized over a four and one-half year vesting period; and

•$0, $0, and $10,035 of compensation expenses associated with the accrual of certain deferred cash payments granted in connection with the IPO for the years ended March 31, 2022, 2021, and 2020, respectively; accrual expense of deferred cash payments granted in connection with the IPO was recognized over a four and one-half year vesting period.

In connection with the IPO, the HL Holders deposited their shares of HL, Inc. Class B common stock into a voting trust (the "HL Voting Trust") and own such common stock through the HL Voting Trust.
The Company offers financial services and financial advice to a broad clientele located throughout the United States of America, Europe, the Middle East, and the Asia-Pacific region. The Company has U.S. offices in Los Angeles, San Francisco, Chicago, New York City, Minneapolis, McLean (Virginia), Boston, Dallas, Houston, Miami, and Atlanta as well as foreign offices in London, Paris, Frankfurt, Milan, Madrid, Amsterdam, Dubai, Sydney, Birmingham, Lausanne, Manchester, Munich, Stockholm, Tel Aviv, Zurich, Beijing, Fukuoka, Hong Kong, Ho Chi Minh City, Kyoto, Mumbai, Nagoya, New Delhi, Osaka, Shanghai, Singapore, and Tokyo. Together, the Company and its subsidiaries form an organization that provides financial services to meet a wide variety of client needs. The Company concentrates its efforts toward the earning of professional fees with focused services across the following three business segments:

•Corporate Finance ("CF") provides general financial advisory services in addition to advice on mergers and acquisitions and capital markets offerings. We advise public and private institutions on a wide variety of situations, including buy-side and sell-side transactions, as well as leveraged loans, private mezzanine debt, high-yield debt, initial public offerings, follow-ons, convertibles, equity private placements, private equity, and liability management transactions, and advise financial sponsors on all types of transactions. The majority of our CF revenues consists of fees paid upon the successful completion of the transaction or engagement ("Completion Fees"). A CF transaction can fail to be completed for many reasons that are outside of our control. In these instances, our fees are generally limited to the fees paid at the time an engagement letter is signed ("Retainer Fees") and in some cases fees paid during the course of the engagement ("Progress Fees") that may have been received.
•Financial Restructuring ("FR") provides advice to debtors, creditors and other parties-in-interest in connection with recapitalization/deleveraging transactions implemented both through bankruptcy proceedings and through out-of-court exchanges, consent solicitations or other mechanisms, as well as in distressed mergers and acquisitions and capital markets activities. As part of these engagements, our FR business segment offers a wide range of advisory services to our clients, including: the structuring, negotiation, and confirmation of plans of reorganization; structuring and analysis of exchange offers; corporate viability assessment; dispute resolution and expert testimony; and procuring debtor-in-possession financing. Although atypical, FR transactions can fail to be completed for many reasons that are outside of our control. In these instances, our fees are generally limited to the Retainer Fees and/or Progress Fees. •Financial and Valuation Advisory ("FVA") primarily provides valuations of various assets, including: companies; illiquid debt and equity securities; and intellectual property (among other assets and liabilities). These valuations are used for financial reporting, tax reporting, and other purposes. In addition, our FVA business segment renders fairness opinions in connection with mergers and acquisitions and other transactions, and solvency opinions in connection with corporate spin-offs and dividend recapitalizations, and other types of financial opinions in connection with other transactions. Also, our FVA business segment provides dispute resolution services to clients where fees are usually based on the hourly rates of our financial professionals. Unlike our CF or FR segments, the fees generated in our FVA segment are generally not contingent on the successful completion of a transaction.
v3.22.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Mar. 31, 2022
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.
Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. These reclassifications had no impact on net income, shareholders' 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.

The Company carries its investments in unconsolidated entities over which it has significant influence, but does not control, using the equity method, and includes its ownership share of the income and losses in Other (income)/expense, net in the Consolidated Statements of Comprehensive Income.

The Company’s equity method investments include variable interest entities (VIEs), which are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary, and is generally the entity with (i) the power to direct the activities that most significantly impact the VIE’s economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE.

Our involvement with VIEs arises from our variable interest related to a sponsored special purpose acquisition company. The Company's exposure to loss from such VIEs is not material to our operating results and financial position.
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 for all three business segments are recognized upon satisfaction of the performance obligation and 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.
Revenues from CF engagements primarily consist of fees generated in connection with advisory services related to corporate finance, mergers and acquisitions, and capital markets offerings. 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 contract as the various services are inputs to the combined output of successfully brokering a specific transaction.

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 through 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 restructuring 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 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 and diligence 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 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, 2022, we had one foreign currency forward contract between the euro and pound sterling with an aggregate notional value of €15.7 million. As of March 31, 2021, we had two foreign currency forward contracts between the euro and pound sterling with an aggregate notional value of $7.1 million. The fair value of these foreign currency forward contracts represented a gain/(loss) included in Other operating expenses of $33 and $38 during the year ended March 31, 2022 and March 31, 2021, 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 the loans to employees included in Other assets, Loans payable to former shareholders and an unsecured loan which is included in Loan payable to non-affiliate, approximates 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, 2022 and 2021, 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, 2022March 31, 2021
Cash and cash equivalents$833,697 $846,851 
Restricted cash (1)
373 373 
Total cash, cash equivalents, and restricted cash$834,070 $847,224 
(1)Restricted cash as of March 31, 2022 and March 31, 2021 consisted of a cash secured letter of credit issued for our Frankfurt office.

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 collectibility 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.

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 for impairment and more frequently if potential impairment indicators exist. Goodwill is reviewed for impairment in accordance with Accounting Standards Update ("ASU") No. 2011-08, Testing Goodwill for Impairment, which permits management to make a qualitative assessment of whether it is more likely than not that one of its reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test. If management concludes that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then management would not be required to perform the two-step impairment test for that reporting unit. If the assessment indicates that it is more likely than not that the reporting unit’s fair value is less than its carrying value, management must test further for impairment utilizing a two-step process. Step 1 compares the estimated fair value of the reporting unit with its carrying value, including goodwill. If the carrying value of the reporting unit exceeds the estimated fair value, an impairment exists and is measured in Step 2 as the excess of the recorded amount of goodwill over the implied fair value of goodwill resulting from the valuation of the reporting unit. Impairment testing of goodwill requires a significant amount of judgment in assessing qualitative factors and estimating the fair value of the reporting unit, if necessary. The fair value is determined using an estimated market value approach, which considers estimates of future after tax cash flows, including a terminal value based on market earnings multiples, discounted at an appropriate market rate. As of March 31, 2022, 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 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, 2022, 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, 2022, 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

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 excess consideration recognized 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
On April 1, 2020, we adopted ASU 2016-13 Financial Instruments — Credit Losses — Measurement of Credit Losses on Financial Instruments, and all related amendments, under a modified retrospective approach. Upon adoption, a cumulative transition adjustment was recorded, which reduced retained earnings by $(924). The tax impact of this adjustment increased retained earnings by $242, resulting in a net decrease to retained earnings of $(682) as of April 1, 2020.
v3.22.1
REVENUE RECOGNITION
 12 Months Ended
Mar. 31, 2022
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, 2022March 31, 2021
Receivables, net (1)
$139,680 $103,987 
Unbilled work in progress, net of allowance for credit losses104,751 118,115 
Contract Assets (1)
4,349 4,422 
Contract Liabilities (2)
28,753 27,868 
(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, 2022 and 2021, $19.7 million and $17.5 million 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, 2022.
v3.22.1
RELATED‑PARTY TRANSACTIONS
 12 Months Ended
Mar. 31, 2022
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 $0, $2,875, and $828 during the years ended March 31, 2022, 2021, and 2020, respectively.

Other assets in the accompanying Consolidated Balance Sheets includes loans receivable from certain employees of $17,100 and $16,657 as of March 31, 2022 and 2021, respectively. ly.
v3.22.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value MeasurementsThe following table presents information about the Company's financial assets, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values:
March 31, 2022
Level ILevel IILevel IIITotal
Corporate debt securities$— $87,074 $— $87,074 
U.S. treasury securities— 17,662 — 17,662 
Certificates of deposit— 516 — 516 
Total asset measured at fair value (1)
$— $105,252 $— $105,252 
(1) Included within Investment securities in the Consolidated Balance Sheets.
March 31, 2021
Level ILevel IILevel IIITotal
Corporate debt securities$— $178,659 $— $178,659 
U.S. treasury securities— 24,083 — 24,083 
Total asset measured at fair value (1)
$— $202,742 $— $202,742 
(1) Included within Investment securities in the Consolidated Balance Sheets.

The Company had no transfers between fair value levels during the years ended March 31, 2022 and March 31, 2021.
v3.22.1
INVESTMENT SECURITIES
 12 Months Ended
Mar. 31, 2022
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, 2022
Amortized CostGross Unrealized GainsGross Unrealized (Losses)
Fair Value (1)
Corporate debt securities$88,475 $2 $(1,403)$87,074 
U.S. treasury securities17,891 — (229)17,662 
Certificates of deposit516 — — 516 
Total securities with unrealized gains/(losses)$106,882 $2 $(1,632)$105,252 
(1)Included within Investment securities in the Consolidated Balance Sheets.
March 31, 2021
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
Corporate debt securities$178,384 $389 $(114)$178,659 
U.S. treasury securities23,761 322 — 24,083 
Total securities with unrealized gains/(losses)$202,145 $711 $(114)$202,742 
(1)Included within Investment securities in the Consolidated Balance Sheets.
Scheduled maturities of the debt securities held by the Company included within the investment securities portfolio were as follows:
March 31, 2022March 31, 2021
Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due within one year$72,963 $72,950 $172,747 $172,798 
Due within years two through five33,919 32,302 29,398 29,944 
Total debt within the investment securities portfolio$106,882 $105,252 $202,145 $202,742 
v3.22.1
ALLOWANCE FOR DOUBTFUL ACCOUNTS
 12 Months Ended
Mar. 31, 2022
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, 2022March 31, 2021
Beginning balance$11,782 $6,889 
Transition adjustment as of April 1, 2020— 831 
Provision for bad debt, net3,718 7,290 
Recovery/(write-off) of uncollectible accounts, net(2,226)(3,228)
Ending balance$13,274 $11,782 
v3.22.1
PROPERTY AND EQUIPMENT
 12 Months Ended
Mar. 31, 2022
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, 2022March 31, 2021
Equipment5 years$9,692 $8,795 
Furniture and fixtures5 years22,704 21,493 
Leasehold improvements10 years59,462 52,561 
Computers and software3 years14,308 10,772 
OtherVarious7,476 7,056 
Total cost113,642 100,677 
Less: accumulated depreciation(61,466)(54,307)
Total net book value$52,176 $46,370 
Additions to property and equipment during the years ended March 31, 2022 and March 31, 2021 were primarily related to leasehold improvement costs incurred and computers and software.
Depreciation expense of $14,600, $11,068, and $9,842 was recognized during the years ended March 31, 2022, 2021, and 2020, respectively.
v3.22.1
GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Mar. 31, 2022
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 intangibles, net reported on the Consolidated Balance Sheets.
Useful LivesMarch 31, 2022March 31, 2021
GoodwillIndefinite$1,070,442 $671,065 
Tradename-Houlihan LokeyIndefinite192,210 192,210 
Other intangible assetsVaries92,941 6,809 
Total cost1,355,593 870,084 
Less: accumulated amortization(37,818)(3,863)
Goodwill and other intangibles, net$1,317,775 $866,221 

Amortization expense of approximately $33,937, $4,161, and $7,449 was recognized for finite-lived intangible assets for the years ended March 31, 2022, 2021, and 2020, 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,
2023$45,014 
20247,985 
20251,820 
2026— 
2027 and thereafter— 

Goodwill attributable to the Company’s business segments is as follows:
April 1, 2021
Change (1)
March 31, 2022
Corporate Finance$416,535 $399,377 $815,912 
Financial Restructuring162,815 — 162,815 
Financial and Valuation Advisory91,715 — 91,715 
Goodwill$671,065 $399,377 $1,070,442 
(1)Changes pertain primarily to the acquisition of GCA Corporation and to a small extent, foreign currency translation. See Note 19 for additional information.
v3.22.1
LOANS PAYABLE
 12 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
LOANS PAYABLE Loans Payable
On August 23, 2019, the Company entered into a new syndicated revolving line of credit with Bank of America, N.A. and certain other financial institutions party thereto (the "2019 Line of Credit"), which allows for borrowings of up to $100.0 million (and, subject to certain conditions, provides the Company with an expansion option, which, if exercised in full, would provide for a total credit facility of $200.0 million) and matures on August 23, 2022 (or if such date is not a business day, the immediately preceding business day). The agreement governing the 2019 Line of Credit provides that borrowings bear interest at an annual rate of LIBOR plus 1.00%, commitment fees apply to unused amounts, and contains debt covenants which require that the Company maintain certain financial ratios. As of March 31, 2022 and 2021, no principal was outstanding under the 2019 Line of Credit.

