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 ago adjusted eps* decreased 2% year-over-year to $3.88 gross profit* increased 9% year-over-year to $1,079 million core g&a* increased 10% year-over-year to $371 million adjusted 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 billion advisory 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-year total client cash balances were $ 44 billion , a decrease of $ 2  billion sequentially and $6 billion y ear-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 million leverage ratio (4) was 1.68x dividends paid wer e $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").
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