Press release
LPL Financial Announces Second Quarter 2024 Results
Key Financial Results Net Income was $244 million, translating to diluted earnings per share ("EPS") of $3.23, down 12% from a year agoAdjusted EPS* decreased
About this update from Lpl Financial Holdings Inc.
[{"type":"text","content":"Key Financial Results Net Income was $244 million, translating to diluted earnings per share (\"EPS\") of $3.23, down 12% from a year agoAdjusted EPS* decreased 2% year-over-year to $3.88 Gross profit* increased 9% year-over-year to $1,079 millionCore G&A* increased 10% year-over-year to $371 millionAdjusted EBITDA* increased 2% year-over-year to $533 million Key Business Results Total advisory and brokerage assets increased 21% year-over-year to $1.5 trillion Advisory assets increased 25% year-over-year to $829 billionAdvisory assets as a percentage of total assets increased to 55.4%, up from 53.3% a year ago Total organic net new assets were $29 billion, representing 8% annualized growth Organic net new advisory assets were $27 billion, representing 13% annualized growth Recruited assets(1) were $24 billion Recruited assets over the trailing twelve months were $93 billion, up approximately 55% from a year ago Advisor count(2) was 23,462, up 578 sequentially and 1,520 year-over-yearTotal client cash balances were $44 billion, a decrease of $2 billion sequentially and $6 billion year-over-year Client cash balances as a percentage of total assets were 2.9%, down from 3.2% in the prior quarter and 4.0% a year ago Key Capital and Liquidity Results Corporate cash(3) was $684 millionLeverage ratio(4) was 1.68xDividends paid were $22.4 million Key Updates Completed debt issuance: Issued $1 billion of senior unsecured notes, including $500 million of 5.700% notes due 2027 and $500 million of 6.000% notes due 2034. Net proceeds will be used for general corporate purposes, including financing the acquisition of Atria Wealth Solutions, Inc. (\"Atria\").Large OSJs: Announced a planned separation from two misaligned large OSJs on our platform that collectively have ~$20 billion of client assets, which began to off-board in July. *See the Non-GAAP Financial Measures section and the endnotes to this release for further details about these non-GAAP financial measures SAN DIEGO, July 25, 2024 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”) today announced results for its second quarter ended June 30, 2024, reporting net income of $244 million, or $3.23 per share. This compares with $286 million, or $3.65 per share, in the second quarter of 2023 and $289 million, or $3.83 per share, in the prior quarter. \"Over the...