HLIMEDIUM SIGNALFINANCIAL10-K

HLI delivered strong financial performance with meaningful growth across revenue, profitability, and cash generation while maintaining a robust balance sheet position.

The company demonstrated solid execution with revenue growth of 24.8% driving proportionally higher operating leverage, as operating income expanded 38.2% and net income grew 42.6%. The substantial increase in cash reserves to $971M alongside controlled debt levels suggests strong liquidity management and potential capacity for strategic investments or shareholder returns.

Comparing 2025-05-15 vs 2024-05-21View on EDGAR →
FINANCIAL ANALYSIS

HLI reported broad-based financial strength with revenue growing 24.8% to $2.4B, while operating income expanded meaningfully to $501.5M, demonstrating effective operational leverage. The balance sheet strengthened considerably with cash and equivalents rising 34.6% to $971M, though stockholders' equity declined 20.9% to $651.2M, likely reflecting distributions or share repurchases. Overall, the financial profile indicates a well-positioned investment banking franchise generating strong cash flows and maintaining ample liquidity for growth opportunities.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+52.2%
$36.7M→$55.9M

Debt increased 52.2% — substantial leverage increase; assess whether deployed for growth or covering losses.

Net Income
P&L
+42.6%
$280.3M→$399.7M

Net income grew 42.6% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
-40.5%
$66.7M→$39.7M

Capex reduced 40.5% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Income
P&L
+38.2%
$362.9M→$501.5M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Gross Profit
P&L
+35.2%
$571.1M→$772.3M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Cash & Equivalents
Balance Sheet
+34.6%
$721.2M→$971.0M

Cash position surged 34.6% — strong cash generation or capital raise providing significant financial cushion.

Revenue
P&L
+24.8%
$1.9B→$2.4B

Revenue growing 24.8% — solid top-line momentum, watch margins for quality of growth.

Total Liabilities
Balance Sheet
+23.3%
$1.3B→$1.6B

Liabilities increased 23.3% — monitor debt-to-equity ratio and interest coverage.

Stockholders Equity
Balance Sheet
-20.9%
$822.7M→$651.2M

Equity decreased 20.9% — buybacks or losses reducing book value, monitor solvency ratios.

Total Assets
Balance Sheet
+20.5%
$3.2B→$3.8B

Asset base grew 20.5% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2025-05-15
PRIOR — 2024-05-21
ADDED
As of May 12, 2025, the registrant had 53,789,857 shares of Class A common stock, $0.001 par value per share, and 16,003,904 shares of Class B common stock, $0.001 par value per share, outstanding.
Accordingly, references to fiscal 2025, fiscal 2024, and fiscal 2023 are to our fiscal years ended March 31, 2025, 2024, and 2023, respectively.
However, references in this Form 10-K to years are to calendar years unless otherwise noted.
We believe that these factors include, but are not limited to, the following: our ability to retain our Managing Directors and our other senior professionals; our ability to successfully identify, recruit and develop talent; changing market conditions; reputational risk; the volatility of our revenue and profits on a quarterly basis; risks associated with our acquisitions (including integration) and strategic investments; the impact of U.S.
fiscal, monetary, and/or trade policies on transaction volumes and, consequently, our revenue strong competition from other financial advisory and investment banking firms; potential impairment of goodwill and other intangible assets, which represent a significant portion of our assets; our ability to execute on our growth initiatives, business strategies or operating plans; risks associated with the U.S.
+7 more — sign up free →
REMOVED
As of May 16, 2024, the registrant had 52,528,157 shares of Class A common stock, $0.001 par value per share, and 16,055,481 shares of Class B common stock, $0.001 par value per share, outstanding.
Our fiscal year ends on March 31st; references to fiscal 2024, fiscal 2023, and fiscal 2022 are to our fiscal years ended March 31, 2024, 2023, and 2022, respectively; references in this Form 10-K to years are to calendar years unless otherwise noted.
is a leading global independent investment bank with expertise in mergers and acquisitions (M A), capital markets, financial restructurings, and financial and valuation advisory.
We market our services through our product areas, our industry groups and our Financial Sponsors group, serving our clients in three primary business practices: Corporate Finance ("CF"), encompassing M A and capital markets advisory, Financial Restructuring ("FR") both out-of-court and in formal bankruptcy or insolvency proceedings, and Financial and Valuation Advisory ("FVA"), including financial opinions and a variety of valuation and financial consulting services.
As of March 31, 2024, we had a team of 1,853 financial professionals across 36 offices globally, serving more than 2,000 clients annually over the past several years, ranging from closely held companies to Fortune Global 500 corporations.
+7 more — sign up free →
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →