HLI - Earnings call transcript Q2 2019

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Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to Houlihan Lokey's Second Quarter Fiscal 2019 Earnings Conference Call. [Operator Instructions] Please note that this conference call is being recorded today October 25, 2018. I will now turn the call over to Christopher Crain, Houlihan Lokey's General Counsel.

Christopher Crain

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

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

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

Scott Beiser

Christopher. earnings the adjusted and ended per ever from last second to of you, quarter of revenues second was Hello, We achieved produced last our versus share This fiscal year. XX% same quarter same year. for the $XXX our XX% our up quarter XXXX $X.XX, Thank earnings welcome September highest on and everyone, quarter million, revenues up XX call. quarterly

XX-month latest milestone. $XXX million, a a Our just are shade revenues under significant

Corporate quarter business. in solid this were for results and versus revenue quarter restructuring the results Our from strong Finance financial our same year Financial with and Advisory growth of last Services achieved

Over markets as the conditions will last continue, several months, analysts longer investors from have we Corporate concern will stable much how Finance M&A these impact macro have the heard our and increased business. market on to and

conditions, more communicated the once global number Markets, the but market closed the declined to improvements global the you been specific annually. over growing in of increased recent our stock a has reside. increases somewhat boutique to where we M&A in closes on we're Houlihan transactions aside I what volatility few with pressure number equity we weeks, image, transactions these brand seen can In that M&A the geographic continued markets market repeatedly our of in results. of and in improvements And of September wanted These to a seeing. the in health has spite and number share in There Lokey and have ended Capital quarter sector have predicting moment the controllable declined M&A of conditions focus again. closed the determine in in adviser and look fact, transactions last number M&A, productivity M&A there order believe negative limits our market to on our In take factors growth of We years. M&A are trends in in instead our be and XX, have XXXX, continued M&A macro mid-cap we resulted mid-cap share. continued and expansion Putting

to is to cash increased that resulting see in our clients, confidence. profitability and for client a solid positive continue We economy leading flow

We our provide outlook our our year changed and the Financial over continue in fundraising. increases balance market businesses. to of to access as a markets Corporate support debt both Finance stability continue we markets and conditions, Advisory see types solid equity activity growth fiscal has and to for several in in of year-over-year for capital. see significant historically the not in And Services And private the These last months. result,

pleased For We we relatively rates. our reported for our strong group XXXX, half soft despite first a overall in conditions. economy year a done business, has fiscal financial a market the default restructuring solid low are restructuring with well how with

transactions Year-to-date, second business will to up this number quarter, significantly, In per addition, of levels It closed and improved is lumpiest and encouraging. transactions recently remain group quarter-by-quarter. were of the activity growth somewhat segment, In results transaction and prospects compared transaction number the in our business the increased to likely vary nicely. and quarter closed to have significantly remember have our that fees and same average fee for our transaction the average restructuring important also when closed continue last year. is

as in restructuring is rates our interest the across experiencing or of sector activity globe ongoing result rising company-specific practice business, a new steady Regarding disruptions.

growth business environment portfolio clients. have Services Overall, from to continued our of solid segment. market and in Advisory stable FAS number of and the large continues a in business and this Financial Our people diversified benefits supported show in business lines environment service investment performance

Finance we group. X These our hiring X East. the added our Europe business, this the senior quarter U.S., and new in industrials Middle existing Corporate groups MDs private hires X and group, in in X funds On in X TMT front, added to the

trend. quarter promotions Over lateral the have we maintained few new and a and around we excluding typically years, quarter last X acquisitions, added internal MDs this

has the perform companies met as of recent quality continue have by acquisition we in acquisitions the plan. the our are interest platform. Furthermore, on increased pipeline most our that the Lokey ever it two to encouraged front, and and On the active Houlihan we as is been,

we will it firm. quarters of long-standing the Ron I'd balance several take and years firm's thank Bob representatives their the our guidance and optimum Paul board In achieve like However, the with to Linehart integration more three from our Barger, closing, acquisitions expect capabilities. before of service for newest ORIX, of to Wilson, still

