Houlihan Lokey Reports Fiscal 2016 Second Quarter Financial Results

– Record Second Quarter Revenue of $158 Million, up 1.3% Year-Over-Year –

– Adjusted EPS of $0.28 per Diluted Share –

– Announces $0.15 per Share Third Quarter Dividend –

LOS ANGELES & NEW YORK--()--Houlihan Lokey, Inc. (NYSE:HLI) (“Houlihan Lokey” or the “Company”) today reported record financial results for its second quarter ended September 30, 2015. Total revenue for the quarter was $158.4 million, as compared with $156.3 million for the second quarter of last year. Adjusted net income was $17.4 million, or $0.28 per diluted share, for the second quarter, as compared with $17.0 million, or $0.28 per diluted share, in the prior year period.

For the six months ended September 30, 2015, total revenue was $304.6 million, as compared with $297.8 million for the same period last year. Adjusted net income was $34.1 million, or $0.55 per diluted share, for the six months ended September 30, 2015, as compared with $32.0 million, or $0.53 per diluted share, in the prior year period.

On a GAAP basis, net income was $9.3 million, or $0.15 per diluted share, for the quarter ended September 30, 2015, compared with $16.6 million, or $0.27 per diluted share, in the prior year period. Net income was $24.3 million, or $0.39 per diluted share, for the six months ended September 30, 2015, compared with $31.0 million, or $0.52 per diluted share, in the prior year period.

“Due to the combination of a strong M&A market, the continued development of our staff, and solid performance from recent acquisitions, we increased net income for the quarter and year-to-date, adjusted for the IPO and other transactions, and continue to see positive trends as we enter the second half of the fiscal year,” stated Scott Beiser, Chief Executive Officer of Houlihan Lokey. “During the quarter, the completion of our IPO marked an important milestone for the Company. As a market leader in our industry, we are confident that we are well positioned to continue to deliver the best advice and solutions to our clients and build on our growth in the coming years to create additional value for our stockholders.”

 

GAAP and Adjusted Selected Financial Data (Unaudited)

       
U.S. GAAP Adjusted
Three Months Ended September 30,
2015 2014 2015 2014
Fee revenue $158,380 $156,294 $158,380 $156,294
Operating expenses:
Employee compensation and benefits 111,256 109,412 107,044 109,412
Non-compensation expenses 29,687   19,495   21,539   19,021
Total operating expenses 140,943 128,907 128,583 128,433
Operating income 17,437 27,387 29,797 27,861
Interest income and expense, net 148 944 148 796
Income (loss) from investments in unconsolidated entities (481 ) 148   (481 ) 148
Income before provision for income taxes 17,104 28,479 29,464 28,805
Provision for income taxes 7,849   11,867   12,080   11,810
Net income 9,255 16,612 17,384 16,995
Net income (loss) attributable to noncontrolling interest 0   (21 ) 0   0
Net income attributable to Houlihan Lokey, Inc. 9,255   16,591   17,384   16,995
 
Diluted Net income per share of common stock $0.15 $0.27 $0.28 $0.28
 
 
U.S. GAAP Adjusted
Six Months Ended September 30,
2015 2014 2015 2014
Fee revenue $304,646 $297,796 $304,646 $297,796
Operating expenses:
Employee compensation and benefits 204,945 207,823 204,131 207,067
Non-compensation expenses 58,484   38,537   43,454   38,031
Total operating expenses 263,429 246,360 247,585 245,098
Operating income 41,217 51,436 57,061 52,698
Interest income and expense, net 1,066 1,530 887 1,391
Income (loss) from investments in unconsolidated entities (78 ) 139   (78 ) 139
Income before provision for income taxes 42,205 53,105 57,870 54,228
Provision for income taxes 17,879   22,136   23,727   22,233
Net income 24,326 30,969 34,143 31,995
Net income (loss) attributable to noncontrolling interest (26 ) (20 ) 0   0
Net income attributable to Houlihan Lokey, Inc. 24,300   30,949   34,143   31,995
 
Diluted Net income per share of common stock $0.39 $0.52 $0.55 $0.53
 

Note: The adjusted columns represent non-GAAP information. See “Non-GAAP Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable GAAP numbers.

