Houlihan Lokey (HLI) 10-K 25 May 23 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	May 23, 2023	Sep. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--03-31
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3,750
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement for its 2023 annual meeting of stockholders, which the Registrant anticipates will be filed no later than 120 days after the end of its fiscal year, are incorporated by reference in Part III of this Form 10‑K.
Amendment Flag	false
Entity Central Index Key	0001302215
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Auditor Name	KPMG LLP
Auditor Location	Los Angeles, California
Auditor Firm ID	185
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		50,830,588
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		17,231,481

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Assets
Cash and cash equivalents	$ 714,439	$ 833,697
Restricted cash	373	373
Investment securities	37,309	109,143
Accounts receivable, net of allowance for credit losses of $8,773 and $8,954, respectively	182,029	144,029
Unbilled work in progress, net of allowance for credit losses of $5,622 and $4,320, respectively	115,045	104,751
Income taxes receivable	17,693	0
Deferred income taxes	104,941	95,278
Property and equipment, net	88,345	52,176
Operating lease right-of-use assets	333,877	171,942
Goodwill	1,087,784	1,070,442
Other intangible assets, net	203,370	247,333
Other assets	83,609	57,646
Total assets	2,968,814	2,886,810
Liabilities:
Accrued salaries and bonuses	765,877	953,604
Accounts payable and accrued expenses	113,421	126,190
Deferred income	40,695	28,753
Income taxes payable	0	61,266
Deferred income taxes	544	789
Loans payable to former shareholders	0	539
Operating lease liabilities	374,869	197,091
Other liabilities	60,111	74,873
Total liabilities	1,355,517	1,443,105
Commitments and contingencies (Note 17)
Stockholders' equity:
Additional paid-in capital	642,970	564,761
Retained earnings	1,033,072	922,223
Accumulated other comprehensive loss	(62,814)	(43,347)
Total stockholders' equity	1,613,297	1,443,705
Total liabilities and stockholders' equity	2,968,814	2,886,810
Class A
Stockholders' equity:
Common stock	51	50
Class B
Stockholders' equity:
Common stock	$ 18	$ 18

CONSOLIDATED BALANCE SHEETS (PA

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Statement of Financial Position [Abstract]
Allowance For Doubtful Accounts	$ 8,773	$ 8,954
Allowance for doubtful accounts, unbilled receivables, work in process	$ 5,622	$ 4,320
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)	50,638,924	49,853,564
Common stock, shares outstanding (in shares)	50,638,924	49,853,564
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)	18,048,345	17,649,555
Common stock, shares outstanding (in shares)	18,048,345	17,649,555

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues	$ 1,809,447	$ 2,269,958	$ 1,525,452
Operating expenses:
Employee compensation and benefits	1,147,879	1,408,634	971,195
Travel, meals, and entertainment	51,082	22,465	6,527
Rent	55,838	47,747	39,233
Depreciation and amortization	58,221	48,537	15,228
Information technology and communications	54,125	41,714	31,646
Professional fees	32,940	38,349	24,681
Other operating expenses	67,624	49,648	28,785
Total operating expenses	1,467,709	1,657,094	1,117,295
Operating income	341,738	612,864	408,157
Other (income)/expense, net	17,738	8,926	(1,071)
Income before provision for income taxes	324,000	603,938	409,228
Provision for income taxes	69,777	165,614	96,457
Net income	254,223	438,324	312,771
Net income attributable to noncontrolling interest	0	(573)	0
Net income attributable to Houlihan Lokey, Inc.	254,223	437,751	312,771
Other comprehensive income, net of tax:
Foreign currency translation adjustments	(19,467)	(23,171)	22,932
Comprehensive income attributable to Houlihan Lokey, Inc.	$ 234,756	$ 414,580	$ 335,703
Weighted average shares of common stock outstanding:
Basic (in shares)	63,358,408	64,970,287	65,785,042
Diluted (in shares)	67,586,263	68,259,708	68,671,248
Earnings per share (Note 13)
Basic (in usd per share)	$ 4.01	$ 6.74	$ 4.75
Diluted (in usd per share)	$ 3.76	$ 6.41	$ 4.55

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A	Class B	Total stockholders' equity	Total stockholders' equity Cumulative Effect, Period Of Adoption, Adjustment	Common stock Class A	Common stock Class B	Additional paid-in capital	Retained earnings	Retained earnings Cumulative Effect, Period Of Adoption, Adjustment	Accumulated other comprehensive income (loss)
Beginning balance (in shares) at Mar. 31, 2020						46,178,633	19,345,277
Beginning balance at Mar. 31, 2020				$ 984,382	$ (682)	$ 46	$ 19	$ 649,954	$ 377,471	$ (682)	$ (43,108)
Increase (Decrease) in Stockholders' Equity
Shares issued (in shares)						3,000,000	1,612,091
Shares issued				223,173		$ 3	$ 2	223,168
Stock compensation vesting (note 14)				50,152				50,152
Dividends				(89,464)					(89,464)
Conversion of Class B to Class A shares (in shares)						3,650,053	(3,650,053)
Conversion of Class B to Class A shares				0		$ 4	$ (4)
Shares issued to non-employee directors (note 14) (in shares)						8,751
Shares issued to non-employee directors (note 14)				333				333
Other shares repurchased/forfeited (in shares)						(1,591,995)	(355,619)
Other shares repurchased/forfeited				(120,036)		$ (2)		(120,034)
Net income	$ 312,771			312,771					312,771
Change in unrealized translation				22,932							22,932
Total comprehensive income				335,703					312,771		22,932
Ending balance (in shares) at Mar. 31, 2021						51,245,442	16,951,696
Ending balance at Mar. 31, 2021				1,383,561		$ 51	$ 17	803,573	600,096		(20,176)
Increase (Decrease) in Stockholders' Equity
Shares issued (in shares)							3,107,424
Shares issued				14,185			$ 3	14,182
Stock compensation vesting (note 14)				84,320				84,320
Dividends				(115,624)					(115,624)
Conversion of Class B to Class A shares (in shares)						1,874,009	(1,874,009)
Conversion of Class B to Class A shares				0		$ 2	$ (2)
Shares issued to non-employee directors (note 14) (in shares)						6,512
Shares issued to non-employee directors (note 14)				477				477
Other shares repurchased/forfeited (in shares)						(3,272,399)	(535,556)
Other shares repurchased/forfeited				(337,794)		$ (3)		(337,791)
Net income	438,324			437,751					437,751
Change in unrealized translation				(23,171)							(23,171)
Total comprehensive income				414,580					437,751		(23,171)
Ending balance (in shares) at Mar. 31, 2022		49,853,564	17,649,555			49,853,564	17,649,555
Ending balance at Mar. 31, 2022	1,443,705			1,443,705		$ 50	$ 18	564,761	922,223		(43,347)
Increase (Decrease) in Stockholders' Equity
Shares issued (in shares)							2,485,582
Shares issued				16,775			$ 2	16,773
Stock compensation vesting (note 14)				151,769				151,769
Dividends				(143,374)					(143,374)
Conversion of Class B to Class A shares (in shares)						1,455,908	(1,455,908)
Conversion of Class B to Class A shares				0		$ 1	$ (1)
Shares issued to non-employee directors (note 14) (in shares)						6,739
Shares issued to non-employee directors (note 14)				570				570
Other shares repurchased/forfeited (in shares)						(677,287)	(630,884)
Other shares repurchased/forfeited				(90,904)			$ (1)	(90,903)
Net income	254,223			254,223					254,223
Change in unrealized translation				(19,467)							(19,467)
Total comprehensive income				234,756					254,223		(19,467)
Ending balance (in shares) at Mar. 31, 2023		50,638,924	18,048,345			50,638,924	18,048,345
Ending balance at Mar. 31, 2023	$ 1,613,297			$ 1,613,297		$ 51	$ 18	$ 642,970	$ 1,033,072		$ (62,814)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 254,223	$ 438,324	$ 312,771
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax benefit	(3,446)	(71,068)	(21,237)
Provision for bad debts, net	6,429	3,718	7,290
Unrealized (gains)/losses on investment securities	3,680	4,228	(99)
Non-cash lease expense	26,609	31,508	22,756
Depreciation and amortization	58,221	48,537	15,228
Contingent consideration valuation	2,131	7,104	478
Compensation expense — equity and liability classified share awards (Note 14)	156,936	91,875	62,421
Changes in operating assets and liabilities:
Accounts receivable	(37,742)	14,128	(32,965)
Unbilled work in progress	(11,596)	18,036	(78,526)
Unbilled work in progress	(25,958)	14,895	(11,579)
Accrued salaries and bonuses	(189,534)	150,721	228,546
Accounts payable and accrued expenses and other	(32,014)	(9,955)	535
Deferred income	(11,943)	(807)	(991)
Income taxes payable	(83,609)	(6,254)	73,227
Net cash provided by operating activities	136,273	736,604	579,837
Cash flows from investing activities:
Purchases of investment securities	(19,230)	(101,562)	(391,555)
Sales or maturities of investment securities	87,384	197,324	318,425
Acquisition of business, net of cash acquired	(20,427)	(360,996)	(12,470)
Purchase of property and equipment, net	(50,731)	(8,680)	(14,148)
Net cash used in investing activities	(3,004)	(273,914)	(99,748)
Cash flows from financing activities:
Dividends paid	(140,384)	(114,806)	(92,006)
Share repurchases	(48,659)	(304,793)	(102,224)
Payments to settle employee tax obligations on share-based awards	(42,283)	(33,741)	(17,810)
Proceeds from issuance of Class A shares	0	0	189,060
Earnouts paid	(6,679)	(5,917)	0
Loans payable to former shareholders redeemed	(539)	(280)	(575)
Repayments of loans to non-affiliates	(2,488)	0	(3,601)
Other financing activities	570	477	333
Net cash used in financing activities	(240,462)	(459,060)	(26,823)
Effects of exchange rate changes on cash and cash equivalents	(12,065)	(16,784)	13,212
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(119,258)	(13,154)	466,478
Cash, cash equivalents and restricted cash – beginning of period	834,070	847,224	380,746
Cash, cash equivalents and restricted cash – end of period	714,812	834,070	847,224
Supplemental disclosures of non-cash activities:
Shares issued via vesting of liability classified awards	5,955	4,270	7,511
Shares issued as consideration for acquisitions	7,238	2,000	1,050
Cash acquired through acquisitions	11,933	244,162	88
Cash paid during the year:
Interest	5,904	1,000	989
Taxes, net of refunds	$ 156,786	$ 242,031	$ 44,202

BACKGROUND

BACKGROUND	12 Months Ended
	Mar. 31, 2023
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. • 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."). The Company offers financial services and financial advice to a broad clientele located through more than thirty offices in the United States of America, South America, Europe, the Middle East, and the Asia-Pacific region. 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
	Mar. 31, 2023
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. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries where it has a controlling financial interest. All intercompany balances and transactions have been eliminated. 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, but are not limited to: the allowance for credit losses; the valuation of deferred tax assets, valuation of acquired intangibles and 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 contracts. Revenues reflect fees generated from our CF, FR, and FVA business segments. The Company generates revenues from contractual advisory services and reimbursed costs incurred in fulfilling the contracts for such services. 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. 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 fiscal 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, 2023, we had one foreign currency forward contract between the euro and pound sterling with an aggregate notional value of €6.5 million. As of March 31, 2022, we had one foreign currency forward contract between the euro and pound sterling with an aggregate notional value of €15.7 million. The fair value of these foreign currency forward contracts represented a gain included in Other operating expenses 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 Accounting Standards Codification ("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 upon the best information available, and may incorporate management's own assumptions or involve 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. 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 lowest level of input that is 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 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 progress, Accounts payable and accrued expenses, and Deferred income approximates fair value due to the short maturity of these instruments. The carrying value of the loans to employees included in Other assets and Loans payable to former shareholders, which are included in Loan payable to non-affiliate, approximate fair value due to the variable interest rate borne by those instruments. 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. As of March 31, 2023 and 2022, 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. March 31, 2023 March 31, 2022 Cash and cash equivalents $ 714,439 $ 833,697 Restricted cash (1) 373 373 Total cash, cash equivalents, and restricted cash $ 714,812 $ 834,070 (1) Restricted cash as of March 31, 2023 and March 31, 2022 consisted of a cash deposit in support of a letter of credit issued for our Frankfurt office. Investment Securities Investment securities consist primarily of corporate debt and U.S. treasury securities with original maturities over 90 days. The Company classifies its corporate debt and U.S. treasury 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 Credit Losses The allowance for credit losses on accounts receivable and unbilled work in progress reflects management’s best estimate of expected losses using the Company's internal current expected credit losses model. This model analyzes expected losses based on relevant information about historical experience, current conditions, and reasonable and supportable forecasts that could potentially affect the collectibility of the reported amounts. This is recorded through provision for bad debts, which is included in Other operating expenses in the accompanying Consolidated Statements of Comprehensive Income. Amounts deemed to be uncollectible are written off against the allowance for credit losses. 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 recognized on a straight-line basis over the estimated useful lives of the respective assets. Income Taxes The Company files consolidated federal income tax returns, 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. Leases We assess whether an arrangement is or contains a lease at the inception of the agreement. Right-of-use ("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. 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 during the fourth quarter for impairment and more frequently if potential impairment indicators exist. Goodwill is reviewed for impairment in accordance with ASC Topic 350, Intangibles – Goodwill and Other, as amended by Accounting Standards Update ("ASU") No. 2017-04, Simplifying the Test for Goodwill Impairment, which permits management to perform a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit is less than its corresponding carrying value. If management determines the reporting unit's fair value is more likely than not less than its carrying value, a quantitative analysis will be performed to compare the fair value of the reporting unit with its corresponding carrying value. If the conclusion of the quantitative analysis is that the fair value is in fact less than the carrying value, management will recognize a goodwill impairment charge for the amount by which the reporting unit’s carrying value exceeds its fair value. Impairment testing of goodwill requires a significant amount of judgment in assessing both qualitative factors and if necessary, quantitative factors used to estimate the fair value of the reporting unit. As of March 31, 2023, 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 quantitative 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, 2023, 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, 2023, no events or changes in circumstances were identified that indicated that the carrying amount of the finite-lived intangible assets were not recoverable. Business Combinations We allocate the purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair value as of the acquisition date, with the excess consideration recognized as goodwill. Critical estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows, expected asset lives, geographic risk premiums, discount rates, and more. The amounts and useful lives assigned to acquisition-related intangible assets impact the amount and timing of future amortization expense.

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	Revenue Recognition Disaggregation of Revenues 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. 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: March 31, 2023 March 31, 2022 Receivables, net (1) $ 175,023 $ 139,680 Unbilled work in progress, net of allowance for credit losses 115,045 104,751 Contract Assets (1) 7,006 4,349 Contract Liabilities (2) 40,695 28,753 (1) Included within Accounts receivable, net of allowance for credit losses in the Consolidated Balance Sheets. (2) Included within Deferred income in the Consolidated Balance Sheets. During the years ended March 31, 2023 and 2022, $16.8 million and $19.7 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, 2023.

RELATED_PARTY TRANSACTIONS

RELATED‑PARTY TRANSACTIONS	12 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED‑PARTY TRANSACTIONS	Related Party TransactionsThe Company has historically provided financial advisory services to its affiliates and certain other related parties, and received fees for these services totaling approximately $284, $0, and $2,875 during the years ended March 31, 2023, 2022, and 2021, respectively.Other assets in the accompanying Consolidated Balance Sheets includes loans receivable from certain employees of $28,869 and $17,100 as of March 31, 2023 and 2022, respectively.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Mar. 31, 2023
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, 2023 Level I Level II Level III Total Corporate debt securities $ — $ 23,617 $ — $ 23,617 U.S. treasury securities — 12,990 — 12,990 Common stock 184 — — 184 Certificates of deposit — 518 — 518 Total asset measured at fair value $ 184 $ 37,125 $ — $ 37,309 March 31, 2022 Level I Level II Level III Total Corporate debt securities $ — $ 87,074 $ — $ 87,074 U.S. treasury securities — 17,662 — 17,662 Certificates of deposit — 516 — 516 Total asset measured at fair value (1) $ — $ 105,252 $ — $ 105,252 (1) Included within Investment securities in the Consolidated Balance Sheets. The Company had no transfers between fair value levels during the years ended March 31, 2023 and March 31, 2022.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	Investment Securities The amortized cost and gross unrealized gains (losses) of marketable investment securities accounted under the fair value method were as follows: March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Corporate debt securities $ 24,936 $ 6 $ (1,325) $ 23,617 U.S. treasury securities 13,400 15 (425) 12,990 Common stock 768 — (584) 184 Certificates of deposit 518 — — 518 Total securities with unrealized gains/(losses) $ 39,622 $ 21 $ (2,334) $ 37,309 March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (1) Corporate debt securities $ 88,475 $ 2 $ (1,403) $ 87,074 U.S. treasury securities 17,891 — (229) 17,662 Certificates of deposit 516 — — 516 Total securities with unrealized gains/(losses) $ 106,882 $ 2 $ (1,632) $ 105,252 (1) Included within Investment securities in the Consolidated Balance Sheets. Scheduled maturities of the securities held by the Company included within the investment securities portfolio were as follows: March 31, 2023 March 31, 2022 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 6,243 $ 6,254 $ 72,963 $ 72,950 Due within years two through five 33,379 31,055 33,919 32,302 Total debt within the investment securities portfolio $ 39,622 $ 37,309 $ 106,882 $ 105,252

ALLOWANCE FOR DOUBTFUL ACCOUNTS

ALLOWANCE FOR DOUBTFUL ACCOUNTS	12 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
ALLOWANCE FOR DOUBTFUL ACCOUNTS	Allowance for Credit Losses The following table presents information about the Company's allowance for credit losses: March 31, 2023 March 31, 2022 Beginning balance $ 13,274 $ 11,782 Provision for bad debt, net 6,429 3,718 Recovery/(write-off) of uncollectible accounts, net (5,308) (2,226) Ending balance $ 14,395 $ 13,274

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	Property and Equipment Property and equipment, net of accumulated depreciation consists of the following: Useful Lives March 31, 2023 March 31, 2022 Equipment 5 years $ 10,178 $ 9,692 Furniture and fixtures 5 years 19,508 22,704 Leasehold improvements 10 years 107,156 59,462 Computers and software 3 years 12,086 14,308 Other Various 7,411 7,476 Total cost 156,339 113,642 Less: accumulated depreciation (67,994) (61,466) Total net book value $ 88,345 $ 52,176 Additions to property and equipment during the years ended March 31, 2023 and March 31, 2022 were primarily related to leasehold improvement costs incurred.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Mar. 31, 2023
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. Useful Lives March 31, 2023 March 31, 2022 Goodwill Indefinite $ 1,087,784 $ 1,070,442 Tradename-Houlihan Lokey Indefinite 192,210 192,210 Other intangible assets Varies 93,917 92,941 Total cost 1,373,911 1,355,593 Less: accumulated amortization (82,757) (37,818) Goodwill and other intangibles, net $ 1,291,154 $ 1,317,775 Amortization expense of approximately $44,971, $33,937, and $4,161 was recognized for finite-lived intangible assets for the years ended March 31, 2023, 2022, and 2021, respectively. The estimated future amortization for finite-lived intangible assets for each of the next five years and thereafter are as follows: Year Ended March 31, 2024 $ 9,145 2025 1,712 2026 — 2027 — 2028 and thereafter — Goodwill attributable to the Co mpany’s business segments is as follows: April 1, 2022 Change (1) March 31, 2023 Corporate Finance $ 815,912 $ 17,342 $ 833,254 Financial Restructuring 162,815 — 162,815 Financial and Valuation Advisory 91,715 — 91,715 Goodwill $ 1,070,442 $ 17,342 $ 1,087,784 (1) Changes pertain primarily to the acquisition of Oakley Advisory Limited.

LOANS PAYABLE

LOANS PAYABLE	12 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
LOANS PAYABLE	Loans PayableOn August 23, 2019, the Company entered into a syndicated revolving line of credit with Bank of America, N.A. and certain other financial institutions party thereto, which was amended by the First Amendment to Credit Agreement dated as of August 2, 2022 (the "HLI Line of Credit"), which allows for borrowings of up to $100.0 million (and, subject to certain conditions, provides the Company with an uncommitted expansion option, which, if exercised in full, would provide for a total credit facility of $200.0 million) and matures on August 23, 2025 (or if such date is not a business day, the immediately preceding business day). Borrowings under the HLI Line of Credit bear interest at a floating rate, which can be either, at the Company's option, (i) Term Secured Overnight Financing Rate ("SOFR") plus a 0.10% SOFR adjustment plus a 1.00% margin or (ii) base rate, which is the highest of (a) the Federal Funds Rate plus one-half of one percent (0.50%), (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) Term SOFR plus a 0.10% SOFR adjustment. Commitment fees apply to unused amounts, and the HLI Line of Credit contains debt covenants which require that the Company maintain certain financial ratios. As of March 31, 2023 and 2022, no principal was outstanding under the HLI Line of Credit. In April 2018, the Company acquired Quayle Munro Limited. Total consideration included non-interest bearing unsecured convertible loans totaling GBP10.5 million payable on May 31, 2022, which was extinguished during the three months ended June 30, 2022. The Company incurred imputed interest expense on these notes of $22, $162, and $288 for the years ended March 31, 2023, 2022, and 2021, 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. This note was subsequently assigned by the seller to the former BearTooth principals (who became employees of the Company), and, under certain circumstances, is convertible into Company Class B common stock after the fifth anniversary of the closing of the transaction. The Company incurred interest expense on this note of $18, $105, and $105 for the years ended March 31, 2023, 2022, and 2021, respectively. 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. The note issued by the Company to the seller was distributed to the former principals of Freeman & Co. (who became employees of the Company). Under certain circumstances, the note may be exchanged by each principal for Company Class B common stock over a four-year period in equal annual installments starting in December, 2020. The Company incurred interest expense on this note of $81, $79, and $103 for the years ended March 31, 2023, 2022, and 2021, respectively. In August 2020, the Company acquired MVP Capital, LLC ("MVP"). Total consideration included an unsecured non-interest bearing note of $4.5 million payable August 14, 2050. The note was issued by the Company to the former principals and sellers of MVP (who became employees of the Company). Under certain circumstances, the note may be exchanged by each seller for a combination of cash and Company Class B common stock over a three-year period in equal annual installments starting in August 2021. Contingent consideration was also issued in connection with the acquisition of MVP, which had a fair value of $12.9 million and $20.3 million as of March 31, 2023 and March 31, 2022, respectively, which is included in Other liabilities in our Consolidated Balance Sheets. In July 2021, the Company acquired Baylor Klein, Ltd ("BK"). Contingent consideration was issued in connection with the acquisition of BK, which had a fair value of $18.1 million and $17.6 million as of March 31, 2023 and March 31, 2022, respectively, which is included in Other Liabilities in our Consolidated Balance Sheet.

OTHER COMPREHENSIVE INCOME AND

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Mar. 31, 2023
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 $(19,467) and $(23,171) for the years ended March 31, 2023 and 2022, respectively. We do not expect the change in foreign currency translation to have a material impact on our operating results and financial position. Accumulated other comprehensive (loss) as of March 31, 2023, 2022, and 2021, was comprised of the following: Total Balance, March 31, 2021 $ (20,176) Foreign currency translation adjustments (23,171) Balance, March 31, 2022 (43,347) Foreign currency translation adjustments (19,467) Balance, March 31, 2023 $ (62,814)

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	Income Taxes The Company’s provision for income taxes was $69,777, $165,614, and $96,457, for the years ended March 31, 2023, 2022, and 2021, respectively. This represents effective tax rates of 21.5%, 27.4%, and 23.6% for the years ended March 31, 2023, 2022, and 2021, respectively. The provision (benefit) for income taxes on operations for the years ended March 31, 2023, 2022, and 2021 is comprised of the following approximate values: Year Ended March 31, 2023 2022 2021 Current: Federal $ 66,529 $ 134,054 $ 71,832 State and local 4,819 58,568 27,230 Foreign 1,875 44,060 18,632 Subtotal 73,223 236,682 117,694 Deferred: Federal 1,605 (52,088) (16,244) State and local 1,092 (18,348) (4,543) Foreign (6,143) (632) (450) Subtotal (3,446) (71,068) (21,237) Total $ 69,777 $ 165,614 $ 96,457 The provision for income taxes on operations for the years ended March 31, 2023, 2022, and 2021 is reconciled to the income taxes computed at the statutory federal income tax rate (computed by applying the federal corporate rate of 21% to consolidated operating income before provision for income taxes) as follows: Year Ended March 31, 2023 2022 2021 Federal income tax provision computed at statutory rate $ 68,040 21.0 % $ 126,826 21.0 % $ 85,937 21.0 % State and local taxes, net of federal tax effect 16,609 5.1 % 31,559 5.2 % 18,877 4.6 % Tax impact from foreign operations (5,040) (1.5) % 3,990 0.7 % (1,036) (0.2) % Nondeductible expenses 9,396 2.9 % 10,654 1.8 % 6,004 1.5 % Stock compensation (8,044) (2.5) % (7,421) (1.2) % (13,349) (3.3) % Uncertain tax positions, true-up items, and other (11,184) (3.5) % 6 — % 24 — % Total $ 69,777 21.5 % $ 165,614 27.4 % $ 96,457 23.6 % 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 as of March 31, 2023 and March 31, 2022, comprise the following: March 31, 2023 March 31, 2022 Deferred tax assets: Deferred compensation expense/accrued bonus $ 115,584 $ 126,249 Allowance for credit losses 1,641 1,612 Accounts receivable and work in progress 9,978 6,814 US foreign tax credits 2,443 2,400 Operating lease liabilities 81,153 25,947 Non US 31,557 32,374 Other, net 8,735 10,925 Total deferred tax assets 251,091 206,321 Deferred tax asset valuation allowance (3,376) (9,234) Total deferred tax assets 247,715 197,087 Deferred tax liabilities: Intangibles (70,657) (72,983) Operating lease right-of-use assets (72,218) (21,907) Other, net (443) (7,707) Total deferred tax liabilities (143,318) (102,597) Net deferred tax assets $ 104,397 $ 94,490 The Company has various state and foreign net operating losses totaling $41,720. If not utilized, the state net operating loss carryforwards will begin to expire in five years and foreign net operating loss carryforwards will begin to expire in nine years, although in certain jurisdictions these attributes 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, 2023 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 $2,443 and $2,400 against these assets for March 31, 2023 and 2022, 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, 2023 and 2022 of $933 and $6,834, respectively. The change in the total valuation allowance was a decrease of $5,858 and a decrease of $549 during the years ended March 31, 2023 and March 31, 2022, respectively. The Company has historically considered the undistributed earnings of its foreign subsidiaries to be indefinitely reinvested, and, accordingly, no taxes were provided on such earnings prior to the fourth quarter of fiscal 2021. In the first quarter of fiscal 2022, we identified $97,000 of cash in certain foreign jurisdictions in excess of current working capital needs and repatriated the full amount. With the exception of this one-time distribution of historic earnings, the assertion that all undistributed earnings of foreign subsidiaries should be considered indefinitely reinvested remains. Deferred taxes recorded for the distribution were not significant. We continue to expect that the remaining balance of our undistributed foreign earnings will be indefinitely reinvested. If we determine that all or a portion of such foreign earnings are no longer indefinitely reinvested, we may be subject to additional foreign withholding taxes and U.S. state income taxes. Determination of the amount of unrecognized deferred tax liability on these unremitted earnings is not practicable. As of March 31, 2023 and March 31, 2022, the Company had recorded liabilities for interest and penalties related to uncertain tax positions in the amounts of $1,023 and $1,228, respectively. Unrecognized tax positions totaled $14,825 and $18,654 as of March 31, 2023 and March 31, 2022, 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, 2023 and March 31, 2022 is as follows: March 31, 2023 March 31, 2022 Unrecognized tax position at the beginning of the year $ 18,654 $ 14,666 Increase related to prior year tax positions 4,102 10,054 Decrease related to prior year tax positions (7,931) (6,395) Increase related to tax positions taken in the current year — 329 Unrecognized tax position at the end of the year $ 14,825 $ 18,654 The Company believes that it is reasonably possible that a decrease of up to $4.1 million in gross unrecognized income tax positions for federal and state items may be necessary within the next 12 months. For the remaining uncertain income tax positions, it is difficult at this time to estimate the timing of the resolution. The Company files consolidated federal income tax returns, as well as consolidated and separate returns in state and local jurisdictions. As of March 31, 2023, all of the federal income tax returns filed since 2020 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.

NET INCOME PER SHARE ATTRIBUTAB

NET INCOME PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS	12 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
NET INCOME PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS	Earnings Per Share The calculations of basic and diluted earnings per share attributable to holders of shares of common stock are presented below. Year Ended March 31, 2023 2022 2021 Numerator: Net income attributable to Houlihan Lokey, Inc. $ 254,223 $ 437,751 $ 312,771 Denominator: Weighted average shares of common stock outstanding — basic 63,358,408 64,970,287 65,785,042 Weighted average number of incremental shares pertaining to unvested restricted-stock and issuable in respect of unvested restricted stock units, as-calculated using the treasury stock method 4,227,855 3,289,421 2,886,206 Weighted average shares of common stock outstanding — diluted 67,586,263 68,259,708 68,671,248 Basic earnings per share $ 4.01 $ 6.74 $ 4.75 Diluted earnings per share $ 3.76 $ 6.41 $ 4.55

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Mar. 31, 2023
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 $10,640, $5,294, and $4,519 to these plans during the years ended March 31, 2023, 2022, and 2021, respectively. Share-Based Incentive Plans Following the IPO, additional awards of restricted shares and restricted stock units 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. Restricted shares of Class A common stock were granted under the 2016 Incentive Plan to (i) four independent directors in the first quarter of fiscal 2021 at $60.60 per share, (iv) two independent directors in the third quarter of fiscal 2021 at $63.01 per share, (iii) six independent directors in the first quarter of fiscal 2022 at $73.19 per share, and (iv) six independent directors in the first quarter of fiscal 2023 at $84.55. An excess tax benefit of $8,044 and $7,421 was recognized during the years ended March 31, 2023 and 2022, respectively, as a component of the provision for income taxes and an operating activity on the Consolidated Statements of Cash Flows. The Company recorded cash outflows of $(42,283), $(33,741), and $(17,810) 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, 2023, 2022, and 2021, respectively. We recognize compensation expense for all stock-based awards, including restricted stock and restricted stock units ("RSU"s), based on the estimate of fair value of the award at the grant date. The fair value of each restricted stock and RSU award is measured based on the closing stock price of our common stock on the date of grant. We account for forfeitures as they occur. The compensation expense is recognized using a straight-line basis over the requisite service periods of the awards, which is four years. 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 liabilities 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 that relate to the Company's 2006 Incentive Award Plan (the "2006 Incentive Plan") and the 2016 Incentive Plan during the years ended March 31, 2023, 2022, and 2021, is as follows: Unvested Share Awards Shares Weighted Average Grant Date Fair Value Balance, April 1, 2020 3,539,047 $ 39.13 Granted 1,044,741 60.60 Vested (1,770,294) 32.36 Shares repurchased/forfeited (68,889) 50.87 Balance, March 31, 2021 2,744,605 51.37 Granted 2,689,459 82.45 Vested (1,039,535) 47.77 Shares repurchased/forfeited (80,154) 61.14 Balance, March 31, 2022 4,314,375 71.42 Granted 2,266,088 84.78 Vested (1,175,311) 59.77 Shares repurchased/forfeited (123,373) 79.00 Balance, March 31, 2023 5,281,779 $ 79.57 Activity in liability classified share awards during the years ended March 31, 2023, 2022, and 2021 is as follows: Awards Settleable in Shares Fair Value Balance, April 1, 2020 $ 20,989 Offer to grant 5,189 Share price determined-converted to cash payments (249) Share price determined-transferred to equity grants (1) (7,223) Forfeited (1,756) Balance, March 31, 2021 16,950 Offer to grant 4,344 Share price determined-converted to cash payments (2,676) Share price determined-transferred to equity grants (1) (4,269) Forfeited — Balance, March 31, 2022 14,349 Offer to grant 5,318 Share price determined-converted to cash payments (2,664) Share price determined-transferred to equity grants (1) (3,411) Forfeited (1,621) Balance, March 31, 2023 $ 11,971 (1) 46,430, 57,721, and 121,075 shares for the years ended March 31, 2023, 2022, and 2021, respectively. The following table summarizes the activity of our RSUs for the years ended March 31, 2022, 2021, and 2020, respectively. Restricted Stock Units RSUs Weighted Average Grant Date Fair Value RSUs as of April 1, 2020 21,953 $ 47.22 Issued 25,658 60.60 Forfeitures (3,191) 52.97 Vested (5,945) 47.81 RSUs as of March 31, 2021 38,475 55.57 Issued 1,014,641 96.20 Forfeitures (2,159) 66.32 Vested (12,454) 53.80 RSUs as of March 31, 2022 1,038,503 95.27 Issued 50,556 84.55 Forfeitures (14,275) 96.82 Vested (24,138) 63.75 RSUs as of March 31, 2023 1,050,646 $ 95.46 Compensation expenses for the Company associated with both equity and liability classified awards totaled $156,936, $91,875, and $62,421 for the years ended March 31, 2023, 2022, and 2021, respectively. As of March 31, 2023 and March 31, 2022 there was $367,607 and $308,144, respectively, of total unrecognized compensation cost related to unvested share awards granted under the 2016 Incentive Plan. These costs are recognized over a weighted average period of 2.3 years and 1.7 years, as of March 31, 2023 and March 31, 2022, 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 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. On April 28, 2022, our board of directors approved the registration of an additional 10,000,000 shares of Class A Common Stock and 10,000,000 shares of Class B Common Stock to be issued pursuant to the 2016 Incentive Plan.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Mar. 31, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	Stockholders' Equity There are two classes of authorized HL, Inc. common stock: Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share, and each share of Class B common stock is entitled to ten votes per share. Each share of Class B common stock may be converted into one share of Class A common stock at the option of its holder and will be automatically converted into one share of Class A common stock upon transfer thereof, subject to certain exceptions. On May 20, 2020, the Company completed an underwritten public offering of 3,000,000 shares of its Class A common stock. The offering generated net proceeds for the Company of approximately $188.7 million after deducting the underwriting discount and estimated offering expenses payable by us. Class A common stock During the year ended March 31, 2023, the Company issued 6,739 shares to non-employee directors, and 1,455,908 shares were converted from Class B to Class A. During the year ended March 31, 2022, the Company issued 6,512 shares to non-employee directors, and 1,874,009 shares were converted from Class B to Class A. As of March 31, 2023, there were 50,580,598 Class A shares held by the public and 58,326 Class A shares held by non-employee directors. As of March 31, 2022, there were 49,801,577 Class A shares held by the public and 51,987 Class A shares held by non-employee directors. Class B common stock As of March 31, 2023, there were 18,048,345 Class B shares held by the HL Voting Trust. As of March 31, 2022, there were 17,649,555 Class B shares held by the HL Voting Trust. Dividends Previously declared dividends related to unvested shares of $18,608 and $9,312 were unpaid as of March 31, 2023 and 2022, 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 repurchases In April 2022, the board of directors authorized an increase to the existing July 2021 share repurchase program, which provides for share repurchases of a new aggregate amount of up to $500.0 million of the Company's Class A common stock and Class B common stock. As of March 31, 2023, shares with a value of $482.7 million remained available for purchase under the program. During the years ended March 31, 2023, 2022, and 2021, the Company repurchased 507,511, 455,402, and 286,730 shares, respectively, of Class B common stock, to satisfy $42,283, $33,700, and $17,810 of required withholding taxes in connection with the vesting of restricted awards, respectively. During the years ended March 31, 2023, 2022, and 2021, the Company repurchased an additional 677,287, 3,272,399, and 1,591,995 shares of its outstanding common stock, respectively, at a weighted average price of $85.74, $94.35, and $64.18 per share, excluding commissions, for an aggregate purchase price of $58,073, $308,746, and $102,173, respectively.

LEASES

LEASES	12 Months Ended
	Mar. 31, 2023
Leases [Abstract]
LEASES	Leases Lessee Arrangements Operating Leases We lease real estate and equipment used in operations from third parties. As of March 31, 2023, 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, 2023. Maturity of Operating Leases Operating Leases 2024 $ 31,617 2025 49,298 2026 47,968 2027 44,337 2028 43,370 2029 and thereafter 290,203 Total 506,793 Less: present value discount (131,924) Operating lease liabilities $ 374,869 As of March 31, 2023, the Company entered into an operating lease for additional office space that has not yet commenced, for approximately $6.3 million. This operating lease will commence during fiscal year 2024 with a lease term of 10 years. Lease costs March 31, 2023 March 31, 2022 Operating lease expense $ 37,490 $ 37,299 Variable lease expense (1) 18,556 10,252 Short-term lease expense 182 214 Less: Sublease income (390) (18) Total lease costs $ 55,838 $ 47,747 (1) Primarily consists of payments for property taxes, common area maintenance and usage based operating costs. Weighted-average details March 31, 2023 March 31, 2022 Weighted-average remaining lease term (years) 12 9 Weighted-average discount rate 4.7 % 3.4 % Supplemental cash flow information related to leases: March 31, 2023 March 31, 2022 Operating cash flows: Cash paid for amounts included in the measurement of Operating lease liabilities $ 37,233 $ 32,947 Non-cash activity: Operating lease right-of-use assets obtained in exchange of operating lease liabilities $ 194,656 $ 32,377 Change in Operating lease right-of-use assets due to remeasurement (11,799) 5,200

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Commitments and ContingenciesThe 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 2019 Line of Credit. 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, 2023 or March 31, 2022.

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	12 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
SEGMENT AND GEOGRAPHICAL INFORMATION	Segment and Geographical Information The Company’s reportable segments are described in Note 1 and each are individually managed and provide separate services that 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 legal and compliance. The following tables present information about revenues, profit and assets by segment and geography. Year Ended March 31, 2023 2022 2021 Revenues by segment: Corporate Finance $ 1,127,126 $ 1,593,083 $ 802,853 Financial Restructuring 395,733 392,818 534,747 Financial and Valuation Advisory 286,588 284,057 187,852 Revenues $ 1,809,447 $ 2,269,958 $ 1,525,452 Segment profit (1) Corporate Finance $ 354,075 $ 606,268 $ 250,513 Financial Restructuring 121,618 100,882 224,215 Financial and Valuation Advisory 81,388 88,136 46,642 Total segment profit 557,081 795,286 521,370 Corporate expenses (2) 215,343 182,422 113,213 Other (income)/expense, net 17,738 8,926 (1,071) Income before provision for income taxes $ 324,000 $ 603,938 $ 409,228 (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, legal and compliance, marketing, and human capital. March 31, 2023 March 31, 2022 March 31, 2021 Assets by segment Corporate Finance $ 1,015,760 $ 994,623 $ 575,241 Financial Restructuring 196,289 178,148 181,239 Financial and Valuation Advisory 165,395 155,853 136,761 Total segment assets 1,377,444 1,328,624 893,241 Corporate assets 1,591,370 1,558,186 1,532,826 Total assets $ 2,968,814 $ 2,886,810 $ 2,426,067 Year Ended March 31, 2023 2022 2021 Income before provision for income taxes by geography United States $ 222,923 $ 424,358 $ 321,639 International 101,077 179,580 87,589 Income before provision for income taxes $ 324,000 $ 603,938 $ 409,228 Year Ended March 31, 2023 2022 2021 Revenues by geography: United States $ 1,289,365 $ 1,690,708 $ 1,192,720 International 520,082 579,250 332,732 Revenues $ 1,809,447 $ 2,269,958 $ 1,525,452 March 31, 2023 March 31, 2022 March 31, 2021 Assets by geography United States $ 1,861,296 $ 2,032,390 $ 1,837,332 International 1,107,518 854,420 588,735 Total assets $ 2,968,814 $ 2,886,810 $ 2,426,067

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	12 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	Business Combinations On October 4, 2021 ("the Acquisition Date"), the Company completed a tender offer process resulting in the Company's acquisition of approximately 90% of GCA Corporation's (“GCA”) common stock for cash consideration of $531.9 million. The Company then acquired the GCA shares not purchased through the tender offer by way of a second-step transaction, which occurred on November 5, 2021 for $57.7 million (included within Other liabilities in the March 31, 2022. Consolidated Balance Sheet). The consideration for these shares was paid on January 20, 2022. This all-cash transaction was valued at approximately $589.6 million, based on the consideration of ¥1,398 per share of GCA. GCA is a global technology-focused investment bank providing M&A advisory and capital markets advisory services in Europe, Japan/Asia, and the United States. The addition of GCA significantly increases the Company's position in the technology sector, which is critical to meeting the needs of our clients as technology increasingly touches every business sector. GCA also increases the depth and breadth of our UK and European operations and this significant increase in scale has a direct impact on our ability to better serve our clients, both corporate and private equity, and meaningfully expands our geographic footprint in the UK and Europe. GCA also creates a significant platform for us to build from in the Asia Pacific region, meaningfully increasing our presence there and allowing us to begin to reach for scale in this rapidly growing part of the world. Acquisition Consideration GCA common shares, including employee share-based payment awards outstanding, as of the Acquisition Date 49,382,808 Cash consideration per share ¥ 1,398 Cash consideration for tendered common shares $ 531,883 Cash consideration for remaining shares purchased 57,686 Total cash consideration $ 589,569 The Company financed the acquisition with cash on hand. Purchase Price Allocation The following table summarizes the fair value of assets acquired and liabilities assumed as part of the GCA acquisition. We made significant estimates and exercised significant judgment in estimating fair values and accounting for such acquired assets and liabilities. The intangible assets subject to amortization will be amortized on a straight-line basis over their estimated useful lives as of the acquisition date. Fair Value as of March 31, 2023 Weighted-Average Amortization Period Assets acquired: Cash and cash equivalents $ 228,877 Investment securities 515 Accounts receivable 56,080 Unbilled work in progress 4,672 Deferred income taxes 1,876 Property and equipment 8,727 Operating lease right-of-use assets 27,383 Other assets 20,506 Intangible assets other than goodwill Backlog 42,000 1.2 years Trade name 17,100 2.0 years Customer relationships 15,200 1.0 year Total intangible assets acquired 74,300 1.3 years Total assets 422,936 Liabilities assumed: Accrued salaries and bonuses 152,409 Accounts payable and accrued expenses 22,722 Payable to affiliates 15 Deferred income 78 Deferred income taxes — Income taxes payable 2,290 Operating lease liabilities 27,527 Other liabilities 22,647 Total liabilities 227,688 Net identifiable assets acquired 195,248 Goodwill 394,321 Total GCA equity value $ 589,569 We applied the acquisition method of accounting in accordance with Financial Accounting Standards Board ("FASB") ASC Topic 805, Business Combinations ("ASC 805"). Goodwill of $394.3 million was recognized as a result of the transaction and relates to (i) the value of assets that do not meet the definition of an identifiable intangible asset under ASC 805, but that do contribute to the value of the acquired business, including the assembled workforce and relationships with customers that are not tracked; (ii) the assemblage value associated with acquiring an on-going business whose value is worth more than simply the sum of its parts; and (iii) the expected synergies associated with combining global operations. None of the goodwill recognized is expected to be deductible for federal income tax purposes. The goodwill recognized is attributable to our CF business segment. The results of operations for GCA have been included in the Company's Consolidated Financial Statements since the Acquisition Date. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information is presented to illustrate the estimated effects of the acquisition of GCA on the Company as if it had occurred on April 1, 2020, the first day of the Company's fiscal 2021, and is not necessarily indicative of either future results of operations or results that may have been achieved had the acquisition been consummated as of this date. The below unaudited pro forma results include certain pro forma adjustments to net earnings that were directly attributable to the acquisition, as if the acquisition had occurred on April 1, 2020, including the following: • Elimination of transaction costs incurred by the Company directly attributable to the GCA acquisition of $0 and $(7,026) for the year ended March 31, 2023 and 2022, respectively. • A decrease in amortization expense of $(40,986) and $(12,946), for the year ended March 31, 2023 and 2022, respectively, directly attributable to the GCA acquisition. This amortization was recognized as a result of the allocation of purchase consideration to the definite-lived intangible assets subject to amortization, noted above. • Resulting tax impact of above adjustments of $8,812 and $5,472, for the year ended March 31, 2023 and 2022, respectively. (Unaudited) Year Ended March 31, 2023 2022 Revenue $ 1,809,447 $ 2,518,196 Net income 301,397 471,904

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Subsequent Events On May 4, 2023, the Company's board of directors declared a quarterly cash dividend of $0.55 per share of Class A and Class B common stock, payable on June 15, 2023, to shareholders of record on June 2, 2023. On May 10, 2023 the staff of the SEC’s Division of Enforcement proposed a potential settlement with the Company to resolve an investigation of the Company’s compliance with records preservation requirements related to business communications sent over off-channel electronic messaging platforms. The Company has notified the SEC’s Division of Enforcement of its present intention to agree to a settlement to resolve the investigation that includes a $15 million civil penalty. The potential settlement is subject to the negotiation of definitive documentation, which is expected to include terms consistent with previously announced settlements between other firms and the SEC, and any formal offer, proposed civil penalty, and additional terms submitted by the Company would be subject to approval by the Commission. As a result of the foregoing, the Company determined that it should recognize a $15 million accrual in other (income)/expense, net for the fourth fiscal quarter and fiscal year ended March 31, 2023 relating to the anticipated settlement with the SEC.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe 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.
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 intercompany balances and transactions have been eliminated.
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, but are not limited to: the allowance for credit losses; the valuation of deferred tax assets, valuation of acquired intangibles and 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 contracts. Revenues reflect fees generated from our CF, FR, and FVA business segments.
Operating Expenses	Operating ExpensesThe 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 fiscal year. Resulting translation adjustments are reported as a separate component of Accumulated other comprehensive loss, net of applicable taxes.
Fair Value Measurements	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 Accounting Standards Codification ("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 upon the best information available, and may incorporate management's own assumptions or involve 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. 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 lowest level of input that is 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 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 progress, Accounts payable and accrued expenses, and Deferred income approximates fair value due to the short maturity of these instruments. The carrying value of the loans to employees included in Other assets and Loans payable to former shareholders, which are included in Loan payable to non-affiliate, approximate fair value due to the variable interest rate borne by those instruments.
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. As of March 31, 2023 and 2022, 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. March 31, 2023 March 31, 2022 Cash and cash equivalents $ 714,439 $ 833,697 Restricted cash (1) 373 373 Total cash, cash equivalents, and restricted cash $ 714,812 $ 834,070 (1) Restricted cash as of March 31, 2023 and March 31, 2022 consisted of a cash deposit in support of a letter of credit issued for our Frankfurt office.
Investment Securities	Investment Securities Investment securities consist primarily of corporate debt and U.S. treasury securities with original maturities over 90 days. The Company classifies its corporate debt and U.S. treasury 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 Credit Losses	Allowance for Credit Losses The allowance for credit losses on accounts receivable and unbilled work in progress reflects management’s best estimate of expected losses using the Company's internal current expected credit losses model. This model analyzes expected losses based on relevant information about historical experience, current conditions, and reasonable and supportable forecasts that could potentially affect the collectibility of the reported amounts. This is recorded through provision for bad debts, which is included in Other operating expenses in the accompanying Consolidated Statements of Comprehensive Income. Amounts deemed to be uncollectible are written off against the allowance for credit losses.
Property and Equipment	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 recognized on a straight-line basis over the estimated useful lives of the respective assets.
Income Taxes	Income Taxes The Company files consolidated federal income tax returns, 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.
Leases	Leases We assess whether an arrangement is or contains a lease at the inception of the agreement. Right-of-use ("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.
Goodwill and Intangible Assets	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 during the fourth quarter for impairment and more frequently if potential impairment indicators exist. Goodwill is reviewed for impairment in accordance with ASC Topic 350, Intangibles – Goodwill and Other, as amended by Accounting Standards Update ("ASU") No. 2017-04, Simplifying the Test for Goodwill Impairment, which permits management to perform a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit is less than its corresponding carrying value. If management determines the reporting unit's fair value is more likely than not less than its carrying value, a quantitative analysis will be performed to compare the fair value of the reporting unit with its corresponding carrying value. If the conclusion of the quantitative analysis is that the fair value is in fact less than the carrying value, management will recognize a goodwill impairment charge for the amount by which the reporting unit’s carrying value exceeds its fair value. Impairment testing of goodwill requires a significant amount of judgment in assessing both qualitative factors and if necessary, quantitative factors used to estimate the fair value of the reporting unit. As of March 31, 2023, 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 quantitative 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, 2023, management concluded that it was not more likely than not that the fair values were less than the carrying values.
Business Combinations	Business Combinations We allocate the purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair value as of the acquisition date, with the excess consideration recognized as goodwill. Critical estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows, expected asset lives, geographic risk premiums, discount rates, and more. The amounts and useful lives assigned to acquisition-related intangible assets impact the amount and timing of future amortization expense.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2023
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. March 31, 2023 March 31, 2022 Cash and cash equivalents $ 714,439 $ 833,697 Restricted cash (1) 373 373 Total cash, cash equivalents, and restricted cash $ 714,812 $ 834,070 (1) Restricted cash as of March 31, 2023 and March 31, 2022 consisted of a cash deposit in support of a letter of credit issued for our Frankfurt office.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Mar. 31, 2023
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: March 31, 2023 March 31, 2022 Receivables, net (1) $ 175,023 $ 139,680 Unbilled work in progress, net of allowance for credit losses 115,045 104,751 Contract Assets (1) 7,006 4,349 Contract Liabilities (2) 40,695 28,753 (1) Included within Accounts receivable, net of allowance for credit losses 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
	Mar. 31, 2023
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, 2023 Level I Level II Level III Total Corporate debt securities $ — $ 23,617 $ — $ 23,617 U.S. treasury securities — 12,990 — 12,990 Common stock 184 — — 184 Certificates of deposit — 518 — 518 Total asset measured at fair value $ 184 $ 37,125 $ — $ 37,309 March 31, 2022 Level I Level II Level III Total Corporate debt securities $ — $ 87,074 $ — $ 87,074 U.S. treasury securities — 17,662 — 17,662 Certificates of deposit — 516 — 516 Total asset measured at fair value (1) $ — $ 105,252 $ — $ 105,252 (1) Included within Investment securities in the Consolidated Balance Sheets.

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Held-to-maturity	The amortized cost and gross unrealized gains (losses) of marketable investment securities accounted under the fair value method were as follows: March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Corporate debt securities $ 24,936 $ 6 $ (1,325) $ 23,617 U.S. treasury securities 13,400 15 (425) 12,990 Common stock 768 — (584) 184 Certificates of deposit 518 — — 518 Total securities with unrealized gains/(losses) $ 39,622 $ 21 $ (2,334) $ 37,309 March 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (1) Corporate debt securities $ 88,475 $ 2 $ (1,403) $ 87,074 U.S. treasury securities 17,891 — (229) 17,662 Certificates of deposit 516 — — 516 Total securities with unrealized gains/(losses) $ 106,882 $ 2 $ (1,632) $ 105,252 (1) Included within Investment securities in the Consolidated Balance Sheets.
Investments Classified by Contractual Maturity Date	Scheduled maturities of the securities held by the Company included within the investment securities portfolio were as follows: March 31, 2023 March 31, 2022 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 6,243 $ 6,254 $ 72,963 $ 72,950 Due within years two through five 33,379 31,055 33,919 32,302 Total debt within the investment securities portfolio $ 39,622 $ 37,309 $ 106,882 $ 105,252

ALLOWANCE FOR DOUBTFUL ACCOUN_2

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)	12 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Allowance for Uncollectible Accounts Receivable	March 31, 2023 March 31, 2022 Beginning balance $ 13,274 $ 11,782 Provision for bad debt, net 6,429 3,718 Recovery/(write-off) of uncollectible accounts, net (5,308) (2,226) Ending balance $ 14,395 $ 13,274

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net of accumulated depreciation consists of the following: Useful Lives March 31, 2023 March 31, 2022 Equipment 5 years $ 10,178 $ 9,692 Furniture and fixtures 5 years 19,508 22,704 Leasehold improvements 10 years 107,156 59,462 Computers and software 3 years 12,086 14,308 Other Various 7,411 7,476 Total cost 156,339 113,642 Less: accumulated depreciation (67,994) (61,466) Total net book value $ 88,345 $ 52,176

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Mar. 31, 2023
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. Useful Lives March 31, 2023 March 31, 2022 Goodwill Indefinite $ 1,087,784 $ 1,070,442 Tradename-Houlihan Lokey Indefinite 192,210 192,210 Other intangible assets Varies 93,917 92,941 Total cost 1,373,911 1,355,593 Less: accumulated amortization (82,757) (37,818) Goodwill and other intangibles, net $ 1,291,154 $ 1,317,775
Finite-lived Intangible Assets Amortization Expense	The estimated future amortization for finite-lived intangible assets for each of the next five years and thereafter are as follows: Year Ended March 31, 2024 $ 9,145 2025 1,712 2026 — 2027 — 2028 and thereafter —
Schedule of Goodwill by Business Segment	Goodwill attributable to the Co mpany’s business segments is as follows: April 1, 2022 Change (1) March 31, 2023 Corporate Finance $ 815,912 $ 17,342 $ 833,254 Financial Restructuring 162,815 — 162,815 Financial and Valuation Advisory 91,715 — 91,715 Goodwill $ 1,070,442 $ 17,342 $ 1,087,784 (1) Changes pertain primarily to the acquisition of Oakley Advisory Limited.

OTHER COMPREHENSIVE INCOME AN_2

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Accumulated other comprehensive (loss) as of March 31, 2023, 2022, and 2021, was comprised of the following: Total Balance, March 31, 2021 $ (20,176) Foreign currency translation adjustments (23,171) Balance, March 31, 2022 (43,347) Foreign currency translation adjustments (19,467) Balance, March 31, 2023 $ (62,814)

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2023
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, 2023, 2022, and 2021 is comprised of the following approximate values: Year Ended March 31, 2023 2022 2021 Current: Federal $ 66,529 $ 134,054 $ 71,832 State and local 4,819 58,568 27,230 Foreign 1,875 44,060 18,632 Subtotal 73,223 236,682 117,694 Deferred: Federal 1,605 (52,088) (16,244) State and local 1,092 (18,348) (4,543) Foreign (6,143) (632) (450) Subtotal (3,446) (71,068) (21,237) Total $ 69,777 $ 165,614 $ 96,457
Effective Income Tax Rate Reconciliation	The provision for income taxes on operations for the years ended March 31, 2023, 2022, and 2021 is reconciled to the income taxes computed at the statutory federal income tax rate (computed by applying the federal corporate rate of 21% to consolidated operating income before provision for income taxes) as follows: Year Ended March 31, 2023 2022 2021 Federal income tax provision computed at statutory rate $ 68,040 21.0 % $ 126,826 21.0 % $ 85,937 21.0 % State and local taxes, net of federal tax effect 16,609 5.1 % 31,559 5.2 % 18,877 4.6 % Tax impact from foreign operations (5,040) (1.5) % 3,990 0.7 % (1,036) (0.2) % Nondeductible expenses 9,396 2.9 % 10,654 1.8 % 6,004 1.5 % Stock compensation (8,044) (2.5) % (7,421) (1.2) % (13,349) (3.3) % Uncertain tax positions, true-up items, and other (11,184) (3.5) % 6 — % 24 — % Total $ 69,777 21.5 % $ 165,614 27.4 % $ 96,457 23.6 %
Schedule of Deferred Tax Assets and Liabilities	The deferred income taxes on the accompanying Consolidated Balance Sheets as of March 31, 2023 and March 31, 2022, comprise the following: March 31, 2023 March 31, 2022 Deferred tax assets: Deferred compensation expense/accrued bonus $ 115,584 $ 126,249 Allowance for credit losses 1,641 1,612 Accounts receivable and work in progress 9,978 6,814 US foreign tax credits 2,443 2,400 Operating lease liabilities 81,153 25,947 Non US 31,557 32,374 Other, net 8,735 10,925 Total deferred tax assets 251,091 206,321 Deferred tax asset valuation allowance (3,376) (9,234) Total deferred tax assets 247,715 197,087 Deferred tax liabilities: Intangibles (70,657) (72,983) Operating lease right-of-use assets (72,218) (21,907) Other, net (443) (7,707) Total deferred tax liabilities (143,318) (102,597) Net deferred tax assets $ 104,397 $ 94,490
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the unrecognized tax position as of March 31, 2023 and March 31, 2022 is as follows: March 31, 2023 March 31, 2022 Unrecognized tax position at the beginning of the year $ 18,654 $ 14,666 Increase related to prior year tax positions 4,102 10,054 Decrease related to prior year tax positions (7,931) (6,395) Increase related to tax positions taken in the current year — 329 Unrecognized tax position at the end of the year $ 14,825 $ 18,654

NET INCOME PER SHARE ATTRIBUT_2

NET INCOME PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (Tables)	12 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculations of basic and diluted earnings per share attributable to holders of shares of common stock are presented below. Year Ended March 31, 2023 2022 2021 Numerator: Net income attributable to Houlihan Lokey, Inc. $ 254,223 $ 437,751 $ 312,771 Denominator: Weighted average shares of common stock outstanding — basic 63,358,408 64,970,287 65,785,042 Weighted average number of incremental shares pertaining to unvested restricted-stock and issuable in respect of unvested restricted stock units, as-calculated using the treasury stock method 4,227,855 3,289,421 2,886,206 Weighted average shares of common stock outstanding — diluted 67,586,263 68,259,708 68,671,248 Basic earnings per share $ 4.01 $ 6.74 $ 4.75 Diluted earnings per share $ 3.76 $ 6.41 $ 4.55

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Activity in Equity Classified Share Awards	Activity in equity classified share awards that relate to the Company's 2006 Incentive Award Plan (the "2006 Incentive Plan") and the 2016 Incentive Plan during the years ended March 31, 2023, 2022, and 2021, is as follows: Unvested Share Awards Shares Weighted Average Grant Date Fair Value Balance, April 1, 2020 3,539,047 $ 39.13 Granted 1,044,741 60.60 Vested (1,770,294) 32.36 Shares repurchased/forfeited (68,889) 50.87 Balance, March 31, 2021 2,744,605 51.37 Granted 2,689,459 82.45 Vested (1,039,535) 47.77 Shares repurchased/forfeited (80,154) 61.14 Balance, March 31, 2022 4,314,375 71.42 Granted 2,266,088 84.78 Vested (1,175,311) 59.77 Shares repurchased/forfeited (123,373) 79.00 Balance, March 31, 2023 5,281,779 $ 79.57
Activity in Liability Classified Share Awards	Activity in liability classified share awards during the years ended March 31, 2023, 2022, and 2021 is as follows: Awards Settleable in Shares Fair Value Balance, April 1, 2020 $ 20,989 Offer to grant 5,189 Share price determined-converted to cash payments (249) Share price determined-transferred to equity grants (1) (7,223) Forfeited (1,756) Balance, March 31, 2021 16,950 Offer to grant 4,344 Share price determined-converted to cash payments (2,676) Share price determined-transferred to equity grants (1) (4,269) Forfeited — Balance, March 31, 2022 14,349 Offer to grant 5,318 Share price determined-converted to cash payments (2,664) Share price determined-transferred to equity grants (1) (3,411) Forfeited (1,621) Balance, March 31, 2023 $ 11,971 (1) 46,430, 57,721, and 121,075 shares for the years ended March 31, 2023, 2022, and 2021, respectively.
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	The following table summarizes the activity of our RSUs for the years ended March 31, 2022, 2021, and 2020, respectively. Restricted Stock Units RSUs Weighted Average Grant Date Fair Value RSUs as of April 1, 2020 21,953 $ 47.22 Issued 25,658 60.60 Forfeitures (3,191) 52.97 Vested (5,945) 47.81 RSUs as of March 31, 2021 38,475 55.57 Issued 1,014,641 96.20 Forfeitures (2,159) 66.32 Vested (12,454) 53.80 RSUs as of March 31, 2022 1,038,503 95.27 Issued 50,556 84.55 Forfeitures (14,275) 96.82 Vested (24,138) 63.75 RSUs as of March 31, 2023 1,050,646 $ 95.46

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Mar. 31, 2023
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, 2023. Maturity of Operating Leases Operating Leases 2024 $ 31,617 2025 49,298 2026 47,968 2027 44,337 2028 43,370 2029 and thereafter 290,203 Total 506,793 Less: present value discount (131,924) Operating lease liabilities $ 374,869 As of March 31, 2023, the Company entered into an operating lease for additional office space that has not yet commenced, for approximately $6.3 million. This operating lease will commence during fiscal year 2024 with a lease term of 10 years.
Lease, Cost	Lease costs March 31, 2023 March 31, 2022 Operating lease expense $ 37,490 $ 37,299 Variable lease expense (1) 18,556 10,252 Short-term lease expense 182 214 Less: Sublease income (390) (18) Total lease costs $ 55,838 $ 47,747 (1) Primarily consists of payments for property taxes, common area maintenance and usage based operating costs. Weighted-average details March 31, 2023 March 31, 2022 Weighted-average remaining lease term (years) 12 9 Weighted-average discount rate 4.7 % 3.4 % Supplemental cash flow information related to leases: March 31, 2023 March 31, 2022 Operating cash flows: Cash paid for amounts included in the measurement of Operating lease liabilities $ 37,233 $ 32,947 Non-cash activity: Operating lease right-of-use assets obtained in exchange of operating lease liabilities $ 194,656 $ 32,377 Change in Operating lease right-of-use assets due to remeasurement (11,799) 5,200

SEGMENT AND GEOGRAPHICAL INFO_2

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	12 Months Ended
	Mar. 31, 2023
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, 2023 2022 2021 Revenues by segment: Corporate Finance $ 1,127,126 $ 1,593,083 $ 802,853 Financial Restructuring 395,733 392,818 534,747 Financial and Valuation Advisory 286,588 284,057 187,852 Revenues $ 1,809,447 $ 2,269,958 $ 1,525,452 Segment profit (1) Corporate Finance $ 354,075 $ 606,268 $ 250,513 Financial Restructuring 121,618 100,882 224,215 Financial and Valuation Advisory 81,388 88,136 46,642 Total segment profit 557,081 795,286 521,370 Corporate expenses (2) 215,343 182,422 113,213 Other (income)/expense, net 17,738 8,926 (1,071) Income before provision for income taxes $ 324,000 $ 603,938 $ 409,228 (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, legal and compliance, marketing, and human capital. March 31, 2023 March 31, 2022 March 31, 2021 Assets by segment Corporate Finance $ 1,015,760 $ 994,623 $ 575,241 Financial Restructuring 196,289 178,148 181,239 Financial and Valuation Advisory 165,395 155,853 136,761 Total segment assets 1,377,444 1,328,624 893,241 Corporate assets 1,591,370 1,558,186 1,532,826 Total assets $ 2,968,814 $ 2,886,810 $ 2,426,067
Revenue and Income Before Provision for Income Taxes by Geographic Areas	Year Ended March 31, 2023 2022 2021 Income before provision for income taxes by geography United States $ 222,923 $ 424,358 $ 321,639 International 101,077 179,580 87,589 Income before provision for income taxes $ 324,000 $ 603,938 $ 409,228 Year Ended March 31, 2023 2022 2021 Revenues by geography: United States $ 1,289,365 $ 1,690,708 $ 1,192,720 International 520,082 579,250 332,732 Revenues $ 1,809,447 $ 2,269,958 $ 1,525,452
Assets by Geographic Areas	March 31, 2023 March 31, 2022 March 31, 2021 Assets by geography United States $ 1,861,296 $ 2,032,390 $ 1,837,332 International 1,107,518 854,420 588,735 Total assets $ 2,968,814 $ 2,886,810 $ 2,426,067

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	12 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	Acquisition Consideration GCA common shares, including employee share-based payment awards outstanding, as of the Acquisition Date 49,382,808 Cash consideration per share ¥ 1,398 Cash consideration for tendered common shares $ 531,883 Cash consideration for remaining shares purchased 57,686 Total cash consideration $ 589,569
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the fair value of assets acquired and liabilities assumed as part of the GCA acquisition. We made significant estimates and exercised significant judgment in estimating fair values and accounting for such acquired assets and liabilities. The intangible assets subject to amortization will be amortized on a straight-line basis over their estimated useful lives as of the acquisition date. Fair Value as of March 31, 2023 Weighted-Average Amortization Period Assets acquired: Cash and cash equivalents $ 228,877 Investment securities 515 Accounts receivable 56,080 Unbilled work in progress 4,672 Deferred income taxes 1,876 Property and equipment 8,727 Operating lease right-of-use assets 27,383 Other assets 20,506 Intangible assets other than goodwill Backlog 42,000 1.2 years Trade name 17,100 2.0 years Customer relationships 15,200 1.0 year Total intangible assets acquired 74,300 1.3 years Total assets 422,936 Liabilities assumed: Accrued salaries and bonuses 152,409 Accounts payable and accrued expenses 22,722 Payable to affiliates 15 Deferred income 78 Deferred income taxes — Income taxes payable 2,290 Operating lease liabilities 27,527 Other liabilities 22,647 Total liabilities 227,688 Net identifiable assets acquired 195,248 Goodwill 394,321 Total GCA equity value $ 589,569
Business Acquisition, Pro Forma Information	(Unaudited) Year Ended March 31, 2023 2022 Revenue $ 1,809,447 $ 2,518,196 Net income 301,397 471,904

BACKGROUND (Details)

BACKGROUND (Details)	12 Months Ended
	Mar. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments	3

- Revenues (Narrative) (Details

- Revenues (Narrative) (Details)	12 Months Ended
	Mar. 31, 2023 segment
Accounting Policies [Abstract]
Number of business segments	3

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Translation of Foreign Currency Transactions (Narrative) (Details)	12 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($) numberOfInstruments	Mar. 31, 2023 EUR (€) numberOfInstruments
Derivative [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other operating expenses	Other operating expenses
Foreign currency forward contract
Derivative [Line Items]
Notional amount		$ 15,700,000	€ 6,500,000
Gain (loss) included in other operating expenses | $	$ 35,000	$ 33,000
Derivative, Number of Instruments Held | numberOfInstruments		1	1

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 714,439	$ 833,697
Restricted cash (1)	373	373
Total cash, cash equivalents, and restricted cash	$ 714,812	$ 834,070	$ 847,224	$ 380,746

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reduction to retained earnings	$ 1,613,297	$ 1,443,705
Accounts receivable, net of allowance for credit losses	182,029	144,029
Unbilled work in progress, net of allowance for credit losses	115,045	104,751
Other assets	83,609	57,646
Retained earnings	$ 1,033,072	$ 922,223

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	$ 16.8	$ 19.7

REVENUE RECOGNITION - Summary o

REVENUE RECOGNITION - Summary of Receivables, Contract Assets, and Contract Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivables, net	$ 175,023	$ 139,680
Unbilled work in progress, net of allowance for credit losses	115,045	104,751
Contract assets	7,006	4,349
Contract liabilities	$ 40,695	$ 28,753

RELATED_PARTY TRANSACTIONS (Det

RELATED‑PARTY TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 20, 2020	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Treasury stock acquired, average cost per share (in dollars per share)		$ 85.74	$ 94.35	$ 64.18
Professional fees		$ 32,940	$ 38,349	$ 24,681
ORIX USA Corporation | Management Accounting Legal Regulatory And Other Administrative Services
Related Party Transaction [Line Items]
Related party fee revenue		$ 284	$ 0	$ 2,875
Class B shares
Related Party Transaction [Line Items]
Stock repurchased and retired during period, shares (in shares)		507,511,000	455,402,000	286,730,000
Class A
Related Party Transaction [Line Items]
Shares issued and sold in Follow-on Offering (in shares)	3,000,000
Stock repurchased and retired during period, shares (in shares)		677,287,000	3,272,399,000	1,591,995,000
Other Assets
Related Party Transaction [Line Items]
Loans receivable from employees		$ 28,869	$ 17,100

