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• Like the independent M&A and restructuring advisory firm, akin to the corporate finance departments of **Goldman Sachs** or **Morgan Stanley**, but as a standalone entity.
• Imagine a firm like **McKinsey** or **Bain & Company**, but for highly specialized financial transactions such as mergers, acquisitions, and financial restructuring, rather than management consulting.
• Think of them as **JPMorgan Chase** for businesses needing advice on complex financial transactions like mergers, acquisitions, or restructuring, rather than traditional banking services.

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• Mergers & Acquisitions (M&A) Advisory: Advising companies on the purchase, sale, and merger of businesses and assets.
• Capital Markets Advisory: Providing strategic advice and execution services for raising debt and equity capital in public and private markets.
• Financial Restructuring Advisory: Guiding companies, creditors, and other stakeholders through complex financial distress situations, including bankruptcies and out-of-court restructurings.
• Financial and Valuation Advisory: Delivering independent financial opinions, valuation services, and strategic advice for transactions, disputes, and regulatory compliance.

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Houlihan Lokey (HLI) is an investment bank that primarily provides financial advisory services to other companies and institutions, rather than individuals.

Due to the confidential and project-based nature of investment banking services, Houlihan Lokey does not publicly disclose specific "major customers" in the traditional sense (e.g., customers accounting for a significant portion of revenue) in its SEC filings or public statements. Their revenue is derived from transaction fees across a broad and diverse client base, meaning no single client or small group of clients typically accounts for a disproportionate share of their revenue. Therefore, it is not possible to list specific company names with their symbols.

However, the following categories represent the types of entities that are its primary customers:

• Corporations: This includes publicly traded and privately held companies across various industries. These clients seek advice on mergers and acquisitions (M&A) (buy-side or sell-side), capital raising (debt or equity), strategic alternatives, and other corporate finance matters.
• Financial Sponsors: This category primarily encompasses private equity firms, venture capital firms, hedge funds, and other investment funds. These clients engage Houlihan Lokey for advice on acquiring companies (platform or add-on acquisitions), divesting portfolio companies, or raising capital for their funds or portfolio companies.
• Creditors and Debtors: In financial restructuring scenarios, Houlihan Lokey advises companies facing financial distress (debtors) as well as various creditor groups (e.g., banks, bondholders, unsecured creditors, official committees) seeking to restructure debt, navigate bankruptcy, or maximize recovery.

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• London Stock Exchange Group plc (LSEG)
• S&P Global Inc. (SPGI)
• FactSet Research Systems Inc. (FDS)
• Microsoft Corporation (MSFT)
• Amazon.com, Inc. (AMZN)
• Salesforce, Inc. (CRM)

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Scott J. Adelson
Chief Executive Officer

Scott J. Adelson has served as Chief Executive Officer of Houlihan Lokey since June 2024 and is a member of the firm's board of directors. He previously served as Co-President from 2013 to 2024 and has been a Senior Managing Director in the firm's Corporate Finance business since 2002. As a longtime member of the firm's leadership team, he has been responsible for strategic planning, client relations, business development, and overall firm management. Mr. Adelson also previously served as Global Co-Head of Corporate Finance, covering mergers and acquisitions, leveraged buyouts, and the issuance of debt and equity capital. He earned his undergraduate degree from the University of Southern California and his MBA from the University of Chicago Booth School of Business.

J. Lindsey Alley
Chief Financial Officer

J. Lindsey Alley has served as Chief Financial Officer of Houlihan Lokey since December 2012. In this role, he oversees the firm's accounting, tax, and financial reporting operations, as well as acquisitions and investor relations. Mr. Alley joined Houlihan Lokey in 1995 and was an investment banker, advising public and private clients, boards of directors, and special committees on sell-side and buy-side mergers and acquisitions before his appointment as CFO. Before joining Houlihan Lokey, he was employed by Chemical Securities, Inc., where he focused on financing leveraged acquisitions in the structured finance group and private equity placements through Chemical Venture Partners—Northeast. He began his career in the fixed income research division of J.P. Morgan Securities. Mr. Alley earned a B.S. in Systems Engineering from the University of Virginia and an MBA in Finance with highest distinction from the University of Michigan.

Scott L. Beiser
Co-Chairman

Scott L. Beiser is Co-Chairman of Houlihan Lokey and has served on its board of directors since 1991. He previously served as the firm's Chief Executive Officer from 2003 until June 2024. As CEO, his responsibilities included managing Houlihan Lokey's operations, identifying and developing new strategic opportunities, and pursuing and managing client relationships. Mr. Beiser previously led Houlihan Lokey's Infrastructure Services and Materials practice and possesses specialized expertise in investment banking services for engineering and construction businesses, including ownership and management transition programs, corporate acquisitions, divestitures, and leveraged recapitalizations. Prior to joining Houlihan Lokey, he was a senior financial analyst at Transamerica Occidental Life Insurance Co.

Irwin N. Gold
Co-Chairman

Irwin N. Gold is Co-Chairman of the Board at Houlihan Lokey. He has served as Executive Chairman of the Board since April 2014. Mr. Gold played a key role in assembling what would become a dominant financial restructuring group at Houlihan Lokey, beginning in 1987.

David A. Preiser
Vice Chairman

David A. Preiser serves as Vice Chairman of Houlihan Lokey. He previously held the role of Co-President from 2013 to 2024.

