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LPL Financial Announces First Quarter 2021 Results

Nachrichtenquelle: globenewswire
29.04.2021, 22:05  |  101   |   |   

Key Financial Results

  • Earnings per share ("EPS") was $1.59, and Net Income was $130 million.
    • Gross Profit** was $579 million.
    • Core G&A** was $236 million.
    • EBITDA** was $268 million and EBITDA** as a percentage of Gross Profit** was 46%.
  • EPS Prior to Amortization of Intangible Assets and Acquisition Costs** was $1.77.

Key Business Results

  • Total Advisory and Brokerage Assets increased 43% year-over-year to $958 billion.
    • Advisory assets increased 54% year-over-year to $497 billion.
    • Advisory assets as a percentage of total assets increased to 51.8%, up from 48.1% a year ago.
  • Total Organic Net New Assets(1) were $29 billion in Q1 2021, translating to 12.8% annualized growth, and $71 billion over the past twelve months, translating to 10.6% annualized growth.
    • Prior to assets onboarded from BMO Harris Financial Advisors ("BMO"), Q1 total organic net new assets were $17 billion, translating to 7.6% annualized growth.
    • Organic net new advisory assets were $23 billion, translating to 19.7% annualized growth.
    • Organic net new brokerage assets were $6 billion, translating to 5.6% annualized growth.
  • Recruited Assets(2) were $24 billion, contributing to a trailing twelve-month total of $56 billion, up 56% year-over-year.
  • Onboarded BMO Harris Financial Advisors in March:
    • BMO recruited assets were $15.2 billion, of which $11.8 billion transitioned onto our platform in Q1.
    • The remaining $3.4 billion of assets are directly held with sponsors and expected to onboard over the next few months.
  • Business Solutions subscriptions increased to ~1,700, up ~300 sequentially and ~1,000 year-over-year.
    • Annualized revenue from Business Solutions increased to ~$19 million, up by ~$9 million year-over-year.
  • Advisor count(3) was 17,672, up 385 sequentially and 909 year-over-year.
  • Total client cash balances were $48.3 billion, down $0.6 billion, or 1% sequentially.
    • Client cash balances as a percentage of total assets were 5.0%.

Key Updates on our acquisition of Waddell & Reed’s wealth management business:

  • Advisors serving ~95% of client assets have committed to join LPL.
  • Estimated Run-Rate EBITDA has increased from $50M+ at signing to $80M+.
  • Expected to close the acquisition as early as April 30, 2021.

Key Capital and Liquidity Results

  • Dividends paid of $20 million.
  • Corporate Cash(4) was $340 million.
  • Credit Agreement Net Leverage Ratio(5) was 2.11x.
  • Refinanced $900 million of senior unsecured notes to a lower rate of 4.00%, which we estimate will save ~$13 million of annual interest expense, and we increased our revolving credit facility to $1 billion.

SAN DIEGO, April 29, 2021 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”) today announced results for its first quarter ended March 31, 2021, reporting net income of $130 million, or $1.59 per share. This compares with $156 million, or $1.92 per share, in the first quarter of 2020 and $112 million, or $1.38 per share, in the prior quarter.

"Over the past quarter, our advisors continued to be a source of extraordinary support and guidance for their clients, and at the same time, we remained focused on our mission of taking care of our advisors, so they can take of their clients,” said Dan Arnold, President and CEO. “This combination positioned us to enhance our capabilities, service, and technology, which increased the appeal of our model and contributed to another quarter of solid business growth and financial results. As we look ahead, we aim to continue investing in our model and increasing our market share within the advisor-centered marketplace.”

“As we move into 2021, we remain focused on serving our advisors, growing our business, and delivering shareholder value. This focus led to our highest quarter of organic growth in our history,” said Matt Audette, CFO. “We also looking forward to onboarding three of our largest partners this year - BMO, M&T and Waddell & Reed – which collectively represent over $100 billion of assets to our platform. Looking ahead, our business momentum and financial strength position us well to continue creating long-term shareholder value.”

Conference Call and Additional Information

The Company will hold a conference call to discuss its results at 5:00 p.m. ET on Thursday, April 29. To listen, call 877-677-9122 (domestic) or 708-290-1401 (international); passcode 9514518, or visit investor.lpl.com (webcast). Replays will be available by phone and on investor.lpl.com beginning two hours after the call and until May 6 and May 20, respectively. For telephonic replay, call 855-859-2056 (domestic) or 404-537-3406 (international); passcode 9514518.

About LPL Financial

LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader* in the markets we serve, supporting more than 17,000 financial advisors, 800 institution-based investment programs and 450 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to objective guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.

* Top RIA custodian (Cerulli Associates, 2019 U.S. RIA Marketplace Report)
No. 1 Independent Broker-Dealer in the U.S (Based on total revenues, Financial Planning magazine June 1996-2020)
No. 1 provider of third-party brokerage services to banks and credit unions (2019-2020 Kehrer Bielan Research & Consulting Annual TPM Report)

Securities and Advisory services offered through LPL Financial LLC, a registered investment advisor. Member FINRA/SIPC. We routinely disclose information that may be important to shareholders in the "Investor Relations" or "Press Releases" section of our website.

**Non-GAAP Financial Measures

Management believes that presenting certain non-GAAP financial measures by excluding or including certain items can be helpful to investors and analysts who may wish to use this information to analyze the Company’s current performance, prospects and valuation. Management uses this non-GAAP information internally to evaluate operating performance and in formulating the budget for future periods. Management believes that the non-GAAP financial measures and metrics discussed below are appropriate for evaluating the performance of the Company.

EPS Prior to Amortization of Intangible Assets and Acquisition Costs is defined as GAAP EPS plus the per share impact of amortization of intangible assets and acquisition costs. The per share impact is calculated as amortization of intangible assets expense and acquisition costs, net of applicable tax benefit, divided by the number of shares outstanding for the applicable period. The Company presents EPS Prior to Amortization of Intangible Assets and Acquisition Costs because management believes that the metric can provide investors with useful insight into the Company’s core operating performance by excluding non-cash items and acquisition costs that management does not believe impact the Company’s ongoing operations. EPS Prior to Amortization of Intangible Assets and Acquisition Costs is not a measure of the Company's financial performance under GAAP and should not be considered as an alternative to GAAP EPS or any other performance measure derived in accordance with GAAP. For a reconciliation of EPS Prior to Amortization of Intangible Assets and Acquisition Costs to GAAP EPS, please see footnote 40 on page 19 of this release.

Gross Profit is calculated as total revenues, which were $1,708 million for the three months ended March 31, 2021, less advisory and commission expenses and brokerage, clearing and exchange fees, which were $1,109 million and $19 million, respectively for the three months ended March 31, 2021. All other expense categories, including depreciation and amortization of fixed assets and amortization of intangible assets, are considered general and administrative in nature. Because the Company’s Gross Profit amounts do not include any depreciation and amortization expense, the Company considers Gross Profit to be a non-GAAP financial measure that may not be comparable to similar measures used by others in its industry. Management believes that Gross Profit can provide investors with useful insight into the Company’s core operating performance before indirect costs that are general and administrative in nature. For a calculation of Gross Profit, please see footnote 7 on page 16 of this release.

Core G&A consists of total operating expenses, which were $1,493 million for the three months ended March 31, 2021, excluding the following expenses: advisory and commission, regulatory charges, promotional, employee share-based compensation, depreciation and amortization, amortization of intangible assets, and brokerage, clearing and exchange. Management presents Core G&A because it believes Core G&A reflects the corporate operating expense categories over which management can generally exercise a measure of control, compared with expense items over which management either cannot exercise control, such as advisory and commission expenses, or which management views as promotional expense necessary to support advisor growth and retention, including conferences and transition assistance. Core G&A is not a measure of the Company’s total operating expenses as calculated in accordance with GAAP. For a reconciliation of Core G&A to the Company’s total operating expenses, please see footnote 11 on page 17 of this release. The Company does not provide an outlook for its total operating expenses because it contains expense components, such as advisory and commission expenses, that are market-driven and over which the Company cannot exercise control. Accordingly a reconciliation of the Company’s outlook for Core G&A to an outlook for total operating expenses cannot be made available without unreasonable effort.

EBITDA is defined as net income plus interest and other expense, income tax expense, depreciation and amortization, and amortization of intangible assets. The Company presents EBITDA because management believes that it can be a useful financial metric in understanding the Company’s earnings from operations. EBITDA is not a measure of the Company's financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of profitability or liquidity. In addition, the Company’s EBITDA can differ significantly from EBITDA calculated by other companies, depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, and capital investments. For a reconciliation of EBITDA to net income, please see footnote 28 on page 18 of this release.

Credit Agreement EBITDA is defined in, and calculated by management in accordance with, the Company's credit agreement (“Credit Agreement”) as “Consolidated EBITDA,” which is Consolidated Net Income (as defined in the Credit Agreement) plus interest expense, tax expense, depreciation and amortization, and amortization of intangible assets, and is further adjusted to exclude certain non-cash charges and other adjustments, including unusual or non-recurring charges and gains, and to include future expected cost savings, operating expense reductions or other synergies from certain transactions. The Company presents Credit Agreement EBITDA because management believes that it can be a useful financial metric in understanding the Company’s debt capacity and covenant compliance under its Credit Agreement. Credit Agreement EBITDA is not a measure of the Company's financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of profitability or liquidity. In addition, the Company’s calculation of Credit Agreement EBITDA can differ significantly from adjusted EBITDA calculated by other companies, depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, capital investments, and types of adjustments made by such companies. For a reconciliation of Credit Agreement EBITDA to net income, please see footnote 28 on page 18 of this release.

Forward-Looking Statements

Statements in this press release regarding the Company's future financial and operating results, growth, priorities and business strategies, including forecasts and statements relating to future expenses (including 2021 Core G&A** outlook), future capabilities, future advisor service experience, future investments and capital deployment, long-term shareholder value and the planned acquisition of Waddell & Reed's wealth management business (the “Waddell & Reed Acquisition”), including the timing of the closing thereof, as well as any other statements that are not related to present facts or current conditions or that are not purely historical, constitute forward-looking statements. These forward-looking statements are based on the Company's historical performance and its plans, estimates and expectations as of April 29, 2021. Forward-looking statements are not guarantees that the future results, plans, intentions or expectations expressed or implied will be achieved. Matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, which may cause actual financial or operating results, levels of activity or the timing of events to be materially different from those expressed or implied by forward-looking statements. Important factors that could cause or contribute to such differences include: changes in general economic and financial market conditions, including retail investor sentiment; changes in interest rates and fees payable by banks participating in the Company's client cash programs; the Company's strategy and success in managing client cash program fees; changes in the growth and profitability of the Company's fee-based business; fluctuations in the levels of advisory and brokerage assets, including net new assets, and the related impact on revenues; the effects of competition in the financial services industry and the success of the Company in attracting and retaining financial advisors and institutions; whether the retail investors served by newly-recruited advisors choose to move their respective assets to new accounts at the Company; the effect of current, pending and future legislation, regulation and regulatory actions, including disciplinary actions imposed by federal and state regulators and self-regulatory organizations and the implementation of Regulation BI (Best Interest); the costs of settling and remediating issues related to regulatory matters or legal proceedings, including actual costs of reimbursing customers for losses in excess of our reserves; changes made to the Company’s services and pricing, and the effect that such changes may have on the Company’s gross profit streams and costs; the execution of the Company's plans and its success in realizing the synergies, expense savings, service improvements and efficiencies expected to result from its initiatives, acquisitions and programs; the effects of the COVID-19 pandemic; the parties’ satisfaction of the closing conditions applicable to the Waddell & Reed Acquisition, and the timely closing of such transaction thereafter; the successful onboarding of advisors and client assets in connection with the Waddell & Reed Acquisition; and the other factors set forth in Part I, “Item 1A. Risk Factors” in the Company's 2020 Annual Report on Form 10-K, as may be amended or updated in the Company's Quarterly Reports on Form 10-Q or other filings with the Securities and Exchange Commission. Except as required by law, the Company specifically disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this earnings release, even if its estimates change, and you should not rely on statements contained herein as representing the Company's views as of any date subsequent to the date of this press release.

Investor Relations – Chris Koegel, (617) 897-4574
Media Relations – Lauren Hoyt-Williams, (813) 351-9203
investor.lpl.com/contactus.cfm


LPL Financial Holdings Inc.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)

  Three Months Ended March 31,    
  2021   2020   % Change
REVENUES          
Advisory $ 722,046     $ 579,027       25 %
Commission 557,229     503,444       11 %
Asset-based 264,706     285,506       (7 %)
Transaction and fee 140,944     137,096       3 %
Interest income 6,518     9,542       (32 %)
Other 16,174     (51,218 )     n/m  
Total revenues 1,707,617     1,463,397       17 %
EXPENSES          
Advisory and commission 1,108,899     870,795       27 %
Compensation and benefits 161,540     146,802       10 %
Promotional 54,181     57,398       (6 %)
Depreciation and amortization 35,499     26,644       33 %
Amortization of intangible assets 17,431     16,570       5 %
Occupancy and equipment 43,584     39,546       10 %
Professional services 15,625     14,605       7 %
Brokerage, clearing and exchange 19,364     17,024       14 %
Communications and data processing 11,993     10,835       11 %
Other 24,900     26,228       (5 %)
Total operating expenses 1,493,016     1,226,447       22 %
Non-operating interest expense and other 25,059     29,318       (15 %)
Loss on extinguishment of debt 24,400           n/m  
INCOME BEFORE PROVISION FOR INCOME TAXES 165,142     207,632       (20 %)
PROVISION FOR INCOME TAXES 35,522     51,991       (32 %)
NET INCOME $ 129,620     $ 155,641       (17 %)
EARNINGS PER SHARE          
Earnings per share, basic $ 1.63     $ 1.96       (17 %)
Earnings per share, diluted $ 1.59     $ 1.92       (17 %)
Weighted-average shares outstanding, basic   79,697       79,507       %
Weighted-average shares outstanding, diluted   81,622       81,166       1 %


LPL Financial Holdings Inc.

Condensed Consolidated Statements of Income Trend
(In thousands, except per share data)
(Unaudited)

  Quarterly Results
  Q1 2021   Q4 2020   Q3 2020
REVENUES          
Advisory $ 722,046     $ 638,181     $ 586,941  
Commission 557,229     503,020     472,643  
Asset-based 264,706     258,393     253,551  
Transaction and fee 140,944     129,750     119,747  
Interest income 6,518     6,707     6,623  
Other 16,174     45,232     20,796  
Total revenues 1,707,617     1,581,283     1,460,301  
EXPENSES          
Advisory and commission 1,108,899     1,029,739     936,766  
Compensation and benefits 161,540     167,864     151,271  
Promotional 54,181     48,342     57,970  
Depreciation and amortization 35,499     28,650     27,548  
Amortization of intangible assets 17,431     17,270     16,829  
Occupancy and equipment 43,584     41,903     41,874  
Professional services 15,625     16,541     12,301  
Brokerage, clearing and exchange expense 19,364     17,762     17,834  
Communications and data processing 11,993     14,656     12,547  
Other 24,900     27,744     24,852  
Total operating expenses 1,493,016     1,410,471     1,299,792  
Non-operating interest expense and other 25,059     24,979     25,179  
Loss on extinguishment of debt 24,400          
INCOME BEFORE PROVISION FOR INCOME TAXES 165,142     145,833     135,330  
PROVISION FOR INCOME TAXES 35,522     34,285     31,541  
NET INCOME $ 129,620     $ 111,548     $ 103,789  
EARNINGS PER SHARE          
Earnings per share, basic $ 1.63     $ 1.41     $ 1.31  
Earnings per share, diluted $ 1.59     $ 1.38     $ 1.29  
Weighted-average shares outstanding, basic   79,697       79,353       79,176  
Weighted-average shares outstanding, diluted   81,622       80,904       80,550  


LPL Financial Holdings Inc.

Condensed Consolidated Statements of Financial Condition
(In thousands, except share data)
(Unaudited)

  March 31, 2021   December 31, 2020
ASSETS
Cash and cash equivalents $ 839,144       $ 808,612    
Cash segregated under federal and other regulations 839,428       923,158    
Restricted cash 73,507       67,264    
Receivables from:      
Clients, net of allowance 453,132       405,106    
Product sponsors, broker-dealers and clearing organizations 240,465       233,192    
Advisor loans, net of allowance 558,144       547,372    
Others, net of allowance 351,443       306,640    
Securities owned:      
Trading — at fair value 47,964       29,252    
Held-to-maturity — at amortized cost 11,972       13,235    
Securities borrowed 13,565       30,130    
Fixed assets, net of accumulated depreciation and amortization 588,736       582,868    
Operating lease assets 99,306       101,921    
Goodwill 1,513,866       1,513,866    
Intangible assets, net of accumulated amortization 383,794       397,486    
Deferred income taxes, net 24,246       24,112    
Other assets 576,699       539,357    
Total assets $ 6,615,411       $ 6,523,571    
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:      
Drafts payable $ 151,397       $ 178,403    
Payables to clients 1,294,664       1,356,083    
Payables to broker-dealers and clearing organizations 125,563       89,743    
Accrued advisory and commission expenses payable 195,044       187,040    
Accounts payable and accrued liabilities 655,787       681,554    
Income taxes payable 58,546       28,145    
Unearned revenue 123,152       95,328    
Securities sold, but not yet purchased — at fair value 1,316       206    
Long-term and other borrowings, net 2,332,809       2,345,414    
Operating lease liabilities 136,419       139,377    
Finance lease liabilities 106,393       107,424    
Total liabilities 5,181,090       5,208,717    
STOCKHOLDERS’ EQUITY:      
Common stock, $0.001 par value; 600,000,000 shares authorized; 128,136,874 shares issued at March 31, 2021 and 127,585,764 shares issued at December 31, 2020 128       127    
Additional paid-in capital 1,787,095       1,762,770    
Treasury stock, at cost — 48,210,851 shares at March 31, 2021 and 48,115,037 shares at December 31, 2020 (2,406,221 )     (2,391,062 )  
Retained earnings 2,053,319       1,943,019    
Total stockholders’ equity 1,434,321       1,314,854    
Total liabilities and stockholders’ equity $ 6,615,411       $ 6,523,571    


LPL Financial Holdings Inc.

Management's Statements of Operations(6)
(In thousands, except per share data)
(Unaudited)

Certain information presented on pages 8-15 of this release is presented as reviewed by the Company’s management and includes information derived from the Company’s Unaudited Condensed Consolidated Statements of Income, non-GAAP financial measures, and operational and performance metrics. For information on non-GAAP financial measures, please see the section titled "Non-GAAP Financial Measures" that begins on page 3 of this release.

