Houlihan Lokey (HLI) 10-Q 8 Feb 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Dec. 31, 2023	Feb. 05, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
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 $0.001
Trading Symbol	HLI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001302215
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		52,119,187
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,993,327

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Assets
Cash and cash equivalents	$ 555,532	$ 714,439
Restricted cash	373	373
Investment securities	35,367	37,309
Accounts receivable, net of allowance for credit losses of $9,317 and $8,773, respectively	152,755	182,029
Unbilled work in progress, net of allowance for credit losses of $9,941 and $5,622, respectively	174,178	115,045
Income taxes receivable	32,898	17,693
Deferred income taxes	103,472	104,941
Property and equipment, net	130,696	88,345
Operating lease right-of-use assets	356,595	333,877
Goodwill	1,128,610	1,087,784
Other intangible assets, net	199,941	203,370
Other assets	88,491	83,609
Total assets	2,958,908	2,968,814
Liabilities:
Accrued salaries and bonuses	575,088	765,877
Accounts payable and accrued expenses	100,319	113,421
Deferred income	41,014	40,695
Deferred income taxes	3,269	544
Operating lease liabilities	420,107	374,869
Other liabilities	49,808	60,111
Total liabilities	1,189,605	1,355,517
Stockholders' equity:
Additional paid-in capital	701,996	642,970
Retained earnings	1,121,387	1,033,072
Accumulated other comprehensive loss	(54,149)	(62,814)
Total stockholders' equity	1,769,303	1,613,297
Total liabilities and stockholders' equity	2,958,908	2,968,814
Common Class A
Stockholders' equity:
Common stock	52	51
Common Class B
Stockholders' equity:
Common stock	$ 17	$ 18

CONSOLIDATED BALANCE SHEETS (PA

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 9,317	$ 8,773
Allowance for doubtful accounts, unbilled work in process	$ 9,941	$ 5,622
Common Class A
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	52,027,676	50,638,924
Common stock, shares outstanding (in shares)	52,027,676	50,638,924
Common Class B
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	17,114,509	18,048,345
Common stock, shares outstanding (in shares)	17,114,509	18,048,345

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 511,130	$ 456,499	$ 1,393,948	$ 1,364,680
Operating expenses:
Employee compensation and benefits	324,039	289,348	884,064	864,942
Travel, meals, and entertainment	17,325	14,271	47,494	37,691
Rent	19,002	12,852	55,418	37,927
Depreciation and amortization	6,657	13,256	20,275	51,874
Information technology and communications	15,443	14,751	43,319	38,924
Professional fees	14,853	7,795	35,269	23,862
Other operating expenses	17,271	20,053	47,945	58,346
Total operating expenses	414,590	372,326	1,133,784	1,113,566
Operating income	96,540	84,173	260,164	251,114
Other (income)/expense, net	(6,035)	563	(12,336)	7,416
Income before provision for income taxes	102,575	83,610	272,500	243,698
Provision for income taxes	31,772	20,559	73,276	49,135
Net income	70,803	63,051	199,224	194,563
Other comprehensive income, net of tax:
Foreign currency translation adjustments	25,574	24,204	8,665	(26,659)
Comprehensive income attributable to Houlihan Lokey, Inc.	$ 96,377	$ 87,255	$ 207,889	$ 167,904
Weighted average shares of common stock outstanding:
Basic (in shares)	64,411,668	63,381,024	64,258,216	63,360,741
Fully Diluted (in shares)	67,886,301	69,725,692	67,896,302	69,453,588
Earnings per share (Note 13)
Basic (in dollars per share)	$ 1.10	$ 0.99	$ 3.10	$ 3.07
Fully Diluted (in dollars per share)	$ 1.04	$ 0.90	$ 2.93	$ 2.80

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Total Stockholders' Equity	Common stock Class A Common Stock	Common stock Class B Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Mar. 31, 2022					49,853,564	17,649,555
Beginning balance at Mar. 31, 2022				$ 1,443,705	$ 50	$ 18	$ 564,761	$ 922,223	$ (43,347)
Increase (Decrease) in Stockholders' Equity
Shares issued (in shares)						2,396,325
Shares issued				9,526		$ 2	9,524
Stock compensation vesting				118,885			118,885
Dividends				(108,540)				(108,540)
Conversion of Class B to Class A shares (in shares)					1,168,127	(1,168,127)
Conversion of Class B to Class A shares				0	$ 1	$ (1)
Shares issued to non-employee directors (in shares)					6,739
Shares issued to non-employee directors				570			570
Other shares repurchased/forfeited (in shares)					(677,287)	(605,920)
Other shares repurchased/forfeited				(91,393)	$ (1)	$ (1)	(91,391)
Net income	$ 194,563			194,563				194,563
Change in unrealized translation				(26,659)					(26,659)
Total comprehensive income				167,904				194,563	(26,659)
Ending balance (in shares) at Dec. 31, 2022					50,351,143	18,271,833
Ending balance at Dec. 31, 2022				1,540,657	$ 50	$ 18	602,349	1,008,246	(70,006)
Beginning balance (in shares) at Sep. 30, 2022					49,780,875	18,874,122
Beginning balance at Sep. 30, 2022				1,446,668	$ 50	$ 19	559,605	981,204	(94,210)
Increase (Decrease) in Stockholders' Equity
Shares issued (in shares)						91,435
Shares issued				3,505			3,505
Stock compensation vesting				39,523			39,523
Dividends				(36,009)				(36,009)
Conversion of Class B to Class A shares (in shares)					(670,268)	670,268
Conversion of Class B to Class A shares				0	$ 1	$ (1)
Other shares repurchased/forfeited (in shares)					(100,000)	(23,456)
Other shares repurchased/forfeited				(285)	$ (1)		(284)
Net income	63,051			63,051				63,051
Change in unrealized translation				24,204					24,204
Total comprehensive income				87,255				63,051	24,204
Ending balance (in shares) at Dec. 31, 2022					50,351,143	18,271,833
Ending balance at Dec. 31, 2022				1,540,657	$ 50	$ 18	602,349	1,008,246	(70,006)
Beginning balance (in shares) at Mar. 31, 2023		50,638,924	18,048,345		50,638,924	18,048,345
Beginning balance at Mar. 31, 2023	1,613,297			1,613,297	$ 51	$ 18	642,970	1,033,072	(62,814)
Increase (Decrease) in Stockholders' Equity
Shares issued (in shares)						1,778,026
Shares issued				31,767		$ 1	31,766
Stock compensation vesting				121,745			121,745
Dividends				(110,909)				(110,909)
Conversion of Class B to Class A shares (in shares)					1,621,243	(1,621,243)
Conversion of Class B to Class A shares				0	$ 1	$ (1)
Shares issued to non-employee directors (in shares)					6,609
Shares issued to non-employee directors				587			587
Other shares repurchased/forfeited (in shares)					(239,100)	(1,090,619)
Other shares repurchased/forfeited				(95,073)		$ (1)	(95,072)
Net income	199,224			199,224				199,224
Change in unrealized translation				8,665					8,665
Total comprehensive income				207,889				199,224	8,665
Ending balance (in shares) at Dec. 31, 2023		52,027,676	17,114,509		52,027,676	17,114,509
Ending balance at Dec. 31, 2023	1,769,303			1,769,303	$ 52	$ 17	701,996	1,121,387	(54,149)
Beginning balance (in shares) at Sep. 30, 2023					51,565,992	17,427,625
Beginning balance at Sep. 30, 2023				1,646,076	$ 52	$ 17	638,404	1,087,326	(79,723)
Increase (Decrease) in Stockholders' Equity
Shares issued (in shares)						165,834
Shares issued				20,955			20,955
Stock compensation vesting				42,735			42,735
Dividends				(36,742)				(36,742)
Conversion of Class B to Class A shares (in shares)					461,684	(461,684)
Other shares repurchased/forfeited (in shares)					0	(17,266)
Other shares repurchased/forfeited				(98)			(98)
Net income	70,803			70,803				70,803
Change in unrealized translation				25,574					25,574
Total comprehensive income				96,377				70,803	25,574
Ending balance (in shares) at Dec. 31, 2023		52,027,676	17,114,509		52,027,676	17,114,509
Ending balance at Dec. 31, 2023	$ 1,769,303			$ 1,769,303	$ 52	$ 17	$ 701,996	$ 1,121,387	$ (54,149)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 199,224	$ 194,563
Adjustments to reconcile net income to net cash used in operating activities:
Deferred income taxes	3,661	(10,985)
Provision for bad debts, net	9,353	11,676
Unrealized losses on investment securities	(701)	4,264
Non-cash lease expense	26,528	17,988
Depreciation and amortization	20,275	51,874
Contingent consideration valuation	(969)	2,869
Compensation expense – equity and liability classified share awards (Note 14)	126,123	122,766
Changes in operating assets and liabilities:
Accounts receivable	26,331	(234)
Unbilled work in progress	(63,451)	(52,742)
Other assets	(4,643)	(17,896)
Accrued salaries and bonuses	(191,814)	(312,888)
Accounts payable and accrued expenses and other	(31,379)	(49,109)
Deferred income	319	11,823
Income taxes payable	(15,709)	(75,844)
Net cash provided by/(used) in operating activities	103,148	(101,875)
Cash flows from investing activities:
Purchases of investment securities	(3,420)	(14,496)
Sales or maturities of investment securities	6,062	82,600
Acquisition of business, net of cash acquired	(3,853)	0
Purchase of property and equipment, net	(54,507)	(31,646)
Net cash provided by/(used in) investing activities	(55,718)	36,458
Cash flows from financing activities:
Dividends paid	(112,900)	(108,043)
Share repurchases	(24,952)	(49,091)
Payments to settle employee tax obligations on share-based awards	(70,120)	(42,283)
Earnouts paid	(7,053)	(6,272)
Loans payable to former shareholders redeemed	0	(232)
Repayments of loans to non-affiliates	0	(2,488)
Other financing activities	587	570
Net cash used in financing activities	(214,438)	(207,839)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	8,101	(11,019)
Net decrease in cash, cash equivalents, and restricted cash	(158,907)	(284,275)
Cash, cash equivalents, and restricted cash – beginning of period	714,812	834,070
Cash, cash equivalents, and restricted cash – end of period	555,905	549,795
Supplemental disclosures of non-cash activities:
Shares issued via vesting of liability classified awards	5,176	5,955
Shares issued as consideration for acquisition	19,343	0
Cash acquired through acquisitions	228	0
Cash paid during the period:
Interest	319	3,261
Taxes, net of refunds	85,324	135,919
Regulatory fines and penalties	$ 15,000	$ 0

BACKGROUND

BACKGROUND	9 Months Ended
	Dec. 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 is 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 through more than thirty offices in the United States of America, South America, Europe, the Middle East, and the Asia-Pacific region. The Company earns professional fees by providing focused services across the following three business segments: • Corporate Finance ("CF") provides general financial advisory services, 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 M&A transactions, as well as leveraged loans, private mezzanine debt, high-yield debt, initial public offerings, follow-ons, convertibles, equity private placements, and private equity, 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 through bankruptcy proceedings and 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; liability management transactions; 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	9 Months Ended
	Dec. 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. The results of operations for the nine months ended December 31, 2023 are not necessarily indicative of the results of operations to be expected for the fiscal year ending March 31, 2024. The unaudited interim consolidated financial statements and notes to consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023 (the "2023 Annual Report"). 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. The Company carries its investments in unconsolidated entities over which it has significant influence but does not control using the equity method, and includes its ownership share of the income and losses in Other (income)/expense, net in the Consolidated Statements of Comprehensive Income. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements. Management estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities at the reporting date. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Items subject to such estimates and assumptions include, 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 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 engagement 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 or reports 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 December 31, 2023 we had one foreign currency forward contract outstanding between the U.S. dollar and the pound sterling with an aggregate notional value of $2.0 million. As of December 31, 2022, we had one foreign currency forward contract outstanding between the pound sterling and the euro with a notional value of €15.3 million. The change in fair value of these contracts represented a net gain/(loss) 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, Loans payable to former shareholders, and an unsecured loan which is included in Loan payable to non-affiliate approximates 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 December 31, 2023 and March 31, 2023, 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. December 31, 2023 March 31, 2023 Cash and cash equivalents $ 555,532 $ 714,439 Restricted cash (1) 373 373 Total cash, cash equivalents, and restricted cash $ 555,905 $ 714,812 (1) Restricted cash as of December 31, 2023 and March 31, 2023 consisted of a cash secured 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 collectability 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 December 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 December 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 December 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 Accounting for business combinations requires management to make significant estimates and assumptions. 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 consideration in excess recorded 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	3 Months Ended
	Dec. 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: April 1, 2023 Increase/(Decrease) December 31, 2023 Receivables (1) $ 175,023 $ (29,846) $ 145,177 Unbilled work in progress, net of allowance for credit losses 115,045 59,133 174,178 Contract Assets (1) 7,006 572 7,578 Contract Liabilities (2) 40,695 319 41,014 (1) Included within Accounts receivable, net of allowance for credit losses in the December 31, 2023 Consolidated Balance Sheets. (2) Included within Deferred income in the December 31, 2023 Consolidated Balance Sheets. During the three and nine months ended December 31, 2023, $4.1 million and $24.8 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 December 31, 2023.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	Related Party Transactions The Company provides financial advisory services to certain related parties, and received fees for these services totaling approximately $6,686 and $8,223 for the three and nine months ended December 31, 2023, respectively. Accounts receivable and Unbilled work in progress in the accompanying Consolidated Balance Sheets include amounts pertaining to these services of $422 and $6,554 as of December 31, 2023, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	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: December 31, 2023 Level I Level II Level III Total Corporate debt securities $ — $ 20,913 $ — $ 20,913 U.S. treasury securities — 13,928 — 13,928 Certificates of deposit — 526 — 526 Total assets measured at fair value $ — $ 35,367 $ — $ 35,367 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 assets measured at fair value $ 184 $ 37,125 $ — $ 37,309 The Company had no transfers between fair value levels during the nine months ended December 31, 2023.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	9 Months Ended
	Dec. 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: December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (1) Corporate debt securities $ 21,790 $ 16 $ (893) $ 20,913 U.S. treasury securities 14,103 148 (323) 13,928 Certificates of deposit 526 — — 526 Total securities with unrealized gains/(losses) $ 36,419 $ 164 $ (1,216) $ 35,367 March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (1) 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 Scheduled maturities of the debt securities held by the Company included within the investment securities portfolio were as follows: December 31, 2023 March 31, 2023 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 5,364 $ 5,332 $ 6,243 $ 6,254 Due within years two through five 31,055 30,035 33,379 31,055 Total debt within the investment securities portfolio $ 36,419 $ 35,367 $ 39,622 $ 37,309

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES	9 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
ALLOWANCE FOR CREDIT LOSSES	Allowance for Credit Losses The following table presents information about the Company's allowance for credit losses: December 31, 2023 Beginning balance $ 14,395 Provision for bad debt, net 9,353 Recovery/(write-off) of uncollectible accounts, net (4,490) Ending balance $ 19,258

