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- **Revenue and EPS Growth**: $659M (+15% YoY), $1.84 EPS (+26% YoY), driven by 21% CF revenue rise.\n- **Backlog Momentum**: Q4 CF expected to outpace Q3, breaking seasonal trends.\n- **International Expansion**: EMEA/Asia revenue up 9.7% YoY, targeting Europe fee parity with U.S.\n- **Financial Health**: 61.5% comp expense ratio, $1.1B cash, 210K shares repurchased.\n- **Strategic Focus**: Active acquisition pipeline and talent recruitment to sustain growth.

**【CEO Summary Section】**
- **Q2 2026 Financial Highlights**: Revenue of $659 million (+15% YoY), Adjusted EPS of $1.84 (+26% YoY). Corporate Finance revenue up 21% to $439 million, driven by 171 transactions (vs. 131 last year). Backlog suggests strong Q4 CF performance, breaking seasonal trends.\n- **Segment Growth**:\n  - **Financial Restructuring**: $134 million (+2% YoY), 37 transactions (vs. 33 last year).\n  - **FDA**: $87 million (+10% YoY), 1,075 fee events (+19%).\n  - **International Expansion**: EMEA and APAC regions show solid growth, with 5 new MD hires.\n- **Strategic Initiatives**: Active acquisition pipeline and talent recruitment to sustain momentum.\n\n**【CFO Financial Commentary】**\n- **Expense Management**: Adjusted compensation expense ratio 61.5% (flat YoY), non-compensation expenses $2 million (down 97% YoY).\n- **Balance Sheet Strength**: $1.1 billion cash, 210,000 shares repurchased Q2. Deferred bonuses (~$18 million) to be paid in November.\n- **Tax Efficiency**: 29.7% effective tax rate (down 1.6pts YoY).\n\n**【Q&A Key Highlights】**\n- **Restructuring Trends**: Backlog remains robust despite slower new business, with episodic shocks (e.g., alcohol sector stress).\n- **Sponsor Activity**: Consistent engagement since Q1, with Q4 deal timing accelerating.\n- **FDA Growth**: 30-70% cyclical sensitivity vs. CF, with non-cyclical PV business driving consistency.\n- **International Strategy**: EMEA/Asia CF growth outpaces U.S., targeting Europe fee pool parity with U.S.\n- **Share Repurchases**: Focused on minimizing dilution, with opportunistic buys based on cash availability.

Houlihan Lokey, Inc. (HLI) Q2 2026 Earnings Call Transcript

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HLI

HLI fundamentals

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