- Earnings call transcript Q2 2023

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Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to Houlihan Lokey's Second Quarter Fiscal Year 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. Please note that this conference call is being recorded today, October 27, 2022. hand Counsel. over to Houlihan Christopher like General Lokey's now the to call Crain, I’d ahead. go Please

Christopher Crain

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

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

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

Scott Beiser

to XXX pro with adjusted fiscal share were had quarter and forma earnings earnings the we of of and second the XX% revenues revenues the for everyone, ended year year down XXXX. call. We if million quarter $X.XX. same per ended September versus Welcome, our down quarter last XX, X% GCAs included over quarter Revenues XXXX

positive quarter, our quarterly higher continue XX% quarter revenues down some achieved Corporate year-over-year were we in market second the this finances but million half revenues of of with into were XXX conditions improvements see momentum fiscal small as improving However, last XX% to heading we quarter. year. versus last than

buyers. between and For Nevertheless, started bid-ask mirroring market a as to remains instance, we've is spread capital in sellers constrained the more expensive. middle financing see

selective cases Although quality involve less recession done transactions These leverage most getting resistant, done. are leverage. in higher or with transactions more are companies, and getting resilient are still which

on year. we and and time than last challenging activity but business mentioned quarter in last the As Financial of still be of environment. corporate close our to transactions ever, its market remains continue XX quarter, best quarters, Still, today from to and remains finance being healthy. operating the elevated same second valuation elongated I million higher previous period transactions hold. improved would slightly average in business see a recorded revenues, advisory new XX% Overall, to characterize put number

fewer quarter of offsetting in. and those last operates we up tied share to well restructuring A couple portion like M&A corporate the of facing XX FEA business to headwinds pressure in the market fiscal continue conditions lines the continue market downturns. of market across partly opportunities all levels we a to FEA And an in restructuring same produced environments. conditions many which continue business business we mega-sized in where is a our would are portion in markets of compared quarter for employee sizeable our the not the distressed continue are last of segment. Financial new of service this market grow headwinds, were of driven year. from see areas to few our believe generally debt occurs quarters. amount periodically FEA clients in of when is as marketplace activity up by this XXXX investing expansion a fee, for that work is elevated market correlated lines companies benefited years of past as base hires. restructuring the The and of our improve versus than there to We faster meaningfully we typically Generally, revenues one market and environment are several of number finance And senior to a a very take and financial in service M&A year. business, as and million the that Also the the restructurings in in and and market FEA most the The earlier U.S., over outside in business in general. distressed XX% we result operates growing same portion of see

conditions of in months, However, represent the environment levels the crisis U.S. or existed we've financial that the market in current couple same the seen last crisis the a of significant increase do activity early not days great Furthermore, in in pandemic.

restructuring elevated of environment period this quite However, time. may it longer an is of possible a produce revenues over level that

lines well are a back our our our step believe we performing in leg environment. by this our us assess competitors. to versus We footprint how product pleased are business business up and model, all balanced and we continue three give As diversified

as With we history, improve diversified to add any in in are sectors. geographically our in breadth industry GCA, of we and depth sub unique the addition continues time industry more our

both strategic mix we believe we Finally, financial transactions. sponsor from benefit and greatly a of

on offices coverage actively We're as current more growth we market reputation our to current Overall, grow conditions to few engaged We few quite greatly sub Managing and And with long-term four business environment in continues a Directors quarter. Lindsey. and across globe focus last quarters. quarter. next continues despite brand with call this to the over than we expect the new this our add are we years. hired acquisition believe is positive. turn sector presence our expanding that, in targets added new the the challenging Our prospects India are the industry few But I'll and

Lindsey Alley

quarter, to the the same when XXX XXX closed the was year. Revenues compared the quarter period down XX% million closed Scott. fee last transactions you, to this Thank transaction in on down last compared Finance Corporate average and deals in were slightly. same year, XXX for We quarter,

the year. increased fee increase year. for of in slightly. Financial As the XXXX, the from not quarter, restructuring revenues a purposes, reminder until period Houlihan not We did last for XX Lokey’s last in average XX% acquisition on GCA to same our quarter a million the quarter September quarter closed comparative transaction October for did XX, complete since revenues XXXX closed the ended XX were the And we deals GCA. same for compared XX revenues include transactions

same third financial year. Advisory a for revenues XX% had significant last the quarter the mentioned, key our maintain ASR the period were from Valuation as lines benefit Scott quarter restructuring and a during XX XXX from enter XXX increase period quarter. last in fiscal fee we momentum events during and service Financial year. million event to the We the across to As compared good the In At all same growth continue quarter.

