LPL Financial : Q1 2022 Historical Information-XLXS

Mgmt. Statement of Operations

LPL Financial Holdings Inc. - Historical Management's Statements of Operations
For the quarter ending March 31, 2022
( $ in thousands, unless noted)	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020
Gross Profit*
Advisory	$ 1,047,097	$ 997,338	$ 959,733	$ 846,313	$ 722,046	$ 638,181	$ 586,941	$ 523,370	$ 579,027
Sales-based commissions	240,331	248,382	239,804	249,596	236,273	202,504	180,357	159,512	228,391
Trailing commissions	345,194	364,455	370,580	348,637	320,956	300,516	292,286	267,941	275,053
Advisory fees and commissions	1,632,622	1,610,175	1,570,117	1,444,546	1,279,275	1,141,201	1,059,584	950,823	1,082,471
Production based payout	(1,405,698)	(1,410,458)	(1,368,348)	(1,247,321)	(1,095,377)	(987,882)	(917,831)	(819,953)	(920,835)
Advisory fees and commissions, net of payout	226,924	199,717	201,769	197,225	183,898	153,319	141,753	130,870	161,636
Client cash	84,716	82,109	91,257	90,377	97,104	105,019	108,705	116,266	151,398
Other asset-based	211,685	219,931	210,444	189,243	167,602	153,374	144,846	130,801	134,108
Service and fee	112,812	110,385	105,079	99,473	96,824	94,218	87,846	84,348	91,310
Transaction	46,726	39,306	35,283	37,627	44,120	35,532	31,901	35,130	45,786
Interest income and other, net	8,696	11,587	10,099	11,111	9,170	10,082	8,484	9,397	8,364
Total net advisory fees and commissions and attachment revenue	691,559	663,035	653,931	625,056	598,718	551,544	523,535	506,812	592,602
Brokerage, clearing, and exchange expense	(22,600)	(20,372)	(22,828)	(23,459)	(19,364)	(17,762)	(17,834)	(18,565)	(17,024)
Gross Profit*	668,959	642,663	631,103	601,597	579,354	533,782	505,701	488,246	575,578
G&A Expense
Core G&A*	280,907	299,401	270,865	251,679	236,263	252,391	227,099	222,406	223,211
Regulatory charges	7,323	8,442	5,976	7,416	7,595	8,775	8,326	6,115	6,157
Promotional (ongoing)	87,411	86,071	83,630	64,135	54,181	48,342	57,970	44,540	57,398
Acquisition costs	13,323	14,291	35,887	23,782	2,429	- 0	- 0	- 0	- 0
Employee share-based compensation	12,755	9,589	9,763	11,136	11,356	7,542	7,420	8,040	8,648
Total G&A	401,719	417,794	406,121	358,148	311,823	317,050	300,815	281,101	295,414
Loss on extinguishment of debt	- 0	- 0	- 0	- 0	24,400	- 0	- 0	- 0	- 0
EBITDA*	267,240	224,869	224,982	243,449	243,131	216,732	204,886	207,146	280,164
Depreciation and amortization	45,454	40,816	38,409	36,704	35,499	28,650	27,548	26,890	26,644
Amortization of other intangibles	21,196	20,373	21,531	19,925	17,431	17,270	16,829	16,689	16,570
Interest expense on borrowings	27,211	27,121	27,063	25,171	25,059	24,979	25,179	26,289	29,318
INCOME BEFORE PROVISION FOR INCOME TAXES	173,379	136,559	137,979	161,649	165,142	145,833	135,330	137,278	207,632
PROVISION FOR INCOME TAXES	39,635	28,478	34,915	42,548	35,522	34,285	31,541	35,616	51,991
NET INCOME	$ 133,744	$ 108,081	$ 103,064	$ 119,101	$ 129,620	$ 111,548	$ 103,789	$ 101,662	$ 155,641
Earnings per share, diluted	$ 1.64	$ 1.32	$ 1.26	$ 1.46	$ 1.59	$ 1.38	$ 1.29	$ 1.27	$ 1.92
Weighted-average shares outstanding, diluted	81,572	81,744	81,849	81,728	81,622	80,904	80,550	80,127	81,166
EPS prior to amortization of intangible assets and acquisition costs*	$ 1.95	$ 1.63	$ 1.77	$ 1.85	$ 1.77	$ 1.53	$ 1.44	$ 1.42	$ 2.06

Non-GAAP Reconciliations

*Notice to Investors: Non-GAAP Financial Measures
EPS prior to amortization of intangible assets and acquisition costs, adjusted net income, gross profit, core G&A and EBITDA are 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 herein are appropriate for evaluating the performance of the Company.
Gross profit is calculated as total revenue less advisory and commission expense and brokerage, clearing and exchange expense. All other expense categories, including depreciation and amortization of property and equipment and amortization of other intangibles, 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 gross profit to be a non-GAAP financial measure that may not be comparable to similar measures used by 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. For a calculation of gross profit, please see below.
EPS prior to amortization of intangible assets and acquisition costs is defined as adjusted net income, a non-GAAP measure defined as net income plus the after-tax impact of amortization of other intangibles and acquisition costs, divided by the weighted average number of diluted shares outstanding for the applicable period. The Company presents adjusted net income and EPS prior to amortization of intangible assets and acquisition costs because management believes that these metrics can provide investors with useful insight into the Company's core operating performance by excluding non-cash items and acquisition costs that management does not believe impact the Company's ongoing operations. Adjusted net income and EPS prior to amortization of intangible assets and acquisition costs are not measures of the Company's financial performance under GAAP and should not be considered as an alternative to net income, earnings per diluted share or any other performance measure derived in accordance with GAAP. For a reconciliation of net income and earnings per diluted share to adjusted net income and EPS prior to amortization of intangible assets and acquisition costs, please see below.
Core G&A consists of total expense less the following expenses: advisory and commission; depreciation and amortization; amortization of other intangibles; brokerage, clearing and exchange; interest expense on borrowings; loss on extinguishment of debt; promotional; acquisition costs; employee share-based compensation; and regulatory charges. Management presents core G&A because it believes core G&A reflects the corporate 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 advisory and commission, 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 expense as calculated in accordance with GAAP. For a reconciliation of core G&A to the Company's total expense, please see below. The Company does not provide an outlook for its total expense because it contains expense components, such as advisory and commission, 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 expense cannot be made available without unreasonable effort.
EBITDA is defined as net income plus interest expense on borrowings, provision for income taxes, depreciation and amortization, and amortization of other intangibles. 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. For a reconciliation of EBITDA to net income, please see the prior page.
$ in millions	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020
Total revenue	$2,066	$2,094	$2,021	$1,898	$1,708	$1,581	$1,460	$1,367	$1,463
Advisory and commission expense	1,374	1,431	1,367	1,273	1,109	1,030	937	860	871
Brokerage, clearing and exchange expense	23	20	23	23	19	18	18	19	17
Gross Profit	$669	$643	$631	$602	$579	$534	$506	$488	$576
Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020
Advisory and commission expense	$1,374	$1,431	$1,367	$1,273	$1,109	$1,030	$937	$860	$871