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	$ 37,309	$ 105,252
Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	184	0
Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	37,125	105,252
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	23,617	87,074
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	23,617	87,074
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	12,990	17,662
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	12,990	17,662
U.S. treasury securities | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	184
Common stock | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	184
Common stock | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Common stock | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	518	516
Certificates of deposit | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Certificates of deposit | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	518	516
Certificates of deposit | 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, 2023	Mar. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 39,622	$ 106,882
Gross Unrealized Gains	21	2
Gross Unrealized (Losses)	(2,334)	(1,632)
Fair Value (1)	37,309	105,252
Corporate debt securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	24,936	88,475
Gross Unrealized Gains	6	2
Gross Unrealized (Losses)	(1,325)	(1,403)
Fair Value (1)	23,617	87,074
U.S. treasury securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	13,400	17,891
Gross Unrealized Gains	15	0
Gross Unrealized (Losses)	(425)	(229)
Fair Value (1)	12,990	17,662
Common stock
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	768
Gross Unrealized Gains	0
Gross Unrealized (Losses)	(584)
Fair Value (1)	184
Certificates of deposit
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	518	516
Gross Unrealized Gains	0	0
Gross Unrealized (Losses)	0	0
Fair Value (1)	$ 518	$ 516

INVESTMENT SECURITIES - Summary

INVESTMENT SECURITIES - Summary of Investment Contractual Maturity Dates (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Due within one year, amortized cost	$ 6,243	$ 72,963
Due within one year, estimated fair value	6,254	72,950
Die within one year through five years, amortized cost	33,379	33,919
Due within one year through five years, fair value	31,055	32,302
Amortized cost	39,622	106,882
Fair value	$ 37,309	$ 105,252

ALLOWANCE FOR CREDIT LOSSES (De

ALLOWANCE FOR CREDIT LOSSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Allowance for Uncollectible Accounts Receivable
Beginning balance	$ 13,274	$ 11,782
Transition adjustment as of April 1, 2020	14,395	13,274	$ 11,782
Provision for bad debt, net	6,429	3,718	7,290
Recovery or write-off of uncollectible accounts	(5,308)	(2,226)
Ending balance	$ 14,395	$ 13,274	$ 11,782

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Total cost	$ 156,339	$ 113,642
Less: accumulated depreciation	(67,994)	(61,466)
Total net book value	88,345	52,176
Depreciation	$ 13,250	14,600	$ 11,068
Equipment
Property, Plant and Equipment [Line Items]
Useful Lives	5 years
Total cost	$ 10,178	9,692
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful Lives	5 years
Total cost	$ 19,508	22,704
Leasehold improvements
Property, Plant and Equipment [Line Items]
Useful Lives	10 years
Total cost	$ 107,156	59,462
Computers and software
Property, Plant and Equipment [Line Items]
Useful Lives	3 years
Total cost	$ 12,086	14,308
Other
Property, Plant and Equipment [Line Items]
Total cost	$ 7,411	$ 7,476

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 1,087,784	$ 1,070,442
Tradename-Houlihan Lokey	192,210	192,210
Other intangible assets	93,917	92,941
Total cost	1,373,911	1,355,593
Less: accumulated amortization	(82,757)	(37,818)
Goodwill and other intangibles, net	$ 1,291,154	$ 1,317,775

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill by Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2023
Goodwill
April 1, 2022		$ 1,070,442
Changes		17,342
March 31, 2022	$ 1,087,784	1,087,784
Corporate Finance
Goodwill
April 1, 2022		815,912
Changes	17,342
March 31, 2022	833,254	833,254
Financial Restructuring
Goodwill
April 1, 2022		162,815
Changes	0
March 31, 2022	162,815	162,815
Financial and Valuation Advisory
Goodwill
April 1, 2022		91,715
Changes	0
March 31, 2022	$ 91,715	$ 91,715

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 44,971	$ 33,937	$ 4,161

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Finite-Lived Intangible Assets, Amortization Expense, Fiscal Year Maturity (Details) $ in Thousands	Mar. 31, 2023 USD ($)
(In thousands)
2024	$ 9,145
2025	1,712
2026	0
2027	0
2028 and thereafter	$ 0

LOANS PAYABLE (Details)

LOANS PAYABLE (Details) - USD ($)			1 Months Ended	12 Months Ended
	Aug. 31, 2020	Aug. 23, 2019	Dec. 31, 2019	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	May 31, 2018	Apr. 30, 2018
Loans Payable | Non Interest Bearing Unsecured Convertible Loan
Debt Instrument [Line Items]
Loans payable, face amount	$ 4,500,000			$ 12,900,000	$ 20,300,000			$ 10,500,000
Interest and unused commitment fees paid				22,000	162,000	$ 288,000
Exchange period	3 years
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				18,000	105,000	105,000
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				81,000	79,000	$ 103,000
Stated interest rate			2.75%
Exchange period			4 years
Revolving line of credit | Bank of America
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 100,000,000
Margin adjustment		1%
Principal outstanding				0
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
Baylor Klein, Ltd
Debt Instrument [Line Items]
Contingent consideration				$ 18,100,000	$ 17,600,000
Secured Overnight Financing Rate (SOFR) | Revolving line of credit | Bank of America
Debt Instrument [Line Items]
Stated interest rate on line of credit		0.10%
Fed Funds Effective Rate Overnight Index Swap Rate | Revolving line of credit | Bank of America
Debt Instrument [Line Items]
Stated interest rate on line of credit		0.50%

OTHER COMPREHENSIVE INCOME AN_3

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss	$ (62,814)	$ (43,347)
Accumulated other comprehensive loss
Accumulated Other Comprehensive Loss
Beginning balance	(43,347)	(20,176)
Foreign currency translation gain/loss	(19,467)	(23,171)	$ 22,932
Ending balance	$ (62,814)	$ (43,347)	$ (20,176)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Tax Credit Carryforward [Line Items]
Provision for income taxes	$ 69,777	$ 165,614	$ 96,457
Effective tax rate	21.50%	27.40%	23.60%
Federal corporate rate	21%	21%	21%
Deferred tax asset, foreign net operating losses	$ 41,720
Deferred tax assets, valuation allowance	933	$ 6,834
Decrease in deferred tax assets valuation allowance	5,858	549
Cash in certain foreign jurisdictions in excess of near-term working capital needs	97,000
Recorded liabilities for interest and penalties related to uncertain tax positions	1,023	1,228
Unrecognized tax benefits	14,825	18,654	$ 14,666
Reasonably possible decrease in gross unrecognized income tax benefits for federal and state items may be necessary within the next 12 months	4,100
Foreign Tax Authority
Tax Credit Carryforward [Line Items]
Tax credit carryforward, amount	$ 2,443	$ 2,400

INCOME TAXES - Provision (Benef

INCOME TAXES - Provision (Benefit) for Income Taxes on Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Current:
Federal	$ 66,529	$ 134,054	$ 71,832
State and local	4,819	58,568	27,230
Foreign	1,875	44,060	18,632
Current income tax expense (benefit)	73,223	236,682	117,694
Deferred:
Federal	1,605	(52,088)	(16,244)
State and local	1,092	(18,348)	(4,543)
Foreign	(6,143)	(632)	(450)
Deferred income tax expense (benefit)	(3,446)	(71,068)	(21,237)
Total	$ 69,777	$ 165,614	$ 96,457

INCOME TAXES - Effective Income

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Effective Income Tax Rate Reconciliation, Amount
Federal income tax provision computed at statutory rate	$ 68,040	$ 126,826	$ 85,937
State and local taxes, net of federal tax effect	16,609	31,559	18,877
Tax impact from foreign operations	(5,040)	3,990	(1,036)
Nondeductible expenses	9,396	10,654	6,004
Stock compensation	(8,044)	(7,421)	(13,349)
Uncertain tax positions, true-up items, and other	(11,184)	6	24
Total	$ 69,777	$ 165,614	$ 96,457
Effective Income Tax Rate Reconciliation, Percent
Federal income tax provision computed at statutory rate	21%	21%	21%
State and local taxes, net of federal tax effect	5.10%	5.20%	4.60%
Tax impact from foreign operations	(1.50%)	0.70%	(0.20%)
Nondeductible expenses	2.90%	1.80%	1.50%
Stock compensation	(2.50%)	(1.20%)	(3.30%)
Uncertain tax positions, true-up items, and other	(3.50%)	0%	0%
Total	21.50%	27.40%	23.60%

INCOME TAXES - Deferred Income

INCOME TAXES - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Deferred tax assets:
Deferred compensation expense/accrued bonus	$ 115,584	$ 126,249
Allowance for credit losses	1,641	1,612
Accounts receivable and work in progress	9,978	6,814
US foreign tax credits	2,443	2,400
Operating lease liabilities	81,153	25,947
Non US	31,557	32,374
Other, net	8,735	10,925
Total deferred tax assets	251,091	206,321
Deferred tax asset valuation allowance	(3,376)	(9,234)
Total deferred tax assets	247,715	197,087
Deferred tax liabilities:
Intangibles	(70,657)	(72,983)
Operating lease right-of-use assets	(72,218)	(21,907)
Other, net	(443)	(7,707)
Total deferred tax liabilities	(143,318)	(102,597)
Net deferred tax assets	$ 104,397	$ 94,490

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of Unrecognized Tax Benefits
Unrecognized tax position at the beginning of the year	$ 18,654	$ 14,666
Increase related to prior year tax positions	4,102	10,054
Decrease related to prior year tax positions	(7,931)	(6,395)
Increase related to tax positions taken in the current year	0	329
Unrecognized tax position at the end of the year	$ 14,825	$ 18,654

NET INCOME PER SHARE ATTRIBUT_3

NET INCOME PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Comprehensive income attributable to Houlihan Lokey, Inc.	$ 234,756	$ 414,580	$ 335,703
Denominator:
Weighted average shares of common stock outstanding—basic (in shares)	63,358,408	64,970,287	65,785,042
Weighted average number of incremental shares issuable from unvested restricted stock and restricted stock units, as calculated using the treasury stock method (in shares)	4,227,855	3,289,421	2,886,206
Weighted average shares of common stock outstanding—diluted (in shares)	67,586,263	68,259,708	68,671,248
Basic (in usd per share)	$ 4.01	$ 6.74	$ 4.75
Diluted (in usd per share)	$ 3.76	$ 6.41	$ 4.55

EMPLOYEE BENEFIT PLANS - Define

EMPLOYEE BENEFIT PLANS - Defined Contribution Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Share-Based Payment Arrangement [Abstract]
Defined contribution plan, amount of contributions	$ 10,640	$ 5,294	$ 4,519

EMPLOYEE BENEFIT PLANS - Share-

EMPLOYEE BENEFIT PLANS - Share-Based Incentive Plans Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended			12 Months Ended			15 Months Ended
	Oct. 19, 2017 shares	Aug. 31, 2015	Jun. 30, 2022 director $ / shares	Dec. 31, 2020 director $ / shares	Jun. 30, 2020 director $ / shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2021 USD ($) $ / shares shares	Jun. 30, 2022 director $ / shares	Apr. 28, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, excess tax benefit amount | $						$ 8,044	$ 7,421	$ 13,349
Payments related to tax withholding for share-based compensation | $						(42,283)	(33,741)	(17,810)
Compensation expense — equity and liability classified share awards (Note 14) | $						156,936	91,875	$ 62,421
Unrecognized compensation cost | $						$ 367,607	$ 308,144
Unrecognized compensation cost, period for recognition						2 years 3 months 18 days	1 year 8 months 12 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period						4 years
2006 Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares granted						2,266,088	2,689,459	1,044,741
Granted (in usd per share) | $ / shares						$ 84.78	$ 82.45	$ 60.60
2016 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, restricted stock		4 years
2016 Incentive Plan | Restricted Stock
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, number of recipients | director			6	2	4				6
Granted (in usd per share) | $ / shares			$ 84.55	$ 63.01	$ 60.60				$ 73.19
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)										10,000,000
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)										10,000,000
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%
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%

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, 2023	Mar. 31, 2022	Mar. 31, 2021
Shares
Beginning balance (in shares)	4,314,375	2,744,605	3,539,047
Granted (in shares)	2,266,088	2,689,459	1,044,741
Vested (in shares)	(1,175,311)	(1,039,535)	(1,770,294)
Forfeited (in shares)		(80,154)	(68,889)
Shares repurchased/forfeited (in shares)	(123,373)
Ending balance (in shares)	5,281,779	4,314,375	2,744,605
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 71.42	$ 51.37	$ 39.13
Granted (in usd per share)	84.78	82.45	60.60
Vested (in usd per share)	59.77	47.77	32.36
Forfeited (in usd per share)	79	61.14	50.87
Ending balance (in usd per share)	$ 79.57	$ 71.42	$ 51.37

EMPLOYEE BENEFIT PLANS - Acti_2

EMPLOYEE BENEFIT PLANS - Activity in Liability Classified Shares (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2020	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Liability Classified Awards Settleable in Shares
Beginning balance		$ 14,349	$ 20,989	$ 14,349	$ 16,950	$ 20,989
Offer to grant	$ 5,318				4,344	5,189
Share price determined-converted to cash payments	(2,664)				(2,676)	(249)
Share price determined-transferred to equity grants	(3,411)				(4,269)	(7,223)
Forfeited	(1,621)				0	(1,756)
Ending balance	$ 11,971			$ 11,971	$ 14,349	$ 16,950
Share price determined-transferred to equity grants (in shares)		57,721	121,075	46,430

EMPLOYEE BENEFIT PLANS - Shar_2

EMPLOYEE BENEFIT PLANS - Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
RSUs
Beginning balance (in shares)	1,038,503	38,475	21,953
Issued (in shares)	50,556	1,014,641	25,658
Forfeitures (in shares)	(14,275)	(2,159)	(3,191)
Vested (in shares)	(24,138)	(12,454)	(5,945)
Ending balance (in shares)	1,050,646	1,038,503	38,475
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 95.27	$ 55.57	$ 47.22
Granted (in usd per share)	84.55	96.20	60.60
Forfeitures (in usd per share)	96.82	66.32	52.97
Vested (in usd per share)	63.75	53.80	47.81
Ending balance (in usd per share)	$ 95.46	$ 95.27	$ 55.57

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)		12 Months Ended
	May 20, 2020 USD ($) shares	Mar. 31, 2023 USD ($) vote class_of_stock $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2021 USD ($) $ / shares shares	Jul. 31, 2021 USD ($)	Mar. 31, 2020 shares	Aug. 18, 2015
Class of Stock [Line Items]
Number of classes of common stock | class_of_stock		2
Conversion ratio of common stock							1
Dividends outstanding | $		$ 18,608,000	$ 9,312,000
Stock repurchase program, authorized amount | $					$ 500,000,000
Stock repurchase program, remaining authorized repurchase amount | $		$ 482,700,000
Treasury stock acquired, average cost per share (in dollars per share) | $ / shares		$ 85.74	$ 94.35	$ 64.18
Class A
Class of Stock [Line Items]
Common stock voting rights, number of votes per share | vote		1
Shares issued to non-employee directors (in shares)	3,000,000
Net proceeds from offering | $	$ 188,700,000
Shares issued of common stock (in shares)		50,638,924	49,853,564
Number of common shares outstanding (in shares)		50,638,924	49,853,564
Stock repurchased and retired during period, shares (in shares)		677,287,000	3,272,399,000	1,591,995,000
Stock repurchased and retired during period, value | $		$ 58,073,000	$ 308,746,000	$ 102,173,000
Class B
Class of Stock [Line Items]
Common stock voting rights, number of votes per share | vote		10
Shares issued of common stock (in shares)		18,048,345	17,649,555
Number of common shares outstanding (in shares)		18,048,345	17,649,555
Stock repurchased and retired during period, shares (in shares)		507,511,000	455,402,000	286,730,000
Stock repurchased and retired during period, value | $		$ 42,283,000	$ 33,700,000	$ 17,810,000
Director | Class A
Class of Stock [Line Items]
Shares issued to non-employee directors (in shares)		6,739	6,512
Investor | Class A
Class of Stock [Line Items]
Shares issued of common stock (in shares)		50,580,598	49,801,577
Common stock | Class A
Class of Stock [Line Items]
Shares issued to non-employee directors (in shares)		6,739	6,512	8,751
Shares converted from Class B to Class A (in shares)		1,455,908	1,874,009
Number of common shares outstanding (in shares)		50,638,924	49,853,564	51,245,442		46,178,633
Common stock | Class B
Class of Stock [Line Items]
Number of common shares outstanding (in shares)		18,048,345	17,649,555	16,951,696		19,345,277
Director | Class A
Class of Stock [Line Items]
Shares issued of common stock (in shares)		58,326	51,987

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Operating right-of-use assets	$ 333,877	$ 171,942
Operating lease liabilities	374,869	$ 197,091
Lease not yet commenced, amount	$ 6,300
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	17 years
Operating lease, lease not yet commenced, term of contract	10 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, 2023	Mar. 31, 2022
Leases [Abstract]
2024	$ 31,617
2025	49,298
2026	47,968
2027	44,337
2028	43,370
2029 and thereafter	290,203
Total	506,793
Less: present value discount	(131,924)
Operating lease liabilities	$ 374,869	$ 197,091

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease expense	$ 37,490	$ 37,299
Variable lease expense (1)	18,556	10,252
Short-term lease expense	182	214
Less: Sublease income	(390)	(18)
Total lease costs	$ 55,838	$ 47,747

LEASES - Weighted Average Detai

LEASES - Weighted Average Details (Details)	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (years)	12 years	9 years
Weighted-average discount rate	4.70%	3.40%

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of Operating lease liabilities	$ 37,233	$ 32,947
Operating lease right-of-use assets obtained in exchange of operating lease liabilities	194,656	32,377
Change in Operating lease right-of-use assets due to remeasurement	$ (11,799)	$ 5,200

SEGMENT AND GEOGRAPHICAL INFO_3

SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue and Assets by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 1,809,447	$ 2,269,958	$ 1,525,452
Segment profit	557,081	795,286	521,370
Corporate expenses (2)	(1,467,709)	(1,657,094)	(1,117,295)
Other (income)/expense, net	(17,738)	(8,926)	1,071
Income before provision for income taxes	324,000	603,938	409,228
Assets	2,968,814	2,886,810	2,426,067
Operating Segments
Segment Reporting Information [Line Items]
Assets	1,377,444	1,328,624	893,241
Operating Segments | Corporate Finance
Segment Reporting Information [Line Items]
Revenues	1,127,126	1,593,083	802,853
Segment profit	354,075	606,268	250,513
Assets	1,015,760	994,623	575,241
Operating Segments | Financial Restructuring
Segment Reporting Information [Line Items]
Revenues	395,733	392,818	534,747
Segment profit	121,618	100,882	224,215
Assets	196,289	178,148	181,239
Operating Segments | Financial and Valuation Advisory
Segment Reporting Information [Line Items]
Revenues	286,588	284,057	187,852
Segment profit	81,388	88,136	46,642
Assets	165,395	155,853	136,761
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Corporate expenses (2)	(215,343)	(182,422)	(113,213)
Assets	$ 1,591,370	$ 1,558,186	1,532,826
Segment Reconciling Items
Segment Reporting Information [Line Items]
Other (income)/expense, net			$ (1,071)

SEGMENT AND GEOGRAPHICAL INFO_4

SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue and Assets by Geographical Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Income before provision for income taxes	$ 324,000	$ 603,938	$ 409,228
Revenues	1,809,447	2,269,958	1,525,452
Assets	2,968,814	2,886,810	2,426,067
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Income before provision for income taxes	222,923	424,358	321,639
Revenues	1,289,365	1,690,708	1,192,720
Assets	1,861,296	2,032,390	1,837,332
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Income before provision for income taxes	101,077	179,580	87,589
Revenues	520,082	579,250	332,732
Assets	$ 1,107,518	$ 854,420	$ 588,735

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) $ in Thousands			4 Months Ended	12 Months Ended
	Jan. 20, 2022 USD ($)	Oct. 04, 2021 USD ($)	Jan. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Oct. 04, 2021 ¥ / shares
Business Acquisition [Line Items]
Goodwill				$ 1,087,784	$ 1,070,442
Provision for income taxes				69,777	165,614	$ 96,457
GCA Corporation
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired		90%
Payments to acquire businesses, gross	$ 57,686	$ 531,883	$ 589,569
Cash consideration per share | ¥ / shares							¥ 1,398
Goodwill		$ 394,300		394,321
GCA Corporation | Acquisition-related Costs
Business Acquisition [Line Items]
Business combination, acquisition related costs				0	(7,026)
Amortization				(40,986)	(12,946)
Provision for income taxes				$ 8,812	$ 5,472

BUSINESS COMBINATIONS - Schedul

BUSINESS COMBINATIONS - Schedule of Business Acquisitions, by Acquisition (Details) - GCA Corporation $ in Thousands			4 Months Ended
	Jan. 20, 2022 USD ($)	Oct. 04, 2021 USD ($)	Jan. 31, 2022 USD ($)	Oct. 04, 2021 ¥ / shares shares
Business Acquisition [Line Items]
GCA common shares, including employee share-based payment awards outstanding, as of the Acquisition Date (in shares) | shares				49,382,808,000
Cash consideration per share | ¥ / shares				¥ 1,398
Payments to acquire businesses, gross | $	$ 57,686	$ 531,883	$ 589,569

BUSINESS COMBINATIONS - Sched_2

BUSINESS COMBINATIONS - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Oct. 04, 2021
Business Acquisition [Line Items]
Goodwill	$ 1,087,784	$ 1,070,442
GCA Corporation
Business Acquisition [Line Items]
Cash and cash equivalents	228,877
Investment securities	515
Accounts receivable	56,080
Unbilled work in progress	4,672
Deferred income taxes	1,876
Property and equipment	8,727
Operating lease right-of-use assets	27,383
Other assets	20,506
Total intangible assets acquired	74,300
Total assets	422,936
Accrued salaries and bonuses	152,409
Accounts payable and accrued expenses	22,722
Payable to affiliates	15
Deferred income	78
Deferred income taxes	0
Income taxes payable	2,290
Operating lease liabilities	27,527
Other liabilities	22,647
Total liabilities	227,688
Net identifiable assets acquired	195,248
Goodwill	394,321		$ 394,300
Total GCA equity value	$ 589,569
Weighted-Average Amortization Period	1 year 3 months 18 days
GCA Corporation | Backlog
Business Acquisition [Line Items]
Total intangible assets acquired	$ 42,000
Weighted-Average Amortization Period	1 year 2 months 12 days
GCA Corporation | Trade name
Business Acquisition [Line Items]
Total intangible assets acquired	$ 17,100
Weighted-Average Amortization Period	2 years
GCA Corporation | Customer relationships
Business Acquisition [Line Items]
Total intangible assets acquired	$ 15,200
Weighted-Average Amortization Period	1 year

BUSINESS COMBINATIONS - Busines

BUSINESS COMBINATIONS - Business Acquisition, Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Revenue	$ 1,809,447	$ 2,518,196
Net income	$ 301,397	$ 471,904

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	May 10, 2023	May 04, 2023
Subsequent Event [Line Items]
Quarterly dividend declared (in usd per share)		$ 0.55
Loss contingency, damages sought, value	$ 15
Loss contingency accrual, provision	$ 15