Houlihan Lokey (HLI) 10-K 21 May 24 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2024	May 16, 2024	Sep. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--03-31
Document Transition Report	false
Entity File Number	001-37537
Entity Registrant Name	Houlihan Lokey, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-2770395
Entity Address, Address Line One	10250 Constellation Blvd.
Entity Address, Address Line Two	5th Floor
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90067
City Area Code	310
Local Phone Number	788-5200
Title of 12(b) Security	Class A Common Stock, par value $.001
Trading Symbol	HLI
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 5,510
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement for its 2024 annual meeting of stockholders, which the Registrant anticipates will be filed no later than 120 days after the end of its fiscal year, are incorporated by reference in Part III of this Form 10‑K.
Amendment Flag	false
Entity Central Index Key	0001302215
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Auditor Name	KPMG LLP
Auditor Location	Los Angeles, California
Auditor Firm ID	185
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		52,528,157
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,055,481

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Assets
Cash and cash equivalents	$ 721,235	$ 714,439
Restricted cash	619	373
Investment securities	38,005	37,309
Accounts receivable, net of allowance for credit losses of $8,767 and $8,773, respectively	199,630	182,029
Unbilled work in progress, net of allowance for credit losses of $6,132 and $5,622, respectively	192,012	115,045
Income taxes receivable	32,856	17,693
Deferred income taxes	90,064	104,941
Property and equipment, net	136,701	88,345
Operating lease right-of-use assets	344,024	333,877
Goodwill	1,127,497	1,087,784
Other intangible assets, net	197,439	203,370
Other assets	90,677	83,609
Total assets	3,170,759	2,968,814
Liabilities:
Accrued salaries and bonuses	726,031	765,877
Accounts payable and accrued expenses	114,171	113,421
Deferred income	33,139	40,695
Deferred income taxes	7,505	544
Operating lease liabilities	415,412	374,869
Other liabilities	37,751	60,111
Total liabilities	1,334,009	1,355,517
Commitments and contingencies (Note 17)
Stockholders' equity:
Additional paid-in capital	739,870	642,970
Retained earnings	1,163,419	1,033,072
Accumulated other comprehensive loss	(66,608)	(62,814)
Total stockholders' equity	1,836,750	1,613,297
Total liabilities and stockholders' equity	3,170,759	2,968,814
Class A
Stockholders' equity:
Common stock	52	51
Class B
Stockholders' equity:
Common stock	$ 17	$ 18

CONSOLIDATED BALANCE SHEETS (PA

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Allowance For Doubtful Accounts	$ 8,767	$ 8,773
Allowance for doubtful accounts, unbilled receivables, work in process	$ 6,132	$ 5,622
Class A
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	52,348,511	50,638,924
Common stock, shares outstanding (in shares)	52,348,511	50,638,924
Class B
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	16,746,676	18,048,345
Common stock, shares outstanding (in shares)	16,746,676	18,048,345

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues	$ 1,914,404	$ 1,809,447	$ 2,269,958
Operating expenses:
Employee compensation and benefits	1,213,589	1,147,879	1,408,634
Travel, meals, and entertainment	65,298	51,082	22,465
Rent	76,079	55,838	47,747
Depreciation and amortization	28,536	58,221	48,537
Information technology and communications	60,168	54,125	41,714
Professional fees	49,077	32,940	38,349
Other operating expenses	58,796	67,624	49,648
Total operating expenses	1,551,543	1,467,709	1,657,094
Operating income	362,861	341,738	612,864
Other (income)/expense, net	(27,678)	17,738	8,926
Income before provision for income taxes	390,539	324,000	603,938
Provision for income taxes	110,238	69,777	165,614
Net income	280,301	254,223	438,324
Net income attributable to noncontrolling interest	0	0	(573)
Net income attributable to Houlihan Lokey, Inc.	280,301	254,223	437,751
Other comprehensive income, net of tax:
Foreign currency translation adjustments	(3,794)	(19,467)	(23,171)
Comprehensive income attributable to Houlihan Lokey, Inc.	$ 276,507	$ 234,756	$ 414,580
Weighted average shares of common stock outstanding:
Basic (in shares)	64,337,975	63,358,408	64,970,287
Diluted (in shares)	68,159,390	67,586,263	68,259,708
Earnings per share (Note 13)
Basic (in usd per share)	$ 4.36	$ 4.01	$ 6.74
Diluted (in usd per share)	$ 4.11	$ 3.76	$ 6.41

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A	Class B	Total stockholders' equity	Common stock Class A	Common stock Class B	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)
Beginning balance (in shares) at Mar. 31, 2021					51,245,442	16,951,696
Beginning balance at Mar. 31, 2021				$ 1,383,561	$ 51	$ 17	$ 803,573	$ 600,096	$ (20,176)
Increase (Decrease) in Stockholders' Equity
Shares issued (in shares)					0	3,107,424
Shares issued				14,185	$ 0	$ 3	14,182
Stock compensation vesting (note 14)				84,320			84,320
Dividends				(115,624)				(115,624)
Conversion of Class B to Class A shares (in shares)					1,874,009	(1,874,009)
Conversion of Class B to Class A shares				0	$ 2	$ (2)
Shares issued to non-employee directors (note 14) (in shares)					6,512
Shares issued to non-employee directors (note 14)				477			477
Other shares repurchased/forfeited (in shares)					(3,272,399)	(535,556)
Other shares repurchased/forfeited				(337,794)	$ (3)		(337,791)
Net income	$ 438,324			437,751				437,751
Change in unrealized translation				(23,171)					(23,171)
Total comprehensive income				414,580				437,751	(23,171)
Ending balance (in shares) at Mar. 31, 2022					49,853,564	17,649,555
Ending 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)						2,485,582
Shares issued				16,775		$ 2	16,773
Stock compensation vesting (note 14)				151,769			151,769
Dividends				(143,374)				(143,374)
Conversion of Class B to Class A shares (in shares)					1,455,908	(1,455,908)
Conversion of Class B to Class A shares				0	$ 1	$ (1)
Shares issued to non-employee directors (note 14) (in shares)					6,739
Shares issued to non-employee directors (note 14)				570			570
Other shares repurchased/forfeited (in shares)					(677,287)	(630,884)
Other shares repurchased/forfeited				(90,904)		$ (1)	(90,903)
Net income	254,223			254,223				254,223
Change in unrealized translation				(19,467)					(19,467)
Total comprehensive income				234,756				254,223	(19,467)
Ending balance (in shares) at Mar. 31, 2023		50,638,924	18,048,345		50,638,924	18,048,345
Ending balance at Mar. 31, 2023	1,613,297			1,613,297	$ 51	$ 18	642,970	1,033,072	(62,814)
Increase (Decrease) in Stockholders' Equity
Shares issued (in shares)						1,767,036
Shares issued				31,133		$ 1	31,132
Stock compensation vesting (note 14)				160,846			160,846
Dividends				(149,954)				(149,954)
Conversion of Class B to Class A shares (in shares)					1,942,078	(1,942,078)
Conversion of Class B to Class A shares				0	$ 1	$ (1)
Shares issued to non-employee directors (note 14) (in shares)					6,609
Shares issued to non-employee directors (note 14)				587			587
Other shares repurchased/forfeited (in shares)					(239,100)	(1,126,627)
Other shares repurchased/forfeited				(95,666)		$ (1)	(95,665)
Net income	280,301			280,301				280,301
Change in unrealized translation				(3,794)					(3,794)
Total comprehensive income				276,507				280,301	(3,794)
Ending balance (in shares) at Mar. 31, 2024		52,348,511	16,746,676		52,348,511	16,746,676
Ending balance at Mar. 31, 2024	$ 1,836,750			$ 1,836,750	$ 52	$ 17	$ 739,870	$ 1,163,419	$ (66,608)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 280,301	$ 254,223	$ 438,324
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax benefit	20,470	(3,446)	(71,068)
Provision for bad debts, net	7,264	6,429	3,718
Unrealized (gains)/losses on investment securities	(876)	3,680	4,228
Non-cash lease expense	32,908	26,609	31,508
Depreciation and amortization	28,536	58,221	48,537
Contingent consideration valuation	(10,373)	2,131	7,104
Compensation expense — equity and liability classified share awards (Note 14)	166,595	156,936	91,875
Changes in operating assets and liabilities:
Accounts receivable	(23,828)	(37,742)	14,128
Unbilled work in progress	(77,477)	(11,596)	18,036
Other assets	(6,756)	(25,958)	14,895
Accrued salaries and bonuses	(42,269)	(189,534)	150,721
Accounts payable and accrued expenses and other	(23,192)	(32,014)	(9,955)
Deferred income	7,556	(11,943)	(807)
Income taxes payable	(15,289)	(83,609)	(6,254)
Net cash provided by operating activities	328,458	136,273	736,604
Cash flows from investing activities:
Purchases of investment securities	(11,278)	(19,230)	(101,562)
Sales or maturities of investment securities	11,458	87,384	197,324
Acquisition of business, net of cash acquired	(3,856)	(20,427)	(360,996)
Purchase of property and equipment, net	(66,730)	(50,731)	(8,680)
Net cash used in investing activities	(70,406)	(3,004)	(273,914)
Cash flows from financing activities:
Dividends paid	(148,454)	(140,384)	(114,806)
Share repurchases	(24,952)	(48,659)	(304,793)
Payments to settle employee tax obligations on share-based awards	(70,713)	(42,283)	(33,741)
Earnouts paid	(7,053)	(6,679)	(5,917)
Loans payable to former shareholders redeemed	0	(539)	(280)
Repayments of loans to non-affiliates	0	(2,488)	0
Other financing activities	587	570	477
Net cash used in financing activities	(250,585)	(240,462)	(459,060)
Effects of exchange rate changes on cash and cash equivalents	(425)	(12,065)	(16,784)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	7,042	(119,258)	(13,154)
Cash, cash equivalents and restricted cash – beginning of period	714,812	834,070	847,224
Cash, cash equivalents and restricted cash – end of period	721,854	714,812	834,070
Supplemental disclosures of non-cash activities:
Shares issued via vesting of liability classified awards	5,176	5,955	4,270
Promissory note issued as consideration for acquisition	14,500	0	0
Shares issued as consideration for acquisition	19,343	7,238	2,000
Cash acquired through acquisitions	224	11,933	244,162
Cash paid during the year:
Interest	579	5,904	1,000
Taxes, net of refunds	105,056	156,786	242,031
Regulatory fines and penalties	$ 15,000	$ 0	$ 0

BACKGROUND

BACKGROUND	12 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BACKGROUND	Background Houlihan Lokey, Inc. ("Houlihan Lokey," or "HL, Inc." also referred to as the "Company," "we," "our," or "us") is a Delaware corporation that controls the following primary subsidiaries: • Houlihan Lokey Capital, Inc., a California corporation ("HL Capital, Inc."), is a wholly owned direct subsidiary of HL, Inc. HL Capital, Inc. is registered as a broker-dealer under Section 15(b) of the Securities Exchange Act of 1934 and a member of Financial Industry Regulatory Authority, Inc. • Houlihan Lokey Financial Advisors, Inc., a California corporation ("HL FA, Inc."), is a wholly owned direct subsidiary of HL, Inc. • Houlihan Lokey EMEA, LLP, a limited liability partnership registered in England ("HL EMEA, LLP"), is an indirect subsidiary of HL, Inc. HL EMEA, LLP is regulated by the Financial Conduct Authority in the United Kingdom ("U.K."). The Company offers financial services and financial advice to a broad clientele located through more than thirty offices in the United States of America, South America, Europe, the Middle East, and the Asia-Pacific region. Together, the Company and its subsidiaries form an organization that provides financial services to meet a wide variety of client needs. The Company earns professional fees by providing focused services across the following three business segments: • Corporate Finance ("CF") provides general financial advisory services in addition to advice on mergers and acquisitions and capital markets offerings. We advise public and private institutions on a wide variety of situations, including buy-side and sell-side transactions, as well as leveraged loans, private mezzanine debt, high-yield debt, initial public offerings, follow-ons, convertibles, equity private placements, private equity, and liability management transactions, and advise financial sponsors on all types of transactions. The majority of our CF revenues consists of fees paid upon the successful completion of the transaction or engagement ("Completion Fees"). A CF transaction can fail to be completed for many reasons that are outside of our control. In these instances, our fees are generally limited to the fees paid at the time an engagement letter is signed ("Retainer Fees") and in some cases fees paid during the course of the engagement ("Progress Fees") that may have been received. • Financial Restructuring ("FR") provides advice to debtors, creditors and other parties-in-interest in connection with recapitalization/deleveraging transactions implemented both through bankruptcy proceedings and through out-of-court exchanges, consent solicitations or other mechanisms, as well as in distressed mergers and acquisitions and capital markets activities. As part of these engagements, our FR business segment offers a wide range of advisory services to our clients, including: the structuring, negotiation, and confirmation of plans of reorganization; structuring and analysis of exchange offers; corporate viability assessment; dispute resolution and expert testimony; and procuring debtor-in-possession financing. Although atypical, FR transactions can fail to be completed for many reasons that are outside of our control. In these instances, our fees are generally limited to the Retainer Fees and/or Progress Fees. •

