Houlihan Lokey Inc (HLI) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to Houlihan Lokey's fiscal second-quarter 2026 earnings conference call. (Operator Instructions) Please note this conference call is being recorded today, October 30, 2025.

女士們、先生們，大家好。感謝您的耐心等待。歡迎參加 Houlihan Lokey 2026 財年第二季財報電話會議。（操作員說明）請注意，本次電話會議將於2025年10月30日進行錄音。

I would now like to turn the floor over to the company.

現在我想把發言權交給公司。

Thank you, operator, and hello, everyone. By now, everyone should have access to our second quarter fiscal year 2026 earnings release which can be found on the Houlihan Lokey website at www.hl.com in the Investor Relations section.

謝謝接線員，大家好。現在，所有人都應該可以訪問我們 2026 財年第二季收益報告，該報告可在 Houlihan Lokey 網站 www.hl.com 的投資者關係部分找到。

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.

在我們正式發言之前，我們需要提醒大家，今天的討論將包含前瞻性陳述。這些前瞻性陳述通常使用諸如「將」、「預期」、「預計」、「應該」或其他類似短語來識別，但並不保證未來的表現。

These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. And 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 risks that could impact our future operating results and financial condition.

這些聲明受到許多風險和不確定因素的影響，實際結果可能與我們的預期有重大差異。因此，在解讀和依賴這些內容時，您應該謹慎行事。有關可能影響我們未來經營業績和財務狀況的風險的更詳細討論，請各位參閱我們最近向美國證券交易委員會提交的文件。

We encourage investors to review our regulatory filings, including the Form 10-Q for the quarter ended September 30, 2025, when it is filed with the SEC.

我們鼓勵投資者查閱我們的監管文件，包括截至 2025 年 9 月 30 日的季度 10-Q 表格（該表格將在提交給美國證券交易委員會時提交）。

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 measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measures is available in our earnings release and our investor presentation on the hl.com website.

在今天的電話會議中，我們將討論非GAAP財務指標，我們認為這些指標有助於評估公司的財務表現。這些措施不應被孤立地看待，也不應被視為替代我們按照公認會計原則編制的財務表現。這些指標與最直接可比較的 GAAP 指標的調整表可在我們的獲利報告和 hl.com 網站上的投資者簡報中找到。

Hosting the call today, we have Scott Adelson, Houlihan Lokey's Chief Executive Officer; and Lindsey Alley, Chief Financial Officer. They will provide some opening remarks, and then we will open the call to questions.

今天主持電話會議的是 Houlihan Lokey 的執行長 Scott Adelson 和財務長 Lindsey Alley。他們將作開場致辭，然後我們將開放提問環節。

With that, I'll turn the call over to Scott.

接下來，我將把電話交給史考特。

Thank you, Christopher. Welcome, everyone, to our second-quarter fiscal 2026 earnings call.

謝謝你，克里斯多福。歡迎各位參加我們2026財年第二季財報電話會議。

We ended the quarter with revenues of $659 million and adjusted earnings per share of $1.84. And revenues were up 15% and adjusted earnings per share were up 26% compared to the same period last year. We are pleased with our results for the quarter, which reflect our strong business model and improving market conditions.

本季營收達 6.59 億美元，調整後每股收益為 1.84 美元。與去年同期相比，營收成長 15%，調整後每股收益成長 26%。我們對本季的業績感到滿意，這反映了我們強大的商業模式和不斷改善的市場狀況。

We have benefited from a steady macro environment the volatility of tariff policies, which marked the start of the fiscal year has quieted. The downward pressure on interest rates has also improved confidence. Capital markets are wide open and capital is plentiful. All this has increased overall confidence in the deal-making appetite. Should current conditions persist we believe the second half of the year will show improvement versus the second half of last year.

我們受惠於穩定的宏觀環境，本財年開始時關稅政策的波動性已經趨於平靜。利率下行壓力也提振了市場信心。資本市場開放，資金充裕。所有這些都增強了人們對交易意願的整體信心。如果目前的情況持續下去，我們相信今年下半年的情況會比去年下半年有所改善。

Our Corporate Finance business produced $439 million in revenues for the quarter, representing a 21% increase over last year's second quarter. CF continues to benefit from improving M&A markets with activity levels increasing as expected. In terms of volume, the number of completed corporate finance transactions in the quarter was the highest since the peak of M&A activity in late 2021.

我們的企業融資業務本季創造了 4.39 億美元的收入，比去年第二季成長了 21%。CF持續受惠於併購市場的改善，併購活動水準如預期般不斷提高。從交易量來看，本季完成的企業融資交易數量是自 2021 年底併購活動達到高峰以來的最高水準。

New business generation remains strong, providing visibility into continued growth in fiscal 2027. As we assess the remainder of the current fiscal year, our backlog suggests a shift in deal timing. Currently, we expect CF to deliver a strong fourth quarter relative to the third quarter, making a departure from our typical seasonal patterns and underscoring the momentum building across our platform.

