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. At this time, I would like to welcome everyone to the Hamilton Lane Fiscal Year 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. I would now like to hand the conference over to Mr. John Oh, Investor Relations Manager. You may begin the conference.

John Oh

Thank Patricia. Good morning, and welcome to the Hamilton Lane Q4 fiscal 2022 earnings call. Today, I will be joined by Mario Giannini, CEO; Erik Hirsch, Vice Chairman; 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 Hamilton Lane fiscal 2021 10-K and subsequent reports we filed 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 shareholder section of the Hamilton Lane website. Our detailed financial results will be made available on our 10-K as 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 2022 management and advisory fee revenue grew by 9%, while our fee-related earnings grew by 11% versus the prior year. This translated into full-year GAAP EPS of $3.98 based on $146 million of GAAP net income and non-GAAP EPS of $4.39 based on $235 million of adjusted net income.

Lastly, our board has approved a 14% increase to our annual fiscal dividend to $1.60 per share or $0.40 per share per quarter. This now marks the fifth consecutive annual dividend increase since going public in 2017, each over 10% and with an average increase of over 18%. Our ability to consistently increase distribution to shareholders every year speaks for the growth and strength of our business.