Houlihan Lokey (HLI) 10-K15 May 202020 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Mar. 31, 2020	May 13, 2020	Sep. 30, 2019
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2020
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
Entity Shell Company	false
Entity Public Float			$ 1,871
Amendment Flag	false
Entity Central Index Key	0001302215
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement for its 2020
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		46,417,820
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,897,832

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Assets
Cash and cash equivalents	$ 380,373	$ 285,746
Restricted cash	373	369
Investment securities	135,389	125,258
Accounts receivable, net of allowance for doubtful accounts of $5,587 and $4,255, respectively	80,912	70,830
Unbilled work in process, net of allowance for doubtful accounts of $1,302 and $1,341, respectively	39,821	71,891
Income taxes receivable	4,282	0
Deferred income taxes	6,507	2,854
Receivable from affiliates	0	8,631
Property and equipment, net	42,372	31,034
Operating lease right-of-use asset	135,240	0
Goodwill and other intangibles, net	812,844	794,604
Other assets	38,890	34,695
Total assets	1,677,003	1,425,912
Liabilities:
Accrued salaries and bonuses	420,376	404,717
Accounts payable and accrued expenses	53,883	55,048
Deferred income	26,780	27,812
Income taxes payable	0	7,759
Deferred income taxes	664	8,058
Loans payable to former shareholders	1,393	2,047
Loan payable to non-affiliate	3,283	6,610
Operating lease liabilities	154,218	0
Other liabilities	32,024	22,532
Total liabilities	692,621	534,583
Commitments and contingencies (Note 17)
Stockholders' equity:
Additional paid-in capital	649,954	645,090
Retained earnings	377,471	276,468
Total stockholders' equity	984,382	891,329
Total liabilities and stockholders' equity	1,677,003	1,425,912
Class A
Stockholders' equity:
Common stock	46	38
Class B
Stockholders' equity:
Common stock	$ 19	$ 27

CONSOLIDATED BALANCE SHEETS (PA

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Statement of Financial Position [Abstract]
Allowance For Doubtful Accounts	$ 5,587	$ 4,255
Allowance for doubtful accounts, unbilled receivables, work in process	$ 1,302	$ 1,341
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)	46,178,633	38,200,802
Common stock, shares outstanding (in shares)	46,178,633	38,200,802
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)	19,345,277	27,197,734
Common stock, shares outstanding (in shares)	19,345,277	27,197,734

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenues	$ 1,159,368
Revenues	1,159,368	$ 1,084,385	$ 963,364
Operating expenses:
Employee compensation and benefits	737,762	692,073	636,631
Travel, meals, and entertainment	41,945	42,862	26,445
Rent	44,693	38,672	28,560
Depreciation and amortization	17,291	14,475	7,905
Information technology and communications	26,904	21,512	18,481
Professional fees	21,704	23,035	17,117
Other operating expenses	39,468	32,659	13,812
Total operating expenses	929,767	865,288	748,951
Operating income	229,601	219,097	214,413
Other (income)/expense, net	(6,046)	(5,223)	(3,423)
Income before provision for income taxes	235,647	224,320	217,836
Provision for income taxes	51,854	65,214	45,553
Net income	183,793	159,106	172,283
Other comprehensive income, net of tax:
Foreign currency translation adjustments	(12,814)	(16,338)	7,961
Comprehensive income	$ 170,979	$ 142,768	$ 180,244
Weighted average shares of common stock outstanding:
Basic (in shares)	62,152,870	62,213,414	62,494,275
Diluted (in shares)	65,725,516	65,846,132	66,324,093
Earnings per share (Note 13)
Basic (in usd per share)	$ 2.96	$ 2.56	$ 2.76
Diluted (in usd per share)	$ 2.80	$ 2.42	$ 2.60

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A	Class B	Total stockholders' equity	Common StockClass A	Common StockClass B	Treasury Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Stock subscriptions receivable
Beginning balance (in shares) at Mar. 31, 2017					22,026,811	50,883,299	(6,900,000)
Beginning balance at Mar. 31, 2017				$ 726,617	$ 22	$ 51	$ (193,572)	$ 854,750	$ 87,407	$ (21,917)	$ (124)
Increase (Decrease) in Stockholders' Equity
Shares issued (in shares)						1,331,370
Shares issued				7,985		$ 1		7,984
Stock compensation vesting (note 14)				41,900				41,900
Dividends				(51,305)					(51,305)
Stock subscriptions receivable redeemed				124							124
Secondary offering (in shares)					7,750,000	(7,750,000)
Secondary offerings				93,500	$ 8	$ (8)		93,500
Retired shares upon settlement of forward purchase agreement (in shares)		(430,237)	(811,635)			(6,900,000)	6,900,000
Retired shares upon settlement of forward purchase agreement		$ (15,131)	$ (33,332)	0		$ (7)	$ 193,572	(193,565)
Shares subject to forward purchase agreement (in shares)						2,000,000	(2,000,000)
Shares subject to forward purchase agreement				(93,500)		$ 2	$ (93,500)	(2)
Conversion of Class B to Class A shares (in shares)					1,252,242	(1,252,242)
Conversion of Class B to Class A shares				0	$ 1	$ (1)
Shares issued to non-employee directors (note 14) (in shares)					5,589
Shares issued to non-employee directors (note 14)				0
Shares purchased and retired under repurchase program (in shares)					(430,237)
Shares purchased and retired under repurchase program				15,139				15,139
Other shares repurchased/forfeited (in shares)						(1,124,495)
Other shares repurchased/forfeited				(36,352)		$ (1)		(36,351)
Adjustment of noncontrolling interest to redeemable value				(1,261)					(1,261)
Net income	$ 172,283			172,283					172,283
Change in unrealized translation	7,961			7,961						7,961
Total comprehensive income				180,244					172,283	7,961
Ending balance (in shares) at Mar. 31, 2018					30,604,405	37,187,932	(2,000,000)
Ending balance at Mar. 31, 2018				852,813	$ 31	$ 37	$ (93,500)	753,077	207,124	(13,956)	$ 0
Increase (Decrease) in Stockholders' Equity
Shares issued (in shares)						1,208,074
Shares issued				9,258		$ 1		9,257
Stock compensation vesting (note 14)				47,575				47,575
Class B shares sold (in shares)					525,217	(525,217)
Class B shares sold				0
Dividends				(70,415)					(70,415)
Secondary offering (in shares)					3,000,000	(3,000,000)
Secondary offerings				0	$ 3	$ (3)		0
Retired shares upon settlement of forward purchase agreement (in shares)		(1,481,114)	(36,958)			(2,000,000)	2,000,000
Retired shares upon settlement of forward purchase agreement		$ (69,180)	$ (1,700)	0		$ (2)	$ 93,500	(93,498)
Conversion of Class B to Class A shares (in shares)					5,545,724	(5,545,724)
Conversion of Class B to Class A shares				0	$ 6	$ (6)
Shares issued to non-employee directors (note 14) (in shares)					6,570
Shares issued to non-employee directors (note 14)				187				187
Shares purchased and retired under repurchase program (in shares)					(784,114)
Shares purchased and retired under repurchase program				34,975	$ 1			34,974
Other shares repurchased/forfeited (in shares)					(697,000)	(127,331)
Other shares repurchased/forfeited				(36,535)	$ (1)			(36,534)
Net income	159,106			159,106					159,106
Change in unrealized translation	(16,338)			(16,338)						(16,338)
Total comprehensive income				142,768					159,106	(16,338)
Ending balance (in shares) at Mar. 31, 2019		38,200,802	27,197,734		38,200,802	27,197,734	0
Ending balance at Mar. 31, 2019	891,329			891,329	$ 38	$ 27	$ 0	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)
Retired shares upon settlement of forward purchase agreement (in shares)		(671,187)	(654,994)
Retired shares upon settlement of forward purchase agreement		$ (29,621)	$ (31,451)
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)						(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		46,178,633	19,345,277
Ending balance at Mar. 31, 2020	$ 984,382			$ 984,382	$ 46	$ 19		$ 649,954	$ 377,471	$ (43,108)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 183,793	$ 159,106	$ 172,283
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred tax benefit	(9,654)	(10,687)	(6,569)
Provision for bad debts	4,873	1,707	1,983
Unrealized gains on investment securities	(75)	(430)	0
Non-cash lease expense	24,654	0	0
Depreciation and amortization	17,291	14,475	7,905
Contingent consideration valuation	(1,220)	(708)	(1,536)
Compensation expense – restricted share grants (Note 14)	64,345	56,561	47,111
Compensation expense – restricted share grants (Note 14)
Accounts receivable	(13,387)	21,611	(18,202)
Unbilled work in process	32,423	(26,029)	11,875
Unbilled work in process	(4,515)	(12,706)	(1,703)
Accrued salaries and bonuses	11,351	18,868	34,556
Accounts payable and accrued expenses	(8,709)	11,542	392
Deferred income	1,058	6,661	31
Income taxes receivable/payable	(12,443)	(2,375)	2,583
Net cash provided by operating activities	287,669	224,274	250,647
Net cash provided by operating activities
Purchases of investment securities	(350,679)	(146,969)	(209,319)
Sales or maturities of investment securities	340,624	231,460	0
Acquisition of business, net of cash acquired	(2,197)	(71,407)	(2,701)
Receivables from affiliates	(170)	101	1,155
Purchase of property and equipment	(20,722)	(6,726)	(7,719)
Net cash (used in)/provided by investing activities	(33,144)	6,459	(218,584)
Cash flows from financing activities:
Dividends paid	(80,655)	(66,928)	(52,081)
Settlement of forward purchase contract	0	(93,500)	(192,372)
Share Repurchases	(29,641)	(69,563)	(18,075)
Payments to settle employee tax obligations on share-based awards	(31,477)	(1,947)	(33,419)
Proceeds from issuance of Class A shares placed in escrow	0	0	93,500
Earnouts paid	0	(1,923)	0
Stock subscriptions receivable redeemed	0	0	124
Loans payable to former shareholders redeemed	(654)	(989)	(2,446)
Repayments of loans to affiliates	0	0	(15,000)
Repayments of loans to non-affiliates	(10,081)	(1,475)	(1,661)
Other financing activities	369	187	(3,881)
Net cash (used in) financing activities	(152,139)	(236,138)	(225,311)
Effects of exchange rate changes on cash and cash equivalents	(7,755)	(8,703)	785
Net increase/(decrease) in cash, cash equivalents, and restricted cash	94,631	(14,108)	(192,463)
Cash, cash equivalents and restricted cash – beginning of period	286,115	300,223	492,686
Cash, cash equivalents and restricted cash – end of period	380,746	286,115	300,223
Supplemental disclosures of non-cash activities:
Shares issued via vesting of liability classified awards	6,555	5,005	0
Shares issued as consideration for acquisitions	0	1,744	7,797
Debt forgiven as consideration of acquisitions	0	0	1,894
Fully depreciated assets written off	0	0	38
Cash acquired through acquisitions	15,755	16,141	0
Cash paid during the year:
Interest	1,049	977	656
Taxes	$ 74,507	$ 82,464	$ 47,629

BACKGROUND

BACKGROUND	12 Months Ended
BACKGROUND	Mar. 31, 2020
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 corporate reorganization and IPO recorded in the consolidated statements of comprehensive income include the following: • $14,289 , $14,045 and $14,153 of compensation expenses associated with the amortization of restricted stock granted in connection with the IPO for the years ended March 31, 2020 , 2019 , and 2018 , respectively; amortization expense of restricted stock granted in connection with the IPO is being recognized over a four and one-half year vesting period; and • $10,035 , $10,273 and $10,764 of compensation expenses associated with the accrual of certain deferred cash payments granted in connection with the IPO for the years ended March 31, 2020 , 2019 , and 2018 , respectively; accrual expense of deferred cash payments granted in connection with the IPO is being 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. In April 2018, the Company completed the acquisition of Quayle Munro Limited, an independent advisory firm that provides corporate finance advisory services to companies underpinned by data & analytics, content, software, and services. In May 2018, the Company completed the acquisition of BearTooth Advisors, an independent advisory business providing strategic advisory and placement agency services to alternative investment managers. In June 2019, the Company exercised its option to acquire the remaining 51% of the shares of Lara (Italy Holdco) Limited ("Lara"). Lara's only operating subsidiary, Houlihan Lokey S.p.A., is an Italian-based company that provides corporate finance advisory services. In November 2019, the Company completed the acquisition of Fidentiis Capital, an independent advisory business providing independent corporate finance advisory services relating to mergers and acquisitions, capital raising, and financing. In December 2019, the Company completed the acquisition of Freeman & Co., an independent advisory business providing mergers and acquisitions advisory, capital raising, and other investment banking advisory services for the financial services sector. 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), Dallas, Houston, Miami, and Atlanta as well as foreign offices in London, Paris, Frankfurt, Milan, Madrid, Amsterdam, Dubai, Sydney, Tokyo, Hong Kong, Beijing and Singapore. 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. •