新業務成長依然強勁，為 2027 財年的持續成長提供了保障。在評估本財年剩餘時間時，我們的積壓訂單顯示交易時間表可能會改變。目前，我們預計 CF 第四季業績將比第三季強勁成長，這將打破我們典型的季節性規律，並凸顯我們平台整體的成長動能。

Additionally, we continue to see strong growth in our capital solutions business which is helping to drive solid performance in Corporate Finance. Financial Restructuring produced $134 million in revenues for the second quarter, a 2% increase versus the same period last year. FR continues to perform at elevated levels even as we see improving market conditions for both M&A and capital markets.

此外，我們的資本解決方案業務持續強勁成長，有助於推動企業融資業務的穩健績效。財務重組在第二季創造了 1.34 億美元的收入，比去年同期成長了 2%。即使我們看到併購和資本市場的市場狀況都在改善，FR 的表現仍維持在高位。

Easing interest rates and improving macro environment have tempered new business activity in restructuring somewhat, but persistent backlog supports expectations for continued strong performance for this group through the balance of the fiscal year.

利率下調和宏觀環境改善在一定程度上抑制了重組業務的新活動，但持續的積壓訂單支撐了人們對該集團在本財年剩餘時間內繼續保持強勁業績的預期。

Financial and Valuation Advisory produced $87 million in revenues for the second quarter a 10% increase versus the same period last year. FDA like Corporate Finance is benefiting from an improving M&A market with stronger performance in service lines typically affected by M&A and continuing growth in the group's non-cyclical services.

財務和估值諮詢業務第二季營收為 8,700 萬美元，比去年同期成長 10%。與企業融資部門一樣，FDA 也受益於併購市場的改善，在通常受併購影響的服務領域表現更強勁，該集團的非週期性服務持續成長。

Our non-US business performed notably well in the second quarter with performance in both EMEA and Asia Pacific regions showing solid growth and improving key indicators underscoring the consistent brand growth and momentum we are achieving outside the US. In the second quarter, we hired five new managing directors, and we continue to attract senior talent drawn to our global platform.

第二季度，我們在美國以外的業務表現尤為出色，歐洲、中東和非洲地區以及亞太地區的業績均呈現穩健成長，關鍵指標的改善凸顯了我們在美國以外地區持續的品牌成長和發展勢頭。第二季度，我們聘請了五位新的董事總經理，我們繼續吸引著被我們的全球平台所吸引的高級人才。

In addition, since our last earnings call, we have made significant progress on our acquisition pipeline. We are confident that our combination of individual hires and strategic acquisitions will continue to drive strong growth in senior bankers around the world.

此外，自上次財報電話會議以來，我們在收購計劃方面取得了重大進展。我們相信，透過個人招募和策略收購相結合的方式，我們將繼續推動全球高級銀行家隊伍的強勁成長。

Our outlook for the second half of fiscal 2026 is positive. We performed well in the first half of the year despite market uncertainties, and we enter the second half of the year with a better macro environment than we had in the last six months. If conditions remain on the current trajectory, we are well positioned to continue to experience year-over-year growth.

我們對2026財年下半年的前景持樂觀態度。儘管市場存在不確定性，但我們在上半年表現良好，並且進入下半年時，宏觀環境比過去六個月更好。如果情況持續保持目前的趨勢，我們完全有能力繼續實現同比增長。

With that, I will turn the call over to Lindsey.

接下來，我將把電話交給林賽。

Thank you, Scott. Revenues in Corporate Finance were $439 million for the quarter, up 21% compared to the same period last year. We closed 171 transactions this quarter, up from 131 in the same period last year and our average transaction fee on closed deals decreased. Financial Restructuring revenues were $134 million for the quarter, a 2% increase versus the same period last year. We closed 37 transactions this quarter compared to 33 in the same quarter last year, and our average transaction fee on closed deals decreased.

謝謝你，斯科特。本季企業融資收入為 4.39 億美元，比去年同期成長 21%。本季我們完成了 171 筆交易，高於去年同期的 131 筆，而且已完成交易的平均交易費有所下降。本季財務重組收入為 1.34 億美元，比去年同期成長 2%。本季我們完成了 37 筆交易，而去年同期為 33 筆，已完成交易的平均交易費用有所下降。

For Financial and Valuation Advisory, revenues were $87 million for the quarter, a 10% increase from the same period last year. We had 1,075 fee events during the quarter compared to 903 in the same period last year, a 19% increase.

財務和估值諮詢業務本季營收為 8,700 萬美元，比去年同期成長 10%。本季我們發生了 1,075 起收費事件，而去年同期為 903 起，成長了 19%。

Turning to expenses. Our adjusted compensation expenses were $406 million for the quarter, versus $354 million for the same period last year. Our only adjustment was $18 million for deferred retention payments related to certain acquisitions. Our adjusted compensation expense ratio for the second quarter in both fiscal 2026 and 2025 was 61.5%. We expect to maintain our long-term target of 61.5% for our adjusted compensation expense ratio for the balance of the year.

