[Part I - Financial Information](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's total assets grew to **$1.39 billion**, with net income decreasing to **$113.9 million** despite higher revenues, mainly due to lower other income [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$1.39 billion** by September 30, 2022, driven by cash and investments, with equity rising to **$525.0 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2022 | March 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$1,387,742** | **$1,294,946** | | Cash and cash equivalents | $121,764 | $72,138 | | Investments | $533,889 | $503,789 | | **Total Liabilities** | **$586,764** | **$557,460** | | Accrued compensation and benefits | $64,210 | $20,117 | | Debt | $194,115 | $171,326 | | **Total Equity** | **$524,978** | **$461,486** | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Total revenues significantly increased to **$288.9 million** for H1 2022, though net income decreased to **$68.4 million** due to higher expenses Statement of Income Summary (in thousands) | Metric | Q2 2022 (Three Months) | Q2 2021 (Three Months) | H1 2022 (Six Months) | H1 2021 (Six Months) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$153,382** | **$96,320** | **$288,891** | **$175,315** | | Management and advisory fees | $92,880 | $75,934 | $178,826 | $149,818 | | Incentive fees | $59,237 | $21,362 | $108,760 | $23,726 | | **Total Expenses** | **$83,556** | **$49,819** | **$156,540** | **$93,064** | | **Net Income** | **$57,739** | **$84,820** | **$113,866** | **$129,501** | | Net Income Attributable to HLI | $34,881 | $52,145 | $68,365 | $80,313 | | **Diluted EPS** | **$0.97** | **$1.41** | **$1.88** | **$2.19** | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Total equity increased to **$525.0 million** by September 30, 2022, primarily due to **$110.9 million** in net income - Total equity grew by **$63.5 million** over the six months ended September 30, 2022, reaching **$525.0 million**, mainly due to net income of **$110.9 million**, partially offset by dividends and member distributions[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations significantly increased to **$155.9 million**, leading to a **$49.2 million** rise in cash and equivalents Cash Flow Summary (in thousands) | Activity | Six Months Ended Sep 30, 2022 | Six Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $155,854 | $83,923 | | Net cash used in investing activities | $(60,668) | $(19,609) | | Net cash used in financing activities | $(46,029) | $(65,120) | | **Increase (decrease) in cash** | **$49,157** | **$(806)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail organizational structure, accounting policies, revenue disaggregation, investments, debt, equity compensation, and subsequent credit facility modification Revenue by Product Offering (Six Months Ended Sep 30, in thousands) | Product | 2022 | 2021 | | :--- | :--- | :--- | | Specialized funds | $90,799 | $69,702 | | Customized separate accounts | $57,758 | $49,434 | | Total management and advisory fees | $178,826 | $149,818 | | Total incentive fees | $110,065 | $25,497 | - During the quarter ended September 30, 2022, the company sold its ownership interests in its joint venture, Private Markets Connect, for **$10.0 million**, recognizing a gain of **$9.8 million**[44](index=44&type=chunk) - The company's aggregate unfunded commitment to its Partnerships was **$205.0 million** as of September 30, 2022, an increase from **$186.2 million** at March 31, 2022[86](index=86&type=chunk) - On October 20, 2022, the company modified its credit facility, extending maturity dates and adding borrowing capacity up to an overall cap of **$325 million**[92](index=92&type=chunk)[93](index=93&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses **65% revenue growth** driven by incentive fees, a **68% expense increase**, and **$3.6 billion AUM growth**, maintaining strong liquidity [Business Overview](index=25&type=section&id=Business%20Overview) Hamilton Lane provides global private markets investment solutions, including Customized Separate Accounts, Specialized Funds, and Advisory Services - The company's primary business lines as of September 30, 2022 include: - Customized Separate Accounts: **~$82 billion** in AUM - Specialized Funds: **~$25 billion** in AUM - Advisory Services: **~$717 billion** in AUA[99](index=99&type=chunk) [Consolidated Results of Operations](index=30&type=section&id=Consolidated%20Results%20of%20Operations) Total revenues grew **65%** to **$288.9 million** driven by incentive fees, while expenses rose **68%**, and other income declined significantly Revenue Analysis (Six Months Ended Sep 30, in millions) | Revenue Category | 2022 | 2021 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Management and advisory fees | $178.8 | $149.8 | +$29.0 | +19% | | Incentive fees | $110.1 | $25.5 | +$84.6 | +332% | | **Total Revenues** | **$288.9** | **$175.3** | **+$113.6** | **+65%** | Expense Analysis (Six Months Ended Sep 30, in millions) | Expense Category | 2022 | 2021 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Compensation and benefits | $112.6 | $60.0 | +$52.6 | +88% | | General, administrative and other | $43.4 | $32.4 | +$11.0 | +34% | | **Total Expenses** | **$156.5** | **$93.1** | **+$63.4** | **+68%** | - Equity in income of investees decreased by **$55.2 million** to a loss of **$7.5 million** for the six months ended September 30, 2022, compared to income of **$47.7 million** in the prior-year period, primarily due to prior year gains from strong public market valuations which were not repeated in the current period[145](index=145&type=chunk)[151](index=151&type=chunk) [Fee-Earning AUM](index=34&type=section&id=Fee-Earning%20AUM) Fee-Earning AUM grew **7.3%** to **$52.7 billion**, driven by **$5.8 billion** in contributions, partially offset by distributions Fee-Earning AUM Rollforward (Six Months Ended Sep 30, 2022, in millions) | Category | Beginning Balance | Contributions | Distributions | FX/Other | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Customized Separate Accounts | $30,938 | $3,166 | $(1,729) | $(42) | $32,333 | | Specialized Funds | $18,193 | $2,665 | $(503) | $(1) | $20,354 | | **Total** | **$49,131** | **$5,831** | **$(2,232)** | **$(43)** | **$52,687** | - Specialized funds fee-earning AUM grew **12%** to **$20.4 billion** in the six-month period, driven by **$2.7 billion** in contributions, primarily from the latest secondary fund (**$1.1 billion**) and evergreen funds (**$0.4 billion**)[162](index=162&type=chunk) [Non-GAAP Financial Measures](index=36&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP metrics show Fee Related Earnings at **$76.6 million** and Adjusted EBITDA at **$141.7 million**, with Non-GAAP EPS at **$1.95** Non-GAAP Financial Measures (in thousands, except per-share amounts) | Metric | H1 2022 (Six Months) | H1 2021 (Six Months) | | :--- | :--- | :--- | | Fee Related Earnings | $76,574 | $69,389 | | Adjusted EBITDA | $141,696 | $89,644 | | Adjusted Net Income | $104,654 | $119,616 | | Non-GAAP Earnings Per Share | $1.95 | $2.23 | [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is strong with **$121.8 million** cash, supported by operating cash flow and expanded credit facilities, with **$194.6 million** debt outstanding - As of September 30, 2022, the company had **$194.6 million** in total debt outstanding under its loan agreements with First Republic Bank[191](index=191&type=chunk) - In October 2022, the company amended its loan agreements, extending maturities and increasing total borrowing capacity to a cap of **$325 million**[92](index=92&type=chunk)[93](index=93&type=chunk)[192](index=192&type=chunk) - A stock repurchase program for up to **$50 million** of Class A common stock is authorized, though no shares have been repurchased under it to date[196](index=196&type=chunk)[233](index=233&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Market risk primarily impacts investment fair values, while management fees are insulated; interest rate and foreign exchange risks are limited - The company's management and advisory fees are not significantly impacted by market value changes, as they are generally based on commitments or net invested capital rather than asset values[216](index=216&type=chunk)[217](index=217&type=chunk) - A **100 basis point (1%)** increase in interest rates would result in an estimated **$0.9 million** increase in annual interest expense on the company's floating-rate debt[221](index=221&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2022[226](index=226&type=chunk) - No changes were made to internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[227](index=227&type=chunk) [Part II - Other Information](index=48&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) Management believes no pending or threatened legal proceedings will materially affect the company's financial statements - In the opinion of management, it is not probable that any pending or threatened legal proceeding would materially affect the company's condensed consolidated financial statements[230](index=230&type=chunk) [Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported from the previously disclosed 2022 Form 10-K - No material changes from the risk factors disclosed in the 2022 Form 10-K were reported[231](index=231&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **1,293 Class A shares** for tax purposes, separate from the **$50 million** authorized stock repurchase program Issuer Purchases of Equity Securities (Q3 2022) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 1-31, 2022 | — | $— | | August 1-31, 2022 | — | $— | | September 1-30, 2022 | 1,293 | $69.67 | | **Total** | **1,293** | **$69.67** | - The company has a **$50 million** stock repurchase program authorized, but has not yet purchased any shares under this specific program[233](index=233&type=chunk) [Exhibits](index=49&type=section&id=Item%206.%20Exhibits) Exhibits include CEO/CFO certifications and incorporated documents like loan agreements and equity incentive plans - Exhibits filed include CEO/CFO certifications (31.1, 31.2, 32), and XBRL data. Several documents are incorporated by reference, including amendments to loan agreements and the 2017 Equity Incentive Plan[234](index=234&type=chunk)