Revenues

For the second quarter ended September 30, 2015, total fee revenue was $158.4 million, 1.3% higher than in the second quarter of fiscal 2015. For the three months ended September 30, 2015, Corporate Finance (“CF”) revenues decreased (2.8)%, Financial Restructuring (“FR”) revenues decreased (2.9)%, and Financial Advisory Services (“FAS”) revenues increased 27.5% when compared with the corresponding segment revenues for the three months ended September 30, 2014.

For the six months ended September 30, 2015, total fee revenue was $304.6 million, 2.3% higher than the total fee revenue in the first six months of fiscal 2015. For the six months ended September 30, 2015, CF revenues decreased (1.2)%, FR revenues increased 0.1%, and FAS revenues increased 18.3% when compared with the six months ended September 30, 2014.

Expenses

The following tables set forth information relating to the Company’s operating expenses.

  U.S. GAAP   Adjusted
Three Months Ended September 30,
2015   2014 2015   2014
Expenses:
Employee compensation and benefits $111,256 $109,412 $107,044 $109,412
% of Revenues 70.2% 70.0% 67.6% 70.0%
Non-compensation expenses $29,687 $19,495 $21,539 $19,021
% of Revenues 18.7% 12.5% 13.6% 12.2%
Total operating expenses $140,943 $128,907 $128,583 $128,433
% of Revenues 89.0% 82.5% 81.2% 82.2%
                 
 
Adjusted awarded employee compensation and benefits $109,999 $109,653
% of Revenues 69.5% 70.2%
 
 
U.S. GAAP Adjusted
Six Months Ended September 30,
2015 2014 2015 2014
Expenses:
Employee compensation and benefits $204,945 $207,823 $204,131 $207,067
% of Revenues 67.3% 69.8% 67.0% 69.5%
Non-compensation expenses $58,484 $38,537 $43,454 $38,031
% of Revenues 19.2% 12.9% 14.3% 12.8%
Total operating expenses $263,429 $246,360 $247,585 $245,098
% of Revenues 86.5% 82.7% 81.3% 82.3%
                 
 
Adjusted awarded employee compensation and benefits $209,756 $207,743
% of Revenues 68.9% 69.8%
 

Total adjusted operating expenses were $128.6 million for the second quarter of fiscal 2016, essentially flat when compared with $128.4 million in adjusted operating expenses for the second quarter of fiscal 2015. Adjusted employee compensation and benefits expenses were $107.0 million for the second quarter of fiscal 2016, compared with $109.4 million for the same three-month period a year ago. The adjusted compensation expense was lower as a result of slightly higher non-compensation expenses that reduced the compensation expense available to our employees under our fixed pre-tax margin ratio. This resulted in an adjusted compensation ratio of 67.6% for the second quarter of fiscal 2016 versus 70.0% for the second quarter last year, and an adjusted awarded compensation ratio of 69.5% for the fiscal 2016 second quarter versus 70.2% for the second quarter last year.

Adjusted non-compensation expenses were $21.5 million in the second quarter of fiscal 2016, an increase of $2.5 million from $19.0 million in the prior year period. The increase was mostly due to increased client activity, continued business expansion, and higher employee headcount.

Total adjusted operating expenses were $247.6 million for the six months ended September 30, 2015, compared with $245.1 million for the same six-month period of fiscal 2015. Adjusted employee compensation and benefits expenses declined (1.4)% to $204.1 million for the first six months of fiscal 2016, as compared with $207.1 million for the same six-month period a year ago. The adjusted compensation expense was lower as a result of slightly higher non-compensation expenses that reduced the compensation available to our employees under our fixed pre-tax margin ratio. This resulted in an adjusted compensation ratio of 67.0% for the six months ended September 30, 2015 versus 69.5% for the same six-month period a year ago, and an adjusted awarded compensation ratio of 68.9% for the six months ended September 30, 2015 versus 69.8% for the same six-month period a year ago.

Adjusted non-compensation expenses were $43.5 million in the current year six-month period compared with $38.0 million in the prior year period. The increase was mostly due to increased client activity, continued business expansion, and higher employee headcount.

Segment Reporting

For the second quarter ended September 30, 2015, Corporate Finance revenue was $89.9 million compared with $92.5 million during the same period last year. The decline was a result of comparing against an exceptionally strong quarter last year. CF increased its Managing Director (“MD”) headcount by 27 from a year ago, primarily as a result of the MESA acquisition, McQueen acquisition, internal promotions, and opportunistic hiring across its product and industry groups. CF closed 30 transactions in the quarter versus 40 transactions last year.

  Three Months Ended   Six Months Ended
September 30, September 30,
2015   2014 2015   2014
Corporate Finance
Revenues $89,931 $92,549 $168,328 $170,301
Segment Profit 20,758 21,400 44,184 42,497
# of MDs 88 61 88 61
# of Closed Transactions 30 40 70 73
 

For the second quarter ended September 30, 2015, Financial Restructuring revenue was $40.9 million compared with $42.2 million during the prior year period. Core markets in the U.S. and Western Europe remained soft through the second quarter. FR’s MD headcount increased by one from a year ago, and FR closed 10 transactions in the quarter versus 14 transactions last year, with a slightly higher average transaction fee for each closed transaction.

  Three Months Ended   Six Months Ended
September 30, September 30,
2015   2014 2015   2014
Financial Restructuring
Revenues $40,930 $42,158 $79,923 $79,829
Segment Profit 10,872 10,840 20,491 18,416
# of MDs 40 39 40 39
# of Closed Transactions 10 14 21 24
 

For the second quarter ended September 30, 2015, Financial Advisory Services revenue was $27.5 million, compared with $21.6 million in the prior year period. The increase in revenues was largely a result of (i) strong transaction-related opinion and board advisory work driven by a continued robust M&A environment, (ii) increased business in our portfolio valuation group, and (iii) three months of revenues from our Bridge acquisition, which closed in January 2015 and was not part of the second quarter last year. FAS’s MD headcount increased by 10 from a year ago as a result of the additional MDs who came with the Bridge acquisition, internal promotions, and opportunistic hires to increase depth across its product lines. FAS generated 467 fee events in the quarter versus 367 fee events last year.

  Three Months Ended   Six Months Ended
September 30, September 30,
2015   2014 2015   2014
Financial Advisory Services
Revenues $27,519 $21,587 $56,395 $47,666
Segment Profit 6,372 5,079 13,098 11,332
# of MDs 33 23 33 23
# of Fee Events¹ 467 367 865 759
 

1. Based on Fee Events with revenue minimum of $1,000.

 

Initial Public Offering

On August 18, 2015, the Company successfully closed its initial public offering (“IPO”) of common stock at a price to the public of $21.00 per share. The Company issued 12,075,000 shares of Class A common stock, which included 1,575,000 shares sold to underwriters pursuant to an over-allotment option. All of the shares offered were sold by selling stockholders, and the Company received no proceeds from the sale.

Balance Sheet and Capital Allocation

As of September 30, 2015, the Company had $154 million of cash and equivalents (including our receivable from affiliates) and loans payable of $62 million, resulting in net cash (net of loans payable) of $92 million.

On August 18, 2015, the Company paid a $270 million dividend to shareholders (pre-IPO). The payment was funded with cash on hand, a note payable to shareholders, and certain non-operating assets from the balance sheet.

On September 17, 2015, the Company completed the acquisition of McQueen Limited, a leading London-based independent advisory firm providing corporate finance and strategic advisory services to clients in the consumer food and retail sector.

The Board of Directors of the Company declared a regular quarterly cash dividend of $0.15 per share of Class A and Class B common stock. The dividend will be payable on December 15, 2015 to stockholders of record as of the close of business on December 4, 2015.

Investor Conference Call and Webcast

The Company will host a conference call and live webcast at 5:00 p.m. Eastern Standard Time on Tuesday, November 3, 2015, to discuss the fiscal 2016 second quarter results. The number to call is 1-877-795-3647 (domestic) or 1-719-325-4747 (international). A live webcast will be available in the Investor Relations section of the Company’s website. A replay of the conference call will be available through November 10, 2015, by dialing 1-877-870-5176 (domestic) or 1-858-384-5517 (international) and entering the passcode 155639#. A replay of the webcast will be archived and available on the Company’s website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance, or achievements. For a further description of such factors, you should read the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Non-GAAP Financial Measures

Adjusted net income, total and on a per-share basis, is presented in this earnings press release and is a non-GAAP measure that management believes, when presented together with comparable GAAP measures, is useful to investors in understanding the Company’s operating results. This release also presents the adjustments to the line items of the income statement that are used to calculate adjusted net income. Adjusted net income removes the significant accounting impact of one-time charges associated with the Company’s IPO and other matters, as set forth in the tables at the end of this release.

Adjusted net income as calculated by the Company is not necessarily comparable to similarly titled measures reported by other companies. Additionally, adjusted net income is not a measurement of financial performance or liquidity under GAAP and should not be considered as an alternative to the Company’s financial information determined under GAAP. For a description of the Company’s use of adjusted net income and a reconciliation with net income, see the section of this press release titled “Reconciliation of GAAP to Adjusted Financial Information.” Please refer to our financial statements, prepared in accordance with GAAP, for purposes of evaluating our financial condition, results of operations, and cash flows.

About Houlihan Lokey

Houlihan Lokey (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, valuation, and strategic consulting. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of our commitment to client success across our advisory services. Houlihan Lokey is ranked as the No. 1 M&A advisor for U.S. transactions under $5 billion, the No. 1 global restructuring advisor, and the No. 1 M&A fairness opinion advisor for U.S. transactions over the past 10 years, according to Thomson Reuters. For more information, please visit www.HL.com.

Appendix

Consolidated Balance Sheet (Unaudited) 
Consolidated Statement of Income (Unaudited)
Reconciliation of GAAP to Adjusted Financial Information (Unaudited)

 
Houlihan Lokey, Inc.
Consolidated Balance Sheet
(Unaudited and in thousands)
   
September 30,

  March 31,  

2015 2015
Assets
Cash and cash equivalents $97,777 $88,662
Accounts receivable, net of allowance for doubtful accounts of $4,998 and $4,625 at September 30 and March 31, 2015, respectively 55,115 57,488
Unbilled work in process 45,082 42,547
Investments in unconsolidated entities 2,265 14,395
Receivable from affiliates 55,936 327,921
Property and equipment – at cost, net of accumulated depreciation $30,215 and $28,355 at September 30 and March 31, 2015, respectively 16,851 16,489
Goodwill and other intangibles 688,935 652,806
Other assets 19,042   29,540  
Total assets 981,003   1,229,848  
 
Liabilities and Stockholders' Equity
Liabilities:
Accrued salaries and bonuses 185,445 301,285
Accounts payable and accrued expenses 40,152 37,190
Deferred income 3,049 3,064
Income taxes payable 26,227 9,760
Deferred income taxes 39,738 41,453
Loan payable to affiliate 45,000 0
Loans payable to former shareholders 17,004 0
Other liabilities 9,655   11,208  
Total liabilities 366,270   403,960  
 
Redeemable noncontrolling interest 1,573 1,382
Commitments and contingencies
 
Stockholders' equity:
Common stock, $0.10 par value.

Authorized 2,500,000 shares; issued and outstanding 587,866 shares

0 59
Class A common stock, $0.001 par value.

Authorized 1,000,000,000 shares; issued and outstanding 12,084,524 shares

12 0
Class B common stock, $0.001 par value.

Authorized 1,000,000,000 shares; issued and outstanding 53,321,893 shares

53 0
Additional paid-in capital 619,493 670,182
Retained earnings 6,470 170,929
Accumulated other comprehensive loss (12,625 ) (11,338 )
Stock subscription receivable (243 ) (7,135 )
Total equity attributable to Houlihan Lokey, Inc. 613,160 822,697
 
Noncontrolling interest 0   1,809  
Total stockholders' equity 613,160   824,506  
Total liabilities and stockholders' equity 981,003   1,229,848  
 
 
Houlihan Lokey, Inc.
Consolidated Statement of Income
(Unaudited and in thousands, except share and per share data)
       
Three Months Ended Six Months Ended
September 30,   September 30,
2015 2014 2015 2014
Fee revenue $158,380 $156,294 $304,646 $297,796
 
