Business
LPL Financial Announces Fourth Quarter and Full Year 2023 Results
Fourth Quarter 2023 Key Financial Results Net Income was $218 million, translating to diluted earnings per share ("EPS") of $2.85, down 28% from a year
About this update from Lpl Financial Holdings Inc.
[{"type":"text","content":" Fourth Quarter 2023 Key Financial Results Net Income was $218 million, translating to diluted earnings per share (\"EPS\") of $2.85, down 28% from a year agoAdjusted EPS* decreased 17% year-over-year to $3.51 Gross profit* increased 4% year-over-year to $1,007 millionCore G&A* increased 11% year-over-year to $364 millionEBITDA* decreased 17% year-over-year to $445 million Fourth Quarter 2023 Key Business Results Total advisory and brokerage assets increased 22% year-over-year to $1.35 trillion Advisory assets increased 26% year-over-year to $736 billionAdvisory assets as a percentage of total assets increased to 54.3%, up from 52.5% a year ago Total organic net new assets were $25 billion, representing 8% annualized growth Organic net new advisory assets were $21 billion, representing 12% annualized growthOrganic net new brokerage assets were $4 billion, representing 3% annualized growth Recruited assets(1) were $17 billion Recruited assets for the year were $80 billion. Prior to large enterprises, recruited assets for the year were $67 billion, up 49% from a year ago. LPL Services Group had annualized revenue of $43 million, up 19% from a year ago Services Group subscriptions were 5,806, up 1,327 year-over-year Advisor count(2) was 22,660, up 256 sequentially and 1,385 year-over-yearTotal client cash balances were $48 billion, an increase of $1 billion sequentially and a decrease of $16 billion year-over-year Client cash balances as a percentage of total assets were 3.6%, down from 3.8% in the prior quarter and down from 5.8% a year ago Fourth Quarter 2023 Key Capital and Liquidity Results Corporate cash(3) was $184 millionLeverage ratio(4) was 1.63xShare repurchases were $225 million and dividends paid were $23 million Full Year 2023 Key Financial and Business Results Net Income was $1.1 billion, translating to diluted EPS of $13.69, up 32% from a year agoAdjusted EPS* increased 36% year-over-year to $15.72 Gross profit* increased 26% year-over-year to $4.03 billionCore G&A* increased 15% year-over-year to $1.37 billionEBITDA* increased 30% year-over-year to $1.99 billion Total organic net new assets were $100 billion, representing a 9% growth rate, up from 8% in 2022Share repurchases were $1.1 billion and dividends paid were $92.2 million Key Updates Completed investment grade debt debut: Issued $750 million of 6.750% senior...