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP"), pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"), and include all information and footnotes required for consolidated financial statement presentation, and include all disclosures required under GAAP for annual financial statements. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries where it has a controlling financial interest. All intercompany balances and transactions have been eliminated. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements. Management estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities at the reporting date. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Items subject to such estimates and assumptions include, but are not limited to: the allowance for credit losses; the valuation of deferred tax assets, valuation of acquired intangibles and goodwill, accrued expenses, and share based compensation; the allocation of goodwill and other assets across the reporting units (segments); and reserves for income tax uncertainties and other contingencies. Revenues Revenues consist of fee revenues from advisory services and reimbursed costs incurred in fulfilling the contracts. Revenues reflect fees generated from our CF, FR, and FVA business segments. The Company generates revenues from contractual advisory services and reimbursed costs incurred in fulfilling the contracts for such services. Revenues for all three business segments (CF, FR, and FVA) are recognized upon satisfaction of the performance obligation, which may be satisfied over time or at a point in time. The amount and timing of the fees paid vary by the type of engagement. The amount of revenue recognized reflects the consideration we expect to be entitled to in exchange for those promised services (i.e., the “transaction price”). In determining the transaction price, we consider multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, we consider the range of possible outcomes, the predictive value of our past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of our influence, such as market volatility or the judgment and actions of third parties. The substantial majority of the Company’s advisory fees (i.e., the success-related Completion Fees) are considered variable and constrained as they are contingent upon a future event which includes factors outside of our control (e.g., completion of a transaction or third party emergence from bankruptcy or approval by the court). Revenues for all three business segments are recognized upon satisfaction of the performance obligation and may be satisfied over time or at a point in time. The amount and timing of the fees paid vary by the type of engagement. Revenues from CF engagements primarily consist of fees generated in connection with advisory services related to corporate finance, mergers and acquisitions, and capital markets offerings. Completion Fees from these engagements are recognized at a point in time when the related transaction has been effectively closed. At that time, the Company has transferred control of the promised service and the customer obtains control. CF contracts generally contain a variety of promised services that may be capable of being distinct, but they are not distinct within the context of the contract as the various services are inputs to the combined output of successfully brokering a specific transaction. Completion Fees, Retainer Fees, and Progress Fees from these engagements are considered variable and constrained until the corresponding 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 regulatory approval). 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 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. Completion Fees from these engagements are considered variable and constrained until the related transaction has been effectively closed as they are contingent upon a future event, which includes factors outside of our control (e.g., completion of a transaction or third party emergence from bankruptcy or approval by the court). Revenues from FVA engagements primarily consist of fees generated in connection with valuation and diligence services and rendering fairness, solvency and other financial opinions. Revenues are recognized at a point in time as these engagements include a singular objective that does not transfer any notable value to the Company’s clients until the opinions have been rendered and delivered to the client. However, certain engagements consist of advisory services where fees are usually based on the hourly rates of our financial professionals. Such revenues are recognized over time as the benefits of these advisory services are transferred to the Company’s clients throughout the course of the engagement, and, as a practical expedient, the Company has elected to use the ‘as-invoiced’ approach to recognize revenue. Taxes, including value added taxes, collected from customers and remitted to governmental authorities are accounted for on a net basis, and therefore, are excluded from revenue in the consolidated statements of comprehensive income. Operating Expenses The majority of the Company’s operating expenses are related to compensation for employees, which includes the amortization of the relevant portion of the Company’s share-based incentive plans (Note 14). Other types of operating expenses include: Travel, meals, and entertainment; Rent; Depreciation and amortization; Information technology and communications; Professional fees; and Other operating expenses. Translation of Foreign Currency Transactions The reporting currency for the consolidated financial statements of the Company is the U.S. dollar. The assets and liabilities of subsidiaries whose functional currency is other than the U.S. dollar are included in the consolidation by translating the assets and liabilities at the reporting period-end exchange rates; however, revenues and expenses are translated using the applicable exchange rates determined on a monthly basis throughout the fiscal year. Resulting translation adjustments are reported as a separate component of Accumulated other comprehensive loss, net of applicable taxes. From time to time, we enter into transactions to hedge our exposure to certain foreign currency fluctuations through the use of derivative instruments or other methods. As of March 31, 2024, we had one foreign currency forward contract between the U.S. dollar and pound sterling with an aggregate notional value of $38.3 million. As of March 31, 2023, we had one foreign currency forward contract between the euro and pound sterling with an aggregate notional value of €6.5 million. The fair value of these foreign currency forward contracts represented a gain included in Other operating expenses Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels in accordance with Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurement : • Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. For Level 3 investments in which pricing inputs are unobservable and limited market activity exists, management's determination of fair value is based upon the best information available, and may incorporate management's own assumptions or involve a significant degree of judgment. The following methods and assumptions were used by the Company in estimating fair value disclosures: • Corporate debt securities: All fair value measurements are obtained from a third-party pricing service and are not adjusted by management. • U.S. treasury securities: Fair values for U.S. treasury securities are based on quoted prices from recent trading activity of identical or similar securities. All fair value measurements are obtained from a third-party pricing service and are not adjusted by management. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the instrument. The fair values of the financial instruments represent the amounts that would be received to sell assets or that would be paid to transfer liabilities in an orderly transaction between market participants as of a specified date. Fair value measurements maximize the use of observable inputs; however, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances, including expected cash flows and appropriately risk-adjusted discount rates, as well as available observable and unobservable inputs. The carrying value of Cash and cash equivalents, Restricted cash, Accounts receivable, Unbilled work in progress, Accounts payable and accrued expenses, and Deferred income approximates fair value due to the short maturity of these instruments. The carrying value of the loans to employees included in Other assets and Loans payable to former shareholders, which are included in Loan payable to non-affiliate, approximate fair value due to the variable interest rate borne by those instruments. Cash and Cash Equivalents, and Restricted Cash Cash and cash equivalents include cash held at banks and highly liquid investments with original maturities of three months or less. As of March 31, 2024 and 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. March 31, 2024 March 31, 2023 Cash and cash equivalents $ 721,235 $ 714,439 Restricted cash (1) 619 373 Total cash, cash equivalents, and restricted cash $ 721,854 $ 714,812 (1) Restricted cash represents cash deposits in support of two letters of credit for our Frankfurt office as of March 31, 2024 and one letter of credit for our Frankfurt office as of March 31, 2023. 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. In 2021, the Organization for Economic Co-operation and Development (“OECD”) reached agreement among various countries to establish a 15% minimum tax on certain multinational enterprises, commonly referred to as Pillar Two. The EU effective dates are January 1, 2024 and January 1, 2025, for different aspects of the directive. A significant number of other countries are expected to also implement similar legislation with varying effective dates in the future. The Company is continuing to evaluate the potential impact on future periods of Pillar Two, pending legislative adoption by individual countries. Leases We assess whether an arrangement is or contains a lease at the inception of the agreement. Right-of-use ("ROU") assets represent our right to use underlying assets for the lease term and lease liabilities represent our obligation to make lease payments arising from leases. ROU assets and lease liabilities are recognized at the commencement date based on the present value of future lease payments over the lease terms utilizing the discount rate implicit in the leases. If the discount rate implicit in the leases is not readily determinable, the present value of future lease payments is calculated utilizing the Company’s incremental borrowing rate, which approximates the interest that the Company would have to pay on a secured loan. The Company elected to utilize a portfolio approach and applies the rates to a portfolio of leases with similar terms and economic environments. The terms of our leases used to determine the ROU asset and lease liability account for options to extend when it is reasonably certain that we will exercise those options, if applicable. ROU assets and lease liabilities are subject to adjustment in the event of modification to lease terms, changes in probability that an option to extend or terminate a lease would be exercised and other factors. In addition, ROU assets are periodically reviewed for impairment. Lease expense is recognized on a straight-line basis over the lease terms. Lease expense includes amortization of the ROU assets and accretion of the lease liabilities. Amortization of ROU assets is calculated as the periodic lease cost less accretion of the lease liability. The amortized period for ROU assets is limited to the expected lease term. The Company has elected a practical expedient to combine the lease and non-lease components into a single lease component. The Company also elected the short-term lease measurement and recognition exemption and does not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less. Goodwill and Intangible Assets Goodwill represents an acquired company’s acquisition cost over the fair value of acquired net tangible and intangible assets. Goodwill is the net asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Intangible assets identified and accounted for include tradenames and marks, backlog, developed technologies, and customer relationships. Those intangible assets with finite lives, including backlog and customer relationships, are amortized over their estimated useful lives. Goodwill is reviewed annually during the fourth quarter for impairment and more frequently if potential impairment indicators exist. Goodwill is reviewed for impairment in accordance with ASC Topic 350, Intangibles – Goodwill and Other, as amended by Accounting Standards Update ("ASU") No. 2017-04, Simplifying the Test for Goodwill Impairment, which permits management to perform a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit is less than its corresponding carrying value. If management determines the reporting unit's fair value is more likely than not less than its carrying value, a quantitative analysis will be performed to compare the fair value of the reporting unit with its corresponding carrying value. If the conclusion of the quantitative analysis is that the fair value is in fact less than the carrying value, management will recognize a goodwill impairment charge for the amount by which the reporting unit’s carrying value exceeds its fair value. Impairment testing of goodwill requires a significant amount of judgment in assessing both qualitative factors and if necessary, quantitative factors used to estimate the fair value of the reporting unit. As of March 31, 2024, management concluded that it was not more likely than not that the Company’s reporting units’ fair value was less than their carrying amount and no further quantitative impairment testing had been considered necessary. Indefinite-lived intangible assets are reviewed annually for impairment in accordance with ASU 2012-02, Testing Indefinite-lived Intangible Assets for Impairment, which provides management the option to perform a qualitative assessment. If it is more likely than not that the asset is impaired, the amount that the carrying value exceeds the fair value is recorded as an impairment expense. As of March 31, 2024, management concluded that it was not more likely than not that the fair values were less than the carrying values. Intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group (inclusive of other long-lived assets) be tested for possible impairment, management first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. As of March 31, 2024, no events or changes in circumstances were identified that indicated that the carrying amount of the finite-lived intangible assets were not recoverable. Business Combinations We allocate the purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair value as of the acquisition date, with the excess consideration recognized as goodwill. Critical estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows, expected asset lives, geographic risk premiums, discount rates, and more. The amounts and useful lives assigned to acquisition-related intangible assets impact the amount and timing of future amortization expense.

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	Revenue Recognition Disaggregation of Revenues The Company has disclosed disaggregated revenues based on its business segment and geographical area, which provides a reasonable representation of how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See Note 18 for additional information. Contract Balances The timing of revenue recognition may differ from the timing of payment by customers. The Company records a receivable when revenue is recognized prior to payment and there is an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred income (contract liability) until the performance obligations are satisfied. Costs incurred in fulfilling advisory contracts with point-in-time revenue recognition are recorded as a contract asset when the costs (i) relate directly to a contract, (ii) generate or enhance resources of the Company that will be used in satisfying performance obligations, and (iii) are expected to be recovered. The Company amortizes the contract asset costs related to fulfilling a contract based on recognition of fee revenues for the corresponding contract. Costs incurred in fulfilling an advisory contract with over-time revenue recognition are expensed as incurred. The change in the Company’s contract assets and liabilities during the period primarily reflects the timing difference between the Company’s performance and the customer’s payment. The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers: March 31, 2024 March 31, 2023 Receivables, net (1) $ 192,952 $ 175,023 Unbilled work in progress, net of allowance for credit losses 192,012 115,045 Contract Assets (1) 6,678 7,006 Contract Liabilities (2) 33,139 40,695 (1) Included within Accounts receivable, net of allowance for credit losses in the Consolidated Balance Sheets. (2) Included within Deferred income in the Consolidated Balance Sheets. During the years ended March 31, 2024 and 2023, $28.4 million and $16.8 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 March 31, 2024.

