Hamilton Lane Incorporated (HLNE) Earnings Call Transcript & Summary

Good morning. And welcome to the Hamilton Lane Incorporated 2020 Annual Meeting of Stockholders. I would now like to turn the conference over to Hartley Rogers. Please go ahead.

Good morning. I am Hartley Rogers, Chairman of the Board at Hamilton Lane. Welcome to this Virtual Annual Meeting of Stockholders of Hamilton Lane Incorporated, which is now called to order. It is 9:31 a.m. on September 3, 2020, and all polls are now open. If you are a stockholder of record and have already voted and do not want to change your vote, you need not take any further action today. If you are a stockholder of record and wish to vote for the first time or wish to revoke a prior proxy or vote, you may do so by clicking on the Voting button on the web portal and following the instructions there. Allow me to introduce the directors and the director nominees of the company as well as certain other attendees, who are all joining the meeting virtually: Mario Giannini, Chief Executive Officer and Compensation Committee Chair; Erik Hirsch, Vice Chairman; Leslie Varon, Independent Director and Audit Committee Chair; and director nominees, David Berkman and Griff Sexton, both independent directors. I would also like to introduce Atul Varma, our Chief Financial Officer; and Lydia Gavalis, our General Counsel; as well as John Oh, our Investor Relations Manager. Finally, I would like to introduce representatives from Ernst & Young, Matthew Epp, Josh Brinkley and Jason Ferreira, who will be available during the question-and-answer period after the reading of the proposals to respond to appropriate questions. Any remarks that we make today about future expectations, plans and prospects for our company constitute forward-looking statements for purposes of the federal securities laws. Actual results may differ materially from those statements as a result of various important factors including those discussed in the Risk Factors section of our annual report on Form 10-K for the fiscal year ended March 31, 2020, filed with the SEC. Our statements represent our expectations only as of today and should not be relied upon as representing any future estimates or views. No one attending the meeting is permitted to use any audio recording device. If the virtual meeting is interrupted due to a technical problem, the polls will be closed, votes received prior to the closing will be counted and we will make a public announcement of the results. As indicated in the notice of meeting and accompanying materials sent to all stockholders of record, we are here today to consider the following 3 proposals: one, election of the Class I directors; two, an advisory nonbinding vote to approve the compensation of our named executive officers; and three, ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending March 31, 2021. James Raitt from American Election Services, LLC, is appointed as the inspector of election for the meeting and has signed his oath of office. I have received both an affidavit, certifying that the proxy materials were sent to all stockholders of record commencing on July 30, 2020, as well as a report stating that a quorum is present for purposes of transacting business. Now let us consider the proposals. Please note that we will give stockholders an opportunity to comment on the proposals themselves and ask questions after all proposals have been presented. In accordance with the rules of conduct posted to the web portal, questions and comments must be related to proposals 1, 2 and/or 3 and must be submitted through the web portal. Proposal 1 is for the election of the Class I directors to serve a 3-year term expiring at the 2023 Annual Meeting and until their successors are duly elected and qualified. We have a classified Board, which means that 1/3 of our Board is up for reelection this year. The 2 director nominees for election to serve in Class 1 are David Berkman and Griff Sexton. Proposal 2 is for the advisory nonbinding vote to approve the compensation of our named executive officers as disclosed in the proxy materials for this meeting. Proposal 3 is for the ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending March 31, 2021. We will now pause for comments and questions. [Operator Instructions] In the interest of the efficiency, we reserve the right to group questions of a similar nature together and we may not have time for all questions. I will pause here and turn it over to John Oh.

Thank you, Hartley. We have no questions at this time.

Thank you, John. Seeing as there are no questions, we will move to voting. This is your final opportunity to vote. [Voting]