HLI - Earnings call transcript Q1 2019

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Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to Houlihan Lokey's First Quarter Fiscal 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. conference being this XX, today that XXXX. note call recorded is July Please like call turn Crain, would to I now the General Houlihan Counsel. over Lokey's Christopher to Please ahead go sir.

Christopher Crain

have hello, earnings XXXX which Relations at can the now operator, www.hl.com quarter on release, everyone. found Lokey you, our first and everyone Thank section. should Houlihan access be in to fiscal Investor By website the

other caution We phrases statements, formal cause the relying that and risks forward-looking or and our of should begin for therefore, from financial results is for regulatory interpreting as remarks, XX-Q are of discussion you you our including guarantees results anticipate, numerous could forward-looking statements June could that the filings, statements. materially today our similar we expect, to actual such everyone and we by of These SEC. Before review them. future all we to Form encourage remind identified a include performance. uncertainties recent to when should SEC quarter the XXXX, filings with impact investors discussion our will These when to the words use to risks filed not We which detailed refer usually ended XX, need subject it of are differ the future exercise and that more operating expect, will, condition. on are what

GAAP. comparable as to hl.com the of remarks, turn some financial for reconciliation be company. measures is be questions. These financial the Scott. Officer Executive we not we a in Lokey's the call, in measures call and and Alley, non-GAAP Hosting will measures earnings During today's or to open available accordance these today, presentation most will and prepared that, Scott company's in have in our believe measures, to will provide discuss Houlihan opening performance. substitute the isolation directly Officer; with They results over investor considered Financial useful I'll of website. call we the GAAP A Chief we financial Beiser, evaluating call on the Lindsey the which our can release our Chief then should With

Scott Beiser

and million, up Thank Christopher. quarter quarter first year. produced XX% call. strong first our last everyone earnings achieved Hello for first June XXXX roughly welcome per quarter a with from to XXth you, on We very inline fiscal share $X.XX, of ended This of year. adjusted our $XXX revenues was last earnings

add months, of the several made very a progress initiatives. acquisitions line of corporate industry out with formation by number added two financial We our strategically reach have to and we our and been to Advisory Over existing have geographical of encouraged announced a sectors to the important the new Services. continued significant directors offerings we our many round and and restructuring sub-product capabilities last financing our Financial managing key service completed finance, and

finance and in increased Financial modestly new result as our one FAS hire. substantially the Financial and came the Advisory the acquisition of we came from high annual April the of the nine cycle, Quayle acquisition five ten of During promotion Services, Overall, MD of headcount in Restructuring Munro, new from our acquisitions. two senior from rose from BearTooth number but managing a came quarter, added usually corporate came directors: a

services. we that the already equity Quayle relationships limited expand partner the our to placement group. areas of BearTooth business the relationships Houlihan This our Furthermore, added can Munro companies. this family. early firm develop and around finance, a Lokey as arrange team hires HL advisory Our started offer and Lokey. leading revenues corporate growing combines This Finance technology senior HL our This them the predominantly for BearTooth with has will strengthened both sector of financial our and the Houlihan acquisition within software of Funds XX some finance portfolio capital bankers there with extensive an by expertise extensive and analytics, public already We we many respective adds data market Private private also credit strategic the contributing vehicle held have analytics, creation UK to Quayle private announced external line European in funds Finance HL teams community. and financial and acquisitions provides to for vertical. of of intend capability announced looking and use to data companies investment and the leverages May years. as welcome excitement is and services to underwriting our fund both Munro recently April banking to and services in strength The Private adds and closed believe corporate natural and closed relationships. is us further allows placement acquisition sponsor and acquisition financial a platforms important to to presence education. We of extension institutions, and service contents, We and we’ve our a core privately managers. that backed acquisition to placement in formation business. newest client advisory very mid markets industry now for Funds management Finance capabilities for and fund opportunity an We a and have The our loans credit asset to enter leverage with been internal underpinned to

mature senior meantime, we strong results. a history acquisitions years and platform. While we recent before will few of these creation the In of on the another produced are excited take our additions our about hiring, quarter suggests it Finance, HL level new our

closed market Our corporate grew the finance business number quarter. a of the continued during despite year-over-year transactions decline global mid-cap in

any M&A future a healthy If indicator M&A a strength are the growth couple is large is guide, value of of market large last We the market. a M&A history strong cap deal mid-cap in cap the the leading and encouraged by strong M&A over quarters. market