RELATED_PARTY TRANSACTIONS

RELATED‑PARTY TRANSACTIONS	12 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED‑PARTY TRANSACTIONS	Related Party Transactions The Company has historically provided financial advisory services to its affiliates and certain other related parties, and received fees for these services totaling approximately $9,044, $284, and $0 during the years ended March 31, 2024, 2023, and 2022, respectively. Accounts receivable and Unbilled work in progress in the accompanying Consolidated Balance Sheets include amounts pertaining to these services of $37 and $7,191, respectively, as of March 31, 2024. Other assets in the accompanying Consolidated Balance Sheets includes loans receivable from certain employees of $32,937 and $28,869 as of March 31, 2024 and 2023, respectively.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	Fair Value Measurements The following table presents information about the Company's financial assets, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values: March 31, 2024 Level I Level II Level III Total Corporate debt securities $ — $ 21,641 $ — $ 21,641 U.S. treasury securities — 15,833 — 15,833 Certificates of deposit — 531 — 531 Total asset measured at fair value $ — $ 38,005 $ — $ 38,005 March 31, 2023 Level I Level II Level III Total Corporate debt securities $ — $ 23,617 $ — $ 23,617 U.S. treasury securities — 12,990 — 12,990 Common stock 184 — — 184 Certificates of deposit — 518 — 518 Total asset measured at fair value $ 184 $ 37,125 $ — $ 37,309 The Company had no transfers between fair value levels during the years ended March 31, 2024 and March 31, 2023.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	Investment Securities The amortized cost and gross unrealized gains (losses) of marketable investment securities accounted under the fair value method were as follows: March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Corporate debt securities $ 22,318 $ 8 $ (685) $ 21,641 U.S. treasury securities 16,071 110 (348) 15,833 Certificates of deposit 531 — — 531 Total securities with unrealized gains/(losses) $ 38,920 $ 118 $ (1,033) $ 38,005 March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Corporate debt securities $ 24,936 $ 6 $ (1,325) $ 23,617 U.S. treasury securities 13,400 15 (425) 12,990 Common stock 768 — (584) 184 Certificates of deposit 518 — — 518 Total securities with unrealized gains/(losses) $ 39,622 $ 21 $ (2,334) $ 37,309 Scheduled maturities of the securities held by the Company included within the investment securities portfolio were as follows: March 31, 2024 March 31, 2023 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 7,592 $ 7,566 $ 6,243 $ 6,254 Due within years two through five 31,328 30,439 33,379 31,055 Total debt within the investment securities portfolio $ 38,920 $ 38,005 $ 39,622 $ 37,309

ALLOWANCE FOR DOUBTFUL ACCOUNTS

ALLOWANCE FOR DOUBTFUL ACCOUNTS	12 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
ALLOWANCE FOR DOUBTFUL ACCOUNTS	Allowance for Credit Losses The following table presents information about the Company's allowance for credit losses: March 31, 2024 March 31, 2023 Beginning balance $ 14,395 $ 13,274 Provision for bad debt, net 7,264 6,429 Write-off of uncollectible accounts, net (6,760) (5,308) Ending balance $ 14,899 $ 14,395

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	Property and Equipment Property and equipment, net of accumulated depreciation consists of the following: Useful Lives March 31, 2024 March 31, 2023 Equipment 5 years $ 9,972 $ 10,178 Furniture and fixtures 5 years 29,672 19,508 Leasehold improvements 10 years 144,996 107,156 Computers and software 3 years 12,282 12,086 Other Various 8,088 7,411 Total cost 205,010 156,339 Less: accumulated depreciation (68,309) (67,994) Total net book value $ 136,701 $ 88,345 Additions to property and equipment during the years ended March 31, 2024 and March 31, 2023 were primarily related to leasehold improvement costs incurred.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Mar. 31, 2024
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 intangible assets, net reported on the Consolidated Balance Sheets. Useful Lives March 31, 2024 March 31, 2023 Goodwill Indefinite $ 1,127,497 $ 1,087,784 Tradename-Houlihan Lokey Indefinite 192,210 192,210 Other intangible assets Varies 98,897 93,917 Total cost 1,418,604 1,373,911 Less: accumulated amortization (93,668) (82,757) Goodwill and other intangible assets, net $ 1,324,936 $ 1,291,154 Amortization expense of approximately $10,754, $44,971, and $33,937 was recognized for finite-lived intangible assets for the years ended March 31, 2024, 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, 2025 $ 4,926 2026 — 2027 — 2028 — 2029 and thereafter — Goodwill attributable to the Co mpany’s business segments is as follows: April 1, 2023 Change (1) March 31, 2024 Corporate Finance $ 833,254 $ 39,713 $ 872,967 Financial Restructuring 162,815 — 162,815 Financial and Valuation Advisory 91,715 — 91,715 Goodwill $ 1,087,784 $ 39,713 $ 1,127,497 (1) Changes pertain primarily to the acquisition of 7 Mile Advisors, LLC.

LOANS PAYABLE

LOANS PAYABLE	12 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and 2023, no principal was outstanding under the HLI 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 incurred interest expense on this note of $0, $18, and $105 for the years ended March 31, 2024, 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 Class B common stock over a four-year period in equal annual installments starting in December, 2020. The Company incurred interest expense on this note of $58, $81, and $79 for the years ended March 31, 2024, 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 fair 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 fair value of $9.0 million and $18.1 million as of March 31, 2024 and March 31, 2023, respectively, which is included in Other Liabilities in our Consolidated Balance Sheet. 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 $88 for the year ended March 31, 2024. Contingent consideration was also issued in connection with the acquisition of 7MA, which had a fair value of $4.0 million as of March 31, 2024, and is included in Other liabilities in our Consolidated Balance Sheets.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS)	12 Months Ended
	Mar. 31, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE (LOSS)	Accumulated Other Comprehensive (Loss) Accumulated other comprehensive (loss) is comprised of Foreign currency translation adjustments of $(3,794) and $(19,467) for the years ended March 31, 2024 and 2023, respectively. We do not expect the change in foreign currency translation to have a material impact on our operating results and financial position. Accumulated other comprehensive (loss) as of March 31, 2024, 2023, and 2022, was comprised of the following: Total Balance, March 31, 2022 $ (43,347) Foreign currency translation adjustments (19,467) Balance, March 31, 2023 (62,814) Foreign currency translation adjustments (3,794) Balance, March 31, 2024 $ (66,608)

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	Income Taxes The Company’s provision for income taxes was $110,238, $69,777, and $165,614, for the years ended March 31, 2024, 2023, and 2022, respectively. This represents effective tax rates of 28.2%, 21.5%, and 27.4% for the years ended March 31, 2024, 2023, and 2022, respectively. The provision (benefit) for income taxes on operations for the years ended March 31, 2024, 2023, and 2022 is comprised of the following approximate values: Year Ended March 31, 2024 2023 2022 Current: Federal $ 40,838 $ 66,529 $ 134,054 State and local 16,116 4,819 58,568 Foreign 32,814 1,875 44,060 Subtotal 89,768 73,223 236,682 Deferred: Federal 14,116 1,605 (52,088) State and local 3,498 1,092 (18,348) Foreign 2,856 (6,143) (632) Subtotal 20,470 (3,446) (71,068) Total $ 110,238 $ 69,777 $ 165,614 The provision for income taxes on operations for the years ended March 31, 2024, 2023, and 2022 is reconciled to the income taxes computed at the statutory federal income tax rate (computed by applying the federal corporate rate of 21% to consolidated operating income before provision for income taxes) as follows: Year Ended March 31, 2024 2023 2022 Federal income tax provision computed at statutory rate $ 82,013 21.0 % $ 68,040 21.0 % $ 126,826 21.0 % State and local taxes, net of federal tax effect 20,027 5.1 % 16,609 5.1 % 31,559 5.2 % Tax impact from foreign operations 7,922 2.0 % (5,040) (1.5) % 3,990 0.7 % Nondeductible expenses 9,133 2.4 % 9,396 2.9 % 10,654 1.8 % Stock compensation (7,468) (1.9) % (8,044) (2.5) % (7,421) (1.2) % Uncertain tax positions, true-up items, and other (1,389) (0.4) % (11,184) (3.5) % 6 — % Total $ 110,238 28.2 % $ 69,777 21.5 % $ 165,614 27.4 % Deferred income taxes arise principally from temporary differences between book and tax recognition of income, expenses, and losses relating to financing and other transactions. The deferred income taxes on the accompanying Consolidated Balance Sheets as of March 31, 2024 and March 31, 2023, comprise the following: March 31, 2024 March 31, 2023 Deferred tax assets: Deferred compensation expense/accrued bonus $ 109,416 $ 115,584 Allowance for credit losses 1,243 1,641 Accounts receivable and work in progress 9,577 9,978 US foreign tax credits 2,313 2,443 Operating lease liabilities 87,219 81,153 Non US 43,434 31,557 Other, net 6,051 8,735 Total deferred tax assets 259,253 251,091 Deferred tax asset valuation allowance (12,386) (3,376) Total deferred tax assets 246,867 247,715 Deferred tax liabilities: Intangibles (71,575) (70,657) Operating lease right-of-use assets (69,978) (72,218) Other, net (22,755) (443) Total deferred tax liabilities (164,308) (143,318) Net deferred tax assets $ 82,559 $ 104,397 The Company has various state and foreign net operating losses totaling $51,246. If not utilized, the state net operating loss carryforwards will begin to expire in fourteen years and foreign net operating loss carryforwards will begin to expire in four years, although in certain jurisdictions these attributes do not expire. A valuation allowance is required when it is more likely than not that some portion of the deferred tax assets will not be realized. The Company has determined that deferred tax assets related to US foreign tax credits and certain foreign deferred tax assets are not likely to be realized. The Company’s US foreign tax credit carryforwards as of March 31, 2024 were primarily driven as a result of U.S. Tax Reform. The Company assessed the realizability of these foreign tax credits based on currently enacted and proposed legislation issued by the U.S. Department of Treasury and the Internal Revenue Service, and recorded a full valuation allowance of $2,313 and $2,443 against these assets for March 31, 2024 and 2023, respectively. The Company does not expect to utilize these foreign tax credits in the future as the Company does not currently project future foreign source income. These foreign tax credits will expire in various years through 2029. In addition, certain deferred tax assets related to tax deductible goodwill from previous acquisitions and net operating losses generated from these deductions were not more likely than not realizable; therefore, the Company maintained valuation allowances for March 31, 2024 and 2023 of $10,072 and $933, respectively. The change in the total valuation allowance was an increase of $9,139 and a decrease of $5,858 during the years ended March 31, 2024 and March 31, 2023, respectively. We continue to consider the remaining balance of our undistributed foreign earnings to be indefinitely reinvested. If we determine that all or a portion of such foreign earnings are no longer indefinitely reinvested, we may be subject to certain additional foreign withholding taxes and/or U.S. federal and state income taxes. Determination of the amount of unrecognized deferred tax liability on these unremitted earnings is not practicable. As of March 31, 2024 and March 31, 2023, the Company had recorded liabilities for interest and penalties related to uncertain tax positions in the amounts of $576 and $1,023, respectively. Unrecognized tax positions totaled $15,800 and $14,825 as of March 31, 2024 and March 31, 2023, respectively. If the income tax impacts from these tax positions are ultimately realized, such realization would affect the income tax provision and effective tax rate. A reconciliation of the unrecognized tax position as of March 31, 2024 and March 31, 2023 is as follows: March 31, 2024 March 31, 2023 Unrecognized tax position at the beginning of the year $ 14,825 $ 18,654 Increase related to prior year tax positions 2,233 4,102 Decrease related to prior year tax positions (1,258) (7,931) Unrecognized tax position at the end of the year $ 15,800 $ 14,825 The Company believes that it is reasonably possible that a decrease of up to $5.9 million in gross unrecognized income tax positions for federal and state items may be necessary within the next 12 months. For the remaining uncertain income tax positions, it is difficult at this time to estimate the timing of the resolution. The Company files consolidated federal income tax returns, as well as consolidated and separate returns in state and local jurisdictions. As of March 31, 2024, all of the federal income tax returns filed since 2021 by the Company are still subject to adjustment upon audit. The Company also files combined and separate income tax returns in many states, which are also open to adjustment. The Company is currently under New York City audit for the years ended March 31, 2016, March 31, 2017, and March 31, 2018.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Mar. 31, 2024
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. The determination of weighted average shares of common stock outstanding includes both the Company's Class A common stock and Class B common stock. Please refer to Note 15 for further detail on our two classes of authorized Company common stock Year Ended March 31, 2024 2023 2022 Numerator: Net income attributable to Houlihan Lokey, Inc. $ 280,301 $ 254,223 $ 437,751 Denominator: Weighted average shares of common stock outstanding — basic 64,337,975 63,358,408 64,970,287 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 3,821,415 4,227,855 3,289,421 Weighted average shares of common stock outstanding — diluted 68,159,390 67,586,263 68,259,708 Basic earnings per share $ 4.36 $ 4.01 $ 6.74 Diluted earnings per share $ 4.11 $ 3.76 $ 6.41