our million second Turning the year. compensation for expenses, to XXX were expenses for adjusted XXX million quarter last period same the versus

related certain for acquisitions. was deferred retention Our X.X to only payments adjustment million

compensation adjusted expense was ratio XX.X%, year. as same second the last quarter Our for the

of as year’s Our significantly quarter increase which same result both when last XX for of and the GCA XX and both adjusted to of quarter year. include XX.X% expenses firm, operating these of million, Non-compensation the non-compensation an resulted of in of charitable growth does this and expenses work-related for to expense related placement we travel, shows, million versus quarter along X.X% fees, with of in XXXX, Bankers areas, and second as also in increase information in events increased and quarter. the in of in continue increase lower a was headcount the portion ended ratio increased expenses This our in meals not rent non-compensation than that the we adjusted year. were entertainment non-compensation invest contributions. trade the and XX and other last things our Last long- outsource offsets expenses. quarter, quarter a increase the personnel, as such year XX, to believe pre-COVID an comparing an the technology for term has the increase increased and an September areas given occur, travel quarter million size approximately will last of second non-compensation especially in efficiencies second target ratio expenses certain believe increase over year it [indiscernible]. will what be that same business, for our We

year was the adjusted we relating majority quarter, which XX significantly remainder this levels do We amortization expenses amortization of to million related XXXX. the in the through acquisition related non-cash acquisition expect fiscal to For transaction. of GCA elevated the vast amortization, of out our of non-compensation

GCA X.X integration transaction, of costs integration. In includes the million of to the back-office addition, our we which Asia, of expenses last out related the integration non-compensation adjusted corporate our piece in

X part GCA XXX,XXX out expense out quarter to other was million, versus to million of approximately that of valuation as previous of other to acquisitions. period We approximately of one of noncash in income our of and for an year. earn Our related million X.X adjusted an income and last expense warrant, transaction, the expense the same related adjusted X.X for the and expense a a increased an assumed our

for was quarter year. compared Our adjusted to the when this rate tax last XX.X% same effective flat quarter

XX%. Our long-term rate and is tax for between XX% effective range

Turning balance and to cash. the uses sheet, of

and of investments quarter As we equivalents had securities. the cash XXX approximately and of million end, unrestricted

November, at past In share quarter, we average of an program. cash part our per will XXX,XXX year paying be of we during fiscal reminder a for $XX.XX as deferred repurchase price share shares As approximately our XXXX. repurchased bonuses this

line repurchases, to as we balance We regarding to flexibility. you questions. that, sheet operator, disciplined be with share the maintain look And can open for continue

Operator

go we'll Brennan from take thank ahead you. with ahead. And Of Instructions] our [Operator go Hawken question first UBS. and Please course,

BenRubin

in for My of Ben first of time the Definitely period And back what should period for Definitely are guys. restructuring. long your this we on your for those opportunity Brennan. question. filling Hi, higher for you we quarter nice we commentary level my XX? expecting. time How and thinking on is elevated unpack a of of is you given Thank in Rubin were that you of extend question taking an activity? extended comments? seeing year how half kind How about and to fiscal should be guys the restructuring than

Scott Beiser

course some of what knows our will and in it one business. long last no how downturn, might be we're So the in if impact

question wanted the if we're great I fiscal deep some it in pointed we lasting not necessarily two slowdown what environment, restructuring on one of financial some therefore, looks entering grow much think level lasts downturns, expecting more the of saw restructuring longer a form will XX. like of of from so financial revenues, There's pace to of you debt and pandemic think is, lasted feels hand, it you have a But deep in like the But we've longer. crisis we XX, is 'XX it hired it'll the and think basis, with trouble. going downturns. fiscal short same restructuring what a at just might fiscal just time. there, the out and seen This still a probably is and won't from to as, the more potential not the especially if fiscal in year call out issue, normal as peak. period as in new relatively cycle. on your rather a far describe revenues, the in like past we companies still the we're trough of pandemic probably that a business last were previous doubling we year-over-year we other maybe that impact And even more And like see to all be ultimately, feels been the we've 'XX, more in business