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	Property and Equipment Property and equipment, net of accumulated depreciation consists of the following: December 31, 2023 March 31, 2023 Equipment $ 12,625 $ 10,178 Furniture and fixtures 21,678 19,508 Leasehold improvements 144,382 107,156 Computers and software 13,646 12,086 Other 7,859 7,411 Total cost 200,190 156,339 Less: accumulated depreciation (69,494) (67,994) Total net book value $ 130,696 $ 88,345 Additions to property and equipment during the nine months ended December 31, 2023 were primarily related to leasehold improvement costs incurred.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Dec. 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 December 31, 2023 March 31, 2023 Goodwill Indefinite $ 1,128,610 $ 1,087,784 Tradename-Houlihan Lokey Indefinite 192,210 192,210 Other intangible assets Varies 99,010 93,917 Total cost 1,419,830 1,373,911 Less: accumulated amortization (91,279) (82,757) Goodwill and other intangibles, net $ 1,328,551 $ 1,291,154 Goodwill attributable to the Company’s business segments is as follows: April 1, 2023 Change (1) December 31, 2023 Corporate Finance $ 833,254 $ 40,826 $ 874,080 Financial Restructuring 162,815 — 162,815 Financial and Valuation Advisory 91,715 — 91,715 Goodwill $ 1,087,784 $ 40,826 $ 1,128,610 (1) Changes pertain primarily to the acquisition of 7 Mile Advisors, LLC. See Note 10 for additional information. Amortization expense of approximately $1,560 and $10,367 was recognized for the three months ended December 31, 2023 and 2022, respectively, and $8,275 and $41,756 for the nine months ended December 31, 2023 and 2022, 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, Remainder of 2024 $ 2,486 2025 4,941 2026 — 2027 — 2028 and thereafter —

LOANS PAYABLE

LOANS PAYABLE	9 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
LOANS PAYABLE	Loans Payable On 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 December 31, 2023 and March 31, 2023, no principal was outstanding under the 2019 Line of Credit. 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 did not incur interest expense on this note during the three months ended December 31, 2023 and 2022, respectively, and incurred interest expense of $0 and $18 for the nine months ended December 31, 2023 and 2022, 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 stock over a four-year period in equal annual installments starting in December 2020. The Company incurred interest expense on this note of $17 and $20 for the three months ended December 31, 2023 and 2022, respectively, and $58 and $61 for the nine months ended December 31, 2023 and 2022, 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 stock over a three-year period in equal annual installments starting in August 2021. As of September 30, 2023, the note was fully converted and exchanged for a combination of cash and Company stock. Contingent consideration was also issued in connection with the acquisition of MVP, the remaining liability of which was settled during the three months ended September 30, 2023. The carrying value of the MVP contingent consideration was $12.9 million as of March 31, 2023, which is included in Other liabilities in our Consolidated Balance Sheet. In July 2021, the Company acquired Baylor Klein, Ltd (“BK”). Contingent consideration was issued in connection with the acquisition of BK, which had a carrying value of $18.5 million and $18.1 million as of December 31, 2023 and March 31, 2023, respectively, which is included in Other liabilities in our Consolidated Balance Sheets. In December 2023, the Company acquired 7 Mile Advisors, LLC ("7MA"). Total consideration included an unsecured note of $14.5 million bearing interest at an annual rate of 2.00% and payable on December 11, 2053. The note was issued by the Company to the former principals and sellers of 7MA (who became employees of the Company). Under certain circumstances, the note will be pre-paid to each seller for Company stock over a three-year period in equal annual installments starting in December 2024. The Company incurred interest expense of $16 for the three and nine months ended December 31, 2023. Contingent consideration was also issued in connection with the acquisition of 7MA, which had a carrying value of $4.0 million as of December 31, 2023, and is included in Other liabilities in our Consolidated Balance Sheets.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS)	9 Months Ended
	Dec. 31, 2023
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE (LOSS)	Accumulated Other Comprehensive (Loss) Accumulated other comprehensive (loss) is comprised of Foreign currency translation adjustments of $25,574 and $24,204 for the three months ended December 31, 2023 and 2022, respectively, and $8,665 and $(26,659) for the nine months ended December 31, 2023 and 2022, respectively. Accumulated other comprehensive (loss) as of December 31, 2023 was comprised of the following: Balance, April 1, 2023 $ (62,814) Foreign currency translation adjustment 8,665 Balance, December 31, 2023 $ (54,149)

INCOME TAXES

INCOME TAXES	9 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	Income TaxesThe Company’s provision for income taxes was $31,772 and $20,559 for the three months ended December 31, 2023 and 2022, respectively, and $73,276 and $49,135 for the nine months ended December 31, 2023 and 2022, respectively. These represent effective tax rates of 31.0% and 24.6% for the three months ended December 31, 2023 and 2022, respectively, and 26.9% and 20.2% for the nine months ended December 31, 2023 and 2022, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	Earnings Per Share The calculations of basic and diluted earnings per share attributable to holders of shares of common stock are presented below. Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Numerator: Net income attributable Houlihan Lokey, Inc. $ 70,803 $ 63,051 $ 199,224 $ 194,563 Denominator: Weighted average shares of common stock outstanding — basic 64,411,668 63,381,024 64,258,216 63,360,741 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 3,474,633 6,344,668 3,638,086 6,092,847 Weighted average shares of common stock outstanding — diluted 67,886,301 69,725,692 67,896,302 69,453,588 Basic earnings per share $ 1.10 $ 0.99 $ 3.10 $ 3.07 Diluted earnings per share $ 1.04 $ 0.90 $ 2.93 $ 2.80