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Mar. 31, 2024
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 $12,526, $10,640, and $5,294 to these plans during the years ended March 31, 2024, 2023, and 2022, respectively. Share-Based Incentive Plans Following the IPO, additional awards of restricted shares and restricted stock units have been and will be made under the Amended and Restated Houlihan Lokey, Inc. 2016 Incentive Award Plan (the "2016 Incentive Plan"), which became effective in August 2015 and was amended in October 2017. Under the 2016 Incentive Plan, it is anticipated that the Company will continue to grant cash and equity-based incentive awards to eligible service providers in order to attract, motivate, and retain the talent necessary to operate the Company's business. Equity-based incentive awards issued under the 2016 Incentive Plan generally vest over a four-year period. Restricted shares of Class A common stock were granted under the 2016 Incentive Plan to i) six independent directors in the first quarter of fiscal 2022 at $73.19 per share, (ii) six independent directors in the first quarter of fiscal 2023 at $84.55, and (iii) six independent directors in the first quarter of fiscal 2024 at $87.60. An excess tax benefit of $7,468 and $8,044 was recognized during the years ended March 31, 2024 and 2023, respectively, as a component of the provision for income taxes and an operating activity on the Consolidated Statements of Cash Flows. The Company recorded cash outflows of $(70,713), $(42,283), and $(33,741) related to the settlement of share-based awards in satisfaction of withholding tax requirements in financing activities on the Consolidated Statements of Cash Flows for the years ended March 31, 2024, 2023, and 2022, respectively. We recognize compensation expense for all stock-based awards, including restricted stock and restricted stock units ("RSU"s), based on the estimate of fair value of the award at the grant date. The fair value of each restricted stock and RSU award is measured based on the closing stock price of our common stock on the date of grant. We account for forfeitures as they occur. The compensation expense is recognized using a straight-line basis over the requisite service periods of the awards, which is four years. The share awards are classified as equity awards at the time of grant unless the number of shares granted is unknown. Awards that are settleable in shares based upon a future determinable stock price are classified as liabilities until the price is established and the resulting number of shares is known, at which time they are re-classified from liabilities to equity awards. Activity in equity classified share awards that relate to the Company's 2006 Incentive Award Plan (the "2006 Incentive Plan") and the 2016 Incentive Plan during the years ended March 31, 2024, 2023, and 2022, is as follows: Unvested Share Awards Shares Weighted Average Grant Date Fair Value Balance, April 1, 2021 2,744,605 $ 51.37 Granted 2,689,459 82.45 Vested (1,039,535) 47.77 Shares repurchased/forfeited (80,154) 61.14 Balance, March 31, 2022 4,314,375 71.42 Granted 2,266,088 84.78 Vested (1,175,311) 59.77 Shares repurchased/forfeited (123,373) 79.00 Balance, March 31, 2023 5,281,779 79.57 Granted 1,244,902 87.60 Vested (1,655,390) 74.28 Shares repurchased/forfeited (352,267) 84.05 Balance, March 31, 2024 4,519,024 $ 83.37 Activity in liability classified share awards during the years ended March 31, 2024, 2023, and 2022 is as follows: Awards Settleable in Shares Fair Value Balance, April 1, 2021 $ 16,950 Offer to grant 4,344 Share price determined-converted to cash payments (2,676) Share price determined-transferred to equity grants (1) (4,269) Forfeited — Balance, March 31, 2022 14,349 Offer to grant 5,318 Share price determined-converted to cash payments (2,664) Share price determined-transferred to equity grants (1) (3,411) Forfeited (1,621) Balance, March 31, 2023 11,971 Offer to grant 7,022 Share price determined-converted to cash payments (3) Share price determined-transferred to equity grants (1) (1,806) Forfeited — Balance, March 31, 2024 $ 17,184 (1) 40,702, 46,430, and 57,721 shares for the years ended March 31, 2024, 2023, and 2022, respectively. The following table summarizes the activity of our RSUs for the years ended March 31, 2024, 2023, and 2022, respectively. Restricted Stock Units RSUs Weighted Average Grant Date Fair Value RSUs as of April 1, 2021 38,475 $ 55.57 Issued 1,014,641 96.20 Forfeitures (2,159) 66.32 Vested (12,454) 53.80 RSUs as of March 31, 2022 1,038,503 95.27 Issued 50,556 84.55 Forfeitures (14,275) 96.82 Vested (24,138) 63.75 RSUs as of March 31, 2023 1,050,646 95.46 Issued 94,286 87.60 Forfeitures (266,883) 94.38 Vested (34,319) 91.07 RSUs as of March 31, 2024 843,730 $ 95.09 Compensation expenses for the Company associated with both equity-classified and liability-classified awards totaled $166,595, $156,936, and $91,875 for the years ended March 31, 2024, 2023, and 2022, respectively. As of March 31, 2024 and March 31, 2023 there was $298,100 and $367,607, respectively, of total unrecognized compensation cost related to unvested share awards granted under the 2016 Incentive Plan. These costs are recognized over a weighted average period of 2.9 years and 2.3 years, as of March 31, 2024 and March 31, 2023, respectively. On October 19, 2017, our board of directors approved an amendment (the “Amendment”) to the 2016 Incentive Plan reducing the number of shares of common stock available for issuance under the 2016 Incentive Plan by approximately 12.2 million shares. Under the Amendment, the aggregate number of shares of common stock that are available for issuance under awards granted pursuant to the 2016 Incentive Plan is equal to the sum of (i) 8.0 million and (ii) any shares of our Class B common stock that are subject to awards under our 2006 Incentive Plan that terminate, expire or lapse for any reason after October 19, 2017. The number of shares available for issuance increased annually beginning on April 1, 2018 and ending on April 1, 2025, by an amount equal to the lowest of: • 6,540,659 shares of our Class A common stock and Class B common stock; • Six percent of the shares of Class A common stock and Class B common stock outstanding on the final day of the immediately preceding fiscal year; and • such smaller number of shares as determined by our board of directors. On April 28, 2022, our board of directors approved the registration of an additional 10,000,000 shares of Class A Common Stock and 10,000,000 shares of Class B Common Stock to be issued pursuant to the 2016 Incentive Plan.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Mar. 31, 2024
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 year ended March 31, 2024, the Company issued 6,609 shares to non-employee directors, and 1,942,078 shares were converted from Class B to Class A. During the year ended March 31, 2023, the Company issued 6,739 shares to non-employee directors, and 1,455,908 shares were converted from Class B to Class A. As of March 31, 2024, there were 52,283,576 Class A shares held by the public and 64,935 Class A shares held by non-employee directors. As of March 31, 2023, there were 50,580,598 Class A shares held by the public and 58,326 Class A shares held by non-employee directors. Class B common stock As of March 31, 2024, there were 16,746,676 Class B shares held by the HL Voting Trust. As of March 31, 2023, there were 18,048,345 Class B shares held by the HL Voting Trust. Dividends Previously declared dividends related to unvested shares of $22,883 and $18,608 were unpaid as of March 31, 2024 and 2023, respectively. Stock subscriptions receivable Employees of the Company periodically issued notes receivable to the Company documenting loans made by the Company to such employees for the purchase of restricted shares of the Company. Share repurchases In April 2022, the board of directors authorized an increase to the existing July 2021 share repurchase program, which provides for share repurchases of a new aggregate amount of up to $500.0 million of the Company's Class A common stock and Class B common stock. As of March 31, 2024, shares with a value of $457.7 million remained available for purchase under the program. During the years ended March 31, 2024, 2023, and 2022, the Company repurchased 772,794, 507,511, and 455,402 shares, respectively, of Class B common stock, to satisfy $70,713, $42,283, and $33,700 of required withholding taxes in connection with the vesting of restricted awards, respectively. During the years ended March 31, 2024, 2023, and 2022, the Company repurchased an additional 240,666, 677,287, and 3,272,399 shares of its outstanding common stock, respectively, at a weighted average price of $103.68, $85.74, and $94.35 per share, excluding commissions, for an aggregate purchase price of $24,952, $58,073, and $308,746, respectively.

LEASES

LEASES	12 Months Ended
	Mar. 31, 2024
Leases [Abstract]
LEASES	Leases Lessee Arrangements Operating Leases We lease real estate and equipment used in operations from third parties. As of March 31, 2024, 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 March 31, 2024. Maturity of Operating Leases Operating Leases 2025 $ 41,348 2026 51,484 2027 50,205 2028 49,616 2029 48,914 2030 and thereafter 327,287 Total 568,854 Less: present value discount (153,442) Operating lease liabilities $ 415,412 As of March 31, 2024, the Company entered into operating leases for additional office space that have not yet commenced, for approximately $21 million. This operating lease will commence during fiscal year 2025 with a lease term of 5 years to 13 years. Lease costs March 31, 2024 March 31, 2023 Operating lease expense $ 57,436 $ 37,490 Variable lease expense (1) 19,493 18,556 Short-term lease expense 211 182 Less: Sublease income (1,059) (390) Total lease costs $ 76,081 $ 55,838 (1) Primarily consists of payments for property taxes, common area maintenance and usage based operating costs. Weighted-average details March 31, 2024 March 31, 2023 Weighted-average remaining lease term (years) 12 12 Weighted-average discount rate 5.3 % 4.7 % Supplemental cash flow information related to leases: March 31, 2024 March 31, 2023 Operating cash flows: Cash paid for amounts included in the measurement of Operating lease liabilities $ 34,341 $ 37,233 Non-cash activity: Operating lease right-of-use assets obtained in exchange of Operating lease liabilities $ 21,114 $ 194,656 Change in Operating lease right-of-use assets due to remeasurement 20,376 (11,799)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Commitments and Contingencies The Company has been named in various legal actions arising in the normal course of business. In the opinion of the Company, in consultation with legal counsel, the final resolutions of these matters are not expected to have a material adverse effect on the Company’s financial condition, operations and cash flows. Our obligation under the loan payable to affiliate is subordinated to our obligations under the HLI Line of Credit. The Company also provides routine indemnifications relating to certain real estate (office) lease agreements under which it may be required to indemnify property owners for claims and other liabilities arising from the Company’s use of the applicable premises. In addition, the Company guarantees the performance of its subsidiaries under certain office lease agreements. The terms of these obligations vary, and because a maximum obligation is not explicitly stated, the Company has determined that it is not possible to make an estimate of the maximum amount that it could be obligated to pay under such contracts. Based on historical experience and evaluation of specific indemnities, management believes that judgments, if any, against the Company related to such matters are not likely to have a material effect on the consolidated financial statements. Accordingly, the Company has not recorded any liability for these obligations as of March 31, 2024 or March 31, 2023.

