Houlihan Lokey, Inc. (HLI) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 |
|---|
| Cash from Operations | 293.03M | 217.68M | 325.05M | -131.63M | 358.38M | 265.51M | 289.22M | -64.51M | 225.31M | 100.9M | 135.82M | -133.57M | 238.15M | 91.04M | 85.1M | -278.02M | 64.47M | 552.02M | 210.21M | -90.09M |
| Operating CF Margin % | 46.1% | 30.36% | 49.29% | -21.74% | 53.78% | 41.85% | 50.3% | -12.56% | 43.29% | 19.74% | 29.08% | -32.12% | 53.54% | 19.94% | 17.38% | -66.41% | 13.68% | 62.11% | 39.13% | -24.17% |
| Operating CF Growth % | -18.23% | -18.01% | 12.39% | -104.04% | 59.06% | 163.16% | 112.95% | 51.7% | -5.39% | 10.82% | 59.59% | 51.96% | 269.4% | -83.51% | -59.52% | -208.59% | -76.35% | 78.93% | 84.54% | 21.82% |
| Net Income | 98.31M | 116.55M | 111.78M | 97.53M | 121.92M | 95.3M | 93.55M | 88.94M | 81.08M | 70.8M | 67.03M | 61.39M | 59.66M | 63.05M | 60.73M | 70.78M | 65.17M | 174.31M | 112.88M | 85.96M |
| Depreciation & Amortization | 8.04M | 8.3M | 10.3M | 15.99M | 15.41M | 9.56M | 7.44M | 8.86M | 8.26M | 6.66M | 7.09M | 6.53M | 6.35M | 13.26M | 19.48M | 19.14M | 19.95M | 20.07M | 4.34M | 4.17M |
| Stock-Based Compensation | 51.53M | 60.92M | 46.63M | 42.22M | 44.46M | 45.59M | 45.33M | 33.07M | 40.47M | 43.97M | 42.74M | 39.41M | 34.17M | 40.76M | 41.4M | 40.61M | 19.48M | 19.15M | 18.96M | 34.29M |
| Deferred Taxes | -25.12M | 0 | 0 | -1.28M | -6.99M | 1.33M | -4.29M | 8.99M | 16.81M | 6.29M | 2.1M | -4.74M | 7.54M | 3.1M | -7.04M | -7.05M | -57.73M | -5.27M | -3.05M | -5.02M |
| Other Non-Cash Items | 10.53M | 14.6M | 11.88M | 27.48M | 7.98M | 15.77M | 7.85M | 12.47M | -5.29M | 14.14M | 10.15M | 9.93M | 2.05M | 11.13M | 15.92M | 9.74M | 15.23M | 14.24M | 10.48M | 6.6M |
| Working Capital Changes | 149.73M | 17.32M | 144.45M | -313.57M | 175.6M | 97.97M | 139.34M | -216.84M | 83.98M | -40.97M | 6.71M | -246.09M | 128.38M | -40.26M | -45.39M | -411.24M | 2.37M | 329.51M | 66.59M | -216.09M |
| Change in Receivables | -42.74M | -7.16M | -47M | 14.39M | -89.67M | 27.06M | -10.95M | 51.63M | -64.19M | -238K | -45.55M | 52.54M | 3.64M | -5.62M | -5.26M | 10.64M | 52.58M | -14.28M | -41.63M | 17.24M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -49.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 315.8M | 127.61M | -232.34M |
| Change in Payables | 7.79M | -33.73M | 22.31M | -24.26M | 7.91M | 7.34M | -13.72M | -14.9M | 8.19M | 4.86M | -20.34M | -15.9M | 17.09M | 30.07M | -19.73M | -59.45M | -18.19M | 27.66M | -16.46M | -2.97M |
| Cash from Investing | -49.6M | 56.41M | -114.28M | 109.65M | -106.35M | -87.4M | -30.88M | -40.43M | -14.69M | -22.74M | -20.61M | -12.36M | -39.46M | -17.01M | -14.74M | 68.2M | -127.56M | -311.17M | 5.84M | 158.97M |
| Capital Expenditures | -6.25M | -639K | -2.24M | -13.19M | -14.48M | -3.85M | -10.5M | -10.87M | -12.22M | -15.58M | -23.27M | -15.65M | -19.09M | -13.85M | -13.31M | -4.49M | -1.13M | -5.05M | -1.1M | -1.4M |