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
	Dec. 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 approximately $3,471 and $5,302 to these plans during the three months ended December 31, 2023 and 2022, respectively, and $9,583 and $9,103 for the nine months ended December 31, 2023 and 2022, respectively. Share-Based Incentive Plans 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) six independent directors in the first quarter of fiscal 2023 at $84.55 and (ii) six independent directors in the first quarter of fiscal 2024 at $87.60. No excess tax benefit was recognized during the three months ended December 31, 2023 and 2022. An excess tax benefit of $7,299 and $8,102 was recognized during the nine months ended December 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 excess tax benefits recognized during the nine months ended December 31, 2023 and 2022 were related to shares vested in May 2023 and May 2022, respectively. The share awards are classified as equity awards at the time of grant unless the number of shares granted is unknown. Awards that are settleable in shares based upon a future determinable stock price are classified as 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 which relate to the Company's 2016 Incentive Plan during the nine months ended December 31, 2023 and 2022 was as follows: Unvested Share Awards Shares Weighted Average Grant Date Fair Value Balance, April 1, 2023 5,281,779 $ 79.57 Granted 1,244,902 87.60 Vested (1,639,703) 74.21 Forfeited/Repurchased (321,337) 84.21 Balance, December 31, 2023 4,565,641 $ 83.36 Balance, April 1, 2022 4,314,375 $ 71.42 Granted 2,264,906 84.78 Vested (1,175,311) 59.77 Forfeited/Repurchased (98,299) 79.93 Balance, December 31, 2022 5,305,671 $ 79.55 Activity in liability-classified share awards during the nine months ended December 31, 2023 and 2022 was as follows: Awards Settleable in Shares Fair Value Balance, April 1, 2023 $ 11,971 Offer to grant 9,094 Share price determined-converted to cash payments (3) Share price determined-transferred to equity grants (6,172) Forfeited — Balance, December 31, 2023 $ 14,890 Balance, April 1, 2022 $ 14,349 Offer to grant 5,318 Share price determined-converted to cash payments (2,664) Share price determined-transferred to equity grants (3,411) Forfeited — Balance, December 31, 2022 $ 13,592 Activity of our RSUs during the nine months ended December 31, 2023 and 2022 was as follows: Restricted Stock Units RSUs Weighted Average Grant Date Fair Value RSUs as of April 1, 2023 1,050,646 $ 95.46 Issued 94,286 87.60 Forfeitures (32,682) 90.82 Vested (266,883) 94.38 RSUs as of December 31, 2023 845,367 $ 95.09 RSUs as of April 1, 2022 1,038,503 $ 95.27 Issued 50,556 84.55 Forfeitures (14,275) 96.82 Vested (24,138) 63.75 RSUs as of December 31, 2022 1,050,646 $ 95.45 Compensation expenses for the Company associated with both equity-classified and liability-classified awards totaled $43,974 and $40,760 for the three months ended December 31, 2023 and 2022, respectively, and $126,123 and $122,766 for the nine months ended December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, there was $460,973 and $407,168, 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 3.2 years and 1.6 years, as of December 31, 2023 and 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 increases annually beginning on April 1, 2018 and ending on April 1, 2025, by an amount equal to the lowest of: • 6,540,659 shares of our Class A common stock and Class B common stock; • Six percent of the shares of Class A common stock and Class B common stock outstanding on the final day of the immediately preceding fiscal year; and • such smaller number of shares as determined by our board of directors.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Dec. 31, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	Stockholders' Equity There are two classes of authorized Company 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. Class A Common Stock During the three months ended December 31, 2023 and 2022, no shares were issued to non-employee directors and 461,684 and 670,268 shares were converted from Class B to Class A, respectively. During the nine months ended December 31, 2023 and 2022, 6,609 and 6,739 shares were issued to non-employee directors, respectively, and 1,621,243 and 1,168,127 shares were converted from Class B to Class A, respectively. As of December 31, 2023, there were 51,962,741 Class A shares held by the public and 64,935 Class A shares held by non-employee directors. As of December 31, 2022, there were 50,292,817 Class A shares held by the public and 58,326 Class A shares held by non-employee directors. Class B Common Stock As of December 31, 2023 and 2022, there were 17,114,509 and 18,271,833 of Class B shares held by the HL Voting Trust, respectively. Dividends Previously declared dividends related to unvested shares of $20,110 and $15,322 were unpaid as of December 31, 2023 and 2022, respectively. 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 December 31, 2023, shares with a value of $457.7 million remained available for purchase under the program. During the three months ended December 31, 2023 and 2022, the Company repurchased 884 and 1,159 shares, respectively, of Class B common stock, to satisfy $95 and $92, respectively, of required withholding taxes in connection with the vesting of restricted awards. During the three months ended December 31, 2022, the Company repurchased 100,000 shares of its outstanding Class A common stock at a weighted average price of $91.68 per share, excluding commissions, for an aggregate purchase price of $9,168. No such repurchases were made during the three months ended December 31, 2023. During the nine months ended December 31, 2023 and 2022, the Company repurchased 767,716 and 507,621 shares, respectively, of Class B common stock, to satisfy $70,120 and $42,283 of required withholding taxes in connection with the vesting of restricted awards, respectively. During the nine months ended December 31, 2023, the Company repurchased 239,100 shares of its outstanding Class A common stock at a weighted average price of $104.36 per share, excluding commissions, for an aggregate purchase price of $24,952. During the nine months ended December 31, 2022, the Company repurchased 677,287 shares of its outstanding Class A common stock at a weighted average price of $85.74 per share, excluding commissions, for an aggregate purchase price of $58,073.

LEASES

LEASES	9 Months Ended
	Dec. 31, 2023
Leases [Abstract]
LEASES	Leases Lessee Arrangements Operating Leases We lease real estate and equipment used in operations from third parties. As of December 31, 2023, the remaining term of our operating leases ranged from 1 to 16 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 December 31, 2023. Maturity of Operating Leases Operating Leases Remaining 2024 $ 4,788 2025 44,993 2026 52,663 2027 50,284 2028 49,650 Thereafter 374,473 Total 576,851 Less: present value discount (156,744) Operating lease liabilities $ 420,107 As of December 31, 2023, the Company has entered into operating leases for additional office space that have not yet commenced for approximately $20.1 million. These operating leases will commence during fiscal year 2024 with a lease term of 5 years to 13 years. Lease costs Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Operating lease expense $ 15,312 $ 9,152 $ 41,120 $ 24,959 Variable lease expense (1) 4,070 3,756 14,783 13,000 Short-term lease expense 42 49 150 136 Less: Sublease income (422) (105) (635) (168) Total lease costs $ 19,002 $ 12,852 $ 55,418 $ 37,927 (1) Primarily consists of payments for property taxes, common area maintenance and usage based operating costs. Weighted-average details December 31, 2023 2022 Weighted-average remaining lease term (years) 12 11 Weighted-average discount rate 5.2 % 3.7 % Supplemental cash flow information related to leases: Nine Months Ended December 31, 2023 2022 Operating cash flows: Cash paid for amounts included in the measurement of Operating lease liabilities $ 25,657 $ 27,165 Non-cash activity: Operating lease right-of-use assets obtained in exchange of Operating lease liabilities $ 19,514 $ 108,570 Change in Operating lease right-of-use assets due to remeasurement 26,211 1,357

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Commitments and Contingencies The Company has been named in various legal actions arising in the normal course of business. In the opinion of the Company, in consultation with legal counsel, the final resolutions of these matters are not expected to have a material adverse effect on the Company’s financial condition, operations and cash flows. 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 December 31, 2023 or March 31, 2023. There have been no material changes outside of the ordinary course of business to our known contractual obligations, which are included in Item 7 of our 2023 Annual Report.

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	9 Months Ended
	Dec. 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. Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Revenues by segment Corporate Finance $ 310,512 $ 291,734 $ 819,247 $ 870,701 Financial Restructuring 128,565 98,819 366,603 275,351 Financial and Valuation Advisory 72,053 65,946 208,098 218,628 Revenues $ 511,130 $ 456,499 $ 1,393,948 $ 1,364,680 Segment profit (1) Corporate Finance $ 93,254 $ 83,753 $ 245,393 $ 269,112 Financial Restructuring 43,284 40,244 119,377 84,503 Financial and Valuation Advisory 14,332 12,357 48,824 57,560 Total segment profit 150,870 136,354 413,594 411,175 Corporate expenses (2) 54,330 52,181 153,430 160,061 Other (income)/expense, net (6,035) 563 (12,336) 7,416 Income before provision for income taxes $ 102,575 $ 83,610 $ 272,500 $ 243,698 (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. December 31, 2023 March 31, 2023 Assets by segment Corporate Finance $ 1,085,331 $ 1,015,760 Financial Restructuring 182,302 196,289 Financial and Valuation Advisory 179,026 165,395 Total segment assets 1,446,659 1,377,444 Corporate assets 1,512,249 1,591,370 Total assets $ 2,958,908 $ 2,968,814 Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Income before provision for income taxes by geography United States $ 68,944 $ 55,576 $ 182,626 $ 169,599 International 33,631 28,034 89,874 74,099 Income before provision for income taxes $ 102,575 $ 83,610 $ 272,500 $ 243,698 Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Revenues by geography United States $ 356,570 $ 322,535 $ 1,013,264 $ 1,003,592 International 154,560 133,964 380,684 361,088 Revenues $ 511,130 $ 456,499 $ 1,393,948 $ 1,364,680 December 31, 2023 March 31, 2023 Assets by geography United States $ 1,846,253 $ 1,861,296 International 1,112,655 1,107,518 Total assets $ 2,958,908 $ 2,968,814

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Subsequent EventsOn January 25, 2024, 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 March 15, 2024, to shareholders of record on March 1, 2024

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 70,803	$ 63,051	$ 199,224	$ 194,563