drive second As event evolve consistent public, and the entered Board the and creating business into our ORIX's outlined we insights their to board stock and decided to companies. our our X below relinquished with With and ownership family. and and welcome when With stockholders welcome, reduce continually a services an XX we people as as experience to X Paul XX. that, our X of went replace relinquished seats Paul focused brings to growing to partner member. our is with and with company, technology equity board. public to to use on X how quarter, Houlihan independent successfully operating a sector, X was eliminate that addition seats I'm XX%, thrilled years CEO private When ORIX, software the in a of ORIX Paul's Director that to Lokey leading firm efforts in you newest where seats relinquished. application into Paul, it an Zuber, Independent valuable has the fiscal the success at experience and make are of technology-enabled our did ORIX's level drops him he board of agreement from infrastructure board technology software,

our We are business that the of diversified to that, steadfast model. over highly I'll excited Lindsey. in turn to ahead lie and about business commitment remain opportunities the With call our us

Lindsey Alley

the $XXX when quarter flat compared revenues last to the were you, for Thank Corporate quarter In million Scott. year. Finance, relatively at same

our XX quarter compared slightly same closed transaction on Although XX same in last transactions quarter the the the we with deals last to compared average in closed period year. year, fee higher was

XX fiscal reminder, restructuring a to XXXX, half $XX first Financial well we an the strong that for were had first period with quarter, same Corporate a half of transactions fee are compared and for pleased significantly XXXX. As was we in it Finance fiscal revenues our for transaction against was able the average XX perform the quarter transactions exceptionally We the million increase and from last deals last year closed year. higher compared year. year, the closed in to last on XX% quarter same

we quarter, affected in comments suggested our events, has may timing As those performance fee large of last our financial course, business and events. by the often restructuring be of

of handful a from benefited larger-fee transactions. quarter This

financial year-to-date period year. restructuring up were last same the and revenues versus XX% Our

the In Services, to the from increase the quarter to same fee were quarter, I year. in XXX as for quarter, third XXXX for $XX Advisory completed in quarter However, was the XX% third of Restructuring. year compared We approach quarter events XXX that revenues the everyone remind last Financial we an period a strong exceptionally fiscal million Financial year. same last the want quarter

business some FAS remained several the quarters. robust, director and in we activity seen New last improvements have has in productivity over managing

expenses. to Turning

the both for the year resulted expenses quarter compensation year-to-date, year. XX.X% same for XXXX XX.X% versus within for million compensation This ratio period $XXX fiscal adjusted XX.X%. between and and XX.X% million Our were quarter for targeted second the range of our last in $XXX adjusted of an

Also ratio by pronouncement in in increase that the with for Our in were second consolidating fact XX.X% million, million. and $XX compared when are noncompensation year-to-date. driven was an in quarter adjusted expenses number last was were we resulted second of new That quarter in quarter an expenses. accounting offices in expense resulting This expenses $X.X the expense, part which adjusted interim. included that be driving rent increase duplicative noncompensation requires an paying XX% to reimbursements that was in second London which year, and the the in due the in significantly the higher noncompensation primarily up second quarter the noncompensation revenues, rent are for

higher targeted between than XX% We XX%. of range are a our running bit and

ratio half noncompensation of has However, year the the of second in the in run lower historically, year. our the first and higher half

$XXX,XXX we expenses, costs HL the amortization setup associated $X.X our of out of adjusted with noncompensation nonrecurring This legal of approximately Finance. acquisition-related quarter, million and in

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

of income the $X versus million the during a throughout for of in item our a approximately line associated year Most item the quarter was income period on income joint gain our of last for cash other gain expense quarter gain of same quarter. Italy, the adjusted in and Our this venture interest and line $XX,XXX. a our a with in result balance resulted

targeted Our for adjusted the year. the of our XX% range fiscal for XX.X%, was between effective above slightly quarter tax and rate XX%

balance for of the and to cash sheet the quarter. Turning uses

XXX,XXX unrestricted shares questions. second quarterly repurchase operator, investment securities. paid line part we end, and had quarter equivalents per and of that, dividend an the With the can of share repurchasing our price at As $XX open In and invested we our as we cash million share the for $XXX average million of $XX.XX of quarter, program.

