Hamilton Lane Incorporated

Thank you all for standing by, and welcome to the Hamilton Lane Incorporated first quarter fiscal year 2022 earnings conference call. All participants will be in listen-only mode until the question and answer session of today's conference. By that time, to ask a question over the phone, you may press the star key followed by the number one. I'll now turn the call over to your host, Vice President of Investor Relations, John Oh. Sir, you may now begin.

Thank you, Jesse. Good morning and welcome to the Hamilton Lane Q1 fiscal 2022 earnings call. Today, I will be joined by Mario Giannini, CEO, Eric 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 discussion of these risks, please review the risk factors included in the Hamilton Lane fiscal 2021 10K as amended 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 shareholder section of the Hamilton Lane website. Our detailed financial results will be made available when our 10Q 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 three. For the quarter, our management and advisory fee revenue grew by 10% while our fee-related earnings grew by 21% versus the prior year period. This translated into GAAP EPS of 78 cents based on $28 million of GAAP net income and non-GAAP EPS of $0.84, based on $45 million of adjusted net income. We have also declared a dividend of $0.35 per share this quarter, which keeps us on track for the 12% increase over last fiscal year, equating to the targeted $1.40 per share for fiscal year 2022. With that, I'll turn the call over to Mario.

Thanks, John, and good morning. I'd like to begin by acknowledging an important firm milestone. In June, we celebrated our 30th anniversary. Having started with a single advisory client, today we have the privilege of serving more than 700 global institutional clients, along with our growing retail presence. Our focus on innovation and growth has allowed us to meet the needs of our clients within an evolving and increasingly complex asset class. I'm extremely proud of all that we have accomplished over the past 30 years, and we look forward to continuing our leadership position into the future. Let me now turn to some results for the quarter, beginning on slide four. Here we highlight our total asset footprint, which we define as the sum of our AUM, assets under management, and AUA, assets under advisement. Total asset footprint for the quarter stood at $757 billion and represents a 47% increase to our footprint year over year, continuing our long-term consistent growth trend. Consistent with prior quarters, AUM growth year-over-year, which was $23 billion, or 34%, came from both our specialized funds and customized separate accounts and continues to be diversified across client type, size of client, and geographic region. Our focus remains simply growing and winning across both lines of business, and we are pleased with the continued success. As for our AUA, similar to what was seen with our AUM, growth year over year, which came in at $218 billion, or 49%, was from across client type and geographic region. As we had mentioned on prior earnings call, AUA can fluctuate quarter to quarter for a variety of reasons. But the revenue associated with AUA does not necessarily move in lockstep with those changes. And while this quarter saw an increase in AUA dollars relative to the previous quarter, we will continue to emphasize that no direct correlation exists between the scale of AUA dollars and revenue generation. Let me now turn it over to Errol.