接下來談談費用。本季調整後的薪資支出為 4.06 億美元，去年同期為 3.54 億美元。我們唯一的調整是與某些收購相關的 1,800 萬美元遞延留任付款。我們 2026 財年及 2025 財年第二季的調整後薪資費用率均為 61.5%。我們預計在今年剩餘時間內，將維持調整​​後薪資費用率61.5%的長期目標。

Our adjusted noncompensation expenses were relatively flat at $82 million for the quarter, compared to $81 million for the same period last year. Our adjusted noncompensation expense ratio for the second quarter was 12.5% compared to 14.1% in the same period last year. On a per employee basis, our adjusted noncompensation expense for the quarter was $30,000 versus $31,000 for the same period last year.

本季經調整後的非薪資支出基本持平，為 8,200 萬美元，去年同期為 8,100 萬美元。我們第二季的調整後非薪資費用率為 12.5%，而去年同期為 14.1%。以每位員工計算，本季調整後的非薪資支出為 30,000 美元，而去年同期為 31,000 美元。

For the quarter, we adjusted out of noncompensation expenses, $2.6 million in noncash acquisition-related amortization. Looking at year-to-date performance, our adjusted noncompensation expenses increased 9.7% versus the same year-to-date period last year, consistent with our expectations for the fiscal year.

本季度，我們調整了非薪資支出，以及 260 萬美元的非現金收購相關攤銷。從年初至今的表現來看，我們調整後的非薪酬支出比去年同期成長了 9.7%，與我們對本財年的預期一致。

Our other income and expense produced income of approximately $9 million versus income of approximately $5 million in the same period last year. The improvement was primarily driven by higher interest income earned on cash balances and investment securities. Our adjusted effective tax rate for the quarter was 29.7% compared to 31.3% for the same quarter last year.

其他收入和支出產生的收入約為 900 萬美元，而去年同期收入約為 500 萬美元。這項改善主要得益於現金餘額和投資證券所獲得的利息收入增加。本季調整後的實際稅率為 29.7%，去年同期為 31.3%。

The decrease was primarily a result of decreased state taxes and decreased taxes due to foreign operations. For the second quarter of fiscal 2026, we adjusted out of our effective tax rate, the effects of nondeductible acquisition-related costs.

下降的主要原因是州稅減少和海外經營稅減少。2026 財年第二季度，我們調整了實際稅率，剔除了不可抵扣的收購相關成本的影響。

Turning to the balance sheet. We ended the quarter with approximately $1.1 billion of unrestricted cash and investment securities. As a reminder, we will pay our deferred cash bonuses related to fiscal 2025 in November which will reduce our balance sheet cash. Also, in our second quarter, we repurchased approximately 210,000 shares and we will continue to evaluate balance sheet flexibility for acquisitions, versus excess cash for share repurchases.

接下來看一下資產負債表。本季末，我們擁有約 11 億美元的非限制性現金和投資證券。再次提醒，我們將於 11 月支付與 2025 財年相關的遞延現金獎金，這將減少我們的資產負債表現金。此外，在第二季度，我們回購了約 210,000 股股票，我們將繼續評估資產負債表的靈活性，以進行收購，而不是將多餘的現金用於股票回購。

And with that, operator, we can open the line for questions.

好了，接線生，我們可以開始接聽提問電話了。

(Operator Instructions) Brennan Hawken, BMO.

（操作說明）Brennan Hawken，BMO。

So thanks for the outlook commentary in your prepared remarks. I appreciate that. You made a reference to the restructuring business and the fact that backlog supports continued strength. We heard from another firm that they were starting to see the new business formation begin to slow in restructuring. You did speak that the outlook in the environment looks a little more constructive.

感謝您在事先準備好的發言稿中對前景的展望。我很感激。您提到了業務重組以及積壓訂單支撐公司持續強勁發展的事實。我們從另一家公司了解到，他們開始看到新業務的成立在重組過程中開始放緩。你確實說過，環境前景看起來稍微好轉了一些。

So are you also beginning to see some slowdown in new business activity? Or has that been more consistent for you?

那麼，您是否也開始注意到新業務活動放緩？或者，對你來說情況一直都比較穩定嗎？

I mean, I think that what we're saying is that we have started to see the pace of things slowing, but that our backlog is still quite robust. And we're also recognized as we've seen actually during this quarter, the things could spike in restructuring. And so from a flow basis, I would say, the lowering of interest rates and the increasing M&A environment, just the economy overall does tend to put a damper on the level of restructuring activity. But at the same time, as we've seen, there are episodic shocks that continue to add to it.

我的意思是，我認為我們想表達的是，我們已經開始看到事情進展的速度放緩，但我們的積壓訂單仍然相當充足。而且我們也意識到，正如我們在本季實際看到的那樣，重組方面的情況可能會激增。因此，從資金流動的角度來看，我認為利率下降和併購環境的改善，以及整體經濟狀況，確實會抑制重組活動的水平。但同時，正如我們所看到的，還有一些突發的衝擊事件不斷加劇這種情況。

Got it. Makes a lot of sense. And then on the other side of that coin, as far as corporate finance, we've heard indications that sponsors are beginning to engage. It certainly seems like your outlook seems to be improving on the corporate finance side, but maybe a little bit more explicitly, are you starting to see the sponsors come back to market? Would you agree with the assessment that, that activity level is picking up into year-end and looks good into calendar 2026?

知道了。很有道理。另一方面，就企業融資而言，我們已經聽到一些跡象表明，贊助商開始參與其中。看來您在企業融資方面的前景確實有所改善，但或許可以更明確一些，您是否開始看到發起人重返市場？您是否同意以下評估：該活動水準在年底前有所回升，並且到 2026 年前景良好？

Can you add any color to what you're seeing with the sponsor cohorts, please?

請您為贊助商群體添加一些顏色資訊好嗎？

Yes. I mean, I think we've been really consistent. It is getting better quarter by quarter. And clearly, after Labor Day, a significant uptick in activity, and we think that we just see that continuing.

是的。我的意思是，我認為我們一直都很穩定。情況正逐季好轉。很明顯，勞動節過後，活動量顯著增加，我們認為這種趨勢還會持續下去。

And Brennan, I would add, look, I have heard the same commentary from some of our peers. I mean, the sponsor community has been back since the beginning of the year for us. Our mix of sponsor versus strategic is similar this year than it has historically been.

布倫南，我還要補充一點，我也從一些同行那裡聽過同樣的看法。我的意思是，贊助商群體從年初就開始支持我們了。今年我們的贊助商與策略夥伴的比例與往年類似。

So I would say it's business as usual for us with the sponsor community, although I do think that some of the larger cap peers that dynamic is a little bit different. But I do agree momentum continues to increase, but they have been a force of our growth since the beginning of the fiscal year.

所以我覺得對於我們和贊助商群體來說，一切照舊，儘管我認為對於一些市值較大的同行來說，這種動態略有不同。但我確實認為成長勢頭仍在增強，而且自本財年開始以來，他們一直是推動我們成長的力量。

James Yaro, Goldman Sachs.

James Yaro，高盛集團。

Could we just start with the FDA and how to think about the growth algorithm there? Obviously, the business has evolved substantially in recent years, and the M&A cycle continues to evolve. So how do you think about the growth profile there over the long-term?

我們能否先從美國食品藥物管理局（FDA）以及那裡的成長演算法入手？顯然，近年來該行業發生了巨大的變化，併購週期也在不斷演變。那麼，您如何看待該地區的長期成長前景？

Yes. I mean I think the way that we like to think about it is it really breaks down into three segments. I mean one of them is really not cyclical, which is our PV business, our portfolio valuation business, which continues to grow very consistently, very nicely regardless of cycle. We have an opinion business that a portion of it is tied to the business cycle and a portion of it that is not, quite honestly. And so that is more of a hybrid, if you will.

是的。我的意思是，我們喜歡這樣思考：它實際上可以分解為三個部分。我的意思是，其中一項業務真的不受週期影響，那就是我們的光伏業務，我們的投資組合估值業務，無論週期如何，它都持續穩定地增長，而且增長勢頭良好。坦白說，我們認為其中一部分業務與商業週期有關，而另一部分則無關。所以，如果你願意的話，這更像是一種混合體。

And then our transaction advisory services, which are, we call it, advisory is much more tied to the M&A cycle. And so that -- and we don't break out, as you know, the revenues within those segments, but it is a makeup of those three with, I will call it a meaningful portion of it not being overly cyclical.

然後，我們的交易諮詢服務（我們稱之為諮詢服務）與併購週期連結更為緊密。因此——正如您所知，我們不會將這些部分的收入細分出來，但它是由這三個部分組成的，其中相當一部分（我稱之為）不是過度週期性的。

And over the -- James, over the kind of longer run, look, our FDA business in strong M&A cycles, our FDA business is going to grow, likely to grow similar to our Corporate Finance business, but not quite as strong, just given the difference of businesses. And in a weaker M&A cycle, it will likely not go down. as much as our Corporate Finance business. So I think that it's going to follow in general, the same direction as our Corporate Finance business. But just less volatile.

詹姆斯，從長遠來看，在強勁的併購週期中，我們的 FDA 業務將會成長，可能會像我們的企業融資業務一樣成長，但不會像後者那麼強勁，這只是因為業務性質不同。在併購週期疲軟的情況下，它可能不會像我們的企業融資業務那樣大幅下滑。所以我認為它總體上會遵循與我們企業融資業務相同的方向。但波動性較小。

And whether that's half or 70% or 30%, it just depends on too many factors. But what you're seeing now is pretty typical of what you might see as you're coming into a stronger M&A cycle.

至於具體是二分之一、七成還是三成，這取決於太多因素。但你現在看到的現象，在併購週期走強時，其實相當典型。

Awesome. So just one other one here. Scott, you talked a little bit about the corporate finance timing across fiscal third quarter and fourth quarter. I think you talked about just timing of deals. Is there anything specific that is driving that?

驚人的。還有一個。史考特，你剛才談到了第三財季和第四財季的企業財務時間表。我想你剛才只是談到了交易時機的問題。有什麼具體原因導致這種情況嗎？

Is it just when the deals have arrived on your doorstep or something else as to why as the third is weaker and the fourth is stronger?

是因為交易直接送到你家門口，還是因為其他原因導致第三筆交易較弱，而第四筆交易較強？

I think -- I mean, I think the way that we think about it is second half of the year historically is stronger than the first half of the year, that's been pretty consistent over time. And I think if you look at it this is consistent with the ramping of the business that we've been talking about. So I think that it is as much the momentum we're seeing building in the businesses than anything else. I don't know, Lindsey, do you want to add something on that.

我認為——我的意思是，我認為我們看待這個問題的方式是，從歷史數據來看，下半年比上半年更強勁，這種情況一直相當穩定。我認為，仔細觀察就會發現，這與我們一直在討論的業務成長趨勢是一致的。所以我認為，這與其說是其他因素造成的，不如說是企業正在形成的發展動能。林賽，我不知道，你還要補充什麼嗎？

Yes. There is a little bit of mix in there. There is a little bit of timing. It is unusual for us to see this dynamic from a seasonality standpoint. Our kind of general views of the year haven't changed.

是的。裡面混雜了一些元素。這其中需要一點時機把握。從季節角度來看，這種現象並不常見。我們對這一年的整體看法並沒有改變。

It's just you're just going to see kind of that difference in seasonality in Q3 versus Q4.

你會看到第三季和第四季在季節性方面存在一些差異。

Devin Ryan, Citizens Bank.

Devin Ryan，公民銀行。

You have Brian I wanted to add a quick follow-up to Brennan's question on the restructuring. You guys had a press release earlier this week about some health care hires. I know there's been some headlines about stress in the health care and the commercial real estate sector. I was wondering if you could just double-click into restructuring trends and some of that episodic growth, just pockets where you're seeing that?

布萊恩，我想就布倫南關於重組的問題補充一點。你們本週稍早發布了一份關於醫療保健產業人事招募的新聞稿。我知道最近有一些關於醫療保健和商業房地產行業壓力的新聞報導。我想知道您是否可以雙擊查看重組趨勢和一些階段性成長，或者您觀察到成長的某些領域？

Yes. I mean from our standpoint, there are always sectors that we see restructuring kind of in, and I think some of them are thematic and some are not, I mean, obviously, something -- I'll give you an example like the decline in alcohol consumption, something like that, which tends to persist for a prolonged period of time has effects on those businesses to the extent they have leverage.

是的。我的意思是，從我們的角度來看，總是有一些行業會發生重組，我認為其中一些是主題性的，而另一些則不是。我的意思是，很明顯，有些事情——我舉個例子，比如酒精消費量的下降，諸如此類的事情，如果持續很長時間，就會對這些企業產生影響，只要它們擁有足夠的槓桿作用。

So that would be an example. But there are others, obviously as well, and there's been a tremendous amount of news lately, obviously, related to more, call it, idiosyncratic risks associated with individual credits, but there is no massive standout sectors at this point. I would say it's very much across-the-board.

這只是一個例子。當然還有其他因素，而且最近也出現了大量與個別信貸相關的、可以說是特有的風險的新聞，但目前還沒有出現任何突出的行業。我認為這種情況普遍存在。

And at this point, our business is very diversified across geographies as well as industries.

目前，我們的業務在地域和行業方面都非常多元化。

Got it. That's a good segue into my second question. I was going to ask just about the recent hires in EMEA and APAC. I guess when you think about productivity of the non-US bankers, is there anything like commentary on the time line for ramping the full productivity between US -- or US or just any MD-specific trends there?

知道了。這正好引出了我的第二個問題。我原本想問最近在歐洲、中東和非洲地區以及亞太地區的招募情況。我想，當您考慮非美國銀行家的生產力時，是否有關於美國銀行家全面提高生產力的時間表之類的評論——或者美國銀行家，或者任何與MD相關的趨勢？

Yes. I mean I think that the productivity does vary by geography. There's no doubt about that, and some of that is just maturation of business that the industry. We are, as we noted, seeing really strong growth in both EMEA and Asia Pacific and are very happy with how things are coming along in those regions. Having said that, the productivity per banker in those regions does tend to lag the US.

是的。我的意思是，我認為生產力確實會因地域而異。這點毋庸置疑，其中一部分原因只是產業業務的成熟。正如我們所指出的，我們在歐洲、中東和非洲地區以及亞太地區都看到了非常強勁的成長，我們對這些地區的發展非常滿意。話雖如此，這些地區的銀行從業人員人均生產力確實往往落後於美國。

Brendan O'Brien, Wolfe Research.

Brendan O'Brien，Wolfe Research。

To start, I want to touch on the last question a bit more. And specifically, there's been a lot of -- the general expectation has been like the recovery will be driven largely by a pickup in US activity, but the data looks like trends in Europe have been quite strong as well. So I just wanted to get a sense as to what the trends are that you're seeing in Europe today relative to the US? And how you think those two fee pools will track over the near to intermediate term?

首先，我想再詳細談談最後一個問題。具體來說，人們普遍預期經濟復甦將主要由美國經濟活動的回升所推動，但數據顯示歐洲的趨勢也相當強勁。所以我想了解一下，相對於美國，目前在歐洲觀察到的趨勢是什麼？您認為這兩個費用池在短期到中期會如何變動？

Yes. I mean, clearly, the US is still obviously the largest part of our market. Having said that, we continue to gain importance in both Asia Pacific and in EMEA. And we are seeing just that continue to grow with time.

是的。我的意思是，很顯然，美國仍然是我們最大的市場。儘管如此，我們在亞太地區和歐洲、中東及非洲地區的重要性仍在不斷提升。我們看到這種情況隨著時間的推移而持續增長。

And if you look at the levels of activity that we are seeing year over year in those regions, it is up quite significantly and we feel very good about that. Obviously, the US business, though, is the major driver of our business.

如果你看一下這些地區逐年增長的活動水平，你會發現它顯著上升，我們對此感到非常欣慰。顯然，美國業務是我們業務的主要驅動力。

And just given the size differences, I mean, for us, in the kind of year-to-date period, EMEA and Asia have outperformed the US corporate finance business. Having said that, we don't know if that's because there's more momentum on the continent or because we're just a much smaller business in those two regions than we are in the US. And so -- but those two regions have performed well. We're super excited about our investments there.

考慮到規模差異，我的意思是，就我們而言，就今年迄今為止的情況來看，歐洲、中東和非洲地區以及亞洲地區的業績都超過了美國企業融資業務。話雖如此，我們不知道這是因為非洲大陸的發展勢頭更強勁，還是因為我們在這兩個地區的業務規模比在美國小得多。所以——但這兩個地區表現良好。我們對我們在那裡的投資感到非常興奮。

To answer your medium-term question, and we've said this to investors before. We think that fee pool in Europe for Houlihan Lokey could be as big as the people for us in the US. Whether it takes us 4 years to get there or 10 years to get there, we're less focused on the amount of time we're going to do it deliberately. But it's a very exciting market for us. We like the competitive dynamic, and it's a step-by-step path to get us to where we want to get in Europe or in EMEA.

關於您提出的中期問題，我們之前也對投資者說過。我們認為 Houlihan Lokey 在歐洲的律師費收入池可能與我們在美國的律師費收入池一樣大。無論我們需要 4 年才能達到目標，還是需要 10 年才能達到目標，我們都不太關注需要花多少時間才能實現目標。但對我們來說，這是一個非常令人興奮的市場。我們喜歡這種競爭氛圍，這是一條循序漸進的道路，可以幫助我們在歐洲或歐洲、中東和非洲地區實現我們的目標。

That's helpful color. And then just a follow-up to the discussion on restructuring. Another one of your peers indicated that more of the near-term deal flow that they've been seeing in restructuring has been driven more by traditional Chapter 11 more so than liability management activity. So I just want to get a sense as to whether that is something you're seeing in your own business? And if so, what is driving that shift?

這是個很有幫助的顏色。然後，我想就重組問題做個後續討論。另一位同行表示，他們最近在重整領域看到的交易量，更多是由傳統的第 11 章破產保護活動推動的，而不是由負債管理活動推動的。所以我想了解一下，您在自己的業務中是否也遇到過這種情況？如果真是如此，那麼是什麼因素導致了這種轉變？

Yes. I mean we still -- we still see quite a bit of liability management to say that there is a trend away from that towards more traditional Chapter 11. It's probably a little early. But we continue to see a pretty healthy amount of liability management business and still some traditional in-court restructuring. And so I think too early.

是的。我的意思是，我們仍然看到許多負債管理措施，這表明目前存在一種趨勢，即從這種措施轉向更傳統的破產法第 11 章。現在可能有點早。但我們仍然看到相當健康的債務管理業務量，以及一些傳統的法庭重組業務。所以我覺得現在下結論還太早。

I think maybe we could better address that three to six months from now when we've just got a little bit more time behind us.

我認為或許我們可以在三到六個月後更好地解決這個問題，那時我們會有更多的時間去思考和處理這個問題。

Ryan Kenny, Morgan Stanley.

