• Hamilton Lane average operating margin for 2023 was 44.38%, a 3.54% increase from 2022.
• Hamilton Lane average operating margin for 2022 was 46.01%, a 0.73% decline from 2021.
• Hamilton Lane average operating margin for 2021 was 46.35%, a 6.31% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.