Form 8-K

8-K — HOULIHAN LOKEY, INC.

Accession: 0001302215-26-000071

Filed: 2026-10-28

Period: 2026-10-28

CIK: 0001302215

SIC: 6282 (INVESTMENT ADVICE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — hli-20261028.htm (Primary)

EX-99.1 (a2q27-ex991.htm)

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8-K

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported):

October 28, 2026

Houlihan Lokey, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware 001-37537 95-2770395

(State or Other Jurisdiction of

Incorporation) (Commission File Number) (IRS Employer

Identification No.)

10250 Constellation Blvd.

5th Floor

Los Angeles, California 90067

(Address of principal executive offices) (Zip Code)

310-553-8871

Registrant’s telephone number, including area code:

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class Trading Symbol(s) Name of each exchange on which registered

Class A Common Stock, par value $0.001 HLI New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

On October 28, 2026, Houlihan Lokey, Inc. issued a press release announcing its financial results for the second fiscal quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information in Item 2.02 of this Current Report on Form 8-K, including the information contained in Exhibit 99.1, is being furnished to the Securities and Exchange Commission pursuant to Item 2.02, and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by a specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release dated October 28, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 28, 2026 Houlihan Lokey, Inc.

By: /s/ J. Lindsey Alley

Name: J. Lindsey Alley

Position: Chief Financial Officer

EXHIBIT INDEX

Exhibit No. Description

99.1

Press Release dated October 28, 2026

EX-99.1

Filename: a2q27-ex991.htm · Sequence: 2

Document

Houlihan Lokey Reports Second Quarter Fiscal 2027 Financial Results

– Second Quarter Fiscal 2027 Revenues of $692 million –

– Second Quarter Fiscal 2027 Diluted EPS of $1.64 –

– Adjusted Second Quarter Fiscal 2027 Diluted EPS of $1.85 –

– Announces Dividend of $0.70 per Share for Third Quarter Fiscal 2027 –

LOS ANGELES - October 28, 2026 - Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported financial results for its second quarter ended September 30, 2026.

For the second quarter ended September 30, 2026, revenues were $692 million, compared with $660 million for the second quarter ended September 30, 2025.

Net income attributable to Houlihan Lokey, Inc. was $109 million, or $1.64 per diluted share, for the second quarter ended September 30, 2026, compared with $111 million, or $1.63 per diluted share, for the second quarter ended September 30, 2025. Adjusted net income attributable to Houlihan Lokey, Inc. was $124 million, or $1.85 per diluted share, for the second quarter ended September 30, 2026, compared with $127 million, or $1.84 per diluted share, for the second quarter ended September 30, 2025.

“Improving market conditions resulted in a stronger second quarter,” stated Scott Adelson, Chief Executive Officer of Houlihan Lokey. “While we remain cautious due to the volatility of external factors, we expect to see solid performance across our businesses for the remainder of the year.”

Selected Financial Data

(In millions, except per share data)

U.S. GAAP

Three Months Ended September 30, Six Months Ended September 30,

2026 2025 2026 2025

Revenues by segment

Corporate Finance $ 481 $ 439 $ 784 $ 837

Financial Restructuring 118 134 237 262

Financial and Valuation Advisory 93 87 182 166

Revenues

692 660 1,203 1,265

Operating expenses:

Compensation 441 423 769 816

Non-compensation 97 86 202 208

Operating income

154 151 232 241

Other (income) expense, net (5) (9) (13) (17)

Income before provision for income taxes

159 160 245 258

Provision for income taxes 49 49 57 49

Net income

110 111 188 209

Net (income) loss attributable to noncontrolling interest (1) — (1) —

Net income attributable to Houlihan Lokey, Inc. $ 109 $ 111 $ 187 $ 209

Diluted earnings per share attributable to Houlihan Lokey, Inc.

