> ## Content Index > Fetch the complete content index at: https://www.bullished.co/llms.txt > Use this file to discover other available public pages before exploring further. # Houlihan Lokey CFO Says Software Restructuring Will Be 'Much Larger' Than The Oil Bust - URL: https://www.bullished.co/houlihan-lokey-cfo-says-software-restructuring-will-be-much-larger-than-the-oil-bust-6b10fd6f/ - Published: 2026-10-28T21:53:11.000Z - Updated: 2026-10-28T21:53:11.000Z - Description: Revenue from software restructuring is not expected before calendar 2027, the investment bank's finance chief told analysts. - Author: Matteo Parrino - Tags: Earnings, HLI, Industry: Financials [Houlihan Lokey](https://www.bullished.co/tag/hli/) expects the wave of software restructurings to dwarf the oil-and-gas shakeout that last reshaped its restructuring business, Chief Financial Officer Lindsey Alley said on the company's earnings call Wednesday. The fees will take time: she does not expect software revenue until calendar 2027, after a [second quarter](https://www.wusa9.com/article/syndication/associatedpress/houlihan-lokey-fiscal-q2-earnings-snapshot/616-548f4034-9581-40e1-b1f1-fb9026210348?ref=bullished.co) in which the bank reported $692 million in revenue. ## The oil-and-gas yardstick Asked by a UBS analyst when software could move the needle and how big it might be, Alley said she did not want to size it. She called it "going to be a huge opportunity" for firms in the field, and said it will not be just Houlihan Lokey. Her best proxy was the oil and gas dislocation in the firm's fiscal 2017, which showed how much a single year can move restructuring revenue. "Software is much larger than that," she said. The revenue arrives late. Alley said the firm does not expect it "until calendar 27," with software work it sees today turning into closed transactions across calendar 2027 and 2028. CEO Scott Adelson said the firm's reputation in software has produced "significant wins." He said restructuring revenues should stay elevated through fiscal 2028. ## A restructuring business that turned Houlihan Lokey is an independent investment bank that advises on mergers and acquisitions, capital raising, restructurings and valuation. Financial restructuring brought in $118 million in the second quarter, up 7% from a year earlier. Fee events were 1,071, about flat against 1,075 a year ago. Adelson said restructuring worried him at the start of the year. Software fallout is a main reason it has since turned around, he said, along with higher interest rates and geopolitical dislocation. He said restructuring and corporate finance offsetting each other is "exactly the way the model is supposed to work." Alley said the firm is also bullish on U.S. and European restructuring over the next couple of years as debt maturity walls approach. "We think we are extraordinarily well positioned in restructuring in Europe," she said. ## Corporate finance and the deal count Corporate finance revenue rose 10% to $481 million, though the bank closed 142 transactions, down from 171 a year earlier. Alley said the average fee rose because higher-fee deals made up a disproportionate share. Adelson said the firm remains focused on the middle market, with deals under a couple of billion dollars. Total revenue rose 5% and [adjusted earnings per share of $1.85](https://www.wusa9.com/article/syndication/associatedpress/houlihan-lokey-fiscal-q2-earnings-snapshot/616-548f4034-9581-40e1-b1f1-fb9026210348?ref=bullished.co) were flat. Adelson said the firm remains cautious on interest rates, geopolitics and software dislocation, but expects a stronger second half. Management said it will report third-quarter fiscal 2027 results this winter. ### Sources - [Houlihan Lokey: Fiscal Q2 Earnings Snapshot | wusa9.com](https://www.wusa9.com/article/syndication/associatedpress/houlihan-lokey-fiscal-q2-earnings-snapshot/616-548f4034-9581-40e1-b1f1-fb9026210348?ref=bullished.co) — Associated Press - [Goldman Sachs and Houlihan Lokey lead North American M&A financial advisers in Q1–Q3 2026](https://finance.yahoo.com/news/goldman-sachs-houlihan-lokey-lead-121007362.html?ref=bullished.co) — Yahoo Finance - [Houlihan Lokey Further Strengthens Equity Capital Solutions Platform With Senior Hire – Company Announcement - FT.com](https://markets.ft.com/data/announce/full?dockey=600-202610261105BIZWIRE%5FUSPRX%5F%5F%5F%5F20261026%5FBW770456-1&ref=bullished.co) — Financial Times - [Houlihan Lokey Non-GAAP EPS of $1.85 beats by $0.20, revenue of $692M beats by $60.39M (NYSE:HLI)](https://seekingalpha.com/news/4659680-houlihan-lokey-non-gaap-eps-of-1%5F85-beats-by-0%5F20-revenue-of-692m-beats-by-60%5F39m?ref=bullished.co) — seekingalpha.com - [A deal that benefited Hume Industries and HLI](https://theedgemalaysia.com/article/deal-benefited-hume-industries-and-hli?ref=bullished.co) — The Edge Malaysia ### More on Houlihan Lokey - [Houlihan Lokey Revenue Rises To $692 Million, But Per-Share Profit Barely Moves](https://www.bullished.co/houlihan-lokey-revenue-rises-to-692-million-but-per-share-profit-barely-moves-2643970b/) - [Houlihan Lokey Director Todd Carter Quits Board Effective Immediately, 8-K Says No Dispute Involved](https://www.bullished.co/houlihan-lokey-director-todd-carter-quits-board-effective-immediately-8-k-says-no-dispute-d290c880/) [All Houlihan Lokey (HLI) coverage →](https://www.bullished.co/tag/hli/)