Operating expenses:
Employee compensation and benefits 111,256 109,412 204,945 207,823
Travel, meals, and entertainment 5,329 3,735 10,198 8,386
Rent 6,197 6,133 12,352 12,395
Depreciation and amortization 1,713 1,406 3,145 2,796
Information technology and communications 3,375 3,313 6,874 6,216
Professional fees 8,369 1,165 15,959 1,757
Other operating expenses 5,389 2,274 8,235 4,846
Bad debt expense (685 ) 1,469   1,721   2,141  
Total operating expenses 140,943 128,907 263,429 246,360
 
Operating income 17,437 27,387 41,217 51,436
 
Interest income and expense, net 148 944 1,066 1,530
Income (loss) from investments in unconsolidated entities (481 ) 148   (78 ) 139  
Income before provision for income taxes 17,104 28,479 42,205 53,105
 
Provision for income taxes 7,849   11,867   17,879   22,136  
Net income 9,255 16,612 24,326 30,969
 
Net income (loss) attributable to noncontrolling interest 0   (21 ) (26 ) (20 )
Net income attributable to Houlihan Lokey, Inc. 9,255   16,591   24,300   30,949  
 
Other comprehensive loss, net of tax:
Foreign currency translation adjustments (1,694 ) (1,449 ) (1,287 ) (1,306 )
Comprehensive income 7,561   15,142   23,013   29,643  
 
Attributable to Houlihan Lokey, Inc. common stockholders:
Weighted average shares of common stock outstanding:
Basic 58,994,549 57,307,480 58,710,493 56,922,257
Fully Diluted 62,696,730 60,350,814 61,586,950 59,959,583
Diluted Net income per share of common stock
Basic $0.16 $0.29 $0.41 $0.54
Fully Diluted $0.15 $0.27 $0.39 $0.52
 

 

Houlihan Lokey, Inc.

Reconciliation of GAAP to Adjusted Financial Information

(Unaudited and in thousands, except share and per share data)

   
Three Months Ended September 30, 2015
GAAP Adjustments Adjusted
Fee revenue $158,380 - $158,380
Operating expenses:
Employee compensation and benefits 111,256 (4,212 ) (a) 107,044
Non-compensation expenses 29,687   (8,148 ) (b) 21,539  
Total operating expenses 140,943 (12,360 ) 128,583
Operating income 17,437 12,360 29,797
Interest income and expense, net 148 - 148
Income (loss) from investments in unconsolidated entities (481 ) -   (481 )
Income before provision for income taxes 17,104 12,360 29,464
Provision for income taxes 7,849   4,231   12,080  
Net income 9,255 8,129 17,384
Net income (loss) attributable to noncontrolling interest 0   0   0  
Net income attributable to Houlihan Lokey, Inc. 9,255   8,129   17,384  
 
Attributable to Houlihan Lokey, Inc. common stockholders:
Weighted average shares of common stock outstanding:
Basic 58,994,549 58,994,549
Fully Diluted 62,696,730 62,696,730
Net income per share of common stock
Basic $0.16 $0.29
Fully Diluted $0.15 $0.28
 
Three Months Ended September 30, 2014
GAAP Adjustments Adjusted
Fee revenue $156,294 - $156,294
Operating expenses:
Employee compensation and benefits 109,412 - 109,412
Non-compensation expenses 19,495   (474 ) (b) 19,021  
Total operating expenses 128,907 (474 ) 128,433
Operating income 27,387 474 27,861
Interest income and expense, net 944 (148 ) (c) 796
Income (loss) from investments in unconsolidated entities 148   -   148  
Income before provision for income taxes 28,479 326 28,805
Provision for income taxes 11,867   (57 ) 11,810  
Net income 16,612 383 16,995
Net income (loss) attributable to noncontrolling interest (21 ) 21   (d) 0  
Net income attributable to Houlihan Lokey, Inc. 16,591   404   16,995  
 
Attributable to Houlihan Lokey, Inc. common stockholders:
Weighted average shares of common stock outstanding:
Basic 57,307,480 57,307,480
Fully Diluted 60,350,814 60,350,814
Net income per share of common stock
Basic $0.29 $0.30
Fully Diluted $0.27 $0.28
____________________________
(a)   Includes Pre-IPO Stock Grant Vesting ($2,444 in 2015) and Adjustments Relating to Previous Ownership Agreements ($1,768 in 2015).
(b) Includes IPO-Related Costs ($6,768 in 2015), Acquisition-Related Costs ($1,110 in 2015 and $453 in 2014), and Adjustments Relating to Previous Ownership Agreements ($270 in 2015 and $21 in 2014).
(c) Includes Adjustments Relating to Previous Ownership Agreements ($148 in 2014).
(d) Includes Adjustments Relating to Previous Ownership Agreements ($(21) in 2014).
 
Six Months Ended September 30, 2015
GAAP   Adjustments Adjusted
Fee revenue $304,646 - $304,646
Operating expenses:
Employee compensation and benefits 204,945 (814 ) (a) 204,131
Non-compensation expenses 58,484   (15,030 ) (b) 43,454  
Total operating expenses 263,429 (15,844 ) 247,585
Operating income 41,217 15,844 57,061
Interest income and expense, net 1,066 (179 ) (c) 887
Income (loss) from investments in unconsolidated entities (78 ) -   (78 )
Income before provision for income taxes 42,205 15,665 57,870
Provision for income taxes 17,879   5,848   23,727  
Net income 24,326 9,817 34,143
Net income (loss) attributable to noncontrolling interest (26 ) 26   (d) 0  
Net income attributable to Houlihan Lokey, Inc. 24,300   9,843   34,143  
 
Attributable to Houlihan Lokey, Inc. common stockholders:
Weighted average shares of common stock outstanding:
Basic 58,710,493 58,710,493
Fully Diluted 61,586,950 61,586,950
Net income per share of common stock
Basic $0.41 $0.58
Fully Diluted $0.39 $0.55
 
Six Months Ended September 30, 2014
GAAP Adjustments Adjusted
Fee revenue $297,796 - $297,796
Operating expenses:
Employee compensation and benefits 207,823 (756 ) (a) 207,067
Non-compensation expenses 38,537   (506 ) (b) 38,031  
Total operating expenses 246,360 (1,262 ) 245,098
Operating income 51,436 1,262 52,698
Interest income and expense, net 1,530 (139 ) (c) 1,391
Income (loss) from investments in unconsolidated entities 139   -   139  
Income before provision for income taxes 53,105 1,123 54,228
Provision for income taxes 22,136   97   22,233  
Net income 30,969 1,026 31,995
Net income (loss) attributable to noncontrolling interest (20 ) 20   (d) 0  
Net income attributable to Houlihan Lokey, Inc. 30,949   1,046   31,995  
 
Attributable to Houlihan Lokey, Inc. common stockholders:
Weighted average shares of common stock outstanding:
Basic 56,922,257 56,922,257
Fully Diluted 59,959,583 59,959,583
Net income per share of common stock
Basic $0.54 $0.56
Fully Diluted $0.52 $0.53
____________________________
(a)   Includes Pre-IPO Stock Grant Vesting ($2,444 in 2015) and Adjustments Relating to Previous Ownership Agreements ($(1,630) in 2015 and $756 in 2014).
(b) Includes IPO-Related Costs ($12,783 in 2015), Acquisition-Related Costs ($1,241 in 2015 and $453 in 2014), and Adjustments Relating to Previous Ownership Agreements ($1,006 in 2015 and $53 in 2014).
(c) Includes Adjustments Relating to Previous Ownership Agreements ($179 in 2015 and $139 in 2014).
(d) Includes Adjustments Relating to Previous Ownership Agreements ($(26) in 2015 and $(20) in 2014).

Contacts

Houlihan Lokey, Inc.
Investor Relations:
212-331-8225
IR@HL.com
or
Public Relations:
212-331-8223
PR@HL.com

Release Summary

Houlihan Lokey Reports Fiscal 2016 Second Quarter Financial Results

Contacts

Houlihan Lokey, Inc.
Investor Relations:
212-331-8225
IR@HL.com
or
Public Relations:
212-331-8223
PR@HL.com