Houlihan lokey, inc. (HLI)
CashFlow / TTM
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15
Cash flows from operating activities:
Net income

183,793

170,127

165,188

172,200

159,106

151,857

169,485

162,721

172,283

168,260

140,657

128,176

108,343

97,047

85,728

74,107

69,767

0

0

0

Adjustments to reconcile net income to net cash provided by operating activities:
Deferred tax benefit

-9,654

-14,563

-12,656

-8,754

-10,687

-6,699

-11,592

-8,646

-6,569

-11,292

-2,738

-3,278

-6,093

-4,441

-6,626

-3,787

-4,165

0

0

0

Accounts Receivable, Credit Loss Expense (Reversal)

4,873

796

966

1,302

1,707

1,453

1,617

1,753

1,983

3,077

3,543

3,883

4,008

2,729

2,261

871

2,538

0

0

0

Unrealized gains on investment securities

75

596

609

594

430

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash lease expense

24,654

11,469

6,576

6,106

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

17,291

15,946

15,245

14,970

14,475

12,594

10,930

9,399

7,905

8,075

8,949

8,588

8,853

9,331

8,407

8,306

7,499

0

0

0

Contingent consideration valuation

1,220

0

0

-11

708

2,244

2,244

2,255

1,536

0

0

0

-

-

-

-

-

-

-

-

Compensation expense – restricted share grants (Note 14)

64,345

59,812

56,911

52,133

56,561

45,726

54,308

53,745

47,111

52,428

40,937

38,571

39,357

42,540

41,722

39,167

35,057

0

0

0

Compensation expense – restricted share grants (Note 14)
Accounts receivable

13,387

-3,602

-680

-13,267

-21,611

16,364

11,359

4,075

18,202

1,968

-4,272

12,183

5,527

-7,179

-8,869

97

1,387

0

0

0

Unbilled work in process

32,423

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Increase (Decrease) in Unbilled Work in Process

-

0

0

13,163

-

0

0

-20,934

-

32,135

45,244

30,184

6,382

-26,598

-9,819

18,775

8,360

0

0

0

Unbilled work in process

4,515

5,574

6,098

9,889

12,706

14,198

9,124

5,867

1,703

-1,506

-28

-3,707

-3,745

-2,479

-4,567

3,191

643

0

0

0

Accrued salaries and bonuses

11,351

27,056

25,027

39,273

18,868

2,042

-15,690

-20,279

34,556

41,142

84,647

55,952

82,046

37,354

-3,786

-10,292

-56,184

0

0

0

Accounts payable and accrued expenses

-8,709

11,632

12,600

7,714

11,542

10,722

4,827

5,450

392

-2,255

7,517

8,197

13,499

3,231

-15,983

-12,835

-13,959

0

0

0

Deferred income

-1,058

307

-304

-1,001

-6,661

-7,080

-5,988

-9,774

-31

-3,135

-2,550

4,428

-1,970

2,079

4,542

945

2,475

0

0

0

Income taxes receivable/payable

-12,443

-102

-11,438

-13,945

-2,375

13,336

10,937

7,640

2,583

-19,661

-15,787

-4,828

-12,141

26,288

30,162

23,985

20,917

0

0

0

Net cash provided by operating activities

287,669

242,969

221,560

234,039

224,274

201,996

198,785

192,628

250,647

240,924

281,147

258,841

252,020

199,838

109,358

50,434

11,721

0

0

0

Net cash provided by operating activities
Purchases of investment securities

350,679

346,199

352,568

297,648

146,969

125,430

175,274

196,662

209,319

0

0

0

-

-

-

-

-

0

0

0

Sales or maturities of investment securities

340,624

296,561

294,919

280,859

231,460

217,321

209,268

200,080

0

0

0

0

-

-

-

-

-

-

-

-

Purchase of investment securities

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Acquisition of business, net of cash acquired

2,197

2,197

-8,710

-8,710

71,407

71,433

71,283

74,108

2,701

0

0

0

-

-

-

-

36,854

0

0

0

Receivables from affiliates

-170

-1,774

-931

-39

101

80

788

2,124

1,155

65

-1,755

-4,412

16,495

19,900

50,664

114,516

225,792

0

0

0

Purchase of property and equipment

20,722

19,161

17,807

13,144

6,726

6,074

5,389

5,524

7,719

7,772

11,876

10,187

14,423

17,430

14,904

15,868

9,385

0

0

0

Net cash (used in)/provided by investing activities

-33,144

-72,770

-67,677

-21,262

6,459

14,464

-41,890

-74,090

-218,584

-146,942

-80,739

-37,399

-1,653

3,169

26,269

74,925

179,553

0

0

0

Cash flows from financing activities:
Dividends paid

80,655

77,748

75,564

72,972

66,928

62,881

60,761

56,437

52,081

58,897

54,696

52,708

55,293

44,789

43,313

128,454

114,297

0

0

0

Settlement of forward purchase contract

0

0

0

0

93,500

93,500

93,500

93,500

192,372

192,372

192,372

192,372

0

0

0

0

-

-

-

-

Share Repurchases

-

-

-

-

-

-

-

-

18,075

15,139

15,139

5,714

0

0

0

0

-

-

-

-

Other share repurchases

-

0

0

-29,805

-

0

0

32,389

-

2,800

2,799

2,805

964

0

0

0

-

-

-

-

Payment, Tax Withholding, Share-based Payment Arrangement

31,477

31,469

31,354

31,446

1,947

2,013

35,306

35,127

33,419

0

0

0

-

-

-

0

-

-

-

-

Earnouts paid

0

0

0

0

1,923

1,923

1,923

1,923

0

-964

-964

-964

0

964

964

964

1,417

0

0

0

Stock subscriptions receivable redeemed

-

-

-

-

-

-

-

-

124

123

122

121

123

124

125

2,426

2,720

0

0

0

Loans payable to former shareholders redeemed

-654

-2,970

7,408

-939

-989

1,149

-967

-2,480

-2,446

-2,166

-1,901

-10,775

-11,256

-11,924

-13,881

-3,634

-3,047

0

0

0

Repayments of loans to affiliates

-

-

-

-

-

-

-

-

15,000

22,500

30,000

37,500

30,000

22,500

15,000

7,500

0

0

0

0

Repayments of loans to non-affiliates

-

-

-

-

-

-

-

-

-

-

-

-

65,000

65,000

65,000

40,000

0

0

0

0

Borrowings from non-affiliates

-

-

-

-

-

-

-

-

-

-

-

-

65,000

65,000

65,000

65,000

0

0

0

0

Other financing activities

-

-

-

-

-

-

-

-

-

-

-

-

-233

-287

-3,699

-200

33

0

0

0

Net cash (used in) financing activities

-152,139

-148,510

-156,455

-144,480

-236,138

-143,609

-160,287

-146,259

-225,311

-156,618

-113,301

-143,487

80,168

-73,543

-74,934

-116,099

-114,210

0

0

0

Effects of exchange rate changes on cash and cash equivalents

-7,755

-1,350

-4,773

-805

-8,703

-13,260

-13,999

-10,890

785

6,209

2,182

-706

-4,018

-7,786

-2,403

-975

443

0

0

0

Net increase/(decrease) in cash, cash equivalents, and restricted cash

94,631

20,339

-7,345

67,492

-14,108

59,591

-17,391

-38,611

-192,463

-56,427

89,289

77,249

326,517

121,678

58,290

8,285

77,507

0

0

0

Supplemental disclosures of non-cash activities:
Shares issued via vesting of liability classified awards

6,555

6,503

11,458

11,462

5,005

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Shares redeemed via settlement of receivable from affiliate (note 3)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Fully depreciated assets written off

-

-

-

-157

-

-

-

180

38

38

277

844

829

933

672

200

443

0

0

0

Fully amortized intangibles written off

-

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

Cash acquired through acquisitions

15,755

15,755

10,506

10,506

16,141

16,141

16,141

16,141

0

0

0

0

-

-

-

-

-

-

-

-

Cash paid during the year:
Interest

1,049

928

1,020

921

977

853

706

690

656

892

994

1,275

1,621

1,444

1,548

1,725

1,314

0

0

0

Taxes

74,507

71,548

84,601

90,373

82,464

66,977

48,648

38,427

47,629

73,128

75,553

63,584

57,286

84,602

93,836

81,224

75,365

0

0

0