Hamilton Lane Incorporated (NASDAQ:HLNE) Q1 2023 Earnings Conference Call August 2, 2022 11:00 AM ET Company Participants John Oh – Investor Relations Manager Erik Hirsch – Vice Chairman Brian Gildea – Head-Investment Solutions Atul Varma – Chief Financial Officer Conference Call Participants Michael Cyprys – Morgan Stanley Ken Worthington – JPMorgan Alexander Blostein – Goldman Sachs Adam Beatty – UBS Robert Lee – KBW Finian O’Shea – Wells Fargo Securities Michael Cyprys – Morgan Stanley Operator Good morn ...

Assets and Management - As of June 30, 2022, the company had approximately $83 billion in assets under management (AUM) from customized separate accounts and $26 billion from specialized funds[91]. - The company reported approximately $724 billion in assets under advisement (AUA) as of June 30, 2022, indicating a strong advisory service presence[91]. - The company’s fee-earning AUM is derived from customized separate accounts and specialized funds, which are not significantly affected by market value changes[117]. - The client base is diversified, primarily comprising institutional investors from various regions including the U.S., Canada, Europe, and Asia[92]. Revenue Sources - Management and advisory fees are the primary revenue sources, with revenues from customized separate accounts based on a contractual rate applied to committed capital or net invested capital[95][96]. - The company’s revenues are also influenced by advisory and reporting services, which are generally fixed annual fees[99]. - Incentive fees, which include carried interest from specialized funds, typically range from 10.0% to 12.5% of net profits, subject to a preferred return of 6.0% to 8.0%[102][104]. Financial Performance - Total revenues increased by $56.5 million, or 72%, to $135.5 million for the three months ended June 30, 2022, compared to the same period in 2021[124]. - Management and advisory fees rose by $12.1 million, or 16%, to $85.9 million, driven by increases in specialized funds and customized separate accounts[125]. - Incentive fees surged by $44.5 million to $49.6 million, reflecting growth in both customized separate accounts and specialized funds[126]. - Net income attributable to Hamilton Lane Incorporated was $33.5 million, up from $28.2 million in the prior year[122]. - Fee Related Earnings for Q2 2022 were $36,779,000, up from $33,381,000 in Q2 2021, reflecting a growth of 7.2%[147]. - Adjusted EBITDA for Q2 2022 reached $66,627,000, a significant increase of 66% compared to $40,156,000 in Q2 2021[147]. - Non-GAAP earnings per share for Q2 2022 was $0.92, compared to $0.84 in Q2 2021, representing a growth of 9.5%[150]. - Adjusted net income for Q2 2022 was $49,572,000, an increase of 9.5% from $45,284,000 in Q2 2021[150]. Expenses and Costs - Total expenses increased by $29.7 million, or 69%, to $73.0 million, primarily due to a 95% rise in compensation and benefits expenses[127]. - Compensation and benefits represent the largest expense, expected to rise with growth in headcount and competitive compensation needs[106]. Cash Flow and Liquidity - As of June 30, 2022, the company had cash and cash equivalents of $83.1 million, up from $72.1 million as of March 31, 2022, indicating a 14% increase in liquidity[165]. - For the three months ended June 30, 2022, net cash provided by operating activities was $60.952 million, a significant increase of 88% compared to $32.389 million for the same period in 2021[182]. - The company reported net cash used in investing activities of $56.453 million for the three months ended June 30, 2022, compared to $4.431 million in the same period of 2021, reflecting increased investment activity[182]. - The company generated net cash provided by financing activities of $6.496 million for the three months ended June 30, 2022, contrasting with a net cash used of $42.087 million in the same period of 2021, highlighting improved financing conditions[182]. Debt and Financing - Outstanding debt as of June 30, 2022, totaled $221.3 million, an increase from $171.8 million as of March 31, 2022, representing a 29% rise in leverage[172]. - The company has a Term Loan Agreement with an outstanding balance of $96.3 million as of June 30, 2022, with a maturity date of July 1, 2027[169]. - The annual interest rate on the Term Loan Agreement was 3.25% as of June 30, 2022[200]. - A 100 basis point increase in interest rates is estimated to result in increased interest expense of $1.2 million over the next 12 months[201]. Investment Performance - The gross internal rate of return (IRR) for the Secondary Fund V (2019) was 49.3%, with a net IRR of 56.5%[157]. - The gross multiple for the PEF IX (2015) was 2.0, with a net multiple of 1.9, indicating strong performance[157]. - The company reported a significant increase in incentive fees, rising to $49,563,000 in Q2 2022 from $5,111,000 in Q2 2021[147]. Strategic Initiatives - The company plans to make strategic investments in technology-driven private markets data and wealth management solutions, indicating a focus on innovation and market expansion[175]. - The company maintains a Stock Repurchase Program authorizing the repurchase of up to 6% of its Class A common stock, not to exceed $50 million, which remains fully available as no shares have been repurchased[176]. - The company expects to continue paying quarterly cash dividends, subject to funds being legally available, to cover applicable taxes and corporate expenses[179]. Regulatory and Compliance - As of June 30, 2022, the company was required to maintain approximately $4.0 million in liquid net assets for regulatory compliance, ensuring adherence to capital adequacy requirements[178]. Risk Management - The company aims to minimize credit risk by limiting counterparties to reputable financial institutions[202]. - The currency exposure related to investments in foreign currency assets is limited to the company's general partner interest, typically one percent of total capital commitments[199]. - The company does not expect changes in exchange rates to materially impact its financial statements due to limited foreign currency assets[199]. - The company does not possess significant assets in foreign countries or engage in material transactions in currencies other than the U.S. dollar[199]. - Management fees and advisory fee revenue are not significantly impacted by changes in investment values[197]. - The company’s equity in income of investees changes with realized and unrealized gains of underlying investments in specialized funds[197].