  Quarterly Results
  Q1 2021   Q4 2020   % Change   Q1 2020   % Change
Gross Profit(7)                  
Advisory $ 722,046       $ 638,181       13 %   $ 579,027       25 %
Sales-based commissions 236,273       202,504       17 %   228,391       3 %
Trailing commissions 320,956       300,516       7 %   275,053       17 %
Advisory fees and commissions 1,279,275       1,141,201       12 %   1,082,471       18 %
Production based payout(8) (1,095,377 )     (987,882 )     11 %   (920,835 )     19 %
Advisory fees and commissions, net of payout 183,898       153,319       20 %   161,636       14 %
Client cash 97,104       105,019       (8 %)   151,398       (36 %)
Other asset-based(9) 167,602       153,374       9 %   134,108       25 %
Transaction and fee 140,944       129,750       9 %   137,096       3 %
Interest income and other, net(10) 9,170       10,082       (9 %)   8,364       10 %
Total net advisory fees and commissions and attachment revenue 598,718       551,544       9 %   592,602       1 %
Brokerage, clearing and exchange expense (19,364 )     (17,762 )     9 %   (17,024 )     14 %
Gross Profit(7) 579,354       533,782       9 %   575,578       1 %
                   
G&A Expense                  
Core G&A(11) 236,263       252,391       (6 %)   223,211       6 %
Regulatory charges 7,595       8,775       n/m     6,157       n/m  
Promotional 54,181       48,342       12 %   57,398       (6 %)
Acquisition costs(12) 2,429             n/m           n/m  
Employee share-based compensation 11,356       7,542       51 %   8,648       31 %
Total G&A 311,823       317,050       (2 %)   295,414       6 %
EBITDA(6) 267,531       216,732       23 %   280,164       (5 %)
Depreciation and amortization 35,499       28,650       24 %   26,644       33 %
Amortization of intangible assets 17,431       17,270       1 %   16,570       5 %
Non-operating interest expense and other 25,059       24,979       %   29,318       (15 %)
Loss on extinguishment of debt 24,400             n/m           n/m  
INCOME BEFORE PROVISION FOR INCOME TAXES 165,142       145,833       13 %   207,632       (20 %)
PROVISION FOR INCOME TAXES 35,522       34,285       4 %   51,991       (32 %)
NET INCOME $ 129,620       $ 111,548       16 %   $ 155,641       (17 %)
Earnings per share, diluted $ 1.59       $ 1.38       15 %   $ 1.92       (17 %)
Weighted-average shares outstanding, diluted   81,622         80,904       1 %     81,166       1 %
EPS Prior to Amortization of Intangible Assets and Acquisition Costs(6)(40) $ 1.77       $ 1.53       16 %   $ 2.06       (14 %)


LPL Financial Holdings Inc.

Management's Statements of Operations Trend(6)
(In thousands, except per share data)
(Unaudited)

  Quarterly Results
  Q1 2021   Q4 2020   Q3 2020
Gross Profit(7)          
Advisory $ 722,046       $ 638,181       $ 586,941    
Sales-based commissions 236,273       202,504       180,357    
Trailing commissions 320,956       300,516       292,286    
Advisory fees and commissions 1,279,275       1,141,201       1,059,584    
Production based payout(8) (1,095,377 )     (987,882 )     (917,831 )  
Advisory fees and commissions, net of payout 183,898       153,319       141,753    
Client cash 97,104       105,019       108,705    
Other asset-based(9) 167,602       153,374       144,846    
Transaction and fee 140,944       129,750       119,747    
Interest income and other, net(10) 9,170       10,082       8,484    
Total net advisory fees and commissions and attachment revenue 598,718       551,544       523,535    
Brokerage, clearing and exchange expense (19,364 )     (17,762 )     (17,834 )  
Gross Profit(7) 579,354       533,782       505,701    
           
G&A Expense          
Core G&A(11) 236,263       252,391       227,099    
Regulatory charges 7,595       8,775       8,326    
Promotional 54,181       48,342       57,970    
Acquisition costs(12) 2,429                
Employee share-based compensation 11,356       7,542       7,420    
Total G&A 311,823       317,050       300,815    
EBITDA(6) 267,531       216,732       204,886    
Depreciation and amortization 35,499       28,650       27,548    
Amortization of intangible assets 17,431       17,270       16,829    
Non-operating interest expense and other 25,059       24,979       25,179    
Loss on extinguishment of debt 24,400                
INCOME BEFORE PROVISION FOR INCOME TAXES 165,142       145,833       135,330    
PROVISION FOR INCOME TAXES 35,522       34,285       31,541    
NET INCOME $ 129,620       $ 111,548       $ 103,789    
Earnings per share, diluted $ 1.59       $ 1.38       $ 1.29    
Weighted-average shares outstanding, diluted   81,622         80,904         80,550    
EPS Prior to Amortization of Intangible Assets and Acquisition Costs(6)(40) $ 1.77       $ 1.53       $ 1.44    


LPL Financial Holdings Inc.

Operating Metrics(6)
(Dollars in billions, except where noted)
(Unaudited)

  Q1 2021   Q4 2020   Change   Q1 2020   Change
Market Drivers                  
S&P 500 Index (end of period) 3,973     3,756     6%   2,585     54%
Fed Funds Daily Effective Rate (FFER) (average bps) 8     9     (1bps)   123     (115bps)
                   
Advisory and Brokerage Assets                  
Advisory Assets(13) $ 496.7     $ 461.2     8%   $ 322.3     54%
Brokerage Assets(14) 461.6     441.9     4%   347.6     33%
Total Advisory and Brokerage Assets $ 958.3     $ 903.1     6%   $ 669.9     43%
Advisory % of Total Advisory and Brokerage Assets 51.8 %   51.1 %   70bps   48.1 %   370bps
                   
Assets by Platform                  
Corporate Platform Advisory Assets(15) $ 317.5     $ 291.9     9%   $ 200.7     58%
Hybrid Platform Advisory Assets(16) 179.2     169.3     6%   121.6     47%
Brokerage Assets 461.6     441.9     4%   347.6     33%
Total Advisory and Brokerage Assets $ 958.3     $ 903.1     6%   $ 669.9     43%
                   
Centrally Managed Assets                  
Centrally Managed Assets(17) $ 77.0     $ 67.1     15%   $ 46.9     64%
Centrally Managed % of Total Advisory Assets 15.5 %   14.6 %   90bps   14.5 %   100bps


LPL Financial Holdings Inc.

Operating Metrics(6)
(Dollars in billions, except where noted)
(Unaudited)

  Q1 2021   Q4 2020   Change   Q1 2020   Change
Net New Assets (NNA)                  
Net New Advisory Assets(18) $ 22.7     $ 18.4     n/m   $ 13.2     n/m
Net New Brokerage Assets(19) 6.2     3.4     n/m   1.2     n/m
Total Net New Assets $ 28.9     $ 21.8     n/m   $ 14.3     n/m
                   
Organic Net New Assets (NNA) (20)                  
Organic Net New Advisory Assets $ 22.7     $ 15.9     n/m   $ 13.2     n/m
Organic Net New Brokerage Assets 6.2     1.9     n/m   1.2     n/m
Total Organic Net New Assets $ 28.9     $ 17.8     n/m   $ 14.3     n/m
                   
Net Brokerage to Advisory Conversions(21) $ 3.3     $ 2.6     n/m   $ 2.4     n/m
Organic Advisory NNA Annualized Growth (22) 19.7 %   15.6 %   n/m   14.4 %   n/m
Total Organic NNA Annualized Growth (22) 12.8 %   8.8 %   n/m   7.5 %   n/m
                   
Net New Advisory Assets                  
Corporate Platform Net New Advisory Assets(23) $ 17.1     $ 15.0     n/m   $ 7.8     n/m
Hybrid Platform Net New Advisory Assets(24) 5.6     3.3     n/m   5.4     n/m
Total Net New Advisory Assets $ 22.7     $ 18.4     n/m   $ 13.2     n/m
Centrally Managed Net New Advisory Assets(25) $ 7.8     $ 2.5     n/m   $ 2.2     n/m
                   
Client Cash Balances                  
Insured Cash Account Balances $ 37.4     $ 37.3     —%   $ 34.5     8%
Deposit Cash Account Balances 7.9     8.2     (4%)   8.7     (9%)
Total Bank Sweep Balances 45.3     45.5     —%   43.2     5%
Money Market Account Cash Balances 1.3     1.5     (13%)   1.8     (28%)
Purchased Money Market Funds 1.6     1.9     (16%)   2.8     (43%)
Total Money Market Balances 3.0     3.3     (9%)   4.6     (35%)
Total Client Cash Balances $ 48.3     $ 48.9     (1%)   $ 47.8     1%
Client Cash Balances % of Total Assets 5.0 %   5.4 %   (40bps)   7.1 %   (210bps)
                   
Client Cash Balance Average Fees(26)                  
Insured Cash Account Average Fee - bps 99     108     (9)   195     (96)
Deposit Cash Account Average Fee - bps 29     30     (1)   142     (113)
Money Market Account Average Fee - bps 3     5     (2)   58     (55)
Purchased Money Market Fund Average Fee - bps 9     13     n/m   29     n/m
Total Client Cash Balance Average Fee - bps 81     87     (6)   168     (87)
                   
Net Buy (Sell) Activity(27) $ 17.4     $ 12.2     n/m   $ 0.2     n/m


LPL Financial Holdings Inc.

Monthly Metrics(6)
(Dollars in billions, except where noted)
(Unaudited)

  March 2021   February 2021   Feb to March Change   January 2021   December 2020
Advisory and Brokerage Assets                  
Advisory Assets(13) $ 496.7     $ 477.4       4.0%   $ 464.6       $ 461.2  
Brokerage Assets(14) 461.6     447.7       3.1%   442.3       441.9  
Total Advisory and Brokerage Assets $ 958.3     $ 925.1       3.6%   $ 907.0       $ 903.1  
                   
Net New Assets (NNA)                  
Net New Advisory Assets(18) $ 12.5     $ 6.0       n/m   $ 4.2       $ 6.8  
Net New Brokerage Assets(19) 6.9     (0.0 )     n/m   (0.6 )     1.1  
Total Net New Assets $ 19.4     $ 5.9       n/m   $ 3.6       $ 7.9  
Net Brokerage to Advisory Conversions(21) $ 1.2     $ 1.1       n/m   $ 1.0       $ 1.0  
                   
Client Cash Balances                  
Insured Cash Account Balances $ 37.4     $ 37.3       0.3%   $ 37.5       $ 37.3  
Deposit Cash Account Balances 7.9     7.9       —%   8.0       8.2  
Total Bank Sweep Balances 45.3     45.2       0.2%   45.5       45.5  
Money Market Account Cash Balances 1.3     1.4       (7.1%)   1.4       1.5  
Purchased Money Market Funds 1.6     1.7       (5.9%)   1.8       1.9  
Total Money Market Balances 3.0     3.1       (3.2%)   3.2       3.3  
Total Client Cash Balances $ 48.3     $ 48.3       —%   $ 48.8       $ 48.9  
                   
Net Buy (Sell) Activity(27) $ 6.9     $ 6.0       n/m   $ 4.5       $ 5.6  
                   
Market Indices                  
S&P 500 Index (end of period) 3,973     3,811       4.3%   3,714       3,756  
Fed Funds Effective Rate (average bps) 7     8       (1bps)   9       9  


LPL Financial Holdings Inc.