While new result backlog. in bankers acquisitions. talented business experience the and the productivity business deal of out continued is globe improvements and our what new the mid-cap a corporate market M&A continues finance continued believe we an of through direct addition volume, the across and successful activity future gains, increase for sorts our share market to This hiring both

order of On across work concentration continues the M&A steadily lines on an committed in drive to overall to its business and product the off climb. is Services all clients continues more revenue hiring engagements focus from Financial to Advisory has early of growth. remains a strong FAS industry in benefit this has future commitment annual talent dividends market to we institutional to its environment, paying as high number and recent paid market of

XXXX business bit for expectations XXXX better its our XXXX to We restructuring momentum For a our we have fiscal with not expect than expected soften at our financial but entered year, business, changed. relative last restructuring this fiscal results. time to

For quarter, first the last the we quarter were versus XX% same year. down

quarter a declined quarter, transactions restructuring is segment the However, and year. in the fees is our transaction one it a fee when difference inclusion transaction we make business lumpiest remember or to and our business same can closed last a In important that fewer of to first quarter. the or compared average exclusion two

quarter expect first to on half first based produce restructuring still were our result. results we or side, a on the backlog solid light While our

to across be globe disruptors default in highly decades founded. restructuring limited rates, a years at continued we've diversified of client, that us This a our employee attractive and and business, a the was new practice pace continues committed model any nearly well over With opportunistic to I'll slowly see several the model as but the result We turn continued business opportunities remain been the and firm for a is consistent environment. rates. can geography since low call rising to industry, model concentration Regarding with Lindsey. with technology interest has that business public that served and three relatively

Lindsey Alley

Thank you, Scott.

I reimbursable our on from to against opposed I requires the included remind firm's approximately of in recently Before revenues $XX our pronouncement This and them and by million. want and expenses quarter, expense. ASC quarter expenses fee pronouncement reimbursable for everyone netting accounting revenues the revenues excluding that expenses first revenues increased performance first quarter XXX as non-competition to non-competition both recent to now be comment the completed

to although XX same XX our year on the $XXX revenues for deals same corporate on with average finance, the year. in the prior compared quarter were million closed to In an quarter the was the Now transaction closed period year. compared quarter. quarter, We in transactions X% fee from of last increase lower last

a engagement experience average Financial continue restructuring led XX% in from million the year the We for our quarter first and was in strong transactions prospects the were the same XX $XX last closed revenues recent transaction activity fee increases XX We the quarterly deals on in quarter, same year. last for year. compared quarter have to our the with new period compared to transactions closed decline acquisitions year. our quarter to and last lower

a and same events Scott Financial in in may compared had from XXX in increase be million year. Services, quarter, last events. the financial quarter’s prior We those X% As Advisory events to of the restructuring his the period timing mentioned $XX fee by business revenues XXX comments, large performance the often affected the our for completed the quarter year. were In

few over managing New and years. revenues business director the activity per last has remained robust climbed have

Turning to expenses.

quarter first year. $XXX quarter, compensation ratio Our for XX.X% versus targeted last period the resulted for the were is between of for XX.X%. XXXX of million adjusted the for within our This range million expenses fiscal same and XX.X% in compensation expense adjusted $XXX which

the accounting target driven which XX.X% non-compensation quarter an XX%. non-compensation ratio quarter with This resulted last primarily when adjusted Our due quarter first the by XX% first in expenses adjusted of up an were and million, in compared expense of increase to in non-compensation the our for versus ratio significantly expenses the year, pronouncement. first between $XX were