Ben Rubin

duration. quarter. I from mentioned, I last a on the you Great. That's second very for helpful framing did quarter up FEA is follow best did that XX ever, little MD million. as see headcount and drop And

to continue grow your Just what take to expectations environment. and trying market the the is in given understand, space, that share challenging

Scott Beiser

huge. small a only touching of still still is very We're We it. fraction market think the

M&A add on well And still what all We've business the but against headwinds, you clearly a which quite will think it, the of business, analysts doing job skills think, continued our directors, to otherwise, not we at of well. do a headcount as There's that marketplace. enabling is think, quite do focused bench, and too mean, healthy all And we new external are are allow a officers, way of them, this of as to few some quarter level the as moment, in few are analysts always tailwinds associates. But in internal I a it us to Our down pretty FEA find positive the total of the quite said good typically managing only not it the maybe well. we've to the continue well. we strength to the necessarily new totality the and last I turnover.

Ben Rubin

for you taking color. Thank Great. the Thanks my questions. for

Operator

go question from go Research. and Chubak We'll our Please next move with Steven ahead. ahead to on Wolfe

Brendan O'Brien

for filling is O'Brien This Good in Steven. Brendan evening.

kind noted business, of So or ongoing through strong financial just to modest. sense past, in like in well. whether of the year deals. given believe corporate maybe get elongation then, really improved the somewhat. that challenges quarter. the to the on your as December as conditions markets there pretty it bit that the have But it's thinking to you you some In that seasonality and start sounds the seen you've noted trajectory fiscal more Want dynamics a still And a into seasonal holds XQ if you finance

Scott Beiser

get then is moment own after. want least, any getting the and will the like at booking going out to for company, clients XX, they their lending generally least changes December it sometimes I'd done sellers things really want our have their taxes people back something you what that people code comments, to prior they are in bonus to pat be down and by lenders, while Unclear in XX to tried can direction we're to are a and changes two done comes XX, to reasons themselves this tax in environment, meaningful March institutions race to firms today's December this on Lindsey why drive. at it. other December for tax close isn't and so add go anyways. start and borrowers There will driving Or to calendar private equity motivations and sometimes of really And well, in or or purposes, XX. at the year? terms things have isn't and buyers feel this And purposes. great So it, year potential to, to

in control move So why push We're not be. further outcome might we'll and a it XXXX. of it calendar into what

you're that's my correct. Otherwise, so hesitation. And

fiscal mentioned, our first clear And change is seasonality some not dynamics half. that for I second year, usually some this there's there'll some our of better You've unique be might that half that. reason always year our whether seen than

Brendan O'Brien

Great color.

a really like I overall to could [ph]? it same discussing seen But like next same not to the to whether be I speaking, step And of those sense like a So guess, and beyond. direction. bit you want a no in historically businesses but is the to really in unique. back, year in be I move industry somewhat think just we restructuring two of crisis, both revenues businesses haven't build improvement accelerating kind here continuing an [lockstep] taking level you're actually M&A just into different. as And crisis going an this every like on yet guess at a one's time, environment. the sounds those get

Scott Beiser

debt, crisis markets crisis growing. to amount the finance and hard global technology a total turns restructuring natural grow. issues, you're They're corporate it's maybe we've And I downturn, component restructuring regulatory fraud issue. a actually say litany too it's it around corporate mode, of some healthy, In that always issue, there. out maybe of many in maybe seen much constant is But is it's the when of disasters, that generally grow, maybe wouldn't see in are finance disruptors, years have of always it's maybe which indebtedness variety some companies, a a some

seen we've think, last so fact, years I And in over many the have all our probably in three years, of XX segments grown. business

and businesses three restructuring think of those and vice finance down But there's And corporate the so you're years, of generally been correct, you all versa. goes if historical instinctively have at up, actually in while many fact, you our look financials, grown. goes

Brendan O'Brien

my questions. Thanks taking for

Operator

And question ahead. with Yaro James Goldman from our we'll next Sachs. go move Please on to

