华利安 2026年季度报告

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the quarterly period ended June 30, 2026 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the transition period from __________ to ______________Commission File Number: 001-37537 Houlihan Lokey, Inc. (Exact name of registrant as specified in its charter) 95-2770395(I.R.S. EmployerIdentification Number) 10250 Constellation Blvd.5FloorLos Angeles, California 90067(Address of principal executive offices) (Zip Code)(310) 553-8871(Registrant’s telephone number, including area code)N/A(Former name, former address and former fiscal year, if changed since last report)Securities registered pursuant to Section 12(b) of the Act:th Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90 days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” "smallerreporting company" and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No As of July 28, 2026, the registrant had 54,197,538 shares of Class A common stock, $0.001 par value per share, and 15,688,962 sharesof Class B common stock, $0.001 par value per share, outstanding. HOULIHAN LOKEY, INC. AND SUBSIDIARIESTABLE OF CONTENTS PagePART I. FINANCIAL INFORMATIONItem 1.Financial Statements1Consolidated Balance Sheets1Consolidated Statements of Income2Consolidated Statements of Comprehensive Income3Consolidated Statements of Changes in Stockholders' Equity4Consolidated Statements of Cash Flows5Notes to Consolidated Financial Statements6Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations16Item 3.Quantitative and Qualitative Disclosures about Market Risk23Item 4.Controls and Procedures23PART II. OTHER INFORMATIONItem 1.Legal Proceedings23Item 1A.Risk Factors23Item 2.Unregistered Sales of Equity Securities and Use of Proceeds24Item 3.Defaults Upon Senior Securities24Item 4.Mine Safety Disclosures24Item 5.Other Information24Item 6.Exhibits25Signatures26 PART I. FINANCIAL INFORMATION HOULIHAN LOKEY, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(UNAUDITED) (In millions, except par value)June 30, 2026March 31, 2026Assets:Cash and cash equivalents$745$1,189Investment securities52170Accounts receivable, net of allowance for credit losses of $11 and $13, respectively224228Unbilled work in progress, net of allowance for credit losses of $7 and $8, respectively255271Property and equipment, net143143Operating lease right-of-use assets412407Goodwill1,3961,396Other intangible assets, net203204Other assets287301Total assets$3,717$4,309 See accompanying Notes to Consolidated Financial Statements1 HOULIHAN LOKEY, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(UNAUDITED) HOULIHAN LOKEY, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(UNAUDITED) Three Months Ended June 30,(In millions)20262025Net income$78$98Other comprehensive income (loss), net of tax:Foreign currency translation adjustments(2)48Comprehensive income76146Comprehensive (income) loss attributable to noncontrolling interest——Comprehensive income attributable to Houlihan Lokey, Inc.$76$146 See accompanying Notes to Consolidated Financial Statements3 HOULIHAN LOKEY, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY(UNAUDITED) See accompanying Notes to Consolidated Financial Statements4 HOULIHAN LOKEY, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED) HOULIHAN LOKEY, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED)(In millions, except share data or as otherwise stated) Note 1 — Background Houlihan Lokey, Inc. is a Delaware corporation. Unless the context otherwise requires, as used in this Quarterly Report on Form 10-Q,