Prior to the IPO, Fram Holdings, Inc., a Delaware corporation and, prior to our IPO, our indirect parent company, maintained certain loans payable to former shareholders consisting of unsecured notes payable, which were transferred to the Company in conjunction with the IPO. The average interest rate on the individual notes was 1.48%, 1.49%, and 2.94% for the years ended March 31, 2022, 2021, and 2020, respectively, and the maturity dates range from 2020 to 2027. The Company incurred interest expense on these notes of $10, $21, and $63 for the years ended March 31, 2022, 2021, and 2020, respectively.

In April 2018, the Company acquired Quayle Munro Limited. Total consideration included non-interest bearing unsecured convertible loans totaling GBP 10.5 million payable on May 31, 2022, which is included in Other liabilities in the accompanying Consolidated Balance Sheets. Under certain circumstances, the notes may be exchanged for Company Class B common stock over a three-year period in equal annual installments starting on May 31, 2020. The Company incurred imputed interest expense on these notes of $162, $288, and $327 for the years ended March 31, 2022, 2021, and 2020, respectively.
In May 2018, the Company acquired BearTooth Advisors. Total consideration included an unsecured note of $2.8 million bearing interest at an annual rate of 2.88% and payable on May 21, 2048. This note was subsequently assigned by the seller to the former BearTooth principals (who became employees of the Company), and, under certain circumstances, is convertible into Company Class B common stock after the fifth anniversary of the closing of the transaction. The Company incurred interest expense on this note of $105 for each of the years ended March 31, 2022, 2021, and 2020, respectively.
In December 2019, the Company acquired Freeman & Co. Total consideration included an unsecured note of $4.0 million bearing interest at an annual rate of 2.75% and payable on December 16, 2049. The note issued by the Company to the seller was distributed to the former principals of Freeman & Co. (who became employees of the Company). Under certain circumstances, the note may be exchanged by each principal for Company stock over a four-year period in equal annual installments starting in December, 2020. The Company incurred interest expense on this note of $79, $103, and $32 for the years ended March 31, 2022, 2021, and 2020, respectively.
In August 2020, the Company acquired MVP Capital, LLC ("MVP"). Total consideration included an unsecured non-interest bearing note of $4.5 million payable August 14, 2050. The note was issued by the Company to the former principals and sellers of MVP (who became employees of the Company). Under certain circumstances, the note may be exchanged by each seller for a combination of cash and Company stock over a three-year period in equal annual installments starting in August 2021. Contingent consideration was also issued in connection with the acquisition of MVP, which had a fair value of $20.3 million and $16.9 million as of March 31, 2022 and March 21, 2021, respectively, which is included in Other liabilities in our Consolidated Balance Sheets.
In July 2021, the Company acquired Baylor Klein, Ltd ("BK"). Contingent consideration was issued in connection with the acquisition of BK, which had a fair value of $17.6 million as of March 31, 2022, which is included in Other Liabilities in our Consolidated Balance Sheet.
v3.22.1
OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Mar. 31, 2022
Equity [Abstract]  
OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated Other Comprehensive (Loss)
Accumulated other comprehensive (loss) is comprised of Foreign currency translation adjustments of $(23,171) and $22,932 for the years ended March 31, 2022 and 2021, respectively. We do not expect the change in foreign currency translation to have a material impact on our operating results and financial position.
Accumulated other comprehensive (loss) as of March 31, 2022, 2021, and 2020, was comprised of the following:
Total
Balance, March 31, 2020$(43,108)
Foreign currency translation adjustments22,932 
Balance, March 31, 2021(20,176)
Foreign currency translation adjustments(23,171)
Balance, March 31, 2022$(43,347)
v3.22.1
INCOME TAXES
 12 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES Income Taxes
The Company’s provision for income taxes was $165,614, $96,457, and $51,854, for the years ended March 31, 2022, 2021, and 2020, respectively. This represents effective tax rates of 27.4%, 23.6%, and 22.0% for the years ended March 31, 2022, 2021, and 2020, respectively.

The provision (benefit) for income taxes on operations for the years ended March 31, 2022, 2021, and 2020 is comprised of the following approximate values:
Year Ended March 31,
202220212020
Current:
Federal$134,054 $71,832 $39,796 
State and local58,568 27,230 10,217 
Foreign44,060 18,632 11,495 
     Subtotal236,682 117,694 61,508 
Deferred:
Federal(52,088)(16,244)(6,317)
State and local(18,348)(4,543)(2,104)
Foreign(632)(450)(1,233)
Subtotal(71,068)(21,237)(9,654)
Total$165,614 $96,457 $51,854 
The provision for income taxes on operations for the years ended March 31, 2022, 2021, and 2020 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,
202220212020
Federal income tax provision computed at statutory rate$126,826 21.0 %$85,937 21.0 %$49,486 21.0 %
State and local taxes, net of federal tax effect31,559 5.2 %18,877 4.6 %10,819 4.6 %
Tax impact from foreign operations3,990 0.7 %(1,036)(0.2)%(1,083)(0.5)%
Nondeductible expenses10,654 1.8 %6,004 1.5 %4,721 2.0 %
Stock compensation(7,421)(1.2)%(13,349)(3.3)%(7,269)(3.1)%
Uncertain tax positions, true-up items, and other6 — %24 — %(4,820)(2.0)%
Total$165,614 27.4 %$96,457 23.6 %$51,854 22.0 %

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, 2022 and March 31, 2021, comprise the following:
March 31, 2022March 31, 2021
Deferred tax assets:
Deferred compensation expense/accrued bonus$126,249 $75,140 
Allowance for credit losses1,612 1,305 
Accounts receivable and work in progress6,814 2,084 
US foreign tax credits 2,400 2,475 
Operating lease liabilities25,947 31,499 
Non US32,374 14,234 
Other, net10,925 1,452 
Total deferred tax assets206,321 128,189 
Deferred tax asset valuation allowance (9,234)(9,783)
Total deferred tax assets197,087 118,406 
Deferred tax liabilities:
Intangibles(72,983)(49,913)
Operating lease right-of-use assets(21,907)(27,856)
Other, net(7,707)(12,358)
Total deferred tax liabilities(102,597)(90,127)
Net deferred tax assets$94,490 $28,279 
The Company has various state and foreign net operating losses totaling $74,690. If not utilized, the state net operating loss carryforwards will begin to expire in six years and foreign net operating loss carryforwards will begin to expire in ten 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 credit carryforwards as of March 31, 2022 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 $2,400 and $2,475 against these assets for March 31, 2022 and 2021, 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 2030. 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, 2022 and 2021 of $6,834 and $7,308, respectively. The change in the total valuation allowance was a decrease of $549 and a decrease of $1,314 during the years ended March 31, 2022 and March 31, 2021, respectively.

The Company has historically considered the undistributed earnings of its foreign subsidiaries to be indefinitely reinvested, and, accordingly, no taxes were provided on such earnings prior to the fourth quarter of fiscal 2021. In the first quarter of fiscal 2022, we identified $97,000 of cash in certain foreign jurisdictions in excess of current working capital needs and repatriated the full amount. With the exception of this one-time distribution of historic earnings, the assertion that all undistributed earnings of foreign subsidiaries should be considered indefinitely reinvested remains. Deferred taxes recorded for the distribution were not significant.

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 earning is not practicable.

As of March 31, 2022 and March 31, 2021, the Company had recorded liabilities for interest and penalties related to uncertain tax positions in the amounts of $1,228 and $1,984, net of any future tax benefit of such interest, respectively. Unrecognized tax positions totaled $18,654 and $14,666 as of March 31, 2022 and March 31, 2021, 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.

A reconciliation of the unrecognized tax position as of March 31, 2022 and March 31, 2021 is as follows:
March 31, 2022March 31, 2021
Unrecognized tax position at the beginning of the year$14,666 $9,947 
Increase related to prior year tax positions10,054 2,979 
Decrease related to prior year tax positions(6,395)— 
Increase related to tax positions taken in the current year329 1,740 
Unrecognized tax position at the end of the year$18,654 $14,666 

The Company believes that it is reasonably possible that a decrease of up to $8.0 million in gross unrecognized income tax benefits for federal and state items may be necessary within the next 12 months. For the remaining uncertain income tax positions, it is difficult at this time to estimate the timing of the resolution.
The Company files consolidated federal income tax returns, as well as consolidated and separate returns in state and local jurisdictions. As of March 31, 2022, all of the federal income tax returns filed since 2019 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. The Company is currently under New York State audit for the years ended March 31, 2017, March 31, 2018, and March 31, 2019. The Company is currently under New York City audit for the years ended March 31, 2016, March 31, 2017, and March 31, 2018.
v3.22.1
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
 12 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS Earnings Per Share
The calculations of basic and diluted earnings per share attributable to holders of shares of common stock are presented below.
Year Ended March 31,
202220212020
Numerator:
Net income attributable to Houlihan Lokey, Inc.$414,580 $335,703 $170,979 
Denominator:
Weighted average shares of common stock outstanding — basic64,970,287 65,785,042 62,152,870 
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 method3,289,421 2,886,206 3,572,646 
Weighted average shares of common stock outstanding — diluted68,259,708 68,671,248 65,725,516 
Basic earnings per share$6.74 $4.75 $2.96 
Diluted earnings per share$6.41 $4.55 $2.80 
v3.22.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Mar. 31, 2022
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 $5,294, $4,519, and $3,751 to these plans during the years ended March 31, 2022, 2021, and 2020, 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) four independent directors in the first quarter of fiscal 2020 at $47.22 per share, (ii) one independent director in the third quarter of fiscal 2020 at $47.21 per share, (iii) four independent directors in the first quarter of fiscal 2021 at $60.60 per share, (iv) two independent directors in the third quarter of fiscal 2021 at $63.01 per share, and (v) six independent directors in the first quarter of fiscal 2022 at $73.19 per share.
An excess tax benefit of $7,421 and $13,349 was recognized during the years ended March 31, 2022 and 2021, 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 $(33,741), $(17,810), and $(31,477) 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, 2022, 2021, and 2020, 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, 2022, 2021, and 2020, is as follows:
Unvested Share AwardsShares
Weighted Average Grant Date Fair Value
Balance, April 1, 20193,763,984 $32.29 
Granted1,368,079 47.04 
Vested(1,496,643)29.30 
Shares repurchased/forfeited(96,373)38.63 
Balance, March 31, 20203,539,047 39.13 
Granted1,044,741 60.60 
Vested(1,770,294)32.36 
Shares repurchased/forfeited(68,889)50.87 
Balance, March 31, 20212,744,605 51.37 
Granted2,689,459 82.45 
Vested(1,039,535)47.77 
Shares repurchased/forfeited(80,154)61.14 
Balance, March 31, 20224,314,375 $71.42 
Activity in liability classified share awards during the years ended March 31, 2022, 2021, and 2020 is as follows:    

Awards Settleable in SharesFair Value
Balance, April 1, 2019$21,676 
Offer to grant6,410 
Share price determined-converted to cash payments(100)
Share price determined-transferred to equity grants (1)
(6,457)
Forfeited(540)
Balance, March 31, 202020,989 
Offer to grant5,189 
Share price determined-converted to cash payments(249)
Share price determined-transferred to equity grants (1)
(7,223)
Forfeited(1,756)
Balance, March 31, 202116,950 
Offer to grant4,344 
Share price determined-converted to cash payments(2,676)
Share price determined-transferred to equity grants (1)
(4,269)
Forfeited— 
Balance, March 31, 2022$14,349 
(1)57,721, 121,075, and 134,370 shares for the years ended March 31, 2022, 2021, and 2020, respectively.
The following table summarizes the activity of our RSUs for the years ended March 31, 2022, 2021, and 2020, respectively.

Restricted Stock UnitsRSUs
Weighted Average Grant Date Fair Value
RSUs as of April 1, 201921,953 $— 
Issued— — 
Forfeitures— — 
Vested— — 
RSUs as of March 31, 202021,953 47.22 
Issued25,658 60.60 
Forfeitures(3,191)52.97 
Vested(5,945)47.81 
RSUs as of March 31, 202138,475 55.57 
Issued1,014,641 96.20 
Forfeitures(2,159)66.32 
Vested(12,454)53.80 
RSUs as of March 31, 20221,038,503 $95.27 

Compensation expenses for the Company associated with both equity and liability classified awards totaled $91,875, $62,421, and $64,345 for the years ended March 31, 2022, 2021, and 2020, respectively. As of March 31, 2022 and March 31, 2021 there was $308,144 and $143,660, respectively, of total unrecognized compensation cost related to unvested share awards granted under both the 2006 Incentive Plan and 2016 Incentive Plan. These costs are recognized over a weighted average period of 1.7 years and 2.0 years, as of March 31, 2022 and March 31, 2021, respectively.
On October 19, 2017, 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 by approximately 12.2 million shares. Under the Amendment, the aggregate number of shares of common stock that are available for issuance under awards granted pursuant to the 2016 Incentive Plan is equal to the sum of (i) 8.0 million and (ii) any shares of our Class B common stock that are subject to awards under our 2006 Incentive Plan that terminate, expire or lapse for any reason after October 19, 2017.
The number of shares available for issuance increased annually beginning on April 1, 2018 and ending on April 1, 2025, by an amount equal to the lowest of:
•6,540,659 shares of our Class A common stock and Class B common stock;
•Six percent of the shares of Class A common stock and Class B common stock outstanding on the final day of the immediately preceding fiscal year; and
•such smaller number of shares as determined by our board of directors.

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.
v3.22.1
STOCKHOLDERS' EQUITY
 12 Months Ended
Mar. 31, 2022
Equity [Abstract]  
STOCKHOLDERS' EQUITY Stockholders' Equity There are two classes of authorized HL, Inc. 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.
On May 30, 2019, pursuant to a registered underwritten public offering, ORIX USA sold 3,000,000 shares of our Class A common stock to the public at a price of $45.80.

On August 1, 2019, pursuant to a registered underwritten public offering, ORIX USA sold its remaining ownership of 3,377,935 shares of our Class A common stock to the public at a price of $45.62.

On May 20, 2020, the Company completed an underwritten public offering of 3,000,000 shares of its Class A common stock. The offering generated net proceeds for the Company of approximately $188.7 million after deducting the underwriting discount and estimated offering expenses payable by us.
Class A common stock    

During the year ended March 31, 2022, the Company issued 6,512 shares to non-employee directors, and 1,874,009 shares were converted from Class B to Class A. During the year ended March 31, 2021, the Company issued 8,751 shares to non-employee directors, and 3,650,053 shares were converted from Class B to Class A. As of March 31, 2022, there were 49,801,577 Class A shares held by the public and 51,987 Class A shares held by non-employee directors. As of March 31, 2021, there were 51,199,967 Class A shares held by the public and 45,475 Class A shares held by non-employee directors.

Class B common stock

As of March 31, 2022, there were 17,649,555 Class B shares held by the HL Voting Trust. As of March 31, 2021, there were 16,951,696 Class B shares held by the HL Voting Trust.

Dividends

Previously declared dividends related to unvested shares of $9,312 and $6,744 were unpaid as of March 31, 2022 and 2021, 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 January 2021, the board of directors authorized a replacement to the existing July 2020 share repurchase program to a new aggregate amount of up to $200 million of the Company's Class A common stock and Class B common stock. In July 2021, the board of directors authorized an increase to the existing January 2021 share repurchase program to a new aggregate amount of up to $250 million of the Company's Class A common stock and Class B common stock.
During the years ended March 31, 2022, 2021, and 2020, the Company repurchased 455,402, 286,730, and 654,944 shares, respectively, of Class B common stock, to satisfy $33,700, $17,810, and $31,451 of required withholding taxes in connection with the vesting of restricted awards, respectively. During the years ended March 31, 2022, 2021, and 2020, the Company repurchased an additional 3,272,399, 1,591,995, and 671,187 shares of its outstanding common stock, respectively, at a weighted average price of $94.35, $64.18, and $44.13 per share, excluding commissions, for an aggregate purchase price of $308,746, $102,173, and $29,621, respectively.
v3.22.1
LEASES
 12 Months Ended
Mar. 31, 2022
Leases [Abstract]  
LEASES Leases
Lessee Arrangements

Operating Leases

We lease real estate and equipment used in operations from third parties. As of March 31, 2022, the remaining term of our operating leases ranged from 1 to 14 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, 2022.

Maturity of Operating Leases
Operating Leases
2023$34,693 
202428,696 
202528,490 
202626,011 
202722,153 
2028 and thereafter85,602 
Total225,645 
Less: present value discount(28,554)
Operating lease liabilities$197,091 
As of March 31, 2022, the Company entered into multiple operating leases for additional office space that have not yet commenced, for approximately $202 million. These operating leases will commence between fiscal year 2023 and fiscal year 2024 with a lease term of 10 years to 13 years.

Lease costs
March 31, 2022March 31, 2021
Operating lease expense$37,299 $28,924 
Variable lease expense (1)
10,252 10,311 
Short-term lease expense214 203 
Less: Sublease income(18)(205)
Total lease costs$47,747 $39,233 
(1)Primarily consists of payments for property taxes, common area maintenance and usage based operating costs.

Weighted-average details
March 31, 2022March 31, 2021
Weighted-average remaining lease term (years)99
Weighted-average discount rate3.4 %3.8 %
Supplemental cash flow information related to leases:
March 31, 2022March 31, 2021
Operating cash flows:
Cash paid for amounts included in the measurement of Operating lease liabilities$32,947 $32,152 
Non-cash activity:
Operating lease right-of-use assets obtained in exchange of operating lease liabilities$32,377 $41,089 
Change in Operating lease right-of-use assets due to remeasurement5,200 (1,208)
v3.22.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES Commitments and ContingenciesThe 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. Our obligation under the loan payable to affiliate is subordinated to our obligations under the 2019 Line of Credit. The Company also 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, 2022 or March 31, 2021.
v3.22.1
SEGMENT AND GEOGRAPHICAL INFORMATION
 12 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHICAL INFORMATION Segment and Geographical Information
The Company’s reportable segments are described in Note 1 and each are individually managed and provide separate services that require specialized expertise for the provision of those services. Revenues by segment represent fees earned on the various services offered within each segment. 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 compliance and legal. The following tables present information about revenues, profit and assets by segment and geography.
Year Ended March 31,
202220212020
Revenues by segment:
Corporate Finance$1,593,083 $802,853 $646,788 
Financial Restructuring392,818 534,747 352,517 
Financial and Valuation Advisory284,057 187,852 160,063 
Revenues$2,269,958 $1,525,452 $1,159,368 
Segment profit (1)
Corporate Finance$606,268 $250,513 $179,660 
Financial Restructuring100,882 224,215 107,714 
Financial and Valuation Advisory88,136 46,642 35,172 
Total segment profit795,286 521,370 322,546 
Corporate expenses (2)
182,422 113,213 92,945 
Other (income)/expense, net8,926 (1,071)(6,046)
Income before provision for income taxes$603,938 $409,228 $235,647 
(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 office of the executives, accounting, information technology, compliance, legal, marketing, and human capital.
March 31, 2022March 31, 2021March 31, 2020
Assets by segment
Corporate Finance$994,623 $575,241 $403,147 
Financial Restructuring178,148 181,239 186,418 
Financial and Valuation Advisory155,853 136,761 127,440 
Total segment assets1,328,624 893,241 717,005 
Corporate assets1,558,186 1,532,826 959,998 
Total assets$2,886,810 $2,426,067 $1,677,003 
Year Ended March 31,
202220212020
Income before provision for income taxes by geography
United States$424,358 $321,639 $184,883 
International179,580 87,589 50,764 
Income before provision for income taxes$603,938 $409,228 $235,647 
Year Ended March 31,
202220212020
Revenues by geography:
United States$1,690,708 $1,192,720 $975,075 
International579,250 332,732 184,293 
Revenues$2,269,958 $1,525,452 $1,159,368 

March 31, 2022March 31, 2021March 31, 2020
Assets by geography
United States$2,032,390 $1,837,332 $1,135,871 
International854,420 588,735 541,132 
Total assets$2,886,810 $2,426,067 $1,677,003 
v3.22.1
Business Combinations
 12 Months Ended
Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Business Combinations Business Combinations
On October 4, 2021 ("the Acquisition Date"), the Company completed a tender offer process resulting in the Company's acquisition of approximately 90% of GCA Corporation's (“GCA”) common stock for cash consideration of $531.9 million. The Company then acquired the GCA shares not purchased through the tender offer by way of a second-step transaction, which occurred on November 5, 2021 for $57.7 million (included within Other liabilities in the March 31, 2022 Consolidated Balance Sheet). The consideration for these shares was paid on January 20, 2022. This all-cash transaction was valued at approximately $589.6 million, based on the consideration of ¥1,398 per share of GCA. Total GCA related transaction costs included in non-compensation expenses were $(7,026) for the year ended March 31, 2022.

GCA is a global technology-focused investment bank providing M&A advisory and capital markets advisory services in Europe, Japan/Asia, and the United States. The addition of GCA significantly increases the Company's position in the technology sector, which is critical to meeting the needs of our clients as technology increasingly touches every business sector. GCA also increases the depth and breadth of our UK and European operations and this significant increase in scale has a direct impact on our ability to better serve our clients, both corporate and private equity, and meaningfully expands our geographic footprint in the UK and Europe. GCA also creates a significant platform for us to build from in the Asia Pacific region, meaningfully increasing our presence there and allowing us to begin to reach for scale in this rapidly growing part of the world.

Acquisition Consideration
GCA common shares, including employee share-based payment awards outstanding, as of the Acquisition Date
49,382,808 
Cash consideration per share¥1,398 
Cash consideration for tendered common shares$531,883 
Cash consideration for remaining shares purchased57,686 
Total cash consideration$589,569 

The Company financed the acquisition with cash on hand.
Purchase Price Allocation

The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as part of the GCA acquisition. We made significant estimates and exercised significant judgment in estimating fair values and accounting for such acquired assets and liabilities. Such fair values are preliminary estimates and are subject to adjustment for up to one year after the acquisition date or when additional information relative to the closing date fair values becomes available and such information is considered final, whichever is earlier. The intangible assets subject to amortization will be amortized on a straight-line basis over their estimated useful lives as of the acquisition date. Measurement period adjustments recognized in the fourth quarter of fiscal 2022 related primarily to updated estimated fair values for income taxes (payable)/receivable, cash and cash equivalents, accounts receivable, receivable from affiliates, deferred income taxes, accounts payable and accrued expenses, and other assets.

Previously Reported As Of December 31, 2021Measurement Period AdjustmentsFair Value As Of March 31, 2022Weighted-Average Amortization Period
Assets acquired:
Cash and cash equivalents$226,550 $2,327 $228,877 
Investment securities515 — 515 
Accounts receivable53,431 1,373 54,804 
Unbilled work in progress4,672 — 4,672 
Income taxes receivable— 1,771 1,771 
Property and equipment8,727 — 8,727 
Operating lease right-of-use assets27,383 — 27,383 
Receivable from affiliates1,288 (1,288)— 
Other assets20,503 3 20,506 
Intangible assets other than goodwill— 
Backlog42,000 — 42,000 1.2 years
Trade name17,100 — 17,100 2.0 years
Customer relationships15,200 — 15,200 1.0 year
Total intangible assets acquired74,300 — 74,300 1.3 years
Total assets417,369 4,186 421,555 
Liabilities assumed:
Accrued salaries and bonuses152,409 — 152,409 
Accounts payable and accrued expenses22,627 95 22,722 
Payable to affiliates15 — 15 
Deferred income78 — 78 
Deferred income taxes3,199 353 3,552 
Income taxes payable5,857 (5,857)— 
Operating lease liabilities27,527 — 27,527 
Other liabilities19,897 — 19,897 
Total liabilities231,609 (5,409)226,200 
Net identifiable assets acquired185,760 9,595 195,355 
Goodwill403,809 (9,595)394,214 
Total GCA equity value$589,569 $— $589,569 
We applied the acquisition method of accounting in accordance with Financial Accounting Standards Board ("FASB") ASC Topic 805, Business Combinations ("ASC 805"). Goodwill of $394.2 million was recognized as a result of the transaction and relates to (i) the value of assets that do not meet the definition of an identifiable intangible asset under ASC 805, but that do contribute to the value of the acquired business, including the assembled workforce and relationships with customers that are not tracked; (ii) the assemblage value associated with acquiring an on-going business whose value is worth more than simply the sum of its parts; and (iii) the expected synergies associated with combining global operations. None of the goodwill recognized is expected to be deductible for federal income tax purposes. The goodwill recognized is attributable to our CF business segment.
The results of operations for GCA have been included in the Company's Consolidated Financial Statements since the Acquisition Date. GCA contributed $261.2 million and $100.2 million, to Revenue and Net income, respectively, for the period from the Acquisition Date to March 31, 2022. Included in Net income is the effect of the issuance of stock compensation in lieu of cash. Included in Net income are certain bonus amounts previously accrued that were issued in the form of deferred stock compensation in our fourth quarter, which will be amortized over future periods.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information is presented to illustrate the estimated effects of the acquisition of GCA on the Company as if it had occurred on April 1, 2020, the first day of the Company's fiscal 2021, and is not necessarily indicative of either future results of operations or results that may have been achieved had the acquisition been consummated as of this date. The below unaudited pro forma results include certain pro forma adjustments to net earnings that were directly attributable to the acquisition, as if the acquisition had occurred on April 1, 2020, including the following:

•Elimination of transaction costs incurred by the Company directly attributable to the GCA acquisition of $(7,026) for the year ended March 31, 2022.
•An increase/(decrease) of amortization expense of $(12,946) and $58,276, for the year ended March 31, 2022 and 2021, directly attributable to the GCA acquisition. This amortization was recognized as a result of the allocation of purchase consideration to the definite-lived intangible assets subject to amortization, noted above.
•Resulting tax impact of above adjustments of $5,472 and $(13,753), for the year ended March 31, 2022 and 2021, respectively.
(Unaudited)
Year Ended March 31,
20222021
Revenue$2,518,196 $1,730,460 
Net income471,904 276,336 
v3.22.1
SUBSEQUENT EVENTS
 12 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS Subsequent Events
Subsequent to March 31, 2022, the Company received a Consent to Field Audit Adjustment from the State of New York for the years ending March 31, 2017, March 31, 2018, and March 31, 2019. The Consent to Field Audit Adjustment results in a decrease to our unrecognized tax benefits of $7.3 million.

On April 28, 2022, the Company's board of directors declared a quarterly cash dividend of $0.53 per share of Class A and Class B common stock, payable on June 15, 2022, to shareholders of record on June 2, 2022. Additionally, the Company's board of directors authorized an increase to the existing July 2021 share repurchase program, which provides for share repurchases of a new aggregate amount of up to $500 million of the Company's Class A common stock and Class B common stock.
v3.22.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Basis of Presentation Basis of PresentationThe 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.

The Company carries its investments in unconsolidated entities over which it has significant influence, but does not control, using the equity method, and includes its ownership share of the income and losses in Other (income)/expense, net in the Consolidated Statements of Comprehensive Income.

The Company’s equity method investments include variable interest entities (VIEs), which are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary, and is generally the entity with (i) the power to direct the activities that most significantly impact the VIE’s economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE.
Our involvement with VIEs arises from our variable interest related to a sponsored special purpose acquisition company. The Company's exposure to loss from such VIEs is not material to our operating results and financial position.
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.
Operating Expenses Operating ExpensesThe 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.
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, 2022 and 2021, 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, 2022March 31, 2021
Cash and cash equivalents$833,697 $846,851 
Restricted cash (1)
373 373 
Total cash, cash equivalents, and restricted cash$834,070 $847,224 
(1)Restricted cash as of March 31, 2022 and March 31, 2021 consisted of a cash secured letter of credit issued for our Frankfurt office.
Recent Accounting Pronouncements Recent Accounting PronouncementsOn April 1, 2020, we adopted ASU 2016-13 Financial Instruments — Credit Losses — Measurement of Credit Losses on Financial Instruments, and all related amendments, under a modified retrospective approach. Upon adoption, a cumulative transition adjustment was recorded, which reduced retained earnings by $(924). The tax impact of this adjustment increased retained earnings by $242, resulting in a net decrease to retained earnings of $(682) as of April 1, 2020.
v3.22.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Mar. 31, 2022
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, 2022March 31, 2021
Cash and cash equivalents$833,697 $846,851 
Restricted cash (1)
373 373 
Total cash, cash equivalents, and restricted cash$834,070 $847,224 
(1)Restricted cash as of March 31, 2022 and March 31, 2021 consisted of a cash secured letter of credit issued for our Frankfurt office.
v3.22.1
REVENUE RECOGNITION (Tables)
 12 Months Ended
Mar. 31, 2022
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, 2022March 31, 2021
Receivables, net (1)
$139,680 $103,987 
Unbilled work in progress, net of allowance for credit losses104,751 118,115 
Contract Assets (1)
4,349 4,422 
Contract Liabilities (2)
28,753 27,868 
(1)Included within Accounts receivable, net of allowance for credit losses in the Consolidated Balance Sheets.
(2)Included within Deferred income in the Consolidated Balance Sheets.
v3.22.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring The following table presents information about the Company's financial assets, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values:
March 31, 2022
Level ILevel IILevel IIITotal
Corporate debt securities$— $87,074 $— $87,074 
U.S. treasury securities— 17,662 — 17,662 
Certificates of deposit— 516 — 516 
Total asset measured at fair value (1)
$— $105,252 $— $105,252 
(1) Included within Investment securities in the Consolidated Balance Sheets.
March 31, 2021
Level ILevel IILevel IIITotal
Corporate debt securities$— $178,659 $— $178,659 
U.S. treasury securities— 24,083 — 24,083 
Total asset measured at fair value (1)
$— $202,742 $— $202,742 
(1) Included within Investment securities in the Consolidated Balance Sheets.
v3.22.1
INVESTMENT SECURITIES (Tables)
 12 Months Ended
Mar. 31, 2022
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, 2022
Amortized CostGross Unrealized GainsGross Unrealized (Losses)
Fair Value (1)
Corporate debt securities$88,475 $2 $(1,403)$87,074 
U.S. treasury securities17,891 — (229)17,662 
Certificates of deposit516 — — 516 
Total securities with unrealized gains/(losses)$106,882 $2 $(1,632)$105,252 
(1)Included within Investment securities in the Consolidated Balance Sheets.
March 31, 2021
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
Corporate debt securities$178,384 $389 $(114)$178,659 
U.S. treasury securities23,761 322 — 24,083 
Total securities with unrealized gains/(losses)$202,145 $711 $(114)$202,742 
(1)Included within Investment securities in the Consolidated Balance Sheets.
Investments Classified by Contractual Maturity Date
Scheduled maturities of the debt securities held by the Company included within the investment securities portfolio were as follows:
March 31, 2022March 31, 2021
Amortized CostEstimated Fair ValueAmortized CostEstimated Fair Value
Due within one year$72,963 $72,950 $172,747 $172,798 
Due within years two through five33,919 32,302 29,398 29,944 
Total debt within the investment securities portfolio$106,882 $105,252 $202,145 $202,742 
v3.22.1
ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)
 12 Months Ended
Mar. 31, 2022
Receivables [Abstract]  
Allowance for Uncollectible Accounts Receivable
March 31, 2022March 31, 2021
Beginning balance$11,782 $6,889 
Transition adjustment as of April 1, 2020— 831 
Provision for bad debt, net3,718 7,290 
Recovery/(write-off) of uncollectible accounts, net(2,226)(3,228)
Ending balance$13,274 $11,782 
v3.22.1
PROPERTY AND EQUIPMENT (Tables)
 12 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
Property and equipment, net of accumulated depreciation consists of the following:
Useful LivesMarch 31, 2022March 31, 2021
Equipment5 years$9,692 $8,795 
Furniture and fixtures5 years22,704 21,493 
Leasehold improvements10 years59,462 52,561 
Computers and software3 years14,308 10,772 
OtherVarious7,476 7,056 
Total cost113,642 100,677 
Less: accumulated depreciation(61,466)(54,307)
Total net book value$52,176 $46,370 
v3.22.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 12 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill
The following table provides a reconciliation of Goodwill and other intangibles, net reported on the Consolidated Balance Sheets.
Useful LivesMarch 31, 2022March 31, 2021
GoodwillIndefinite$1,070,442 $671,065 
Tradename-Houlihan LokeyIndefinite192,210 192,210 
Other intangible assetsVaries92,941 6,809 
Total cost1,355,593 870,084 
Less: accumulated amortization(37,818)(3,863)
Goodwill and other intangibles, net$1,317,775 $866,221 
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,
2023$45,014 
20247,985 
20251,820 
2026— 
2027 and thereafter— 
Schedule of Goodwill by Business Segment
Goodwill attributable to the Company’s business segments is as follows:
April 1, 2021
Change (1)
March 31, 2022
Corporate Finance$416,535 $399,377 $815,912 
Financial Restructuring162,815 — 162,815 
Financial and Valuation Advisory91,715 — 91,715 
Goodwill$671,065 $399,377 $1,070,442 
(1)Changes pertain primarily to the acquisition of GCA Corporation and to a small extent, foreign currency translation. See Note 19 for additional information.
v3.22.1
OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 12 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Loss
Accumulated other comprehensive (loss) as of March 31, 2022, 2021, and 2020, was comprised of the following:
Total
Balance, March 31, 2020$(43,108)
Foreign currency translation adjustments22,932 
Balance, March 31, 2021(20,176)
Foreign currency translation adjustments(23,171)
Balance, March 31, 2022$(43,347)
v3.22.1
INCOME TAXES (Tables)
 12 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Provision (Benefit) for Income Taxes on Operations
The provision (benefit) for income taxes on operations for the years ended March 31, 2022, 2021, and 2020 is comprised of the following approximate values:
Year Ended March 31,
202220212020
Current:
Federal$134,054 $71,832 $39,796 
State and local58,568 27,230 10,217 
Foreign44,060 18,632 11,495 
     Subtotal236,682 117,694 61,508 
Deferred:
Federal(52,088)(16,244)(6,317)
State and local(18,348)(4,543)(2,104)
Foreign(632)(450)(1,233)
Subtotal(71,068)(21,237)(9,654)
Total$165,614 $96,457 $51,854 
Effective Income Tax Rate Reconciliation
The provision for income taxes on operations for the years ended March 31, 2022, 2021, and 2020 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,
202220212020
Federal income tax provision computed at statutory rate$126,826 21.0 %$85,937 21.0 %$49,486 21.0 %
State and local taxes, net of federal tax effect31,559 5.2 %18,877 4.6 %10,819 4.6 %
Tax impact from foreign operations3,990 0.7 %(1,036)(0.2)%(1,083)(0.5)%
Nondeductible expenses10,654 1.8 %6,004 1.5 %4,721 2.0 %
Stock compensation(7,421)(1.2)%(13,349)(3.3)%(7,269)(3.1)%
Uncertain tax positions, true-up items, and other6 — %24 — %(4,820)(2.0)%
Total$165,614 27.4 %$96,457 23.6 %$51,854 22.0 %
Schedule of Deferred Tax Assets and Liabilities The deferred income taxes on the accompanying consolidated balance sheets as of March 31, 2022 and March 31, 2021, comprise the following:
March 31, 2022March 31, 2021
Deferred tax assets:
Deferred compensation expense/accrued bonus$126,249 $75,140 
Allowance for credit losses1,612 1,305 
Accounts receivable and work in progress6,814 2,084 
US foreign tax credits 2,400 2,475 
Operating lease liabilities25,947 31,499 
Non US32,374 14,234 
Other, net10,925 1,452 
Total deferred tax assets206,321 128,189 
Deferred tax asset valuation allowance (9,234)(9,783)
Total deferred tax assets197,087 118,406 
Deferred tax liabilities:
Intangibles(72,983)(49,913)
Operating lease right-of-use assets(21,907)(27,856)
Other, net(7,707)(12,358)
Total deferred tax liabilities(102,597)(90,127)
Net deferred tax assets$94,490 $28,279 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the unrecognized tax position as of March 31, 2022 and March 31, 2021 is as follows:
March 31, 2022March 31, 2021
Unrecognized tax position at the beginning of the year$14,666 $9,947 
Increase related to prior year tax positions10,054 2,979 
Decrease related to prior year tax positions(6,395)— 
Increase related to tax positions taken in the current year329 1,740 
Unrecognized tax position at the end of the year$18,654 $14,666 
v3.22.1
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (Tables)
 12 Months Ended
Mar. 31, 2022
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.
Year Ended March 31,
202220212020
Numerator:
Net income attributable to Houlihan Lokey, Inc.$414,580 $335,703 $170,979 
Denominator:
Weighted average shares of common stock outstanding — basic64,970,287 65,785,042 62,152,870 
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 method3,289,421 2,886,206 3,572,646 
Weighted average shares of common stock outstanding — diluted68,259,708 68,671,248 65,725,516 
Basic earnings per share$6.74 $4.75 $2.96 
Diluted earnings per share$6.41 $4.55 $2.80 
v3.22.1
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Mar. 31, 2022
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, 2022, 2021, and 2020, is as follows:
Unvested Share AwardsShares
Weighted Average Grant Date Fair Value
Balance, April 1, 20193,763,984 $32.29 
Granted1,368,079 47.04 
Vested(1,496,643)29.30 
Shares repurchased/forfeited(96,373)38.63 
Balance, March 31, 20203,539,047 39.13 
Granted1,044,741 60.60 
Vested(1,770,294)32.36 
Shares repurchased/forfeited(68,889)50.87 
Balance, March 31, 20212,744,605 51.37 
Granted2,689,459 82.45 
Vested(1,039,535)47.77 
Shares repurchased/forfeited(80,154)61.14 
Balance, March 31, 20224,314,375 $71.42 
Activity in Liability Classified Share Awards
Activity in liability classified share awards during the years ended March 31, 2022, 2021, and 2020 is as follows:    

