Hamilton Lane Incorporated (HLI) reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. Total revenues reached $150.0 million, marking a 18.2% increase from $126.9 million in the same quarter of 2023. For the six-month period, revenues surged to $346.7 million, up from $251.9 million year-over-year. This growth was primarily driven by increases in management and advisory fees, which rose to $119.8 million for the quarter, compared to $109.2 million in the prior year. Incentive fees also saw a substantial increase, climbing to $30.2 million from $17.7 million.
Net income for the three months ended September 30, 2024, was reported at $75.9 million, up from $64.5 million in the same period last year. Net income attributable to Hamilton Lane Incorporated was $55.0 million, compared to $42.0 million in 2023. For the six-month period, net income attributable to HLI increased to $113.9 million from $73.0 million. Basic earnings per share for Class A common stock improved to $1.38 from $1.11 year-over-year.
The company’s total assets grew to $1.42 billion as of September 30, 2024, up from $1.27 billion at the end of March 2024. Cash and cash equivalents also saw a notable increase, rising to $193.8 million from $114.6 million during the same timeframe. Retained earnings increased significantly to $391.7 million, compared to $316.7 million in March 2024.
Strategically, Hamilton Lane has been active in enhancing its capital structure. On October 8, 2024, the company issued $100 million in senior notes due October 15, 2029, and amended its loan agreements, naming JP Morgan Chase Bank as the successor to First Republic Bank. The company continues to evaluate opportunities for strategic investments in technology-driven private markets data and wealth management solutions.
In terms of operational performance, the company reported net cash provided by operating activities of $197.1 million for the six months ended September 30, 2024, compared to $135.6 million in the same period of 2023. The net cash used in investing activities decreased significantly to $(25.0) million from $(85.0) million year-over-year.
Overall, Hamilton Lane's financial results reflect a robust performance, driven by increased revenues across its management and advisory services, alongside strategic financial maneuvers to bolster its capital position.
About Hamilton Lane INC
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