瑞安‧肯尼，摩根士丹利。

I want to start off with how -- can you take us inside the mind of your clients? I mean, you have a unique view into the middle market in the US and Europe? And how are your clients feeling about the economy, are animal spirits as high as they are for the large corporate deals? And what are some of the risks that are top of mind?

我想先問一下—您如何讓我們了解您的客戶的想法？我的意思是，您對美國和歐洲的中階市場有獨特的見解嗎？您的客戶對經濟狀況有何看法？市場情緒是否像大型企業交易那樣高漲？那麼，大家最擔心的風險有哪些呢？

Is it interest rates? Is it something else?

是利率嗎？是別的什麼事嗎？

Yes. I mean I think that, again, it's hard to paint. We're so global in so many industries, and it's very hard to paint everything with one brush like that. I think that in general, we are living in an environment due to geopolitical issues and everything else that just has a greater degree of uncertainty maybe than at other times in the past and that uncertainty is something that does weigh on people.

是的。我的意思是，我覺得，再說一遍，畫畫很難。我們在許多行業都具有很強的全球化程度，因此很難用一概而論的方式來概括所有事情。我認為，總的來說，由於地緣政治問題以及其他種種原因，我們生活在一個比以往任何時期都更不確定的環境中，而這種不確定性確實給人們帶來了壓力。

Having said that, the level of noise that people are willing to accept and just get on with business has been quite impressive.

話雖如此，人們能夠接受如此大的噪音水平並繼續開展業務，這一點著實令人印象深刻。

And when you think about, go ahead.

當你想到的時候，就去做吧。

Yes. With the larger cap peers, not only did they have kind of the same M&A winter that we went through for a couple of years. They had an administration that was opposed to bigger is better. And so they had a regulatory overhang as well. So there is probably a bit more pent-up demand for the larger cap, I mean very large cap transactions where the middle market has been during these last, call it, five years, a bit less volatile.

是的。對於規模較大的同行來說，他們不僅經歷了與我們類似的、持續了幾年的併購寒冬。他們的政府反對「越大越好」的理念。因此，它們也面臨監管上的限制。因此，市場對大盤股（我是指超大盤股）交易的需求可能增加，而中盤股市場在過去五年左右的時間裡波動性較小。

And so we're seeing increasing animal spirits, but there's been a lot of activity in the large-cap space in the last six months and maybe a step ahead of what we're seeing in the mid-cap space.

因此，我們看到市場情緒日益高漲，但在過去六個月裡，大盤股市場非常活躍，可能比中盤股市場更勝一籌。

And on the sponsor side, how sensitive are clients to doing transactions to interest rates. So if Fed pauses, is that going to have any material impact on the pipeline?

從贊助商的角度來看，客戶對交易利率的敏感度如何？如果聯準會暫停升息，這會對石油管道建設產生實質影響嗎？

Obviously, lower rates are better, but it's really not a material factor. Really the biggest driver is whether or not capital is available. And right now, capital is extremely plentiful. People can adjust to rates within reason that really from -- that affects large cap much more than it affects the middle market.

顯然，利率越低越好，但這實際上並不是一個實質因素。真正的最大驅動因素是資金是否足夠。而現在，資金極為充裕。人們可以適應合理的利率，這實際上對大盤股的影響遠大於對中盤股的影響。

Alex Bond, KBW.

Alex Bond，KBW。

You've noted that your acquisition pipeline remains pretty strong, and it certainly seems like a competitive hiring environment for senior talent at the moment. So curious to what extent this is maybe having an impact on the acquisition front. Have you seen ask prices step up here recently with the hiring environment still very competitive? And is pricing maybe somewhat of an obstacle on the acquisition side at the moment?

您已經注意到您的收購管道依然非常強勁，而且目前看來，高級人才的招募環境競爭確實很激烈。很好奇這會在多大程度上對收購產生影響。最近您是否注意到這裡的職位要價有上漲，而招募環境仍然非常激烈？目前，定價是否在收購方面構成了一定的障礙？

It is very much unchanged from our perspective and continuing along, right? We feel really good about the pipeline in both near-term and long-term on it and really have not seen any fundamental shifts at all.

從我們的角度來看，情況並沒有太大變化，一切仍在繼續，對嗎？我們對該計畫近期和長期的發展前景都非常樂觀，目前還沒有看到任何根本性的變化。

Got it. Okay. And then just maybe on the Capital Solutions business. Wondering if you could expand upon the results for that area of the business this quarter. You noted it was pretty strong.

知道了。好的。然後或許會涉足資本解決方案業務。想請您詳細介紹一下本季該業務領域的業績狀況。你注意到它威力很大。

Was the contribution maybe to the overall corporate finance revenues higher than typical this quarter? And maybe also how this compared to last quarter's levels.