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries where it has a controlling financial interest. All intercompany balances and transactions have been eliminated. The Company carries its investments in unconsolidated entities over which it has significant influence but does not control using the equity method, and includes its ownership share of the income and losses in Other (income)/expense, net in the Consolidated Statements of Comprehensive Income.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements. Management estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities at the reporting date. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Items subject to such estimates and assumptions include, 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 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 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 engagement 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 or reports 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
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. Other operating expenses
Cash and Cash Equivalents, and Restricted Cash	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 December 31, 2023 and March 31, 2023, 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. December 31, 2023 March 31, 2023 Cash and cash equivalents $ 555,532 $ 714,439 Restricted cash (1) 373 373 Total cash, cash equivalents, and restricted cash $ 555,905 $ 714,812 (1) Restricted cash as of December 31, 2023 and March 31, 2023 consisted of a cash secured letter of credit issued for our Frankfurt office.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of 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. December 31, 2023 March 31, 2023 Cash and cash equivalents $ 555,532 $ 714,439 Restricted cash (1) 373 373 Total cash, cash equivalents, and restricted cash $ 555,905 $ 714,812 (1) Restricted cash as of December 31, 2023 and March 31, 2023 consisted of a cash secured letter of credit issued for our Frankfurt office.
Schedule of Restricted Cash	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. December 31, 2023 March 31, 2023 Cash and cash equivalents $ 555,532 $ 714,439 Restricted cash (1) 373 373 Total cash, cash equivalents, and restricted cash $ 555,905 $ 714,812 (1) Restricted cash as of December 31, 2023 and March 31, 2023 consisted of a cash secured letter of credit issued for our Frankfurt office.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Dec. 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: April 1, 2023 Increase/(Decrease) December 31, 2023 Receivables (1) $ 175,023 $ (29,846) $ 145,177 Unbilled work in progress, net of allowance for credit losses 115,045 59,133 174,178 Contract Assets (1) 7,006 572 7,578 Contract Liabilities (2) 40,695 319 41,014 (1) Included within Accounts receivable, net of allowance for credit losses in the December 31, 2023 Consolidated Balance Sheets. (2) Included within Deferred income in the December 31, 2023 Consolidated Balance Sheets.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Information About Other Financial Assets	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: December 31, 2023 Level I Level II Level III Total Corporate debt securities $ — $ 20,913 $ — $ 20,913 U.S. treasury securities — 13,928 — 13,928 Certificates of deposit — 526 — 526 Total assets measured at fair value $ — $ 35,367 $ — $ 35,367 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 assets measured at fair value $ 184 $ 37,125 $ — $ 37,309

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	9 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities	The amortized cost and gross unrealized gains (losses) of marketable investment securities accounted under the fair value method were as follows: December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (1) Corporate debt securities $ 21,790 $ 16 $ (893) $ 20,913 U.S. treasury securities 14,103 148 (323) 13,928 Certificates of deposit 526 — — 526 Total securities with unrealized gains/(losses) $ 36,419 $ 164 $ (1,216) $ 35,367 March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (1) 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
Schedule of Maturities of Debt Securities	Scheduled maturities of the debt securities held by the Company included within the investment securities portfolio were as follows: December 31, 2023 March 31, 2023 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 5,364 $ 5,332 $ 6,243 $ 6,254 Due within years two through five 31,055 30,035 33,379 31,055 Total debt within the investment securities portfolio $ 36,419 $ 35,367 $ 39,622 $ 37,309

ALLOWANCE FOR CREDIT LOSSES (Ta

ALLOWANCE FOR CREDIT LOSSES (Tables)	9 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Allowance for Uncollectible Accounts Receivable	December 31, 2023 Beginning balance $ 14,395 Provision for bad debt, net 9,353 Recovery/(write-off) of uncollectible accounts, net (4,490) Ending balance $ 19,258

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net of accumulated depreciation consists of the following: December 31, 2023 March 31, 2023 Equipment $ 12,625 $ 10,178 Furniture and fixtures 21,678 19,508 Leasehold improvements 144,382 107,156 Computers and software 13,646 12,086 Other 7,859 7,411 Total cost 200,190 156,339 Less: accumulated depreciation (69,494) (67,994) Total net book value $ 130,696 $ 88,345

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Other Intangibles	The following table provides a reconciliation of Goodwill and other intangibles, net reported on the Consolidated Balance Sheets. Useful Lives December 31, 2023 March 31, 2023 Goodwill Indefinite $ 1,128,610 $ 1,087,784 Tradename-Houlihan Lokey Indefinite 192,210 192,210 Other intangible assets Varies 99,010 93,917 Total cost 1,419,830 1,373,911 Less: accumulated amortization (91,279) (82,757) Goodwill and other intangibles, net $ 1,328,551 $ 1,291,154
Schedule of Goodwill	Goodwill attributable to the Company’s business segments is as follows: April 1, 2023 Change (1) December 31, 2023 Corporate Finance $ 833,254 $ 40,826 $ 874,080 Financial Restructuring 162,815 — 162,815 Financial and Valuation Advisory 91,715 — 91,715 Goodwill $ 1,087,784 $ 40,826 $ 1,128,610 (1) Changes pertain primarily to the acquisition of 7 Mile Advisors, LLC. See Note 10 for additional information.
Estimated Future Amortization for Amortizable Intangible Assets	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, Remainder of 2024 $ 2,486 2025 4,941 2026 — 2027 — 2028 and thereafter —

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) (Tables)	9 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Accumulated other comprehensive (loss) as of December 31, 2023 was comprised of the following: Balance, April 1, 2023 $ (62,814) Foreign currency translation adjustment 8,665 Balance, December 31, 2023 $ (54,149)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Net Income Per Share	The calculations of basic and diluted earnings per share attributable to holders of shares of common stock are presented below. Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Numerator: Net income attributable Houlihan Lokey, Inc. $ 70,803 $ 63,051 $ 199,224 $ 194,563 Denominator: Weighted average shares of common stock outstanding — basic 64,411,668 63,381,024 64,258,216 63,360,741 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 3,474,633 6,344,668 3,638,086 6,092,847 Weighted average shares of common stock outstanding — diluted 67,886,301 69,725,692 67,896,302 69,453,588 Basic earnings per share $ 1.10 $ 0.99 $ 3.10 $ 3.07 Diluted earnings per share $ 1.04 $ 0.90 $ 2.93 $ 2.80

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Activity in Equity Classified Share Awards	Activity in equity-classified share awards which relate to the Company's 2016 Incentive Plan during the nine months ended December 31, 2023 and 2022 was as follows: Unvested Share Awards Shares Weighted Average Grant Date Fair Value Balance, April 1, 2023 5,281,779 $ 79.57 Granted 1,244,902 87.60 Vested (1,639,703) 74.21 Forfeited/Repurchased (321,337) 84.21 Balance, December 31, 2023 4,565,641 $ 83.36 Balance, April 1, 2022 4,314,375 $ 71.42 Granted 2,264,906 84.78 Vested (1,175,311) 59.77 Forfeited/Repurchased (98,299) 79.93 Balance, December 31, 2022 5,305,671 $ 79.55
Activity in Liability Classified Share Awards	Activity in liability-classified share awards during the nine months ended December 31, 2023 and 2022 was as follows: Awards Settleable in Shares Fair Value Balance, April 1, 2023 $ 11,971 Offer to grant 9,094 Share price determined-converted to cash payments (3) Share price determined-transferred to equity grants (6,172) Forfeited — Balance, December 31, 2023 $ 14,890 Balance, April 1, 2022 $ 14,349 Offer to grant 5,318 Share price determined-converted to cash payments (2,664) Share price determined-transferred to equity grants (3,411) Forfeited — Balance, December 31, 2022 $ 13,592

