0001397911-20-000009.txt : 20200130 0001397911-20-000009.hdr.sgml : 20200130 20200130160644 ACCESSION NUMBER: 0001397911-20-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200130 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200130 DATE AS OF CHANGE: 20200130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LPL Financial Holdings Inc. CENTRAL INDEX KEY: 0001397911 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200] IRS NUMBER: 203717839 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34963 FILM NUMBER: 20561451 BUSINESS ADDRESS: STREET 1: 75 STATE STREET STREET 2: 22ND FLOOR CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617 423 3644 MAIL ADDRESS: STREET 1: 75 STATE STREET STREET 2: 22ND FLOOR CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: LPL Investment Holdings Inc. DATE OF NAME CHANGE: 20070427 8-K 1 form8-k20200130.htm 8-K Document
false0001397911 0001397911 2020-01-30 2020-01-30



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 30, 2020
LPL Financial Holdings Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-34963
20-3717839
(State or other jurisdictions of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
 
 
 
 
75 State Street
Boston
Massachusetts
02109
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(617)
423-3644
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock - par value $0.001 per share
LPLA
The Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





Item 2.02
Results of Operations and Financial Condition.
On January 30, 2020, LPL Financial Holdings Inc. (collectively with its subsidiaries, the “Company”) issued a press release announcing its financial results for the three months ended December 31, 2019. A copy of the press release is furnished with this Form 8-K and attached hereto as Exhibit 99.1.
Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01

Financial Statements and Exhibits.
(d)

 
Exhibits
 
 
 
99.1

 
104

 
Cover Page Interactive Data File (embedded within the Inline XBRL document).





SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LPL FINANCIAL HOLDINGS INC.
 
 
 
By:
/s/ Matthew J. Audette
 
Name: Matthew J. Audette
 
Title: Chief Financial Officer


Dated: January 30, 2020

    



 EX-99.1 2 a2019q4earningsrelease.htm PRESS RELEASE Exhibit


lpllogo541largenewnolinesa11.jpg
Investor Relations - Chris Koegel, (617) 897-4574
 For Immediate Release
Media Relations - Jeff Mochal, (704) 733-3589
 
 
investor.lpl.com/contactus.cfm
LPL Financial Announces Fourth Quarter and Full Year 2019 Results
Fourth Quarter 2019 Key Performance Indicators
•
Earnings per share ("EPS") increased 13% year-over-year to $1.53.
◦
Net Income increased 5% year-over-year to $127 million.
•
EPS Prior to Amortization of Intangible Assets** increased 13% year-over-year to $1.68.
•
Total Brokerage and Advisory Assets increased 22% year-over-year to $764 billion.
•
Total organic net new assets were an inflow of $8.8 billion, translating to a 4.9% annualized growth rate.
◦
Organic net new advisory assets were an inflow of $9.6 billion, translating to an 11.4% annualized growth rate.
◦
Organic net new brokerage assets were an outflow of $0.8 billion, translating to a (0.9)% annualized growth rate.
◦
Recruited Assets(1) were $10.6 billion, contributing to a trailing twelve-month total of $35.0 billion.
◦
Advisor count was 16,464, up 115 sequentially, and year-to-date production retention rate was 96.5%.
▪
Advisor count was up 554 year-over-year prior to the impact of a hybrid firm that formed its own broker-dealer and departed.
•
Total client cash balances were $33.7 billion, up $2.5 billion or 8% sequentially.
◦
Client cash balances as a percentage of total assets were 4.4%, up from 4.3% in Q3.
•
Gross Profit** increased 6% year-over-year to $538 million.
•
EBITDA** increased 4% year-over-year to $242 million.
◦
EBITDA** as a percentage of Gross Profit** was 45%, down from 46% a year ago.
◦
Core G&A** increased 6% year-over-year to $230 million, up 7% sequentially.
•
Shareholder capital returns were $140 million, translating to $1.70 per share.
◦
Share repurchases were $120 million for 1.4 million shares at an average purchase price of $85.06.
◦
Weighted-average fully diluted share count was 82.7 million, down 6% year-over-year.
◦
Dividends were $20 million.
•
Cash available for corporate use was $204 million.
•
Credit Agreement Net Leverage Ratio(2) was 2.05x.






1


Full Year 2019 Key Performance Indicators
•
EPS increased 36% year-over-year to $6.62.
◦
Net Income increased 27% year-over-year to $560 million.
•
EPS prior to Amortization of Intangible Assets** increased 35% year-over-year to $7.17.
•
Total organic net new assets were $23.8 billion, translating to a 3.8% annualized growth rate, up from 2.3% in 2018.
•
Gross Profit** increased 12% year-over-year to $2.17 billion.
•
EBITDA** increased 20% year-over-year to $1.04 billion.
◦
EBITDA** as a percentage of Gross Profit** was 48%, up from 44% a year ago.
◦
Core G&A** was $868 million, up 6% year-over-year. This included $3 million of expenses related to the acquisition of Allen & Company*.
•
Shareholder capital returns were $583 million, translating to $6.89 per share.
◦
Share repurchases were $500 million for 6.4 million shares at an average purchase price of $77.96.
◦
Weighted-average fully diluted share count was 84.6 million, down 7% year-over-year.
◦
Dividends were $83 million.
Key Updates
•
Shifted $3.3 billion of Insured Cash Accounts (ICA) balances to fixed rate contracts in Q4 which brought fixed rate balances to $12.3 billion, or ~50% of the total ICA portfolio, up from ~40% in Q3.
•
2019 Core G&A** was $868 million, which translates to a ~6% growth rate from 2018 and within our outlook range of $860 to $870 million.
•
Established 2020 Core G&A** outlook range of $915 to $940 million, which translates to a ~5.5% to 8% growth rate from 2019.

SAN DIEGO - January 30, 2020 — LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”) today announced results for its fourth quarter ended December 31, 2019, reporting net income of $127 million, or $1.53 per share. This compares with $120 million, or $1.36 per share, in the fourth quarter of 2018 and $132 million, or $1.57 per share, in the prior quarter.