James Yaro

question, afternoon, that's obviously Maybe where thanks and clients Good of Scott with, credit I and for I private could taking think just most Lindsey. the markets, my your start finance.

maybe trickle open markets sponsor these Given stresses for and Are then does how your of, mid meant skew, ecosystem down? of you And to the capital began the about the and in markets capital. have what Or caps functioning? sort just any willingness just corollary, their deploy are talk to performing? that the they

Scott Beiser

financing in there mind believe was strain. hundreds gave do have will deals. and literally private finance of difference there public a provide But and the we are is of between and hundreds company. financing size who our of for deals in ago. deals quarter noticed is And We've levels that So the a financiers types the potential little even finance remember particular to is It marketplace comments probably private a marketplace today in we some than is tied that open the a see regards, of we and tighter functioning. has earlier, that it financing

is the putting constraints think volume there. firms but deals, do opportunities private for still they're difficult. more equity that them. it us and to some And So But doing on out ability I it enables still yes, find to is,

potentially with As we're focused doing you're to in recession. this on have different kinds of business ’XX sometimes environment near the a a calendar environment of others. more than they're nowhere great equity. we've different capital in a i.e. the maybe business that But of for And we noted, plan experienced them kind tend better ’XX, structure, that kind companies closed financial

James Yaro

do driving strength elevated very this given continues at persist touch as corporate stress it you the economic other magnitude clear. finance, you the can ongoing think think you market of outperform. is that level in Europe, versus on certainly just That's do Maybe Okay. What of could in really part that? the there? And to geographies,

Lindsey Alley

just ran Europe. we've we markets at in being mean, Lokey. player it meaningful, Houlihan with we If we've and we're X, made, the problem potentially you capital the our of the does what greater It's player, to reputation instead or it forthcoming Having it has said that also was have us hirings made. the that is in least I And feel like of more is than because your substantive X, look have more X, of when size and a is read in the I existing, is be part it versus probably importance a in or to regards, Is Lokey for today Houlihan might it's do the U.S. marketplace acquisitions because what and it's I going think are so the at an understand doing. X that, in mean in it easy M&A brand question economic average, years issues in Europe much of much we U.S. answering short-term it Europe not as ago. than Europe

question. I to your dodge try not So

comparison to just a We were question, struggle even ago. better so and probably two I year stronger think basis. we relatively much others that and are bit able different because or it a than we're a on better with answer

James Yaro

Okay. Totally understand Thanks for question. that. taking my

Operator

ahead. on question move go from we'll to And our with Manan Gosalia next Stanley. Morgan Please

Manan Gosalia

from two good you still you clarify environment the increase comments earlier M&A. in on mentioned last release, you're is your next an that of some improved slightly in that quarters. seeing to In remarks only quarter. Hi, But afternoon. suggested for it's challenging. I on the your call, wanted deal the And closings the

So you improvement were And just industry? seeing distinction you you're versus qualifying Or your there place slight then say what making focus geographies? in areas is that the were between is a broader that the uniquely in taking a the comments in industry. your

Scott Beiser

in slightly feel as than days today and cetera, gap which you buyer close point I our finance, months, from guess, perspective of between as if ago. perspective we stock and helps greater much opportunities value, was Couple closed, now corporate one. is better this points. declines of might Point seller which mentioned, is We about do XX nine this two, are we et to market, think kind do deals. business we asset

I be whether bit as just So lenders certainty in much buyers or bad is certainty always always good more there if what experiencing. can they what is There as seasonality. borrowers a -- think or appears it's even some sellers it's the least and in and to certainty we're expectation at we have want certainty,

than do we The the first continue is. that see versus other typically, that but been not But that asks better history or well, a are less results dying. will was the those we've deals ago. we're not on whether or mentioned, of that's a our They're it in the comment put what least at deals actual year And half, we the number lot is, of elongated. second talking other this about Lindsey half closed, gentleman quarter hold keep

really closed are would we hoped finally X, some ago, or thought they that of the X, X So stuff X, months have closing.

than we'd some there's disappearing, another things completely have that are So take cycles. of likely we've a as may our in level potentially we backlog us longer like. seen well, that that close, a not will still But just what it confidence little lot still down eventually gives

some of mention. points would the that think So I I were those

Manan Gosalia

year that is Is What capitulating put buy dry Got end Or to work? it side it. that much higher on? buyers and year closer to there's expectations Given and year? so of just more coming of potentially seller in together. it terms next close we're powder are into you money there? going sell the and willing more And end, out to in risks expectations, recession seeing