Plus (Less): Advisor deferred compensation expense	32	(21)	2	(26)	(14)	(42)	(19)	(40)	50	-1
Production-based payout	$1,406	$1,410	$1,368	$1,247	$1,095	$988	$918	$820	$921
Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020
Interest income	$8	$8	$7	$7	$7	$7	$7	$7	$10
(Less) Plus: Other revenue	(31)	25	1	30	16	45	21	43	(51)
Plus (Less): Advisor deferred compensation expense	32	(21)	2	(26)	(14)	(42)	(19)	(40)	50
Interest income and other, net	$9	$12	$10	$11	$9	$10	$8	$9	$8
Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020
Total expense	$1,892	$1,958	$1,883	$1,736	$1,542	$1,435	$1,325	$1,229	$1,256
Advisory and commission	1,374	1,431	1,367	1,273	1,109	1,030	937	860	871
Depreciation and amortization	45	41	38	37	35	29	28	27	27
Interest expense on borrowings	27	27	27	25	25	25	25	26	29
Brokerage, clearing and exchange	23	20	23	23	19	18	18	19	17
Amortization of other intangibles	21	20	22	20	17	17	17	17	17
Loss on extinguishment of debt	- 0	- 0	- 0	- 0	24	- 0	- 0	- 0	- 0
Total G&A	$402	$418	$406	$358	$312	$317	$301	$281	$295
Promotional (ongoing)	$87	$86	$84	$64	$54	$48	$58	$45	$57
Acquisition costs	13	14	36	24	2	- 0	- 0	- 0	- 0
Employee share-based compensation	13	10	10	11	11	8	7	8	9
Regulatory charges	7	8	6	7	8	9	8	6	6
Core G&A	$281	$299	$271	$252	$236	$252	$227	$222	$223
Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020
Amount	Per Share	Amount	Per Share	Amount	Per Share	Amount	Per Share	Amount	Per Share	Amount	Per Share	Amount	Per Share	Amount	Per Share	Amount	Per Share
Net income / earnings per diluted share	$134	$1.64	$108	$1.32	$103	$1.26	$119	$1.46	$130	$1.59	$112	$1.38	$104	$1.29	$102	$1.27	$156	$1.92
Amortization of other intangibles	21	0.26	20	0.25	22	0.26	20	0.24	17	0.21	17	0.21	17	0.21	17	0.21	17	0.20
Acquisition costs	13	0.16	14	0.17	36	0.44	24	0.29	2	0.03	0	0.00	0	0.00	0	0.00	0	0.00
Tax benefit	(9)	(0.11)	(9)	(0.11)	(15)	(0.19)	(12)	(0.14)	(5)	(0.06)	(5)	(0.06)	(5)	(0.06)	(5)	(0.06)	(5)	(0.06)
Adjusted net income / EPS prior to amortization of intangible assets and acquisition costs	$159	$1.95	$133	$1.63	$145	$1.77	$151	$1.85	$144	$1.77	$124	$1.53	$116	$1.44	$114	$1.42	$167	$2.06
Diluted share count	82	82	82	82	82	81	81	80	81
Note: Totals may not foot due to rounding.

Quarterly Activity Report

LPL Financial Holdings Inc. - Historical Quarterly Activity
As of March 31, 2022
(End of Period $ in billions, unless noted)	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020
Assets
Advisory Assets(1)	624.3	643.2	594.0	577.6	496.7	461.2	405.9	375.3	322.3
Brokerage Assets(2)	538.8	563.2	538.6	534.7	461.6	441.9	404.4	386.4	347.6
Total Advisory and Brokerage Assets	1,163.1	1,206.4	1,132.6	1,112.3	958.3	903.1	810.4	761.7	669.9
Centrally Managed Assets(3)	93.8	96.1	88.6	84.7	77.0	67.1	59.0	54.4	46.9
Total Net New Assets
Net New Advisory Assets(4)	17.4	24.2	21.7	54.9	22.7	18.4	10.4	10.2	13.2
Net New Brokerage Assets(5)	0.2	2.0	7.3	51.1	6.2	3.4	0.7	2.8	1.2
Total Net New Assets	17.6	26.2	29.0	106.0	28.9	21.8	11.1	13.0	14.3
Total Organic Net New Assets(6)
Organic Net New Advisory Assets	17.4	24.2	21.1	21.4	22.7	15.9	10.4	10.2	13.2
Organic Net New Brokerage Assets	0.2	2.0	5.6	15.6	6.2	1.9	0.7	2.8	1.2
Total Organic Net New Assets	17.6	26.2	26.7	37.1	28.9	17.8	11.1	13.0	14.3
Net Brokerage to Advisory Conversions(7)	2.9	3.4	3.1	3.2	3.3	2.6	2.0	1.6	2.4
Corporate Platform Net New Advisory Assets	10.6	17.0	15.2	49.0	17.1	15.0	7.8	6.2	7.8
Independent RIA Net New Advisory Assets	6.8	7.2	6.5	6.0	5.6	3.3	2.6	4.0	5.4