“In 2019, we delivered another year of solid business and financial growth, including increases in assets, organic growth, and earnings,” said Dan Arnold, President and CEO. “As we look ahead to 2020, we remain focused on executing our strategy of winning in our traditional markets, deploying new affiliation models, creating an industry-leading service experience, and innovating on a new layer of value for our advisors’ practices.  We believe this approach will drive long-term value across our stakeholders.”

“We continued to build financial and balance sheet strength in 2019,” said Matt Audette, CFO. “We invested to drive growth while staying disciplined on expenses, extended the duration of our cash sweep portfolio, refinanced our debt, and returned capital to our shareholders. Going forward, we plan to continue to deploy capital to drive growth, take advantage of M&A opportunities when appropriate, and create long-term shareholder value.”

Dividend Declaration
The Company's Board of Directors declared a $0.25 per share dividend to be paid on March 31, 2020 stockholders of record as of March 18, 2020.

2


Conference Call and Additional Information
The Company will hold a conference call to discuss its results at 5:00 p.m. EDT on Thursday, January 30. To listen, call 877-677-9122 (domestic) or 708-290-1401 (international); passcode 4628048, 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 February 6 and February 20, respectively. For telephonic replay, call 855-859-2056 (domestic) or 404-537-3406 (international); passcode 4628048.
About LPL Financial
LPL Financial is a leader in the retail financial advice market and the nation’s largest independent broker-dealer+. We serve independent financial advisors and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow their practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions. LPL.com

+Based on total revenues, Financial Planning magazine June 1996-2019.
Securities and Advisory Services offered through LPL Financial. A Registered Investment Advisor, Member FINRA/SIPC.
*Allen & Company of Florida, LLC (“Allen & Company”)

3


**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 is defined as GAAP EPS plus the per share impact of amortization of intangible assets. The per share impact is calculated as amortization of intangible assets expense, 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 because management believes that the metric can provide investors with useful insight into the Company’s core operating performance by excluding non-cash items that management does not believe impact the Company’s ongoing operations. EPS Prior to Amortization of Intangible Assets 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 to GAAP EPS, please see footnote 34 on page 20 of this release.
Gross Profit is calculated as net revenues, which were $1,448 million for the three months ended December 31, 2019, less commission and advisory expenses and brokerage, clearing, and exchange fees, which were $894 million and $16 million, respectively, for the three months ended December 31, 2019. 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 its Gross Profit amounts to be non-GAAP financial measures that may not be comparable to those of 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.
Core G&A consists of total operating expenses, which were $1,248 million for the three months ended December 31, 2019, excluding the following expenses: commission and advisory, 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 commission and advisory 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 against the Company’s total operating expenses, please see footnote 7 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 commission and advisory 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.
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, amortization of intangible assets, and 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

4


measure of profitability or liquidity. In addition, the Company’s Credit Agreement-defined 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 23 on page 19 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 2020 Core G&A** outlook), future capabilities and affiliation models, future advisor service experience, future capital deployment and long-term shareholder value, 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 January 30, 2020. 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 than 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 revenue; 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; execution of the Company's plans and its success in realizing the synergies, expense savings, service improvements, and/or efficiencies expected to result from its initiatives, acquisitions and programs, and the other factors set forth in Part I, “Item 1A. Risk Factors” in the Company's 2018 Annual Report on Form 10-K, as may be amended or updated in the Company's 2019 Annual Report on Form 10K, Quarterly Reports on Form 10-Q or other filings with the SEC. 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.




5


LPL Financial Holdings Inc.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
 
Three Months Ended December 31,
 
 
 
Years Ended December 31,
 
 
 
2019
 
2018
 
% Change
 
2019
 
2018
 
% Change
REVENUES
 
 
 
 
 
 
 
 
 
 
 
Commission
$
476,920

 
$
469,923

 
1
%
 
$
1,892,407

 
$
1,919,694

 
(1
%)
Advisory
533,259

 
474,102

 
12
%
 
1,982,869

 
1,793,493

 
11
%
Asset-based
288,925

 
265,681

 
9
%
 
1,165,979

 
972,515

 
20
%
Transaction and fee
118,291

 
119,254

 
(1
%)
 
480,328

 
471,299

 
2
%
Interest income, net of interest expense
10,966

 
11,784

 
(7
%)
 
46,508

 
40,210

 
16
%
Other
19,534

 
(23,702
)
 
n/m

 
56,765

 
(8,811
)
 
n/m

Total net revenues
1,447,895

 
1,317,042

 
10
%
 
5,624,856

 
5,188,400

 
8
%
EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Commission and advisory
893,831

 
793,310

 
13
%
 
3,388,186

 
3,177,576

 
7
%
Compensation and benefits
149,128

 
132,766

 
12
%
 
556,128

 
506,650

 
10
%
Promotional
51,050

 
45,141

 
13
%
 
205,537

 
208,603

 
(1
%)
Depreciation and amortization
25,663

 
21,897

 
17
%
 
95,779

 
87,656

 
9
%
Amortization of intangible assets
16,631

 
15,672

 
6
%
 
65,334

 
60,252

 
8
%
Occupancy and equipment
35,320

 
30,750

 
15
%
 
136,163

 
115,598

 
18
%
Professional services
17,772

 
24,428

 
(27
%)
 
73,887

 
85,651

 
(14
%)
Brokerage, clearing and exchange
15,927

 
16,000

 
—
%
 
64,445

 
63,154

 
2
%
Communications and data processing
12,465

 
11,776

 
6
%
 
49,859

 
46,322

 
8
%
Other
30,569

 
31,103

 
(2
%)
 
114,546

 
119,278

 
(4
%)
Total operating expenses
1,248,356

 
1,122,843

 
11
%
 
4,749,864

 
4,470,740

 
6
%
Non-operating interest expense and other
31,384

 
31,756

 
(1
%)
 
130,001

 
125,023

 
4
%
Loss on extinguishment of debt
3,156

 
—

 
n/m

 
3,156

 
—

 
n/m

INCOME BEFORE PROVISION FOR INCOME TAXES
164,999

 
162,443

 
2
%
 
741,835

 
592,637

 
25
%
PROVISION FOR INCOME TAXES
38,323

 
42,145

 
(9
%)
 
181,955

 
153,178

 
19
%
NET INCOME
$
126,676

 
$
120,298

 
5
%
 
$
559,880

 
$
439,459

 
27
%
EARNINGS PER SHARE
 
 
 
 
 
 
 
 
 
 
 
Earnings per share, basic
$
1.57

 
$
1.40

 
12
%
 
$
6.78

 
$
4.99

 
36
%
Earnings per share, diluted
$
1.53

 
$
1.36

 
13
%
 
$
6.62

 
$
4.85

 
36
%
Weighted-average shares outstanding, basic
80,701

 
85,976

 
(6
%)
 
82,552

 
88,119

 
(6
%)
Weighted-average shares outstanding, diluted
82,695

 
88,163

 
(6
%)
 
84,624

 
90,619

 
(7
%)







6


LPL Financial Holdings Inc.
Condensed Consolidated Statements of Income Trend
(In thousands, except per share data)
(Unaudited)
 
Quarterly Results
 
Q4 2019
 
Q3 2019
 
Q2 2019
REVENUES
 
 
 
 
 
Commission
$
476,920

 
$
474,993

 
$
479,135

Advisory
533,259

 
514,363

 
481,309

Asset-based
288,925

 
292,140

 
288,551

Transaction and fee
118,291

 
121,222

 
118,335

Interest income, net of interest expense
10,966

 
11,531

 
11,690

Other
19,534

 
1,276

 
10,737

Total net revenues
1,447,895

 
1,415,525

 
1,389,757

EXPENSES
 
 
 
 
 
Commission and advisory
893,831

 
856,635

 
838,022

Compensation and benefits
149,128

 
138,300

 
131,788

Promotional
51,050

 
61,715

 
41,423

Depreciation and amortization
25,663

 
24,062

 
22,584

Amortization of intangible assets
16,631

 
16,286

 
16,249

Occupancy and equipment
35,320

 
34,417

 
33,320

Professional services
17,772

 
17,666

 
18,837

Brokerage, clearing and exchange expense
15,927

 
16,380

 
15,994

Communications and data processing
12,465

 
12,535

 
12,532

Other
30,569

 
27,599

 
29,975

Total operating expenses
1,248,356

 
1,205,595

 
1,160,724

Non-operating interest expense and other
31,384

 
31,944

 
33,957

Loss on extinguishment of debt
3,156

 
—

 
—

INCOME BEFORE PROVISION FOR INCOME TAXES
164,999

 
177,986

 
195,076

PROVISION FOR INCOME TAXES
38,323

 
46,272

 
48,984

NET INCOME
$
126,676

 
$
131,714

 
$
146,092

EARNINGS PER SHARE
 
 
 
 
 
Earnings per share, basic
$
1.57

 
$
1.61

 
$
1.75

Earnings per share, diluted
$
1.53

 
$
1.57

 
$
1.71

Weighted-average shares outstanding, basic
80,701

 
81,833

 
83,247

Weighted-average shares outstanding, diluted
82,695

 
83,844

 
85,350


7


LPL Financial Holdings Inc.
Condensed Consolidated Statements of Financial Condition
(Dollars in thousands, except par value)
(Unaudited)
 
 
December 31, 2019
 
September 30, 2019
 
December 31, 2018
ASSETS
Cash and cash equivalents
 
$
590,209

 
$
929,536

 
$
511,096

Cash segregated under federal and other regulations
 
822,697

 
526,741

 
985,195

Restricted cash
 
58,872

 
52,406

 
65,828

Receivables from:
 
 
 
 
 
 
Clients, net of allowance
 
433,986

 
418,976

 
412,944

Product sponsors, broker-dealers, and clearing organizations
 
177,654

 
171,151

 
166,793

Advisor loans, net of allowance
 
441,743

 
397,653

 
298,821

Others, net of allowance
 
298,790

 
268,262

 
248,711

Securities owned:
 
 
 
 
 
 
Trading — at fair value
 
46,447

 
32,774

 
29,267

Held-to-maturity — at amortized cost
 
11,806

 
13,043

 
13,001

Securities borrowed
 
17,684

 
10,231

 
4,829

Fixed assets, net of accumulated depreciation and amortization
 
533,044

 
504,410

 
461,418

Operating lease assets
 
102,477

 
104,305

 
—

Goodwill
 
1,503,648

 
1,502,679

 
1,490,247

Intangible assets, net of accumulated amortization
 
439,838

 
456,469

 
484,171

Other assets
 
401,343

 
351,912

 
305,147

Total assets
 
$
5,880,238

 
$
5,740,548

 
$
5,477,468

LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
 
 
 
 
 
 
Drafts payable
 
$
218,636

 
$
141,423

 
$
225,034

Payables to clients
 
1,058,873

 
1,119,575

 
950,946

Payables to broker-dealers and clearing organizations
 
92,002

 
85,341

 
76,180

Accrued commission and advisory expenses payable
 
174,330

 
162,104

 
164,211

Accounts payable and accrued liabilities
 
557,969

 
487,399

 
478,644

Income taxes payable
 
20,129

 
7,146

 
32,990

Unearned revenue
 
82,842

 
85,003

 
80,524

Securities sold, but not yet purchased — at fair value
 
176

 
206

 
169

Long-term borrowing, net of unamortized debt issuance cost
 
2,398,818

 
2,360,218

 
2,371,808

Operating lease liabilities
 
141,900

 
144,194

 
—

Finance lease liabilities
 
108,592

 
107,184

 
—

Leasehold financing and capital lease obligations
 
—

 
—

 
104,564

Deferred income taxes, net
 
2,098

 
20,805

 
18,325

Total liabilities
 
4,856,365

 
4,720,598

 
4,503,395

STOCKHOLDERS’ EQUITY:
 
 
 
 
 
 
Common stock, $.001 par value; 600,000,000 shares authorized; 126,494,028 shares issued at December 31, 2019
 
126

 
126

 
125

Additional paid-in capital
 
1,703,973

 
1,687,021

 
1,634,337

Treasury stock, at cost — 46,259,989 shares at December 31, 2019
 
(2,234,793
)
 
(2,114,814
)
 
(1,730,535
)
Retained earnings
 
1,554,567

 
1,447,617

 
1,070,146

Total stockholders’ equity
 
1,023,873

 
1,019,950

 
974,073

Total liabilities and stockholders’ equity
 
$
5,880,238

 
$
5,740,548

 
$
5,477,468


8


LPL Financial Holdings Inc.
Management's Statements of Operations(3) 
(In thousands, except per share data)
(Unaudited)
Certain information presented on pages 9-16 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 4 of this release.
 
Quarterly Results
 
Q4 2019

Q3 2019
 
% Change
 
Q4 2018
 
% Change
Gross Profit(3)
 
 
 
 
 
 
 
 
 
Sales-based commissions
$
193,980

 
$
194,342

 
—
%
 
$
199,468

 
(3
%)
Trailing commissions
282,940

 
280,651

 
1
%
 
270,455

 
5
%
Advisory
533,259

 
514,363

 
4
%
 
474,102

 
12
%
Commission and advisory fees
1,010,179

 
989,356

 
2
%
 
944,025

 
7
%
Production based payout(4)
(876,654
)
 
(857,384
)
 
2
%
 
(818,382
)
 
7
%
Commission and advisory fees, net of payout
133,525

 
131,972

 
1
%
 
125,643

 
6
%
Client cash
155,322

 
162,517

 
(4
%)
 
147,774

 
5
%
Other asset-based(5)
133,603

 
129,623

 
3
%
 
117,907

 
13
%
Transaction and fee
118,291

 
121,222

 
(2
%)
 
119,254

 
(1
%)
Interest income and other, net(6)
13,323

 
13,556

 
(2
%)
 
13,154

 
1
%
Total net commission and advisory fees and attachment revenue
554,064


558,890

 
(1
%)
 
523,732

 
6
%
Brokerage, clearing, and exchange expense
(15,927
)
 
(16,380
)
 
(3
%)
 
(16,000
)
 
—
%
Gross Profit(3)
538,137

 
542,510

 
(1
%)
 
507,732

 
6
%
 
 
 
 
 
 
 
 
 
 
G&A Expense
 
 
 
 
 
 
 
 
 
Core G&A(7)
230,182

 
215,198

 
7
%
 
216,185

 
6
%
Regulatory charges
7,893

 
7,905

 
n/m

 
9,593

 
n/m

Promotional
51,050

 
61,715

 
(17
%)
 
45,141

 
13
%
Employee share-based compensation
7,179

 
7,414

 
(3
%)
 
5,045

 
42
%
Total G&A
296,304

 
292,232

 
1
%
 
275,964

 
7
%
EBITDA(3)
241,833

 
250,278

 
(3
%)
 
231,768

 
4
%
Depreciation and amortization
25,663

 
24,062

 
7
%
 
21,897

 
17
%
Amortization of intangible assets
16,631

 
16,286

 
2
%
 
15,672

 
6
%
Non-operating interest expense and other
31,384

 
31,944

 
(2
%)
 
31,756

 
(1
%)
Loss on extinguishment of debt
3,156

 
—

 
n/m

 
—

 
n/m

INCOME BEFORE PROVISION FOR INCOME TAXES
164,999

 
177,986

 
(7
%)
 
162,443

 
2
%
PROVISION FOR INCOME TAXES
38,323

 
46,272

 
(17
%)
 
42,145

 
(9
%)
NET INCOME
$
126,676

 
$
131,714

 
(4
%)
 
$
120,298

 
5
%
Earnings per share, diluted
$
1.53

 
$
1.57

 
(3
%)
 
$
1.36

 
13
%
Weighted-average shares outstanding, diluted
82,695

 
83,844

 
(1
%)
 
88,163

 
(6
%)
EPS Prior to Amortization of Intangible Assets(3)(34)
$
1.68

 
$
1.71

 
(2
%)
 
$
1.49

 
13
%

9


LPL Financial Holdings Inc.
Management's Statements of Operations Trend(3) 
(In thousands, except per share data)
(Unaudited)
 
Quarterly Results
 
Q4 2019

Q3 2019
 
Q2 2019
Gross Profit(3)
 
 
 
 
 
Sales-based commissions
$
193,980

 
$
194,342

 
$
203,531

Trailing commissions
282,940

 
280,651

 
275,604

Advisory
533,259

 
514,363

 
481,309

Commission and advisory fees
1,010,179

 
989,356

 
960,444

Production based payout(4)
(876,654
)
 
(857,384
)
 
(831,178
)
Commission and advisory fees, net of payout
133,525

 
131,972

 
129,266

Client cash
155,322

 
162,517

 
161,815

Other asset-based(5)
133,603

 
129,623

 
126,736

Transaction and fee
118,291

 
121,222

 
118,335

Interest income and other, net (6)
13,323

 
13,556

 
15,583

Total net commission and advisory fees and attachment revenue
554,064

 
558,890


551,735

Brokerage, clearing, and exchange expense
(15,927
)
 
(16,380
)
 
(15,994
)
Gross Profit(3)
538,137

 
542,510

 
535,741

 
 
 
 
 
 
G&A Expense
 
 
 
 
 
Core G&A(7)
230,182

 
215,198

 
210,514

Regulatory charges
7,893

 
7,905

 
8,632

Promotional
51,050

 
61,715

 
41,423

Employee share-based compensation
7,179

 
7,414

 
7,306

Total G&A
296,304

 
292,232

 
267,875

EBITDA(3)
241,833

 
250,278

 
267,866

Depreciation and amortization
25,663

 
24,062

 
22,584

Amortization of intangible assets
16,631

 
16,286

 
16,249

Non-operating interest expense and other
31,384

 
31,944

 
33,957

Loss on extinguishment of debt
3,156

 
—

 
—

INCOME BEFORE PROVISION FOR INCOME TAXES
164,999

 
177,986

 
195,076

PROVISION FOR INCOME TAXES
38,323

 
46,272

 
48,984

NET INCOME
$
126,676

 
$
131,714

 
$
146,092

Earnings per share, diluted
$
1.53

 
$
1.57

 
$
1.71

Weighted-average shares outstanding, diluted
82,695

 
83,844

 
85,350

EPS Prior to Amortization of Intangible Assets(3)(34)
$
1.68

 
$
1.71

 
$
1.85


10


LPL Financial Holdings Inc.
Operating Measures(3) 
(Dollars in billions, except where noted) (Unaudited)
 
Q4 2019

Q3 2019

Change

Q4 2018
 
Change
Market Drivers
 
 
 
 
 
 
 
 
 
S&P 500 Index (end of period)
3,231

 
2,977

 
9%
 
2,507

 
29%
Fed Funds Daily Effective Rate (FFER) (average bps)
165

 
220

 
(55bps)
 
222

 
(57bps)
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
Advisory Assets(8)
$
365.8

 
$
338.0

 
8%
 
$
282.0

 
30%
Brokerage Assets(9)
398.6

 
381.3

 
5%
 
346.0

 
15%
Total Brokerage and Advisory Assets
$
764.4


$
719.3

 
6%
 
$
628.1

 
22%
Advisory % of Total Brokerage and Advisory Assets
47.8
%
 
47.0
%
 
80bps
 
44.9
%
 
290bps
 
 
 
 
 
 
 
 
 
 
Assets by Platform
 
 
 
 
 
 
 
 
 
Corporate Platform Advisory Assets(10)
$
228.3

 
$
209.4

 
9%
 
$
172.3

 
33%
Hybrid Platform Advisory Assets(11)
137.5

 
128.6

 
7%
 
109.7

 
25%
Brokerage Assets
398.6

 
381.3

 
5%
 
346.0

 
15%
Total Brokerage and Advisory Assets
$
764.4


$
719.3

 
6%
 
$
628.1

 
22%
 
 
 
 
 
 
 
 
 
 
Centrally Managed Assets
 
 
 
 
 
 
 
 
 
Centrally Managed Assets(12)
$
52.4

 
$
47.8

 
10%
 
$
38.5

 
36%
Centrally Managed % of Total Advisory Assets
14.3
%
 
14.1
%
 
20bps
 
13.7
%
 
60bps

11


LPL Financial Holdings Inc.
Operating Measures(3) 
(Dollars in billions, except where noted) (Unaudited)
 
Q4 2019
 
Q3 2019
 
Change
 
Q4 2018
 
Change
Net New Assets (NNA)
 
 
 
 
 
 
 
 
 
Net New Advisory Assets(13)
$
9.6

 
$
9.2

 
n/m
 
$
5.0

 
n/m
Net New Brokerage Assets(14)
(0.8
)
 
0.6

 
n/m
 
0.9

 
n/m
Total Net New Assets
$
8.8


$
9.9


n/m

$
5.9


n/m
 
 
 
 
 
 
 
 
 
 
Net New Assets (NNA) Prior to Allen & Co.
 
 
 
 
 
 
 
 
 
Net New Advisory Assets
$
9.6

 
$
8.2

 
n/m
 
$
5.0

 
n/m
Net New Brokerage Assets
(0.8
)
 
(1.2
)
 
n/m
 
0.9

 
n/m
Total Net New Assets
$
8.8

 
$
7.0

 
n/m
 
$
5.9

 
n/m
 
 
 
 
 
 
 
 
 
 
Net Brokerage to Advisory Conversions(15)
$
1.9

 
$
1.7

 
n/m
 
$
1.4

 
n/m
Advisory NNA Annualized Growth Prior to Allen & Co.(16)
11.4
%
 
10.0
%
 
n/m
 
6.5
%
 
n/m
Total NNA Annualized Growth, Prior to Allen & Co.(16)
4.9
%
 
4.0
%
 
n/m
 
3.5
%
 
n/m
 
 
 
 
 
 
 
 
 
 
Net New Advisory Assets
 
 
 
 
 
 
 
 
 
Corporate Platform Net New Advisory Assets(17)
$
7.5

 
$
6.6

 
n/m
 
$
5.1

 
n/m
Hybrid Platform Net New Advisory Assets(18)
2.1

 
2.6

 
n/m
 
(0.2
)
 
n/m
Total Net New Advisory Assets
$
9.6

 
$
9.2

 
n/m
 
$
5.0

 
n/m
Centrally Managed Net New Advisory Assets(19)
$
2.0

 
$
1.9

 
n/m
 
$
1.4

 
n/m
 
 
 
 
 
 
 
 
 
 
Client Cash Balances
 
 
 
 
 
 
 
 
 
Insured Cash Account Balances
$
24.4

 
$
22.2

 
10%
 
$
24.8

 
(2%)
Deposit Cash Account Balances
5.0

 
4.6

 
9%
 
5.1

 
(2%)
Total Insured Sweep Balances
29.4

 
26.8

 
10%
 
29.9

 
(2%)
Money Market Account Cash Balances
1.9

 
2.6

 
(27%)
 
4.9

 
(61%)
Purchased Money Market Funds
2.4

 
1.8

 
33%
 
—

 
—%
Total Money Market Balances
4.3

 
4.4

 
(2%)
 
4.9

 
(12%)
Total Client Cash Balances
$
33.7

 
$
31.2

 
8%
 
$
34.9

 
(3%)
Client Cash Balances % of Total Assets
4.4
%
 
4.3
%
 
10bps
 
5.6
%
 
(120bps)
 
 
 
 
 
 
 
 
 
 
Client Cash Balance Average Fees
 
 
 
 
 
 
 
 
 
Insured Cash Account Average Fee - bps(20)
222

 
241

 
(19)
 
215

 
7
Deposit Cash Account Average Fee - bps(20)
184

 
217

 
(33)
 
207

 
(23)
Money Market Account Average Fee - bps(20)
69

 
68

 
1
 
75

 
(6)
Purchased Money Market Fund Average Fee - bps(20)
29

 
29

 
n/m
 
—

 
n/m
Total Client Cash Balance Average Fee - bps(20)
193

 
211

 
(18)
 
196

 
(3)
 
 
 
 
 
 
 
 
 
 
Net Buy (Sell) Activity(21)
$
9.8

 
$
9.0

 
n/m
 
$
2.3

 
n/m

12


LPL Financial Holdings Inc.
Monthly Metrics(3) 
(Dollars in billions, except where noted)
(Unaudited)
 
 
December 2019
 
November 2019
 
Nov to Dec Change
 
October 2019
 
September 2019
Assets Served
 
 
 
 
 
 
 
 
 
 
Advisory Assets(8)
 
$
365.8

 
$
354.9

 
3.1%
 
$
345.3

 
$
338.0

Brokerage Assets(9)
 
398.6

 
392.9

 
1.5%
 
386.5

 
381.3

Total Brokerage and Advisory Assets
 
$
764.4

 
$
747.8

 
2.2%
 
$
731.7

 
$
719.3

 
 
 
 
 
 

 
 
 
 
Net New Assets (NNA)
 
 
 
 
 
 
 
 
 
 
Net New Advisory Assets(13)
 
$
3.8

 
$
2.9

 
n/m
 
$
3.0

 
$
2.2

Net New Brokerage Assets(14)
 
(0.9
)
 
(0.3
)
 
n/m
 
0.3

 
(0.4
)
Total Net New Assets
 
$
2.9

 
$
2.6

 
n/m
 
$
3.3

 
$
1.8

Net Brokerage to Advisory Conversions(15)
 
$
0.6

 
$
0.7

 
n/m
 
$
0.6

 
$
0.5

 
 
 
 
 
 
 
 
 
 
 
Client Cash Balances
 
 
 
 
 
 
 
 
 
 
Insured Cash Account Balances
 
$
24.4

 
$
22.9

 
6.6%
 
$
22.6

 
$
22.2

Deposit Cash Account Balances
 
5.0

 
4.6

 
8.7%
 
4.6

 
4.6

Total Insured Sweep Balances
 
29.4

 
27.5

 
6.9%
 
27.2

 
26.8

Money Market Account Cash Balances
 
1.9

 
2.0

 
(5.0%)
 
2.3

 
2.6

Purchased Money Market Funds
 
2.4

 
2.2

 
9.1%
 
2.1

 
1.8

Total Money Market Balances
 
4.3

 
4.3

 
—%
 
4.4

 
4.4

Total Client Cash Balances
 
$
33.7

 
$
31.8

 
6.0%
 
$
31.6

 
$
31.2

 
 
 
 
 
 

 
 
 
 
Net Buy (Sell) Activity(21)
 
$
3.2

 
$
3.3

 
(3.0%)
 
$
3.3

 
$
2.9

 
 
 
 
 
 
 
 
 
 
 
Market Indices
 
 
 
 
 

 
 
 
 
S&P 500 Index (end of period)
 
3,231

 
3,141

 
2.9%
 
3,038

 
2,977

Fed Funds Effective Rate (average bps)
 
155

 
155

 
—
 
183

 
205


13


LPL Financial Holdings Inc.
Financial Measures(3) 
(Dollars in thousands, except where noted)
(Unaudited)

 
Q4 2019
 
Q3 2019
 
Change
 
Q4 2018
 
Change
Commission Revenue by Product
 
 
 
 
 
 
 
 
 
Annuities
$
244,249

 
$
252,433

 
(3%)
 
$
247,212

 
(1%)
Mutual funds
150,697

 
148,672

 
1%
 
145,780

 
3%
Fixed income
34,647

 
30,917

 
12%
 
29,201

 
19%
Equities
21,233

 
20,149

 
5%
 
22,752

 
(7%)
Other
26,094

 
22,822

 
14%
 
24,978

 
4%
Total commission revenue
$
476,920

 
$
474,993

 
—%
 
$
469,923

 
1%
 
 
 
 
 

 
 
 

Commission Revenue by Sales-based and Trailing Commission
 

 
 
 

Sales-based commissions
 
 
 
 
 
 
 
 
 
Annuities
$
86,141

 
$
95,236

 
(10%)
 
$
99,441

 
(13%)
Mutual funds
37,611

 
36,358

 
3%
 
33,687

 
12%
Fixed income
28,642

 
24,950

 
15%
 
23,504

 
22%
Equities
21,233

 
20,149

 
5%
 
22,752

 
(7%)
Other
20,353

 
17,649

 
15%
 
20,084

 
1%
Total sales-based commissions
$
193,980

 
$
194,342

 
—%
 
$
199,468

 
(3%)
Trailing commissions
 
 
 
 

 
 
 

Annuities
$
158,108

 
$
157,197

 
1%
 
$
147,771

 
7%
Mutual funds
113,086

 
112,314

 
1%
 
112,093

 
1%
Fixed income
6,005

 
5,967

 
1%
 
5,697

 
5%
Other
5,741

 
5,173

 
11%
 
4,894

 
17%
Total trailing commissions
$
282,940

 
$
280,651

 
1%
 
$
270,455

 
5%
Total commission revenue
$
476,920

 
$
474,993

 
—%
 
$
469,923

 
1%
 
 
 
 
 
 
 
 
 
 
Payout Rate
 
 
 
 
 
 
 
 
 
Base Payout Rate
82.82
%
 
83.05
%
 
(23bps)
 
82.81
%
 
1bps
Production Based Bonuses
3.96
%
 
3.61
%
 
35bps
 
3.88
%
 
8bps
Total Payout Ratio
86.78
%
 
86.66
%
 
12bps
 
86.69
%
 
9bps


14


LPL Financial Holdings Inc.
Capital Management Measures(3) 
(Dollars in thousands, except where noted)
(Unaudited)
 
Q4 2019
 
Q3 2019
Cash Available for Corporate Use(22)
 
 
 
Cash at Parent
$
115,252

 
$
86,987

Excess Cash at Broker-Dealer subsidiary per Credit Agreement
66,842

 
117,355

Other Available Cash
21,597

 
22,601

Total Cash Available for Corporate Use
$
203,691

 
$
226,943

 
 
 
 
Credit Agreement Net Leverage
 
 
 
Total Debt (does not include unamortized premium)
$
2,415,000

 
$
2,370,000

Cash Available (up to $300 million)
203,691

 
226,943

Credit Agreement Net Debt
$
2,211,309

 
$
2,143,057

Credit Agreement EBITDA (trailing twelve months) (23)
$
1,080,847

 
$
1,069,878

Credit Agreement Net Leverage Ratio
2.05
x
 
2.00
x

 
 
December 31, 2019
 
 
Total Debt
 
Balance
 
Current Applicable
Margin
 
Yield At Issuance
 
Interest Rate
 
Maturity
Revolving Credit Facility(a)
 
$
45,000

 
ABR+25bps(b)
 
 
 
5.000
%
 
11/12/2024
Senior Secured Term Loan B
 
1,070,000

 
LIBOR+175 bps(c)
 
 
 
3.542
%
 
11/12/2026
Senior Unsecured Notes(d)
 