$ 1.64 $ 1.63 $ 2.78 $ 3.04

Revenues

For the second quarter ended September 30, 2026, revenues were $692 million, compared with $660 million for the second quarter ended September 30, 2025. For the second quarter ended September 30, 2026, Corporate Finance (“CF”) revenues increased 10%, Financial Restructuring (“FR”) revenues decreased (12)%, and Financial and Valuation Advisory (“FVA”) revenues increased 7%, in each case, when compared with the second quarter ended September 30, 2025.

Expenses

The Company’s compensation expenses, non-compensation expenses, and provision for income taxes during the periods presented and described below are on a GAAP and an adjusted basis.

U.S. GAAP

Adjusted (Non-GAAP) (1)

Three Months Ended September 30,

($ in millions) 2026 2025 2026 2025

Expenses:

Compensation $ 441 $ 423 $ 426 $ 406

% of Revenues (2)

63.7 % 64.2 % 61.5 % 61.5 %

Non-compensation $ 97 $ 86 $ 91 $ 83

% of Revenues (2)

14.0 % 12.9 % 13.3 % 12.5 %

Provision for income taxes $ 49 $ 49 $ 54 $ 53

% of Pre-tax income (2)

30.6 % 30.2 % 30.0 % 29.7 %

U.S. GAAP

Adjusted (Non-GAAP) (1)

Six Months Ended September 30,

($ in millions) 2026 2025 2026 2025

Expenses:

Compensation $ 769 $ 816 $ 740 $ 778

% of Revenues (2)

63.9 % 64.5 % 61.5 % 61.5 %

Non-compensation $ 202 $ 208 $ 191 $ 177

% of Revenues (2)

16.8 % 16.4 % 15.9 % 14.0 %

Provision for income taxes $ 57 $ 49 $ 67 $ 52

% of Pre-tax income (2)

23.3 % 18.9 % 23.6 % 16.0 %

(1)Adjusted figures represent non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

(2)The percentages are presented as calculated; therefore, they may not recalculate precisely due to rounding.

Compensation expenses were $441 million for the second quarter ended September 30, 2026, compared with $423 million for the second quarter ended September 30, 2025. This resulted in a compensation ratio of 63.7% for the second quarter ended September 30, 2026, compared with 64.2% for the second quarter ended September 30, 2025. Adjusted compensation expenses were $426 million for the second quarter ended September 30, 2026, compared with $406 million for the second quarter ended September 30, 2025. This resulted in an adjusted compensation ratio of 61.5% for both the second quarter ended September 30, 2026 and the second quarter ended September 30, 2025. The increase in GAAP and adjusted compensation expenses was primarily a result of an increase in revenues for the quarter when compared with the same quarter last year.

Non-compensation expenses were $97 million for the second quarter ended September 30, 2026, compared with $86 million for the second quarter ended September 30, 2025. Adjusted non-compensation expenses were $91 million for the second quarter ended September 30, 2026, compared with $83 million for the second quarter ended September 30, 2025. The increase in GAAP and adjusted non-compensation expenses was primarily a result of an increase in rent expense and other operating expenses when compared with the same quarter last year.

The effective tax rate was 30.6% for the second quarter ended September 30, 2026, compared with 30.2% for the second quarter ended September 30, 2025. The adjusted effective tax rate was 30.0% for the second quarter ended September 30, 2026, compared with 29.7% for the second quarter ended September 30, 2025.

Segment Reporting for the Second Fiscal Quarter

Corporate Finance

CF revenues were $481 million for the second quarter ended September 30, 2026, compared with $439 million for the second quarter ended September 30, 2025. Revenues increased due to an increase in the average transaction fee on closed transactions, which was driven by transaction mix and improved market conditions for M&A and capital markets transactions. This increase was partially offset by a decline in the number of closed transactions, which we believe does not represent a trend.

Three Months Ended September 30, Six Months Ended September 30,

($ in millions) 2026 2025 2026 2025

Corporate Finance

Revenues $ 481 $ 439 $ 784 $ 837

# of Managing Directors (1)

267 242 267 242

# of Closed transactions (2)

142 171 269 296

Financial Restructuring

FR revenues were $118 million for the second quarter ended September 30, 2026, compared with $134 million for the second quarter ended September 30, 2025. Revenues decreased primarily due to a decrease in the number of closed transactions, driven by timing of transaction closings. This was partially offset by an increase in the average transaction fee on closed transactions, driven by transaction mix, which we believe does not represent a trend.