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2020
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 significant intercompany balances and transactions have been eliminated in consolidation. 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. 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: the allowance for doubtful accounts; the valuation of deferred tax assets, 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 contract. Revenues reflect fees generated from our CF, FR, and FVA business segments. The Company adopted ASU 2014-09, Revenue from Contracts with Customers, on April 1, 2018, which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company used the modified retrospective method that resulted in the Company prospectively changing the presentation of reimbursements of certain out-of-pocket expenses from a net presentation within non-compensation expenses to a gross basis in revenues. This resulted in an increase in both revenues and related out-of-pocket expenses of approximately $33.8 million and $33.6 million for the years ended March 31, 2020 and 2019, respectively. The Company generates revenues from contractual advisory services and reimbursed costs incurred in fulfilling those contracts. 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. Effective April 1, 2018, fees received prior to the completion of the transaction, including Retainer Fees and Progress Fees, are deferred within deferred income in the consolidated balance sheets and not recognized until the performance obligation is satisfied, or when the transaction is deemed by management to be terminated. Management’s judgment is required in determining when a transaction is considered to be terminated. Prior to April 1, 2018, these various fees were generally recognized on a monthly basis, except in situations where there was uncertainty as to the timing of collection of the amount due. Progress Fees were recognized based on management’s estimates of the relative proportion of services provided through the financial reporting date to the total services required to be performed. 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 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, 2020 , we had no foreign currency forward contracts. As of March 31, 2019 and 2018 , we entered into a foreign currency forward contract between the euro and pound sterling with an aggregate notional value of approximately EUR 1.5 million and EUR 9.0 million . The fair value representing a (loss)/gain included in Other operating expenses of $(1) and $90 during the years ended 2019 and 2018 , 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 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 on the best information available, may incorporate management's own assumptions and involves 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. 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 provided on a straight-line basis over the estimated useful lives of the respective assets. Leasehold improvements are recorded as prepaid assets and included within fixed lease payments. 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. At March 31, 2020 and 2019 , 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. As of March 31, 2020 2019 Cash and cash equivalents $ 380,373 $ 285,746 Restricted cash (1) 373 369 Total cash, cash equivalents, and restricted cash $ 380,746 $ 286,115 (1) Restricted cash as of March 31, 2020 and March 31, 2019 consisted of a cash secured letter of credit issued for our Frankfurt office. Investment Securities Investment securities consist of corporate debt and U.S. Treasury securities with original maturities over 90 days. The Company classifies its investment 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 Doubtful Accounts The allowance for doubtful accounts on receivables reflects management’s best estimate of probable inherent losses determined principally on the basis of historical experience and review of uncollected revenues and is recorded through provision for bad debts which is included in other operating expenses, net in the accompanying consolidated statements of comprehensive income. Amounts deemed to be uncollectible are written off against the allowance for doubtful accounts. Income Taxes The Company files a consolidated federal income tax return, 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. On March 27, 2020 the United States passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. The legislation is meant to address the economic uncertainty as a result of the 2020 coronavirus pandemic. The Company is currently evaluating the impact that all of the provisions of the CARES Act may have on its income tax provision based on the current filing positions. 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, 2020 , 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, 2020 , 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, 2020 , no events or changes in circumstances were identified that indicated that the carrying amount of the finite-lived intangible assets were not recoverable. Recent Accounting Pronouncements The Financial Accounting Standards Board (the “FASB”) issued the following authoritative guidance amending the FASB Accounting Standards Codification (“ASC”). Effective April 1, 2019, we adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) , and all related amendments. See Note 16 for additional information. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies when changes to the terms or conditions of share-based payment awards require an entity to apply modification accounting. The amended guidance states an entity should account for the effects of a modification unless certain criteria are met, which include that the modified award has the same fair value, vesting conditions and classification as the original award. The Company adopted guidance effective April 1, 2019 and its application did not have a material impact on the consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13 Financial Instruments-Credit Losses - Measurement of Credit Losses on Financial Instruments. The amended guidance involves several aspects of the accounting for credit losses related to certain financial assets that are not accounted for at fair value through net income and includes trade receivables and net investments in leases. The new guidance and subsequent updates, broadens the information that an entity must consider in developing its estimated credit losses expected to occur over the remaining life of assets measured either collectively or individually to include historical experience, current conditions and reasonable and supportable forecasts, replacing the existing incurred credit loss model and other models with the Current Expected Credit Losses (“CECL”) model. The new guidance expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating credit losses and requires new disclosures of the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. This new guidance is first effective for our fiscal year beginning on April 1, 2020 and will be adopted under a modified retrospective approach. We are evaluating the impact the adoption of this new guidance will have on our financial position and results of operations, which will depend on, among other things, the current and expected macroeconomic conditions and the nature and characteristics of financial assets held by us on the date of adoption. We do not anticipate any material changes to our consolidated financial statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
REVENUE RECOGNITION	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	Revenue Recognition Disaggregation of Revenue 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. As the Company changed the presentation of costs incurred in fulfilling advisory contracts from a net presentation within non-compensation expenses to a gross basis in revenues, the Company records a contract liability for the reimbursable costs incurred until the fee revenue is recognized. 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: (In thousands) April 1, 2019 Increase/(Decrease) March 31, 2020 Receivables, net (1) $ 64,797 $ 8,923 $ 73,720 Unbilled work in process, net of allowance for doubtful accounts 71,891 (32,070 ) 39,821 Contract Assets (1) 6,033 1,159 7,192 Contract Liabilities (2) 27,812 (1,032 ) 26,780 (1) Included within Accounts receivable, net of allowance for doubtful accounts in the Consolidated Balance Sheets. (2) Included within Deferred income in the Consolidated Balance Sheets. During the years ended March 31, 2020 and March 31, 2019 , $19.9 million and $22.5 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, 2020 .

RELATED_PARTY TRANSACTIONS

RELATED‑PARTY TRANSACTIONS	12 Months Ended
RELATED‑PARTY TRANSACTIONS	Mar. 31, 2020
Related Party Transactions [Abstract]
RELATED‑PARTY TRANSACTIONS	Related Party Transactions On June 4, 2018, pursuant to a registered underwritten public offering (the "June 2018 Follow-on Offering"), ORIX USA sold 1,985,983 shares of our Class A common stock and certain of our former and current employees and members of our management sold 1,014,017 shares, in each case, at a price to the public of $49.15 per share. Concurrently with the closing of the offering, the Company repurchased from ORIX USA 697,000 shares of Class A Common Stock at a purchase price per share of $49.11 . Expenses related to the June 2018 Follow-on Offering included in the Consolidated Statements of Comprehensive Income include $0 and $498 of professional service and other third-party fees and expenses during the years ended March 31, 2020 and 2019 , respectively. 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 . The Company provided financial advisory services to ORIX USA and its affiliates and certain other related parties, and received fees for these services totaling approximately $828 , $8,819 , and $3,006 during the years ended March 31, 2020 , 2019 , and 2018 , respectively. The Company provided certain management and administrative services for the Company's unconsolidated entities and received fees for these services. The Company received fees of $126 , $482 , and $286 during the years ended March 31, 2020 , 2019 , and 2018 , respectively. On October 25, 2017, pursuant to a registered underwritten public offering, ORIX USA sold 1,750,000 shares of our Class A common stock and certain of our former and current employees and members of our management sold 1,750,000 shares of our Class A common stock, in each case, at a price to the public of $42.00 per share, and such transaction closed on October 30, 2017 (the "October 2017 Follow-on Offering"). On November 3, 2017, ORIX USA sold an additional 125,000 shares of Class A common stock and our former and current employees and members of our management sold an additional 125,000 shares of Class A common stock in connection with the underwriters’ partial exercise of their option to purchase additional shares in the offering. On March 12, 2018, pursuant to a registered underwritten public offering, we issued and sold 2,000,000 shares of our Class A common stock and certain of our former and current employees and members of our management sold 2,000,000 shares of our Class A common stock, in each case, at a price to the public of $47.25 per share (the “March 2018 Follow-on Offering”). In connection with, and prior to, the March 2018 Follow-on Offering, on January 26, 2018, we entered into a Forward Share Purchase Agreement (the "January 2018 Forward Share Purchase Agreement"), with an indirect wholly owned subsidiary of ORIX USA pursuant to which we agreed to purchase from ORIX USA on April 5, 2018 the number of shares of our Class B common stock equal to the number of shares of our Class A common stock sold by us in the March 2018 Follow-on Offering for a purchase price per share equal to the public offering price in the March 2018 Follow-on Offering less underwriting discounts and commissions. On April 5, 2018, the Company settled the transaction provided for in the January 2018 Forward Share Purchase Agreement and acquired 2,000,000 shares of Class B common stock from ORIX USA using the net proceeds we received from the March 2018 Follow-on Offering and the shares were retired. In accordance with the terms of the January 2018 Forward Share Purchase Agreement, the purchase price per share under the January 2018 Forward Share Purchase Agreement was reduced by the per share amount of the dividend paid to ORIX USA on the shares of our Class B common stock subject to the January 2018 Forward Share Purchase Agreement prior to the settlement of the transaction. Expenses related to the October 2017 Follow-on Offering and the March 2018 Follow-on Offering and the January 2018 Forward Share Purchase Agreement included in the Consolidated Statements of Comprehensive Income include $0 , $0 , and $2,084 of professional service and other third-party fees and expenses during the years ended March 31, 2020 , 2019 , and 2018 , respectively. In the accompanying Consolidated Balance Sheets, the Company carried accounts receivable and unbilled work in progress from related parties totaling approximately $0 and $3 as of March 31, 2020 and 2019 , respectively. The Company also deferred income from related parties for service fees totaling $0 and $34 as of March 31, 2020 and 2019 , respectively. Other assets in the accompanying consolidated balance sheets includes loans receivable from certain employees of $17,857 and $15,228 and as of March 31, 2020 and 2019 , respectively.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	Fair Value Measurements 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, 2020 (In thousands) Level I Level II Level III Total Corporate debt securities $ — $ 43,027 $ — $ 43,027 U.S. treasury securities — 92,362 — 92,362 Total asset measured at fair value $ — $ 135,389 $ — $ 135,389 March 31, 2019 (In thousands) Level I Level II Level III Total Corporate debt securities $ — $ 116,577 $ — $ 116,577 U.S. treasury securities — 8,681 — 8,681 Total asset measured at fair value $ — $ 125,258 $ — $ 125,258 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 level of input that is most 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 Company had no transfers between fair value levels for the years ended March 31, 2020 and March 31, 2019 . 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 process, receivables from affiliates, accounts payable and accrued expenses, deferred income and other liabilities approximates fair value due to the short maturity of these instruments.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
INVESTMENT SECURITIES	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	Investment Securities The amortized cost, gross unrealized gains (losses), and fair value of securities were as follows: March 31, 2020 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Corporate debt securities $ 43,166 $ 210 $ (349 ) $ 43,027 U.S. Treasury Securities 91,722 691 (51 ) 92,362 Total securities with unrealized gains/(losses) $ 134,888 $ 901 $ (400 ) $ 135,389 March 31, 2019 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Corporate debt securities $ 116,220 $ 372 $ (15 ) $ 116,577 U.S. Treasury Securities 8,608 73 — 8,681 Total securities with unrealized gains/(losses) $ 124,828 $ 445 $ (15 ) $ 125,258 Scheduled maturities of the Company's debt securities within the investment securities portfolio were as follows: March 31, 2020 March 31, 2019 (In thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 105,349 $ 105,302 $ 96,109 $ 96,175 Due within years two through five 29,539 30,087 28,719 29,083 Total debt within the investment securities portfolio $ 134,888 $ 135,389 $ 124,828 $ 125,258

ALLOWANCE FOR DOUBTFUL ACCOUNTS

ALLOWANCE FOR DOUBTFUL ACCOUNTS	12 Months Ended
ALLOWANCE FOR DOUBTFUL ACCOUNTS	Mar. 31, 2020
Receivables [Abstract]
ALLOWANCE FOR DOUBTFUL ACCOUNTS	Allowance for Doubtful Accounts The allowance for doubtful accounts on receivables reflects management’s best estimate of probable inherent losses determined principally on the basis of historical experience and review of uncollected revenues and is recorded through provision for bad debts which is included in other operating expenses, net in the accompanying consolidated statements of comprehensive income. Amounts deemed to be uncollectible are written off against the allowance for doubtful accounts. As of March 31, (In thousands) 2020 2019 2018 Beginning balance $ 5,596 $ 11,391 $ 11,199 Provision for bad debts 4,873 1,707 1,983 Recovery or write-off of uncollectible accounts (3,580 ) (7,502 ) (1,791 ) Ending balance $ 6,889 $ 5,596 $ 11,391

