Hamilton Lane Incorporated (NASDAQ:HLNE) Q1 2021 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 11:00 am ET


Hamilton Lane Incorporated (NASDAQ:HLNE) Q1 2021 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Hamilton Lane Incorporated, First Quarter Fiscal Year 2021 Earnings Conference Call. [Operator Instructions] After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions]. I would now like to hand the conference over to your speaker today, John Oh, Investor Relations Manager. Thank you. Please go ahead, sir.

John Oh

Thank you, Lisa. Good morning, and welcome to the Hamilton Lane, Q1 Fiscal 2021 Earnings Call. Today, I will be virtually joined by Mario Giannini, CEO; Erik Hirsch, Vice Chairman; and Atul Varma, CFO, as we continue to work remotely from our Pennsylvania headquarters.

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 fiscal 2020 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 Public Investor Relations 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 to purchase interest in any of Hamilton Lane's products.

Beginning on Slide 3. For the quarter, our management and advisory fee revenue grew by over 11%, while our fee-related earnings also grew by over 11% versus the prior year period. This translated into non-GAAP EPS of $0.13 based on approximately $6.8 million of adjusted net income and GAAP EPS of $0.11 based on approximately $3.2 million of GAAP net income.

We have also declared a dividend of $0.3125 per share this quarter, which keeps us on track with the 13.6% increase over last fiscal year, equating to the targeted $1.25 per share for fiscal year 2021.

With that, I'll now turn the call over to Mario.

Mario L. Giannini

Thanks, John. Good morning. Let me begin, as I did on our last call by simply saying thank you. We are grateful for the sacrifices and extraordinary efforts that all frontline workers and volunteers have put forth during this trying period. Let me also again say thanks to our clients, many of whose members and families are on those front lines.

Lastly, a thank you to the Hamilton Lane team for continuing to step up and deliver their very best for our clients. We had a very solid quarter, and that's directly attributable to their hard work and dedication. A quick update on our various offices. As of today, we've begun to see some positive migration back to the office and back to a more normal operating environment.

While all of our offices in