Three Months Ended September 30, Six Months Ended September 30,

($ in millions) 2026 2025 2026 2025

Financial Restructuring

Revenues $ 118 $ 134 $ 237 $ 262

# of Managing Directors (1)

57 58 57 58

# of Closed transactions (2)

27 37 50 72

Financial and Valuation Advisory

FVA revenues were $93 million for the second quarter ended September 30, 2026, compared with $87 million for the second quarter ended September 30, 2025. Revenues increased due to growth in our non-cyclical businesses.

Three Months Ended September 30, Six Months Ended September 30,

($ in millions) 2026 2025 2026 2025

Financial and Valuation Advisory

Revenues $ 93 $ 87 $ 182 $ 166

# of Managing Directors (1)

46 45 46 45

# of Fee Events (2)

1,071 1,075 1,554 1,517

(1)As of the end of the respective reporting period.

(2)A Fee Event includes any engagement that involves revenue activity during the measurement period based on a revenue minimum of one thousand dollars. References in this press release to closed transactions should be understood to be the same as transactions that are “effectively closed” as described in our annual report on Form 10-K.

Other Announcements

The Board of Directors of the Company declared a regular quarterly cash dividend of $0.70 per share of Class A and Class B common stock. The dividend will be payable on December 15, 2026 to stockholders of record as of the close of business on December 1, 2026. Also, during the second quarter ended September 30, 2026, the Company repurchased 397 thousand shares as part of its share repurchase program. As of September 30, 2026, the Company had $888 million of cash and cash equivalents and investment securities.

Investor Conference Call and Webcast

The Company will host a conference call and live webcast at 5:00 p.m. Eastern Time on Wednesday, October 28, 2026, to discuss its second quarter fiscal 2027 results. The number to call is 1-844-501-1995 (domestic) or 1-412-317-5180 (international). A live webcast will be available in the Investor Relations section of the Company’s website. A replay of the conference call will be available from October 28, 2026 through November 4, 2026, by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the passcode 10212286. A replay of the webcast will be archived and available on the Company’s website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “indicates,” “suggests,” “sees,” “will,” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance, or achievements. For a further description of such factors, you should read the Company’s filings with the Securities and Exchange Commission. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Non-GAAP Financial Measures

As a supplement to our financial measures presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company presents certain adjusted (non-GAAP) measures of financial performance. These non-GAAP financial measures are not intended to be considered in isolation from, as a substitute for, or as more important than, the financial information prepared and presented in accordance with GAAP. In addition, these non-GAAP measures have limitations in that they do not reflect all of the items associated with the Company’s results of operations as determined in accordance with GAAP.

Adjusted net income, total and on a per share basis, and certain adjusted items used to determine adjusted net income, are presented and discussed in this earnings press release and are non-GAAP measures that management believes, when presented together with comparable GAAP measures, are useful to investors in understanding the Company’s financial and operating performance. The non-GAAP financial measures exclude the following items, as applicable in any given reporting period:

•certain acquisition related costs, including (1) acquisition related deferred retention payments, which may be settled in cash or common stock of the Company; (2) amortization of intangible assets recognized in purchase accounting; (3) fair value remeasurements of acquisition-related contingent consideration; and (4) other integration and acquisition related costs, including asset write offs or impairments;

•legal and other professional fees associated with the simplification of our legal entity structure that has resulted from acquisitions;

•the income tax adjustments associated with the non-tax adjustments above, determined by applying the tax rates in effect in the jurisdictions for which the non-tax adjustment relates; and

•significant discrete tax related items, including (1) acquisition-related costs which are non-deductible for income tax purposes and (2) other unusual or unique tax-related items and activities.

In the future, the Company may also consider whether other items should also be excluded in calculating the non-GAAP financial measures used by the Company.

These non-GAAP measures facilitate comparison of operating performance between periods and help investors to understand our underlying operating results by excluding certain items that may not be indicative of the Company’s core business, operating results, or future outlook. We consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that could affect an understanding of our ongoing financial and business performance or trends. Internally, management uses these non-GAAP financial measures, along with GAAP financial measures, in assessing the Company’s operating results.

The adjusted items included in this earnings press release as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these adjusted amounts are not a measurement of financial performance or liquidity under GAAP and should not be considered as an alternative to the Company’s financial information determined under GAAP. For additional descriptions of the Company’s use of these adjusted items and a reconciliation with comparable GAAP items, see the section of this press release titled “Reconciliation of GAAP to Adjusted Financial Information.”

We encourage investors to review our GAAP financial statements and other regulatory filings for a comprehensive understanding of our financial condition, results of operations, and cash flows.

About Houlihan Lokey

Houlihan Lokey, Inc. (NYSE:HLI) is a leading global investment bank recognized for delivering independent strategic and financial advice to corporations, financial sponsors, and governments. With uniquely deep industry expertise, broad international reach, and a partnership approach rooted in trust, the firm provides innovative, integrated solutions across mergers and acquisitions, capital solutions, financial restructuring, and financial and valuation advisory. Our unmatched transaction volumes provide differentiated, data-driven perspectives that help our clients achieve their most critical goals. To learn more about Houlihan Lokey, please visit HL.com.

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In millions, except par value) September 30, 2026 March 31, 2026

Assets:

Cash and cash equivalents $ 837 $ 1,189

Investment securities 51 170

Accounts receivable, net of allowance for credit losses 285 228

Unbilled work in progress, net of allowance for credit losses 267 271

Property and equipment, net 148 143

Operating lease right-of-use assets 410 407

Goodwill 1,471 1,396

Other intangible assets, net 212 204

Other assets 294 301

Total assets $ 3,975 $ 4,309

Liabilities, temporary equity and stockholders' equity

Liabilities:

Accrued salaries and bonuses $ 775 $ 1,077

Accounts payable and accrued expenses 102 136

Operating lease liabilities 494 492

Other liabilities 186 151

Total liabilities 1,557 1,856

Redeemable noncontrolling interest 111 111

Stockholders' equity:

Class A common stock, $0.001 par value. Authorized 1,000 shares; issued and outstanding 54.0 and 54.2 shares, respectively — —

Class B common stock, $0.001 par value. Authorized 1,000 shares; issued and outstanding 15.4 and 15.3 shares, respectively — —

Additional paid-in capital 631 746

Retained earnings 1,726 1,645

Accumulated other comprehensive loss (50) (49)

Total stockholders’ equity 2,307 2,342

Total liabilities, temporary equity and stockholders’ equity $ 3,975 $ 4,309

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

Three Months Ended September 30, Six Months Ended September 30,

(In millions, except per share amounts) 2026 2025 2026 2025

Revenues $ 692 $ 660 $ 1,203 $ 1,265

Operating expenses:

Employee compensation and benefits 426 406 740 778

Acquisition related compensation and benefits 15 17 29 38

Travel, meals, and entertainment 17 15 36 35

Rent 22 18 43 36

Depreciation and amortization 10 10 18 26

Information technology and communications 19 17 38 35

Professional fees 10 10 27 22

Other operating expenses 19 16 40 36

Revaluation of acquisition contingent consideration — — — 18

Total operating expenses 538 509 971 1,024

Operating income 154 151 232 241

Other (income) expense, net (5) (9) (13) (17)

Income before provision for income taxes 159 160 245 258

Provision for income taxes 49 49 57 49

Net income 110 111 188 209

Net (income) loss attributable to noncontrolling interest (1) — (1) —

Net income attributable to Houlihan Lokey, Inc. $ 109 $ 111 $ 187 $ 209

Weighted average shares of common stock outstanding:

