Press release
LPL Financial Announces Fourth Quarter and Full Year 2024 Results
Fourth Quarter 2024 Key Financial Results: Net Income was $271 million, translating to diluted earnings per share ("EPS") of $3.59, up 26% from a year
About this update from Lpl Financial Holdings Inc.
[{"type":"text","content":"Fourth Quarter 2024 Key Financial Results: Net Income was $271 million, translating to diluted earnings per share (\"EPS\") of $3.59, up 26% from a year agoAdjusted EPS* increased 21% year-over-year to $4.25 Gross profit* increased 22% year-over-year to $1,228 millionCore G&A* increased 16% year-over-year to $422 millionAdjusted EBITDA* increased 22% year-over-year to $585 million Key Business Results: Total advisory and brokerage assets increased 29% year-over-year to $1.7 trillion Advisory assets increased 30% year-over-year to $957 billionAdvisory assets as a percentage of total assets increased to 55.0%, up from 54.3% a year ago Total organic net new assets were $68 billion, representing 17% annualized growth This included $40 billion of assets from Prudential Advisors (\"Prudential\"), and $2 billion of assets that off-boarded as part of the previously disclosed planned separation from misaligned large OSJs. Prior to these impacts, organic net new assets were $30 billion, translating to an 8% annualized growth rate Recruited assets(1) were a record of $79 billion This included $63 billion of assets from Prudential Advisor count(2) was 28,888, up 5,202 sequentially and 6,228 year-over-year This included approximately 2,200 advisors from Atria Wealth Solutions, Inc. (\"Atria\"), and approximately 2,800 advisors from Prudential Total client cash balances were $55 billion, an increase of $9 billion sequentially and $7 billion year-over-year Client cash balances as a percentage of total assets were 3.2%, up from 2.9% in the prior quarter and down from 3.6% a year ago Key Capital and Liquidity Results: Corporate cash(3) was $479 millionLeverage ratio(4) was 1.89xShare repurchases were $100 million and dividends paid were $23 million Full Year 2024 Key Financial Results: Net Income was $1.1 billion, translating to diluted EPS of $14.03, up 2% from a year agoAdjusted EPS* increased 5% year-over-year to $16.51 Gross profit* increased 12% year-over-year to $4.50 billionCore G&A* increased 11% year-over-year to $1.52 billionAdjusted EBITDA* increased 7% year-over-year to $2.22 billion Key Business & Capital and Liquidity Results: Total organic net new assets were $141 billion, representing a 10% growth rate, up from 9% in 2023Recruited assets for the year were a record of $149 billion, up approximately 86% from a year agoShare repurch...