Hamilton Lane Incorporated (NASDAQ:HLNE) Q2 2025 Results Conference Call November 6, 2024 11:00 AM ET

Company Participants

John Oh - Head, Shareholder Relations
Erik Hirsch - Co-Chief Executive Officer
Jeff Armbrister - Chief Financial Officer

Conference Call Participants

Ken Worthington - JPMorgan
Alex Blostein - Goldman Sachs
Michael Cyprys - Morgan Stanley
Mike Brown - Wells Fargo Securities

Operator

Good morning, ladies and gentlemen, and welcome to the Hamilton Lane Fiscal Second Quarter Earnings Conference Call. [Operator Instructions] This call is being recorded on Wednesday, November 6, 2024.

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

John Oh

Thank you, Nicole. Good morning, and welcome to the Hamilton Lane Q2 Fiscal 2025 Earnings Call. Today, I will be joined by Erik Hirsch, Co-Chief Executive Officer; and Jeff Armbrister, Chief Financial Officer.

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 2024 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 be also 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 that 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.

Let's start with the highlights. Year-to-date through the second quarter of fiscal 2025, our management and advisory fee revenue grew by 21%, while our fee-related earnings also grew by 21% versus the prior year period. This translated into GAAP EPS of $2.85 based on $114 million of GAAP net income and non-GAAP EPS of $2.58 based on $140 million of adjusted net income. We have also declared a dividend of $0.49 per share this quarter, which keeps us on track for the 10% increase over last fiscal year, equating to the targeted $1.96 per share for fiscal year 2025. With that, I'll now turn the call over to Erik.