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	12 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENT AND GEOGRAPHICAL INFORMATION	Segment and Geographical Information The Company’s reportable segments are described in Note 1 and each are individually managed and provide separate services that require specialized expertise for the provision of those services. Revenues by segment represent fees earned on the various services offered within each segment. Segment profit consists of segment revenues, less (1) direct expenses including compensation, travel, meals and entertainment, professional fees, and bad debt and (2) expenses allocated by headcount such as communications, rent, depreciation and amortization, and office expense. The corporate expense category includes costs not allocated to individual segments, including charges related to incentive compensation and share-based payments to corporate employees, as well as expenses of senior management and corporate departmental functions managed on a worldwide basis, including office of the executives, accounting, human capital, marketing, information technology, and legal and compliance. The following tables present information about revenues, profit and assets by segment and geography. Year Ended March 31, 2024 2023 2022 Revenues by segment: Corporate Finance $ 1,106,826 $ 1,127,126 $ 1,593,083 Financial Restructuring 521,984 395,733 392,818 Financial and Valuation Advisory 285,594 286,588 284,057 Revenues $ 1,914,404 $ 1,809,447 $ 2,269,958 Segment profit (1) Corporate Finance $ 302,533 $ 354,075 $ 606,268 Financial Restructuring 194,116 121,618 100,882 Financial and Valuation Advisory 74,422 81,388 88,136 Total segment profit 571,071 557,081 795,286 Corporate expenses (2) 208,210 215,343 182,422 Other (income)/expense, net (27,678) 17,738 8,926 Income before provision for income taxes $ 390,539 $ 324,000 $ 603,938 (1) We adjust the compensation expense for a business segment in situations where an employee residing in one business segment is performing work in another business segment where the revenues are accrued. Segment profit may vary significantly between periods depending on the levels of collaboration among the different segments. (2) Corporate expenses represent expenses that are not allocated to individual business segments such as office of the executives, accounting, information technology, legal and compliance, marketing, and human capital. March 31, 2024 March 31, 2023 March 31, 2022 Assets by segment Corporate Finance $ 1,147,432 $ 1,015,760 $ 994,623 Financial Restructuring 192,185 196,289 178,148 Financial and Valuation Advisory 170,627 165,395 155,853 Total segment assets 1,510,244 1,377,444 1,328,624 Corporate assets 1,660,515 1,591,370 1,558,186 Total assets $ 3,170,759 $ 2,968,814 $ 2,886,810 Year Ended March 31, 2024 2023 2022 Income before provision for income taxes by geography United States $ 256,472 $ 222,923 $ 424,358 International 134,067 101,077 179,580 Income before provision for income taxes $ 390,539 $ 324,000 $ 603,938 Year Ended March 31, 2024 2023 2022 Revenues by geography: United States $ 1,344,305 $ 1,289,365 $ 1,690,708 International 570,099 520,082 579,250 Revenues $ 1,914,404 $ 1,809,447 $ 2,269,958 March 31, 2024 March 31, 2023 March 31, 2022 Assets by geography United States $ 1,957,454 $ 1,861,296 $ 2,032,390 International 1,213,305 1,107,518 854,420 Total assets $ 3,170,759 $ 2,968,814 $ 2,886,810

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Subsequent Events On May 2, 2024, the Company's board of directors declared a quarterly cash dividend of $0.57 per share of Class A and Class B common stock, payable on June 15, 2024, to shareholders of record on June 3, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 280,301	$ 254,223	$ 437,751

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	12 Months Ended
	Mar. 31, 2024
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.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements. Management estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities at the reporting date. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Items subject to such estimates and assumptions include, but are not limited to: the allowance for credit losses; the valuation of deferred tax assets, valuation of acquired intangibles and goodwill, accrued expenses, and share based compensation; the allocation of goodwill and other assets across the reporting units (segments); and reserves for income tax uncertainties and other contingencies.
Recognition of Revenue	Revenues Revenues consist of fee revenues from advisory services and reimbursed costs incurred in fulfilling the contracts. Revenues reflect fees generated from our CF, FR, and FVA business segments.
Operating Expenses	Operating 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.
Fair Value Measurements	Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels in accordance with Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurement : • Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. For Level 3 investments in which pricing inputs are unobservable and limited market activity exists, management's determination of fair value is based upon the best information available, and may incorporate management's own assumptions or involve a significant degree of judgment. The following methods and assumptions were used by the Company in estimating fair value disclosures: • Corporate debt securities: All fair value measurements are obtained from a third-party pricing service and are not adjusted by management. • U.S. treasury securities: Fair values for U.S. treasury securities are based on quoted prices from recent trading activity of identical or similar securities. All fair value measurements are obtained from a third-party pricing service and are not adjusted by management. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the instrument. The fair values of the financial instruments represent the amounts that would be received to sell assets or that would be paid to transfer liabilities in an orderly transaction between market participants as of a specified date. Fair value measurements maximize the use of observable inputs; however, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances, including expected cash flows and appropriately risk-adjusted discount rates, as well as available observable and unobservable inputs. The carrying value of Cash and cash equivalents, Restricted cash, Accounts receivable, Unbilled work in progress, Accounts payable and accrued expenses, and Deferred income approximates fair value due to the short maturity of these instruments. The carrying value of the loans to employees included in Other assets and Loans payable to former shareholders, which are included in Loan payable to non-affiliate, approximate fair value due to the variable interest rate borne by those instruments.
Cash and Cash Equivalents	Cash and Cash Equivalents, and Restricted Cash Cash and cash equivalents include cash held at banks and highly liquid investments with original maturities of three months or less. As of March 31, 2024 and 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. March 31, 2024 March 31, 2023 Cash and cash equivalents $ 721,235 $ 714,439 Restricted cash (1) 619 373 Total cash, cash equivalents, and restricted cash $ 721,854 $ 714,812 (1) Restricted cash represents cash deposits in support of two letters of credit for our Frankfurt office as of March 31, 2024 and one letter of credit for our Frankfurt office as of March 31, 2023.
Investment Securities	Investment Securities Investment securities consist primarily of corporate debt and U.S. treasury securities with original maturities over 90 days. The Company classifies its corporate debt and U.S. treasury securities as trading and measures them at fair value in the Consolidated Balance Sheets. Unrealized holding gains and losses for trading securities are included in Other operating expenses in the accompanying Consolidated Statements of Comprehensive Income.
Allowance for Credit Losses	Allowance for Credit Losses The allowance for credit losses on accounts receivable and unbilled work in progress reflects management’s best estimate of expected losses using the Company's internal current expected credit losses model. This model analyzes expected losses based on relevant information about historical experience, current conditions, and reasonable and supportable forecasts that could potentially affect the 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 Property and equipment are stated at cost. Repair and maintenance charges are expensed as incurred and costs of renewals or improvements are capitalized at cost. Depreciation on furniture and office equipment is recognized on a straight-line basis over the estimated useful lives of the respective assets.
Income Taxes	Income Taxes The Company files consolidated federal income tax returns, as well as consolidated and separate returns in state and local jurisdictions, and the Company reports income tax expense on this basis. We account for income taxes in accordance with ASC Topic 740, Income Taxes, which requires the recognition of tax benefits or expenses on temporary differences between the financial reporting and tax basis of our assets and liabilities. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. The measurement of the deferred items is based on enacted tax laws and applicable tax rates. A valuation allowance related to a deferred tax asset is recorded if it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company utilized a comprehensive model to recognize, measure, present, and disclose in its financial statements any uncertain tax positions that have been taken or are expected to be taken on a tax return. The impact of an uncertain tax position that is more likely than not of being sustained upon audit by the relevant taxing authority must be recognized at the largest amount that is more likely than not to be sustained. No portion of an uncertain tax position will be recognized if the position has less than a 50% likelihood of being sustained. Interest expense and penalties related to income taxes are included in the provision for income taxes in the accompanying Consolidated Statements of Comprehensive Income. The Global Intangible Low-Taxed Income tax (“GILTI inclusion”) can be recognized in the financial statements through an accounting policy election by either recording a period cost (permanent item) or providing deferred income taxes stemming from certain basis differences that are expected to result in GILTI inclusion. The Company has elected to account for the tax impacts of the GILTI inclusion as a period cost. In 2021, the Organization for Economic Co-operation and Development (“OECD”) reached agreement among various countries to establish a 15% minimum tax on certain multinational enterprises, commonly referred to as Pillar Two. The EU effective dates are January 1, 2024 and January 1, 2025, for different aspects of the directive. A significant number of other countries are expected to also implement similar legislation with varying effective dates in the future. The Company is continuing to evaluate the potential impact on future periods of Pillar Two, pending legislative adoption by individual countries.
Leases	Leases We assess whether an arrangement is or contains a lease at the inception of the agreement. Right-of-use ("ROU") assets represent our right to use underlying assets for the lease term and lease liabilities represent our obligation to make lease payments arising from leases. ROU assets and lease liabilities are recognized at the commencement date based on the present value of future lease payments over the lease terms utilizing the discount rate implicit in the leases. If the discount rate implicit in the leases is not readily determinable, the present value of future lease payments is calculated utilizing the Company’s incremental borrowing rate, which approximates the interest that the Company would have to pay on a secured loan. The Company elected to utilize a portfolio approach and applies the rates to a portfolio of leases with similar terms and economic environments. The terms of our leases used to determine the ROU asset and lease liability account for options to extend when it is reasonably certain that we will exercise those options, if applicable. ROU assets and lease liabilities are subject to adjustment in the event of modification to lease terms, changes in probability that an option to extend or terminate a lease would be exercised and other factors. In addition, ROU assets are periodically reviewed for impairment. Lease expense is recognized on a straight-line basis over the lease terms. Lease expense includes amortization of the ROU assets and accretion of the lease liabilities. Amortization of ROU assets is calculated as the periodic lease cost less accretion of the lease liability. The amortized period for ROU assets is limited to the expected lease term. The Company has elected a practical expedient to combine the lease and non-lease components into a single lease component. The Company also elected the short-term lease measurement and recognition exemption and does not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents an acquired company’s acquisition cost over the fair value of acquired net tangible and intangible assets. Goodwill is the net asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Intangible assets identified and accounted for include tradenames and marks, backlog, developed technologies, and customer relationships. Those intangible assets with finite lives, including backlog and customer relationships, are amortized over their estimated useful lives. Goodwill is reviewed annually during the fourth quarter for impairment and more frequently if potential impairment indicators exist. Goodwill is reviewed for impairment in accordance with ASC Topic 350, Intangibles – Goodwill and Other, as amended by Accounting Standards Update ("ASU") No. 2017-04, Simplifying the Test for Goodwill Impairment, which permits management to perform a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit is less than its corresponding carrying value. If management determines the reporting unit's fair value is more likely than not less than its carrying value, a quantitative analysis will be performed to compare the fair value of the reporting unit with its corresponding carrying value. If the conclusion of the quantitative analysis is that the fair value is in fact less than the carrying value, management will recognize a goodwill impairment charge for the amount by which the reporting unit’s carrying value exceeds its fair value. Impairment testing of goodwill requires a significant amount of judgment in assessing both qualitative factors and if necessary, quantitative factors used to estimate the fair value of the reporting unit. As of March 31, 2024, management concluded that it was not more likely than not that the Company’s reporting units’ fair value was less than their carrying amount and no further quantitative impairment testing had been considered necessary. Indefinite-lived intangible assets are reviewed annually for impairment in accordance with ASU 2012-02, Testing Indefinite-lived Intangible Assets for Impairment, which provides management the option to perform a qualitative assessment. If it is more likely than not that the asset is impaired, the amount that the carrying value exceeds the fair value is recorded as an impairment expense. As of March 31, 2024, management concluded that it was not more likely than not that the fair values were less than the carrying values.
Business Combinations	Business Combinations We allocate the purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair value as of the acquisition date, with the excess consideration recognized as goodwill. Critical estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows, expected asset lives, geographic risk premiums, discount rates, and more. The amounts and useful lives assigned to acquisition-related intangible assets impact the amount and timing of future amortization expense.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents, and Restricted Cash	The Company believes it is not exposed to any significant credit risk with respect to Cash and cash equivalents. The following table provides a reconciliation of Cash and cash equivalents, and Restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows. March 31, 2024 March 31, 2023 Cash and cash equivalents $ 721,235 $ 714,439 Restricted cash (1) 619 373 Total cash, cash equivalents, and restricted cash $ 721,854 $ 714,812 (1) Restricted cash represents cash deposits in support of two letters of credit for our Frankfurt office as of March 31, 2024 and one letter of credit for our Frankfurt office as of March 31, 2023.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers: March 31, 2024 March 31, 2023 Receivables, net (1) $ 192,952 $ 175,023 Unbilled work in progress, net of allowance for credit losses 192,012 115,045 Contract Assets (1) 6,678 7,006 Contract Liabilities (2) 33,139 40,695 (1) Included within Accounts receivable, net of allowance for credit losses in the Consolidated Balance Sheets. (2) Included within Deferred income in the Consolidated Balance Sheets.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following table presents information about the Company's financial assets, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values: March 31, 2024 Level I Level II Level III Total Corporate debt securities $ — $ 21,641 $ — $ 21,641 U.S. treasury securities — 15,833 — 15,833 Certificates of deposit — 531 — 531 Total asset measured at fair value $ — $ 38,005 $ — $ 38,005 March 31, 2023 Level I Level II Level III Total Corporate debt securities $ — $ 23,617 $ — $ 23,617 U.S. treasury securities — 12,990 — 12,990 Common stock 184 — — 184 Certificates of deposit — 518 — 518 Total asset measured at fair value $ 184 $ 37,125 $ — $ 37,309

