HLI - Earnings call transcript Q4 2022

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Operator

Good day, ladies and gentlemen, thank you for standing by. Welcome to the Houlihan Lokey's Fourth Quarter Fiscal Year 2022 Earnings Conference Call. [Operator Instructions] Please note that this conference call is being recorded today, May 12, 2022. I will now turn the call over to Christopher Crain, Houlihan Lokey's General Counsel. Please go ahead.

Christopher Crain

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

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

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

Scott Beiser

to Christopher. earnings Thank everyone, call. and Welcome, full you, year fourth our XXXX fiscal quarter

We year achieved in XX% We 'XX's billion. with up just record from year annual year-over-year another firm. revenue revenues in tenth And Finance last to up billion are nearly annual revenues, for fiscal from result This the up billion under year-over-year. but Valuation reported revenues, of XX% reported just ended revenues, history. straight fiscal $X.XX our and pleased growth. is Advisory Financial second year $X.X of year. report Corporate XXX% $X.XX $XXX highest its the XX% million revenues, over down million in annual Restructuring Financial $XXX in in the

$X.XX share, year. adjusted up per were share Our earnings a an per XX% last $X.XX adjusted record from

year, our and that for relevant product for league strong our further reach. financial GCA, the In several worth increasing of We one successfully We remain number notable are the tables lines. results completed all of acquisition accomplishments global addition to highlighting. had we in scale the X

now firm the With over operating of are directors XXX employees, which the offices addition XX managing GCA the of employees, approximately has completion of and worldwide. of X,XXX new XXX out

Finance class also activity levels and market promoted signs and strong managing our early with We and conditions head XXXX of April, XX managing XXXX businesses year restructuring. ever. directors year employees our early fiscal improving FVA fiscal XX in financial directors, hired to into and largest in during Corporate We

weaker year year XXXX anticipated were was While strong, than quarter few our ago. very fourth fiscal for XXXX full months only fiscal a results we the

last down $XXX compared XX% share fourth to FVA our Finance than X% very to quarter which for was recorded COVID-related in ago. led year. results. quarter million business, period the relative down the continued grew Adjusted anticipated down to to for the achieve Corporate X% extraordinary quarter were Financial down Restructuring same the we year For fourth materially $XXX revenues quarter's Its record ended revenues, a restructurings. to respect in factors strong fourth but per last strong year quarter. quarter, driven results. our the from Corporate earnings same quarter the last from and relative revenues year. year With prior million there is down year the we by $X.XX, stronger that last were the were achieved softness $X.XX Finance versus a the several from

quarter First, the as quarter third transaction of in on we suggested fourth closings our last timing our to the detriment that call, benefited quarter's on quarter.

the a to the assessing rates in buildup in the the fiscal to closings the Ukraine of and third the margin, delaying FVA and as through and certain maybe XXXX. all and not remain time see and interest overlaying mid-February Finance it we lasted we fourth on still inflation is close same which prospects takes FVA's invasion reacted our Second, strong we did the experience quite year extending in of the higher fiscal this, quarter and believe of transactions deal this of market is impact closings. as started softness the believe end slowdown Corporate to market higher entering quarter;

the this our to trigger follow tends impact trends, few We event one And patterns. to experienced business each on last business decades. our have the is slowdown similar different, similar while over

transactions If on the summer First, what and resulting If reassess out, trends COVID, marketplace. the like in persists, go in away, eventually markets. the negative allowing and quickly market trends are stabilize, may hold to and the prolonged current calendar M&A softness the in lower subsequent made XXXX the back put timing for to in the close with sellers revenues certain comes deals happened of negative are buyers quarters. stretches active up

into middle still year both fiscal of going first deal are strong fiscal momentum FVA almost May, we we and and good As here Corporate new through activity near halfway sit quarter, the seeing XXXX. our in Finance

Corporate Namely inflation and not in we this likely in last facing Finance that rising pressure Financial However, activity FVA businesses year. our quarters geopolitical If increased risk, rates. interest and may we business. in worse, did headwinds headwinds increased Restructuring get are and on time these our increased exist at subsequent revenues see

are given year, XXXX going the we impact fiscal typical activity we year length strategy of a any the reflect revenues meaningfully likely in restructuring. restructuring we more new where year, on is to our Given complete forward. a Whenever

true revenues, changed. the important year In from XXXX, and several diversified next For banker, has growth general a across year growth over we Stay strategy XX% on highly a presence geography, decade, non-U.S. increased significantly of focus our needing over business in increased one that fiscal In the economic XX% drivers up our our of build business world is firm most climate. industry, year economies ago. arguably not into diversifying and product of to technology, in years. fiscal a represent we the to total XXXX, our

business believe year to fiscal XXXX XX% most to and no than X% core remains for no business managing single almost date. fiscal more transaction strength revenues In have year. XXXX, our non-M&A seen continued firm. Restructuring the client, Financial fiscal private FVA, approximately and fiscal this at placement in in of and one successful revenues Our year was the strategy year of in single we continued growth new directors XXX strong represented banker XXXX, remain markets, added of business. to our And as funds no We single capital committed we our

XX% $X.XX new raising our to share, up from to and success the the to turn Board given our the $X.XX open shares that, we $XXX the strength And fiscal per effective previous million for quarter. dividend The marketplace. this share the repurchase year call over heading platform authorized per also with of in the has QX quarterly of are Finally, year, into XXXX, fiscal year Lindsey. I'll

Lindsey Alley

Thank XXX deals were $XXX down you, for Finance year. X% the in year. when this the transactions stayed period to We compared XXX Scott. quarter transaction Revenues relatively to closed flat. on the quarter in million same closed And our quarter, last same last average fee compared Corporate

when XXXX, M&A fee. acquisition market, increases and up XXXX, a transaction fiscal Finance GCA the revenues primarily Corporate of to robust in were to transaction average fiscal and For year due year count XX% both compared continued

year. for closed while year, business, For the Corporate business, quarter, closed Restructuring XX the objectives XX revenues last placement this a transactions last Finance We on funds in capital were we Financial quarter fiscal XX% firm. to in compared $XXX period transaction million same private the year decrease growth markets strategic of XXXX, and non-U.S. saw fee deals our our increased. quarter X from all business significant same our the our average

had revenues QX period were This last a experiencing momentum compared same the XXXX. growth XXXX XXX same We events fiscal Valuation a that and fee In million year. as we XX% continues as lines to product to the fiscal period expected as increase for close and fiscal see Advisory, Financial expected up year all from major head FVA in date is to we the the last during year good opposed quarter XXXX. the better we into few XXX across of year year. QX transactions ended closed in than quarter, $XX had quarter

fiscal last of XXXX, diversification higher and a $XXX year represents is with product this in purposeful year of than that fiscal FVA exceptional a market XX% and strong year. For line in execution record million, amount XXXX. and revenues had unprecedented Growth M&A year

expenses. to Turning

for million million same $XXX for adjusted last the the year. fourth Our fiscal period were versus $XXX compensation quarter expenses

Our expect put payments deferred March. year in be retention X-year the place to only we was related pool we in that to materially for million QX was will acquisitions. this Beginning fiscal GCA adjustment retention in XXXX, $XXX adjustment as for certain increase including

Our ratio for year the fiscal was quarter both adjusted XX.X% and compensation XXXX. expense for

cases, the year, expenses noncompensation XXXX an noncompensation last XX%. fiscal same quarter of ratio versus inflation. noncompensation quarter increases of noncompensation saw was same categories an quarter quarter this a investment of of $XX in increased of adjusted result all as including This GCA's the year's million and the adjusted and, some quarter ended we which X.X% last versus in in last for XX.X% were million X.X% XXXX. noncompensation not in expense in result also for year. expense were adjusted an in of X.X% versus Our resulted quarter the expenses ratio increase a increase fiscal for year This $XX with We

level have in a normalized as holding year begin events, and expect that in ratio an to returned to advantage fiscal are move invest of XXXX return or offices our office, in the in we we costs as continue give we We noncompensation consolidate largely to increasing us across a we increases to number technology competitive adjusted work we experiencing will expense more occupancy are face-to-face marketing globe. our to

million For $XX.X which acquisition-related of the our was expenses, the the amortization, to transaction. in quarter, noncompensation out of related we majority noncash vast GCA amortization adjusted

this to XXXX. through relating amortization of levels elevated acquisition fiscal significantly expect We year

we addition, million noncompensation related of $X.X In acquisition acquisition. the adjusted and in costs integration to expenses out our GCA

We of million Our expense expense out an an million as earn-outs. versus in income of million income related approximately changes of of adjusted the of to the We our value and same expense increased price and the any out P&L period in for one for earn-out the adjust to expense these last significant adjusted other and acquisition-related approximately purchase other all $X.X earn-outs $X.X year. acquisitions. our treat our of expense $X.X of quarter

long-term year. and the tax for tax for XX.X% tax We rate XX.X% effective fiscal compared XX%. same the XX.X% for XX% to our between was for during adjusted compared XX% fiscal was adjusted effective of And our quarter rate maintain year. the last our year, rate effective the to Our range prior quarter

Turning and sheet to cash. the of uses balance

will have in more we quarter release A GCA as this the we require our complete balance may balance in are complexity as -- the bit we of sheet provided time acquisition. the did filed. sheet sheet our when quarter for the include you noticed, to XX-K the finalize As earnings balance a not required given be

us fourth shares investment As time had them part approximately quarter In XXX,XXX bonuses we and billion paid compensation. and at the of same versus in cash last their equivalents our we to to quarter, GCA issued approximately the joined million end, unrestricted who we merger year. the of cash of employees securities $XXX and approximately year-end $X as

for pool this previously paid issued also retention again in X.X significant but unpaid the A be bonuses million will to fiscal XXXX We GCA cash year portion of cover and as accrued that our shares employees earmarked month November. discussed. to is part of

compensation May this past part to of in average to open addition part In intend in to million share their repurchase year as $XXX.XX operator, to employees line we we of bonuses, with And we we can shares repurchases for shares to cash our issue with expect of share XXXX. that, our quarter, million approximately previous year new an fiscal repurchased associated throughout questions. years, share compensation for offset at XXXX. fiscal program. as finally, With shares X.X per the approximately X.X Similar price

Operator

We'll [Operator Brennan Hawken UBS. our take first Instructions] from with question

Brennan Hawken

comments, it'd I It's understand want you though of how the is as as be some helpful quarter of to and time Scott, of transactions It frames bit unpack around extending quarter seems the slowed the flagged that but a little maybe some as progressed. the the environment. went on. kind to my closing velocity understanding uncertainty

now? to Or that end And so the changed of to quarter last is two, that right? far at should is things therefore, number one, to number expect the quarter-to-date then for since so similar March? have here sustain we and for continue And least more

Scott Beiser

Yes.

the is in X.X quarter. months maybe things, final again, I seeing still things. X.X tenders closings the fact say that, similar of to but to longer quarter the One, close right in And take we're previous we're a mean are experiencing a in occurring. once couple months now little So the by I'd just

this a the term. are terms the continues feel expect deals taking longer. come be completely seeing few business anything we as would put in at new on Just near describe them, off hold taken We're being little just should we of in juncture And the time or period they that to in. close still to stack that very

to months what or ago. year whether continue try still on current X this we all being. if month be. last we'll at relatively strong. new conditions to time another X the going a or we're we'd lasts from in for to So seen prospects to this would is quarters a with we conclusion up we're on drag of And But probably or And further X, as year, business a more we ended point point delays out, couple where see for market point, it

Brennan Hawken

Okay.

pre-pandemic And it. higher previously. to and nicely Got $XXX a referred that's up at restructuring, of $XXX been quarter-over-quarter the range that that guys in picked Okay. finished to you million million range

And of year's is you models about refine now? that how should up thinking developments? coming about quarters playing sort should we for for results of we're level be other restructuring line And indicators firms. about picking Are all we So inbounds think through that this restructuring hearing our similar and restructuring years? the the we to leading seeing the as

Scott Beiser

activity probably cautionary is key of well, getting So up. issues. hired, size running has obviously interest in and more There's for points. conditions more One, market dialogue, kind rates activity been growing X the restructuring. and where happening on are definitely The notes current we the years reverse gave into M&A companies indebtedness some some in of the is, more you creeping

effect All of a pattern that sets positive out restructuring. net for

quarter handoff in timing. all restructurings March the probably is talked The of second like there's take point XXXX, would time. remember, make do we some much off And we that

coming and are bringing in in some we just we obviously next of said, have going impact fiscal a the it close. again in to take think it's build once on business going bring what couple fiscal of now we quarters some of 'XX 'XX. of most is while to will than we're starting And financial more new in, to as time probably to So might

Brennan Hawken

in to Or is quarter think some It the this some conclusion, of there purely least had really see pickup -- where it is with strength? more -- been in we -- indicative can of idiosyncratic? it the not versus are some that was So the Okay. revenues running? we'll restructuring not that But restructuring, that is at come sometimes right? at reasonable was