Financial Measures(6)
(Dollars in thousands, except where noted)
(Unaudited)

  Q1 2021   Q4 2020   Change   Q1 2020   Change
Commission Revenues by Product                  
Annuities $ 280,776     $ 262,235     7 %   $ 245,662     14 %
Mutual funds 173,150     153,330     13 %   156,156     11 %
Fixed income 32,162     24,395     32 %   29,125     10 %
Equities 38,911     31,231     25 %   37,421     4 %
Other 32,230     31,829     1 %   35,080     (8 %)
Total commission revenues $ 557,229     $ 503,020     11 %   $ 503,444     11 %
                   
Commission Revenues by Sales-based and Trailing Commission            
Sales-based commissions                  
Annuities $ 95,539     $ 89,125     7 %   $ 92,525     3 %
Mutual funds 47,279     36,715     29 %   45,534     4 %
Fixed income 32,162     24,395     32 %   29,125     10 %
Equities 38,911     31,231     25 %   37,421     4 %
Other 22,382     21,038     6 %   23,786     (6 %)
Total sales-based commissions $ 236,273     $ 202,504     17 %   $ 228,391     3 %
Trailing commissions                  
Annuities $ 185,237     $ 173,110     7 %   $ 153,137     21 %
Mutual funds 125,871     116,615     8 %   110,622     14 %
Other 9,848     10,791     (9 %)   11,294     (13 %)
Total trailing commissions $ 320,956     $ 300,516     7 %   $ 275,053     17 %
Total commission revenues $ 557,229     $ 503,020     11 %   $ 503,444     11 %
                   
Payout Ratio 85.62 %   86.57 %   (95bps)   85.07  %   55bps


LPL Financial Holdings Inc.

Capital Management Measures(6)
(Dollars in thousands, except where noted)
(Unaudited)

  Q1 2021   Q4 2020
Corporate Cash (4)      
Cash at Parent $ 286,156     $ 201,385  
Excess Cash at Broker-Dealer subsidiary per Credit Agreement 41,941     67,574  
Other Available Cash 12,177     10,960  
Total Corporate Cash $ 340,274     $ 279,919  
       
Credit Agreement Net Leverage      
Total Debt $ 2,356,625     $ 2,359,300  
Total Corporate Cash 340,274     279,919  
Credit Agreement Net Debt $ 2,016,351     $ 2,079,381  
Credit Agreement EBITDA (trailing twelve months)(28) $ 954,752     $ 961,225  
Credit Agreement Net Leverage Ratio 2.11 x   2.16 x


    March 31, 2021    
Total Debt   Balance   Current Applicable
Margin
  Yield At Issuance   Interest Rate   Maturity
Revolving Credit Facility(a)   $     ABR+25bps         %   3/15/2026
Broker-Dealer Revolving Credit Facility(b)       FFR+125bps         %   7/31/2024
Senior Secured Term Loan B   1,056,625     LIBOR+175 bps(c)         1.859 %   11/12/2026
Senior Unsecured Notes(d)   400,000     4.625% Fixed   4.625 %   4.625 %   11/15/2027
Senior Unsecured Notes(e)   900,000     4.000% Fixed   4.000 %   4.000 %   3/15/2029
Total / Weighted Average   $ 2,356,625               3.146 %    

(a) Secured borrowing capacity of $1 billion at LPL Holdings, Inc. (the "Parent").
(b) Unsecured borrowing capacity of $300 million at LPL Financial LLC.
(c) The LIBOR rate option is one-month LIBOR rate and subject to an interest rate floor of 0 basis points.
(d) The Senior Unsecured Notes were issued in November 2019 at par.
(e) The Senior Unsecured Notes were issued in March 2021 at par.


LPL Financial Holdings Inc.

Key Business and Financial Metrics(5)
(Dollars in thousands, except where noted)
(Unaudited)

  Q1 2021   Q4 2020   Change   Q1 2020   Change
Advisors                  
Advisors   17,672       17,287     2 %     16,763     5 %
Net New Advisors   385       119     n/m       299     n/m  
Annualized advisory fees and commissions per Advisor(29) $ 293     $ 265     11 %   $ 261     12 %
Average Total Assets per Advisor ($ in millions)(30) $ 54.2     $ 52.2     4 %   $ 40.0     36 %
Transition assistance loan amortization ($ in millions)(31) $ 30.2     $ 29.7     2 %   $ 27.4     10 %
Total client accounts (in millions) 6.1     6.0     2 %   5.8     5 %
                             
Employees - period end 4,815     4,756     1 %   4,358     10 %
                   
Productivity Metrics                  
Business Solutions Subscriptions(32) 1,700     1,400     21 %   700     143 %
Advisory Revenues as a % of Corporate Advisory Assets(33) 1.01  %   1.02 %   (1 bps)   1.01 %   bps
Gross Profit ROA(34) 25.2 bps   26.8 bps   (1.6 bps)   30.4 bps   (5.2 bps)
OPEX as a % of Advisory and Brokerage Assets(35) 16.7 bps   17.5 bps   (0.8 bps)   18.3 bps   (1.6 bps)
EBIT ROA(36) 8.5 bps   9.3 bps   (0.8 bps)   12.2 bps   (3.7 bps)
AUM Retention Rate (quarterly annualized)(37) 98.1 %   97.6 %   50 bps   98.4  %   (30 bps)
Recurring Gross Profit Rate(38) 82.4 %   84.8 %   (240 bps)   88.1 %   (570 bps)
EBITDA as a % of Gross Profit 46.2 %   40.6 %   560 bps   48.7 %   (250 bps)
                   
Capital Expenditure ($ in millions) $ 41.1     $ 43.6     (6 %)   $ 34.0     21 %
                   
Share Repurchases ($ in millions) $     $     %   $ 150.0     (100 %)
Dividends ($ in millions) 20.0     19.8     1 %   19.7     2 %
Total Capital Allocated ($ in millions) $ 20.0     $ 19.8     1 %   $ 169.7     (88 %)
Weighted-average Share Count, Diluted 81.6     80.9     1 %   81.2     1 %
Total Capital Allocated per Share(39) $ 0.25     $ 0.25     %   $ 2.09     (88 %)

Endnote Disclosures

(1) In April 2020, the Company updated its definition of net new assets to include Dividends plus Interest, minus Advisory Fees. See FNs 18, 19, 23, 24 and 25.

(2) Represents the estimated total advisory and brokerage assets expected to transition to the Company's broker-dealer subsidiary, LPL Financial LLC ("LPL Financial"), associated with advisors who transferred their licenses to LPL Financial during the period. The estimate is based on prior business reported by the advisors, which has not been independently and fully verified by LPL Financial. The actual transition of assets to LPL Financial generally occurs over several quarters, including the initial quarter of the transition, and the actual amount transitioned may vary from the estimate.

(3) The terms “Financial Advisors” and “Advisors” refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial, an SEC registered broker-dealer and investment adviser.

