Hamilton Lane Incorporated : Second Fiscal Quarter and Fiscal Year 2023 Earnings Presentation

Fiscal Year 2023 Second Quarter Results

Earnings Presentation - November 1, 2022

Today's Speakers

Mario Giannini	Erik Hirsch	Brian Gildea	Atul Varma	John Oh
Chief Executive Officer	Vice Chairman	Managing Director - Investments	Chief Financial Officer	Investor Relations Manager

Hamilton Lane l Global Leader in the Private Markets	2

Period Highlights

Business Performance

• Assets under management and fee-earning assets under management were $107 billion and $53 billion, respectively, as of September 30, 2022, increases of 12% and 18%, respectively, compared to September 30, 2021
• Management and advisory fees increased 19% compared to the six months ended September 30, 2021

Financial Results

USD in millions except per share amounts	Q2 FY23 QTD	Q2 FY23 YTD	vs. Q2 FY22 YTD
Management and advisory fees	$92.9	$178.8	19 %
GAAP net income	$34.9	$68.4	(15)%
GAAP EPS	$0.97	$1.88	(14)%
Adjusted net income1	$55.1	$104.7	(13)%
Non-GAAP EPS1	$1.02	$1.95	(13)%
Fee Related Earnings1	$39.8	$76.6	10 %
Adjusted EBITDA1	$75.1	$141.7	58 %

Dividend

• Declared a quarterly dividend of $0.40 per share of Class A common stock to record holders at the close of business on December 15, 2022

1Adjusted net income, non-GAAP earnings per share, Fee Related Earnings and Adjusted EBITDA are non-GAAP financial measures. For the reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see pages 20 and 21 of this presentation.

Hamilton Lane l Global Leader in the Private Markets	3

Growing Asset Footprint & Influence

$824B

AUM & AUA

		1
			Total Assets Under Management/Advisement ($B)
$1,000
	Y-o-Y Growth
$800	AUM:	12 %
	AUA:	1 %
$600		19%
		CAGR:

$76

$98 $107

$ 717

$753

$66

$59$581

$400																	$50		$422
																	$410
															$40	$374
												$32	$35
$200											$30		$292
						$22		$24			$205
										$189
					$16
					$19				$147	$147
			$11	$13
		$7			$129
	$6		$95	$81
	$77	$79
	$36	$51
$0
																			2020		9/30/22
2005		2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2021
										Total AUA			Total AUM

1Data as of calendar year end 12/31 unless otherwise noted. Numbers may not tie due to rounding.

Hamilton Lane l Global Leader in the Private Markets	4

Fee-Earning AUM Driving Revenues

Fee-Earning AUM growth continues and annual fee rates are stable

Total Fee-Earning Assets Under Management ($B)

		.55%				.56%	.60%	.56%				.55%	.58%
	$60
															$49					$53
	$50																	$45
												$42
	$40									$39							$18						$20
		$31		$34							$16								$17
	$30								$14
					$11
	$20		$10										$31					$32
												$27
								$25	$26
	$10	$21		$22
	$0
		Mar-18		Mar-19		Mar-20			Mar-21				Mar-22	Sep-21		Sep-22
	*Numbers may not tie due to rounding						Customized Separate Accounts				Specialized Funds
										Total Management Fee Revenues as a % of Average FEAUM
												Y-o-Y Drivers of Growth
				Customized Separate Accounts:							Specialized Funds:
				•	New client wins							• Closed 1st infrastructure fund and 7th credit-oriented
				•	Client re-ups									fund
																		• Fundraising 5th direct equity fund, 6th secondary fund,
																		2nd impact fund, and evergreen funds

Hamilton Lane l Global Leader in the Private Markets	5