Hamilton Lane incorporated reports strong first quarter fiscal 2020 results, growing assets under management by 12%, growing management & advisory fees by 19% and announcing launch of first evergreen product
Bala Cynwyd, Penn. – Leading private markets asset management firm Hamilton Lane Incorporated (NASDAQ: HLNE) today reported its results for the first fiscal quarter ended June 30, 2019.
FIRST QUARTER FISCAL 2020 HIGHLIGHTS
- Assets under management – Total assets under management of approximately $64 billion grew 12% relative to the prior year period. Fee-earning assets under management increased 14% to approximately $35 billion.
- Revenue – Management and advisory fees increased 19% to approximately $61 million relative to the prior year period, due to growth across core offerings. Total revenues increased 2% to $65 million.
- Carried Interest – Relative to the prior year period, unrealized carried interest balance grew 25%, while the number of vehicles in an unrealized carry position grew to 60.
- Earnings per share – GAAP earnings per share was $0.42 on over $11 million of GAAP net income for the first fiscal quarter of 2020.
- Dividend – Declared a quarterly dividend of $0.275 per share of Class A common stock to record holders at the close of business on September 16, 2019 that will be paid on October 4, 2019. The target full-year dividend of $1.10 represents a 29% increase from the prior fiscal year dividend.
- Evergreen Fund – Launched a new product for high-net-worth investors, providing access to the private markets via a semi-liquid structure.
Hamilton Lane issued a full detailed presentation of its first quarter fiscal 2020 results, which can be accessed by clicking here.
Hamilton Lane CEO Mario Giannini commented: “We are pleased to report another strong quarter of results. Our growth continues to be diversified by geography as well as type and size of investor, and comes from a combination of re-ups from existing clients, new clients, growth within our existing funds and new specialized funds.”
Hamilton Lane will discuss fiscal first quarter 2020 results in a webcast and conference call today, Tuesday, August 6, 2019, at 11:00 a.m. Eastern Time. The call will be broadcast live via a webcast, which may be accessed on Hamilton Lane’s Investor Relations website. The call may also be accessed by dialing (833) 231-8267 inside the U.S., or (647) 689-4112 for international callers. The conference ID is 8688684.
A replay of the webcast will be available approximately two hours after the live broadcast for a period of one year and can be accessed in the same manner as the live webcast at the Hamilton Lane Investor Relations website.
About Hamilton Lane
Hamilton Lane (NASDAQ: HLNE) is a leading alternative investment management firm providing innovative private markets solutions to sophisticated investors around the world. Dedicated to private markets investing for 27 years, the firm currently employs approximately 375 professionals operating in offices throughout North America, Europe, Asia-Pacific, Latin America and the Middle East. With approximately $473 billion in total assets under management and supervision as of June 30, 2019, Hamilton Lane offers a full range of investment products and services that enable clients to participate in the private markets asset class on a global and customized basis. For more information, please visit www.hamiltonlane.com or follow Hamilton Lane on Twitter: @hamilton_lane.
Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “will,” “expect,” “believe,” “estimate,” “continue,” “anticipate,” “intend,” “plan” and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. All forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different, including risks relating to our ability to manage growth, fund performance, changes in our regulatory environment and tax status; market conditions generally; our ability to access suitable investment opportunities for our clients; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; defaults by clients and third-party investors on their obligations to us; our ability to comply with investment guidelines set by our clients; and our ability to receive distributions from Hamilton Lane Advisors, L.L.C. to fund our payment of dividends, taxes and other expenses.
The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the “Risk Factors” detailed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2019 and in our subsequent reports filed from time to time with the Securities and Exchange Commission. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.