Houlihan Lokey, Inc. · NYSE:HLI
Houlihan Lokey — Q1 2026 Earnings Presentation
34 slides from Houlihan Lokey's earnings presentation, Jul 29, 2025
Slide 1: Investor Presentation
Investor July 2025 Presentation
Slide 2: Disclaimers
Disclaimers Forward-Looking Information This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation may be forward-looking statements. The words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “in
Slide 3: Our Culture
Our Culture Employee Firm’s Ownership DNA DNA and Controls → Client-centric → Global advice with local execution → New York Stock Exchange listed company → Entrepreneurial → Dedicated to exceeding client → Blue chip institutional ownership expectations → Collaborative → Broad-based, long-term employ
Slide 4: Our Product Knowledge and Industry Expertise
CORE SERVICES Mergers & Acquisitions Financial Restructuring Financial and Valuation Advisory Capital Solutions Our Product Knowledge and DEDICATED INDUSTRY GROUPS Industry Expertise Deliver Superior Business Services Financial Services Industrials Results Consumer FinTech Real Estate Energy Healthc
Slide 5: Investment Tenets
Investment Track Record of Growth and Lower Revenues and Earnings Volatility Through Strong Growth Tenets Profitability Economic Cycles Prospects Strong and consistent financial Given our diversified business model, Significant room to grow all three performance. and mix of cyclical, counter-cyclica
Slide 6: Strong Financial Performance
Corporate Finance Strong Financial Performance Revenues Financial Restructuring Financial and Valuation Advisory $2,270 $2,389 $1,914 13% 13% $1,809 $1,525 17% 15% 23% 16% $1,159 12% 27% 22% Strong revenue growth with a five-year 14% 35% CAGR of 16% 30% 70% 64% 62% 58% 56% 53% 2020 2021 2022 2023 20
Slide 7: Strong Partnership Culture with Experienced Leadership
Strong Partnership Culture with Experienced Leadership Deep and Experienced Executive Management Team Long Tenure Results in Collaborative Culture Scott J. Adelson Irwin N. Gold 1 Tenured Management Over 25-year average tenure of our Executive Management Team and our 16-person Operating Committee Te
Slide 8: A Culture of Caring
A Culture of Caring HL has a matching charitable contribution program for active employees, which results in a number of donations to causes around the globe, and a give-a-day program that results in significant participation by our employees in programs local to our offices. Listed below are severa
Slide 9: Market Leader in All Three Business Segments
Market Leader in All Three Business Segments Top Global M&A Firm1 Top Global Restructuring Firm Top Global Fairness Opinion Firm Investment Banks by Number of Global CY 2024 Global Distressed Debt and Global M&A Fairness Advisors: Announced or M&A Deals in CY 2024 Bankruptcy Restructuring Deals Comp
Slide 10: No.1 Market-Leading Advisor Across Industries
No.1 Business Services HOULIHAN LOKEY Rothschild & Co 86 Financial Services HOULIHAN LOKEY Goldman Sachs & Co 56 FinTech1 HOULIHAN LOKEY Raymond James Financial 17 Global 62 46 14 Market-Leading Goldman Sachs & Co JP Morgan The Goldman Sachs Group 54 41 14 Advisor Across Benchmark International Roth
Slide 11: Diversified Across Geography, Client, Industry, Professional and Segment
Diversified Across Geography, Client, Industry, Client Mix1 Industry Mix1 Professional and Segment 19% 3% 17% Financial Public 53% Energy Institutions Financial Companies Sponsors 13% 15% More than Consumer 2,000+ Healthcare 17% 14% Industrials Business Services clients served annually 28% 7% 14% Pr
Slide 12: Comprehensive Coverage and Global Scale
Comprehensive Coverage and Global Scale AMERICAS Atlanta Los Angeles EUROPE AND Amsterdam Milan ASIA- Beijing Shanghai Baltimore Miami MIDDLE EAST Dubai Munich PACIFIC Gurugram Singapore Boston Minneapolis Frankfurt Paris Hong Kong SAR Sydney Charlotte New York London Stockholm Mumbai Tokyo Chicago
Slide 13: Robust Long-Term Growth Opportunities
Robust Long-Term Growth Opportunities Growth will be driven by: We will continue to grow our Managing Director Headcount through: CORPORATE → Adding incremental industry expertise globally FINANCE → Continued geographic expansion 1 → Building out our Capital Solutions platform Development and matura
Slide 14: Growth Through Hiring and MD Productivity
Growth Through Hiring and MD Productivity 339 313 316 History of Growing Managing 289 Director Headcount 190 198 198 165 169 173 146 125 115 HL has increased its Managing Director 100 107 85 88 Headcount by a CAGR of 9% over the last 65 72 75 78 20 years through internal promotions, opportunistic hi
Slide 15: Growth Through Recent Acquisitions
Growth Through Recent Acquisitions Insurance and Wealth Management- Prytania Solutions Limited Global Independent Focused Independent UK-Based Tech-Enabled Advisory Firm → HL has made 20 acquisitions over the Advisory Firm Valuation Platform last 15 years December 2024 October 2024 April 2024 → We h
Slide 16: Overview of Business Segments
Overview of Business Segments 16
Slide 17: A Houlihan Lokey Model for Growth and Success
