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SEGMENT AND GEOGRAPHICAL INFORMATION | 6 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
SEGMENT AND GEOGRAPHICAL INFORMATION | Segment and Geographical Information The Company’s reportable segments, described in Note 1, were identified based on several primary factors, including: each segment operates under independent management, offers distinct services, and requires specialized expertise for service delivery. Revenues by segment represent fees earned on the various services offered within each segment. Our operating expenses are classified as employee compensation and benefits expense and non-compensation expense; revenue and headcount are the primary drivers of our operating expenses. Our employee compensation and benefits expense consists of base salary, payroll taxes, benefits, annual incentive compensation payable as cash bonus awards, deferred cash bonus awards, and the amortization of equity-based bonus awards. The balance of our operating expenses (non-compensation expense) includes costs for travel, meals and entertainment, rent, depreciation and amortization, information technology and communications, professional fees, and other operating expenses. Segment profit consists of segment revenues, less (1) direct expenses including employee compensation and benefits, travel, meals and entertainment, professional fees, and bad debt and (2) expenses allocated by headcount such as communications, rent, depreciation and amortization, and office expense. The corporate expense category includes costs not allocated to individual segments, including certain acquisition related charges and share-based payments to corporate employees, as well as expenses of senior management and corporate departmental functions managed on a worldwide basis, including office of the executives, accounting, human capital, marketing, information technology, and legal and compliance. The following tables present information about revenues, profit and assets by segment and geography. The Company's CODM is its Chief Executive Officer. The CODM oversees the performance of the Company's three reportable segments by analyzing their financial metrics, including revenues by segment and segment profit. The financial metrics the CODM regularly receives does not include asset information and does not use segment asset information to assess performance or allocate resources. Comparable prior year information has been recast to reflect the additional disclosure of employee compensation and benefits by segment and non-compensation expense by segment.
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues by segment |  |  |  |  |  |  |
Corporate Finance | $ | 438,661 |  |  | $ | 364,028 |  |  | $ | 837,180 |  |  | $ | 692,445 |
Financial Restructuring | 133,803 |  |  | 131,568 |  |  | 262,019 |  |  | 248,990 |
Financial and Valuation Advisory | 86,988 |  |  | 79,361 |  |  | 165,602 |  |  | 147,131 |
Revenues | 659,452 |  |  | 574,957 |  |  | 1,264,801 |  |  | 1,088,566 |
Employee compensation and benefits by segment (1) |  |  |  |  |  |  |
Corporate Finance | 246,502 |  |  | 214,257 |  |  | 466,006 |  |  | 395,774 |
Financial Restructuring | 72,913 |  |  | 59,350 |  |  | 144,632 |  |  | 126,444 |
Financial and Valuation Advisory | 46,759 |  |  | 47,316 |  |  | 92,693 |  |  | 85,366 |
Non-compensation expense by segment |  |  |  |  |  |  |
Corporate Finance | 44,829 |  |  | 40,116 |  |  | 97,063 |  |  | 86,594 |
Financial Restructuring | 10,790 |  |  | 11,299 |  |  | 23,643 |  |  | 22,478 |
Financial and Valuation Advisory | 14,820 |  |  | 12,656 |  |  | 30,171 |  |  | 24,735 |
Segment profit |  |  |  |  |  |  |
Corporate Finance | 147,330 |  |  | 109,655 |  |  | 274,111 |  |  | 210,077 |
Financial Restructuring | 50,100 |  |  | 60,919 |  |  | 93,744 |  |  | 100,068 |
Financial and Valuation Advisory | 25,409 |  |  | 19,389 |  |  | 42,738 |  |  | 37,030 |
Total segment profit | 222,839 |  |  | 189,963 |  |  | 410,593 |  |  | 347,175 |
Corporate expenses (2) | 71,498 |  |  | 59,294 |  |  | 169,452 |  |  | 121,766 |
Other (income) expense, net | (8,712) |  |  | (5,419) |  |  | (16,962) |  |  | (10,553) |
Income before provision for income taxes | $ | 160,053 |  |  | $ | 136,088 |  |  | $ | 258,103 |  |  | $ | 235,962 |
(1)We adjust the compensation expense for a business segment in situations where an employee residing in one business segment is performing work in another business segment where the revenues are accrued. Segment profit may vary significantly between periods depending on the levels of collaboration among the different segments. (2)Corporate expenses include costs not allocated to individual segments, including certain acquisition related charges and share-based payments to corporate employees, as well as expenses of senior management and corporate departmental functions managed on a worldwide basis, including office of the executives, accounting, human capital, marketing, information technology, and legal and compliance.
| September 30, 2025 |  | March 31, 2025
Assets by segment |  |  |
Corporate Finance | $ | 1,322,976 |  |  | $ | 1,312,291 |
Financial Restructuring | 186,851 |  |  | 179,498 |
Financial and Valuation Advisory | 221,390 |  |  | 207,162 |
Total segment assets | 1,731,217 |  |  | 1,698,951 |
Corporate assets | 2,062,148 |  |  | 2,120,757 |
Total assets | $ | 3,793,365 |  |  | $ | 3,819,708 |
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Income before provision for income taxes by geography |  |  |  |  |  |  |
United States | $ | 98,599 |  |  | $ | 90,506 |  |  | $ | 160,392 |  |  | $ | 151,564 |
International | 61,454 |  |  | 45,582 |  |  | 97,711 |  |  | 84,398 |
Income before provision for income taxes | $ | 160,053 |  |  | $ | 136,088 |  |  | $ | 258,103 |  |  | $ | 235,962 |
| Three Months Ended September 30, |  | Six Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues by geography |  |  |  |  |  |  |
United States | $ | 435,658 |  |  | $ | 435,322 |  |  | $ | 858,078 |  |  | $ | 801,881 |
International | 223,794 |  |  | 139,635 |  |  | 406,723 |  |  | 286,685 |
Revenues | $ | 659,452 |  |  | $ | 574,957 |  |  | $ | 1,264,801 |  |  | $ | 1,088,566 |
| September 30, 2025 |  | March 31, 2025
Assets by geography |  |  |
United States | $ | 2,323,008 |  |  | $ | 2,439,032 |
International | 1,470,357 |  | 1,380,676
Total assets | $ | 3,793,365 |  |  | $ | 3,819,708 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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