Operator

And Instructions] Ryan question comes from JMP Devin with first Securities. the today [Operator

Brian Mckenna

This McKenna Devin. is Brian for

So But recent macro today? transact? And change has the the impacted has a cap quite large space, there bit clients from middle are than different in a you what by been you're which more any about your may of appetite be some to little markets factors. could talk hearing been

Scott Beiser

So far for have seen, the we very marketplace been what that stable areas on a the we mid-cap operate space. M&A in it's

able they're in them. they're acquisitions. still be good in in confidence prepared business, having feels the to still mentioned and economy business and seeing to remarks, their to do their our looking I still to still the growth perform As They're

Brian Mckenna

headcount couple acquisition, a and recruiting. outlook your I And And know of on the some nice front? on earlier there today function quarters. kind of a appreciate what's But commentary of broadly MD how intermediate-term up over been some I was of in this is step pipeline the this has your the of past speaking?

Scott Beiser

to X up pick It number. been particular get that And folks right MDs people's continue mentioned, advance couple It think targeting of years and there's coming years, quarter-by-quarter level bonus any as in always towards them There's time with. tends some to dialogue getting tend be then period. in we're end of we lateral to not number paid, are standpoint. of the lateral of down last a after from to seasonality of hiring as the still tends about I it good of terms that I you hire the probably MDs. review in slow over we has

Operator

Next of will Bank Needham Lynch. Michael be Merrill with America

Michael Needham

just - couple that the on got I've this a question first the Is MDs, So ticked by FAS anything quarter. there there? the down

Scott Beiser

continued we've other at level. few few on Nothing to the slowly unusual. that but businesses There's hire. few that have moved retiring. people always a unusual surely people turnover to just a and FAS no are A But

Michael Needham

this can don't deals business, a Or in you like And you've of to the in for how size how client but given private I do revenues? try them? tend know equity as big past, Finance terms to is if for Corporate many you the

Scott Beiser

represents as form they part well But controlling they influential as business. of piece. approximately it's I clients some like could be whether business. what hedge it, It could sponsor at can sponsor minority our of on ownership. can financial have of we've of think minority some clients approximately equity a creditors private both - piece a or our But a piece. of half about that's large our financial have funds of at look committee, have said, and a point business. own our they're They own They so or a to very ownership, XX% touching form probably by And tried piece we of revenues our

Michael Needham

And last you from bit And for it higher on on activity? it's restructuring. get strong that quarter a was I quarter. you're Can me the then, particular, driving - little like totally a unusually that's seeing expand one incrementally what in

weaker. last was unusually I quarter think,

run you you're the that a million this market? the of out, achievable $XX kind running like in rate million current If quarter, in $XX line which Is at average level year. it is kind from year last of with

Scott Beiser

a try Yes, And we're at it of better always it volatility I obviously, did to was quarter do in caution was we level think it last this that we lower quarter that quarter us end. there's know past that We, that that. in. felt had the - to some everybody much

and in been has just more rates would business. And activity, just plans the business to restructuring it are In is impacted business really to creations be increase coming terms new disruptors interest fail. business firms to what still it really the helpful think, I all technology Corporate There negatively Finance causing of a host, than are has continues some the that different I from say the to are restructurings mid-default of in even they or known in I potential more in by widely across we more a But now seeing We're the finding are rate be maybe no we may means to we think, as rate. the be have are a we're more more and high-default than quarters. just appear opportunities, conversations globe occurring industry regarding sectors. and couple active last seeing different anywhere

Michael Needham

not it's strong just like year-to-date, or like the anything And unusually that?