Basic 66.6 67.0 66.6 66.6

Fully diluted 67.0 68.6 67.3 68.8

Earnings per share

Basic $ 1.64 $ 1.67 $ 2.81 $ 3.14

Fully diluted $ 1.64 $ 1.63 $ 2.78 $ 3.04

HOULIHAN LOKEY, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO ADJUSTED FINANCIAL INFORMATION

(UNAUDITED)

Three Months Ended September 30, Six Months Ended September 30,

(In millions, except per share data) 2026 2025 2026 2025

Revenues $ 692 $ 660 $ 1,203 $ 1,265

Compensation expenses

Compensation expenses (GAAP) $ 441 $ 423 $ 769 $ 816

Less: Acquisition related compensation and benefits (1)

(15) (17) (29) (38)

Compensation expenses (adjusted) 426 406 740 778

Non-compensation expenses

Non-compensation expenses (GAAP) $ 97 $ 86 $ 202 $ 208

Less: Acquisition related legal structure reorganization (2)

— — — (1)

Less: Integration and acquisition related costs (3)

(3) — (6) —

Less: Acquisition amortization (4)

(3) (3) (5) (12)

Less: Revaluation of acquisition contingent consideration (5)

— — — (18)

Non-compensation expenses (adjusted) 91 83 191 177

Operating income

Operating income (GAAP) $ 154 $ 151 $ 232 $ 241

Plus: Adjustments (6)

21 20 40 69

Operating income (adjusted) 175 171 272 310

Other (income) expense, net

Other (income) expense, net (GAAP) $ (5) $ (9) $ (13) $ (17)

Other (income) expense, net (adjusted) (5) (9) (13) (17)

Provision for income taxes

Provision for income taxes (GAAP) $ 49 $ 49 $ 57 $ 49

Less: Non-deductible acquisition related costs (7)

— (1) — (2)

Adjusted provision for income taxes 49 48 57 47

Plus: Resulting tax impact (8)

5 5 10 5

Provision for income taxes (adjusted) 54 53 67 52

Net (income) loss attributable to noncontrolling interest

Net (income) loss attributable to noncontrolling interest (GAAP) $ (1) $ — $ (1) $ —

Less: Impact of adjustments on noncontrolling interest, net of tax (9)

(1) — (2) —

Net (income) loss attributable to noncontrolling interest (adjusted) (2) — (3) —

Net income attributable to Houlihan Lokey, Inc.

Net income attributable to Houlihan Lokey, Inc. (GAAP) $ 109 $ 111 $ 187 $ 209

Plus: Adjustments (10)

15 16 28 66

Net income attributable to Houlihan Lokey, Inc. (adjusted) $ 124 $ 127 $ 215 $ 275

Fully diluted shares outstanding

Fully diluted shares outstanding (GAAP) 67.0 68.6 67.3 68.8

Plus: Impact of unvested GCA retention and deferred share awards — 0.3 — 0.3

Fully diluted shares outstanding (adjusted) 67.0 68.9 67.3 69.1

Fully diluted EPS (GAAP) $ 1.64 $ 1.63 $ 2.78 $ 3.04

Fully diluted EPS (adjusted) $ 1.85 $ 1.84 $ 3.20 $ 3.98

Notes to Reconciliation of GAAP to Adjusted Financial Information

(1)Reflects acquisition related deferred retention payments.

(2)Reflects legal and other professional fees associated with the simplification of our legal entity structure that has resulted from acquisitions.

(3)Reflects integration and acquisition related costs, including asset write offs or impairments.

(4)Reflects amortization of intangible assets recognized in purchase accounting from our acquisitions.

(5)Reflects the fair value remeasurement of acquisition‑related contingent consideration.

(6)The aggregate of adjustments from compensation and non-compensation expenses.

(7)Reflects acquisition-related costs which are non-deductible for income tax purposes.

(8)Reflects the tax impact of the non-tax adjustments identified above.

(9)Reflects the impact of adjustments attributable to the noncontrolling interest, net of tax.

(10)Consists of all adjustments identified above, net of the associated tax impact.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Cover page [Abstract]

+ References

No definition available.

+ Details

Name:

hli_CoverpageAbstract

Namespace Prefix:

hli_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration