Hamilton Lane Incorporated

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. If at any time during this call you need assistance, please press star zero for the operator. 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.

Thank you, Joanna. Good morning and welcome to the Hamilton Lane Q3 fiscal 2024 earnings call. Today, I will be joined by Eric Hirsch, co-CEO, Juan Delgado, co-CEO, and Jeff Armbruster, 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 shareholder section of the Hamilton Lane website. Our detailed financial results will be made available when our 10Q 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. We have also declared a dividend of 44.5 cents per share this quarter, which keeps us on track for the 11% increase over last fiscal year, equating to the targeted $1.78 per share for fiscal year 2024. With that, I'll now turn the call over to Eric.

Hello, everyone, and thank you, John. This is officially our first earnings call post the management transition on January 1st. that now sees me and my partner, Juan Delgado, as co-CEOs of this firm. It has been a strong start to the year, as you will hear shortly, but we wanted to begin by providing you an opportunity to hear directly from Juan on his background and prior roles at Hamilton Lane. With Juan living in Hong Kong, he will not be joining these calls with regularity, but as we begin, we thought it important to provide an introduction, and so with that, I turn it over to Juan.