Lindsey Alley

is think the the of don't want significantly But since to to restructuring balance thought year. have comment some we that okay two we in X would have here kind still that ago, restructuring as changed we beginning certainly going and what in it And short - term, quarters I'd an okay sit think, year-to-date business months to the believe thought year, today, next And that of we we going be. business is is I have Yes, the comments an the our say I the the expected I views to don't the year. on I made be. think we year what we of think

Operator

next Hawken Brennan the UBS. comes And question with from

Brennan Hawken

do think Mike actually do launching a question a about Finance being whether in actually, But on I kind lending loans of during restructuring to smaller investors up are business. the result in translate going - creditor-side the mandates? mid-market you or think we've how when on and restructuring. you the lot same? for funding from market? the not size you of seen growth, relationships follow for that presented the mandates of any that growth that, related this The expectation opportunity business strong cycle, in it's going HL and that from to to that different the is play involved those are And economics it restructuring your that those are going loans out And you your think

Scott Beiser

a We amount at were You a it larger Brennan. is them. much cycle. in that, stab of take leverage past There know of that total the But at of questions know what? a least me loans the lot today than let in was few

and Money point. think necessarily and seen I are just necessarily to we'll money Those go Don't eye more liquidity of economic each of in cycle. a when eventually has don't peers investments. make see in We every financing than found an the has And alter know are and it global that I or type the for on. turn, have think is different eventually kind we had in cycle So when we say I environment all impacting of be will markets it of more business westernized larger would comes. to, get gone do today going all our to downturn put continues the be are expect disruptors get at that the getting size businesses as But us the we financing restructuring there's the technology have may a of think in. will to that past. that's that just we we prior in homes place we things crisis we the been some downturn meaningfully the will in or keep of probably type the that play

Lindsey Alley

Most Brennan. reminder, above just mid-cap of X well the think occurring restructurings space. reasonably our are I

M&A are for the restructurings of translate mid-capital not the robustness environment cycle. when us those to fail. companies lending in does now the lot doing, ultimately so restructuring we're work A of a the than And much larger we're necessarily next work just increased doing of type

Brennan Hawken

much. market in a have tweak, whether led quite consider like it sure kind so of wasn't or just was you any in I but or growth the development might not not that sounds

Lindsey Alley

fair. probably that's Yes,

Brennan Hawken

half I that the Lindsey, are But back. heavy indicated maybe, paying ratio just rent on bit on noncomp first the that follow noncomp think, up then appreciate lighter you had I totally you commentary. guys in in to in the a London. double you're and then, And the on

that to us can so modeling the purposes, you size help that's And how And that happen? expect so do long you just necessary we can for adjustments? going impact make

Lindsey Alley

size not prefer I'd to it.

were to operations we of will a enough where than just It's it another higher towards on it quarters our probably or before go the is is in office. it's consolidate in driving the modeling amount, middle, I for but call significant And of it X. it. think two end not ideally out. is two think, I which noncompensation our versus likely you range expenses And most London quarter more our

So just that out time item, call the couple quarters. something that to I a nonrecurring next wanted is affect over that will is of probably

Operator

next is And Jim with Research. Mitchell Buckingham

Jim Mitchell

great the May the that flat as be it's of environment. noted, - ever a has environment deals just been the a active and number sort of active down so down for or to guys But noted pipeline question as of really on is you a you as years, not been. couple

So of just continue the to it seem where in that where you could going you're where little do more think sense are be seeing Is seeing trying that firms get the forward? to you growth, a that a pickup? PE and active,

Scott Beiser

clarify to be may understand couple just you a think I make we of points this. sure made,

to in and adding markets, adding last be been So be across the it bankers does indicate read all go continued whether our may that more allows to in the few in space after in mid-cap the strength we've quarters, several bankers have subsectors, number adding deals business. the new to of as the competitive data industry win and declining completed the But bankers last bench we add years. over macro capital that's us to that geography,

people. what's been adding think key we've we really happening is, been So

the increase, of if market grow of is, number been or still set seeing. Our that we've brand macro to the completed and number shrinking, skill terms to they're deals, we're therefore, deals able announced in even continues of and

we been what of still that still the announced the it's to marketplace describe growing deals couple we've able we've and past. growing. number the ago, for So And I when if is may pace than a it even after years get is stable, be able growing, of been less the not same more that as M&A. business, but strong we we've think is did to grow - It in at seen total say

Jim Mitchell

I that Right. put - if of money, to terms - turn, opportunity where from? a depressed at if macro is, of to deals? the just I the do Where trying guess, start were that to gets you things would that some of where set, finally number get starts if to it see I'm and trying guess, things to in money wall there's that's think aggressively Or do most volumes, pickup start firms deals? if better get also you in the come PE opportunity most to is likely get at the to on I'm of work, more number see, big

Scott Beiser

that. all dissect U.S., We're about, there's in really And size. enough part, to specific industry not XX,XXX of most XX,XXX plus by Reuters some hard think, every detail much Thomson when probably plus talking for subsector I the is it's how numbers, the that or globally. exactly on

Some are of them non-disclosed.

have here, them particular than can And increase. whatever pockets when two industries XXX-ish find and it geography do. deals everybody to And we there's to given how M&A And We've or relatively I we're much XXX, or an improve, been able diversified helpful rounding to industry a would those are bankers. if roughly standpoint. firm is, any really they that's Some And better do look sectors we doing others we at think don't only from across of Houlihan that seeing or how time, it's improve. But better a dealing always what two don't year, that certain geographies. is yes, a can numbers we've is grow macro to XXX, doing, always XXX, to. grow to with continue call it, Lokey use been meaningfully

Jim Mitchell

away there, be Finance or up initiatives that on one updates of of may of getting Any early at just announced the sort obviously, HL of too activity? and whether it's running, And updates other - kind maybe you kind material your just and, you any revenue there, and a far be quarter. just new how to from question last kind on generating

Scott Beiser

X mentioned I can on really We're early. We're Yes, think we as closed it incremental give that both - on some very few think, as HL several more business, and well of have I winning the be But a commentary. They're still quarters I will earlier competing. plan. acquisitions things. they're executing before very, Finance,

Jim Mitchell

Okay.

on So plan the takeaway? is

Scott Beiser

Yes.

Operator

Next will with be Ken Worthington JPMorgan.

Ken Worthington

obviously lots middle So of market comments M&A. around

you think, at point I have one that that account down. business activity point of And commented is deal then the some is sort Also, guys at robust. is stable and constant.

obvious sort And step-up maybe Houlihan at maybe already - for So the basis, maybe we in spectrum. we've of somewhere seeing we it's covered reform? the levels And else is, to of a levels. at Corporate been linked earlier this offset some Maybe the we've a got answer from back spectrum about of more else point tax tax by or that it. the descriptions think think activity gotten in activity the significance should falling up if year, as we the activity be Finance corporate closed-transaction reform about

So are place. your maybe, just you out maybe tax that, some benefit much what comments the first the thoughts on But if please? And in maybe reform too could I'm round taking there?

Scott Beiser

now net with and we points, U.S. was obviously, discussed. most the pent-up this really But and companies that terms Yes, in lot has in closed period. one late see that But, thus that didn't found higher have calendar transactions tax when we purposely would third is lower died a clients, into higher very fiscal primary talking the may were we fourth in calendar be that valuations. from of discussion early been down the fiscal income, key what in of quarter I what XXXX XXXX, the component time think of have in our quarter benefited either or rates pushed off whole

just like there our but as one And think, negatively about it to was didn't months it's the prominent those seem it, was a ago. positively drive business it as probably said, about, but I overly between we of it's lot two things talk or I many today, discussion X not of quarters.

Ken Worthington

future? thought And is that then out over benefit is maybe that as and of next a we may you there that the any benefit months, XX look cumulative, reform tax the somehow be there see much it's something already like doesn't the would business driving go further in you? in to than this it's it for going that Or feel gotten terms is of just just

Scott Beiser

probably it's think the I latter.

sellers they've a - think reform the bankers kind of on I fully and in from they're pro benefits any tax most basis. sophisticated numbers forma hired priced into have

So don't it's not change of activity - respect and XX right X value to occurring we tax getting today for most just to my expect when there'd tax the are about And be months, companies happened. reform. with was is reform guess full that fundamentally over going next to