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Dec. 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 December 31, 2023. Maturity of Operating Leases Operating Leases Remaining 2024 $ 4,788 2025 44,993 2026 52,663 2027 50,284 2028 49,650 Thereafter 374,473 Total 576,851 Less: present value discount (156,744) Operating lease liabilities $ 420,107
Lease, Cost	Lease costs Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Operating lease expense $ 15,312 $ 9,152 $ 41,120 $ 24,959 Variable lease expense (1) 4,070 3,756 14,783 13,000 Short-term lease expense 42 49 150 136 Less: Sublease income (422) (105) (635) (168) Total lease costs $ 19,002 $ 12,852 $ 55,418 $ 37,927 (1) Primarily consists of payments for property taxes, common area maintenance and usage based operating costs. Weighted-average details December 31, 2023 2022 Weighted-average remaining lease term (years) 12 11 Weighted-average discount rate 5.2 % 3.7 % Supplemental cash flow information related to leases: Nine Months Ended December 31, 2023 2022 Operating cash flows: Cash paid for amounts included in the measurement of Operating lease liabilities $ 25,657 $ 27,165 Non-cash activity: Operating lease right-of-use assets obtained in exchange of Operating lease liabilities $ 19,514 $ 108,570 Change in Operating lease right-of-use assets due to remeasurement 26,211 1,357

SEGMENT AND GEOGRAPHICAL INFO_2

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	9 Months Ended
	Dec. 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. Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Revenues by segment Corporate Finance $ 310,512 $ 291,734 $ 819,247 $ 870,701 Financial Restructuring 128,565 98,819 366,603 275,351 Financial and Valuation Advisory 72,053 65,946 208,098 218,628 Revenues $ 511,130 $ 456,499 $ 1,393,948 $ 1,364,680 Segment profit (1) Corporate Finance $ 93,254 $ 83,753 $ 245,393 $ 269,112 Financial Restructuring 43,284 40,244 119,377 84,503 Financial and Valuation Advisory 14,332 12,357 48,824 57,560 Total segment profit 150,870 136,354 413,594 411,175 Corporate expenses (2) 54,330 52,181 153,430 160,061 Other (income)/expense, net (6,035) 563 (12,336) 7,416 Income before provision for income taxes $ 102,575 $ 83,610 $ 272,500 $ 243,698 (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. December 31, 2023 March 31, 2023 Assets by segment Corporate Finance $ 1,085,331 $ 1,015,760 Financial Restructuring 182,302 196,289 Financial and Valuation Advisory 179,026 165,395 Total segment assets 1,446,659 1,377,444 Corporate assets 1,512,249 1,591,370 Total assets $ 2,958,908 $ 2,968,814
Revenue by Geographic Areas	Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Income before provision for income taxes by geography United States $ 68,944 $ 55,576 $ 182,626 $ 169,599 International 33,631 28,034 89,874 74,099 Income before provision for income taxes $ 102,575 $ 83,610 $ 272,500 $ 243,698 Three Months Ended December 31, Nine Months Ended December 31, 2023 2022 2023 2022 Revenues by geography United States $ 356,570 $ 322,535 $ 1,013,264 $ 1,003,592 International 154,560 133,964 380,684 361,088 Revenues $ 511,130 $ 456,499 $ 1,393,948 $ 1,364,680
Assets by Geographical Areas	December 31, 2023 March 31, 2023 Assets by geography United States $ 1,846,253 $ 1,861,296 International 1,112,655 1,107,518 Total assets $ 2,958,908 $ 2,968,814

BACKGROUND (Details)

BACKGROUND (Details)	9 Months Ended
	Dec. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments	3

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands, € in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 EUR (€)
Related Party Transaction [Line Items]
Number of business segments | segment			3
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other operating expenses
Foreign Currency Forward Contract
Related Party Transaction [Line Items]
Fair value gains (losses) included in other operating expenses	$ 11	$ (589)
Foreign Currency Forward Contract | United States of America, Dollars
Related Party Transaction [Line Items]
Aggregate notional value of foreign currency forward contract	$ 2,000		$ 2,000
Foreign Currency Forward Contract | United Kingdom, Pounds
Related Party Transaction [Line Items]
Aggregate notional value of foreign currency forward contract | €				€ 15.3

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 555,532	$ 714,439
Restricted cash	373	373
Total cash, cash equivalents, and restricted cash	$ 555,905	$ 714,812	$ 549,795	$ 834,070

REVENUE RECOGNITION - Summary o

REVENUE RECOGNITION - Summary of Receivables, Contract Assets, and Contract Liabilities (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2023 USD ($)
Receivables
Beginning balance	$ 175,023
Increase/(Decrease)	(29,846)
Ending balance	145,177
Unbilled work in process, net of allowance for doubtful accounts
Beginning balance	115,045
Increase/(Decrease)	59,133
Ending balance	174,178
Contract Assets
Beginning balance	7,006
Increase/(Decrease)	572
Ending balance	7,578
Contract Liabilities
Beginning balance	40,695
Increase/(Decrease)	319
Ending balance	$ 41,014

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized that was previously included in deferred income	$ 4.1	$ 24.8

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Mar. 31, 2023
Related Party Transaction [Line Items]
Other assets	$ 88,491	$ 88,491	$ 83,609
Accounts receivable	152,755	152,755	182,029
Unbilled work in progress	174,178	174,178	115,045
Related Party
Related Party Transaction [Line Items]
Accounts receivable	422	422
Unbilled work in progress	6,554	6,554
Certain Employees
Related Party Transaction [Line Items]
Other assets	29,522	29,522	$ 28,869
Financial Advisory Services
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 6,686	$ 8,223

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	$ 35,367	$ 37,309
Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	0	184
Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	35,367	37,125
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]
Total asset measured at fair value	20,913	23,617
Corporate debt securities | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	0	0
Corporate debt securities | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	20,913	23,617
Corporate debt securities | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	0	0
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	13,928	12,990
U.S. treasury securities | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	0	0
U.S. treasury securities | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	13,928	12,990
U.S. treasury securities | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	0	0
Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value		184
Common stock | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value		184
Common stock | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value		0
Common stock | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value		0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	526	518
Certificates of deposit | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	0	0
Certificates of deposit | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	526	518
Certificates of deposit | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	$ 0	$ 0

INVESTMENT SECURITIES - Schedul

INVESTMENT SECURITIES - Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities Held to Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 36,419
Gross Unrealized Gains	164
Gross Unrealized (Losses)	(1,216)
Fair Value	35,367
Amortized Cost		$ 39,622
Gross Unrealized Gains		21
Gross Unrealized (Losses)		(2,334)
Fair Value		37,309
Corporate debt securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	21,790
Gross Unrealized Gains	16
Gross Unrealized (Losses)	(893)
Fair Value	20,913
Amortized Cost		24,936
Gross Unrealized Gains		6
Gross Unrealized (Losses)		(1,325)
Fair Value		23,617
U.S. treasury securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	14,103
Gross Unrealized Gains	148
Gross Unrealized (Losses)	(323)
Fair Value	13,928
Amortized Cost		13,400
Gross Unrealized Gains		15
Gross Unrealized (Losses)		(425)
Fair Value		12,990
Common stock
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost		768
Gross Unrealized Gains		0
Gross Unrealized (Losses)		(584)
Fair Value		184
Certificates of deposit
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	526	518
Gross Unrealized Gains	0	0
Gross Unrealized (Losses)	0	0
Fair Value	$ 526	$ 518

INVESTMENT SECURITIES - Sched_2

INVESTMENT SECURITIES - Schedule of Maturities of Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Debt Securities, Held-to-maturity, Maturity [Abstract]
Amortized Cost , due within one year	$ 5,364	$ 6,243
Estimated Fair Value, due within one year	5,332	6,254
Amortized Cost, Due within years two through five years	31,055	33,379
Estimated Fair Value, Due within years two through five	30,035	31,055
Amortized Cost	36,419	39,622
Estimated Fair Value	$ 35,367	$ 37,309