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
PROPERTY AND EQUIPMENT	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	Property and Equipment Property and equipment, net of accumulated depreciation consist of the following: As of March 31, (In thousands) Useful Lives 2020 2019 Equipment 5 Years $ 8,788 $ 7,916 Furniture and fixtures 5 Years 20,942 19,445 Leasehold improvements 10 Years 41,643 34,370 Computers and software 3 Years 17,941 11,499 Other N/A 1,113 1,117 Total cost 90,427 74,347 Less: accumulated depreciation (48,055 ) (43,313 ) Total net book value $ 42,372 $ 31,034 Additions to property and equipment during the years ended March 31, 2020 and 2019 were primarily related to leasehold improvement costs incurred and computer and software purchases. Depreciation expense of $9,842 , $8,434 , and $6,195 was recognized during the years ended March 31, 2020 , 2019 , and 2018 , respectively.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS	Mar. 31, 2020
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. As of March 31, (In thousands) Useful Lives 2020 2019 Goodwill Indefinite $ 618,455 $ 594,812 Tradename-Houlihan Lokey Indefinite 192,210 192,210 Other intangible assets Varies 10,732 18,614 Total cost 821,397 805,636 Less: accumulated amortization (8,553 ) (11,032 ) Goodwill and other intangibles, net $ 812,844 $ 794,604 Goodwill attributable to the Company’s business segments is as follows: (In thousands) As of April 1, 2019 Change (1) As of March 31, 2020 Corporate Finance $ 340,282 $ 23,643 $ 363,925 Financial Restructuring 162,815 — 162,815 Financial and Valuation Advisory 91,715 — 91,715 Goodwill $ 594,812 $ 23,643 $ 618,455 (1) Changes pertain to the acquisitions discussed in Note 1 and foreign currency translation adjustments. Amortization expense of approximately $7,449 , $6,041 , and $1,710 was recognized for the years ended March 31, 2020 , 2019 , and 2018 , respectively. The estimated future amortization for finite-lived intangible assets for each of the next five years are as follows: (In thousands) Year Ended March 31, 2021 $ 1,601 2022 157 2023 7 2024 7 2025 7

LOANS PAYABLE

LOANS PAYABLE	12 Months Ended
LOANS PAYABLE	Mar. 31, 2020
Debt Disclosure [Abstract]
LOANS PAYABLE	Loans Payable In August 2015, the Company entered into a revolving line of credit with Bank of America, N.A. (the "2015 Line of Credit"), which allowed for borrowings of up to $75.0 million and originally matured in August 2017. On July 28, 2017, the Company extended the maturity date of the 2015 Line of Credit to August 18, 2019, and, on August 15, 2019, the parties further extended the maturity date of the 2015 Line of Credit to September 18, 2019 (or if such date is not a business day, the immediately preceding business day). On August 23, 2019, the Company refinanced the 2015 Line of Credit by entering 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, 2020 , no principal was outstanding under the 2019 Line of Credit. The Company paid interest and unused commitment fees of $278 , $228 and $228 for the years ended March 31, 2020 , 2019 , and 2018 , respectively, under the 2015 Line of Credit and the 2019 Line of Credit. Prior to the IPO, Fram maintained certain loans payable to former shareholders consisting of unsecured notes payable, which were transferred to the Company in conjunction with the IPO. The interest rate on the individual notes was 2.94% , 3.92% , and 3.10% as of the years ended March 31, 2020 , 2019 , and 2018 , respectively, and the maturity dates range from 2020 to 2027 . The Company incurred interest expense on these notes of $63 , $96 and $124 for the years ended March 31, 2020 , 2019 , and 2018 , respectively. In November 2015, the Company acquired the investment banking operations of Leonardo & Co. NV ("Leonardo") in Germany, the Netherlands, and Spain, and made a 49% investment in Leonardo's operations in Italy. Total consideration included an unsecured loan of EUR 14.0 million payable on November 16, 2040, the remaining balance of which is included in Loan payable to non-affiliates on our Consolidated Balance Sheets. The loan bears interest at an annual rate of 1.50% . In each of January 2017, December 2017, December 2018, and December 2019, we paid a portion of this loan in the amount of EUR 2.9 million . The Company incurred interest expense on this loan of $76 , $131 , and $179 , during the years ended March 31, 2020 , 2019 , and 2018 , respectively. As described in Note 1 , in June 2019, the Company acquired the remaining 51% of Lara, which is the holding company for Leonardo's operations in Italy. During the quarter ended September 30, 2019, the Company completed the redemption of the loans that were assumed upon the acquisition of the remaining 51% of Lara and that had been included in the Loan payable to non-affiliates on our Consolidated Balance Sheets. An acquisition made in January 2017 included non-contingent consideration with a carrying value of $999 and $1,983 as of March 31, 2020 and 2019 , respectively, which is included in Other liabilities in the accompanying Consolidated Balance Sheets. 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 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 $327 and $325 for the years ended March 31, 2020 and 2019 , 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, which is included in Other liabilities in the accompanying Consolidated Balance Sheets. The Company incurred interest expense on this note of $105 and $88 for the years ended March 31, 2020 and 2019 , respectively. In November 2019, the Company acquired Fidentiis Capital, S.A. Total consideration included non-interest bearing unsecured convertible loans totaling EUR 0.5 million payable on November 5, 2049, which is included in Other Liabilities in the accompanying Consolidated Balance Sheets. Under certain circumstances, the notes may be exchanged for Company stock over a three year period in equal annual installments starting on November 5, 2021. 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, which is included in Other liabilities in the accompanying Consolidated Balance Sheets. On December 16, 2023, the notes become non-interest bearing until their maturity date. Under certain circumstances, the notes may be exchanged for Company stock over a four year period in equal annual installments commencing December 16, 2020. The Company incurred interest expense on this note of $32 for the year ended March 31, 2020 . See Note 17

OTHER COMPREHENSIVE INCOME AND

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Mar. 31, 2020
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 $(12,814) , $(16,338) , and $7,961 for the years ended March 31, 2020 , 2019 , and 2018 , respectively. The change in foreign currency translation was impacted by the vote in the U.K. to withdraw from the European Union. The U.K. ceased being a member of the EU on January 31, 2020 and is currently in a period in which the terms of withdrawal are being negotiated and there may be impact on our European business that are unknown at this time. We believe the change in foreign currency translation will become more volatile, but we do not expect this to have a material impact on our operating results and financial position. Accumulated other comprehensive (loss) as of March 31, 2020 , 2019 , and 2018 was comprised of the following: (In thousands) Total Balance, April 1, 2017 $ (21,917 ) Foreign currency translation adjustments 7,961 Balance, March 31, 2018 (13,956 ) Foreign currency translation adjustments (16,338 ) Balance, March 31, 2019 (30,294 ) Foreign currency translation adjustments (12,814 ) Balance, March 31, 2020 $ (43,108 )

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Mar. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	Income Taxes The Company’s provision for income taxes was $51,854 , $65,214 , and $45,553 , for the years ended March 31, 2020 , 2019 , and 2018 , respectively. This represents effective tax rates of 22.0% , 29.1% , and 20.9% for the years ended March 31, 2020 , 2019 , and 2018 , respectively. The primary drivers of the Company’s effective tax rate being higher than the federal statutory rate of 21.0% for the year ended March 31, 2020 were the provision for state taxes, certain non-deductible expenses including limits on deductibility of executive compensation under IRC Section 162(m) and limits on the deductibility of certain meal and entertainment expense items. The decrease in the Company’s tax rate during the year ended March 31, 2020 relative to the year ended March 31, 2019 was primarily as a result of vesting of stock that occurred in April and May, 2019, as well as decreased state tax expense. The Tax Act reduced the U.S. federal corporate tax rate from 35.0% to 21.0% for all corporations effective for tax years beginning after December 31, 2017. For fiscal year companies, the change in law requires the application of a blended rate, which in the Company’s case is approximately 31.5% for the fiscal year ending March 31, 2018 . Beginning with the fiscal year ended March 31, 2019 , the applicable statutory rate is 21.0% . The provision (benefit) for income taxes on operations for the years ended March 31, 2020 , 2019 , and 2018 is comprised of the following approximate values: Year Ended March 31, (In thousands) 2020 2019 2018 Current: Federal $ 39,796 $ 47,101 $ 34,638 State and local 10,217 22,094 9,768 Foreign 11,495 6,706 7,716 Subtotal 61,508 75,901 52,122 Deferred: Federal (6,317 ) (10,665 ) (2,398 ) State and local (2,104 ) (1,997 ) (646 ) Foreign (1,233 ) 1,975 (3,525 ) Subtotal (9,654 ) (10,687 ) (6,569 ) Total $ 51,854 $ 65,214 $ 45,553 The provision for income taxes on operations for the years ended March 31, 2020 , 2019 , and 2018 is reconciled to the income taxes computed at the statutory federal income tax rate (computed by applying the federal corporate rate of 21% for 2020 and 2019, and 31.5% for 2018 to consolidated operating income before provision for income taxes) as follows: Year Ended March 31, (In thousands) 2020 2019 2018 Federal income tax provision computed at statutory rate $ 49,486 21.0 % $ 47,107 21.0 % $ 68,618 31.5 % State and local taxes, net of federal tax effect 10,819 4.6 % 12,944 5.8 % 7,600 3.5 % Tax impact from foreign operations (1,083 ) (0.5 )% (2,098 ) (0.9 )% (3,972 ) (1.8 )% Nondeductible expenses 4,721 2.0 % 3,797 1.7 % 1,414 0.6 % Stock compensation (7,269 ) (3.1 )% (8 ) — % (16,173 ) (7.4 )% Uncertain tax positions, true-up items, and other (4,820 ) (2.0 )% 2,159 0.9 % (1,203 ) (0.6 )% Enactment of the Tax Act — — % 1,313 0.6 % (10,731 ) (4.9 )% Total $ 51,854 22.0 % $ 65,214 29.1 % $ 45,553 20.9 % 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 at March 31, 2020 and 2019 , comprise the following: As of March 31, (In thousands) 2020 2019 Deferred tax assets: Deferred compensation expense/accrued bonus $ 53,397 $ 48,501 Allowance for doubtful accounts 1,078 675 US foreign tax credits 2,478 2,523 Operating lease liabilities 27,977 — Other, net 15,497 16,396 Total deferred tax assets 100,427 68,095 Deferred tax asset valuation allowance (11,097 ) (11,369 ) Total deferred tax assets 89,330 56,726 Deferred tax liabilities: Intangibles (49,166 ) (51,676 ) Accounts receivable and work in process (561 ) (1,647 ) Operating lease right-of-use assets (25,131 ) — Other, net (8,629 ) (8,607 ) Total deferred tax liabilities (83,487 ) (61,930 ) Net deferred tax assets/(liabilities) $ 5,843 $ (5,204 ) The Company has various foreign net operating losses totaling $9,936 that 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, 2020 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 $2,478 and $2,523 against these assets for March 31, 2020 and 2019 , 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, 2020 and 2019 of $8,619 and $8,846 , respectively. The change in the total valuation allowance was a decrease of $272 and a decrease of $1,965 during the years ended March 31, 2020 and March 31, 2019, respectively. As of March 31, 2020 and 2019 the Company had recorded liabilities for interest and penalties related to uncertain tax positions in the amounts of $1,845 and $1,093 , net of any future tax benefit of such interest, respectively. Unrecognized tax positions totaled $9,947 and $4,960 as of March 31, 2020 and 2019 , 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, 2020 and 2019 is as follows: As of March 31, (In thousands) 2020 2019 Unrecognized tax position at the beginning of the year $ 4,960 $ 4,563 (Decrease)/increase related to prior year tax positions (230 ) 397 Increases related to tax positions taken in the current year 5,217 — Unrecognized tax position at the end of the year $ 9,947 $ 4,960 In the next 12 months, certain uncertain tax positions may reverse as the related statutes expire, but the Company does not anticipate a material change. Prior to the IPO, the Company filed as a member of the ORIX USA consolidated federal income tax group and did so through the date of the IPO for fiscal 2016. Following the IPO, the Company files a consolidated federal income tax return separate from ORIX USA, as well as consolidated and separate returns in state and local jurisdictions. As of March 31, 2020, all of the federal income tax returns filed since 2017 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 City audit for the years ended March 31, 2016, March 31, 2017, and March 31, 2018, and Minnesota audit for the years ended March 31, 2016, March 31, 2017 and March 31, 2018. Additionally, ORIX USA is currently under Illinois audit for the years ended March 31, 2013, March 31, 2014, and March 31, 2015, Minnesota audit for the years ended March 31, 2013, March 31, 2014, March 31, 2015 and March 31, 2016, and Wisconsin audit for the years ended March 31, 2013, March 31, 2014, March 31, 2015, and March 31, 2016.

NET INCOME PER SHARE ATTRIBUTAB

NET INCOME PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS	12 Months Ended
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS	Mar. 31, 2020
Earnings Per Share [Abstract]
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS	Earnings Per Share The calculations of basic and diluted net income per share attributable to holders of shares of common stock are presented below. Years Ended March 31, (In thousands, except share and per share data) 2020 2019 2018 Numerator: Net income attributable to holders of shares of common stock—basic $ 183,793 $ 159,106 $ 172,283 Net income attributable to holders of shares of common stock—diluted $ 183,793 $ 159,106 $ 172,283 Denominator: Weighted average shares of common stock outstanding—basic 62,152,870 62,213,414 62,494,275 Weighted average number of incremental shares issuable from unvested restricted stock and restricted stock units, as calculated using the treasury stock method 3,572,646 3,632,718 3,829,818 Weighted average shares of common stock outstanding—diluted 65,725,516 65,846,132 66,324,093 Basic earnings per share $ 2.96 $ 2.56 $ 2.76 Diluted earnings per share $ 2.80 $ 2.42 $ 2.60

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Mar. 31, 2020
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 approximately $3,751 , $2,765 , and $2,018 during the years ended March 31, 2020 , 2019 , and 2018 , respectively, to these defined contribution plans. Share-Based Incentive Plans Following the IPO, additional awards of restricted shares 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. An aggregate of 37,847 restricted shares of Class A common stock were granted under the 2016 Incentive Plan to (i) two independent directors in August 2015 at $21.00 per share, (ii) two independent directors in the first quarter of fiscal 2017 at $25.21 per share, (iii) one independent director in the first quarter of fiscal 2017 at $23.93 per share, (iv) three independent directors in the first quarters of fiscal 2018 and 2019 at $33.54 and $44.50 per share, respectively, and (v) one independent director in the third quarter of fiscal 2019 at $42.41 per share, (vi) four independent directors in the first quarter of fiscal 2020 at $47.22 per share, and (vii) one independent director in the third quarter of fiscal 2020 at $47.21 per share. An excess tax benefit of $7,269 and $8 was recognized during the years ended March 31, 2020 and 2019 , respectively, as a component of the provision for income taxes and an operating activity on the Consolidated Statements of Cash Flows. The excess tax benefit recognized during the year ended March 31, 2020 was related to shares vested in April and May 2019. For the comparable fiscal 2019 period, vesting of shares scheduled to vest in April and May 2018 was accelerated on October 21, 2017 and the corresponding excess tax benefit was recognized in the fiscal year ended March 31, 2018. The Company recorded cash outflows of $(31,477) and $(1,947) 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, 2020 and 2019 , respectively, 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 a liability 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 which relate to the Company's 2006 Incentive Award Plan (the "2006 Incentive Plan") and the 2016 Incentive Plan during the years ended March 31, 2020 , 2019 , and 2018 is as follows: Equity Classified Unvested Share Awards Shares Weighted average grant date fair value Balance, April 1, 2017 3,626,270 $ 22.35 Granted 1,235,779 34.86 Vested (1,023,078 ) 24.03 Forfeited (984,078 ) 24.60 Balance, March 31, 2018 2,854,893 26.39 Granted 1,069,436 49.32 Vested (76,702 ) 48.78 Forfeited (83,643 ) 33.91 Balance, March 31, 2019 3,763,984 32.29 Granted 1,368,079 47.04 Vested (1,496,643 ) 29.30 Shares repurchased/forfeited (96,373 ) 38.63 Balance, March 31, 2020 3,539,047 $ 39.13 Activity in liability classified share awards during the years ended March 31, 2020 , 2019 , and 2018 is as follows: Liability Classified Awards Settleable in Shares (In thousands) Fair value Balance, April 1, 2017 $ 12,743 Offer to grant 9,637 Share price determined-converted to cash payments (6,040 ) Share price determined-transferred to equity grants (1) — Forfeited (847 ) Balance, March 31, 2018 15,493 Offer to grant 12,432 Share price determined-converted to cash payments (300 ) Share price determined-transferred to equity grants (1) (4,705 ) Forfeited (1,244 ) Balance, March 31, 2019 21,676 Offer to grant 6,410 Share price determined-converted to cash payments (100 ) Share price determined-transferred to equity grants (1) (6,457 ) Forfeited (540 ) Balance, March 31, 2020 $ 20,989 (1) 134,370 , 96,778 , and 0 shares for the years ended March 31, 2020, 2019, and 2018, respectively. Compensation expenses for the Company associated with both equity and liability classified awards totaled $64,345 , $56,561 , and $47,111 , for the years ended March 31, 2020 , 2019 , and 2018 , respectively. As of March 31, 2020 and 2019 there was $80,648 and $77,348 , 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 1.9 years and 1.4 years , as of March 31, 2020 and 2019 , 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 will be 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.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2020
Equity [Abstract]
STOCKHOLDERS' EQUITY	Class A Common Stock During the year ended March 31, 2020 , 9,145 shares were issued to non-employee directors, and 8,639,873 shares were converted from Class B to Class A. During the year ended March 31, 2019 , 6,570 shares were issued to non-employee directors, and 6,070,941 shares were converted from Class B to Class A. As of March 31, 2020 , there were 46,141,909 Class A shares held by the public and 36,724 Class A shares held by non-employee directors. As of March 31, 2019 , there were 34,036,141 Class A shares held by the public, 54,940 Class A shares held by non-employee directors, and 4,109,721 Class A shares held by ORIX USA. Class B Common Stock As of March 31, 2020 , there were 19,345,277 Class B shares held by the HL Voting Trust. As of March 31, 2019 , there were 24,929,520 Class B shares held by the HL Voting Trust, and 2,268,214 Class B shares held by ORIX USA. Dividends Previously declared dividends related to unvested shares of $8,780 and $8,006 were unpaid as of March 31, 2020 and 2019 , 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 repurchase program In July 2018, the board of directors authorized the repurchase of up to $100 million of the Company's common stock. During the years ended March 31, 2020 , 2019 , and 2018 , the Company repurchased 654,994 , 36,958 , and 811,635 shares, respectively, of Class B common stock, to satisfy $31,451 , $1,700 , and $33,332 of required withholding taxes in connection with the vesting of restricted awards, respectively. During the years ended March 31, 2020 , 2019 , and 2018 , the Company repurchased an additional 671,187 , 1,481,114 , and 430,237 shares of its outstanding common stock, respectively, at a weighted average price of $44.13 , $46.71 , and $35.17 per share, excluding commissions, for an aggregate purchase price of $29,621 , $69,180 and $15,131 , respectively.

LEASES

LEASES	12 Months Ended
LEASES	Mar. 31, 2020
Leases [Abstract]
LEASES	Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). We adopted the standard effective April 1, 2019, using the modified retrospective approach applied as of the beginning of the period of adoption. The Company elected to utilize transition guidance within the new standard that permits us to (i) continue to report under ASC 840 guidance for comparative periods consistent with previously issued financial statements; and (ii) carryforward our prior conclusions about lease identification, classification, and initial direct costs. The most significant impact of this adoption relates to the recognition of right-of-use ("ROU") assets and liabilities for all leases classified operating leases when the Company is the lessee in the arrangement. Currently, the Company does not have any lessor arrangements; therefore, adoption of the standard did not impact our accounting. We assess whether an arrangement is or contains a lease at the inception of the agreement. 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. On adoption, the Company recognized the present value of its existing minimum lease payments as a $136.9 million ROU asset and a $152.3 million lease liability. The difference between the ROU asset and the lease liability on adoption primarily arises from previously recorded deferred rent, which was effectively reclassified to the ROU asset on adoption. As a result, there was no impact to retained earnings in the Consolidated Balance Sheets. Lessee Arrangements Operating Leases We lease real estate and equipment used in operations from third parties. As of March 31, 2020 , the remaining term of our operating leases ranged from 1 to 17 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, 2020 . (In thousands) Operating Leases 2021 $ 28,887 2022 25,701 2023 21,286 2024 16,051 2025 17,111 Thereafter 75,794 Total 184,830 Less: present value discount (30,612 ) Operating lease liabilities $ 154,218 As of March 31, 2020, the Company entered into one additional office space operating lease that has not yet commenced, for approximately $23 million . This operating lease will commence in the fiscal year 2021 with a lease term of 16 years . Lease costs (In thousands) March 31, 2020 Operating lease expense $ 28,489 Variable lease expense (1) 16,027 Short-term lease expense 370 Less: Sublease income (193 ) Total lease costs $ 44,693 (1) Primarily consists of payments for property taxes, common area maintenance and usage based operating costs. Weighted-average details March 31, 2020 Weighted-average remaining lease term (years) 9 Weighted-average discount rate 4 % Supplemental cash flow information related to leases: (In thousands) March 31, 2020 Operating cash flows: Cash paid for amounts included in the measurement of operating lease liabilities $ 25,558 Non-cash activity: Operating lease right-of-use assets obtained in exchange of operating lease liabilities $ 13,714 Change in Operating lease right-of-use assets due to remeasurement 5,883

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Commitments and Contingencies The 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 revolving credit facility with Bank of America, N.A. The scheduled aggregate repayments on a fiscal year-end basis as of March 31, 2020 of our Loan payable to former shareholders, Other liabilities, and the Loan payable to non-affiliates in the accompanying Consolidated Balance Sheet is as follows: (In thousands) Scheduled Repayments 2021 $ 5,353 2022 16,114 2023 2,232 2024 31 2025 — 2026 and thereafter 12,970 Total $ 36,700 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, 2020 or 2019 .

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	12 Months Ended
SEGMENT AND GEOGRAPHICAL INFORMATION	Mar. 31, 2020
Segment Reporting [Abstract]
SEGMENT AND GEOGRAPHICAL INFORMATION	Company’s reportable segments are described in Note 1 and each are individually managed and provide separate services which 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, (In thousands) 2020 2019 2018 Revenues by segment: Corporate Finance $ 646,788 $ 607,333 $ 528,643 Financial Restructuring 352,517 317,774 294,142 Financial and Valuation Advisory 160,063 159,278 140,579 Revenues $ 1,159,368 $ 1,084,385 $ 963,364 Segment profit (1) Corporate Finance $ 179,660 $ 193,603 $ 177,575 Financial Restructuring 107,714 83,607 73,691 Financial and Valuation Advisory 35,172 28,776 26,334 Total segment profit 322,546 305,986 277,600 Corporate expenses (2) 92,945 86,889 63,187 Other (income)/expense, net (6,046 ) (5,223 ) (3,423 ) Income before provision for income taxes $ 235,647 $ 224,320 $ 217,836 (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. As of March 31, (In thousands) 2020 2019 2018 Assets by segment Corporate Finance $ 403,147 $ 403,928 $ 338,772 Financial Restructuring 186,418 184,364 185,486 Financial and Valuation Advisory 127,440 127,744 127,056 Total segment assets 717,005 716,036 651,314 Corporate assets 959,998 709,876 772,567 Total assets $ 1,677,003 $ 1,425,912 $ 1,423,881 Year Ended March 31, (In thousands) 2020 2019 2018 Income before provision for income taxes by geography United States $ 184,883 $ 176,850 $ 185,380 International 50,764 47,470 32,456 Income before provision for income taxes $ 235,647 $ 224,320 $ 217,836 Year Ended March 31, (In thousands) 2020 2019 2018 Revenues by geography: United States $ 975,075 $ 878,840 $ 830,079 International 184,293 205,545 133,285 Revenues $ 1,159,368 $ 1,084,385 $ 963,364 As of March 31, (In thousands) 2020 2019 2018 Assets by geography United States $ 1,135,871 $ 1,021,975 $ 957,897 International 541,132 403,937 465,984 Total assets $ 1,677,003 $ 1,425,912 $ 1,423,881

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	, 2020, the board of directors of the Company declared a regular quarterly cash dividend of $0.31 per share for holders of record as of June 5, 2020 and payable on June 15, 2020.

Consolidated Quarterly Results

Consolidated Quarterly Results of Operations (Unaudited)	12 Months Ended
Consolidated Quarterly Results of Operations (Unaudited)	Mar. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Consolidated Quarterly Results of Operations (Unaudited)	For the Three Months Ended June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 (In thousands, except share data and par value) Revenues $ 250,349 $ 272,810 $ 333,515 $ 302,694 Total operating expenses 202,572 227,657 265,499 234,039 Operating income 47,777 45,153 68,016 68,655 Net income attributable to Houlihan Lokey, Inc. $ 42,775 $ 33,110 $ 48,894 $ 59,014 Earnings per share Basic $ 0.69 $ 0.53 $ 0.79 $ 0.95 Diluted $ 0.65 $ 0.50 $ 0.75 $ 0.90 Dividends declared per share of common stock $ 0.31 $ 0.31 $ 0.31 $ 0.31 For the Three Months Ended June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 (In thousands, except share data and par value) Revenues $ 220,002 $ 274,992 $ 298,013 $ 291,378 Total operating expenses 179,874 218,817 235,770 230,827 Operating income 40,128 56,175 62,243 60,551 Net income attributable to Houlihan Lokey, Inc. $ 29,682 $ 40,119 $ 43,957 $ 45,348 Earnings per share Basic $ 0.47 $ 0.64 $ 0.71 $ 0.74 Diluted $ 0.45 $ 0.61 $ 0.67 $ 0.69 Dividends declared per share of common stock $ 0.27 $ 0.27 $ 0.27 $ 0.31

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
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 significant intercompany balances and transactions have been eliminated in consolidation. 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.
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: the allowance for doubtful accounts; the valuation of deferred tax assets, 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 contract. Revenues reflect fees generated from our CF, FR, and FVA business segments.
Operating Expenses	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
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 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. At March 31, 2020 and 2019 , 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. As of March 31, 2020 2019 Cash and cash equivalents $ 380,373 $ 285,746 Restricted cash (1) 373 369 Total cash, cash equivalents, and restricted cash $ 380,746 $ 286,115 (1) Restricted cash as of March 31, 2020 and March 31, 2019 consisted of a cash secured letter of credit issued for our Frankfurt office.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Financial Accounting Standards Board (the “FASB”) issued the following authoritative guidance amending the FASB Accounting Standards Codification (“ASC”). Effective April 1, 2019, we adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) , and all related amendments. See Note 16 for additional information. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies when changes to the terms or conditions of share-based payment awards require an entity to apply modification accounting. The amended guidance states an entity should account for the effects of a modification unless certain criteria are met, which include that the modified award has the same fair value, vesting conditions and classification as the original award. The Company adopted guidance effective April 1, 2019 and its application did not have a material impact on the consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13 Financial Instruments-Credit Losses - Measurement of Credit Losses on Financial Instruments. The amended guidance involves several aspects of the accounting for credit losses related to certain financial assets that are not accounted for at fair value through net income and includes trade receivables and net investments in leases. The new guidance and subsequent updates, broadens the information that an entity must consider in developing its estimated credit losses expected to occur over the remaining life of assets measured either collectively or individually to include historical experience, current conditions and reasonable and supportable forecasts, replacing the existing incurred credit loss model and other models with the Current Expected Credit Losses (“CECL”) model. The new guidance expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating credit losses and requires new disclosures of the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. This new guidance is first effective for our fiscal year beginning on April 1, 2020 and will be adopted under a modified retrospective approach. We are evaluating the impact the adoption of this new guidance will have on our financial position and results of operations, which will depend on, among other things, the current and expected macroeconomic conditions and the nature and characteristics of financial assets held by us on the date of adoption. We do not anticipate any material changes to our consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Mar. 31, 2020
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. As of March 31, 2020 2019 Cash and cash equivalents $ 380,373 $ 285,746 Restricted cash (1) 373 369 Total cash, cash equivalents, and restricted cash $ 380,746 $ 286,115 (1) Restricted cash as of March 31, 2020 and March 31, 2019 consisted of a cash secured letter of credit issued for our Frankfurt office.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
REVENUE RECOGNITION (Tables)	Mar. 31, 2020
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: (In thousands) April 1, 2019 Increase/(Decrease) March 31, 2020 Receivables, net (1) $ 64,797 $ 8,923 $ 73,720 Unbilled work in process, net of allowance for doubtful accounts 71,891 (32,070 ) 39,821 Contract Assets (1) 6,033 1,159 7,192 Contract Liabilities (2) 27,812 (1,032 ) 26,780 (1) Included within Accounts receivable, net of allowance for doubtful accounts in the Consolidated Balance Sheets. (2) Included within Deferred income in the Consolidated Balance Sheets.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Mar. 31, 2020
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, 2020 (In thousands) Level I Level II Level III Total Corporate debt securities $ — $ 43,027 $ — $ 43,027 U.S. treasury securities — 92,362 — 92,362 Total asset measured at fair value $ — $ 135,389 $ — $ 135,389 March 31, 2019 (In thousands) Level I Level II Level III Total Corporate debt securities $ — $ 116,577 $ — $ 116,577 U.S. treasury securities — 8,681 — 8,681 Total asset measured at fair value $ — $ 125,258 $ — $ 125,258

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
INVESTMENT SECURITIES (Tables)	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Held-to-maturity	The amortized cost, gross unrealized gains (losses), and fair value of securities were as follows: March 31, 2020 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Corporate debt securities $ 43,166 $ 210 $ (349 ) $ 43,027 U.S. Treasury Securities 91,722 691 (51 ) 92,362 Total securities with unrealized gains/(losses) $ 134,888 $ 901 $ (400 ) $ 135,389 March 31, 2019 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Corporate debt securities $ 116,220 $ 372 $ (15 ) $ 116,577 U.S. Treasury Securities 8,608 73 — 8,681 Total securities with unrealized gains/(losses) $ 124,828 $ 445 $ (15 ) $ 125,258
Investments Classified by Contractual Maturity Date	Scheduled maturities of the Company's debt securities within the investment securities portfolio were as follows: March 31, 2020 March 31, 2019 (In thousands) Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 105,349 $ 105,302 $ 96,109 $ 96,175 Due within years two through five 29,539 30,087 28,719 29,083 Total debt within the investment securities portfolio $ 134,888 $ 135,389 $ 124,828 $ 125,258

ALLOWANCE FOR DOUBTFUL ACCOUN_2

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)	12 Months Ended
ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)	Mar. 31, 2020
Receivables [Abstract]
Allowance for Uncollectible Accounts Receivable	As of March 31, (In thousands) 2020 2019 2018 Beginning balance $ 5,596 $ 11,391 $ 11,199 Provision for bad debts 4,873 1,707 1,983 Recovery or write-off of uncollectible accounts (3,580 ) (7,502 ) (1,791 ) Ending balance $ 6,889 $ 5,596 $ 11,391

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
PROPERTY AND EQUIPMENT (Tables)	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net of accumulated depreciation consist of the following: As of March 31, (In thousands) Useful Lives 2020 2019 Equipment 5 Years $ 8,788 $ 7,916 Furniture and fixtures 5 Years 20,942 19,445 Leasehold improvements 10 Years 41,643 34,370 Computers and software 3 Years 17,941 11,499 Other N/A 1,113 1,117 Total cost 90,427 74,347 Less: accumulated depreciation (48,055 ) (43,313 ) Total net book value $ 42,372 $ 31,034

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	Mar. 31, 2020
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. As of March 31, (In thousands) Useful Lives 2020 2019 Goodwill Indefinite $ 618,455 $ 594,812 Tradename-Houlihan Lokey Indefinite 192,210 192,210 Other intangible assets Varies 10,732 18,614 Total cost 821,397 805,636 Less: accumulated amortization (8,553 ) (11,032 ) Goodwill and other intangibles, net $ 812,844 $ 794,604
Schedule of Goodwill by Business Segment	Goodwill attributable to the Company’s business segments is as follows: (In thousands) As of April 1, 2019 Change (1) As of March 31, 2020 Corporate Finance $ 340,282 $ 23,643 $ 363,925 Financial Restructuring 162,815 — 162,815 Financial and Valuation Advisory 91,715 — 91,715 Goodwill $ 594,812 $ 23,643 $ 618,455 (1) Changes pertain to the acquisitions discussed in Note 1 and foreign currency translation adjustments.
Finite-lived Intangible Assets Amortization Expense	The estimated future amortization for finite-lived intangible assets for each of the next five years are as follows: (In thousands) Year Ended March 31, 2021 $ 1,601 2022 157 2023 7 2024 7 2025 7

OTHER COMPREHENSIVE INCOME AN_2

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Accumulated other comprehensive (loss) as of March 31, 2020 , 2019 , and 2018 was comprised of the following: (In thousands) Total Balance, April 1, 2017 $ (21,917 ) Foreign currency translation adjustments 7,961 Balance, March 31, 2018 (13,956 ) Foreign currency translation adjustments (16,338 ) Balance, March 31, 2019 (30,294 ) Foreign currency translation adjustments (12,814 ) Balance, March 31, 2020 $ (43,108 )

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Mar. 31, 2020
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, 2020 , 2019 , and 2018 is comprised of the following approximate values: Year Ended March 31, (In thousands) 2020 2019 2018 Current: Federal $ 39,796 $ 47,101 $ 34,638 State and local 10,217 22,094 9,768 Foreign 11,495 6,706 7,716 Subtotal 61,508 75,901 52,122 Deferred: Federal (6,317 ) (10,665 ) (2,398 ) State and local (2,104 ) (1,997 ) (646 ) Foreign (1,233 ) 1,975 (3,525 ) Subtotal (9,654 ) (10,687 ) (6,569 ) Total $ 51,854 $ 65,214 $ 45,553
Effective Income Tax Rate Reconciliation	The provision for income taxes on operations for the years ended March 31, 2020 , 2019 , and 2018 is reconciled to the income taxes computed at the statutory federal income tax rate (computed by applying the federal corporate rate of 21% for 2020 and 2019, and 31.5% for 2018 to consolidated operating income before provision for income taxes) as follows: Year Ended March 31, (In thousands) 2020 2019 2018 Federal income tax provision computed at statutory rate $ 49,486 21.0 % $ 47,107 21.0 % $ 68,618 31.5 % State and local taxes, net of federal tax effect 10,819 4.6 % 12,944 5.8 % 7,600 3.5 % Tax impact from foreign operations (1,083 ) (0.5 )% (2,098 ) (0.9 )% (3,972 ) (1.8 )% Nondeductible expenses 4,721 2.0 % 3,797 1.7 % 1,414 0.6 % Stock compensation (7,269 ) (3.1 )% (8 ) — % (16,173 ) (7.4 )% Uncertain tax positions, true-up items, and other (4,820 ) (2.0 )% 2,159 0.9 % (1,203 ) (0.6 )% Enactment of the Tax Act — — % 1,313 0.6 % (10,731 ) (4.9 )% Total $ 51,854 22.0 % $ 65,214 29.1 % $ 45,553 20.9 %
Schedule of Deferred Tax Assets and Liabilities	The deferred income taxes on the accompanying consolidated balance sheets at March 31, 2020 and 2019 , comprise the following: As of March 31, (In thousands) 2020 2019 Deferred tax assets: Deferred compensation expense/accrued bonus $ 53,397 $ 48,501 Allowance for doubtful accounts 1,078 675 US foreign tax credits 2,478 2,523 Operating lease liabilities 27,977 — Other, net 15,497 16,396 Total deferred tax assets 100,427 68,095 Deferred tax asset valuation allowance (11,097 ) (11,369 ) Total deferred tax assets 89,330 56,726 Deferred tax liabilities: Intangibles (49,166 ) (51,676 ) Accounts receivable and work in process (561 ) (1,647 ) Operating lease right-of-use assets (25,131 ) — Other, net (8,629 ) (8,607 ) Total deferred tax liabilities (83,487 ) (61,930 ) Net deferred tax assets/(liabilities) $ 5,843 $ (5,204 )
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the unrecognized tax position as of March 31, 2020 and 2019 is as follows: As of March 31, (In thousands) 2020 2019 Unrecognized tax position at the beginning of the year $ 4,960 $ 4,563 (Decrease)/increase related to prior year tax positions (230 ) 397 Increases related to tax positions taken in the current year 5,217 — Unrecognized tax position at the end of the year $ 9,947 $ 4,960

NET INCOME PER SHARE ATTRIBUT_2

NET INCOME PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (Tables)	12 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculations of basic and diluted net income per share attributable to holders of shares of common stock are presented below. Years Ended March 31, (In thousands, except share and per share data) 2020 2019 2018 Numerator: Net income attributable to holders of shares of common stock—basic $ 183,793 $ 159,106 $ 172,283 Net income attributable to holders of shares of common stock—diluted $ 183,793 $ 159,106 $ 172,283 Denominator: Weighted average shares of common stock outstanding—basic 62,152,870 62,213,414 62,494,275 Weighted average number of incremental shares issuable from unvested restricted stock and restricted stock units, as calculated using the treasury stock method 3,572,646 3,632,718 3,829,818 Weighted average shares of common stock outstanding—diluted 65,725,516 65,846,132 66,324,093 Basic earnings per share $ 2.96 $ 2.56 $ 2.76 Diluted earnings per share $ 2.80 $ 2.42 $ 2.60

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
EMPLOYEE BENEFIT PLANS (Tables)	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Activity in Equity Classified Share Awards	Activity in equity classified share awards which relate to the Company's 2006 Incentive Award Plan (the "2006 Incentive Plan") and the 2016 Incentive Plan during the years ended March 31, 2020 , 2019 , and 2018 is as follows: Equity Classified Unvested Share Awards Shares Weighted average grant date fair value Balance, April 1, 2017 3,626,270 $ 22.35 Granted 1,235,779 34.86 Vested (1,023,078 ) 24.03 Forfeited (984,078 ) 24.60 Balance, March 31, 2018 2,854,893 26.39 Granted 1,069,436 49.32 Vested (76,702 ) 48.78 Forfeited (83,643 ) 33.91 Balance, March 31, 2019 3,763,984 32.29 Granted 1,368,079 47.04 Vested (1,496,643 ) 29.30 Shares repurchased/forfeited (96,373 ) 38.63 Balance, March 31, 2020 3,539,047 $ 39.13
Activity in Liability Classified Share Awards	Activity in liability classified share awards during the years ended March 31, 2020 , 2019 , and 2018 is as follows: Liability Classified Awards Settleable in Shares (In thousands) Fair value Balance, April 1, 2017 $ 12,743 Offer to grant 9,637 Share price determined-converted to cash payments (6,040 ) Share price determined-transferred to equity grants (1) — Forfeited (847 ) Balance, March 31, 2018 15,493 Offer to grant 12,432 Share price determined-converted to cash payments (300 ) Share price determined-transferred to equity grants (1) (4,705 ) Forfeited (1,244 ) Balance, March 31, 2019 21,676 Offer to grant 6,410 Share price determined-converted to cash payments (100 ) Share price determined-transferred to equity grants (1) (6,457 ) Forfeited (540 ) Balance, March 31, 2020 $ 20,989 (1) 134,370 , 96,778 , and 0 shares for the years ended March 31, 2020, 2019, and 2018, respectively.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
LEASES (Tables)	Mar. 31, 2020
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, 2020 . (In thousands) Operating Leases 2021 $ 28,887 2022 25,701 2023 21,286 2024 16,051 2025 17,111 Thereafter 75,794 Total 184,830 Less: present value discount (30,612 ) Operating lease liabilities $ 154,218
Lease, Cost	Lease costs (In thousands) March 31, 2020 Operating lease expense $ 28,489 Variable lease expense (1) 16,027 Short-term lease expense 370 Less: Sublease income (193 ) Total lease costs $ 44,693 (1) Primarily consists of payments for property taxes, common area maintenance and usage based operating costs. Weighted-average details March 31, 2020 Weighted-average remaining lease term (years) 9 Weighted-average discount rate 4 % Supplemental cash flow information related to leases: (In thousands) March 31, 2020 Operating cash flows: Cash paid for amounts included in the measurement of operating lease liabilities $ 25,558 Non-cash activity: Operating lease right-of-use assets obtained in exchange of operating lease liabilities $ 13,714 Change in Operating lease right-of-use assets due to remeasurement 5,883

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Scheduled Repayments of Loan	The scheduled aggregate repayments on a fiscal year-end basis as of March 31, 2020 of our Loan payable to former shareholders, Other liabilities, and the Loan payable to non-affiliates in the accompanying Consolidated Balance Sheet is as follows: (In thousands) Scheduled Repayments 2021 $ 5,353 2022 16,114 2023 2,232 2024 31 2025 — 2026 and thereafter 12,970 Total $ 36,700

SEGMENT AND GEOGRAPHICAL INFO_2

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	12 Months Ended
SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	Mar. 31, 2020
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, (In thousands) 2020 2019 2018 Revenues by segment: Corporate Finance $ 646,788 $ 607,333 $ 528,643 Financial Restructuring 352,517 317,774 294,142 Financial and Valuation Advisory 160,063 159,278 140,579 Revenues $ 1,159,368 $ 1,084,385 $ 963,364 Segment profit (1) Corporate Finance $ 179,660 $ 193,603 $ 177,575 Financial Restructuring 107,714 83,607 73,691 Financial and Valuation Advisory 35,172 28,776 26,334 Total segment profit 322,546 305,986 277,600 Corporate expenses (2) 92,945 86,889 63,187 Other (income)/expense, net (6,046 ) (5,223 ) (3,423 ) Income before provision for income taxes $ 235,647 $ 224,320 $ 217,836 (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. As of March 31, (In thousands) 2020 2019 2018 Assets by segment Corporate Finance $ 403,147 $ 403,928 $ 338,772 Financial Restructuring 186,418 184,364 185,486 Financial and Valuation Advisory 127,440 127,744 127,056 Total segment assets 717,005 716,036 651,314 Corporate assets 959,998 709,876 772,567 Total assets $ 1,677,003 $ 1,425,912 $ 1,423,881
Revenue and Income Before Provision for Income Taxes by Geographic Areas	Year Ended March 31, (In thousands) 2020 2019 2018 Income before provision for income taxes by geography United States $ 184,883 $ 176,850 $ 185,380 International 50,764 47,470 32,456 Income before provision for income taxes $ 235,647 $ 224,320 $ 217,836 Year Ended March 31, (In thousands) 2020 2019 2018 Revenues by geography: United States $ 975,075 $ 878,840 $ 830,079 International 184,293 205,545 133,285 Revenues $ 1,159,368 $ 1,084,385 $ 963,364
Assets by Geographic Areas	As of March 31, (In thousands) 2020 2019 2018 Assets by geography United States $ 1,135,871 $ 1,021,975 $ 957,897 International 541,132 403,937 465,984 Total assets $ 1,677,003 $ 1,425,912 $ 1,423,881

BACKGROUND (Details)

BACKGROUND (Details)	Aug. 01, 2019$ / sharesshares	May 30, 2019$ / sharesshares	Jun. 04, 2018$ / sharesshares	Apr. 05, 2018shares	Mar. 12, 2018shares	Nov. 03, 2017shares	Oct. 25, 2017shares	Aug. 19, 2015class_of_stock	Mar. 31, 2020USD ($)segment$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2019	Mar. 31, 2017shares	Nov. 30, 2015USD ($)	Aug. 18, 2015vote
Class of Stock [Line Items]
Number of classes of common stock \| class_of_stock								2
Conversion ratio of common stock															1
Professional fees \| $									$ 21,704,000	$ 23,035,000	$ 17,117,000
Treasury stock acquired, average cost per share (in dollars per share) \| $ / shares									$ 44.13	$ 46.71	$ 35.17
Number of business segments \| segment									3
IPO \| Restricted Stock
Class of Stock [Line Items]
Vesting period, restricted stock									4 years 6 months
Follow-on Offering
Class of Stock [Line Items]
Professional fees \| $									$ 0	$ 498,000
Follow-on Offering And Forward Share Purchase Agreement
Class of Stock [Line Items]
Professional fees \| $									$ 0	$ 0	$ 2,084,000
Class A
Class of Stock [Line Items]
Common stock voting rights, number of votes per share \| vote															1
Number of common shares outstanding (in shares)									46,178,633	38,200,802
Shares issued and sold in Follow-on Offering (in shares)					2,000,000,000	125,000	1,750,000
Stock Repurchased and Retired During Period, Shares									671,187	1,481,114	430,237
Treasury stock acquired, average cost per share (in dollars per share) \| $ / shares			$ 49.11
Class A \| Follow-on Offering
Class of Stock [Line Items]
Selling price per share (in dollars per share) \| $ / shares			$ 49.15
Class B
Class of Stock [Line Items]
Common stock voting rights, number of votes per share \| vote															10
Number of common shares outstanding (in shares)									19,345,277	27,197,734
Stock Repurchased and Retired During Period, Shares									654,994	36,958	811,635
Common Stock \| Class A
Class of Stock [Line Items]
Number of common shares outstanding (in shares)									46,178,633	38,200,802	30,604,405		22,026,811
Shares issued and sold in Follow-on Offering (in shares)									9,145	6,570	5,589
Common Stock \| Class B
Class of Stock [Line Items]
Number of common shares outstanding (in shares)									19,345,277	27,197,734	37,187,932		50,883,299
Stock Repurchased and Retired During Period, Shares										2,000,000	6,900,000
ORIX USA Corporation \| Class A
Class of Stock [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) \| $ / shares	$ 45.62	$ 45.80
Stock repurchased during period (in shares)			697,000
ORIX USA Corporation \| Class A \| Follow-on Offering
Class of Stock [Line Items]
Shares issued and sold in Follow-on Offering (in shares)			1,985,983
ORIX USA Corporation \| Class B
Class of Stock [Line Items]
Number of common shares outstanding (in shares)										2,268,214
Stock Repurchased and Retired During Period, Shares				2,000,000,000
HL Holders \| Class B
Class of Stock [Line Items]
Number of common shares outstanding (in shares)									19,345,277	24,929,520
Director \| Class A
Class of Stock [Line Items]
Shares issued and sold in Follow-on Offering (in shares)									9,145	6,570
Accounts Payable and Accrued Liabilities \| IPO
Class of Stock [Line Items]
Vesting period, restricted stock									4 years 6 months
Selling Stockholders \| Class A \| Follow-on Offering
Class of Stock [Line Items]
Shares issued and sold in Follow-on Offering (in shares)			1,014,017
Forward Contracts \| Forward Purchase Agreement
Class of Stock [Line Items]
Shares excluded from calculation of basic and diluted earnings per share (in shares)										2,000,000,000
ITALY \| Leonardo
Class of Stock [Line Items]
Notes payable issued, dividend distribution \| $														$ 14,000,000
Interest acquired in the investment banking operations of Leonardo in Italy (as a percent)									51.00%			51.00%		49.00%

- Revenues (Narrative) (Details

- Revenues (Narrative) (Details) $ in Thousands	3 Months Ended								12 Months Ended
- Revenues (Narrative) (Details) $ in Thousands	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue									$ 19,900	$ 22,500
Total operating expenses	$ 234,039	$ 265,499	$ 227,657	$ 202,572	$ 230,827	$ 235,770	$ 218,817	$ 179,874	$ 929,767	865,288	$ 748,951
Number of business segments \| segment									3
Difference between Revenue Guidance in Effect before and after Topic 606 \| Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue									$ 33,800	33,600
Total operating expenses									$ 33,800	$ 33,600

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Translation of Foreign Currency Transactions (Narrative) (Details) - Foreign currency forward contract $ in Thousands, € in Millions	12 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2019EUR (€)	Mar. 31, 2018EUR (€)
Derivative [Line Items]
Notional amount \| €			€ 1.5	€ 9
Other operating expenses
Derivative [Line Items]
Gain (loss) included in other operating expenses \| $	$ (1)	$ 90

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 380,373	$ 285,746
Restricted cash (1)	373	369
Total cash, cash equivalents, and restricted cash	$ 380,746	$ 286,115	$ 300,223	$ 492,686

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue	$ 19.9	$ 22.5

REVENUE RECOGNITION - Summary o

REVENUE RECOGNITION - Summary of Receivables, Contract Assets, and Contract Liabilities (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2020USD ($)
Receivables
Beginning balance	$ 64,797
Increase/(Decrease)	8,923
Ending balance	73,720
Unbilled work in process
Beginning balance	71,891
Increase/(Decrease)	(32,070)
Ending balance	39,821
Contract Assets
Beginning balance	6,033
Increase/(Decrease)	1,159
Ending balance	7,192
Contract Liabilities
Beginning balance	27,812
Increase/(Decrease)	(1,032)
Ending balance	$ 26,780

RELATED_PARTY TRANSACTIONS (Det

RELATED‑PARTY TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 01, 2019	May 30, 2019	Jun. 04, 2018	Apr. 05, 2018	Mar. 12, 2018	Nov. 03, 2017	Oct. 25, 2017	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Treasury stock acquired, average cost per share (in dollars per share)								$ 44.13	$ 46.71	$ 35.17
Professional fees								$ 21,704	$ 23,035	$ 17,117
Deferred revenue, related parties								0	34
Accounts Receivable and Unbilled Work in Progress
Related Party Transaction [Line Items]
Due from related parties								0	3
ORIX USA Corporation \| Management Accounting Legal Regulatory And Other Administrative Services
Related Party Transaction [Line Items]
Related party fee revenue								828	8,819	3,006
Unconsolidated entities \| Management and administrative services
Related Party Transaction [Line Items]
Related party fee revenue								$ 126	$ 482	$ 286
Class B shares
Related Party Transaction [Line Items]
Stock Repurchased and Retired During Period, Shares								654,994	36,958	811,635
Class B shares \| ORIX USA Corporation
Related Party Transaction [Line Items]
Stock Repurchased and Retired During Period, Shares				2,000,000,000
Class A
Related Party Transaction [Line Items]
Shares issued and sold in Follow-on Offering (in shares)					2,000,000,000	125,000	1,750,000
Treasury stock acquired, average cost per share (in dollars per share)			$ 49.11
Stock Repurchased and Retired During Period, Shares								671,187	1,481,114	430,237
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
Class B common stock acquired from ORIX USA (in shares)			697,000
Other Assets
Related Party Transaction [Line Items]
Loans receivable from employees								$ 17,857	$ 15,228
Follow-on Offering
Related Party Transaction [Line Items]
Professional fees								0	498
Follow-on Offering \| Class A
Related Party Transaction [Line Items]
Selling price per share (in dollars per share)			$ 49.15
Sale of stock, price per share (in dollars per share)					$ 47.25		$ 42
Follow-on Offering \| Class A \| ORIX USA Corporation
Related Party Transaction [Line Items]
Shares issued and sold in Follow-on Offering (in shares)			1,985,983
Follow-on Offering And Forward Share Purchase Agreement
Related Party Transaction [Line Items]
Professional fees								$ 0	$ 0	$ 2,084
Affiliated Entity \| Follow-on Offering \| Class A
Related Party Transaction [Line Items]
Shares issued and sold in Follow-on Offering (in shares)			1,014,017