Ken Worthington

around may be is is period number quarter number is year-over-year. events the because of solid, kind down And there's second the be then the quite row. it relevant Or quarter-over-quarter, to the just I revenue any changing, down? guess, how how be is the a seems events to of maybe maybe relevance be Can to maybe nature the events seems nature of if the an advisory, of the may for fee in the changing? fee Revenue up nicely. you about talk

Scott Beiser

strategy go had there reduce purposely to let's the Yes, a we try particular after not of that was size says, events number that client. a and different

I literally fee you're think, services, same when portfolio way advisory events, about as not areas of have what restructuring. hundreds some transaction corporate terms financial litigations versus we are and influence the the numbers. can in lead and on versus And might transaction of it's the evaluations some there talking that our subproduct opinions rotation sometimes there's always support, see in

we're I these effectively, or it $X,XXX quarters in client in a fees significant. trying we're multiple a quarter, take nothing XX gets are specifically them in not get of a And some has of and reported some there's going deals, tactfully it. get either may do. seeing that trend some and a particular it a least that don't can couple only big That's But over is lose to of task makes If just provide a at clients purposely and anytime you are that that on to think, or influence X be weeks, we some that difference. that's we accounting, focused so of

been and continue think, different business continue more to after their expertise business. go introduce key we and what and FAS in to and industry increase kinds areas I X that those line the more areas grow that and to of have we've been we the subproduct have using

Operator

be Sandler Harte next Jeff will And with O'Neill.

Jeff Harte

we as looking at after again buyback the the higher Should quarter One, was this being it level couple. forward? quarter. here be going buyback, to stay A last thinking bigger kind of of

Lindsey Alley

think to position repurchases our changed. I with respect really hasn't share

is can sense, we the issue makes intend to quickly amount we respect as goal to shares in that previous same we in year. repurchase the the and compensation our Our that as with

shares that. May, we that option of their Board there because no we Having to it said So repurchases. to usually here have that's opportunistic sit go shares we today, extent through the to we part with repurchases it available than availability. issue those accomplished to they the still essentially issued amount, the plans that repurchase $XX for that, next million is is cycle share And fully employees executed. to share the offset our last as in Board And decides repurchase basis, share We if that more bonus be - year. to over to are goal intend still the are and annual of as that of grouping to offset several months the would this accomplish

Jeff Harte

as had counts go we if as and Yet, the But take bigger to keep like the they counts count kind drivers, deal owners suggest really Could surveys when deal are question. at small deal what down. And is that still industry ever so on wondering we sentiment drivers positive, seem be picture strong. a are actually that this been. seeing go we yet keeps when all we the see down of markets, it up? of them through to go down? confidence of going key I'm do business many middle look might And And

Lindsey Alley

question answer, to Tough Jeff.

many M&A transactions such have deal across not to there on because - of so the think we are we trends countries small so many part not it. we and sub-$X have I volume, tended are a focus at billion

market I Houlihan mean, environment greater it haven't that of We increase, stable And be on makes they drive but flat, small If are investing we increasing the to our count not drive declining, just just people such seen than We Jeff, will to percentage. market would mid-cap we in happen. that - And say count than with can mid-cap trends I market. more are for relevant are of rate are we're mid-cap is capturing macro industry who it's important slightly would M&A and growing is us, it's thrilled a given, more deal started decreases our us, it what probably not But a in lot a But business. think our in increases growth - we is to revenues count. generally business whether would don't our our than business like it the player a space where the by we environment where higher are is deal similar and the the that the focused it so much or at market a drive deal argument an we're significantly hard our got flat but share. to our the few market way stability couple seeing a expectation that to they this. - for sense, guess years, stable we but even what our

Operator

that Beiser And turn Scott conference Instructions] does conclude remarks. [Operator over I'll the for question-and-answer to now session. back closing the

Scott Beiser

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

Operator

Well, thank thank you. That do your does conclude participation. today's conference. We Have day. a wonderful for you

Houlihan Lokey (HLI) 27 Oct 182019 Q2 Earnings call transcript