A Houlihan Lokey Model for Growth and Success Corporate Financial Financial and Finance Restructuring Valuation Advisory Financial Opinions HL maintains three primary service Mergers & Acquisitions Debtor and Creditor Restructuring Valuation Services Core Services Liability Management lines – Corpor
Slide 18: Corporate Finance
Corporate Finance PRODUCT SPECIALISTS Integrated Platform combining Industry Coverage, Product Expertise, Mergers and Acquisitions Balanced and insightful mergers and acquisitions advice and Global Reach Capital Solutions Comprehensive range of debt and equity capital raisings for companies, private
Slide 19: Corporate Finance Market-Leading Advisor Across Industries
Corporate Finance Market-Leading Advisor Across Industries1 2024 M&A Advisory Rankings 2024 M&A Advisory Rankings 2024 M&A Advisory Rankings Houlihan Lokey’s Corporate Finance All Global Business Services Transactions All Global Financial Services Transactions All Global FinTech Transactions group c
Slide 20: Corporate Finance Mergers & Acquisitions
Corporate Finance Mergers & Acquisitions 1% Global Closed M&A Mid-Cap Transactions CY 2024 Transactions Our market share in the Global mid-cap 39,828 39,372 space is approximately 1%, based on the Transactions Transactions number of closed Corporate Finance transactions we completed in CY 2024 1% 1%
Slide 21: Corporate Finance Capital Solutions
Corporate Finance Capital Solutions Private Capital → Houlihan Lokey is a market leader in placing bespoke capital in the private markets— from senior debt to equity Solutions – Access capital when traditional markets / providers are inappropriate or unreceptive We believe we have one of the largest
Slide 22: Financial Restructuring
Financial Restructuring Top Global Restructuring Advisor 15 Largest Bankruptcies 2024 Global Distressed Debt and Bankruptcy Advisor in 12 of the 15 Largest Restructuring Rankings Bankruptcies 2000–2024 Deepest bench in the industry with 57 By Deal Count HOULIHAN LOKEY Managing Directors and 234 tota
Slide 23: Our Service Offerings
Our Service Offerings HL’s investment banking service offerings address a wide spectrum of strategic and capital structure objectives 23
Slide 24: Financial and Valuation Advisory
Financial and Valuation Advisory No. 1 Global M&A Fairness Opinion Services → Transaction (including Solvency) Opinions → Corporate Valuation Advisory Services Advisor Over the Past 25 Years Offered → Portfolio Valuation and Fund Advisory → Fund Opinions → Transaction Advisory Services Awarded the B
Slide 25: Financial Sponsors Group
Financial Sponsors Group Houlihan Lokey has one of the largest Broad and → HL has 30 senior officers dedicated to the financial sponsor Financial Sponsors Groups focused on Deep Financial community in North America, Europe, and Japan as of FYE Sponsor Group 2025 mid and large-cap funds → Coverage of
Slide 26: Private Equity Portfolio Company Inventory
Given our strong market Private Equity Portfolio Company Inventory share serving the PE community, HL is well Current Inventory of U.S. Private-Equity-Backed Companies (2015–2025) positioned to benefit Greater than 5 Years Old from the growing Less than 5 Years Old number of portfolio companies held
Slide 27: Financial Overview
Financial Overview 27
Slide 28: Strong Top-Line Growth and Disciplined Expense
Strong Top-Line Growth and Disciplined Expense Revenues $2,270 $2,389 $1,809 $1,914 Long history of revenue growth through $1,525 various market cycles $514 $605 → Resilient business mix consisting of cyclical and 2021 2022 2023 2024 2025 3-mo ended 3-mo ended countercyclical revenue categories 6/30
Slide 29: Business Segment Financials
Business Segment Financials Revenues By Business Segment $2,389 $2,270 13% 13% $1,914 $1,809 17% 15% 23% 16% $1,525 12% 27% 22% 35% 70% 64% $605 $514 62% 58% 13% 13% 21% 53% 23% 64% 66% 2021 2022 2023 2024 2025 3-mo ended 3-mo ended 6/30/2024 6/30/2025 Corporate Finance Financial Restructuring Finan
Slide 30: Expense, Balance Sheet and Cash Management
Expense, Balance Sheet and Cash Management Operating Expenses Balance Sheet Health Shareholder Return Compensation We operate We are committed to the following with extremely low levels of debt principles: Given our diversified business model and compensation structure, we are able to maintain We ma
Slide 31: Reconciliation of GAAP to Adjusted Financials
Three Months Ended June 30, (In thousands, except per share data) 2025 2024 Revenues $ 605,349 $ 513,609 Reconciliation of GAAP to Adjusted Financials Employee compensation and benefits expenses Employee compensation and benefits expenses (GAAP) $ 392,837 $ 330,116 Less: Acquisition related compensa
Slide 32: Comparable GAAP vs. Adjusted Financial Figures
Comparable GAAP vs. Adjusted Financial Figures GAAP Pre-tax Income GAAP Pre-tax Margin GAAP Net Income $604 $438 $531 26.8% 26.6% $400 22.2% $313 $409 $391 20.3% 20.4% $280 $324 17.9% $254 $236 $184 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Adjusted Pr
Slide 33: Our Vision Our Mission
Our We will be recognized globally for providing the finest financial advice Our Vision Mission and service to our clients and the best place to work for our colleagues. We help our clients achieve superior outcomes by providing thoughtful, caring advice while acting with honor and integrity We are
Slide 34: HL.com
HL.com