Hamilton Lane (HLNE) FY2024 results: revenue $554 million, up 4.7% on the year

Hamilton Lane Inc. (HLNE) reported revenue of $554 million for fiscal 2024, the year ended 31 March 2024, up 4.7% on the year before. Net income was $141 million, up 29.1%, and diluted earnings per share $3.69. The figures are the company's own, from the 10-K it filed with the SEC on 23 May 2024.

Revenue

$554 million

+4.7% on the year

FY2017FY2024

Operating margin

44.4%

45.4% a year earlier

FY2017FY2024

Net income

$141 million

+29.1% on the year

FY2017FY2024

Diluted EPS

$3.69

+22.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	554	529	368	+4.7%
Operating income	246	240	170	+2.4%
Operating margin	44.4%	45.4%	46.1%
Pre-tax income	282	243	314	+16.1%
Income tax	54.5	55.4	66.4	-1.8%
Effective tax rate	19.3%	22.8%	21.2%
Net income	141	109	146	+29.1%
Net margin	25.4%	20.6%	39.7%
Diluted EPS	$3.69	$3.01	$3.98	+22.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	121	227	170	-46.7%
Capital expenditure	11.1	4.7	8.5	+133.3%
Free cash flow	110	222	161	-50.5%
Free cash flow margin	19.8%	42.0%	43.8%
Cash from investing	-122	178	-70.5
Cash from financing	4.4	-364	-113
Depreciation and amortisation	8.2	7.4	5.5	+10.0%
Share-based compensation	12.1	9.9	7.4	+21.9%
Buybacks	0.0	0.0	0.0
Dividends paid	65.4	72.4	49.6	-9.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	525	415	347	+26.4%
Non-controlling interest	151	159	115	-5.0%
Redeemable equity	n/a	0.0	276
Debt	196	214	171	-8.1%
Other liabilities	399	353	386	+13.1%
Total liabilities and equity	1,271	1,141	1,295	+11.5%
Fixed assets	33.0	28.4	28.8	+16.1%
Goodwill	9.6	9.6	9.6	0.0%
Intangible assets	4.6	6.3	12.6	-27.1%
Cash and equivalents	120	117	76.2	+2.6%
Other assets	1,104	980	1,168	+12.7%
Total assets	1,271	1,141	1,295	+11.5%

10-K for the year ended 31 March 2024, filed 23 May 2024: the filing.