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Held-to-maturity	The amortized cost and gross unrealized gains (losses) of marketable investment securities accounted under the fair value method were as follows: March 31, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Corporate debt securities $ 22,318 $ 8 $ (685) $ 21,641 U.S. treasury securities 16,071 110 (348) 15,833 Certificates of deposit 531 — — 531 Total securities with unrealized gains/(losses) $ 38,920 $ 118 $ (1,033) $ 38,005 March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Corporate debt securities $ 24,936 $ 6 $ (1,325) $ 23,617 U.S. treasury securities 13,400 15 (425) 12,990 Common stock 768 — (584) 184 Certificates of deposit 518 — — 518 Total securities with unrealized gains/(losses) $ 39,622 $ 21 $ (2,334) $ 37,309
Investments Classified by Contractual Maturity Date	Scheduled maturities of the securities held by the Company included within the investment securities portfolio were as follows: March 31, 2024 March 31, 2023 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due within one year $ 7,592 $ 7,566 $ 6,243 $ 6,254 Due within years two through five 31,328 30,439 33,379 31,055 Total debt within the investment securities portfolio $ 38,920 $ 38,005 $ 39,622 $ 37,309

ALLOWANCE FOR DOUBTFUL ACCOUN_2

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)	12 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Allowance for Uncollectible Accounts Receivable	The following table presents information about the Company's allowance for credit losses: March 31, 2024 March 31, 2023 Beginning balance $ 14,395 $ 13,274 Provision for bad debt, net 7,264 6,429 Write-off of uncollectible accounts, net (6,760) (5,308) Ending balance $ 14,899 $ 14,395

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net of accumulated depreciation consists of the following: Useful Lives March 31, 2024 March 31, 2023 Equipment 5 years $ 9,972 $ 10,178 Furniture and fixtures 5 years 29,672 19,508 Leasehold improvements 10 years 144,996 107,156 Computers and software 3 years 12,282 12,086 Other Various 8,088 7,411 Total cost 205,010 156,339 Less: accumulated depreciation (68,309) (67,994) Total net book value $ 136,701 $ 88,345

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	The following table provides a reconciliation of Goodwill and other intangible assets, net reported on the Consolidated Balance Sheets. Useful Lives March 31, 2024 March 31, 2023 Goodwill Indefinite $ 1,127,497 $ 1,087,784 Tradename-Houlihan Lokey Indefinite 192,210 192,210 Other intangible assets Varies 98,897 93,917 Total cost 1,418,604 1,373,911 Less: accumulated amortization (93,668) (82,757) Goodwill and other intangible assets, net $ 1,324,936 $ 1,291,154
Finite-lived Intangible Assets Amortization Expense	The estimated future amortization for finite-lived intangible assets for each of the next five years and thereafter are as follows: Year Ended March 31, 2025 $ 4,926 2026 — 2027 — 2028 — 2029 and thereafter —
Schedule of Goodwill by Business Segment	Goodwill attributable to the Co mpany’s business segments is as follows: April 1, 2023 Change (1) March 31, 2024 Corporate Finance $ 833,254 $ 39,713 $ 872,967 Financial Restructuring 162,815 — 162,815 Financial and Valuation Advisory 91,715 — 91,715 Goodwill $ 1,087,784 $ 39,713 $ 1,127,497 (1) Changes pertain primarily to the acquisition of 7 Mile Advisors, LLC.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE (LOSS) (Tables)	12 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Accumulated other comprehensive (loss) as of March 31, 2024, 2023, and 2022, was comprised of the following: Total Balance, March 31, 2022 $ (43,347) Foreign currency translation adjustments (19,467) Balance, March 31, 2023 (62,814) Foreign currency translation adjustments (3,794) Balance, March 31, 2024 $ (66,608)

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Provision (Benefit) for Income Taxes on Operations	The provision (benefit) for income taxes on operations for the years ended March 31, 2024, 2023, and 2022 is comprised of the following approximate values: Year Ended March 31, 2024 2023 2022 Current: Federal $ 40,838 $ 66,529 $ 134,054 State and local 16,116 4,819 58,568 Foreign 32,814 1,875 44,060 Subtotal 89,768 73,223 236,682 Deferred: Federal 14,116 1,605 (52,088) State and local 3,498 1,092 (18,348) Foreign 2,856 (6,143) (632) Subtotal 20,470 (3,446) (71,068) Total $ 110,238 $ 69,777 $ 165,614
Effective Income Tax Rate Reconciliation	The provision for income taxes on operations for the years ended March 31, 2024, 2023, and 2022 is reconciled to the income taxes computed at the statutory federal income tax rate (computed by applying the federal corporate rate of 21% to consolidated operating income before provision for income taxes) as follows: Year Ended March 31, 2024 2023 2022 Federal income tax provision computed at statutory rate $ 82,013 21.0 % $ 68,040 21.0 % $ 126,826 21.0 % State and local taxes, net of federal tax effect 20,027 5.1 % 16,609 5.1 % 31,559 5.2 % Tax impact from foreign operations 7,922 2.0 % (5,040) (1.5) % 3,990 0.7 % Nondeductible expenses 9,133 2.4 % 9,396 2.9 % 10,654 1.8 % Stock compensation (7,468) (1.9) % (8,044) (2.5) % (7,421) (1.2) % Uncertain tax positions, true-up items, and other (1,389) (0.4) % (11,184) (3.5) % 6 — % Total $ 110,238 28.2 % $ 69,777 21.5 % $ 165,614 27.4 %
Schedule of Deferred Tax Assets and Liabilities	The deferred income taxes on the accompanying Consolidated Balance Sheets as of March 31, 2024 and March 31, 2023, comprise the following: March 31, 2024 March 31, 2023 Deferred tax assets: Deferred compensation expense/accrued bonus $ 109,416 $ 115,584 Allowance for credit losses 1,243 1,641 Accounts receivable and work in progress 9,577 9,978 US foreign tax credits 2,313 2,443 Operating lease liabilities 87,219 81,153 Non US 43,434 31,557 Other, net 6,051 8,735 Total deferred tax assets 259,253 251,091 Deferred tax asset valuation allowance (12,386) (3,376) Total deferred tax assets 246,867 247,715 Deferred tax liabilities: Intangibles (71,575) (70,657) Operating lease right-of-use assets (69,978) (72,218) Other, net (22,755) (443) Total deferred tax liabilities (164,308) (143,318) Net deferred tax assets $ 82,559 $ 104,397
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the unrecognized tax position as of March 31, 2024 and March 31, 2023 is as follows: March 31, 2024 March 31, 2023 Unrecognized tax position at the beginning of the year $ 14,825 $ 18,654 Increase related to prior year tax positions 2,233 4,102 Decrease related to prior year tax positions (1,258) (7,931) Unrecognized tax position at the end of the year $ 15,800 $ 14,825

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculations of basic and diluted earnings per share attributable to holders of shares of common stock are presented below. The determination of weighted average shares of common stock outstanding includes both the Company's Class A common stock and Class B common stock. Please refer to Note 15 for further detail on our two classes of authorized Company common stock Year Ended March 31, 2024 2023 2022 Numerator: Net income attributable to Houlihan Lokey, Inc. $ 280,301 $ 254,223 $ 437,751 Denominator: Weighted average shares of common stock outstanding — basic 64,337,975 63,358,408 64,970,287 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 3,821,415 4,227,855 3,289,421 Weighted average shares of common stock outstanding — diluted 68,159,390 67,586,263 68,259,708 Basic earnings per share $ 4.36 $ 4.01 $ 6.74 Diluted earnings per share $ 4.11 $ 3.76 $ 6.41

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Activity in Equity Classified Share Awards	Activity in equity classified share awards that relate to the Company's 2006 Incentive Award Plan (the "2006 Incentive Plan") and the 2016 Incentive Plan during the years ended March 31, 2024, 2023, and 2022, is as follows: Unvested Share Awards Shares Weighted Average Grant Date Fair Value Balance, April 1, 2021 2,744,605 $ 51.37 Granted 2,689,459 82.45 Vested (1,039,535) 47.77 Shares repurchased/forfeited (80,154) 61.14 Balance, March 31, 2022 4,314,375 71.42 Granted 2,266,088 84.78 Vested (1,175,311) 59.77 Shares repurchased/forfeited (123,373) 79.00 Balance, March 31, 2023 5,281,779 79.57 Granted 1,244,902 87.60 Vested (1,655,390) 74.28 Shares repurchased/forfeited (352,267) 84.05 Balance, March 31, 2024 4,519,024 $ 83.37
Activity in Liability Classified Share Awards	Activity in liability classified share awards during the years ended March 31, 2024, 2023, and 2022 is as follows: Awards Settleable in Shares Fair Value Balance, April 1, 2021 $ 16,950 Offer to grant 4,344 Share price determined-converted to cash payments (2,676) Share price determined-transferred to equity grants (1) (4,269) Forfeited — Balance, March 31, 2022 14,349 Offer to grant 5,318 Share price determined-converted to cash payments (2,664) Share price determined-transferred to equity grants (1) (3,411) Forfeited (1,621) Balance, March 31, 2023 11,971 Offer to grant 7,022 Share price determined-converted to cash payments (3) Share price determined-transferred to equity grants (1) (1,806) Forfeited — Balance, March 31, 2024 $ 17,184 (1) 40,702, 46,430, and 57,721 shares for the years ended March 31, 2024, 2023, and 2022, respectively.
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	The following table summarizes the activity of our RSUs for the years ended March 31, 2024, 2023, and 2022, respectively. Restricted Stock Units RSUs Weighted Average Grant Date Fair Value RSUs as of April 1, 2021 38,475 $ 55.57 Issued 1,014,641 96.20 Forfeitures (2,159) 66.32 Vested (12,454) 53.80 RSUs as of March 31, 2022 1,038,503 95.27 Issued 50,556 84.55 Forfeitures (14,275) 96.82 Vested (24,138) 63.75 RSUs as of March 31, 2023 1,050,646 95.46 Issued 94,286 87.60 Forfeitures (266,883) 94.38 Vested (34,319) 91.07 RSUs as of March 31, 2024 843,730 $ 95.09

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity	The following table outlines the maturity of our existing operating lease liabilities on a fiscal year-end basis as of March 31, 2024. Maturity of Operating Leases Operating Leases 2025 $ 41,348 2026 51,484 2027 50,205 2028 49,616 2029 48,914 2030 and thereafter 327,287 Total 568,854 Less: present value discount (153,442) Operating lease liabilities $ 415,412
Lease, Cost	Lease costs March 31, 2024 March 31, 2023 Operating lease expense $ 57,436 $ 37,490 Variable lease expense (1) 19,493 18,556 Short-term lease expense 211 182 Less: Sublease income (1,059) (390) Total lease costs $ 76,081 $ 55,838 (1) Primarily consists of payments for property taxes, common area maintenance and usage based operating costs. Weighted-average details March 31, 2024 March 31, 2023 Weighted-average remaining lease term (years) 12 12 Weighted-average discount rate 5.3 % 4.7 % Supplemental cash flow information related to leases: March 31, 2024 March 31, 2023 Operating cash flows: Cash paid for amounts included in the measurement of Operating lease liabilities $ 34,341 $ 37,233 Non-cash activity: Operating lease right-of-use assets obtained in exchange of Operating lease liabilities $ 21,114 $ 194,656 Change in Operating lease right-of-use assets due to remeasurement 20,376 (11,799)