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	$ 135,389	$ 125,258
Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	0	0
Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	135,389	125,258
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	0	0
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	43,027	116,577
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	43,027	116,577
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	92,362	8,681
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	92,362	8,681
U.S. treasury securities \| Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0	$ 0

- Summary of Trading Securities

- Summary of Trading Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 134,888
Gross Unrealized Gains	901
Gross Unrealized (Losses)	(400)
Fair Value	135,389
Amortized Cost		$ 124,828
Gross Unrealized Gains		445
Gross Unrealized (Losses)		(15)
Fair Value		125,258
Corporate debt securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	43,166
Gross Unrealized Gains	210
Gross Unrealized (Losses)	(349)
Fair Value	43,027
Amortized Cost		116,220
Gross Unrealized Gains		372
Gross Unrealized (Losses)		(15)
Fair Value		116,577
U.S. treasury securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	91,722
Gross Unrealized Gains	691
Gross Unrealized (Losses)	(51)
Fair Value	$ 92,362
Amortized Cost		8,608
Gross Unrealized Gains		73
Gross Unrealized (Losses)		0
Fair Value		$ 8,681

INVESTMENT SECURITIES - Summary

INVESTMENT SECURITIES - Summary of Investment Contractual Maturity Dates (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Due within one year, amortized cost	$ 105,349	$ 96,109
Due within one year, estimated fair value	105,302	96,175
Die within one year through five years, amortized cost	29,539	28,719
Due within one year through five years, fair value	30,087	29,083
Amortized cost	134,888	124,828
Fair value	$ 135,389	$ 125,258

ALLOWANCE FOR DOUBTFUL ACCOUN_3

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Allowance for Uncollectible Accounts Receivable
Beginning balance	$ 5,596	$ 11,391	$ 11,199
Provision for bad debts	4,873	1,707	1,983
Recovery or write-off of uncollectible accounts	(3,580)	(7,502)	(1,791)
Ending balance	$ 6,889	$ 5,596	$ 11,391

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Line Items]
Total cost	$ 90,427		$ 90,427	$ 74,347
Less: accumulated depreciation	(48,055)		(48,055)	(43,313)
Total net book value	42,372		42,372	31,034
Depreciation	8,434	$ 9,842	$ 6,195
Equipment
Property, Plant and Equipment [Line Items]
Useful Lives			5 years
Total cost	8,788		$ 8,788	7,916
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful Lives			5 years
Total cost	20,942		$ 20,942	19,445
Leasehold improvements
Property, Plant and Equipment [Line Items]
Useful Lives			10 years
Total cost	41,643		$ 41,643	34,370
Computers and software
Property, Plant and Equipment [Line Items]
Useful Lives			3 years
Total cost	17,941		$ 17,941	11,499
Other
Property, Plant and Equipment [Line Items]
Total cost	$ 1,113		$ 1,113	$ 1,117

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 618,455	$ 594,812
Tradename-Houlihan Lokey	192,210	192,210
Other intangible assets	10,732	18,614
Total cost	821,397	805,636
Less: accumulated amortization	(8,553)	(11,032)
Goodwill and other intangibles, net	$ 812,844	$ 794,604

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill by Business Segments (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2020USD ($)
Goodwill
As of April 1, 2019	$ 594,812
Changes	23,643
As of March 31, 2020	618,455
Corporate Finance
Goodwill
As of April 1, 2019	340,282
Changes	23,643
As of March 31, 2020	363,925
Financial Restructuring
Goodwill
As of April 1, 2019	162,815
Changes	0
As of March 31, 2020	162,815
Financial and Valuation Advisory
Goodwill
As of April 1, 2019	91,715
Changes	0
As of March 31, 2020	$ 91,715

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 6,041	$ 7,449	$ 1,710

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Finite-Lived Intangible Assets, Amortization Expense, Fiscal Year Maturity (Details) $ in Thousands	Mar. 31, 2020USD ($)
(In thousands)
2021	$ 1,601
2022	157
2023	7
2024	7
2025	$ 7

LOANS PAYABLE (Details)

1 Months Ended

12 Months Ended

Dec. 31, 2019EUR (€)

Dec. 31, 2018EUR (€)

Dec. 31, 2017EUR (€)

Jan. 31, 2017EUR (€)

Aug. 31, 2015USD ($)

Mar. 31, 2020USD ($)

Mar. 31, 2019USD ($)

Mar. 31, 2018USD ($)

Dec. 31, 2019USD ($)

Nov. 30, 2019EUR (€)

Aug. 23, 2019USD ($)

May 31, 2018USD ($)

Apr. 30, 2018GBP (£)

Nov. 30, 2015USD ($)

Loans Payable | 1.50% Loans Payable

Debt Instrument [Line Items]

Stated interest rate

1.50%

Portion of loan paid | €

€ 2,900,000

Loans Payable | Non Interest Bearing Unsecured Convertible Loan

Debt Instrument [Line Items]

Loans payable, face amount | £

£ 10,500,000

Interest and unused commitment fees paid

$ 327,000

$ 325,000

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

88,000

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

32,000

Stated interest rate

2.75%

Loans Payable | Former Shareholders

Debt Instrument [Line Items]

Related party interest expense

$ 63,000

$ 96,000

$ 124,000

Stated interest rate

2.94%

3.92%

3.10%

Loans Payable | Joint Venture | 1.50% Loans Payable

Debt Instrument [Line Items]

Related party interest expense

$ 76,000

$ 131,000

$ 179,000

Revolving line of credit | Bank of America

Debt Instrument [Line Items]

Line of credit, maximum borrowing capacity

$ 75,000,000

$ 100,000,000

Principal outstanding

Interest and unused commitment fees paid

278,000

228,000

$ 228,000

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

Fidentiis Capital, S.A. | Loans Payable | Non Interest Bearing Unsecured Convertible Loan

Debt Instrument [Line Items]

Loans payable, face amount | €

€ 500,000

Other Liabilities | January 2017 Acquisition

Debt Instrument [Line Items]

Business combination, noncontingent consideration liability

$ 999,000

$ 1,983,000

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%

ITALY | Leonardo

Debt Instrument [Line Items]

Loans payable, face amount

$ 14,000,000

Interest acquired in the investment banking operations of Leonardo in Italy (as a percent)

51.00%

49.00%

OTHER COMPREHENSIVE INCOME AN_3

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Loss
Foreign currency translation gain/loss	$ (12,814)	$ (16,338)	$ 7,961
Accumulated other comprehensive loss
Accumulated Other Comprehensive Loss
Beginning balance		(13,956)	(21,917)
Foreign currency translation gain/loss	(12,814)	(16,338)	7,961
Accumulated other comprehensive (loss)	$ (43,108)	$ (30,294)
Ending balance			$ (13,956)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 51,854	$ 65,214	$ 45,553
Effective tax rate	22.00%	29.10%	20.90%
Federal corporate rate	21.00%	21.00%	31.50%
Deferred tax asset, foreign net operating losses	$ 9,936
Deferred tax assets, valuation allowance	8,619	$ 8,846
Decrease in deferred tax assets valuation allowance	272	1,965
Recorded liabilities for interest and penalties related to uncertain tax positions	1,845	1,093
Unrecognized tax benefits	9,947	4,960	$ 4,563
Foreign Tax Authority
Tax Credit Carryforward [Line Items]
Tax credit carryforward, amount	$ 2,478	$ 2,523

INCOME TAXES - Provision (Benef

INCOME TAXES - Provision (Benefit) for Income Taxes on Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Current:
Federal	$ 39,796	$ 47,101	$ 34,638
State and local	10,217	22,094	9,768
Foreign	11,495	6,706	7,716
Current income tax expense (benefit)	61,508	75,901	52,122
Deferred:
Federal	(6,317)	(10,665)	(2,398)
State and local	(2,104)	(1,997)	(646)
Foreign	(1,233)	1,975	(3,525)
Deferred income tax expense (benefit)	(9,654)	(10,687)	(6,569)
Total	$ 51,854	$ 65,214	$ 45,553

INCOME TAXES - Effective Income

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Effective Income Tax Rate Reconciliation, Amount
Federal income tax provision computed at statutory rate	$ 49,486	$ 47,107	$ 68,618
State and local taxes, net of federal tax effect	10,819	12,944	7,600
Tax impact from foreign operations	(1,083)	(2,098)	(3,972)
Nondeductible expenses	4,721	3,797	1,414
Stock compensation	(7,269)	(8)	(16,173)
Uncertain tax positions, true-up items, and other	(4,820)	2,159	(1,203)
Enactment of the Tax Act	0	1,313	(10,731)
Total	$ 51,854	$ 65,214	$ 45,553
Effective Income Tax Rate Reconciliation, Percent
Federal income tax provision computed at statutory rate	21.00%	21.00%	31.50%
State and local taxes, net of federal tax effect	4.60%	5.80%	3.50%
Tax impact from foreign operations	(0.50%)	(0.90%)	(1.80%)
Nondeductible expenses	2.00%	1.70%	0.60%
Stock compensation	(3.10%)	0.00%	(7.40%)
Uncertain tax positions, true-up items, and other	(2.00%)	0.90%	(0.60%)
Enactment of the Tax Act	0.00%	0.60%	(4.90%)
Total	22.00%	29.10%	20.90%

INCOME TAXES - Deferred Income

INCOME TAXES - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Deferred tax assets:
Deferred compensation expense/accrued bonus	$ 53,397	$ 48,501
Allowance for doubtful accounts	1,078	675
US foreign tax credits	2,478	2,523
Operating lease liabilities	27,977	0
Other, net	15,497	16,396
Total deferred tax assets	100,427	68,095
Deferred tax asset valuation allowance	(11,097)	(11,369)
Total deferred tax assets	89,330	56,726
Deferred tax liabilities:
Intangibles	(49,166)	(51,676)
Accounts receivable and work in process	(561)	(1,647)
Operating lease right-of-use assets	(25,131)	0
Other, net	(8,629)	(8,607)
Total deferred tax liabilities	(83,487)	(61,930)
Net deferred tax assets/(liabilities)	$ 5,843
Net deferred tax assets/(liabilities)		$ (5,204)

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reconciliation of Unrecognized Tax Benefits
Unrecognized tax position at the beginning of the year	$ 4,960	$ 4,563
(Decrease)/increase related to prior year tax positions	(230)
(Decrease)/increase related to prior year tax positions		397
Increases related to tax positions taken in the current year	5,217	0
Unrecognized tax position at the end of the year	$ 9,947	$ 4,960

NET INCOME PER SHARE ATTRIBUT_3

NET INCOME PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net income									$ 183,793	$ 159,106	$ 172,283
Net income attributable to holders of shares of common stock—diluted									$ 183,793	$ 159,106	$ 172,283
Denominator:
Weighted average shares of common stock outstanding—basic (in shares)									62,152,870	62,213,414	62,494,275
Weighted average number of incremental shares issuable from unvested restricted stock and restricted stock units, as calculated using the treasury stock method (in shares)									3,572,646	3,632,718	3,829,818
Weighted average shares of common stock outstanding—diluted (in shares)									65,725,516	65,846,132	66,324,093
Net income per share attributable to holders of shares of common stock
Basic (in usd per share)	$ 0.95	$ 0.79	$ 0.53	$ 0.69	$ 0.74	$ 0.71	$ 0.64	$ 0.47	$ 2.96	$ 2.56	$ 2.76
Diluted (in usd per share)	$ 0.90	$ 0.75	$ 0.50	$ 0.65	$ 0.69	$ 0.67	$ 0.61	$ 0.45	$ 2.80	$ 2.42	$ 2.60

EMPLOYEE BENEFIT PLANS - Define

EMPLOYEE BENEFIT PLANS - Defined Contribution Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Share-based Payment Arrangement [Abstract]
Defined contribution plan, amount of contributions	$ 3,751	$ 2,765	$ 2,018

