Hamilton Lane INC
For the period ended Mar 31, 2024. Filed May 23, 2024.
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FY2024 · Filed May 23, 2024
HLNE$96.38+0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended March 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating activities: | |||
| Net income | $227,207 | $187,185 | $247,253 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 8,186 | 7,443 | 5,495 |
| Change in deferred income taxes | 16,697 | 20,433 | 23,944 |
| Change in payable to related parties pursuant to tax receivable agreement | 318 | (3,251) | (5,332) |
| Equity-based compensation | 12,133 | 9,950 | 7,404 |
| Equity in income of investees | (34,893) | (5,088) | (78,813) |
| Net realized loss (gain) on sale of investments | 288 | (12,230) | (11,936) |
| Fair value adjustment of other investments | 333 | (20,730) | (47,487) |
| Proceeds received from partnerships | 28,254 | 15,981 | 46,817 |
| Non-cash lease expense | 8,696 | 7,460 | 9,890 |
| Gain on sale of intangible asset | — | 2,771 | — |
| Impairment of other investment | — | 43,289 | — |
| Other | 706 | (2,813) | (815) |
| Changes in operating assets and liabilities: | |||
| Fees receivable | (61,151) | 4,729 | (22,667) |
| Prepaid expenses | (1,256) | (2,959) | (683) |
| Due from related parties | (528) | (5,313) | 623 |
| Other assets | 15,344 | (6,721) | 20 |
| Accounts payable | (54) | 1,733 | 654 |
| Accrued compensation and benefits | 11,789 | 4,072 | (9,298) |
| Lease liability | (8,578) | (7,577) | (3,330) |
| Other liabilities | 2,503 | (13,216) | 12,311 |
| Consolidated variable interest entities related: | |||
| Change in warrant liability measured at fair value | — | (2,883) | (4,485) |
| Cash relinquished with deconsolidation of fund | (101,712) | — | — |
| Net unrealized gain on investment | (1,406) | — | — |
| Equity in income of investees | (1,598) | (1,455) | (483) |
| Change in other assets and liabilities | (426) | 5,779 | 441 |
| Net cash provided by operating activities | $120,852 | $226,589 | $169,523 |
| Investing activities: | |||
| Purchase of furniture, fixtures and equipment | (11,073) | (4,747) | (8,526) |
| Cash paid for acquisition of business | — | (1,500) | (10,096) |
| Purchase of convertible notes | (8,000) | (2,535) | — |
| Purchase of investments | (6,352) | (37,025) | (18,997) |
| Proceeds from sales of investments | 1,343 | 13,478 | 12,623 |
| Proceeds from sale of intangible assets | 3,305 | — | — |
| Distributions received from investments | — | 1,406 | 12,739 |
| Distributions received from Partnerships | 14,147 | 14,438 | 15,010 |
| Contributions to Partnerships | (57,722) | (84,557) | (73,240) |
| Consolidated variable interest entities related: | |||
| (Purchase) sale of investments | (57,832) | 278,954 | — |
| Net cash (used in) provided by investing activities | $(122,184) | $177,912 | $(70,487) |
| Year Ended March 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Financing activities: | |||
| Proceeds from offering | $201,671 | $43,686 | $73,833 |
| Purchase of membership interests | (201,671) | (43,686) | (73,833) |
| Borrowings of debt, net of deferred financing costs | — | 31,682 | 24,925 |
| Repayments of long term debt | (2,500) | (4,496) | (1,840) |
| Drawdown of revolver | 10,000 | 40,000 | — |
| Repayment of revolver | (25,000) | (25,000) | (15,000) |
| Repurchase of Class B common stock | (2) | — | (1) |
| Repurchase of Class A common stock for employee tax withholding | (3,507) | (2,325) | (3,485) |
| Proceeds received from issuance of shares under Employee Share Purchase Plan | 2,253 | 1,937 | 1,860 |
| Payments to related parties pursuant to the tax receivable agreement | (11,123) | (10,345) | (23,170) |
| Dividends paid | (65,406) | (72,409) | (49,630) |
| Members’ distributions paid | (43,872) | (63,444) | (47,711) |
| Consolidated variable interest entities related: | |||
| Contributions from non-controlling interest in general partnerships | 770 | 725 | 1,424 |
| Distributions to non-controlling interest in general partnerships | (138) | (1,257) | (588) |
| Redemption of Class A common shares of Hamilton Lane Alliance Holdings I, Inc. | — | (278,205) | — |
| Contributions from non-controlling interests in consolidated funds | 142,924 | 18,991 | — |
| Net cash provided by (used in) financing activities | $4,399 | $(364,146) | $(113,216) |
| Increase (decrease) in cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities | 3,067 | 40,355 | (14,180) |
| Cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities at beginning of the year | 116,552 | 76,197 | 90,377 |
| Cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities at end of the year | $119,619 | $116,552 | $76,197 |
| Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Consolidated Statements of Financial Condition: | |||
|---|---|---|---|
| Cash and cash equivalents | $114,634 | $99,686 | $72,138 |
| Restricted cash | 4,985 | 4,804 | 4,023 |
| Cash and cash equivalents held at consolidated variable interest entities | — | 12,062 | 36 |
| Total cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities | $119,619 | $116,552 | $76,197 |
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