Hamilton Lane Incorporated (NASDAQ:HLNE) Q4 2023 Earnings Conference Call May 25, 2023 11:00 AM ET

Company Participants

John Oh - Principal, Shareholder Relations

Erik Hirsch - Vice Chairman

Brian Gildea - Managing Director, Investments

Atul Varma - Chief Financial Officer

Conference Call Participants

Michael Cyprys - Morgan Stanley

Kenneth Worthington - JPMorgan

Michael Brown - KBW

Operator

Good morning, afternoon or evening. My name is Jayle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Hamilton Lane Fiscal Fourth Quarter and Full Year 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. A supplemental slide presentation to accompany the prepared remarks can be found on the company's website. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions]

Thank you. At this time, I would like to turn the call over to John Oh, Head of Shareholder Relations. Mr. Oh, you may begin your conference.

John Oh

Thank you, Jayle. Good morning and welcome to the Hamilton Lane Q4 and Fiscal Year End 2023 Earnings Call. Today, I will be joined by Erik Hirsch, Vice Chairman; Brian Gildea, Managing Director, Investments; and Atul Varma, CFO.

Before we discuss the quarter's results, we want to remind you that we will be making forward-looking statements based on our current expectations for the business. These statements are subject to risks and uncertainties that may cause the actual results to differ materially. For a discussion of these risks, please review the risk factors included in the Hamilton Lane's fiscal 2022 10-K and subsequent reports we file with the SEC.

We will also be referring to non-GAAP measures that we view as important in assessing the performance of our business. Reconciliation of those non-GAAP measures to GAAP can be found in the earnings presentation materials made available on the Shareholders section of the Hamilton Lane website. Our detailed financial results will be made available when our 10-K is filed. Please note that nothing on this call represents an offer to sell or a solicitation to purchase interest in any of Hamilton Lane's products.

Beginning with the financial highlights. For fiscal 2023, our management and advisory fee revenue grew by 18%, while our fee related earnings grew by 10% versus the prior year. This translated into full year GAAP EPS of $3.01 based on $109 million of GAAP net income and non-GAAP EPS of $3.34 based on $180 million of adjusted net income.