EMPLOYEE BENEFIT PLANS - Share-

EMPLOYEE BENEFIT PLANS - Share-Based Incentive Plans Narrative (Details)	Oct. 19, 2017shares	Aug. 31, 2015director$ / sharesshares	Dec. 31, 2019director$ / shares	Jun. 30, 2019director$ / shares	Dec. 31, 2018director$ / shares	Jun. 30, 2018director$ / shares	Jun. 30, 2017director$ / shares	Jun. 30, 2016director$ / shares	Mar. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, excess tax benefit amount \| $									$ 7,269,000	$ 8,000
Payments related to tax withholding for share-based compensation \| $									31,477,000	1,947,000	$ 33,419,000
Compensation expense – restricted share grants (Note 14) \| $									64,345,000	56,561,000	$ 47,111,000
Unrecognized compensation cost \| $									$ 80,648,000	$ 77,348,000
Unrecognized compensation cost, period for recognition									1 year 10 months 24 days	1 year 4 months 24 days
2006 Incentive Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares granted									1,368,079	1,069,436	1,235,779
Granted (in usd per share) \| $ / shares									$ 47.04	$ 49.32	$ 34.86
2016 Incentive Plan
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		37,847
Aggregate shares granted, number of recipients \| director		2	1	4	1	3	3
Granted (in usd per share) \| $ / shares		$ 21	$ 47.21	$ 47.22	$ 42.41	$ 44.50	$ 33.54
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%
Exercise Price 1 \| Director \| 2016 Incentive Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares granted, number of recipients \| director								2
Granted (in usd per share) \| $ / shares								$ 25.21
Exercise Price 2 \| Director \| 2016 Incentive Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares granted, number of recipients \| director								1
Granted (in usd per share) \| $ / shares							$ 23.93

EMPLOYEE BENEFIT PLANS - Activi

EMPLOYEE BENEFIT PLANS - Activity in Equity Classified Share Awards (Details) - 2006 Incentive Plan - Restricted Stock - $ / shares	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Shares
Beginning balance (in shares)	3,763,984	2,854,893	3,626,270
Granted (in shares)	1,368,079	1,069,436	1,235,779
Vested (in shares)	(1,496,643)	(76,702)	(1,023,078)
Forfeited (in shares)	(96,373)	(83,643)	(984,078)
Ending balance (in shares)	3,539,047	3,763,984	2,854,893
Weighted average grant date fair value
Beginning balance (in usd per share)	$ 32.29	$ 26.39	$ 22.35
Granted (in usd per share)	47.04	49.32	34.86
Vested (in usd per share)	29.30	48.78	24.03
Forfeited (in usd per share)	38.63	33.91	24.60
Ending balance (in usd per share)	$ 39.13	$ 32.29	$ 26.39

EMPLOYEE BENEFIT PLANS - Acti_2

EMPLOYEE BENEFIT PLANS - Activity in Liability Classified Shares (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Liability Classified Awards Settleable in Shares
Beginning balance	$ 21,676	$ 15,493	$ 12,743
Offer to grant	6,410	12,432	9,637
Share price determined-converted to cash payments	(100)	(300)	(6,040)
Share price determined-transferred to equity grants	(6,457)	(4,705)	0
Forfeited	(540)	(1,244)	(847)
Ending balance	$ 20,989	$ 21,676	$ 15,493
Share price determined-transferred to equity grants (in shares)	134,370	96,778	0

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)	Aug. 01, 2019$ / sharesshares	May 30, 2019$ / sharesshares	Jun. 04, 2018$ / sharesshares	Apr. 05, 2018shares	Mar. 12, 2018$ / sharesshares	Nov. 03, 2017shares	Oct. 25, 2017$ / sharesshares	Aug. 19, 2015class_of_stock	Mar. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Jul. 31, 2018USD ($)	Mar. 31, 2017shares	Aug. 18, 2015vote
Class of Stock [Line Items]
Treasury stock acquired, average cost per share (in dollars per share) \| $ / shares									$ 44.13	$ 46.71	$ 35.17
Number of classes of common stock \| class_of_stock								2
Conversion ratio of common stock														1
Dividends outstanding \| $									$ 8,780,000	$ 8,006,000
Stock repurchase program, authorized amount \| $												$ 100,000,000
Class A
Class of Stock [Line Items]
Shares issued of common stock (in shares)									46,178,633	38,200,802
Stock Repurchased and Retired During Period, Shares									671,187	1,481,114	430,237
Shares issued to non-employee directors (in shares)					2,000,000,000	125,000	1,750,000
Treasury stock acquired, average cost per share (in dollars per share) \| $ / shares			$ 49.11
Common stock voting rights, number of votes per share \| vote														1
Shares converted from Class B to Class A (in shares)										6,070,941
Number of common shares outstanding (in shares)									46,178,633	38,200,802
Stock repurchased and retired during period, value \| $									$ 29,621,000	$ 69,180,000	$ 15,131,000
Class B
Class of Stock [Line Items]
Shares issued of common stock (in shares)									19,345,277	27,197,734
Stock Repurchased and Retired During Period, Shares									654,994	36,958	811,635
Common stock voting rights, number of votes per share \| vote														10
Number of common shares outstanding (in shares)									19,345,277	27,197,734
Stock repurchased and retired during period, value \| $									$ 31,451,000	$ 1,700,000	$ 33,332,000
ORIX USA Corporation
Class of Stock [Line Items]
Shares issued of common stock (in shares)										4,109,721
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
Stock repurchased during period (in shares)			697,000
ORIX USA Corporation \| Class B
Class of Stock [Line Items]
Stock Repurchased and Retired During Period, Shares				2,000,000,000
Number of common shares outstanding (in shares)										2,268,214
Director \| Class A
Class of Stock [Line Items]
Shares issued to non-employee directors (in shares)									9,145	6,570
Investor \| Class A
Class of Stock [Line Items]
Shares issued of common stock (in shares)									46,141,909	34,036,141
HL Holders \| Class B
Class of Stock [Line Items]
Number of common shares outstanding (in shares)									19,345,277	24,929,520
Follow-on Offering \| Class A
Class of Stock [Line Items]
Shares issued of common stock (in shares)					2,000,000
Sale of stock, price per share (in dollars per share) \| $ / shares					$ 47.25		$ 42
Selling price per share (in dollars per share) \| $ / shares			$ 49.15
Follow-on Offering \| ORIX USA Corporation \| Class A
Class of Stock [Line Items]
Shares issued to non-employee directors (in shares)			1,985,983
Common Stock \| Class A
Class of Stock [Line Items]
Shares issued to non-employee directors (in shares)									9,145	6,570	5,589
Shares converted from Class B to Class A (in shares)									8,639,873
Number of common shares outstanding (in shares)									46,178,633	38,200,802	30,604,405		22,026,811
Common Stock \| Class B
Class of Stock [Line Items]
Stock Repurchased and Retired During Period, Shares										2,000,000	6,900,000
Number of common shares outstanding (in shares)									19,345,277	27,197,734	37,187,932		50,883,299
Stock repurchased and retired during period, value \| $										$ 2,000	$ 7,000
Affiliated Entity \| Follow-on Offering \| Class A
Class of Stock [Line Items]
Shares issued to non-employee directors (in shares)			1,014,017
Director
Class of Stock [Line Items]
Shares issued of common stock (in shares)									36,724	54,940
Forward Purchase Agreement \| Forward Contracts
Class of Stock [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount										2,000,000,000

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Thousands	12 Months Ended
LEASES - Narrative (Details) $ in Thousands	Mar. 31, 2020USD ($)lease	Apr. 01, 2019USD ($)	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating right-of-use assets	$ 135,240	$ 136,900	$ 0
Operating lease liabilities	$ 154,218	$ 152,300	$ 0
Number of operating leases \| lease	1
Lease not yet commenced, amount	$ 23,000
Operating lease, lease not yet commenced, term of contract	16 years
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	17 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	1 year

LEASES - Maturity of Existing O

LEASES - Maturity of Existing Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Apr. 01, 2019	Mar. 31, 2019
Leases [Abstract]
2021	$ 28,887
2021	25,701
2022	21,286
2023	16,051
2024	17,111
Thereafter	75,794
Total	184,830
Less: present value discount	(30,612)
Operating lease liabilities	$ 154,218	$ 152,300	$ 0

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) $ in Thousands	12 Months Ended
LEASES - Lease Cost (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
Operating lease expense	$ 28,489
Variable lease expense (1)	16,027
Short-term lease expense	370
Less: Sublease income	(193)
Total lease costs	$ 44,693

LEASES - Weighted Average Detai

LEASES - Weighted Average Details (Details)	Mar. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term (years)	9 years
Weighted-average discount rate	4.00%

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2020USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 25,558
Operating lease right-of-use assets obtained in exchange of operating lease liabilities	13,714
Change in Operating lease right-of-use assets due to remeasurement	$ 5,883

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Schedule of Loan Payments (Details) $ in Thousands	Mar. 31, 2020USD ($)
(In thousands)
2020	$ 5,353
2021	16,114
2022	2,232
2023	31
2024	0
2026 and thereafter	12,970
Total	$ 36,700

SEGMENT AND GEOGRAPHICAL INFO_3

SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue and Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 302,694	$ 333,515	$ 272,810	$ 250,349	$ 291,378	$ 298,013	$ 274,992	$ 220,002	$ 1,159,368	$ 1,084,385	$ 963,364
Segment profit									322,546	305,986	277,600
Corporate expenses (2)	(234,039)	$ (265,499)	$ (227,657)	$ (202,572)	(230,827)	$ (235,770)	$ (218,817)	$ (179,874)	(929,767)	(865,288)	(748,951)
Other (income)/expense, net									6,046	5,223	3,423
Income before provision for income taxes									235,647	224,320	217,836
Assets	1,677,003				1,425,912				1,677,003	1,425,912	1,423,881
Operating Segments
Segment Reporting Information [Line Items]
Assets	717,005				716,036				717,005	716,036	651,314
Operating Segments \| Corporate Finance
Segment Reporting Information [Line Items]
Revenues									646,788	607,333	528,643
Segment profit									179,660	193,603	177,575
Assets	403,147				403,928				403,147	403,928	338,772
Operating Segments \| Financial Restructuring
Segment Reporting Information [Line Items]
Revenues									352,517	317,774	294,142
Segment profit									107,714	83,607	73,691
Assets	186,418				184,364				186,418	184,364	185,486
Operating Segments \| Financial and Valuation Advisory
Segment Reporting Information [Line Items]
Revenues									160,063	159,278	140,579
Segment profit									35,172	28,776	26,334
Assets	127,440				127,744				127,440	127,744	127,056
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Corporate expenses (2)									(92,945)	(86,889)	(63,187)
Assets	$ 959,998				$ 709,876				$ 959,998	$ 709,876	772,567
Segment Reconciling Items
Segment Reporting Information [Line Items]
Other (income)/expense, net											$ (3,423)

SEGMENT AND GEOGRAPHICAL INFO_4

SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue and Assets by Geographical Areas (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Income before provision for income taxes									$ 235,647	$ 224,320	$ 217,836
Revenues	$ 302,694	$ 333,515	$ 272,810	$ 250,349	$ 291,378	$ 298,013	$ 274,992	$ 220,002	1,159,368	1,084,385	963,364
Assets	1,677,003				1,425,912				1,677,003	1,425,912	1,423,881
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Income before provision for income taxes									184,883	176,850	185,380
Revenues									975,075	878,840	830,079
Assets	1,135,871				1,021,975				1,135,871	1,021,975	957,897
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Income before provision for income taxes									50,764	47,470	32,456
Revenues									184,293	205,545	133,285
Assets	$ 541,132				$ 403,937				$ 541,132	$ 403,937	$ 465,984

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares	May 08, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018
Subsequent Event [Line Items]
Quarterly dividend declared (in usd per share)		$ 0.31	$ 0.31	$ 0.31	$ 0.31	$ 0.31	$ 0.27	$ 0.27	$ 0.27
Subsequent Event
Subsequent Event [Line Items]
Quarterly dividend declared (in usd per share)	$ 0.31

Consolidated Quarterly Result_2

Consolidated Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 302,694	$ 333,515	$ 272,810	$ 250,349	$ 291,378	$ 298,013	$ 274,992	$ 220,002	$ 1,159,368	$ 1,084,385	$ 963,364
Total operating expenses	234,039	265,499	227,657	202,572	230,827	235,770	218,817	179,874	929,767	865,288	748,951
Operating income	68,655	68,016	45,153	47,777	60,551	62,243	56,175	40,128	$ 229,601	$ 219,097	$ 214,413
Net income attributable to Houlihan Lokey, Inc.	$ 59,014	$ 48,894	$ 33,110	$ 42,775	$ 45,348	$ 43,957	$ 40,119	$ 29,682
Earnings per share
Basic (in usd per share)	$ 0.95	$ 0.79	$ 0.53	$ 0.69	$ 0.74	$ 0.71	$ 0.64	$ 0.47	$ 2.96	$ 2.56	$ 2.76
Diluted (in usd per share)	0.90	0.75	0.50	0.65	0.69	0.67	0.61	0.45	$ 2.80	$ 2.42	$ 2.60
Dividends declared per share of common stock (in usd per share)	$ 0.31	$ 0.31	$ 0.31	$ 0.31	$ 0.31	$ 0.27	$ 0.27	$ 0.27

Uncategorized Items - fy2010-k.

Label	Element	Value
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (19,347,000)
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (19,347,000)