range. during lower we above revenue our expect will range lower be is first quarter will that and one during our of quarters, our our this be We our revenue revenue higher below quarters we Historically, quarters. target

associated out with acquisition expenses amortization. of of primarily which $X.X BearTooth This Munro accounting quarter we block completed we million in and costs May, related million and approximately registered and adjusted associated in in Quayle our trade, $XXX,XXX acquisitions with $X.X legal our

which We adjust of to occur. will the they in types continue quarters expenses these in

resulted recurring gain had approximately of in previous in or We approximately our quarter. associated this Italy gain gain line acquisition. joint adjustment other reduced included interest to Because income item interest expenses income in income venture gains our was and result venture, the line losses line other to to versus have one this with on income gain in in joint same balance liability the of a $XXX,XXX. of and are from off a Our item of item our a gain our million for $XXX,XXX. cash $X.X for and other we from during one last expense expense. $XXX,XXX year is $XXX,XXX item with quarter earn-out a nature, the income a believe the Most of Italian adjusted this associated income of quarter of period and in a our the an and line expense the gain expenses adjusted The we interest reduction related GAAP due our throughout income of an gain and

effective adjusted company, a the are recognize and unlike have between to within is effective XX% any this for XX.X%, did tax we adjustments impact our our rate reform was which Since March our of tax not of We until year tax year. publicly full we fiscal XX not traded quarter. range this did quarter the fiscal peers, targeted Our GAAP for XX% the quarter.

Turning to sheet cash. the balance uses of and

cash our related contracts first the staffs, shares our of with we completed May. our $XXX unrestricted end, bonuses XXX,XXX to of we and in In the of shares to had million XXXX we securities forward quarter, debt quarter we acquired the offering and that in secondary in quarterly that registered March, the our settled million. trade fiscal completed bulk conjunction and of the X paid dividend and paid million investment As equivalents $XX of banking block

and of board of share XXXX replaces program has our $XXX This $XX utilized. previous been million. a share repurchase authorization Lastly, program fully February our was repurchase million that directors authorized authorized new has new in

line that this We with can of a annual dilution their to the employees shares will the that part for to as continue May. With issued operator, in use associated bonuses program offset to as questions. means we open we repurchase

Operator

We’ll Devin first Instructions] with take Ryan [Operator Please JMP Securities. our ahead. question go from

Brian McKenna

Hi. This for for is Thanks Brian question. taking McKenna Devin. the

tariffs there’s a So noise clearly tensions. of around been lot trade and

impact clients on there on been And from far? what or confidence hearing any thus business this you're has Just curious topic? activity

Scott Beiser

It’s decision haven’t totally material talking about, talking whether or that we transactions transactions not any impact been kinds has It really our seen have do would now are point, and impact think to had something business might so but our clients do. on on I but – their of – it's it it's they want far any an that they making as increased well.

Brian McKenna

Got of thanks. opportunities past made you’ve these months. acquisitions around then looking announcements Or or you're additional of several in building it, And over any couple businesses? and out there the new a be the will the focus strategic growing some more Are at currently? pipeline

Scott Beiser

I HL whether think, ventures, With of always at recent acquisitions, time, different new I given any whether That that talking our new have. the some from various the we're and Finance. ideas we with announcement groups of considering from think, it's formation said, stages it's being acquisitions,

continue that we've looking we those stop situations. building started to but and – mean will talking does focus We probably on, not opportunities short-term out hunting other already that to on that and

Brian McKenna

All right, got it it. Thank me. for you. That's

Scott Beiser

Thanks, Brian.

Operator

moving from Ken with we'll our Morgan. question next Please ahead. And go JP Worthington on take

Ken Worthington

– restructuring of that first of the here? deals to Are on to coming to into pipeline. is I’m fair your share feel couple you pipeline you're good how of the over getting market dig you trying recent been trying quarters? sense do that afternoon. Hi, more Maybe have just get a building last that the

Scott Beiser

obviously international, are couple been downturn, decades. a pace they're at fair I as share of see but think have of we out that the but we one projects they're believe market we in both or we're and same during most for active opportunities the the getting key terms still U.S. firms there, in said whether we're our still the and a restructuring not

Ken Worthington

then where of you middle corporate Thank Okay, and fair flow it's reform as and the M&A do a impact M&A, corporate the about to tax flow principles, thought like reform flow, activities. seasoning would of also having clients? it there. the cash levels but returning is used tax And corporate you more for activity on terms you it do So think feel this drives in think we the into market enough. is you drives your with tax reform cash cash thought being

markets this are innings in come of well corporate is do you So of the feel at analogy yet like kind like tax think? where the we the do point, baseball is reform this seasoned from to best in the middle you

Scott Beiser

it's the to things of flow the ago We and tax months know increased than larger say is compares obviously to don't have of reform this where amount all M&A, it being the would how equal last really last points couple you taken It's was reform a has I our talking times it or nine all the but so clearly hard today. decades cash free which net six more has not thus income their tax the time, maybe over to gauge their few focused old. making and general made they it's talked decision It's a probably It's cash been positive, say now thinking topic six companies is is little on but valuations higher. things things, strategic about it's in It's have months some companies months now of several about that terms a net were I'd as ago. made done things. but clients a heavily in it's just do couple of of

Ken Worthington

the BearTooth, the to right acquisition of into that And business then get lastly time on is it now? why

Scott Beiser

largest one feel we deals where deals been coverage GP-type continue groups industry are terms something the to the we've it the going many as it's offered on we’re it's always believe do feel a out got for more and the for side that the to We continues to to of especially been sponsor we've us and focus Well, on. clients. in many, of years. the and as new well. this on this that grow We to in have raising sized financial view to street, interested and we're just as too that qualified try we fund in alluded LP that would grow trying we'd of the like think We marketplaces that to area. participants kind always we're for to cycle there time the also we there pick fund raising. we also help not to And of be tough will perfect will relationships to sized in And think on with mid-cap anyone

I said of type we've business for many, like been And years. so many looking it's at

Lindsey Alley

time. long found during economy in think, our fundraising important the the a right perform more is strongly was the when do we item point I necessarily tend opportunistic much large in is here, are haul, – vis-à-vis we think thing at very for have the if think strong about team dip question timing next your for And price long recessionary right we business time, firm been not is cycle, and have in we a or the other us. right us the really looked for I for And during not around and dip to because the Ken, it team to during this and find it I periods. those we periods very

think a comes, And when that when worry acquired about so necessarily that not comes, whenever business with be – and growing that that business we we opportunistic building we BearTooth like dip it. can dip in

Ken Worthington

very you That’s much. great. Thank

Operator

And Please Needham take with from Bank our go moving Michael of we’ll question America. on next ahead.

Michael Needham

guys. good afternoon, Hey,

seems capture have we had the share can you've in the success where scenario Europe, like on you more replicating First market U.S. it

better be particularly model entering U.S. saying It's you more challenging that acquisitions the can done just from little bit have Europe, one. a an closed in You that independent

that make better it to you umbrella? going how thoughts So advisory I ensure just your these Houlihan and persuade you're under the approach guys on firms

Scott Beiser

the some our maybe United competitors we good already over last three, economy standing has a the there. Well, challenges start and we're historical in than side. that on One, have robust in not European so as what strong the And I'll more as with and U.S. European States. in do, your U.S. global. is see the out a more is second with than years. fact, out at Europe the what's the in and the by presence develop and critical United there of is continue complexity. long economy well staff deals We amongst world the of XX and we'll global, look we what U.S. us a we for couple added been with our And now activity very was That geography the as Two, is types the amount geography And of see can expertise as gets a may being layer build that of focus will be the across be Europe more European ago. stages deal product in we we decade Europe on more in an and presence an positives Europe industry when larger we countries the and only of the sector fact is said, what to in that driven the expertise the to in continue have, to States, lot opportunities. we out as less typically

game, to continue we we've of to opportunities realized and see it's out for ourselves So long to grow to it market build a lots share. build many like a but and will continue firm take years

Lindsey Alley

middle U.S. significant think And that that the have to Europe. one and largest we strength, to one is, I platform the that have is in the thing market relative in would we M&A we competitors add competitive

way Europe, United go nobody can. meet when the to deliver with the So we we in States in the can company

the build So are mid-cap that do in a folks the European we out are or this the significant in who space. have competitive continue market in United model, the better if to advantage to we Europe weaker States, middle

Michael Needham

Got it.

the where just going for year? one is it fiscal tell lumpiness. on It little this just Is quarter year? quarter do this bit that makes full a you this more restructuring. too have comments rate it be was see low visibility run Okay, hear better. that How versus the on the you the a sounds just to point? is Or I like for to much hard And sense. bit second at

Scott Beiser

of few have from really firm, out pretty in do to you're it's months was million light after Restructuring. a now. to visibility what hard going quarter. think to any look take it's Financial you We've were a a We and months I anywhere million couple $XXX nine run this quarter relatively years tell roughly million and we if other banking that at like But, good quarter, in per $XX this last $XX from investment the

this was expectations were we the the within the on are quarter averages, continue and side relative on the so low of range. to range to will end lighter And historically. just perform we that And

Michael Needham

I Okay. one And quick the was ratio of comp more being like – just thing, it Model one. XX% XX.X%.

I since think those it's are guidance of bottom guess year? at quarter, range. first your the that for Is your – is the the best that

Lindsey Alley

No.

like to discussion Scott – think I'd and X% within range. have a I little

It will, the is within But rest the goal So to of and come that whether really range going tell for be is it of end XXX the towards out. hard end the to points. range. upper to me that depends the to going of we're it's is how remain lower year or basis we our

Michael Needham

great. Okay,

Scott Beiser

the year. to the non-comp versa end in a at Usually, what It’s the was talked also the terms be relatively going higher to vice ratio ratio achieve specifically lower on of that's end. within to bands throughout to be when we've at the we tied going narrow comp little expect our about

Michael Needham

Got it. Thanks.

Operator

moving And we’ll next go question Hawken Brennan UBS. on with our take ahead. from Please

Brennan Hawken

down. hold to really guys, it afternoon, Good here, Brennan

are to that And you fragmented of long ramp How so a we Finance. might think to Could up? speak HL How on you quick how So market? opportunity that it of about the is? think that little bit Houlihan? doing? it take – question should for size do here sense And you how your set

Scott Beiser

marketplace. But size entry people of the for our we syndication think kind couple business ageing of been it, many could many, as been our and the an won't getting right much to along We projects be and takes will define grow, it. and talking part this in quite finance market us study in and probably kind capital to the slightly public continue than about partners for to think Notwithstanding larger the We've our done grow. important of shrink. of large right no ongoing incredibly us right analyze basically in into many more during have done to clients it economic to what years. it's took of certain areas, some businesses deals way. we've than This the and find of the point, size incredibly think the business new past past, time. we the time reason type especially We of the the to speaking hired post downturns this and generally the that has big think market we it continued we've maybe in growth the we've that But recession it of an

Lindsey Alley

do. rest we're nice with in a that And of private doing the it business is equity companies capital kind mean, the given overall And kind clients. of consistent size to relative the I what we size is to cover we markets. currently This advisory natural the of of extension given to of what an fit us. for it’s and given clients a of that tend our the our kind

Brennan Hawken

should then think we about it That from perspective. All an And sense. right, makes how expense great.

already able where the attractive pace get feel have it Is you right the adjust levels out wanted. staffed in it? way or it about level you would at at assuming than as that have You to expand simply a you guys think success staffing like would then to started growth order to that to and it's a the

Scott Beiser

total, cost more Yes, area of people any I over as structure people last XX add in going months. significant impact we going grows, few to it's in be specifically the our business not a the We'll forward. but a think added this

Brennan Hawken

the Thanks color. Great. for

Scott Beiser

Okay, thank you.

Lindsey Alley

Thanks, Brennan.

Operator

Moving from Dai go next our KBW. with take on we’ll ahead. question Please Ann

Ann Dai

taking for Thanks afternoon. good Hi, question. my

one first kind on it Brennan's and BearTooth. to question So applying is following my of

out them. seems I'm what want everyone set is to for found do about BearTooth over unique be think and what these building And services wondering to curious you that you've you placement time just business. So proprietary acquire fund the them? made opportunity or

Scott Beiser

and basically up think capabilities of talked lot I it's kinds firms to the think many, deals a that the do matches looked of assessment are and they've where historically geographically of team of groups and closed we we and happen. located. made happy of kind there, takes came How in this We've experience that have? was a we There and conclusion And What a relationships that. it to closed? like long ultimately to found marriage with the very them to a get on deals, And the little all that it always deal but May. they're

Ann Dai

opportunity time? that to you over Scott, And set could speak

Scott Beiser

large another area. That’s

we're at in how We've in zero. size about more that all I this of the probably our with it of terms amount hired. bought for have We done. the think think business piece, is been sizable They gets ever we're not This then in strategic benefit but peers business of starting us bring that we historically handful If so area previously. most new the very – very of much think the the none what been area, a a because a in all addition but dial placed, in to of is in do, of a that's touches group in much won big we one to that statistically years, other we another of a that think other and just it's firm. they has changes effectively acquisitions we've this backlog probably acquisitions it's of we've added certain business. it market like And our fit you so how of key them good And size whole brand or business. done, familiar are with. nicely funds, little money Most business

Ann Dai

both so and revenues could it. on That’s sticky? robust Okay, given a you like on think M&A was sequentially fee down I decline, that fairly in helpful. and got were would seems I what just comment I is guess, hoping I piece events – And valuations environment quickly the FAS, year-over-year. the fairly just think

Scott Beiser

or the have that think it's of classical talk of And you generally least at that so me, minus. a We we $XXX million, least because about revenues in $X,XXX. number transaction FAS define. we that plus it's $X Yes, clients been at I with the issue excuse produced not

quarter, And for so before of project. for there it just the you $X,XXX doing are could be a finishes them a lot particular that couple actually of up

of think in I'd been. business and staff, ever I do it strong at, say, What couple number we our are over bringing have. in looking of kinds they don't as And have. on? is the talent quarters. the overly I'd that have? as we We're working many say, activity basically we we're think has in, How focus So of good, And fee terms been events projects people last on new fact we it's the very of of the

Ann Dai

a And but you Okay, towards generally me more did mentioned you to in opportunistic that? repurchase thank ORIX, and like up just with repurchase is the And little meant you. there from market? a offset on it's dilution the also, take one authorization with know to there be open room last some applied authorization. something did bit then I

Lindsey Alley

as stock $XX so May. or part year, the of last Yes, our worth actually bankers bonus million we issued to in of system last

and stock I to dry there the is sense So agrees and ORIX acquiring If and do value of think if and it we sense, will the opportunities Board authorized are do and acquire powder. opportunity once there some certainly of shares – have makes we Board it. we think that certainly before, are we that idea is makes and did the an to something

We have to under the this capability authorization that do program.

to your question, such well. So it that covers answer as purchases, last yes, as

Ann Dai

Lindsey. Okay, that’s it for me. Thanks

Lindsey Alley

Thanks Yian.

Operator

Jim our Research. Mitchell And question we’ll with take Buckingham Please next go ahead. from

Jim Mitchell

accretive? next a Quayle talk over you BearTooth little just about how a quarter breakeven and see Maybe of or quarters? ramping the afternoon. with Good this impact that Munro the bit dilutive acquisitions And do you few could the

Scott Beiser

at whether done dilutive contributed or the just the acquired changed quarter. to we've both have that analysis. accretive have this year not Expectations as since answer to hard it's for for it's quarter. So I not them. They dilutive not what out-of-the-box, honestly or we on haven't or do their a were quarter. to year look exactly do both them expect to taken to they as And honestly, we accretive not this or whether first track for for

Jim Mitchell

private active. big private is that Do equity you Do given Okay, as funds. do years of deals equity see getting equity like to seems at at historical revenue is had your side, your contribution on the bit relationships dry the or tailwinds lower you? of a equity there's of private next end just I think noted overall pie firms It that see your you that’s leverage guys potential and And fine. the quite that finance of powder more range, some you you see you over up. that couple from changing? are them for seeing maybe a a kind Are private the

Scott Beiser

peers for least prospects for out companies capital been. still that Yes, equity cover, of couple and the trends they've is Availability continues over think they're of really still ourselves have there, as to all for productive the of we or – last talked is point buying business that positive. there some quarters And private to we I our times ever or a the active but looking community. firms are equity and healthy at that think sell years about private the couple to

Jim Mitchell

it's the I finance that fee think this on that risk leverage business of last advisory I in no and kind one or mean, way capital not credit underwriting taking And is right assume would the but you're Okay. would platform. stated, – debt fee there fee. it one be Is or top of on that any the in about to of kind simply range explicitly it?

Scott Beiser

about the balance intend exactly that's not with to do new Yes, to way sheet it. risk this any We entity. think take

Jim Mitchell

Okay, great. Thanks.

Operator

next & hear ahead. Jeff Partners. Harte We’ll Please Instructions] [Operator Sandler from with O'Neill go

Jeff Harte

Hi, good guys. afternoon

Scott Beiser

Jeff. Hi

Jeff Harte

bit guess, little I'm kind level. trying a Quick, middle market about, can ultimately talk of the at to I you get activity

mid-cap also day kind announcements same that market volume. that. But completions in slagging look I and You that large-cap is distorting count phenomena And clearly middle of the earlier kind at market be market. versus may the announcements mentioned we of the of the see dollar visible

would little a talk you're that you data to about it in of markets the see? it can the publicly we mean, kind compare I bit how seeing especially So what middle visible or the announcement can

Scott Beiser

Jeff, you're right.

said, middle of of various by not last at think globally, look what is the flat whether in or but number have market value, I and the probably But provided been kind still has X% over that market others, done a X% at to announced many to as take always the And completed, slightly we in really we've to how it's large or can to do announced it's deals it we market years. U.S. in deals, in shares. number share it's terms sources dollar the downward. the we've You relative be focused can announcements very data of for we mid-cap and it's space closes time X% we have But still or X% all but our small of about several same amount fact, believe a the been period. always in on years, been the like

completed average, of to, quarter-by-quarter, or announced deals continue we So on the number year-by-year yet in deals strong. is mid-cap more space or the close

the deals seen more that's heats later, the marketplace is, that's look over along The years, if several when couple cap to second encourage thing that of you it of a in whether the it decades. does it and trends historically, tends or we've mid-cap of some quarters kind time pull up, big couple at deals

Jeff Harte

the apologize, last commented to If pipeline Finance of that had I earlier, pipeline last you mentioned at coming you relative where was it all that I at have quarter, a And Corporate I quarter? record stands believe, level. Okay. missed out

Scott Beiser

quote numbers, signs the some of last quarters. But see we've don’t in continue seen today And more of to, additional a to it quarter. said, all of activity exact added we We've Yes, as but we and was is, it part acquired, we we've businesses. today couple people. it it's bigger previous continues grow than than for us, as

Jeff Harte

you. thank Okay,

Operator

the seeing closing are I'd remarks. any turn I'm That Instructions] further or over Beiser, question-and-answer to as no additional Scott CEO, to call questions. concludes today's session. [Operator for like now there

Scott Beiser

to thank call, earnings first for we discuss I progress to you. for we results quarter our quarter you Thank participating updating want fiscal everybody our second fall. all forward when look XXXX on in our and in the

Operator

participation. does conclude Thank Once you your that today’s again for conference.

You disconnect. may now

Houlihan Lokey (HLI) 26 Jul 182019 Q1 Earnings call transcript