| CapEx % of Revenue | 0.98% | 0.09% | 0.34% | 2.18% | 2.17% | 0.61% | 1.83% | 2.12% | 2.35% | 3.05% | 4.98% | 3.76% | 4.29% | 3.03% | 2.72% | 1.07% | 0.24% | 0.57% | 0.2% | 0.38% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 170.27M | 127.6M | 184.62M | 72.84M | 195.62M | 103.54M | 56.83M | 35.62M | 38.01M | 35.37M | 31.21M | 33.86M | 37.31M | 36.77M | 35.74M | 35.59M | 109.14M | 39.83M | 40.42M | 47.86M |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.16M | -1.43M | 72.69M | 0 | -779K | 0 | 0 |
| Cash from Financing | -92.78M | -131.4M | -72.14M | -196.63M | -91.08M | -37.36M | -39.13M | -161.5M | -36.15M | -35.6M | -67.68M | -111.15M | -32.62M | -38.9M | -45.27M | -123.67M | -149.08M | -102.47M | -73.78M | -133.72M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -50M | -87.9M | 7.81M | -7.81M | -52.19M | -86K | -723K | -240K | -593K | -95K | -24.95M | -69.77M | 432K | -186K | -8.18M | -40.72M | -121.6M | -70.25M | -45.45M | -67.49M |
| Dividends Paid | -39.16M | -40.63M | -41.78M | -52.48M | -38.52M | -37.03M | -38.4M | -51.27M | -35.55M | -35.51M | -35.42M | -41.97M | -32.34M | -34.23M | -33.32M | -40.49M | -27.45M | -27.86M | -28.3M | -31.2M |
| Share Repurchases | -50M | -87.9M | 7.81M | -7.81M | -52.19M | -86K | -723K | -240K | -593K | -95K | -24.95M | -69.77M | 432K | -186K | -8.18M | -40.72M | -121.6M | -70.25M | -45.45M | -67.49M |
| Other Financing | -3.63M | -2.87M | -38.17M | -136.34M | -380K | -247K | 0 | -109.99M | 0 | 0 | -7.31M | 587K | -407K | -4.29M | -1.24M | -42.45M | -41K | -4.2M | 1K | -34.95M |
| Net Change in Cash | 132.56M | 132.91M | 130M | -177.18M | 174.79M | 107.93M | 242.55M | -271.54M | 165.95M | 61.6M | 37.81M | -258.32M | 165.02M | 45.62M | 14.86M | -344.75M | -224.91M | 135.59M | 140.81M | -64.66M |
| Free Cash Flow | 286.78M | 217.04M | 322.81M | -144.81M | 343.9M | 261.66M | 278.73M | -75.38M | 213.09M | 85.32M | 112.55M | -149.22M | 219.06M | 77.19M | 71.79M | -282.5M | 63.34M | 546.96M | 209.11M | -91.5M |
| FCF Margin % | 45.12% | 30.27% | 48.95% | -23.92% | 51.6% | 41.24% | 48.48% | -14.68% | 40.94% | 16.69% | 24.1% | -35.89% | 49.25% | 16.91% | 14.67% | -67.48% | 13.44% | 61.54% | 38.92% | -24.55% |
| FCF Growth % | -16.61% | -17.05% | 15.82% | -92.11% | 61.39% | 206.7% | 147.65% | 49.48% | -2.73% | 10.52% | 56.77% | 47.18% | 245.84% | -85.89% | -65.67% | -208.76% | -76.5% | 79.89% | 88.63% | 22.94% |
| FCF per Share | 4.21 | 3.17 | 4.71 | -2.10 | 4.97 | 3.81 | 4.07 | -1.10 | 3.11 | 1.26 | 1.66 | -2.19 | 3.22 | 1.11 | 1.03 | -4.10 | 0.94 | 8.01 | 3.05 | -1.33 |
| FCF Conversion (FCF/Net Income) | 2.94x | 1.87x | 2.91x | -1.35x | 2.94x | 2.79x | 3.09x | -0.73x | 2.78x | 1.43x | 2.03x | -2.18x | 3.99x | 1.44x | 1.40x | -3.93x | 0.99x | 3.18x | 1.86x | -1.05x |
| Interest Paid | 0 | 0 | 0 | 230K | 255K | 551K | 256K | 301K | 260K | 119K | 95K | 105K | 2.64M | 1.4M | 1.83M | 30K | 472K | 74K | 211K | 243K |
| Taxes Paid | 46.04M | 85.85M | 44.28M | 11.07M | -58.83M | 21.62M | 20M | 17.22M | 19.73M | 36.91M | 30.75M | 17.66M | 20.87M | 33.5M | 97.82M | 4.59M | 70.8M | 52.54M | 82.28M | 36.41M |