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EX - 99.1 2 q3fy21 - ex991.htm EX - 99.1 + HOULIHAN LOKEY Houlihan Lokey Reports Third Quarter Fiscal 2021 Financial Results -Third Quarter Fiscal 2021 Revenues of $ 538 million- - Third Quarter Fiscal 2021 Diluted EPS of $ 1.71 - - Adjusted Third Quarter Fiscal 2021 Diluted EPS of $ 1.77 – - Announces Dividend of $ 0.33 per Share for Fourth Quarter Fiscal 2021 - - Announces Increase in Share Repurchase Program to $ 200 million- LOS ANGELES and NEW YORK - January 28 , 2021 - Houlihan Lokey , Inc. ( NYSE : HLI ) ( “ Houlihan Lokey " or the " Company " ) today reported financial results for its third quarter ended December 31 , 2020. For the third quarter ended December 31 , 2020 , revenues were $ 538 million , compared with $ 334 million for the third quarter ended December 31 , 2019 . Net income was $ 119 million , or $ 1.71 per diluted share , for the third quarter ended December 31 , 2020 , compared with $ 49 million , or $ 0.75 per diluted share , for the third quarter ended December 31 , 2019. Adjusted net income for the third quarter ended December 31 , 2020 was $ 123 million , or $ 1.77 per diluted share , compared with $ 58 million , or $ 0.88 per diluted share , for the third quarter ended December 31 , 2019 . " By almost every measure this was a standout quarter for the firm . Not only did we produce record results in all three business segments , but we were once again recognized for our leading positions in both M & A and Financial Restructuring . I am proud to announce that in 2020 and for the sixth year in a row , we were recognized as the # 1 M & A advisor in the U.S. based on number of completed transactions , and in 2020 and for the seventh year in a row , we were recognized as the # 1 Restructuring Advisor globally based on number of completed transactions , both per Refinitiv . I am very proud of our employees for achieving these rankings . " stated Scott Beiser , Chief Executive Officer of Houlihan Lokey . Selected Financial Data U.S. GAAP ( In thousands , except per share data ) Revenues Operating expenses : 2020 Three Months Ended December 31 , 2019 Nine Months Ended December 31 , 2020 2019 $ 537,876 $ 333,515 $ 1,024,748 $ 856,674 Employee compensation and benefits 339,743 213,107 654,113 551,056 Non - compensation 39,717 52,392 102,754 144,672 Operating income 158,416 68,016 267,881 160,946 Other ( income ) / expense , net ( 187 ) ( 1,039 ) ( 1,544 ) ( 3,787 ) Income before provision for income taxes 158,603 69,055 269,425 164,733 Provision for income taxes 40,088 20,161 56,020 39,954 Net income attributable to Houlihan Lokey , Inc. $ 118,515 $ 48,894 $ 213,405 $ 124,779 Diluted earnings per share $ 1.71 $ 0.75 $ 3.11 $ 1.90 Revenues For the third quarter ended December 31 , 2020 , revenues were $ 538 million , compared with $ 334 million for the third quarter ended December 31 , 2019. For the third quarter ended December 31 , 2020 , Corporate Finance ( " CF " ) revenues increased 52 % , Financial Restructuring ( " FR " ) revenues increased 92 % , and Financial and Valuation Advisory ( " FVA " ) revenues increased 36 % when compared with the third quarter ended December 31 , 2019 . 1