HAMILTON LANE INCORPORATED REPORTS FIRST QUARTER FISCAL 2023 RESULTS, WITH MANAGEMENT & ADVISORY FEES GROWING BY 16% AND ASSETS UNDER MANAGEMENT GROWING BY 18% YEAR-OVER-YEAR

Rhea-AI Summary

Hamilton Lane reported first-quarter fiscal 2023 results, highlighting assets under management of $108.0 billion, an 18% increase year-over-year. Fee-earning assets also rose by 20% to $51.1 billion. The company achieved revenue of $85.9 million, marking a 16% growth compared to the previous year. GAAP EPS stood at $0.91 on a net income of $33.5 million. A quarterly dividend of $0.40 per share was declared, reflecting a 14% increase in the annual dividend target to $1.60.

Positive

• Assets under management grew by 18% to $108.0 billion.
• Fee-earning assets rose by 20% to $51.1 billion.
• Revenue increased by 16% to $85.9 million.
• Unrealized carried interest balance was up 36% year-over-year to $1.1 billion.
• GAAP EPS of $0.91 on $33.5 million of GAAP net income.
• Quarterly dividend declared at $0.40 per share, targeting an annual dividend of $1.60 (14% increase).

Negative

• None.

CONSHOHOCKEN, Pa., Aug. 2, 2022 /PRNewswire/ -- Leading private markets asset management firm Hamilton Lane Incorporated (NASDAQ: HLNE) today reported its results for the first fiscal quarter ended June 30, 2022.

FIRST QUARTER FISCAL 2023 HIGHLIGHTS

• Assets under management – Total assets under management of $108.0 billion grew 18% year-over-year. Fee-earning assets under management increased 20% to $51.1 billion over the same period.
  
  
• Revenue – Management and advisory fees of $85.9 million for the quarter represents growth of 16% versus the prior year period.
  
  
• Carried Interest – Unrealized carried interest balance of $1.1 billion was up 36% year-over-year.
  
  
• Earnings per share – GAAP EPS of $0.91 on $33.5 million of GAAP net income for the quarter.
  
  
• Dividend – Declared a quarterly dividend of $0.40 per share of Class A common stock to record holders at the close of business on September 15, 2022 that will be paid on October 6, 2022. The target full-year dividend of $1.60 represents a 14% increase from the prior fiscal year dividend.

Hamilton Lane issued a full detailed presentation of its first quarter fiscal 2023 results, which can be accessed by clicking here.

Hamilton Lane CEO Mario Giannini commented: "Despite the multitude of headwinds continuing to challenge markets, our results this quarter speak clearly to the strength of a business that offers a diversified product platform, a robust global client base and growing suite of solutions. We are proud of our results this quarter and remain optimistic and encouraged by our pipeline."

Conference Call

Hamilton Lane will discuss first quarter fiscal 2023 results in a webcast and conference call today, Tuesday, August 2, 2022, at 11:00 a.m. Eastern Time. The call will be broadcast live via a webcast, which may be accessed on the Shareholders page of Hamilton Lane's website.

To listen to the conference call and in order to ask questions, attendees may pre-register by clicking here and using the conference ID 93984. After registration, attendees will receive an email with dial-in details. Anyone experiencing trouble accessing the call in this manner may dial (888) 330-2462 or (240) 789-2716 for assistance.

A replay of the webcast will be available approximately two hours after the live broadcast for a period of one year and can be accessed in the same manner as the live webcast at the Shareholders page of Hamilton Lane's website.

About Hamilton Lane

Hamilton Lane (NASDAQ: HLNE) is a leading private markets investment management firm providing innovative solutions to institutional and private wealth investors around the world. Dedicated exclusively to private markets investing for 30 years, the firm currently employs more than 530 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has $832.2 billion in assets under management and supervision, composed of $108.0 billion in discretionary assets and $724.2 billion in advisory assets, as of June 30, 2022. Hamilton Lane specializes in building flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies. For more information, please visit www.hamiltonlane.com or follow Hamilton Lane on LinkedIn: https://www.linkedin.com/company/hamilton-lane/.

Forward-Looking Statements

Some of the statements in this release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as "will," "expect," "believe," "estimate," "continue," "anticipate," "intend," "plan" and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management's current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. All forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different, including risks relating to: our ability to manage growth, fund performance, competition in our industry, changes in our regulatory environment and tax status; market conditions generally; our ability to access suitable investment opportunities for our clients; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; defaults by clients and third-party investors on their obligations to fund commitments; our ability to comply with investment guidelines set by our clients; our ability to successfully integrate acquired businesses with ours; our ability to manage risks associated with pursuing new lines of business or entering into strategic partnerships; our ability to anticipate, identify and manage risks we face; our ability to manage the effects of events outside of our control; and our ability to receive distributions from HLA to fund our payment of dividends, taxes and other expenses.

The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the "Risk Factors" detailed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2022 and in our subsequent reports filed from time to time with the Securities and Exchange Commission. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.

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SOURCE Hamilton Lane

FAQ

What were Hamilton Lane's revenue results for Q1 fiscal 2023?

Hamilton Lane reported revenue of $85.9 million for the first quarter of fiscal 2023, representing a 16% increase year-over-year.

How much did Hamilton Lane's assets under management increase in Q1 fiscal 2023?

Assets under management grew 18% year-over-year to $108.0 billion as of June 30, 2022.

What is the GAAP EPS reported by Hamilton Lane for Q1 fiscal 2023?

Hamilton Lane reported a GAAP EPS of $0.91 on $33.5 million of GAAP net income for the quarter.

What is the dividend declared by Hamilton Lane for Q1 fiscal 2023?

Hamilton Lane declared a quarterly dividend of $0.40 per share, with a target annual dividend of $1.60, reflecting a 14% increase from the previous fiscal year.

What did Hamilton Lane's CEO say about the company's performance?

Hamilton Lane CEO Mario Giannini highlighted that the company's results reflect the strength of its diversified business model amidst ongoing market challenges.