500,000

 
5.75% Fixed
 
5.750
%
 
5.750
%
 
9/15/2025
Senior Unsecured Notes(d)
 
400,000

(e)
5.75% Fixed
 
5.115
%
 
5.750
%
 
9/15/2025
Senior Unsecured Notes(f)
 
400,000

 
4.625% Fixed
 
4.625
%
 
4.625
%
 
11/15/2027
Total / Weighted Average
 
$
2,415,000

 
 
 
 
 
4.571
%
 
 

(a)
The Revolving Credit Facility has a borrowing capacity of $750 million.
(b)
The alternate base rate (ABR) was the effective PRIME rate on December 31, 2019, the date of the borrowing.
(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 two separate transactions; $500 million in notes were issued in March 2017 at par; the remaining $400 million were issued in September 2017 and priced at 103% of the aggregate principal amount.
(e)
Does not include unamortized premium of approximately $8.6 million as of December 31, 2019.
(f)
The Senior Unsecured Notes were issued in November 2019 at par.


15


LPL Financial Holdings Inc.
Key Business and Financial Metrics(3) 
(Dollars in thousands, except where noted)
(Unaudited)
 
Q4 2019

Q3 2019
 
Change
 
Q4 2018
 
Change
Advisors
 
 
 
 
 
 
 
 
 
Advisors
16,464
 
16,349
 
1
%
 
16,109
 
2
%
Net New Advisors
115

 
188

 
n/m

 
(65
)
 
n/m

Annualized commission and advisory fees per Advisor(24)
$
246

 
$
243

 
1
%
 
$
234

 
5
%
Average Total Assets per Advisor ($ in millions)(25)
$
46.4

 
$
44.0

 
5
%
 
$
39.0

 
19
%
Transition assistance loan amortization ($ in millions)(26)
$
26.1

 
$
24.4

 
7
%
 
$
21.3

 
23
%
Total client accounts (in millions)
5.7

 
5.5

 
4
%
 
5.4

 
6
%
 
 
 
 
 
 
 
 
 
 
Employees - period end
4,343
 
4,353
 
—
%
 
4,229
 
3
%
 
 
 
 
 
 
 
 
 
 
Productivity Metrics
 
 
 
 
 
 
 
 


Advisory Revenue as a % of Corporate Advisory Assets (27)
1.02
%
 
1.02
%
 
—

 
1.05
%
 
(3
bps)
Gross Profit ROA (28)
30.7
bps
 
31.4
bps
 
(0.7
bps)
 
29.7
bps
 
1.0
bps
OPEX as a % of Brokerage and Advisory Assets (29)
18.3
bps
 
18.7
bps
 
(0.4
bps)
 
18.8
bps
 
(0.5
bps)
EBIT ROA (30)
12.4
bps
 
12.8
bps
 
(0.4
bps)
 
10.9
bps
 
1.5
bps
Production Retention Rate (YTD annualized) (31)
96.5
%
 
96.3
%
 
20
bps
 
95.9
%
 
60
bps
Recurring Gross Profit Rate (32)
85.9
%
 
87.1
%
 
(120
bps)
 
86.7
%
 
(80
bps)
EBITDA as a % of Gross Profit
44.9
%
 
46.1
%
 
(120
bps)
 
45.6
%
 
(70
bps)
 
 
 
 
 
 
 
 
 
 
Capital Expenditure ($ in millions)
$
52.1

 
$
40.7

 
28
%
 
$
47.5

 
10
%
 
 
 
 
 
 
 
 
 
 
Share Repurchases ($ in millions)
$
120.0

 
$
130.3

 
(8
%)
 
$
117.8

 
2
%
Dividends ($ in millions)
20.2

 
20.5

 
(1
%)
 
21.5

 
(6
%)
Total Capital Allocated ($ in millions)
$
140.2

 
$
150.8

 
(7
%)
 
$
139.3

 
1
%
Weighted-average Share Count, Diluted
82.7

 
83.8

 
(1
%)
 
88.2

 
(6
%)
Total Capital Allocated per Share(33)
$
1.70

 
$
1.80

 
(6
%)
 
$
1.58

 
8
%

16


Endnote Disclosures
(1)
Represents the estimated total brokerage and advisory 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.
(2)
Compliance with the Credit Agreement Net Leverage Ratio is only required under the revolving credit facility.
(3)
Certain information presented on pages 9-16 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” on page 4.
(4)
Production based payout is an operating measure calculated as a commission and advisory expense less advisor deferred compensation expense. Below is a reconciliation of production based payout against the Company’s commission and advisory expense for the periods presented (in thousands):
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q4 2018
Production based payout
$
876,654

 
$
857,384

 
$
831,178

 
$
818,382

Advisor deferred compensation expense
17,177

 
(749
)
 
6,844

 
(25,072
)
Commission and advisory expense
$
893,831

 
$
856,635

 
$
838,022

 
$
793,310

(5)
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.
(6)
Interest income and other, net is an operating measure calculated as interest income, net of interest expense plus other revenue, less advisor deferred compensation expense. Below is a reconciliation of interest income and other, net against the Company’s interest income, net of interest expense and other revenue for the periods presented (in thousands):
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q4 2018
Interest income, net of interest expense
$
10,966

 
$
11,531

 
$
11,690

 
$
11,784

Plus: Other revenue
19,534

 
1,276

 
10,737

 
(23,702
)
Less: Advisor deferred compensation expense
(17,177
)
 
749

 
(6,844
)
 
25,072

Interest income and other, net
$
13,323

 
$
13,556

 
$
15,583

 
$
13,154

(7)
Core G&A is a non-GAAP financial measure. Please see a description of Core G&A under “Non-GAAP Financial Measures” on page 4 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:
 
Q4 2019
 
Q3 2019
 
Q2 2019
 
Q4 2018
Operating Expense Reconciliation (in thousands)
 
 
 
 
 
 
 
