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Press Release: LPL Financial Announces Fourth -3-

· 02/04/2021 16:05
December 31, September 30, 2020 2020 December 31, 2019 -------------- -------------- ----------------- ASSETS Cash and cash equivalents $ 808,612 $ 800,799 $ 590,209 Cash segregated under federal and other regulations 923,158 667,121 822,697 Restricted cash 67,264 75,295 58,872 Receivables from: Clients, net of allowance 405,106 424,131 433,986 Product sponsors, broker-dealers and clearing organizations 233,192 205,508 177,654 Advisor loans, net of allowance 547,372 509,124 441,743 Others, net of allowance 306,640 306,952 298,790 Securities owned: Trading -- at fair value 29,252 28,215 46,447 Held-to-maturity -- at amortized cost 13,235 13,058 11,806 Securities borrowed 30,130 23,510 17,684 Fixed assets, net of accumulated depreciation and amortization 582,868 570,592 533,044 Operating lease assets 101,921 99,565 102,477 Goodwill 1,513,866 1,503,648 1,503,648 Intangible assets, net of accumulated amortization 397,486 409,427 439,838 Deferred income taxes, net 24,112 744 -- Other assets 539,357 453,038 401,343 ------------- ------------- -------------- Total assets $ 6,523,571 $ 6,090,727 $ 5,880,238 ========= ========= ========== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Drafts payable $ 178,403 $ 176,916 $ 218,636 Payables to clients 1,356,083 1,153,014 1,058,873 Payables to broker-dealers and clearing organizations 89,743 84,405 92,002 Accrued advisory and commission expenses payable 187,040 175,278 174,330 Accounts payable and accrued liabilities 681,554 586,432 557,969 Income taxes payable 28,145 14,619 20,129 Unearned revenue 95,328 99,694 82,842 Securities sold, but not yet purchased -- at fair value 206 337 176 Long-term and other borrowings, net 2,345,414 2,347,517 2,398,818 Operating lease liabilities 139,377 137,569 141,900 Finance lease liabilities 107,424 107,498 108,592 Deferred income taxes, net -- -- 2,098 ------------- ------------- -------------- Total liabilities 5,208,717 4,883,279 4,856,365 ------------- ------------- -------------- STOCKHOLDERS' EQUITY: Common stock, $0.001 par value; 600,000,000 shares authorized; 127,585,764 shares issued at December 31, 2020 and 126,494,028 shares issued at December 31, 2019 127 127 126 Additional paid-in capital 1,762,770 1,748,310 1,703,973 Treasury stock, at cost -- 48,115,037 shares at December 31, 2020 and 46,259,989 shares at December 31, 2019 (2,391,062) (2,391,449) (2,234,793) Retained earnings 1,943,019 1,850,460 1,554,567 ------------- ------------- -------------- Total stockholders' equity 1,314,854 1,207,448 1,023,873 ------------- ------------- -------------- Total liabilities and stockholders' equity $ 6,523,571 $ 6,090,727 $ 5,880,238 ========= ========= ==========Quarterly Results --------------------------------------- Q4 2020 Q3 2020 Q2 2020 ----------- ----------- ------------- REVENUES Advisory $ 638,181 $ 586,941 $ 523,370 Commission 503,020 472,643 427,453 Asset-based 258,393 253,551 247,067 Transaction and fee 129,750 119,747 119,478 Interest income, net of interest expense 6,707 6,623 6,540 Other 45,232 20,796 42,751 ----------- ----------- ----------- Total net revenues 1,581,283 1,460,301 1,366,659 ----------- ----------- ----------- EXPENSES Advisory and commission 1,029,739 936,766 859,847 Compensation and benefits 167,864 151,271 143,320 Promotional 48,342 57,970 44,540 Depreciation and amortization 28,650 27,548 26,890 Amortization of intangible assets 17,270 16,829 16,689 Occupancy and equipment 41,903 41,874 43,066 Professional services 16,541 12,301 13,620 Brokerage, clearing and exchange expense 17,762 17,834 18,565 Communications and data processing 14,656 12,547 14,361 Other 27,744 24,852 22,194 ----------- ----------- ----------- Total operating expenses 1,410,471 1,299,792 1,203,092 ----------- ----------- ----------- Non-operating interest expense and other 24,979 25,179 26,289 ----------- INCOME BEFORE PROVISION FOR INCOME TAXES 145,833 135,330 137,278 PROVISION FOR INCOME TAXES 34,285 31,541 35,616 ----------- ----------- ----------- NET INCOME $ 111,548 $ 103,789 $ 101,662 ======= ======= ======= EARNINGS PER SHARE Earnings per share, basic $ 1.41 $ 1.31 $ 1.29 ======= ======= ======= Earnings per share, diluted $ 1.38 $ 1.29 $ 1.27 ======= ======= ======= Weighted-average shares outstanding, basic 79,353 79,176 78,940 =========== =========== =========== Weighted-average shares outstanding, diluted 80,904 80,550 80,127 =========== =========== ===========exchange 17,762 15,927 12% 71,185 64,445 10% Communications and data processing 14,656 12,465 18% 52,399 49,859 5% Other 27,744 30,569 (9%) 101,018 114,546 (12%) ----------- ----------- ---------- ---------- Total operating expenses 1,410,471 1,248,356 13% 5,139,802 4,749,864 8% ----------- ----------- ---------- ---------- Non-operating interest expense and other 24,979 31,384 (20%) 105,765 130,001 (19%) Loss on extinguishment of debt -- 3,156 n/m -- 3,156 n/m ----------- ----------- ---------- ---------- INCOME BEFORE PROVISION FOR INCOME TAXES 145,833 164,999 (12%) 626,073 741,835 (16%) PROVISION FOR INCOME TAXES 34,285 38,323 (11%) 153,433 181,955 (16%) ----------- ----------- ---------- ---------- NET INCOME $ 111,548 $ 126,676 (12%) $ 472,640 $ 559,880 (16%) ======= ======= ========= ========= EARNINGS PER SHARE Earnings per share, basic $ 1.41 $ 1.57 (10%) $ 5.96 $ 6.78 (12%) ======= ======= ========= ========= Earnings per share, diluted $ 1.38 $ 1.53 (10%) $ 5.86 $ 6.62 (11%) ======= ======= ========= ========= Weighted-average shares outstanding, basic 79,353 80,701 (2%) 79,244 82,552 (4%) =========== =========== ========== ========== Weighted-average shares outstanding, diluted 80,904 82,695 (2%) 80,702 84,624 (5%) =========== =========== ========== ==========

LPL Financial Holdings Inc.

Condensed Consolidated Statements of Income Trend

(In thousands, except per share data)

(Unaudited)

LPL Financial Holdings Inc.

Condensed Consolidated Statements of Financial Condition

(In thousands, except share data)

(Unaudited)

LPL Financial Holdings Inc.

Management's Statements of Operations(5)

(In thousands, except per share data)

(Unaudited)

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February 04, 2021 16:05 ET (21:05 GMT)