LPL Financial Holdings Inc. Files Q1 2024 10-Q Report

TL;DR

<b>LPL Financial Holdings Inc. filed its Q1 2024 10-Q report detailing financial performance for the quarter ending March 31, 2024.</b>

AI Summary

LPL Financial Holdings Inc. (LPLA) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. LPL Financial Holdings Inc. reported its Q1 2024 results on May 2, 2024. The filing covers the period ending March 31, 2024. The company's fiscal year ends on December 31. The filing is a 10-Q, indicating a quarterly report. LPL Financial Holdings Inc. is classified under SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES.

Why It Matters

For investors and stakeholders tracking LPL Financial Holdings Inc., this filing contains several important signals. This 10-Q filing provides investors with a timely update on LPL Financial's financial health and operational performance for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current trajectory and making informed investment decisions.

Risk Assessment

Risk Level: low — LPL Financial Holdings Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue drivers and expense management for Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report)
• 2024-05-02 — Filing Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (Q1 2024)
• 2023-01-01 — Prior Year Quarter Start Date (Q1 2023)
• 2023-03-31 — Prior Year Quarter End Date (Q1 2023)

Key Players & Entities

• LPL Financial Holdings Inc. (company) — Filer name
• LPLA (company) — Ticker symbol
• 2024-05-02 (date) — Filing date
• 2024-03-31 (date) — Period of report
• 2024-01-01 (date) — Quarter start date
• 2023-01-01 (date) — Prior year quarter start date
• 2023-03-31 (date) — Prior year quarter end date
• 2022-12-31 (date) — Prior year end date

FAQ

Key Dates

• 2024-05-02: 10-Q Filing — Report of financial performance for the quarter ended March 31, 2024.
• 2024-03-31: Quarter End Date — End of the reporting period for the Q1 2024 10-Q.
• 2024-01-01: Quarter Start Date — Beginning of the reporting period for the Q1 2024 10-Q.

Key Financial Figures

• $0.001 — nge on which registered Common Stock - $0.001 par value per share LPLA The Nasdaq Gl
• $805 million — initial purchase price of approximately $805 million with the conversion expected to be comp
• $288.8 m — quarter of 2024 included net incom e of $288.8 million, or $3.83 per diluted share, whic
• $3.83 — luded net incom e of $288.8 million, or $3.83 per diluted share, which compares to $3
• $338.9 million — 83 per diluted share, which compares to $338.9 million , or $4.24 per diluted share, for the f
• $4.24 — , which compares to $338.9 million , or $4.24 per diluted share, for the first quarte
• $1.4 — visory and brokerage assets served were $1.4 trillion at March 31, 2024, compared to
• $1.2 — trillion at March 31, 2024, compared to $1.2 trillion at March 31, 2023 . Total net
• $16.7 billion — h 31, 2023 . Total net new assets wer e $16.7 billion fo r the three months ended March 31, 2
• $24.5 billion — nths ended March 31, 2024 , compared to $24.5 billion for the same period in 2023 . Net new
• $16.2 billion — n 2023 . Net new advisory assets wer e $16.2 billion fo r the three months ended March 31, 2
• $14.6 billion — onths ended March 31, 2024, compared to $14.6 billion for the same period in 2023. Advisory a
• $793.0 b — me period in 2023. Advisory assets were $793.0 billion, or 55.0% of total advisory a nd
• $620.9 billion — served, at March 31, 2024, up 28% from $620.9 billion at March 31, 2023. Net new brokerage a
• $0.5 billion — 1, 2023. Net new brokerage assets were $0.5 billion for the three months ended March 31, 20

Filing Documents

• lpla-20240331.htm (10-Q) — 1719KB
• exhibit22120240331.htm (EX-22.1) — 1KB
• exhibit31120240331.htm (EX-31.1) — 11KB
• exhibit31220240331.htm (EX-31.2) — 11KB
• exhibit32120240331.htm (EX-32.1) — 6KB
• exhibit32220240331.htm (EX-32.2) — 6KB
• 0001397911-24-000053.txt (&nbsp;) — 9185KB
• lpla-20240331.xsd (EX-101.SCH) — 62KB
• lpla-20240331_cal.xml (EX-101.CAL) — 76KB
• lpla-20240331_def.xml (EX-101.DEF) — 371KB
• lpla-20240331_lab.xml (EX-101.LAB) — 784KB
• lpla-20240331_pre.xml (EX-101.PRE) — 570KB
• lpla-20240331_htm.xml (XML) — 1461KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION 1 1. Financial Statements (unaudited) 18 Condensed Consolidated Statements of Income (unaudited) 18 Condensed Consolidated Statements of Financial Condition (unaudited) 19 Condensed Consolidated Statements of Stockholders' Equity (unaudited) 20 Condensed Consolidated Statements of Cash Flows (unaudited) 21 Notes to Condensed Consolidated Financial Statements (unaudited) 23 Note 1 - Or ganization and Description of the Company 23 Note 2 - S ummary of Significant Accounting Policies 23 Note 3 - R evenue 24 Note 4 - Acquisitions 26 Note 5 - F air Value Measurements 27 Note 6 - Investment Securities 33 Note 7 - G oodwill and Other Intangibles, Net 33 Note 8 - Other Assets and Other Liabilities 35 Note 9 - Corporate Debt and Other Borrowings, Net 36 Note 10 - Commitments and Contingencies 37 Note 11 - S tockholders' Equity 39 Note 12 - S hare-based Compensation 39 Note 13 - E arnings per Share 41 Note 14 - N et Capital and Regulatory Requirements 41 Note 15 - Fi nancial Instruments with Off-Balance Sheet Credit Risk and Concentrations of Credit Risk 42 Note 16 - Subsequent Events 42 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 1 Business Overview 1 Our Sources of Revenue 1 Significant Events 1 Executive Summary 2 Key Performance Metrics 3 Legal and Regulatory Matters 6 Economic Overview and Impact of Financial Market Events 7 Results of Operations 8 Liquidity and Capital Resources 12 Debt and Related Covenants 16 Contractual Obligations 17 Risk Management 17 Critical Accounting Policies and Estimates 17 3. Quantitative and Qualitative Disclosures About Market Risk 43 4. Controls and Procedures 45

— OTHER INFORMATION

PART II — OTHER INFORMATION 45 1. Legal Proceedings 45 1A. Risk Factors 45 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 3. Defaults Upon Senior Securities 46 4. Mine Safety Disclosures 46 5. Other Information 46 6. Exhibits 46

SIGNATURES

SIGNATURES 47 i Table of Contents WHERE YOU CAN FIND MORE INFORMATION We file annual, quarterly and current reports, proxy statements and other information required by the Securities Exchange Act of 1934, as amended (the "Exchange Act " ), with the Securities and Exchange Commission ("SEC"). Our SEC filings are available to the public on the SEC's website at sec.gov . We post the following filings to our website at lpl.com as soon as reasonably practicable after they are electronically filed with or furnished to the SEC: our annual reports on Form 10-K, our proxy statements, our quarterly reports on Form 10-Q, our current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. Copies of all such filings are available free of charge by request via email (investor.relations@lplfinancial.com), telephone ((617) 897-4574) or mail (LPL Financial Investor Relations at 1055 LPL Way, Fort Mill, SC 29715). The information contained or incorporated on our website is not a part of this Quarterly Report on Form 10-Q. We may use our website as a means of disclosing material information and for complying with our disclosure obligations under Regulation Fair Disclosure promulgated by the SEC. These disclosures are included on our website in the "Investor Relations" or "Press Releases" sections. Accordingly, investors should monitor these portions of our website in addition to following the Company's press releases, SEC filings, public conference calls and webcasts. When we use the terms "LPLFH", "LPL", "we", "us", "our" and "the Company", we mean LPL Financial Holdings Inc., a Delaware corporation, and its consolidated subsidiaries, taken as a whole, unless the context otherwise indicates. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Business Overview LPL serves the advisor-mediated marketplace as the nation's largest independent broker-dealer, a leading investment advisory firm and a top custodian. We serve nearly 23,000 financial advisors, including advisors at approximately 1,100 institutions and at approximately 570 registered investment advisor ("RIA") firms nationwide, providing the front-, middle- and back-office support our advisors need. Through our comprehensive platform, we offer integrated technology solutions; brokerage and advisory platforms; clearing, compliance, business and planning and advice services; consultative practice management programs and training; and in-house research to help our advisors deliver advice to their clients and run successful businesses. We are steadfast in our commitment to the advisor-mediated model and the belief that investors deserve access to personalized guidance from a financial advisor. We believe advisors should have the freedom to choose the business model, services and technology they need and to manage their client relationships. We believe investors achieve better outcomes when working with a financial advisor, and we strive to make it easy for advisors to do what is best for their clients. We believe that we are the only company that offers the unique combination of an integrated technology platform, comprehensive self-clearing services and access to a wide range of curated non-proprietary products all delivered in an environment unencumbered by conflicts from product manufacturing, underwriting and market-making. Our Sources of Revenue Our revenue is derived primarily from fees and commissions from products and advisory services offered by our advisors to their clients, a substantial portion of which we pay out to our advisors, as well as fees we receive from our advisors for the use of our technology, custody, clearing, trust and reporti

View Full Filing

View this 10-Q filing on SEC EDGAR