Earnings Presentation - August 2, 2022 1 Hamilton Lane l Global Leader in the Private Markets Fiscal Year 2023 First Quarter Results Today's Speakers Erik Hirsch Vice Chairman Brian Gildea Head of Investment Solutions Atul Varma Chief Financial Officer John Oh Investor Relations Manager 2 Hamilton Lane l Global Leader in the Private Markets Period Highlights Business Performance • Assets under management and fee-earning assets under management were $108 billion and $51 billion, respectively, as of June 30, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to ___________________________ Commission file number 001-38021 HAMILTON LANE INCORPORATED (Exact name of Registrant as specified in its charter) Delawar ...

Hamilton Lane Incorporated (NASDAQ:HLNE) Q4 2022 Earnings Conference Call May 26, 2022 11:00 AM ET Company Participants John Oh - Investor Relations Manager Mario Giannini - Chief Executive Officer Erik Hirsch - Vice Chairman Atul Varma - Chief Financial Officer Conference Call Participants Michael Cyprys - Morgan Stanley Ken Worthington - JPMorgan Ryan Bailey - Goldman Sachs Adam Beatty - UBS Finian O'Shea - Wells Fargo Operator Good morning. My name is Patricia and I will be your conference operator today ...

Assets Under Management and Fee-Earning Assets - Assets under management (AUM) reached approximately $106 billion as of March 31, 2022, a 21% increase compared to March 31, 2021[2] - Fee-earning assets under management (FEAUM) were approximately $49 billion as of March 31, 2022, a 17% increase compared to March 31, 2021[2] - Total assets under advisement (AUA) & AUM reached $901 billion[4] Financial Performance - Management and advisory fees for fiscal year 2022 were $3142 million, a 9% increase compared to fiscal year 2021[2] - GAAP net income for fiscal year 2022 was $146 million, a 49% increase compared to fiscal year 2021[2] - Adjusted net income for fiscal year 2022 was $2354 million, a 61% increase compared to fiscal year 2021[2] - Fee Related Earnings (FRE) for fiscal year 2022 was $1443 million, an 11% increase compared to fiscal year 2021[2] - Adjusted EBITDA for fiscal year 2022 was $1839 million, a 9% increase compared to fiscal year 2021[2] Revenue Growth - Total revenues for fiscal year 2022 were $368 million, an 8% increase compared to fiscal year 2021[9] Unrealized Carried Interest - Allocated carried interest was $1191 million as of March 31, 2022[9]

Call Start: 11:00 January 1, 0000 11:38 AM ET Hamilton Lane Incorporated (NASDAQ:HLNE) Q3 2022 Earnings Conference Call February 1, 2022, 11:00 AM ET Company Participants Mario Giannini – Chief Executive Officer Erik Hirsch – Vice Chairman Atul Varma – Chief Financial Officer John Oh – Investor Relations Manager Brian Gildea – Head of Investments Conference Call Participants Peter Kaloostian – Morgan Stanley Ken Worthington – JPMorgan Ryan Bailey – Goldman Sachs Alex Murray – KBW Chris Kotowski – Oppenheime ...

Fiscal Year 2022 Third Quarter Results Earnings Presentation - February 1, 2022 1 Hamilton Lane l Global Leader in the Private Markets Today's Speakers Mario Giannini Chief Executive Officer Erik Hirsch Vice Chairman Brian Gildea Global Head of Investments Atul Varma Chief Financial Officer John Oh Investor Relations Manager 2 Hamilton Lane l Global Leader in the Private Markets Period Highlights Business Performance • Assets under management and fee-earning assets under management were $98 billion and $46 ...

Fiscal Year 2022 Third Quarter Results Earnings Presentation - February 1, 2022 1 Hamilton Lane l Global Leader in the Private Markets Today's Speakers Mario Giannini Chief Executive Officer Erik Hirsch Vice Chairman Brian Gildea Global Head of Investments Atul Varma Chief Financial Officer John Oh Investor Relations Manager 2 Hamilton Lane l Global Leader in the Private Markets Period Highlights Business Performance • Assets under management and fee-earning assets under management were $98 billion and $46 ...