Awards Settleable in SharesFair Value
Balance, April 1, 2019$21,676 
Offer to grant6,410 
Share price determined-converted to cash payments(100)
Share price determined-transferred to equity grants (1)
(6,457)
Forfeited(540)
Balance, March 31, 202020,989 
Offer to grant5,189 
Share price determined-converted to cash payments(249)
Share price determined-transferred to equity grants (1)
(7,223)
Forfeited(1,756)
Balance, March 31, 202116,950 
Offer to grant4,344 
Share price determined-converted to cash payments(2,676)
Share price determined-transferred to equity grants (1)
(4,269)
Forfeited— 
Balance, March 31, 2022$14,349 
(1)57,721, 121,075, and 134,370 shares for the years ended March 31, 2022, 2021, and 2020, 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, 2022, 2021, and 2020, respectively.

Restricted Stock UnitsRSUs
Weighted Average Grant Date Fair Value
RSUs as of April 1, 201921,953 $— 
Issued— — 
Forfeitures— — 
Vested— — 
RSUs as of March 31, 202021,953 47.22 
Issued25,658 60.60 
Forfeitures(3,191)52.97 
Vested(5,945)47.81 
RSUs as of March 31, 202138,475 55.57 
Issued1,014,641 96.20 
Forfeitures(2,159)66.32 
Vested(12,454)53.80 
RSUs as of March 31, 20221,038,503 $95.27 
v3.22.1
LEASES (Tables)
 12 Months Ended
Mar. 31, 2022
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, 2022.

Maturity of Operating Leases
Operating Leases
2023$34,693 
202428,696 
202528,490 
202626,011 
202722,153 
2028 and thereafter85,602 
Total225,645 
Less: present value discount(28,554)
Operating lease liabilities$197,091 
As of March 31, 2022, the Company entered into multiple operating leases for additional office space that have not yet commenced, for approximately $202 million. These operating leases will commence between fiscal year 2023 and fiscal year 2024 with a lease term of 10 years to 13 years.
Lease, Cost
Lease costs
March 31, 2022March 31, 2021
Operating lease expense$37,299 $28,924 
Variable lease expense (1)
10,252 10,311 
Short-term lease expense214 203 
Less: Sublease income(18)(205)
Total lease costs$47,747 $39,233 
(1)Primarily consists of payments for property taxes, common area maintenance and usage based operating costs.

Weighted-average details
March 31, 2022March 31, 2021
Weighted-average remaining lease term (years)99
Weighted-average discount rate3.4 %3.8 %
Supplemental cash flow information related to leases:
March 31, 2022March 31, 2021
Operating cash flows:
Cash paid for amounts included in the measurement of Operating lease liabilities$32,947 $32,152 
Non-cash activity:
Operating lease right-of-use assets obtained in exchange of operating lease liabilities$32,377 $41,089 
Change in Operating lease right-of-use assets due to remeasurement5,200 (1,208)
v3.22.1
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)
 12 Months Ended
Mar. 31, 2022
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.
Year Ended March 31,
202220212020
Revenues by segment:
Corporate Finance$1,593,083 $802,853 $646,788 
Financial Restructuring392,818 534,747 352,517 
Financial and Valuation Advisory284,057 187,852 160,063 
Revenues$2,269,958 $1,525,452 $1,159,368 
Segment profit (1)
Corporate Finance$606,268 $250,513 $179,660 
Financial Restructuring100,882 224,215 107,714 
Financial and Valuation Advisory88,136 46,642 35,172 
Total segment profit795,286 521,370 322,546 
Corporate expenses (2)
182,422 113,213 92,945 
Other (income)/expense, net8,926 (1,071)(6,046)
Income before provision for income taxes$603,938 $409,228 $235,647 
(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 office of the executives, accounting, information technology, compliance, legal, marketing, and human capital.
March 31, 2022March 31, 2021March 31, 2020
Assets by segment
Corporate Finance$994,623 $575,241 $403,147 
Financial Restructuring178,148 181,239 186,418 
Financial and Valuation Advisory155,853 136,761 127,440 
Total segment assets1,328,624 893,241 717,005 
Corporate assets1,558,186 1,532,826 959,998 
Total assets$2,886,810 $2,426,067 $1,677,003 
Revenue and Income Before Provision for Income Taxes by Geographic Areas
Year Ended March 31,
202220212020
Income before provision for income taxes by geography
United States$424,358 $321,639 $184,883 
International179,580 87,589 50,764 
Income before provision for income taxes$603,938 $409,228 $235,647 
Year Ended March 31,
202220212020
Revenues by geography:
United States$1,690,708 $1,192,720 $975,075 
International579,250 332,732 184,293 
Revenues$2,269,958 $1,525,452 $1,159,368 
Assets by Geographic Areas
March 31, 2022March 31, 2021March 31, 2020
Assets by geography
United States$2,032,390 $1,837,332 $1,135,871 
International854,420 588,735 541,132 
Total assets$2,886,810 $2,426,067 $1,677,003 
v3.22.1
Business Combinations (Tables)
 12 Months Ended
Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Acquisitions, by Acquisition
Acquisition Consideration
GCA common shares, including employee share-based payment awards outstanding, as of the Acquisition Date
49,382,808 
Cash consideration per share¥1,398 
Cash consideration for tendered common shares$531,883 
Cash consideration for remaining shares purchased57,686 
Total cash consideration$589,569 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as part of the GCA acquisition. We made significant estimates and exercised significant judgment in estimating fair values and accounting for such acquired assets and liabilities. Such fair values are preliminary estimates and are subject to adjustment for up to one year after the acquisition date or when additional information relative to the closing date fair values becomes available and such information is considered final, whichever is earlier. The intangible assets subject to amortization will be amortized on a straight-line basis over their estimated useful lives as of the acquisition date. Measurement period adjustments recognized in the fourth quarter of fiscal 2022 related primarily to updated estimated fair values for income taxes (payable)/receivable, cash and cash equivalents, accounts receivable, receivable from affiliates, deferred income taxes, accounts payable and accrued expenses, and other assets.

Previously Reported As Of December 31, 2021Measurement Period AdjustmentsFair Value As Of March 31, 2022Weighted-Average Amortization Period
Assets acquired:
Cash and cash equivalents$226,550 $2,327 $228,877 
Investment securities515 — 515 
Accounts receivable53,431 1,373 54,804 
Unbilled work in progress4,672 — 4,672 
Income taxes receivable— 1,771 1,771 
Property and equipment8,727 — 8,727 
Operating lease right-of-use assets27,383 — 27,383 
Receivable from affiliates1,288 (1,288)— 
Other assets20,503 3 20,506 
Intangible assets other than goodwill— 
Backlog42,000 — 42,000 1.2 years
Trade name17,100 — 17,100 2.0 years
Customer relationships15,200 — 15,200 1.0 year
Total intangible assets acquired74,300 — 74,300 1.3 years
Total assets417,369 4,186 421,555 
Liabilities assumed:
Accrued salaries and bonuses152,409 — 152,409 
Accounts payable and accrued expenses22,627 95 22,722 
Payable to affiliates15 — 15 
Deferred income78 — 78 
Deferred income taxes3,199 353 3,552 
Income taxes payable5,857 (5,857)— 
Operating lease liabilities27,527 — 27,527 
Other liabilities19,897 — 19,897 
Total liabilities231,609 (5,409)226,200 
Net identifiable assets acquired185,760 9,595 195,355 
Goodwill403,809 (9,595)394,214 
Total GCA equity value$589,569 $— $589,569 
Business Acquisition, Pro Forma Information
(Unaudited)
Year Ended March 31,
20222021
Revenue$2,518,196 $1,730,460 
Net income471,904 276,336 
v3.22.1
BACKGROUND (Details)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
USD ($)
segment
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
Class of Stock [Line Items]      
Number of business segments | segment 3    
IPO      
Class of Stock [Line Items]      
Compensation expenses associated with the accrual of certain deferred cash payments granted $ 0 $ 0 $ 10,035
IPO | Restricted Stock      
Class of Stock [Line Items]      
Compensation expenses associated with the amortization of awards granted $ 0 $ 0 $ 14,289
Vesting period, restricted stock 4 years 6 months    
Accounts Payable and Accrued Liabilities | IPO      
Class of Stock [Line Items]      
Vesting period, restricted stock 4 years 6 months    
v3.22.1
- Revenues (Narrative) (Details)
 12 Months Ended
Mar. 31, 2022
segment
Accounting Policies [Abstract]  
Number of business segments 3
v3.22.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Translation of Foreign Currency Transactions (Narrative) (Details) - Foreign currency forward contract
 12 Months Ended
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
numberOfInstruments
Mar. 31, 2022
EUR (€)
numberOfInstruments
Derivative [Line Items]      
Notional amount   $ 7,100,000 € 15,700,000
Derivative, Number of Instruments Held | numberOfInstruments   2 1
Other operating expenses      
Derivative [Line Items]      
Gain (loss) included in other operating expenses | $ $ 33,000 $ 38,000  
v3.22.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2019
Accounting Policies [Abstract]        
Cash and cash equivalents $ 833,697 $ 846,851    
Restricted cash (1) 373 373    
Total cash, cash equivalents, and restricted cash $ 834,070 $ 847,224 $ 380,746 $ 286,115
v3.22.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details) - USD ($)
Mar. 31, 2022
Mar. 31, 2021
Apr. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Reduction to retained earnings $ 1,443,705,000 $ 1,383,561,000  
Accounts receivable, net of allowance for credit losses 144,029,000 108,409,000  
Unbilled work in progress, net of allowance for credit losses 104,751,000 118,115,000  
Other assets 57,646,000 50,747,000  
Retained earnings $ 922,223,000 $ 600,096,000  
Cumulative Effect, Period Of Adoption, Adjustment      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Reduction to retained earnings     $ (924,000)
Deferred income taxes, net     242,000
Retained earnings     $ (682,000)
v3.22.1
REVENUE RECOGNITION - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]    
Revenue $ 19.7 $ 17.5
v3.22.1
REVENUE RECOGNITION - Summary of Receivables, Contract Assets, and Contract Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]    
Receivables, net $ 139,680 $ 103,987
Unbilled work in progress, net of allowance for credit losses 104,751 118,115
Contract assets 4,349 4,422
Contract liabilities $ 28,753 $ 27,868
v3.22.1
RELATED‑PARTY TRANSACTIONS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
May 20, 2020
Aug. 01, 2019
May 30, 2019
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Related Party Transaction [Line Items]            
Treasury stock acquired, average cost per share (in dollars per share)       $ 94,350 $ 64,180 $ 44,130
Professional fees       $ 38,349 $ 24,681 $ 21,704
ORIX USA Corporation | Management Accounting Legal Regulatory And Other Administrative Services            
Related Party Transaction [Line Items]            
Related party fee revenue       $ 0 $ 2,875 $ 828
Class B shares            
Related Party Transaction [Line Items]            
Stock repurchased and retired during period, shares (in shares)       455,402,000 286,730,000 654,944,000
Class A            
Related Party Transaction [Line Items]            
Shares issued and sold in Follow-on Offering (in shares) 3,000,000          
Stock repurchased and retired during period, shares (in shares)       3,272,399,000 1,591,995,000 671,187,000
Class A | ORIX USA Corporation            
Related Party Transaction [Line Items]            
Shares issued and sold in Follow-on Offering (in shares)   3,377,935 3,000,000      
Selling price per share (in dollars per share)   $ 45.62 $ 45.80      
Other Assets            
Related Party Transaction [Line Items]            
Loans receivable from employees       $ 17,100 $ 16,657  
v3.22.1
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total asset measured at fair value (1) $ 105,252 $ 202,742
Level I    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total asset measured at fair value (1) 0 0
Level II    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total asset measured at fair value (1) 105,252 202,742
Level III    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total asset measured at fair value (1) 0 0
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 87,074 178,659
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 87,074 178,659
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 17,662 24,083
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 17,662 24,083
U.S. treasury securities | Level III    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0 $ 0
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 516  
Certificates of deposit | Level I    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 0  
Certificates of deposit | Level II    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments 516  
Certificates of deposit | Level III    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments $ 0  
v3.22.1
- Summary of Trading Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Mar. 31, 2021
Total Securities    
Amortized Cost $ 106,882  
Gross Unrealized Gains 2  
Gross Unrealized (Losses) (1,632)  
Fair Value (1) 105,252  
Debt Securities - Held-to-Maturity    
Amortized Cost   $ 202,145
Gross Unrealized Gains   711
Gross Unrealized (Losses)   (114)
Fair Value   202,742
Corporate debt securities    
Debt Securities - Trading    
Amortized Cost 88,475  
Gross Unrealized Gains 2  
Gross Unrealized (Losses) (1,403)  
Fair Value (1) 87,074  
Debt Securities - Held-to-Maturity    
Amortized Cost   178,384
Gross Unrealized Gains   389
Gross Unrealized (Losses)   (114)
Fair Value   178,659
U.S. treasury securities    
Debt Securities - Trading    
Amortized Cost 17,891  
Gross Unrealized Gains 0  
Gross Unrealized (Losses) (229)  
Fair Value (1) 17,662  
Debt Securities - Held-to-Maturity    
Amortized Cost   23,761
Gross Unrealized Gains   322
Gross Unrealized (Losses)   0
Fair Value   $ 24,083
Certificates of deposit    
Equity Method Investment    
Amortized Cost 516  
Gross Unrealized Gains 0  
Gross Unrealized (Losses) 0  
Fair Value (1) $ 516  
v3.22.1
INVESTMENT SECURITIES - Summary of Investment Contractual Maturity Dates (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]    
Due within one year, amortized cost $ 72,963 $ 172,747
Due within one year, estimated fair value 72,950 172,798
Die within one year through five years, amortized cost 33,919 29,398
Due within one year through five years, fair value 32,302 29,944
Amortized cost 106,882 202,145
Fair value $ 105,252 $ 202,742
v3.22.1
ALLOWANCE FOR CREDIT LOSSES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Allowance for Uncollectible Accounts Receivable      
Beginning balance $ 11,782 $ 6,889  
Transition adjustment as of April 1, 2020 13,274 11,782 $ 6,889
Provision for bad debt, net 3,718 7,290 4,873
Recovery or write-off of uncollectible accounts (2,226) (3,228)  
Ending balance 13,274 11,782 6,889
Cumulative Effect, Period Of Adoption, Adjustment      
Allowance for Uncollectible Accounts Receivable      
Beginning balance $ 0 831  
Transition adjustment as of April 1, 2020   0 831
Ending balance   $ 0 $ 831
v3.22.1
PROPERTY AND EQUIPMENT (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Property, Plant and Equipment [Line Items]      
Total cost $ 113,642 $ 100,677  
Less: accumulated depreciation (61,466) (54,307)  
Total net book value 52,176 46,370  
Depreciation $ 14,600 11,068 $ 9,842
Equipment      
Property, Plant and Equipment [Line Items]      
Useful Lives 5 years    
Total cost $ 9,692 8,795  
Furniture and fixtures      
Property, Plant and Equipment [Line Items]      
Useful Lives 5 years    
Total cost $ 22,704 21,493  
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Useful Lives 10 years    
Total cost $ 59,462 52,561  
Computers and software      
Property, Plant and Equipment [Line Items]      
Useful Lives 3 years    
Total cost $ 14,308 10,772  
Other      
Property, Plant and Equipment [Line Items]      
Total cost $ 7,476 $ 7,056  
v3.22.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill $ 1,070,442 $ 671,065
Tradename-Houlihan Lokey 192,210 192,210
Other intangible assets 92,941 6,809
Total cost 1,355,593 870,084
Less: accumulated amortization (37,818) (3,863)
Goodwill and other intangibles, net $ 1,317,775 $ 866,221
v3.22.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill by Business Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2022
Goodwill    
April 1, 2021   $ 671,065
Changes   399,377
March 31, 2021 $ 1,070,442 1,070,442
Corporate Finance    
Goodwill    
April 1, 2021   416,535
Changes 399,377  
March 31, 2021 815,912 815,912
Financial Restructuring    
Goodwill    
April 1, 2021   162,815
Changes 0  
March 31, 2021 162,815 162,815
Financial and Valuation Advisory    
Goodwill    
April 1, 2021   91,715
Changes 0  
March 31, 2021 $ 91,715 $ 91,715
v3.22.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 33,937 $ 4,161 $ 7,449
v3.22.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Finite-Lived Intangible Assets, Amortization Expense, Fiscal Year Maturity (Details)
$ in Thousands
Mar. 31, 2022
USD ($)
(In thousands)  
2023 $ 45,014
2024 7,985
2025 1,820
2026 0
2027 and thereafter $ 0
v3.22.1
LOANS PAYABLE (Details)
 1 Months Ended 12 Months Ended
Aug. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Aug. 31, 2015
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
Aug. 23, 2019
USD ($)
May 31, 2018
USD ($)
Apr. 30, 2018
GBP (£)
Loans Payable | Non Interest Bearing Unsecured Convertible Loan                  
Debt Instrument [Line Items]                  
Loans payable, face amount $ 4,500,000     $ 20,300,000 $ 16,900,000       £ 10,500,000
Interest and unused commitment fees paid       162,000 288,000 $ 327,000      
Exchange period 3 years                
Loans Payable | Two Point Eighty Eight Percent Loans Payable                  
Debt Instrument [Line Items]                  
Loans payable, face amount               $ 2,800,000  
