Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
−Removed: Shares of our Class A common stock began trading on the Nasdaq Global Select Market under the symbol “HLNE” on March 1, 2017.
−Removed: Prior to that date, there was no public trading market for shares of our Class A common stock.
+Added: Shares of our Class A common stock trade on the Nasdaq Global Select Market under the symbol “HLNE”.
There is no established public trading market for our Class B common stock.
2 unchanged sentences
Holders of Record
−Removed: As of May 25, 2021, there were four stockholders of record of our Class A common stock.
+Added: As of May 24, 2022, there were five stockholders of record of our Class A common stock.
The number of record holders does not include persons who held shares of our Class A common stock in nominee or “street name” accounts through brokers.
9 unchanged sentences
Stock Performance Graph
−Removed: The following graph and table depict the total return to stockholders from the closing price on March 1, 2017 (the date our Class A common stock began trading on Nasdaq) through March 31, 2021, relative to the performance of the S&P 500 Index and the Dow Jones U.S.
+Added: The following graph and table depict the total return to stockholders from the closing price on March 31, 2017 through March 31, 2022, relative to the performance of the S&P 500 Index and the Dow Jones U.S.
Asset Managers Index.
24 unchanged sentences
We have not repurchased any of our Class A common stock under the Stock Repurchase Program, so the full purchase authority remains available under this program, which expires 12 months after the date of the first acquisition under the authorization.
−Removed: Selected Financial Data
−Removed: The following selected consolidated income statement data for the years ended March 31, 2021, 2020, and 2019 and the selected consolidated balance sheet data as of March 31, 2021 and 2020 are derived from our audited consolidated financial statements included elsewhere in this Form 10-K.
−Removed: The following selected consolidated income statement data for the years ended March 31, 2018 and 2017, and the selected consolidated balance sheet data as of March 31, 2019, 2018 and 2017 are derived from our audited consolidated financial statements not included in this Form 10-K.
−Removed: This information should be read in conjunction with, and is qualified by reference to, “Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 and the consolidated financial statements and notes thereto in Part II, Item 8 of this Form 10-K.
−Removed: The data presented below for periods before our IPO does not reflect the added costs we incur as a public company.
−Removed: Our historical results are not necessarily indicative of the results to be expected in the future.
−Removed: Year Ended March 31,
−Removed: 2021 2020 2019 2018 2017
−Removed: Income Statement Data (in thousands, except per share amounts)
−Removed: Management and advisory fees
−Removed: $ 289,444 $ 244,920 $ 217,773 $ 195,030 $ 172,674
−Removed: Incentive fees
−Removed: 52,191 29,128 34,406 49,003 7,146
−Removed: Total revenues
−Removed: 341,635 274,048 252,179 244,033 179,820
−Removed: Total expenses
−Removed: 185,907 157,619 147,955 121,080 103,705
−Removed: Total other income (expense)
−Removed: 37,474 24,315 25,333 16,677 (1,361)
−Removed: Income before income taxes
−Removed: 193,202 140,744 129,557 139,630 74,754
−Removed: Income tax expense
−Removed: 24,417 13,968 30,560 33,333 316
−Removed: 168,785 126,776 98,997 106,297 74,438
−Removed: Income attributable to non-controlling interests
−Removed: 70,763 65,951 65,424 88,956 73,826
−Removed: Net income attributable to Hamilton Lane Incorporated
−Removed: $ 98,022 $ 60,825 $ 33,573 $ 17,341 $ 612
−Removed: Earnings per share of Class A common stock:
−Removed: $ 2.82 $ 2.17 $ 1.41 $ 0.94 $ 0.03
−Removed: $ 2.81 $ 2.15 $ 1.40 $ 0.93 $ 0.03
−Removed: Dividends declared per share of Class A common stock
−Removed: $ 1.25 $ 1.10 $ 0.85 $ 0.70 $ —
−Removed: Non-GAAP Financial Measures
−Removed: Fee Related Earnings (1)
−Removed: 130,039 100,978 89,901 81,223 72,252
−Removed: Adjusted EBITDA (1)
−Removed: 168,239 127,292 117,736 132,586 83,031
−Removed: Balance Sheet Data
−Removed: Cash and cash equivalents
−Removed: $ 87,025 $ 50,124 $ 49,357 $ 47,596 $ 32,286
−Removed: 373,623 207,747 154,491 137,253 120,147
−Removed: 1,136,519 473,529 360,591 293,795 240,617
−Removed: Deferred incentive fee revenue
−Removed: — 3,704 3,704 6,245 45,166
−Removed: 163,175 74,524 70,954 84,162 84,310
−Removed: Total liabilities
−Removed: 546,318 236,128 190,869 157,721 153,990
−Removed: Total equity 314,201 237,401 169,722 136,074 86,627
−Removed: Total liabilities and equity
−Removed: 1,136,519 473,529 360,591 293,795 240,617
−Removed: (1) Adjusted EBITDA and Fee Related Earnings (“FRE”) are non-GAAP measures.
−Removed: For a further discussion of our non-GAAP measures and a reconciliation from GAAP financial measures to non-GAAP financial measures, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” included in Part II, Item 7 of this Form 10-K.
+Added: On December 16, 2021, our board of directors re-approved the Stock Repurchase Program on the same terms as those approved in 2018.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.