SEGMENT AND GEOGRAPHICAL INFO_2

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	12 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Revenue, Profit and Assets by Segment	The following tables present information about revenues, profit and assets by segment and geography. Year Ended March 31, 2024 2023 2022 Revenues by segment: Corporate Finance $ 1,106,826 $ 1,127,126 $ 1,593,083 Financial Restructuring 521,984 395,733 392,818 Financial and Valuation Advisory 285,594 286,588 284,057 Revenues $ 1,914,404 $ 1,809,447 $ 2,269,958 Segment profit (1) Corporate Finance $ 302,533 $ 354,075 $ 606,268 Financial Restructuring 194,116 121,618 100,882 Financial and Valuation Advisory 74,422 81,388 88,136 Total segment profit 571,071 557,081 795,286 Corporate expenses (2) 208,210 215,343 182,422 Other (income)/expense, net (27,678) 17,738 8,926 Income before provision for income taxes $ 390,539 $ 324,000 $ 603,938 (1) We adjust the compensation expense for a business segment in situations where an employee residing in one business segment is performing work in another business segment where the revenues are accrued. Segment profit may vary significantly between periods depending on the levels of collaboration among the different segments. (2) Corporate expenses represent expenses that are not allocated to individual business segments such as office of the executives, accounting, information technology, legal and compliance, marketing, and human capital. March 31, 2024 March 31, 2023 March 31, 2022 Assets by segment Corporate Finance $ 1,147,432 $ 1,015,760 $ 994,623 Financial Restructuring 192,185 196,289 178,148 Financial and Valuation Advisory 170,627 165,395 155,853 Total segment assets 1,510,244 1,377,444 1,328,624 Corporate assets 1,660,515 1,591,370 1,558,186 Total assets $ 3,170,759 $ 2,968,814 $ 2,886,810
Revenue and Income Before Provision for Income Taxes by Geographic Areas	Year Ended March 31, 2024 2023 2022 Income before provision for income taxes by geography United States $ 256,472 $ 222,923 $ 424,358 International 134,067 101,077 179,580 Income before provision for income taxes $ 390,539 $ 324,000 $ 603,938 Year Ended March 31, 2024 2023 2022 Revenues by geography: United States $ 1,344,305 $ 1,289,365 $ 1,690,708 International 570,099 520,082 579,250 Revenues $ 1,914,404 $ 1,809,447 $ 2,269,958
Assets by Geographic Areas	March 31, 2024 March 31, 2023 March 31, 2022 Assets by geography United States $ 1,957,454 $ 1,861,296 $ 2,032,390 International 1,213,305 1,107,518 854,420 Total assets $ 3,170,759 $ 2,968,814 $ 2,886,810

BACKGROUND (Details)

BACKGROUND (Details)	12 Months Ended
	Mar. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments	3

- Revenues (Narrative) (Details

- Revenues (Narrative) (Details)	12 Months Ended
	Mar. 31, 2024 segment
Accounting Policies [Abstract]
Number of business segments	3

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Translation of Foreign Currency Transactions (Narrative) (Details)	12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($) numberOfInstruments	Mar. 31, 2024 EUR (€) numberOfInstruments
Derivative [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other operating expenses	Other operating expenses
Foreign currency forward contract
Derivative [Line Items]
Notional amount		$ 6,500,000	€ 38,300,000
Gain (loss) included in other operating expenses | $	$ 55,000	$ 35,000
Derivative, Number of Instruments Held | numberOfInstruments		1	1

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 721,235	$ 714,439
Restricted cash (1)	619	373
Total cash, cash equivalents, and restricted cash	$ 721,854	$ 714,812	$ 834,070	$ 847,224

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	$ 28.4	$ 16.8

REVENUE RECOGNITION - Summary o

REVENUE RECOGNITION - Summary of Receivables, Contract Assets, and Contract Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Receivables, net	$ 192,952	$ 175,023
Unbilled work in progress, net of allowance for credit losses	192,012	115,045
Contract assets	6,678	7,006
Contract liabilities	$ 33,139	$ 40,695

RELATED_PARTY TRANSACTIONS (Det

RELATED‑PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Accounts receivable, net of allowance for credit losses	$ 199,630	$ 182,029
Unbilled work in progress, net of allowance for credit losses	192,012	115,045
Other assets	90,677	83,609
Financial and Valuation Advisory
Related Party Transaction [Line Items]
Financial advisory services fees	9,044	284	$ 0
Company Employees
Related Party Transaction [Line Items]
Other assets	32,937	$ 28,869
Related Party
Related Party Transaction [Line Items]
Accounts receivable, net of allowance for credit losses	37
Unbilled work in progress, net of allowance for credit losses	$ 7,191

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total asset measured at fair value	$ 38,005	$ 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	38,005	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]
Investments	21,641	23,617
Corporate debt securities | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Corporate debt securities | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	21,641	23,617
Corporate debt securities | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	15,833	12,990
U.S. treasury securities | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
U.S. treasury securities | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	15,833	12,990
U.S. treasury securities | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Common stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		184
Common stock | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		184
Common stock | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0
Common stock | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	531	518
Certificates of deposit | Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Certificates of deposit | Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	531	518
Certificates of deposit | Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0	$ 0

- Summary of Trading Securities

- Summary of Trading Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 38,920
Gross Unrealized Gains	118
Gross Unrealized (Losses)	(1,033)
Fair Value	38,005
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	22,318
Gross Unrealized Gains	8
Gross Unrealized (Losses)	(685)
Fair Value	21,641
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	16,071
Gross Unrealized Gains	110
Gross Unrealized (Losses)	(348)
Fair Value	15,833
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	531	518
Gross Unrealized Gains	0	0
Gross Unrealized (Losses)	0	0
Fair Value	$ 531	$ 518

INVESTMENT SECURITIES - Summary

INVESTMENT SECURITIES - Summary of Investment Contractual Maturity Dates (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Due within one year, amortized cost	$ 7,592	$ 6,243
Due within one year, estimated fair value	7,566	6,254
Die within one year through five years, amortized cost	31,328	33,379
Due within one year through five years, fair value	30,439	31,055
Amortized cost	38,920	39,622
Fair value	$ 38,005	$ 37,309

ALLOWANCE FOR CREDIT LOSSES (De

ALLOWANCE FOR CREDIT LOSSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Allowance for Uncollectible Accounts Receivable
Beginning balance	$ 14,395	$ 13,274
Provision for bad debt, net	7,264	6,429	$ 3,718
Recovery or write-off of uncollectible accounts	(6,760)	(5,308)
Ending balance	$ 14,899	$ 14,395	$ 13,274

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Total cost	$ 205,010	$ 156,339
Less: accumulated depreciation	(68,309)	(67,994)
Total net book value	136,701	88,345
Depreciation	$ 17,782	13,250	$ 14,600
Equipment
Property, Plant and Equipment [Line Items]
Useful Lives	5 years
Total cost	$ 9,972	10,178
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful Lives	5 years
Total cost	$ 29,672	19,508
Leasehold improvements
Property, Plant and Equipment [Line Items]
Useful Lives	10 years
Total cost	$ 144,996	107,156
Computers and software
Property, Plant and Equipment [Line Items]
Useful Lives	3 years
Total cost	$ 12,282	12,086
Other
Property, Plant and Equipment [Line Items]
Total cost	$ 8,088	$ 7,411

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 1,127,497	$ 1,087,784
Tradename-Houlihan Lokey	192,210	192,210
Other intangible assets	98,897	93,917
Total cost	1,418,604	1,373,911
Less: accumulated amortization	(93,668)	(82,757)
Goodwill and other intangible assets, net	$ 1,324,936	$ 1,291,154

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 10,754	$ 44,971	$ 33,937

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Finite-Lived Intangible Assets, Amortization Expense, Fiscal Year Maturity (Details) $ in Thousands	Mar. 31, 2024 USD ($)
(In thousands)
2025	$ 4,926
2026	0
2027	0
2028	0
2029 and thereafter	$ 0

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill by Business Segments (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill
April 1, 2023	$ 1,087,784
Changes	39,713
March 31, 2023	1,127,497
Corporate Finance
Goodwill
April 1, 2023	833,254
Changes	39,713
March 31, 2023	872,967
Financial Restructuring
Goodwill
April 1, 2023	162,815
Changes	0
March 31, 2023	162,815
Financial and Valuation Advisory
Goodwill
April 1, 2023	91,715
Changes	0
March 31, 2023	$ 91,715

LOANS PAYABLE (Details)

LOANS PAYABLE (Details) - USD ($)			1 Months Ended		12 Months Ended
	Aug. 31, 2020	Aug. 23, 2019	Dec. 31, 2023	Dec. 31, 2019	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	May 31, 2018
Loans Payable | Non Interest Bearing Unsecured Convertible Loan
Debt Instrument [Line Items]
Loans payable, face amount	$ 4,500,000					$ 12,900,000
Exchange period	3 years
Loans Payable | Two Point Eighty Eight Percent Loans Payable
Debt Instrument [Line Items]
Loans payable, face amount								$ 2,800,000
Interest and unused commitment fees paid					$ 0	18,000	$ 105,000
Stated interest rate								2.88%
Loans Payable | Two Point Seven Five Percent Loans Payable
Debt Instrument [Line Items]
Loans payable, face amount				$ 4,000,000
Interest and unused commitment fees paid					58,000	81,000	$ 79,000
Stated interest rate				2.75%
Exchange period				4 years
Loans Payable | 2.00% Loans Payable
Debt Instrument [Line Items]
Loans payable, face amount			$ 14,500,000
Interest and unused commitment fees paid					88,000
Stated interest rate			2%
Exchange period			3 years
Revolving line of credit | Bank of America
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 100,000,000
Margin adjustment		1%
Principal outstanding					0	0
Revolving line of credit | Bank of America | 2019 Line of Credit, Expansion Option
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 200,000,000
Baylor Klein, Ltd
Debt Instrument [Line Items]
Contingent consideration					9,000,000	$ 18,100,000
7 Mile Advisors, LLC
Debt Instrument [Line Items]
Contingent consideration					$ 4,000,000
Secured Overnight Financing Rate (SOFR) | Revolving line of credit | Bank of America
Debt Instrument [Line Items]
Stated interest rate on line of credit		0.10%
Fed Funds Effective Rate Overnight Index Swap Rate | Revolving line of credit | Bank of America
Debt Instrument [Line Items]
Stated interest rate on line of credit		0.50%

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE (LOSS) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Loss
Foreign currency translation adjustments	$ (3,794)	$ (19,467)	$ (23,171)
Accumulated other comprehensive loss
Accumulated Other Comprehensive Loss
Beginning balance	(62,814)	(43,347)
Ending balance	$ (66,608)	$ (62,814)	$ (43,347)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Tax Credit Carryforward [Line Items]
Provision for income taxes	$ 110,238	$ 69,777	$ 165,614
Effective tax rate	28.20%	21.50%	27.40%
Deferred tax asset, foreign net operating losses	$ 51,246
Deferred tax assets, valuation allowance	10,072	$ 933
Decrease in deferred tax assets valuation allowance	9,139	5,858
Recorded liabilities for interest and penalties related to uncertain tax positions	576	1,023
Unrecognized tax benefits	15,800	14,825	$ 18,654
Reasonably possible decrease in gross unrecognized income tax benefits for federal and state items may be necessary within the next 12 months	5,900
Foreign Tax Authority
Tax Credit Carryforward [Line Items]
Tax credit carryforward, amount	$ 2,313	$ 2,443

INCOME TAXES - Provision (Benef

INCOME TAXES - Provision (Benefit) for Income Taxes on Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Current:
Federal	$ 40,838	$ 66,529	$ 134,054
State and local	16,116	4,819	58,568
Foreign	32,814	1,875	44,060
Current income tax expense (benefit)	89,768	73,223	236,682
Deferred:
Federal	14,116	1,605	(52,088)
State and local	3,498	1,092	(18,348)
Foreign	2,856	(6,143)	(632)
Deferred income tax expense (benefit)	20,470	(3,446)	(71,068)
Total	$ 110,238	$ 69,777	$ 165,614