(4) We define corporate cash as the sum of (1) cash held at the Parent and its non-regulated subsidiaries, (2) cash held at The Private Trust Company in excess of Credit Agreement capital requirements and (3) cash held at LPL Financial in excess of 10 percent of its aggregate debits, which represents five times the net capital LPL Financial is required to maintain under the terms of our Credit Agreement.

(5) Compliance with the Credit Agreement Net Leverage Ratio is only required under our revolving credit facility.

(6) Certain information presented on pages 8-15 includes non-GAAP financial measures and operational and performance metrics. For more information on non-GAAP financial measures, please see the section titled “Non-GAAP Financial Measures” that begins on page 3 of this release.

(7) Gross Profit is a non-GAAP financial measure. Please see a description of Gross Profit under "Non-GAAP Financial Measures" on page 3 of this release for additional information. Below is a calculation of Gross Profit for the periods presented (in thousands):

  Q1 2021   Q4 2020   Q3 2020   Q1 2020
Total revenues $ 1,707,617     $ 1,581,283     $ 1,460,301     $ 1,463,397  
Advisory and commission expenses 1,108,899     1,029,739     936,766     870,795  
Brokerage, clearing and exchange fees 19,364     17,762     17,834     17,024  
Gross profit(+) $ 579,354     $ 533,782     $ 505,701     $ 575,578  

____________________
(+)        Balances may not foot due to rounding.

(8) Production based payout is an operating measure calculated as advisory and commission expenses less advisor deferred compensation expenses. Below is a reconciliation of production based payout against the Company’s advisory and commission expenses for the periods presented (in thousands):        

  Q1 2021   Q4 2020   Q3 2020   Q1 2020
Production based payout $ 1,095,377     $ 987,882     $ 917,831     $ 920,835    
Advisor deferred compensation expenses 13,522     41,857     18,935     (50,040 )  
Advisory and commission expenses $ 1,108,899     $ 1,029,739     $ 936,766     $ 870,795    

(9) Consists of revenues from the Company's sponsorship programs with financial product manufacturers and omnibus processing and networking services, but does not include fees from client cash programs. Other asset-based revenues are a component of asset-based revenues and are derived from the Company's Unaudited Condensed Consolidated Statements of Income.

(10) Interest income and other, net is an operating measure calculated as interest income plus other revenues, less advisor deferred compensation expenses. Below is a reconciliation of interest income and other, net against the Company’s interest income and other revenues for the periods presented (in thousands):

  Q1 2021   Q4 2020   Q3 2020   Q1 2020
Interest income $ 6,518       $ 6,707       $ 6,623       $ 9,542    
Plus: Other revenue 16,174       45,232       20,796       (51,218 )  
Less: Advisor deferred compensation expenses (13,522 )     (41,857 )     (18,935 )     50,040    
Interest income and other, net $ 9,170       $ 10,082       $ 8,484       $ 8,364    

(11) Core G&A is a non-GAAP financial measure. Please see a description of Core G&A under “Non-GAAP Financial Measures” on page 3 of this release for additional information. Below is a reconciliation of Core G&A against the Company’s total operating expenses for the periods presented:

  Q1 2021   Q4 2020   Q3 2020   Q1 2020
Operating Expense Reconciliation (in thousands)              
Core G&A $ 236,263     $ 252,391     $ 227,099     $ 223,211  
Regulatory charges 7,595     8,775     8,326     6,157  
Promotional 54,181     48,342     57,970     57,398  
Acquisition costs 2,429              
Employee share-based compensation 11,356     7,542     7,420     8,648  
Total G&A 311,823     317,050     300,815     295,414  
Advisory and commission 1,108,899     1,029,739     936,766     870,795  
Depreciation and amortization 35,499     28,650     27,548     26,644  
Amortization of intangible assets 17,431     17,270     16,829     16,570  
Brokerage, clearing and exchange 19,364     17,762     17,834     17,024  
Total operating expenses $ 1,493,016     $ 1,410,471     $ 1,299,792     $ 1,226,447  

(12) Acquisition Cost is the one-time cost to setup, onboard and integrate acquired entities.

(13) Consists of total advisory assets under custody at LPL Financial. Q4 2020 also included advisory assets serviced by investment advisor representatives of Lucia Securities, LLC ("Lucia") and E.K. Riley Investments, LLC ("E.K. Riley") that were onboarded to LPL Financial's custodial platform in Q4 2020.

(14) Consists of brokerage assets serviced by advisors licensed with LPL Financial. Q4 2020 also included brokerage assets serviced by advisors licensed with Lucia and E.K. Riley that were onboarded to LPL Financial's custodial platform in Q4 2020.

(15) Consists of total assets on LPL Financial's corporate advisory platform serviced by investment advisor representatives of LPL Financial or Allen & Company.

(16) Consists of total assets on LPL Financial's independent advisory platform serviced by investment advisor representatives of separate registered investment advisor firms ("Hybrid RIAs"), rather than of LPL Financial.

(17) Represents those advisory assets in LPL Financial’s Model Wealth Portfolios, Optimum Market Portfolios, Personal Wealth Portfolios and Guided Wealth Portfolios platforms.

(18) Consists of total client deposits into advisory accounts, including advisory assets serviced by BMO Harris Financial Advisors, Lucia and E.K. Riley advisors, less total client withdrawals from advisory accounts, plus dividends, plus interest, minus advisory fees. The Company considers conversions from and to brokerage accounts as deposits and withdrawals, respectively. Figures for Net New Advisory Assets reported prior to April 2020 did not include dividends and interest or subtract advisory fees. The figure previously reported for Q1 2020 was an inflow of $12.5 billion. See FN 1.

(19) Consists of total client deposits into brokerage accounts, including brokerage assets serviced by BMO Harris Financial Advisors, Lucia and E.K. Riley advisors, less total client withdrawals from brokerage accounts, plus dividends, plus interest. The Company considers conversions from and to advisory accounts as deposits and withdrawals, respectively. Figures for Net New Brokerage Assets reported prior to April 2020 did not include dividends and interest. The figure previously reported for Q1 2020 was $0 billion. See FN 1.

(20) Consists of net new assets excluding the acquisitions of Lucia Securities, LLC and E.K. Riley Investments, LLC. Acquired assets include $2.5 billion of net new assets related to E.K. Riley Investments, LLC in November 2020, and $1.5 billion of net new assets from Lucia Securities, LLC in October 2020.

(21) Consists of existing custodied assets that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage.

(22) Calculated as annualized current period net new assets divided by preceding period assets in their respective categories of advisory assets or total advisory and brokerage assets. (See FN 20)

(23) Consists of total client deposits into advisory accounts on LPL Financial's corporate advisory platform (FN 15) less total client withdrawals from advisory accounts on its corporate advisory platform, plus dividends, plus interest, minus advisory fees. Figures for Corporate Platform Net New Advisory Assets reported prior to April 2020 did not include dividends and interest or subtract advisory fees. The figure previously reported for Q1 2020 was an inflow of $7.4 billion. See FN 1.

(24) Consists of total client deposits into advisory accounts on LPL Financial's independent advisory platform (FN 16) less total client withdrawals from advisory accounts on its independent advisory platform, plus dividends, plus interest, minus advisory fees. Figures for Hybrid Platform Net New Advisory Assets reported prior to April 2020 did not include dividends and interest or subtract advisory fees. The figure previously reported for Q1 2020 was an inflow of $5.1 billion. See FN 1.

(25) Consists of total client deposits into centrally managed assets accounts (FN 17) less total client withdrawals from centrally managed assets accounts, plus dividends, plus interest, minus advisory fees. Figures for Centrally Managed Net New Advisory Assets reported prior to April 2020 did not include dividends and interest or subtract advisory fees. The figure previously reported for Q1 2020 was an inflow of $2.2 billion. See FN 1.

(26) Calculated by dividing revenue for the period by the average balance during the period.

(27) Represents the amount of securities purchased less the amount of securities sold in client accounts custodied with LPL Financial. Reported activity does not include any other cash activity, such as deposits, withdrawals, dividends received or fees paid.

(28) EBITDA and Credit Agreement EBITDA are non-GAAP financial measures. Please see a description of EBITDA and Credit Agreement EBITDA under “Non-GAAP Financial Measures” on page 3 of this release for additional information. Under the Credit Agreement, management calculates Credit Agreement EBITDA for a trailing twelve month period at the end of each fiscal quarter, and in doing so may make further adjustments to prior quarters. Below are reconciliations of EBITDA and Credit Agreement EBITDA to net income for the periods presented (dollars in thousands):

  Q1 2021   Q4 2020
EBITDA and Credit Agreement EBITDA Reconciliations      
Net income $ 446,619     $ 472,640  
Non-operating interest expense and other 101,506     105,765  
Provision for income taxes 136,964     153,433  
Loss on extinguishment of debt 24,400      
Depreciation and amortization 118,587     109,732  
Amortization of intangible assets 68,219     67,358  
EBITDA $ 896,295     $ 908,928  
Credit Agreement Adjustments:      
Employee share-based compensation expense $ 34,358     $ 31,650  
Advisor share-based compensation expense 2,256     2,321  
Other 21,843     18,326  
Credit Agreement EBITDA (trailing twelve months) $ 954,752     $ 961,225  

(29) Calculated based on the average advisor count from the current period and prior period.

(30) Calculated based on the end-of-period total advisory and brokerage assets divided by end-of-period advisor count.

(31) Represents the amortization expense amount of forgivable loans for transition assistance to advisors and financial institutions.

(32) Refers to active and contracted subscriptions related to Professional Services (Admin, Marketing and CFO Solutions) and Business Optimizers (Assurance Plan, Remote Office and M&A Solutions).

(33) Represents advisory revenues as a percentage of Corporate Platform Advisory Assets (FN 15) for the trailing twelve month period.

(34) Represents Gross Profit (FN 7), a non-GAAP financial measure, for the trailing twelve month period, divided by average month-end total advisory and brokerage assets for the trailing twelve month period.

(35) Represents operating expenses for the trailing twelve month period, excluding production-related expense, divided by average month-end total advisory and brokerage assets for the period. Production-related expense includes commissions and advisory expense and brokerage, clearing and exchange expense. For purposes of this metric, operating expenses includes Core G&A (FN 11), a non-GAAP financial measure, as well as regulatory charges, promotional, employee share-based compensation, depreciation and amortization, and amortization of intangible assets.

(36) EBIT ROA is calculated as Gross Profit ROA (FN 34) less OPEX as a percentage of Advisory and Brokerage Assets. (FN 35)

(37) Reflects retention of total advisory and brokerage assets, calculated by deducting quarterly annualized attrition from total advisory and brokerage assets, over the prior-quarter total advisory and brokerage assets.

(38) Recurring Gross Profit Rate refers to the percentage of the Company’s Gross Profit, a non-GAAP financial measure, that was recurring for the trailing twelve month period. Management tracks Recurring Gross Profit, a characterization of Gross Profit and a statistical measure, which is defined to include the Company’s revenues from asset-based fees, advisory fees, trailing commissions, client cash programs and certain other fees that are based upon client accounts and advisors, less the expenses associated with such revenues and certain other recurring expenses not specifically associated with a revenue line. Management allocates such other recurring expenses on a pro-rata basis against specific revenue lines at its discretion.

(39) Total Capital Allocated per Share equals the amount of capital allocated for share repurchases and cash dividends divided by the diluted weighted-average shares outstanding.

(40) EPS Prior to Amortization of Intangible Assets and Acquisition Costs is a non-GAAP financial measure. Please see a description of EPS Prior to Amortization of Intangible Assets and Acquisition Costs under “Non-GAAP Financial Measures” on page 3 of this release for additional information. Below is a reconciliation of EPS Prior to Amortization of Intangible Assets and Acquisition Costs to the Company’s GAAP EPS for the period presented:

EPS Reconciliation (in thousands, except per share data) Q1 2021
EPS $ 1.59    
Amortization of Intangible Assets 17,431    
Acquisition Costs 2,429    
Tax Benefit (5,332 )  
Amortization of Intangible Assets and Acquisition Costs, Net of Tax Benefit $ 14,527    
Diluted Share Count 81,622    
EPS Impact $ 0.18    
EPS Prior to Amortization of Intangible Assets and Acquisition Costs $ 1.77    
 


LPL Financial Holdings Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de





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Disclaimer

LPL Financial Announces First Quarter 2021 Results Key Financial Results Earnings per share ("EPS") was $1.59, and Net Income was $130 million. Gross Profit** was $579 million.Core G&A** was $236 million.EBITDA** was $268 million and EBITDA** as a percentage of Gross …

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