Hamilton Lane Incorporated (NASDAQ:HLNE) Q3 2024 Earnings Conference Call February 6, 2024 11:00 AM ET

Company Participants

John Oh - Head of Shareholder Relations

Erik Hirsch - Co-Chief Executive Officer

Juan Delgado - Co-Chief Executive Officer

Jeff Armbrister - Chief Financial Officer

Conference Call Participants

Michael Cyprys - Morgan Stanley

Ken Worthington - JPMorgan

Alex Blostein - Goldman Sachs

Adam Beatty - UBS

Mike Brown - KBW

Finian O'Shea - Wells Fargo

Operator

Good morning, ladies and gentlemen, and welcome to the Hamilton Lane Fiscal Third Quarter 2024 Earnings Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Tuesday, February 6, 2024.

I would now like to turn the conference over to John Oh, Head of Shareholder Relations. Please go ahead.

John Oh

Thank you, Joanna. Good morning, and welcome to the Hamilton Lane Q3 fiscal 2024 earnings call.

Today, I will be joined by Erik Hirsch, Co-CEO; Juan Delgado, Co-CEO; and Jeff Armbrister, CFO.

Earlier this morning, we issued a press release and slide presentation which are available on our website.

Before we discuss the quarter's results, we want to remind you that we will be making forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance, and business. These forward-looking statements do not guarantee future events or performance and are subject to risks and uncertainties that may cause our actual results to differ materially from those projected.

For a discussion of these risks, please review the cautionary statements and risk factors included in the Hamilton Lane fiscal 2023 10-K and subsequent reports we file with the SEC. These forward-looking statements are made only as of today, and except as required, we undertake no obligation to update or revise any of them.

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-Q is filed.

Please note, nothing on this call represents an offer to sell or a solicitation of an offer to purchase interest in any of Hamilton Lane's products.

Beginning with the financial highlights. Year-to-date, our management and advisory fee revenue grew by 19%, while our fee-related earnings grew by 16% versus the prior-year period. This translated into GAAP EPS of $2.43 based on $92 million of GAAP net income and non-GAAP EPS of $2.54 based on $137 million of adjusted net income.