HAMILTON LANE INCORPORATED REPORTS FIRST QUARTER FISCAL 2024 RESULTS, WITH MANAGEMENT & ADVISORY FEES GROWING BY 23% AND ASSETS UNDER MANAGEMENT GROWING BY 8% YEAR-OVER-YEAR

Rhea-AI Summary

Hamilton Lane Incorporated (HLNE) reported strong first quarter fiscal 2024 results, with total assets under management growing 8% to $117.1 billion and fee-earning assets under management increasing 17% to $59.7 billion. Management and advisory fees grew 23% to $105.4 million, and the company declared a quarterly dividend of $0.445 per share, representing an 11% increase from the prior fiscal year dividend.

Positive

• Strong growth in total assets under management and fee-earning assets under management
• Significant increase in management and advisory fees
• 11% increase in quarterly dividend compared to the prior fiscal year

Negative

• None.

CONSHOHOCKEN, Pa., Aug. 1, 2023 /PRNewswire/ -- Leading private markets asset management firm Hamilton Lane Incorporated (Nasdaq: HLNE) today reported its results for the first fiscal quarter ended June 30, 2023.

FIRST QUARTER FISCAL 2024 HIGHLIGHTS

• Assets under management – Total assets under management of $117.1 billion grew 8% year-over-year. Fee-earning assets under management increased 17% to $59.7 billion over the same period.
  
  
• Revenue – Management and advisory fees of $105.4 million for the quarter represent growth of 23% versus the prior year period.
  
  
• Carried Interest – Unrealized carried interest balance of $1.1 billion was flat versus the prior year period.
  
  
• Earnings per share – GAAP EPS of $0.81 on $31.0 million of GAAP net income for the quarter.
  
  
• Dividend – Declared a quarterly dividend of $0.445 per share of Class A common stock to record holders at the close of business on September 15, 2023 that will be paid on October 5, 2023. The target full-year dividend of $1.78 represents an 11% increase from the prior fiscal year dividend.

Hamilton Lane issued a full detailed presentation of its first quarter fiscal 2024 results, which can be accessed by clicking here.

Hamilton Lane CEO Mario Giannini commented: "Building off of our fiscal 2023, we are encouraged with the strong set of results we've achieved to start this year. Amidst the changing macroeconomic backdrop, we continue to rely on our expertise through cycles in an effort to navigate the current landscape and best position our clients and ourselves to capitalize on attractive opportunities. We are focused on ensuring that Hamilton Lane continues to serve as a valued partner to our clients around the world, and a steady engine of transformation and growth within our asset class." 

Conference Call

Hamilton Lane will discuss first quarter fiscal 2024 results in a webcast and conference call today, Tuesday, August 1, 2023, 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 67939. After registration, attendees will receive an email with dial-in details.  Anyone experiencing trouble accessing the call in this manner may dial (888) 330-2028 or (437) 291-8584 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 one of the largest private markets investment firms globally, providing innovative solutions to institutional and private wealth investors around the world. Dedicated exclusively to private markets investing for more than 30 years, the firm currently employs over 600 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has $817.7 billion in assets under management and supervision, composed of $117.1 billion in discretionary assets and $700.7 billion in non-discretionary assets, as of June 30, 2023. 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 exposure and that of our clients and investors to the credit risks of financial institutions at which we and they hold accounts; 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 introducing new types of investment structures, products or services or entering into strategic partnerships; our ability to manage redemption or repurchase rights in certain of our funds; our ability to manage, identify and anticipate risks we face; our ability to manage the effects of events outside of our control; and our ability to receive distributions from Hamilton Lane Advisors, L.L.C. 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, 2023 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 are Hamilton Lane Incorporated's (HLNE) total assets under management for the first fiscal quarter ended June 30, 2023?

Hamilton Lane reported total assets under management of $117.1 billion, representing an 8% year-over-year growth.

What is the quarterly dividend declared by Hamilton Lane Incorporated (HLNE)?

Hamilton Lane declared a quarterly dividend of $0.445 per share of Class A common stock, representing an 11% increase from the prior fiscal year dividend.

When will Hamilton Lane Incorporated (HLNE) discuss its first quarter fiscal 2024 results?

Hamilton Lane will discuss its first quarter fiscal 2024 results in a webcast and conference call on Tuesday, August 1, 2023, at 11:00 a.m. Eastern Time.