Interest and unused commitment fees paid       105,000 105,000 105,000      
Stated interest rate               2.88%  
Loans Payable | Two Point Seven Five Percent Loans Payable                  
Debt Instrument [Line Items]                  
Loans payable, face amount   $ 4,000,000              
Interest and unused commitment fees paid       79,000 103,000 32,000      
Stated interest rate   2.75%              
Exchange period   4 years              
Loans Payable | Former Shareholders                  
Debt Instrument [Line Items]                  
Interest and unused commitment fees paid       $ 10,000 $ 21,000 $ 63,000      
Stated interest rate       1.48% 1.49% 2.94%      
Revolving line of credit | Bank of America                  
Debt Instrument [Line Items]                  
Line of credit, maximum borrowing capacity             $ 100,000,000    
Principal outstanding       $ 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    
Baylor Klein, Ltd                  
Debt Instrument [Line Items]                  
Contingent consideration       $ 17,600,000          
London Interbank Offered Rate (LIBOR) | Revolving line of credit | Bank of America                  
Debt Instrument [Line Items]                  
Stated interest rate on line of credit     1.00%            
v3.22.1
OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Accumulated Other Comprehensive Loss      
Accumulated other comprehensive loss $ (43,347) $ (20,176)  
Accumulated other comprehensive loss      
Accumulated Other Comprehensive Loss      
Beginning balance (20,176) (43,108)  
Foreign currency translation gain/loss (23,171) 22,932 $ (12,814)
Ending balance $ (43,347) $ (20,176) $ (43,108)
v3.22.1
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Tax Credit Carryforward [Line Items]      
Provision for income taxes $ 165,614 $ 96,457 $ 51,854
Effective tax rate 27.40% 23.60% 22.00%
Federal corporate rate 21.00% 21.00% 21.00%
Deferred tax asset, foreign net operating losses $ 74,690    
Deferred tax assets, valuation allowance 6,834 $ 7,308  
Decrease in deferred tax assets valuation allowance 549 1,314  
Cash in certain foreign jurisdictions in excess of near-term working capital needs 97,000    
Recorded liabilities for interest and penalties related to uncertain tax positions 1,228 1,984  
Unrecognized tax benefits 18,654 14,666 $ 9,947
Reasonably possible decrease in gross unrecognized income tax benefits for federal and state items may be necessary within the next 12 months 8,000    
Foreign Tax Authority      
Tax Credit Carryforward [Line Items]      
Tax credit carryforward, amount $ 2,400 $ 2,475  
v3.22.1
INCOME TAXES - Provision (Benefit) for Income Taxes on Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Current:      
Federal $ 134,054 $ 71,832 $ 39,796
State and local 58,568 27,230 10,217
Foreign 44,060 18,632 11,495
Current income tax expense (benefit) 236,682 117,694 61,508
Deferred:      
Federal (52,088) (16,244) (6,317)
State and local (18,348) (4,543) (2,104)
Foreign (632) (450) (1,233)
Deferred income tax expense (benefit) (71,068) (21,237) (9,654)
Total $ 165,614 $ 96,457 $ 51,854
v3.22.1
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Effective Income Tax Rate Reconciliation, Amount      
Federal income tax provision computed at statutory rate $ 126,826 $ 85,937 $ 49,486
State and local taxes, net of federal tax effect 31,559 18,877 10,819
Tax impact from foreign operations 3,990 (1,036) (1,083)
Nondeductible expenses 10,654 6,004 4,721
Stock compensation (7,421) (13,349) (7,269)
Uncertain tax positions, true-up items, and other 6 24 (4,820)
Total $ 165,614 $ 96,457 $ 51,854
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 5.20% 4.60% 4.60%
Tax impact from foreign operations 0.70% (0.20%) (0.50%)
Nondeductible expenses 1.80% 1.50% 2.00%
Stock compensation (1.20%) (3.30%) (3.10%)
Uncertain tax positions, true-up items, and other 0.00% 0.00% (2.00%)
Total 27.40% 23.60% 22.00%
v3.22.1
INCOME TAXES - Deferred Income Taxes (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Mar. 31, 2021
Deferred tax assets:    
Deferred compensation expense/accrued bonus $ 126,249 $ 75,140
Allowance for credit losses 1,612 1,305
Accounts receivable and work in progress 6,814 2,084
US foreign tax credits 2,400 2,475
Operating lease liabilities 25,947 31,499
Non US 32,374 14,234
Other, net 10,925 1,452
Total deferred tax assets 206,321 128,189
Deferred tax asset valuation allowance (9,234) (9,783)
Total deferred tax assets 197,087 118,406
Deferred tax liabilities:    
Intangibles (72,983) (49,913)
Operating lease right-of-use assets (21,907) (27,856)
Other, net (7,707) (12,358)
Total deferred tax liabilities (102,597) (90,127)
Net deferred tax assets $ 94,490 $ 28,279
v3.22.1
INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Reconciliation of Unrecognized Tax Benefits    
Unrecognized tax position at the beginning of the year $ 14,666 $ 9,947
Increase related to prior year tax positions 10,054 2,979
Decrease related to prior year tax positions (6,395) 0
Increase related to tax positions taken in the current year 329 1,740
Unrecognized tax position at the end of the year $ 18,654 $ 14,666
v3.22.1
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Numerator:      
Net income attributable to Houlihan Lokey, Inc. $ 414,580 $ 335,703 $ 170,979
Denominator:      
Weighted average shares of common stock outstanding—basic (in shares) 64,970,287 65,785,042 62,152,870
Weighted average number of incremental shares issuable from unvested restricted stock and restricted stock units, as calculated using the treasury stock method (in shares) 3,289,421 2,886,206 3,572,646
Weighted average shares of common stock outstanding—diluted (in shares) 68,259,708 68,671,248 65,725,516
Basic (in usd per share) $ 6.74 $ 4.75 $ 2.96
Diluted (in usd per share) $ 6.41 $ 4.55 $ 2.80
v3.22.1
EMPLOYEE BENEFIT PLANS - Defined Contribution Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Share-Based Payment Arrangement [Abstract]      
Defined contribution plan, amount of contributions $ 5,294 $ 4,519 $ 3,751
v3.22.1
EMPLOYEE BENEFIT PLANS - Share-Based Incentive Plans Narrative (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Oct. 19, 2017
shares
Aug. 31, 2015
Jun. 30, 2021
director
$ / shares
Dec. 31, 2020
director
$ / shares
Jun. 30, 2020
director
$ / shares
Dec. 31, 2019
director
$ / shares
Jun. 30, 2019
director
$ / shares
Mar. 31, 2022
USD ($)
$ / shares
shares
Mar. 31, 2021
USD ($)
$ / shares
shares
Mar. 31, 2020
USD ($)
$ / shares
shares
Apr. 28, 2022
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Share-based compensation, excess tax benefit amount | $               $ 7,421,000 $ 13,349,000    
Payments related to tax withholding for share-based compensation | $               (33,741,000) (17,810,000) $ (31,477,000)  
Compensation expense — equity and liability classified share awards (Note 14) | $               91,875,000 62,421,000 $ 64,345,000  
Unrecognized compensation cost | $               $ 308,144,000 $ 143,660,000    
Unrecognized compensation cost, period for recognition               1 year 8 months 12 days 2 years    
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]                      
Aggregate shares granted               2,689,459 1,044,741 1,368,079  
Granted (in usd per share) | $ / shares               $ 82.45 $ 60.60 $ 47.04  
2016 Incentive Plan                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting period, restricted stock   4 years                  
2016 Incentive Plan | Restricted Stock                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting period, restricted stock   4 years                  
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) (12,200,000)                    
Number of shares authorized (in share) 8,000,000                    
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 2 4 1 4        
Granted (in usd per share) | $ / shares     $ 73.19 $ 63.01 $ 60.60 $ 47.21 $ 47.22        
Class B | Amended And Restated 2016 Incentive Award Plan | Subsequent Event                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Increase (decrease) in number of shares authorized (in shares)                     10,000,000
Class A | Amended And Restated 2016 Incentive Award Plan | Subsequent Event                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Increase (decrease) in number of shares authorized (in shares)                     10,000,000
April 1, 2018 | 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) 6,540,659                    
Percentage increase (decrease) to number of shares available for issuance 6.00%                    
April 1, 2018 | 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) 6,540,659                    
Percentage increase (decrease) to number of shares available for issuance 6.00%                    
v3.22.1
EMPLOYEE BENEFIT PLANS - Activity in Equity Classified Share Awards (Details) - 2006 Incentive Plan - Restricted Stock - $ / shares
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Shares      
Beginning balance (in shares) 2,744,605 3,539,047 3,763,984
Granted (in shares) 2,689,459 1,044,741 1,368,079
Vested (in shares) (1,039,535) (1,770,294) (1,496,643)
Forfeited (in shares)   (68,889) (96,373)
Shares repurchased/forfeited (in shares) (80,154)    
Ending balance (in shares) 4,314,375 2,744,605 3,539,047
Weighted Average Grant Date Fair Value      
Beginning balance (in usd per share) $ 51.37 $ 39.13 $ 32.29
Granted (in usd per share) 82.45 60.60 47.04
Vested (in usd per share) 47.77 32.36 29.30
Forfeited (in usd per share) 61.14 50.87 38.63
Ending balance (in usd per share) $ 71.42 $ 51.37 $ 39.13
v3.22.1
EMPLOYEE BENEFIT PLANS - Activity in Liability Classified Shares (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Dec. 31, 2019
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Liability Classified Awards Settleable in Shares            
Beginning balance   $ 16,950 $ 21,676 $ 16,950 $ 20,989 $ 21,676
Offer to grant $ 4,344       5,189 6,410
Share price determined-converted to cash payments (2,676)       (249) (100)
Share price determined-transferred to equity grants (4,269)       (7,223) (6,457)
Forfeited 0       (1,756) (540)
Ending balance $ 14,349     $ 14,349 $ 16,950 $ 20,989
Share price determined-transferred to equity grants (in shares)   121,075 134,370 57,721    
v3.22.1
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, 2022
Mar. 31, 2021
Mar. 31, 2020
RSUs      
Beginning balance (in shares) 38,475 21,953 21,953
Issued (in shares) 1,014,641 25,658 0
Forfeitures (in shares) (2,159) (3,191) 0
Vested (in shares) (12,454) (5,945) 0
Ending balance (in shares) 1,038,503 38,475 21,953
Weighted Average Grant Date Fair Value      
Beginning balance (in usd per share) $ 55.57 $ 47.22 $ 0
Granted (in usd per share) 96.20 60.60 0
Forfeitures (in usd per share) 66.32 52.97 0
Vested (in usd per share) 53.80 47.81 0
Ending balance (in usd per share) $ 95.27 $ 55.57 $ 47.22
v3.22.1
STOCKHOLDERS' EQUITY (Details)
 12 Months Ended
May 20, 2020
USD ($)
shares
Aug. 01, 2019
$ / shares
shares
May 30, 2019
$ / shares
shares
Mar. 31, 2022
USD ($)
vote
class_of_stock
$ / shares
shares
Mar. 31, 2021
USD ($)
$ / shares
shares
Mar. 31, 2020
USD ($)
$ / shares
shares
Jul. 31, 2021
USD ($)
Jan. 31, 2021
USD ($)
Mar. 31, 2019
shares
Aug. 18, 2015
Class of Stock [Line Items]                    
Number of classes of common stock | class_of_stock       2            
Conversion ratio of common stock                   1
Dividends outstanding | $       $ 9,312,000 $ 6,744,000          
Stock repurchase program, authorized amount | $             $ 250,000,000 $ 200,000,000    
Treasury stock acquired, average cost per share (in dollars per share) | $ / shares       $ 94,350 $ 64,180 $ 44,130        
Class A                    
Class of Stock [Line Items]                    
