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Houlihan Lokey Delivered "Closed Transactions"

Houlihan Lokey Inc.($HLI) reported numbers this past week and knocked it out of the park showing solid revenue and net income growth. In its Financial Restructuring segment, revenue grew 11% to $33mm in Q2 '17 compared to Q2 '16, led by a +2 increase in "closed transactions." Segment profit, however, was down $6mm. Wait, what? What does that mean? "Segment profitability decreased as a result of an increase in employee compensation and benefits expenses as a percentage of revenues...." In summary, homeboys got PAID. Drinks on them this bonus season.