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1. Economic Downturns and Market Instability: Houlihan Lokey's business is highly susceptible to economic downturns and market instability, which can significantly reduce demand for investment banking services, leading to decreased deal flow and lower transaction fees.
2. Highly Competitive Industry Landscape: The investment banking sector is intensely competitive, with Houlihan Lokey contending with both larger, established financial institutions and smaller, specialized boutique firms. This competitive environment can exert pressure on pricing, potentially eroding profit margins.
3. Attracting and Retaining Talent: As a professional services firm, Houlihan Lokey relies heavily on its human capital. The risk of losing key personnel to competitors could negatively impact its reputation and limit its capacity to execute transactions and generate revenue.

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Houlihan Lokey (symbol: HLI) operates primarily in three main addressable markets for its services: Mergers & Acquisitions (M&A) Advisory, Financial Restructuring Advisory, and Financial and Valuation Advisory.

Mergers & Acquisitions (M&A) Advisory

• The global M&A advisory market was valued between approximately USD 27.9 billion and USD 38.84 billion in 2024.
• This market is projected to grow to between USD 34.8 billion by 2033 and USD 62.37 billion by 2034.
• The United States is a significant contributor to this market, accounting for approximately 36% to 38% of the global market share in 2023 and 2024. North America, in general, held a 38% share of the global M&A advisory market in 2024.

Financial Restructuring Advisory

• The global financial restructuring advisory market was valued at approximately USD 5.06 billion in 2024 and is projected to reach USD 8.5 billion by 2035. Another estimate places the global market at USD 7.214 billion in 2025.
• A broader category, the global corporate restructuring advisory market, was estimated at US$ 24.1 billion in 2023 and is projected to expand to US$ 44.5 billion by 2033.
• North America is a dominant region in this market, leading the global corporate restructuring advisory market with a 41% share in 2022. The North American financial restructuring advisory market is estimated to reach USD 6.8 billion by 2033.

Financial and Valuation Advisory

• The global valuation advisory service market was valued between USD 3.5 billion and USD 8.09 billion in 2024.
• This market is projected to reach between USD 6.8 billion by 2032 and USD 15 billion by 2035.
• North America currently holds the largest share of the valuation advisory market. Specifically, the market size for Business Valuation Firms in the U.S. was USD 2.8 billion in 2024.

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Houlihan Lokey (HLI) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Improvements in M&A Market Activity: Houlihan Lokey's Corporate Finance segment is a significant revenue generator, and improving conditions in the mergers and acquisitions (M&A) market are expected to bolster this area. For instance, the company reported a 45% year-over-year increase in Corporate Finance revenue in Q1 FY2025, with CEO Scott Adelson attributing this to improving M&A activity. Analysts also forecast overall annual revenue growth for HLI, indicating an expectation of a healthy M&A environment.
2. Sustained Strength in Financial Restructuring Business: The company's Financial Restructuring business has consistently shown strong performance, often acting as a counter-cyclical hedge. This segment saw a 30% increase in Q3 FY2024 revenues and a 29% increase in Q4 FY2024. Commentary from the Q2 FY2025 earnings call suggests that heightened activity in restructuring is expected to benefit the business "well into fiscal 2026."
3. Growth in Financial and Valuation Advisory (FVA) Services: The Financial and Valuation Advisory segment is demonstrating increasing momentum. This segment recorded a 9% revenue increase in Q3 FY2024, 14% in Q4 FY2024, and 16% in Q1 FY2026. Growth in FVA is driven by an increase in the number of fee events and expanding the scope of work for existing clients within its various service lines.
4. Strategic Acquisitions and Talent Acquisition: Houlihan Lokey has a stated strategy of expanding its capabilities and market share through strategic acquisitions and the hiring of experienced professionals. Recent examples include the acquisition of 7 Mile Advisors and Triago in fiscal year 2024 to enhance its IT and private funds investment banking services, respectively. Additionally, the firm added 27 new managing directors in Q1 FY2025 and strategically hired Stephen Pollock in November 2025 to strengthen its Equity Capital Solutions practice, illustrating an ongoing investment in talent. The company has a 9% CAGR in Managing Director headcount over the last 20 years, achieved through internal promotions, opportunistic hiring, and acquisitions.
5. International Expansion: The company views international expansion as a significant growth opportunity. CEO Scott Adelson has indicated that the fee pool in Europe could become as large as that in the U.S., signaling an ambitious strategic focus on growth in Europe and Asia-Pacific to contribute substantially to future revenue streams.

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Share Repurchases

• In April 2022, Houlihan Lokey authorized a share repurchase program for up to $500 million of its Class A and Class B common stock.
• As of September 30, 2025, approximately $355.113 million remained available for repurchase under the program.
• Significant quarterly share repurchases include $145.31 million as of June 30, 2025, $104.58 million as of June 30, 2024, and $82.76 million as of June 30, 2022.

Share Issuance

• In May 2020, Houlihan Lokey priced an underwritten public offering of 3,000,000 shares of its Class A common stock at $63.50 per share.
• The number of shares available for issuance under the 2016 Incentive Plan increased by 4,231,218 on April 1, 2025.

Capital Expenditures

• Houlihan Lokey's capital expenditures were $66.73 million for fiscal year 2025.
• Capital expenditures for fiscal year 2024 were $50.73 million.
• In fiscal year 2023, capital expenditures were $8.68 million.