Business
LPL Financial Announces Fourth Quarter and Full Year 2022 Results
Fourth Quarter 2022 Key Financial Results Net Income was $319 million, translating to diluted earnings per share ("EPS") of $3.95, up 199% from a year agoEPS
About this update from Lpl Financial Holdings Inc.
[{"type":"text","content":"Fourth Quarter 2022 Key Financial Results Net Income was $319 million, translating to diluted earnings per share (\"EPS\") of $3.95, up 199% from a year agoEPS prior to amortization of intangible assets and acquisition costs* increased 158% year-over-year to $4.21 Gross profit* increased 51% year-over-year to $972 millionCore G&A* increased 9% year-over-year to $327 millionEBITDA* increased 137% year-over-year to $533 million Fourth Quarter 2022 Key Business Results Total advisory and brokerage assets decreased 8% year-over-year to $1.11 trillion Advisory assets decreased 9% year-over-year to $583 billionAdvisory assets as a percentage of total assets decreased to 52.5%, down from 53.3% a year ago Total organic net new assets were $21 billion, representing 8% annualized growth Organic net new advisory assets were $13 billion, representing 9% annualized growthOrganic net new brokerage assets were $9 billion, representing 7% annualized growth Recruited assets(1) were $15 billion Recruited assets for the year were $82 billion, down approximately 8% from a year ago LPL Services Group had annualized revenue of $36 million in Q4, up 27% from a year ago Services Group subscriptions were 4,479 at the end of Q4, up 1,457 year-over-year Advisor count(2) was 21,275, up 231 sequentially and 1,399 year-over-yearTotal client cash balances were $64 billion, a decrease of $3 billion sequentially and an increase of $7 billion year-over-year Client cash balances as a percentage of total assets were 5.8%, down from 6.4% in the prior quarter, and up from 4.7% a year ago Fourth Quarter 2022 Key Capital and Liquidity Results Corporate cash(3) was $459 millionLeverage ratio(4) was 1.39xShare repurchases were $150 million and dividends paid of $20 million Full Year 2022 Key Financial and Business Results Net Income was $846 million, translating to diluted EPS of $10.40, up 85% from a year agoEPS prior to amortization of intangible assets and acquisition costs* increased 64% year-over-year to $11.52 Gross profit* increased 30% year-over-year to $3.19 billionCore G&A* increased 13% year-over-year to $1.19 billionEBITDA* increased 63% year-over-year to $1.53 billion Total organic net new assets were $96 billion, representing an 8% growth rate, down from 13% in 2021Share repurchases were $325 million and dividends paid of $80 million Key Updates Enterprise...