Houlihan Lokey Cash Flow Statement

Financials in millions USD. Fiscal year is April - March.

Millions USD. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2016 - 2020
Period Ending	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021	2016 - 2020
Net Income	426.54	399.71	280.3	254.22	437.75	312.77	Upgrade
Depreciation & Amortization, Total	51.26	41.27	28.54	58.22	48.54	15.23	Upgrade
Gain (Loss) On Sale of Investments	-1.45	-1.45	-0.88	3.68	4.23	-0.1	Upgrade
Stock-Based Compensation	178.9	168.44	166.6	156.94	91.88	62.42	Upgrade
Change in Accounts Receivable	-95.22	-21.93	-101.31	-49.34	32.16	-111.49	Upgrade
Change in Accounts Payable	13.3	-13.37	-23.19	-32.01	-9.96	0.54	Upgrade
Change in Other Net Operating Assets	127.36	177.06	-49.03	-215.49	165.62	216.97	Upgrade
Other Operating Activities	52.67	35.3	43.01	25.29	-31.88	2	Upgrade
Operating Cash Flow	817.31	848.61	328.46	136.27	736.6	579.84	Upgrade
Capital Expenditures	-33.75	-39.7	-66.73	-50.73	-8.68	-14.15	Upgrade
Cash Acquisitions	-37.86	-69.19	-3.86	-20.43	-361	-12.47	Upgrade
Investment in Securities	-126.77	-156.17	0.18	68.15	95.76	-73.13	Upgrade
Investing Cash Flow	-198.38	-265.06	-70.41	-3	-273.91	-99.75	Upgrade
Long-Term Debt Repaid	-	-	-	-3.03	-0.28	-4.18	Upgrade
Net Debt Issued (Repaid)	-	-	-	-3.03	-0.28	-4.18	Upgrade
Issuance of Common Stock	-	-	-	-	-	189.06	Upgrade
Repurchase of Common Stock	-228.12	-154.86	-95.67	-90.94	-338.53	-120.03	Upgrade
Common Dividends Paid	-169.8	-165.22	-148.45	-140.38	-114.81	-92.01	Upgrade
Other Financing Activities	0.71	-9	-6.47	-6.11	-5.44	0.33	Upgrade
Financing Cash Flow	-397.21	-329.07	-250.59	-240.46	-459.06	-26.82	Upgrade
Foreign Exchange Rate Adjustments	13.81	-0.76	-0.43	-12.07	-16.78	13.21	Upgrade
Net Cash Flow	235.54	253.73	7.04	-119.26	-13.15	466.48	Upgrade
Free Cash Flow	783.56	808.91	261.73	85.54	727.92	565.69	Upgrade
Free Cash Flow Growth	56.17%	209.06%	205.96%	-88.25%	28.68%	111.91%	Upgrade
Free Cash Flow Margin	30.54%	33.86%	13.67%	4.73%	32.07%	37.09%	Upgrade
Free Cash Flow Per Share	11.39	11.78	3.84	1.27	10.66	8.24	Upgrade
Cash Interest Paid	1.36	1.36	0.58	5.9	1	0.99	Upgrade
Cash Income Tax Paid	111.46	93.31	105.06	156.79	242.03	44.2	Upgrade

Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.