Scott Beiser

necessarily period think smell commentary, might where And at deals word really much have said would of start the or like both quicker other. go assets, There's to something still just perspectives and are things. we've about was I buyers sides a new other out buying or capitulation. have eventually, say of do their we're fair that continues, with probably let's prices, consistent entered test have That just summer to just you in closer people typically all enough, enough, think home kind move fall said, in than not I kinds use a it's value of XXXX. thinking the they're talking business market And buyers and a they're each concept. a buyers. it's And whatever not than getting longer closer. getting moved get more willing little sellers. I don't of at. I'd towards And sellers what is what little deals midpoint done. we But a said capitulation

Lindsey Alley

And I are of or private. a is transactions XX% more think Manan, our reminder, this

the in that's into is it's, end to a businesses, lot you of long more for of value we're the maximizing the both. as they're or this than middle you're longer Why economic more hold what kind is, Scott likely steps for what's succession stable saying just are more middle, held but towards simply value the march capital and we're as So seeing up because And planning markets choppy there's family factors going buying going are market, of for there's financial and a that factors go them for towards the sponsors timing. or than this lot you into terms see just life to selling? take going whether why because essentially us,

Manan Gosalia

think really that's Thank helpful. you. I

Operator

our We'll Mike ahead. with next to question move KBW. Please go from Brown on

Mike Brown

Lindsey. afternoon, good Hi, Scott and

had results in a tough a strong So environment. corporate finance

touch if to any So key businesses of quarter. of just hoping contribution about could traditional from M&A this finance. you color non the as on And little such the more drivers the result a HLI the get Thanks.

Scott Beiser

Lindsey. ahead, Go

Lindsey Alley

but and M&A fairly think did about peers I'd the from our quarter finance, say success which I broad a quarter markets to quite our business, based. the in corporate based. was had capital an this the largest pretty component mean, the business. same. some And, broad did We of strong I UK the second finances corporate and industry standpoint, business is both Europe as

So either of performance, finance than maybe really corporate no team our no heard performing based pretty other than terms distinction as them in peers from we've it's between U.S. of also and well. for with of better some broad which the results Europe

Mike Brown

just as else in be seven which And a about was on there? corporate move. at large something by play Okay. MD Can declined purposeful simply normal then there just follow expand it may pretty up that or there a finance, reduction seems seven, a guess that headcount that attrition or force the looks like you I like quarter-over-quarter, on change? Is

Scott Beiser

in no forced layoffs, it. Absolutely to reduction want call whatever you

this I just turnover. think is normal

and is Some want of people out else. some business do of something getting retirements, it is it of the to

it's announce people, departures, Some of be net businesses, this we to what whenever they really quarter digesting at and people a to amount get platform the to feel we'll small always the quarter, and what this point, of size platform at to and people of don't because has that But trying been towards we reason And looking acquire hired at say a very and and March process when hired total MDs, going churn. pull better officially other September point. hired for of, and in announced are the successfully very for number go there's our also think along I think There's have I our come anything going hiring December competitors, quarter really some some we to of, the would little lines, and or I hire for business there's in bankers, consistent. Part the And not do. they they who what expectations. we significant. that place, of we've same our going a for are both looks might different attitude statistically have those have to. back think We're any bit normal of

Mike Brown

color, the Scott. for Thanks Okay.

Operator

[Operator on to Securities. move go Instructions]. Please JMP We'll our ahead. Devin question next Ryan from with

Michael Falco

standing Devin Thanks you wanted Hi, my with Michael for Falco this is targets. few question. to taking engaged opportunities, Ryan. I that you're acquisition ask noted about a actually M&A for actively in

that Just spaces wide the curious more or color across if you across areas provide platform there. that any was there an the could acquisition. from might business benefit

any might appreciate you on that. additional have would color I So

Scott Beiser

ahead, been that we've closer Go reasonably. Lindsey, have been -- you tracking

Lindsey Alley

pretty I strategy come has Look, we've have we actually form pipeline our together. months often before or for Sure. to a years to transactions, mentioned, take as in M&A. These healthy maintain been think years we

we've we go become oftentimes to we're balance situations we more the why have, like So changed. now. this, and happy quality the And the pipeline when pipeline to that consistent is you've with discussions to happy the anything, seen are think I with reasons improve, seen as become discussion. conservative or bit and choppy that, we downturns one respect that's if alluding what more we a see is that what of in through a we've with have not probably markets And it by M&A necessarily been more hasn't volume, was I Scott and tends active. sheet by the we're think that M&A, our but experiencing decline, of past tend that's with And

Michael Falco

and little also see growing you your hire That's just you that more announced and I And did new week East very the this a about talk that's capital going region that helpful. in the a business expand senior Middle to markets Could globally, bit then for the Africa. broadly. opportunity in business Great. then,

Scott Beiser

a where in If United still in sizeable small got we've you States, Lokey very very in presence Middle area, in East. Houlihan map the the at look relatively operates, presence Pacific a presence sizeable the growing Asia Europe,

we expand at Southeast and of other get to of and parts see So it. America, areas We've Asia. probably that's business one to opportunities, we the want some Latin juncture, said are looking always that we'll

our beginnings. in there. there we And for out add means several more we by there's, from original geographically. office where personnel stopped that can go years. Dubai for we So think And business And no think the to continued we there's been have have we've we us

strength of do total. And of more again, to so, do I just is addition what Dubai it an bench terms East a we'll in was hopefully office what days able that call provide person Middle the to than ago, be couple once and services we the our currently even in across announced ongoing in

Lindsey Alley

fairly type think engagements we capital to have in with there. and Lokey that our service successful I to is that, quite handful with senior Middle natural relationship of add between that in And add a to so there our healthy region. And symbiotic respect been offerings practice a restructuring notable just East over have markets and experience restructuring environment kind of restructuring it of Houlihan for to a to to is a one hire the

Michael Falco

Really you. appreciate it. Thank

Operator

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

Ken Worthington

Thanks for question. Hi. taking my

than to others better deals, while I M&A markets, this apt really the quality struggled high-quality you of holding of funding up different or was struggled the quarter. think, mentioned the with deals, lower sort So, get much more parts that middle

even about I don't mix we sure all you insult market are get clients, durable clients think sense? much but middle high-quality. get are what think to how clients, still the And any of serve? challenging? you as Like the want will that the your do your so of But your more likely Does be, makes companies you I'm portion financing to funding if that markets

Scott Beiser

Yes.

in. be we're to that or there's what don't turn. answer, okay, what mean, to That down. in companies slowing not will to that they do, are those we're perform, in grow. And quality or question. easy difficulties or to the sellers buyers or can kind high-quality or that's they we've can't I and are might better not position that bad, will to send raise lower things money very quite it's until environment maybe companies You in pull continue therefore, because a In so wait and are that an a other got I just going question. even companies, good more have have economy companies be certain saying said, an think what of you business

clients business a particular geographically And what over where So does are, plan, the they for it's company board. team, I financing we x a y from quarter have get of probably happen management and that two their answer don't percent what really, now. can’t, maybe says, can quarters oh, today really our might percent that here's living the all and an think or

Ken Worthington

weigh a you of Okay. on GCA, Any To quarter. this we quarter? had I help pound revenue in and currency the lot. we tried. income have September us Maybe did sort FX in can moves with? yen, what extent terms of move magnitude Clearly, euro

Lindsey Alley

compares impacted an have you here's forma would I But pro the not business meaningfully tell that have the dollars, done pretty the will like, we look of significant changed. sort of haven't which of And have millions Japan, not significant been gone in So would currency business through and higher we XXs by we had just revenues those their we a currency. don't Europe. increasingly obviously revenues that, was Ken, in numbers. of currency have changed? process saying, an U.K. haven't what analysis had

Ken Worthington

two] for anyway. Thank [Zero Okay. you [ph].

Operator

we And speakers additional questions. over remarks. our would that, to now hand to I have or call the with closing any no back like for further

Scott Beiser

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

Operator

call. your Thank conclude does for today's that that, participation. With you

You may disconnect. now

Houlihan Lokey (HLI) 28 Oct 222023 Q2 Earnings call transcript