Scott Beiser

restructuring In do a decent fees do quarterly So -- correct. you with business, to amount of are nothing have monthly you or some get the closing retainer which date. client the

ended beneficial in that hand, that otherwise other would happen in closed quarter think quarter. have fourth we that few to second out have the have the point first closing probably try would projects quarter On probably did I or that we thought our a fiscal to fourth up

which makes fourth of thought. of acceleration So we maybe have our some little we quarter than restructuring a got would otherwise stronger closings

Operator

Ryan We'll Devin question our next with take from Securities. JMP

Devin Ryan

just back M&A question Brennan's Maybe kind first of to to the side. particularly the on on come environment,

are that there's and quite of because interested doing from also appreciate forward discussed suspect least move a together of that like newer result would just has I some it changed. a versus, everything I'm as if you're things harder around conditions ones, new still world often there's conversations that those perspective. despite market higher that. conversations that detail market to when then, started that's little now push curious, maybe And get deal will and So newer transactional are something come change, of that to deals at you the curious a obviously, completion can engaging changed. new being today, a of probability us forward the conditions people active sounds driving in deals that before the I'm this maybe and a volatility, give more what's types the I

So background I'm a just curious little of all that. on more

Scott Beiser

compared than we cetera, I would economy, are of closings, deeper pandemic out concerned, business years clearly, but this at ago. of what deal be I when as nervous was XXXX business, et X In of lot headwinds transaction Sure. thought to probably about to say today That's there's hand, concern were was to least to, of it On the go much just greater there think was there probably people transactions, in seeing was where what they it, today. one the a call starting, going the et really nearly and cetera. going spring think we're people on spring XXXX. Today, negative it terms environment all negative think much I don't impact a

well then the but think because the to different more marketplace people growth, business might to rise. prospective market, I companies usually think work or interest with And to continue new VC dissect are if try in you going that more what want still a that order is And you a companies just sooner And a further we are I bit think tend as to in as do most. the in And public area, do which public to the marketplace. want questionable volatility companies. the driving of private that business particular than things to, work some the they I probably motivated rates if necessarily deal, couple private done the something are than do stock higher to no biggest of component know, We of rose you price some market greater in get do you come think ones the plan industry, isn't have quite are do. those in the while down components we it.

there I private and of in the still that to So money think business you lots the seeing areas still that's the sitting are have equity and do deals. business still and lots on we're certain community insulated driving of needing

think So we're are deals I still why is occurring, in. flow still and coming that's seeing what deals

longer borrowers taking Just to buyers, a close. sellers, lenders, are little ultimately

Devin Ryan

Yes.

even be still market choppy seem hand, And story the a kind to the companies been the story But for different more one value favorable. on over because lot versa. and just also outlook difficult a business and over Okay. more companies really in like a curious in kind a have good an new introducing you here, or providers that in conditions market, of capital year Houlihan Great. there I in then could on a term what beyond last that's you're dig obviously just would pretty there the of But on capital seeing and a growth need bit markets opportunities a And I'm for the vice being it nice the been of M&A. intermediary have in follow-up little reasons, capital backdrop. want hand, other to intermediate

resilient curious So this I'm area type of be in just could backdrop? quite that an still if that's

Scott Beiser

"We which what I it on do, a the for kinds what think probably capital So or the finance find probably is to today than competition so different total the of less ago. is amount is was quick the we quarter But our And in you answer we've always yes. agenting other businesses biggest hand, reasons it things the private adviser deployed really of volatility said of or people shop that versus different more is a financing out there, hire the equity little it we of need saying, are themselves a get do don't an adviser themselves where we've to number a do has been difficult seen turbulent, more situations growing. the and can little when CFO more an hire to So little choosing ourselves."

magnitude upon the business. depending we've negativity capital marketplace, as for So our the turbulence the out some net actually always said, of markets good is in

so ourselves of like And of is percentage like are I actually far, activity amount be people might deal that hiring the firms said, situations but total or maybe our shrinking there growing. competitors

Operator

with our Morgan Manan Gosalia next from take question Stanley. We'll

Manan Gosalia

The know you've think gained FVA about share part I said there's nicely well. are revenues And environment business next Could and cyclical, clearly these you've into about going should that revenues current these business in of we tough grown not. in how environment? think the in good up that the talk relationships year. fiscal of and a as you them part momentum you I are your held

the should business think So if this we of environment it how market way is? stays the

Scott Beiser

hired, external market what months I one and do built, And call just always where net the because we net decisions the much hand, of lines is marketplace. business. negative it the hand, of But our made we've and it, some opportunity driving it's or bench capabilities, terms the positive and compared into, clearly service is on ago. our cannot to our environment tactical internal, we not a and we're the of control greater strength, we've think said So year the what's new that's think to in set what to strategical have other really probably who we neutral X FVA on we I have was

as do Let I to continued moves us side. weakness really we focus drive that's what's in on the And in this made any internal as are we've much growth marketplace out the and business. can quarter-over-quarter on internal think what the now, offsetting that's right

Lindsey Alley

Yes.

is in product Another that there that a are fraction market lines are a of it business share. enormous couple we way to think and the are about of

And -- so is for market in it gain will there future. FVA the just a share foreseeable is this be story and

got you've likely market we've a if where to product pick even to going we like in flat handful weaker up market So where we lines see investments. share are just a now, you're as momentum of made continued

Manan Gosalia

Great. capital. And firms. of get and I one mean, you've But you're excess or and boutique on the saw think about the increase separately, your to thinking the then when consistently things smaller just is at in your turned I cash to markets least done consistently look how integrate buyback acquire I thoughts have I wanted authorization. do

opportunities do right come anything you increased is the unlikely in saying acquisition something authorization you Or you're the buyback may your that are don't if buybacks to just full be those a GCA hands of way signaling that in the your and term? now near So with are through? have pocket back have you

Lindsey Alley

No.

firm, the increase of we're the that size in just buybacks in consistent the increase I stock think the increase in of the amount really issuing with to employees. the is

mean, have you've of increase increase. you I grown. continued X increase continued continued years, you or will think So the a last seen seen a if driving this, go I the since of think the just back X I like we've that's dividend what's probably

of attractive we as yes, address think So I to don't found into in and say in the what much we But are that have right seen and more we comment. ever of acquisitions if are a acquisition we we're to than firm think number weak of in make opportunities they But we're the markets shares part there, more compensation. get super weaker the read M&A wouldn't It's strong market now. any have M&A issue seeing. it What M&A markets, this is I the to than prepared size just markets. I weaker not

hasn't that And for GCA so changed the us we -- on transaction. strategy are based

Operator

question our with Chubak from Steven next take Research. We'll Wolfe

Brendan O'Brien

This Stephen is filling in Brendan O'Brien Chubak. for

quite of So my revenue question, is XX for first impressive. consecutive years growth

prepared last noted understand of remarks, will are line year However, that that the present weren't 'XX. I your the year. bottom year is as meaningfully to M&A moving you in fiscal restructuring the in until in as But hit very activity at And today, coming XXXX not revenue a there lot ability at headwinds? any headwinds time significant or to this you outlook stand uncertain There's deliver are growth this things your pieces. confident that moment. these how in of light pickup

Lindsey Alley

-- bet that turned would have with materially the the March entering less take what you XXXX by market And at even our then I let concerned affected that COVID. when was happening of happening with and about what So me that been conditions given anything lasted X months said we and of our that about or the back around. wouldn't revenues COVID itself was beginning market to conversations that year we very were

to peers you're a in going what macroeconomic either us of think how flipping I terms going to the in conditions any do or affect and So, coin this they're of are space. our

Just that is and next the factors can't. strong are X X the to happens will activity levels over And what But are the guess. present. I anyone's tell macroeconomic you months

Brendan O'Brien

it. Definitely appreciate uncertain a time. I very

of citing activity been your on discovery relatively follow-up driver more to year the peers response the price while the and the So M&A, elevated last sponsor subdued challenging key has activity, a backdrop to year's entering outlook many optimism there's a of for compared my lot of as when slowdown. on level with

are market the and and sponsors However, we capital COVID to as the aggressively. in deploying fairly saw you business returned mentioned, quickly during sponsors that of

how just you your more So the sidelines sponsors need to wanted I believe deploying on start really here stay long before they on thoughts to get can capital aggressively?

Scott Beiser

time Historically a usually, and we've be would period go one. decades beyond really even over you seen got of the to of downturns and relatively it's COVID the And one. a back point handful short

second or sense some just survive deploy I the with to. more they're think, of management that need capital, big is, just of shops The point to fees off some PE probably necessity more enough to might because midsized behemoths able be of smaller the not large

tended And see downturns. deal transactions of during increases we've the market also to so that velocity even

Operator

question Michael We'll take with next KBW. from Brown our

Michael Brown

So it resolution result like of due to era strong quarter. a transaction. heard this correctly, on a If I a restructuring, was you that COVID clearly, sounds

would anything you of been forward? left this to Just through you Or at point burned really that mostly that pipeline? in kind look wanted is check in, there say that's as

Lindsey Alley

I think even in a maybe comparable this quarter last had that though to basis, quarter, Mike, on reference them. just a the was miscommunicated, year's because compare had we just we that. same And COVID-related is couldn't and down restructurings strong were we quarter-over-quarter,

I up but don't drove there half a handful for be COVID-related and year expected than revenues the the that had very be of strong in were bit close insignificant. left quarter the to expectations kind was restructurings They're to closing may there it think not it higher necessarily of a turned of a and ended that COVID-related transactions quarter this drove of little quarter in transactions. So first out quarter. it's that What we this

Michael Brown

outside of business restructuring the some mandate. Evergrande or the on the the strong Chinese could estate business. clearly, U.S. of this to flare Yes, as things pockets else just things highlighted extent global spent certainly then where where where you're and you earnings, some update QX talking reputation related To then of you quarter. the up can a And just real else the you the on market? any activity and strength status world on restructuring about follow-up And seeing and in of Okay. Europe? the guys can, any the productivity -- At comments else time activity the

Scott Beiser

there's Latin probably Asia and area. in the in of the Pacific East Middle heating rapidly up the now right work restructuring than comment of terms on U.S. won't and of America. lot more specifically doing United We're but in We growth more any States. called transaction of world are seeing clearly we unique opportunities the various is more areas pockets opportunity in actually probably not a and the Europe

won't juncture, new emerging behind growth exchange the say parts rates the up, a I or of bit U.S. new in world. it So, it place of at happens places. to lagging this probably is to particular opportunities in is than point opportunities terms impact the other interest a that Part rate, the tends quicker other markets market part dollar goes domestic of than when of what I'd

starting it's United little we're maybe this the at things see to of and States So even kind pick faster juncture. pick a of really up outside worldwide up

Michael Brown

many MDs and are And one. just the outside based of the a of U.S.? quick How restructuring

Scott Beiser

going we're but about hand off probably say know to X/X. really probably Don't

Operator

our take Ken JPMorgan. We'll question Worthington with from next

Ken Worthington

that You mentioned in remarks as GCA not same did the prepared experience the slowdown Houlihan.

working them over how happened be next built the macro GCA to just we activity less maybe GCA through thus, make quarters? of quarter? few about they macro GCA way as Is think factors. impact something about pipeline? environment different susceptible on maybe So business leaves the will of something their the through the in should this which slow kind previously And it a the the that pipeline just to Or there's coming quarters

GCA. us think about So help

Lindsey Alley

and just think versus HL's maybe is the regarding We quarter. didn't performance -- this miscommunicated. GCA's make I So again, performance in comment

an both were I M&A the macroeconomic we the during that standpoint believe no differentiation from factors the same affected occurred firms that quarter and think between by two.

Scott Beiser

over trying really reason the we're issues. get do between personnel. industry people anything really have We've isn't there the groups, in the other future about and GCA just distinction is year's whole only just rate, you mention thing -- some run a capital consolidated offices, full until And we put markets, is different et anymore. cetera. to quarters, Lokey a consolidated We've Houlihan GCA the And ever

about for what the our year. is noncomp up reason think haven't went months talked for is expenses results and had had because now full it we I X a we mostly GCA we

we but do. point, going operating while of So really headcount added firm and I said, what and just our lot one collectively -- like revenues they've in forward, at in this a diversification, helped it's

Operator

presenters this I'd closing remarks. conclude today's turn or and to for ladies At the any question-and-answer additional gentlemen, will conference session. to this back like time, your And

Scott Beiser

you quarter we to when discuss fourth want progress first results I coming everyone XXXX this fiscal our fiscal updating we summer. all call quarter on and in to look earnings and thank our participating for for our XXXX forward year

Operator

concludes this today's gentlemen, conference. and participation. your Ladies appreciate We

You may now disconnect.

Houlihan Lokey (HLI) 13 May 222022 Q4 Earnings call transcript