Hamilton Lane INC
For the period ended Mar 31, 2025. Filed May 30, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed May 30, 2025
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
Consolidated Statements of Cash Flows
| Year Ended March 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities: | |||
| Net income | $313,768 | $227,207 | $187,185 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 9,285 | 8,186 | 7,443 |
| Change in deferred income taxes | 12,081 | 16,697 | 20,433 |
| Change in payable to related parties pursuant to tax receivable agreement | 2,122 | 318 | (3,251) |
| Equity-based compensation | 31,407 | 12,133 | 9,950 |
| Equity in income of investees | (29,016) | (34,893) | (5,088) |
| Net realized (gain) loss on sale of investments | (654) | 288 | (12,230) |
| Fair value adjustment of other investments | (10,147) | 333 | (20,730) |
| Proceeds received from Partnerships | 47,250 | 28,254 | 15,981 |
| Non-cash lease expense | 9,007 | 8,696 | 7,460 |
| Gain on sale of intangible asset | — | — | 2,771 |
| Impairment of other investment | — | — | 43,289 |
| Other | 1,211 | 706 | (2,813) |
| Changes in operating assets and liabilities: | |||
| Fees receivable | (73,120) | (61,151) | 4,729 |
| Prepaid expenses | (185) | (1,256) | (2,959) |
| Due from related parties | (8,067) | (528) | (5,313) |
| Other assets | 39 | 15,344 | (6,721) |
| Accounts payable | 964 | (54) | 1,733 |
| Accrued compensation and benefits | 12,577 | 11,789 | 4,072 |
| Lease liability | (9,012) | (8,578) | (7,577) |
| Other liabilities | 19,016 | 2,503 | (13,216) |
| Consolidated variable interest entities related: | |||
| Change in warrant liability measured at fair value | — | — | (2,883) |
| Cash relinquished from deconsolidation of fund | (12,173) | (101,712) | — |
| Net unrealized gain on investment | (10,848) | (1,406) | — |
| Equity in income of investees | (1,613) | (1,598) | (1,455) |
| Change in other assets and liabilities | (3,072) | (426) | 5,779 |
| Net cash provided by operating activities | $300,820 | $120,852 | $226,589 |
| Investing activities: | |||
| Purchase of furniture, fixtures and equipment | (12,156) | (11,073) | (4,747) |
| Cash paid for acquisition of business | — | — | (1,500) |
| Purchase of convertible notes | (1,000) | (8,000) | (2,535) |
| Purchase of investments | (11,692) | (6,352) | (37,025) |
| Proceeds from sale of investments | 6,948 | 1,343 | 13,478 |
| Proceeds from sale of intangible assets | 2,078 | 3,305 | — |
| Distributions received from investments | — | — | 1,406 |
| Distributions received from Partnerships | 22,696 | 14,147 | 14,438 |
| Contributions to Partnerships | (58,408) | (57,722) | (84,557) |
| Consolidated variable interest entities related: | |||
| (Purchase) sale of investments | (78,142) | (57,832) | 278,954 |
| Cash from consolidating funds | 12,100 | — | — |
| Net cash (used in) provided by investing activities | $(117,576) | $(122,184) | $177,912 |
| Year Ended March 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Financing activities: | |||
| Proceeds from offering | $248,403 | $201,671 | $43,686 |
| Purchase of membership interests | (248,403) | (201,671) | (43,686) |
| Borrowings of debt, net of deferred financing costs | 97,658 | — | 31,682 |
| Repayments of long term debt | (3,750) | (2,500) | (4,496) |
| Draw-down of revolver | — | 10,000 | 40,000 |
| Repayment of revolver | — | (25,000) | (25,000) |
| Repurchase of Class B common stock | (2) | (2) | — |
| Repurchase of Class A common stock for employee tax withholding | (5,468) | (3,507) | (2,325) |
| Proceeds received from issuance of shares under Employee Share Purchase Plan | 2,797 | 2,253 | 1,937 |
| Payments to related parties pursuant to the tax receivable agreement | (11,924) | (11,123) | (10,345) |
| Dividends paid | (75,997) | (65,406) | (72,409) |
| Members’ distributions paid | (43,803) | (43,872) | (63,444) |
| Consolidated variable interest entities related: | |||
| Contributions from non-controlling interest in general partnerships | 461 | 770 | 725 |
| Distributions to non-controlling interest in general partnerships | (219) | (138) | (1,257) |
| Redemption of Class A common shares of Hamilton Lane Alliance Holdings I, Inc. | — | — | (278,205) |
| Contributions from non-controlling interests in consolidated funds | 21,090 | 142,924 | 18,991 |
| Net cash (used in) provided by financing activities | $(19,157) | $4,399 | $(364,146) |
| Effect of exchange rate changes on cash and cash equivalents | (102) | — | — |
| Increase in cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities | 163,985 | 3,067 | 40,355 |
| Cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities at beginning of the year | 119,619 | 116,552 | 76,197 |
| Cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities at end of the year | $283,604 | $119,619 | $116,552 |
| 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 | $229,161 | $114,634 | $99,686 |
| Restricted cash | 6,331 | 4,985 | 4,804 |
| Cash and cash equivalents held at consolidated variable interest entities | 48,112 | — | 12,062 |
| Total cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities | $283,604 | $119,619 | $116,552 |
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