INCOME TAXES - Effective Income

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Effective Income Tax Rate Reconciliation, Amount
Federal income tax provision computed at statutory rate	$ 82,013	$ 68,040	$ 126,826
State and local taxes, net of federal tax effect	20,027	16,609	31,559
Tax impact from foreign operations	7,922	(5,040)	3,990
Nondeductible expenses	9,133	9,396	10,654
Stock compensation	(7,468)	(8,044)	(7,421)
Uncertain tax positions, true-up items, and other	(1,389)	(11,184)	6
Total	$ 110,238	$ 69,777	$ 165,614
Effective Income Tax Rate Reconciliation, Percent
Federal income tax provision computed at statutory rate	21%	21%	21%
State and local taxes, net of federal tax effect	5.10%	5.10%	5.20%
Tax impact from foreign operations	2%	(1.50%)	0.70%
Nondeductible expenses	2.40%	2.90%	1.80%
Stock compensation	(1.90%)	(2.50%)	(1.20%)
Uncertain tax positions, true-up items, and other	(0.40%)	(3.50%)	0%
Total	28.20%	21.50%	27.40%

INCOME TAXES - Deferred Income

INCOME TAXES - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Deferred tax assets:
Deferred compensation expense/accrued bonus	$ 109,416	$ 115,584
Allowance for credit losses	1,243	1,641
Accounts receivable and work in progress	9,577	9,978
US foreign tax credits	2,313	2,443
Operating lease liabilities	87,219	81,153
Non US	43,434	31,557
Other, net	6,051	8,735
Total deferred tax assets	259,253	251,091
Deferred tax asset valuation allowance	(12,386)	(3,376)
Total deferred tax assets	246,867	247,715
Deferred tax liabilities:
Intangibles	(71,575)	(70,657)
Operating lease right-of-use assets	(69,978)	(72,218)
Other, net	(22,755)	(443)
Total deferred tax liabilities	(164,308)	(143,318)
Net deferred tax assets	$ 82,559	$ 104,397

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of Unrecognized Tax Benefits
Unrecognized tax position at the beginning of the year	$ 14,825	$ 18,654
Increase related to prior year tax positions	2,233	4,102
Decrease related to prior year tax positions	(1,258)	(7,931)
Unrecognized tax position at the end of the year	$ 15,800	$ 14,825

NET INCOME PER SHARE ATTRIBUTAB

NET INCOME PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Comprehensive income attributable to Houlihan Lokey, Inc.	$ 276,507	$ 234,756	$ 414,580
Denominator:
Weighted average shares of common stock outstanding—basic (in shares)	64,337,975	63,358,408	64,970,287
Weighted average number of incremental shares issuable from unvested restricted stock and restricted stock units, as calculated using the treasury stock method (in shares)	3,821,415	4,227,855	3,289,421
Weighted average shares of common stock outstanding—diluted (in shares)	68,159,390	67,586,263	68,259,708
Basic (in usd per share)	$ 4.36	$ 4.01	$ 6.74
Diluted (in usd per share)	$ 4.11	$ 3.76	$ 6.41

EMPLOYEE BENEFIT PLANS - Define

EMPLOYEE BENEFIT PLANS - Defined Contribution Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Defined contribution plan, amount of contributions	$ 12,526	$ 10,640	$ 5,294

EMPLOYEE BENEFIT PLANS - Share-

EMPLOYEE BENEFIT PLANS - Share-Based Incentive Plans Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended			15 Months Ended
	Oct. 19, 2017 shares	Aug. 31, 2015	Jun. 30, 2023 director $ / shares	Jun. 30, 2022 director $ / shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2022 USD ($) $ / shares	Jun. 30, 2022 director $ / shares	Apr. 28, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, excess tax benefit amount | $					$ 7,468	$ 8,044	$ 7,421
Payments related to tax withholding for share-based compensation | $					(70,713)	(42,283)	(33,741)
Compensation expense — equity and liability classified share awards (Note 14) | $					166,595	156,936	$ 91,875
Unrecognized compensation cost | $					$ 298,100	$ 367,607
Unrecognized compensation cost, period for recognition					2 years 10 months 24 days	2 years 3 months 18 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period					4 years
2006 Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in usd per share) | $ / shares					$ 87.60	$ 84.78	$ 82.45
2016 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, restricted stock		4 years
2016 Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period, restricted stock		4 years
Amended And Restated 2016 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (decrease) in number of shares authorized (in shares)	(12,200,000)
Number of shares authorized (in share)	8,000,000
Director | 2016 Incentive Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares granted, number of recipients | director			6	6				6
Granted (in usd per share) | $ / shares			$ 87.60	$ 84.55				$ 73.19
Class B | Amended And Restated 2016 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (decrease) in number of shares authorized (in shares)									10,000,000
Class A | Amended And Restated 2016 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (decrease) in number of shares authorized (in shares)									10,000,000
April 1, 2018 | Class B | Amended And Restated 2016 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (decrease) in number of shares authorized (in shares)	6,540,659
Percentage increase (decrease) to number of shares available for issuance	6%
April 1, 2018 | Class A | Amended And Restated 2016 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase (decrease) in number of shares authorized (in shares)	6,540,659
Percentage increase (decrease) to number of shares available for issuance	6%

EMPLOYEE BENEFIT PLANS - Activi

EMPLOYEE BENEFIT PLANS - Activity in Equity Classified Share Awards (Details) - 2006 Incentive Plan - Restricted Stock - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Shares
Beginning balance (in shares)	5,281,779	4,314,375	2,744,605
Granted (in shares)	1,244,902	2,266,088	2,689,459
Vested (in shares)	(1,655,390)	(1,175,311)	(1,039,535)
Forfeited (in shares)		(123,373)	(80,154)
Shares repurchased/forfeited (in shares)	(352,267)
Ending balance (in shares)	4,519,024	5,281,779	4,314,375
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 79.57	$ 71.42	$ 51.37
Granted (in usd per share)	87.60	84.78	82.45
Vested (in usd per share)	74.28	59.77	47.77
Forfeited (in usd per share)	84.05	79	61.14
Ending balance (in usd per share)	$ 83.37	$ 79.57	$ 71.42

EMPLOYEE BENEFIT PLANS - Acti_2

EMPLOYEE BENEFIT PLANS - Activity in Liability Classified Shares (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Liability Classified Awards Settleable in Shares
Beginning balance	$ 11,971	$ 14,349	$ 16,950
Offer to grant	7,022	5,318	4,344
Share price determined-converted to cash payments	(3)	(2,664)	(2,676)
Share price determined-transferred to equity grants	(1,806)	(3,411)	(4,269)
Forfeited	0	(1,621)	0
Ending balance	$ 17,184	$ 11,971	$ 14,349
Share price determined-transferred to equity grants (in shares)	40,702	46,430	57,721

EMPLOYEE BENEFIT PLANS - Shar_2

EMPLOYEE BENEFIT PLANS - Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
RSUs
Beginning balance (in shares)	1,050,646	1,038,503	38,475
Issued (in shares)	94,286	50,556	1,014,641
Forfeitures (in shares)	(266,883)	(14,275)	(2,159)
Vested (in shares)	(34,319)	(24,138)	(12,454)
Ending balance (in shares)	843,730	1,050,646	1,038,503
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 95.46	$ 95.27	$ 55.57
Granted (in usd per share)	87.60	84.55	96.20
Forfeitures (in usd per share)	94.38	96.82	66.32
Vested (in usd per share)	91.07	63.75	53.80
Ending balance (in usd per share)	$ 95.09	$ 95.46	$ 95.27

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)	12 Months Ended
	Mar. 31, 2024 USD ($) class_of_stock vote $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Jul. 31, 2021 USD ($)	Mar. 31, 2021 shares
Class of Stock [Line Items]
Number of classes of common stock | class_of_stock	2
Conversion ratio of common stock	1
Dividends outstanding | $	$ 22,883,000	$ 18,608,000
Stock repurchase program, authorized amount | $				$ 500,000,000
Stock repurchase program, remaining authorized repurchase amount | $	$ 457,700,000
Treasury stock acquired, average cost per share (in dollars per share) | $ / shares	$ 103.68	$ 85.74	$ 94.35
Class A
Class of Stock [Line Items]
Common stock voting rights, number of votes per share | vote	1
Shares issued of common stock (in shares)	52,348,511	50,638,924
Number of common shares outstanding (in shares)	52,348,511	50,638,924
Stock repurchased and retired during period, shares (in shares)	240,666,000	677,287	3,272,399
Stock repurchased and retired during period, value | $	$ 24,952,000	$ 58,073,000	$ 308,746,000
Class B
Class of Stock [Line Items]
Common stock voting rights, number of votes per share | vote	10
Shares issued of common stock (in shares)	16,746,676	18,048,345
Number of common shares outstanding (in shares)	16,746,676	18,048,345
Stock repurchased and retired during period, shares (in shares)	772,794,000	507,511,000	455,402,000
Stock repurchased and retired during period, value | $	$ 70,713,000	$ 42,283,000	$ 33,700,000
Director | Class A
Class of Stock [Line Items]
Shares issued to non-employee directors (in shares)	6,609	6,739
Investor | Class A
Class of Stock [Line Items]
Shares issued of common stock (in shares)	52,283,576	50,580,598
Common stock | Class A
Class of Stock [Line Items]
Shares issued to non-employee directors (in shares)	6,609	6,739	6,512
Shares converted from Class B to Class A (in shares)	1,942,078	1,455,908
Number of common shares outstanding (in shares)	52,348,511	50,638,924	49,853,564		51,245,442
Common stock | Class B
Class of Stock [Line Items]
Number of common shares outstanding (in shares)	16,746,676	18,048,345	17,649,555		16,951,696
Director | Class A
Class of Stock [Line Items]
Shares issued of common stock (in shares)	64,935	58,326

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Lease not yet commenced, amount	$ 21
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	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
2025	$ 41,348
2026	51,484
2027	50,205
2028	49,616
2029	48,914
2030 and thereafter	327,287
Total	568,854
Less: present value discount	(153,442)
Operating lease liabilities	$ 415,412	$ 374,869

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease expense	$ 57,436	$ 37,490
Variable lease expense (1)	19,493	18,556
Short-term lease expense	211	182
Less: Sublease income	(1,059)	(390)
Total lease costs	$ 76,081	$ 55,838

LEASES - Weighted Average Detai

LEASES - Weighted Average Details (Details)	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term (years)	12 years	12 years
Weighted-average discount rate	5.30%	4.70%

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of Operating lease liabilities	$ 34,341	$ 37,233
Operating lease right-of-use assets obtained in exchange of Operating lease liabilities	21,114	194,656
Change in Operating lease right-of-use assets due to remeasurement	$ 20,376	$ (11,799)

SEGMENT AND GEOGRAPHICAL INFO_3

SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue and Assets by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 1,914,404	$ 1,809,447	$ 2,269,958
Segment profit	571,071	557,081	795,286
Corporate expenses (2)	(1,551,543)	(1,467,709)	(1,657,094)
Other (income)/expense, net	(27,678)	17,738	8,926
Income before provision for income taxes	390,539	324,000	603,938
Assets	3,170,759	2,968,814	2,886,810
Operating Segments
Segment Reporting Information [Line Items]
Assets	1,510,244	1,377,444	1,328,624
Operating Segments | Corporate Finance
Segment Reporting Information [Line Items]
Revenues	1,106,826	1,127,126	1,593,083
Segment profit	302,533	354,075	606,268
Assets	1,147,432	1,015,760	994,623
Operating Segments | Financial Restructuring
Segment Reporting Information [Line Items]
Revenues	521,984	395,733	392,818
Segment profit	194,116	121,618	100,882
Assets	192,185	196,289	178,148
Operating Segments | Financial and Valuation Advisory
Segment Reporting Information [Line Items]
Revenues	285,594	286,588	284,057
Segment profit	74,422	81,388	88,136
Assets	170,627	165,395	155,853
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Corporate expenses (2)	(208,210)	(215,343)	(182,422)
Assets	$ 1,660,515	$ 1,591,370	$ 1,558,186

SEGMENT AND GEOGRAPHICAL INFO_4

SEGMENT AND GEOGRAPHICAL INFORMATION - Revenue and Assets by Geographical Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Income before provision for income taxes	$ 390,539	$ 324,000	$ 603,938
Revenues	1,914,404	1,809,447	2,269,958
Assets	3,170,759	2,968,814	2,886,810
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Income before provision for income taxes	256,472	222,923	424,358
Revenues	1,344,305	1,289,365	1,690,708
Assets	1,957,454	1,861,296	2,032,390
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Income before provision for income taxes	134,067	101,077	179,580
Revenues	570,099	520,082	579,250
Assets	$ 1,213,305	$ 1,107,518	$ 854,420

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	May 02, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Quarterly dividend declared (in usd per share)	$ 0.57