Houlihan Lokey (HLI) is a public company. Houlihan Lokey, Inc. (NYSE:HLI) is a leading global investment bank recognized for delivering independent strategic and financial advice to corporations, financial sponsors, and governments. With uniquely deep industry expertise, broad international reach, and a partnership approach rooted in trust, the firm provides innovative, integrated solutions across mergers and acquisitions, capital solutions, financial restructuring, and financial and valuation advisory. Our unmatched transaction volumes provide differentiated, data-driven perspectives that help our clients achieve their most critical goals. To learn more about Houlihan Lokey, please visit HL.com. It has 4,800 employees. IPO 2015.

Transcript

Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to Houlihan Lokey's first quarter fiscal year 2027 earnings conference call. At this time, all participants are in a listen-only mode. Question and answer session will follow the formal presentation. Please note that this conference call is being recorded today, July 29th, 2026. I would now like to turn the call over to the company.

Christopher M. Crain — General Counsel

Thank you, operator. Hello, everyone. By now, everyone should have access to our first quarter fiscal year 2027 earnings release, which can be found on the Houlihan Lokey website at www.hl.com in the investor relations section. Before we begin our formal remarks, we need to remind everyone that the discussion today will include forward-looking statements. These forward-looking statements, which are usually identified by use of words such as will, expect, anticipate, should, or other similar phrases, are not guarantees of future performance. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Therefore, you should exercise caution when interpreting and relying on them. We refer all of you to our recent SEC filings for a more detailed discussion of the risk that could impact our future operating results and financial condition. We encourage investors to review our regulatory filings, including the Form 10-Q for the quarter ended June 30th, 2026, when it is filed with the SEC. During today's call, we will discuss non-GAAP financial measures which we believe can be useful in evaluating the company's financial performance. These