ALLOWANCE FOR CREDIT LOSSES (De

ALLOWANCE FOR CREDIT LOSSES (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2023 USD ($)
Allowance for Uncollectible Accounts Receivable
Beginning balance	$ 14,395
Provision for bad debt, net	9,353
Recovery/(write-off) of uncollectible accounts, net	(4,490)
Ending balance	$ 19,258

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Total cost	$ 200,190		$ 200,190		$ 156,339
Less: accumulated depreciation	(69,494)		(69,494)		(67,994)
Total net book value	130,696		130,696		88,345
Depreciation expense	5,097	$ 2,890	12,000	$ 10,118
Equipment
Property, Plant and Equipment [Line Items]
Total cost	12,625		12,625		10,178
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total cost	21,678		21,678		19,508
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total cost	144,382		144,382		107,156
Computers and software
Property, Plant and Equipment [Line Items]
Total cost	13,646		13,646		12,086
Other
Property, Plant and Equipment [Line Items]
Total cost	$ 7,859		$ 7,859		$ 7,411

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 1,128,610	$ 1,087,784
Tradename-Houlihan Lokey	192,210	192,210
Other intangible assets	99,010	93,917
Total cost	1,419,830	1,373,911
Less: accumulated amortization	(91,279)	(82,757)
Goodwill and other intangibles, net	$ 1,328,551	$ 1,291,154

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill by Business Segments (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill
Goodwill, Beginning Balance	$ 1,087,784
Changes	40,826
Goodwill, Ending Balance	1,128,610
Corporate Finance
Goodwill
Goodwill, Beginning Balance	833,254
Changes	40,826
Goodwill, Ending Balance	874,080
Financial Restructuring
Goodwill
Goodwill, Beginning Balance	162,815
Changes	0
Goodwill, Ending Balance	162,815
Financial Advisory Services
Goodwill
Goodwill, Beginning Balance	91,715
Changes	0
Goodwill, Ending Balance	$ 91,715

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Finite-Lived Intangible Assets, Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,560	$ 10,367	$ 8,275	$ 41,756

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Finite-Lived Intangible Assets, Amortization Expense, Fiscal Year Maturity (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 2,486
2025	4,941
2026	0
2027	0
2028 and thereafter	$ 0

LOANS PAYABLE - Narrative (Deta

LOANS PAYABLE - Narrative (Details) - USD ($)				1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2020	Dec. 31, 2019	Aug. 23, 2019	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023	May 31, 2018
Bank of America | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity			$ 100,000,000
Margin adjustment			1%
Outstanding line of credit				$ 0	$ 0		$ 0		$ 0
Bank of America | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Bank of America | Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
2019 Line of Credit, Expansion Option | Bank of America | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity			$ 200,000,000
Loans Payable | Non Interest Bearing Unsecured Convertible Loan
Debt Instrument [Line Items]
Loans payable, face amount	$ 4,500,000			12,900,000	12,900,000		12,900,000
Debt instrument, exchange period	3 years
Loans Payable | 2.88% Loans Payable
Debt Instrument [Line Items]
Loans payable, face amount										$ 2,800,000
Stated interest rate (as a percent)										2.88%
Interest on debt							0	$ 18,000
Loans Payable | 2.75% Loans Payable
Debt Instrument [Line Items]
Loans payable, face amount		$ 4,000,000
Stated interest rate (as a percent)		2.75%
Interest on debt					17,000	$ 20,000	58,000	$ 61,000
Debt instrument, exchange period		4 years
Loans Payable | 2.00% Loans Payable
Debt Instrument [Line Items]
Loans payable, face amount				$ 14,500,000	$ 14,500,000		$ 14,500,000
Stated interest rate (as a percent)				2%	2%		2%
Interest on debt					$ 16,000		$ 16,000
Debt instrument, exchange period				3 years
Baylor Klein, Ltd
Debt Instrument [Line Items]
Contingent consideration				$ 18,500,000	18,500,000		18,500,000		$ 18,100,000
7 Mile Advisors, LLC
Debt Instrument [Line Items]
Contingent consideration				$ 4,000,000	$ 4,000,000		$ 4,000,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2023
Accumulated Other Comprehensive Loss
Balance, April 1, 2023		$ (62,814)
Balance, December 31, 2023	$ (54,149)	$ (54,149)
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Loss
Foreign currency translation adjustment	$ 8,665

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 31,772	$ 20,559	$ 73,276	$ 49,135
Effective tax rate	31%	24.60%	26.90%	20.20%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income	$ 70,803	$ 63,051	$ 199,224	$ 194,563
Denominator:
Weighted average shares of common stock outstanding—basic (in shares)	64,411,668	63,381,024	64,258,216	63,360,741
Weighted average number of incremental shares issuable from unvested restricted stock and restricted stock units, as calculated using the treasury stock method (in shares)	3,474,633	6,344,668	3,638,086	6,092,847
Weighted average shares of common stock outstanding—diluted (in shares)	67,886,301	69,725,692	67,896,302	69,453,588
Net income per share attributable to holders of shares of common stock
Basic (in dollars per share)	$ 1.10	$ 0.99	$ 3.10	$ 3.07
Diluted (in dollars per share)	$ 1.04	$ 0.90	$ 2.93	$ 2.80

EMPLOYEE BENEFIT PLANS - Define

EMPLOYEE BENEFIT PLANS - Defined Contribution Plans (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Defined contribution plan, amount of contributions	$ 3,471	$ 5,302	$ 9,583	$ 9,103

EMPLOYEE BENEFIT PLANS - Share-

EMPLOYEE BENEFIT PLANS - Share-Based Incentive Plans (Narrative) (Details) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 19, 2017	Aug. 31, 2015	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefits recorded			$ 7,299,000	$ 8,102,000
Compensation expenses			43,974,000	40,760,000	$ 126,123,000	$ 122,766,000
Unrecognized compensation cost			$ 460,973,000	$ 407,168,000	$ 460,973,000	$ 407,168,000
Unrecognized compensation cost, period for recognition					3 years 2 months 12 days	1 year 7 months 6 days
Increase (reduction) to common stock available for issuance (in shares)	12,200,000
Common stock available for issuance (in shares)	8,000,000
Increase (reduction) to common stock available for issuance (in shares)	(12,200,000)
Annual increase to number of shares available for issuance (as a percent)	6%
2006 Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares granted, price per share (in dollars per share)					$ 87.60	$ 84.78
2016 Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
2016 Incentive Plan | Director | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares granted, price per share (in dollars per share)			$ 87.60	$ 84.55
Class A Common Stock | April 1, 2018 | Amended And Restated 2016 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (reduction) to common stock available for issuance (in shares)	(6,540,659)
Increase (reduction) to common stock available for issuance (in shares)	6,540,659
Common Class B | April 1, 2018 | Amended And Restated 2016 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (reduction) to common stock available for issuance (in shares)	(6,540,659)
Increase (reduction) to common stock available for issuance (in shares)	6,540,659