Common stock voting rights, number of votes per share | vote       1            
Shares issued to non-employee directors (in shares) 3,000,000                  
Net proceeds from offering | $ $ 188,700,000                  
Shares issued of common stock (in shares)       49,853,564 51,245,442          
Number of common shares outstanding (in shares)       49,853,564 51,245,442          
Stock repurchased and retired during period, shares (in shares)       3,272,399,000 1,591,995,000 671,187,000        
Stock repurchased and retired during period, value | $       $ 308,746,000 $ 102,173,000 $ 29,621,000        
Class B                    
Class of Stock [Line Items]                    
Common stock voting rights, number of votes per share | vote       10            
Shares issued of common stock (in shares)       17,649,555 16,951,696          
Number of common shares outstanding (in shares)       17,649,555 16,951,696          
Stock repurchased and retired during period, shares (in shares)       455,402,000 286,730,000 654,944,000        
Stock repurchased and retired during period, value | $       $ 33,700,000 $ 17,810,000 $ 31,451,000        
ORIX USA Corporation | Class A                    
Class of Stock [Line Items]                    
Shares issued to non-employee directors (in shares)   3,377,935 3,000,000              
Selling price per share (in dollars per share) | $ / shares   $ 45.62 $ 45.80              
Director | Class A                    
Class of Stock [Line Items]                    
Shares issued to non-employee directors (in shares)       6,512 8,751          
Investor | Class A                    
Class of Stock [Line Items]                    
Shares issued of common stock (in shares)       49,801,577 51,199,967          
HL Holders | Class B                    
Class of Stock [Line Items]                    
Number of common shares outstanding (in shares)       16,951,696,000            
Common Stock | Class A                    
Class of Stock [Line Items]                    
Shares issued to non-employee directors (in shares)       6,512 8,751 9,145        
Shares converted from Class B to Class A (in shares)       1,874,009 3,650,053          
Number of common shares outstanding (in shares)       49,853,564 51,245,442 46,178,633     38,200,802  
Common Stock | Class B                    
Class of Stock [Line Items]                    
Number of common shares outstanding (in shares)       17,649,555 16,951,696 19,345,277     27,197,734  
Director | Class A                    
Class of Stock [Line Items]                    
Shares issued of common stock (in shares)       51,987 45,475          
v3.22.1
LEASES - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Mar. 31, 2021
Lessee, Lease, Description [Line Items]    
Operating right-of-use assets $ 171,942 $ 152,031
Operating lease liabilities 197,091 $ 174,516
Lease not yet commenced, amount $ 202,000  
Minimum    
Lessee, Lease, Description [Line Items]    
Operating lease, term of contract 14 years  
Operating lease, lease not yet commenced, term of contract 10 years  
Maximum    
Lessee, Lease, Description [Line Items]    
Operating lease, term of contract 1 year  
Operating lease, lease not yet commenced, term of contract 13 years  
v3.22.1
LEASES - Maturity of Existing Operating Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Mar. 31, 2021
Leases [Abstract]    
2023 $ 34,693  
2024 28,696  
2025 28,490  
2026 26,011  
2027 22,153  
2028 and thereafter 85,602  
Total 225,645  
Less: present value discount (28,554)  
Operating lease liabilities $ 197,091 $ 174,516
v3.22.1
LEASES - Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Leases [Abstract]    
Operating lease expense $ 37,299 $ 28,924
Variable lease expense (1) 10,252 10,311
Short-term lease expense 214 203
Less: Sublease income (18) (205)
Total lease costs $ 47,747 $ 39,233
v3.22.1
LEASES - Weighted Average Details (Details)
Mar. 31, 2022
Mar. 31, 2021
Leases [Abstract]    
Weighted-average remaining lease term (years) 9 years 9 years
Weighted-average discount rate 3.40% 3.80%
v3.22.1
LEASES - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Leases [Abstract]    
Cash paid for amounts included in the measurement of Operating lease liabilities $ 32,947 $ 32,152
Operating lease right-of-use assets obtained in exchange of operating lease liabilities 32,377 41,089
Change in Operating lease right-of-use assets due to remeasurement $ 5,200 $ (1,208)
v3.22.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue and Assets by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Segment Reporting Information [Line Items]      
Revenues $ 2,269,958 $ 1,525,452 $ 1,159,368
Segment profit 795,286 521,370 322,546
Corporate expenses (2) (1,657,094) (1,117,295) (929,767)
Other (income)/expense, net (8,926) 1,071 6,046
Income before provision for income taxes 603,938 409,228 235,647
Assets 2,886,810 2,426,067 1,677,003
Operating Segments      
Segment Reporting Information [Line Items]      
Assets 1,328,624 893,241 717,005
Operating Segments | Corporate Finance      
Segment Reporting Information [Line Items]      
Revenues 1,593,083 802,853 646,788
Segment profit 606,268 250,513 179,660
Assets 994,623 575,241 403,147
Operating Segments | Financial Restructuring      
Segment Reporting Information [Line Items]      
Revenues 392,818 534,747 352,517
Segment profit 100,882 224,215 107,714
Assets 178,148 181,239 186,418
Operating Segments | Financial and Valuation Advisory      
Segment Reporting Information [Line Items]      
Revenues 284,057 187,852 160,063
Segment profit 88,136 46,642 35,172
Assets 155,853 136,761 127,440
Corporate, Non-Segment      
Segment Reporting Information [Line Items]      
Corporate expenses (2) (182,422) (113,213) (92,945)
Assets $ 1,558,186 $ 1,532,826 959,998
Segment Reconciling Items      
Segment Reporting Information [Line Items]      
Other (income)/expense, net     $ (6,046)
v3.22.1
SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue and Assets by Geographical Areas (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]      
Income before provision for income taxes $ 603,938 $ 409,228 $ 235,647
Revenues 2,269,958 1,525,452 1,159,368
Assets 2,886,810 2,426,067 1,677,003
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Income before provision for income taxes 424,358 321,639 184,883
Revenues 1,690,708 1,192,720 975,075
Assets 2,032,390 1,837,332 1,135,871
International      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Income before provision for income taxes 179,580 87,589 50,764
Revenues 579,250 332,732 184,293
Assets $ 854,420 $ 588,735 $ 541,132
v3.22.1
Business Combinations - Narrative (Details)
$ in Thousands
 4 Months Ended 6 Months Ended 12 Months Ended
Jan. 20, 2022
USD ($)
Oct. 04, 2021
USD ($)
Jan. 31, 2022
USD ($)
Mar. 31, 2022
USD ($)
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2021
USD ($)
Oct. 04, 2021
¥ / shares
Business Acquisition [Line Items]                  
Goodwill       $ 1,070,442 $ 1,070,442 $ 671,065      
Revenues         2,269,958 1,525,452 $ 1,159,368    
Net income attributable to Houlihan Lokey, Inc.         437,751 312,771 183,793    
Provision for income taxes         165,614 96,457 $ 51,854    
GCA Corporation                  
Business Acquisition [Line Items]                  
Business acquisition, percentage of voting interests acquired   90.00%              
Payments to acquire businesses, gross $ 57,686 $ 531,883 $ 589,569            
Cash consideration per share | ¥ / shares                 ¥ 1,398
Goodwill   $ 394,200   394,214 394,214     $ 403,809  
Revenues       261,200          
Net income attributable to Houlihan Lokey, Inc.       $ 100,200          
GCA Corporation | Acquisition-related Costs                  
Business Acquisition [Line Items]                  
Business combination, acquisition related costs         (7,026)        
Amortization         (12,946) 58,276      
Provision for income taxes         $ 5,472 $ (13,753)      
v3.22.1
Business Combinations - Schedule of Business Acquisitions, by Acquisition (Details) - GCA Corporation
$ in Thousands
 4 Months Ended
Jan. 20, 2022
USD ($)
Oct. 04, 2021
USD ($)
Jan. 31, 2022
USD ($)
Oct. 04, 2021
¥ / shares
shares
Business Acquisition [Line Items]        
GCA common shares, including employee share-based payment awards outstanding, as of the Acquisition Date (in shares) | shares       49,382,808,000
Cash consideration per share | ¥ / shares       ¥ 1,398
Payments to acquire businesses, gross | $ $ 57,686 $ 531,883 $ 589,569  
v3.22.1
Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Oct. 04, 2021
Mar. 31, 2021
Business Acquisition [Line Items]        
Goodwill $ 1,070,442     $ 671,065
GCA Corporation        
Business Acquisition [Line Items]        
Cash and cash equivalents 228,877 $ 226,550    
Measurement period adjustments, cash and cash equivalents 2,327      
Investment securities 515 515    
Accounts receivable 54,804 53,431    
Measurement period adjustments, accounts receivable 1,373      
Unbilled work in progress 4,672 4,672    
Income taxes receivable 1,771 0    
Measurement period adjustments, income taxes receivable 1,771      
Property and equipment 8,727 8,727    
Operating lease right-of-use assets 27,383 27,383    
Receivable from affiliates 0 1,288    
Measurement period adjustments, receivable from affiliates (1,288)      
Other assets 20,506 20,503    
Measurement period adjustments, other assets 3      
Total intangible assets acquired 74,300 74,300    
Total assets 421,555 417,369    
Measurement period adjustments, total assets 4,186      
Accrued salaries and bonuses 152,409 152,409    
Accounts payable and accrued expenses 22,722 22,627    
Measurement period adjustments, accounts payable and accrued expenses 95      
Payable to affiliates 15 15    
Deferred income 78 78    
Deferred income taxes 3,552 3,199    
Measurement period adjustments, deferred income taxes 353      
Income taxes payable 0 5,857    
Measurement period adjustments, income taxes payable (5,857)      
Operating lease liabilities 27,527 27,527    
Other liabilities 19,897 19,897    
Total liabilities 226,200 231,609    
Measurement period adjustments, liabilities (5,409)      
Net identifiable assets acquired 195,355 185,760    
Measurement period adjustments, net identifiable assets acquired 9,595      
Goodwill 394,214 403,809 $ 394,200  
Measurement period adjustments, goodwill (9,595)      
Total GCA equity value $ 589,569 589,569    
Weighted-Average Amortization Period 1 year 3 months 18 days      
GCA Corporation | Backlog        
Business Acquisition [Line Items]        
Total intangible assets acquired $ 42,000 42,000    
Weighted-Average Amortization Period 1 year 2 months 12 days      
GCA Corporation | Trade name        
Business Acquisition [Line Items]        
Total intangible assets acquired $ 17,100 17,100    
Weighted-Average Amortization Period 2 years      
GCA Corporation | Customer relationships        
Business Acquisition [Line Items]        
Total intangible assets acquired $ 15,200 $ 15,200    
Weighted-Average Amortization Period 1 year      
v3.22.1
Business Combinations - Business Acquisition, Pro Forma Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Business Combination and Asset Acquisition [Abstract]    
Revenue $ 2,518,196 $ 1,730,460
Net income $ 471,904 $ 276,336
v3.22.1
SUBSEQUENT EVENTS (Details) - USD ($)
 2 Months Ended
Apr. 28, 2022
May 24, 2022
Jul. 31, 2021
Jan. 31, 2021
Subsequent Event [Line Items]        
Stock repurchase program, authorized amount     $ 250,000,000 $ 200,000,000
Subsequent Event        
Subsequent Event [Line Items]        
Unrecognized tax benefits, decrease resulting from settlements with taxing authorities   $ 7,300,000    
Quarterly dividend declared (in usd per share) $ 0.53      
Stock repurchase program, authorized amount $ 500,000,000