Core G&A
$
230,182

 
$
215,198

 
$
210,514

 
$
216,185

Regulatory charges
7,893

 
7,905

 
8,632

 
9,593

Promotional
51,050

 
61,715

 
41,423

 
45,141

Employee share-based compensation
7,179

 
7,414

 
7,306

 
5,045

Total G&A
296,304

 
292,232

 
267,875

 
275,964

Commissions and advisory
893,831

 
856,635

 
838,022

 
793,310

Depreciation & amortization
25,663

 
24,062

 
22,584

 
21,897

Amortization of intangible assets
16,631

 
16,286

 
16,249

 
15,672

Brokerage, clearing and exchange
15,927

 
16,380

 
15,994

 
16,000

Total operating expenses
$
1,248,356


$
1,205,595

 
$
1,160,724


$
1,122,843


17


(8)
Consists of total advisory assets under custody at LPL Financial. Q3 2019 and Q4 2019 also included advisory assets serviced by investment advisor representatives of Allen & Company of Florida, LLC ("Allen & Company") that were onboarded to LPL Financial's custodial platform in Q4 2019.
(9)
Consists of brokerage assets serviced by advisors licensed with LPL Financial. Q3 2019 and Q4 2019 also included brokerage assets serviced by advisors licensed with Allen & Company that were onboarded to LPL Financial's custodial platform in Q4 2019.
(10)
Consists of total assets on LPL Financial's corporate advisory platform serviced by investment advisor representatives of LPL Financial or Allen & Company.
(11)
Consists of total assets on LPL Financial's independent advisory platform serviced by investment advisor representatives of separate investment advisor firms ("Hybrid RIAs"), rather than of LPL Financial.
(12)
Represents those advisory assets in LPL Financial’s Model Wealth Portfolios, Optimum Market Portfolios, Personal Wealth Portfolios, and Guided Wealth Portfolios platforms.
(13)
Consists of total client deposits into advisory accounts including advisory assets serviced by Allen & Company advisors less total client withdrawals from advisory accounts. The Company considers conversions from and to brokerage accounts as deposits and withdrawals respectively.
(14)
Consists of total client deposits into brokerage accounts including brokerage assets serviced by Allen & Company advisors less total client withdrawals from brokerage accounts. The Company considers conversions from and to advisory accounts as deposits and withdrawals, respectively.
(15)
Consists of existing custodied assets that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage.
(16)
Calculated as annualized current period net new assets divided by preceding period assets in their respective categories of advisory assets or total brokerage and advisory assets.
(17)
Consists of total client deposits into advisory accounts on LPL Financial's corporate advisory platform (FN 10) less total client withdrawals from advisory accounts on its corporate advisory platform.
(18)
Consists of total client deposits into advisory accounts on LPL Financial's independent advisory platform (FN 11) less total client withdrawals from advisory accounts on its independent advisory platform.
(19)
Consists of total client deposits into centrally managed assets accounts (FN 12) less total client withdrawals from centrally managed assets accounts.
(20)
Calculated by dividing revenue for the period by the average balance during the period.
(21)
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.
(22)
Consists of cash unrestricted by the Credit Agreement and other regulations available for operating, investing, and financing uses.

18


(23)
Credit Agreement EBITDA is a non-GAAP financial measure. Please see a description of Credit Agreement EBITDA under “Non-GAAP Financial Measures” on page 4 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 is a reconciliation of Credit Agreement EBITDA to net income for the periods presented:
 
Q4 2019
 
Q3 2019
Credit Agreement EBITDA (trailing twelve months)
 
 
 
Net income
$
559,880

 
$
553,502

Non-operating interest expense
130,001

 
130,373

Provision for income taxes
181,955

 
185,777

Loss on extinguishment of debt
3,156

 
—

Depreciation and amortization
95,779

 
92,013

Amortization of intangible assets
65,334

 
64,375

EBITDA
$
1,036,105

 
$
1,026,040

Credit Agreement Adjustments:
 
 
 
Employee share-based compensation expense
$
29,866

 
$
27,732

Advisor share-based compensation expense
2,992

 
2,889

Other
11,884

 
13,217

Credit Agreement EBITDA (trailing twelve months)
$
1,080,847

 
$
1,069,878

(24)
Calculated based on the average advisor count from the current period and prior period.
(25)
Calculated based on the end of period total brokerage and advisory assets divided by end of period advisor count.
(26)
Represents the amortization expense amount of forgivable loans for transition assistance to advisors and financial institutions.
(27)
Represents advisory revenue as a percentage of Corporate Platform Advisory Assets (FN 10) for the trailing twelve month period.
(28)
Represents Gross Profit (FN 3) for the trailing twelve month period, divided by average month-end total brokerage and advisory assets for the trailing twelve month period.
(29)
Represents operating expenses for the trailing twelve month period, excluding production-related expense, divided by average month-end total brokerage and advisory 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 7), regulatory, promotional, employee share-based compensation, depreciation & amortization, and amortization of intangible assets.
(30)
EBIT ROA is calculated as Gross Profit ROA less OPEX as a % of Total Brokerage and Advisory Assets.
(31)
Reflects retention of commission and advisory revenues, calculated by deducting the prior year production of the annualized year-to-date attrition rate, over the prior year total production.
(32)
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.
(33)
Capital Allocated per Share equals the amount of capital allocated for share repurchases and cash dividends divided by the diluted weighted-average shares outstanding.

19


(34)
EPS Prior to Amortization of Intangible Assets is a non-GAAP financial measure. Please see a description of EPS Prior to Amortization of Intangible Assets under “Non-GAAP Financial Measures” on page 4 of this release for additional information. Below is a reconciliation of EPS Prior to Amortization of Intangible Assets to the Company’s GAAP EPS for the periods presented:
EPS Reconciliation (in thousands, except per share data)
Q4 2019
EPS
$
1.53

Amortization of Intangible Assets
16,631

Tax Benefit
(4,657
)
  Amortization of Intangible Assets Net of Tax Benefit
$
11,974

Diluted Share Count
82,695

EPS Impact
$
0.15

EPS Prior to Amortization of Intangible Assets
$
1.68


20
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Cover page. [Abstract]  
Document Type 8-K
Document Period End Date Jan. 30, 2020
Entity Registrant Name LPL Financial Holdings Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-34963
Entity Tax Identification Number 20-3717839
Entity Address, Address Line One 75 State Street
Entity Address, City or Town Boston
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02109
City Area Code (617)
Local Phone Number 423-3644
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock - par value $0.001 per share
Trading Symbol LPLA
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001397911
Amendment Flag false
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