EMPLOYEE BENEFIT PLANS - Activi

EMPLOYEE BENEFIT PLANS - Activity in Equity Classified Share Awards (Details) - $ / shares	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Units (RSUs)
Shares
Beginning balance (in shares)	1,050,646	1,038,503
Granted (in shares)	94,286	50,556
Vested (in shares)	(266,883)	(24,138)
Forfeited/Repurchased (in shares)	(32,682)	(14,275)
Ending balance (in shares)	845,367	1,050,646
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 95.46	$ 95.27
Granted (in dollars per share)	87.60	84.55
Vested (in dollars per share)	94.38	63.75
Forfeited/Repurchased (in dollars per share)	90.82	96.82
Ending balance (in dollars per share)	$ 95.09	$ 95.45
2006 Incentive Plan | Restricted Stock
Shares
Beginning balance (in shares)	5,281,779	4,314,375
Granted (in shares)	1,244,902	2,264,906
Vested (in shares)	(1,639,703)	(1,175,311)
Forfeited/Repurchased (in shares)	(321,337)	(98,299)
Ending balance (in shares)	4,565,641	5,305,671
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 79.57	$ 71.42
Granted (in dollars per share)	87.60	84.78
Vested (in dollars per share)	74.21	59.77
Forfeited/Repurchased (in dollars per share)	84.21	79.93
Ending balance (in dollars per share)	$ 83.36	$ 79.55

EMPLOYEE BENEFIT PLANS - Acti_2

EMPLOYEE BENEFIT PLANS - Activity in Liability Classified Shares (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Awards Settleable in Shares
Beginning balance	$ 11,971	$ 14,349
Offer to grant	9,094	5,318
Share price determined-converted to cash payments	(3)	(2,664)
Share price determined-transferred to equity grants	(6,172)	3,411
Forfeited	0	0
Ending balance	$ 14,890	$ 13,592

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2023 USD ($) vote shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) class_of_stock vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2023 shares	Mar. 31, 2023 shares	Sep. 30, 2022 shares	Mar. 31, 2022 shares	Jul. 31, 2021 USD ($)	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 | $	$ 20,110,000	$ 15,322,000	$ 20,110,000	$ 15,322,000
Authorized amount to be repurchased | $									$ 500,000,000
Stock repurchase program, remaining authorized repurchase amount | $	$ 457,700,000		$ 457,700,000
Weighted average price per share (in dollars per share) | $ / shares		$ 91.68	$ 104.36	$ 85.74
Class A Common Stock
Class of Stock [Line Items]
Common stock voting rights, number of votes | vote	1		1
Shares issued of common stock (in shares)	52,027,676		52,027,676			50,638,924
Number of common shares outstanding (in shares)	52,027,676		52,027,676			50,638,924
Outstanding common stock repurchased and retired (in shares)		100,000,000	239,100,000	677,287,000
Shares repurchased and retired, value | $		$ 9,168,000	$ 24,952,000	$ 58,073,000
Class A Common Stock | Common stock
Class of Stock [Line Items]
Shares issued to non-employee directors (in shares)			6,609	6,739
Conversion of Class B to Class A shares (in shares)	461,684	670,268	1,621,243	1,168,127
Number of common shares outstanding (in shares)	52,027,676	50,351,143	52,027,676	50,351,143	51,565,992	50,638,924	49,780,875	49,853,564
Class B Common Stock
Class of Stock [Line Items]
Common stock voting rights, number of votes | vote	10		10
Shares issued of common stock (in shares)	17,114,509		17,114,509			18,048,345
Number of common shares outstanding (in shares)	17,114,509		17,114,509			18,048,345
Outstanding common stock repurchased and retired (in shares)	884,000	1,159,000	767,716,000	507,621,000
Shares repurchased and retired, value | $	$ 95,000	$ 92,000	$ 70,120,000	$ 42,283,000
Class B Common Stock | Common stock
Class of Stock [Line Items]
Number of common shares outstanding (in shares)	17,114,509	18,271,833	17,114,509	18,271,833	17,427,625	18,048,345	18,874,122	17,649,555
Investor | Class A Common Stock
Class of Stock [Line Items]
Shares issued of common stock (in shares)	51,962,741,000	50,292,817,000	51,962,741,000	50,292,817,000
HL Holders | Class B Common Stock
Class of Stock [Line Items]
Number of common shares outstanding (in shares)	17,114,509,000	18,271,833,000	17,114,509,000	18,271,833,000
Director | Class A Common Stock
Class of Stock [Line Items]
Shares issued to non-employee directors (in shares)	0	0	6,609	6,739
Shares issued of common stock (in shares)	64,935,000	58,326,000	64,935,000	58,326,000

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Lease not yet commenced, amount	$ 20.1
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	1 year
Operating lease, lease not yet commenced, term of contract	5 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	16 years
Operating lease, lease not yet commenced, term of contract	13 years

LEASES - Maturity of Existing O

LEASES - Maturity of Existing Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Leases [Abstract]
Remaining 2024	$ 4,788
2025	44,993
2026	52,663
2027	50,284
2028	49,650
Thereafter	374,473
Total	576,851
Less: present value discount	(156,744)
Operating lease liabilities	$ 420,107	$ 374,869

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 15,312	$ 9,152	$ 41,120	$ 24,959
Variable lease expense	4,070	3,756	14,783	13,000
Short-term lease expense	42	49	150	136
Less: Sublease income	(422)
Less: Sublease income		(105)	(635)	(168)
Total lease costs	$ 19,002	$ 12,852	$ 55,418	$ 37,927

LEASES - Weighted Average Detai

LEASES - Weighted Average Details (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (years)	12 years	11 years
Weighted-average discount rate	5.20%	3.70%

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of Operating lease liabilities	$ 25,657	$ 27,165
Operating lease right-of-use assets obtained in exchange of Operating lease liabilities	19,514	108,570
Change in Operating lease right-of-use assets due to remeasurement	$ 26,211	$ 1,357

SEGMENT AND GEOGRAPHICAL INFO_3

SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue and Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 511,130	$ 456,499	$ 1,393,948	$ 1,364,680
Segment profit	150,870	136,354	413,594	411,175
Corporate expenses	414,590	372,326	1,133,784	1,113,566
Other (income)/expense, net	(6,035)	563	(12,336)	7,416
Income before provision for income taxes	102,575	83,610	272,500	243,698
Total assets	2,958,908		2,958,908		$ 2,968,814
Operating Segments
Segment Reporting Information [Line Items]
Total assets	1,446,659		1,446,659		1,377,444
Operating Segments | Corporate Finance
Segment Reporting Information [Line Items]
Revenues	310,512	291,734	819,247	870,701
Segment profit	93,254	83,753	245,393	269,112
Total assets	1,085,331		1,085,331		1,015,760
Operating Segments | Financial Restructuring
Segment Reporting Information [Line Items]
Revenues	128,565	98,819	366,603	275,351
Segment profit	43,284	40,244	119,377	84,503
Total assets	182,302		182,302		196,289
Operating Segments | Financial Advisory Services
Segment Reporting Information [Line Items]
Revenues	72,053	65,946	208,098	218,628
Segment profit	14,332	12,357	48,824	57,560
Total assets	179,026		179,026		165,395
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Corporate expenses	54,330	52,181	153,430	160,061
Total assets	1,512,249		1,512,249		$ 1,591,370
Segment Reconciling Items
Segment Reporting Information [Line Items]
Other (income)/expense, net	$ (6,035)	$ 563	$ (12,336)	$ 7,416

SEGMENT AND GEOGRAPHICAL INFO_4

SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue and Assets by Geographical Areas (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Income before provision for income taxes	$ 102,575	$ 83,610	$ 272,500	$ 243,698
Revenues	511,130	456,499	1,393,948	1,364,680
Total assets	2,958,908		2,958,908		$ 2,968,814
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Income before provision for income taxes	68,944	55,576	182,626	169,599
Revenues	356,570	322,535	1,013,264	1,003,592
Total assets	1,846,253		1,846,253		1,861,296
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Income before provision for income taxes	33,631	28,034	89,874	74,099
Revenues	154,560	$ 133,964	380,684	$ 361,088
Total assets	$ 1,112,655		$ 1,112,655		$ 1,107,518

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Jan. 25, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.55