本季該業務對公司整體財務收入的貢獻是否高於往年同期水準？或許還要比較一下這季度的水平與上季的水平。

Yes. I think we're going to keep away from specifics to the capital markets business. I will tell you that it has continued to grow very well. We can safely say that, that business has grown in this cycle faster than our M&A business. That may not always be the case.

是的。我認為我們應該避免討論資本市場業務的具體細節。我可以告訴你，它一直發展得很好。我們可以肯定地說，在本輪週期中，該業務的成長速度超過了我們的併購業務。情況並非總是如此。

M&A is starting to come back, but it continues to perform well and as a percentage of our Corporate Finance business. And we've said this before, it's now at or above 20% of the total Corporate Finance business. But getting into the specifics, I think we prefer to wait.

併購業務開始復甦，但表現依然良好，在我們企業融資業務中所佔比例也很高。我們之前也說過，現在它已經佔到企業融資業務總量的 20% 或更高。但具體來說，我認為我們更傾向於等待。

(Operator Instructions) Nathan Stein, Deutsche Bank.

（操作員指示）內森·斯坦，德意志銀行。

I wanted to ask about, I guess, an increase in call it, macro negative headlines recently associated with some outsized or at least unexpected losses at traditional banks and private credit funds not to mention an ongoing government shutdown. I mean, does any of this impact how either your clients are thinking about doing deals or how you guys are thinking about potential future acquisitions?

我想問的是，最近與傳統銀行和私人信貸基金的一些巨額或至少是出乎意料的損失相關的宏觀負面新聞有所增加，更不用說持續的政府停擺了。我的意思是，這些事情是否會影響您的客戶考慮進行交易的方式，或者您考慮未來潛在收購的方式？

Yes. I mean we really have not seen any of that having any material impact. I think that all falls under what I was saying, call it, there is just more noise in this environment than in other really improving environments and people seem to be comfortable with a reasonable level of noise. And it's that from our perspective and our acquisitions that's not affecting it at all.

是的。我的意思是，我們還沒有看到這些產生任何實質的影響。我認為這一切都符合我剛才所說的，或者說，這個環境中的噪音比其他真正不斷改善的環境中要多，而人們似乎對合理的噪音水平感到舒適。從我們的角度來看，我們的收購並沒有對它產生任何影響。

That's helpful. And then if I could also ask -- yes, if I could also ask, the business is performing very well broadly. And the stock has performed well this year. Does any of this impact how you guys think about open market share repurchases?

那很有幫助。然後，如果可以的話，我想問一下——是的，如果可以的話，我想問一下，公司整體營運狀況非常好。該股今年表現良好。這些因素是否會影響你們對公開市場股票回購的看法？

It's interesting, the stock performance on the margin does not affect our share repurchases. I think we repurchase shares to the extent that we issue shares as part of the compensation to our employees. And so we do our best to maintain our share count and minimize dilution. We also repurchased shares to the extent we think we have enough excess cash capital to both support our acquisition strategy and have enough to do some share repurchases. Unless there is a significant change in stock price on the downward side.

有趣的是，股票的邊際表現並不影響我們的股票回購。我認為，我們回購股票的程度取決於我們向員工發放股票作為薪酬的一部分的程度。因此，我們會盡最大努力維持股份數量，並盡量減少股份稀釋。我們也回購了股票，因為我們認為我們有足夠的剩餘現金資本，既可以支持我們的收購策略，也有足夠的資金進行一些股票回購。除非股價出現大幅下跌。

I think our strategy around share repurchases is more taking a look at opportunities that are out there on the acquisition side, making sure we have enough capital to support them and then to the extent we have excess repurchasing shares.

我認為我們關於股票回購的策略更多的是專注於收購方面的機會，確保我們有足夠的資金來支持這些機會，然後在我們有多餘的股票時進行回購。

And you can see that we did start a little bit last quarter. And I can't comment on what we will do this quarter or next quarter because it depends. But we will -- you will see us kind of drill back into the market on occasion to the step we feel comfortable with that balance.

你可以看到，我們上個季度確實已經開始了一些。至於我們本季或下季會做什麼，我無法評論，因為這要視情況而定。但我們會——你會看到我們偶爾會重新進入市場，直到我們覺得我們能夠達到理想的平衡狀態。

And ladies and gentlemen, at this time, I'm showing no additional questions, I'd like to turn the floor back over to Scott Adelson for closing comments.

女士們、先生們，目前我沒有其他問題要問，我想把發言權交還給史考特阿德爾森，讓他做總結發言。

I want to thank you all for participating in our second quarter fiscal 2026 earnings call. We look forward to updating everyone on our progress when we discuss our third quarter results for fiscal 2026 this winter. Thank you, everybody.

感謝各位參加我們2026財年第二季財報電話會議。我們期待在今年冬季討論 2026 財年第三季業績時，向大家報告我們的進展。謝謝大家。

Ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演示就到此結束。非常感謝您的參與。現在您可以斷開線路了。