Total Net New Advisory Assets	17.4	24.2	21.7	54.9	22.7	18.4	10.4	10.2	13.2
Centrally Managed Net New Advisory Assets(8)	3.3	4.4	3.9	4.0	7.8	2.5	1.9	1.3	2.2
Client Cash Balances
Insured Cash Account Balances	32.6	30.0	30.5	34.1	37.4	37.3	34.7	33.1	34.5
Deposit Cash Account Balances	9.4	9.3	8.6	7.6	7.9	8.2	8.0	7.7	8.7
Total Bank Sweep Balances	42.0	39.3	39.0	41.7	45.3	45.5	42.7	40.8	43.2
Money Market Account Cash Balances	18.2	16.1	9.9	5.0	1.3	1.5	1.5	1.6	1.8
Purchased Money Market Funds	1.6	1.9	1.8	1.7	1.6	1.9	2.3	2.8	2.8
Total Money Market Balances	19.8	18.0	11.7	6.7	3.0	3.3	3.9	4.5	4.6
Total Client Cash Balances	61.8	57.3	50.7	48.4	48.3	48.9	46.6	45.3	47.8
Net Buy (Sell) Activity(9)	11.0	16.0	17.6	18.1	17.4	12.2	9.3	12.5	0.2
Market Drivers
S&P 500 (end of period)	4,530	4,766	4,308	4,298	3,973	3,756	3,363	3,100	2,585
Russell 2000 (end of period)	2,070	2,245	2,204	2,311	2,221	1,975	1,508	1,441	1,153
Fed Funds Effective Rate (average bps)	12	8	9	7	8	9	9	6	123
Note: The Company's Q3 2021 assets included $71.0 billion of total brokerage and advisory assets from Waddell & Reed, LLC ("Waddell & Reed"), of which $35.1 billion was brokerage assets and $35.8 billion was advisory assets. The Company's Q3 2021 assets also included $4.5 billion of brokerage assets from M&T Bank. The Company's Q2 2021 assets included $70.0 billion of total brokerage and advisory assets from Waddell & Reed, of which $35.7 billion was brokerage assets and $34.3 billion was advisory assets. The Company's Q2 2021 assets also included $15.6 billion of total brokerage and advisory assets from M&T Bank, of which $12.4 billion was brokerage assets and $3.1 billion was advisory assets. The Company's Q2 2021 assets also included $3.1 billion of brokerage assets from BMO Harris Financial Advisors ("BMO"). The Company's Q1 2021 assets included $11.8 billion of total brokerage and advisory assets from BMO, of which $6.8 billion was brokerage assets and $5.0 billion was advisory assets. (1) Consists of total advisory assets under custody at the Company's broker-dealer subsidiary, LPL Financial LLC ("LPL Financial"), and Waddell & Reed. Assets for Q4 2020 also included advisory assets related to the onboarding of E.K. Riley Investments, LLC ("E.K. Riley") and Lucia Securities, LLC ("Lucia"). (2) Assets for Q4 2020 include brokerage assets related to the onboarding of E.K. Riley and Lucia. (3) Represents those advisory assets in LPL Financial's Model Wealth Portfolios, Optimum Market Portfolios, Personal Wealth Portfolios and Guided Wealth Portfolios platforms. (4) Consists of Advisory Asset Inflows minus Outflows, plus Advisory Dividends, plus Interest, minus Advisory Fees. (5) Consists of Brokerage Asset Inflows minus Outflows, plus Brokerage Dividends, plus Interest. (6) Consists of net new assets excluding assets acquired from Waddell & Reed, Lucia and E.K. Riley. Acquired assets include $2.3 billion and $68.9 billion of net new assets from Waddell & Reed in Q3 2021 and Q2 2021 respectively, $2.5 billion of net new assets from E.K. Riley in Q4 2020, and $1.5 billion of net new assets from Lucia in Q4 2020. (7) Consists of existing custodied accounts that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage. (8) Consists of total client deposits into Centrally Managed Assets accounts less total client withdrawals from Centrally Managed Assets accounts plus dividends, plus interest, minus advisory fees. (9) 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.

Monthly Activity Report

LPL Financial Holdings Inc. - Historical Monthly Activity
As of March 31, 2022
(End of Period $ in billions, unless noted)	Mar 2022	Feb 2022	Jan 2022	Dec 2021	Nov 2021	Oct 2021	Sep 2021	Aug 2021	Jul 2021	Jun 2021	May 2021	Apr 2021	Mar 2021
Assets
Advisory Assets(1)	624.3	612.9	619.6	643.2	620.1	623.3	594.0	604.6	588.4	577.6	559.0	550.5	496.7
Brokerage Assets(2)	538.8	531.9	538.2	563.2	550.7	557.2	538.6	552.3	541.4	534.7	515.1	512.7	461.6
Total Advisory and Brokerage Assets	1,163.1	1,144.8	1,157.8	1,206.4	1,170.8	1,180.5	1,132.6	1,156.9	1,129.9	1,112.3	1,074.1	1,063.2	958.3
Total Net New Assets
Net New Advisory Assets(3)	6.0	5.4	5.9	10.5	7.1	6.6	9.6	6.4	5.7	11.2	5.7	38.0	12.5
Net New Brokerage Assets(4)	0.3	(0.2)	0.1	1.6	(0.3)	0.7	1.8	1.2	4.3	14.8	0.4	35.9	6.9
Total Net New Assets	6.3	5.2	6.1	12.1	6.9	7.2	11.4	7.6	10.0	26.0	6.1	73.8	19.4
Total Organic Net New Assets (5)
Net New Organic Advisory Assets	6.0	5.4	5.9	10.5	7.1	6.6	9.0	6.4	5.7	10.4	5.7	5.4	12.5
Net New Organic Brokerage Assets	0.3	(0.2)	0.1	1.6	(0.3)	0.7	0.1	1.2	4.3	13.9	0.4	1.4	6.9
Total Organic Net New Assets	6.3	5.2	6.1	12.1	6.9	7.2	9.1	7.6	10.0	24.2	6.1	6.7	19.4
Net Brokerage to Advisory Conversions(6)	0.9	0.9	1.2	1.1	1.2	1.1	1.1	1.2	0.8	0.9	1.0	1.3	1.2
Client Cash Balances
Insured Cash Account Balances	32.6	29.9	29.6	30.0	29.9	29.3	30.5	33.2	34.4	34.1	34.5	35.0	37.4
Deposit Cash Account Balances	9.4	10.5	9.7	9.3	8.5	8.5	8.6	8.2	7.9	7.6	7.6	7.5	7.9
Total Bank Sweep Balances	42.0	40.4	39.4	39.3	38.4	37.8	39.0	41.4	42.2	41.7	42.0	42.5	45.3
Money Market Account Cash Balances	18.2	18.4	17.3	16.1	11.6	11.3	9.9	6.3	4.3	5.0	4.3	3.7	1.3
Purchased Money Market Funds	1.6	1.8	1.7	1.9	1.9	1.8	1.8	1.9	1.9	1.7	1.5	1.5	1.6
Total Money Market Balances	19.8	20.1	19.0	18.0	13.5	13.1	11.7	8.3	6.3	6.7	5.8	5.2	3.0
Total Client Cash Balances(7)	61.8	60.5	58.4	57.3	51.9	50.9	50.7	49.7	48.5	48.4	47.8	47.7	48.3
Net Buy (Sell) Activity(8)	3.5	4.0	3.5	4.7	5.5	5.8	5.5	5.6	6.5	6.0	5.2	6.9	6.9
Market Drivers
S&P 500 (end of period)	4,530	4,374	4,516	4,766	4,567	4,605	4,308	4,523	4,395	4,298	4,204	4,181	3,973
Russell 2000 (end of period)	2,070	2,048	2,028	2,245	2,199	2,297	2,204	2,274	2,226	2,311	2,269	2,266	2,221
Fed Funds Effective Rate (average bps)	20	8	8	8	8	8	8	9	10	8	6	7	7
Note: The Company's September 2021, June 2021, and April 2021 assets included $2.3 billion, $1.8 billion, and $67.1 billion of total brokerage and advisory assets from Waddell & Reed, LLC ("Waddell & Reed"), respectively. The Company's September 2021, August 2021, July 2021, and June 2021 assets included $0.2 billion, $1.3 billion, $3.0 billion, and $15.6 billion of total brokerage and advisory assets from M&T Bank, respectively. The Company's June 2021, May 2021, April 2021 and March 2021 assets included $0.7 billion, $0.3 billion, $2.1 billion and $11.8 billion of total brokerage and advisory assets from BMO Harris Financial Advisors ("BMO"), respectively. (1) Consists of total advisory assets under custody at the Company's broker-dealer subsidiary, LPL Financial LLC ("LPL Financial"), and Waddell & Reed. September 2021, June 2021, and April 2021 assets included $0.6 billion, $0.9 billion, and $32.6 billion of advisory assets from Waddell & Reed, respectively. June 2021 assets included $3.1 billion of advisory assets from M&T Bank. March 2021 assets included $5.0 billion of advisory assets from BMO. (2) Consists of total brokerage assets under custody at the Company's broker-dealer subsidiary, LPL Financial, and Waddell & Reed. September 2021, June 2021, and April 2021 assets included $1.7 billion, $0.9 billion, and $34.5 billion of brokerage assets from Waddell & Reed, respectively. September 2021, August 2021, July 2021, and June 2021 assets included $0.2 billion, $1.3 billion, $3.0 billion, and $12.4 billion of brokerage assets from M&T Bank, respectively. June 2021, May 2021, April 2021, and March 2021 assets included $0.7 billion, $0.3 billion, $2.1 billion, and $6.8 billion of brokerage assets from BMO, respectively. (3) Consists of Advisory Asset Inflows minus Outflows, plus Advisory Dividends, plus Interest, minus Advisory Fees. (4) Consists of Brokerage Asset Inflows minus Outflows, plus Brokerage Dividends, plus Interest. (5) Consists of net new assets excluding the acquisition of Waddell & Reed. Acquired assets include $2.3 billion, $1.8 billion and $67.1 billion of net new assets from Waddell & Reed in September 2021, June 2021, and April 2021, respectively. (6) Consists of existing custodied assets that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage. (7) In April 2021, total client cash balances included $1.1 billion of Money Market Account cash balances from Waddell & Reed. (8) 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.

Roll-Forward

Guided Roll-Forward
-	From prior quarter's finalized hardcoded file, insert/paste prior quarter's data as new column(s) to the right of Hyperion-driven cells in each tab.
-	Then, enter new time periods based on the new quarter below.
New	Prior
Quarter	Q4	Q3
Year	2021	2021
Q4 2021	Q3 2021
FY21	FY21
Mo 3/3	Mo 2/3	Mo 1/3
Month	Dec	Nov	Oct
Dec 2021	Nov 2021	Oct 2021
-	Next, delete unecessary historical data from each tab (only 9qtrs or 13mos)
-	Next, update any hardcodes below (very rare to need these in this file)
Long-term/Statutory Tax Rate (ask Corporate FP&A)
Davis Dawson: Davis Dawson: Used to calcuate tax impact of Acquisition costs and Amortization of intangibles; was 28% prior to 1Q21, then decreased to 26.85%	Q4 2021	Q3 2021
Tax Rate	26.85%	26.85%
-	Lastly, refresh Hyperion for all worksheets (using Refresh drop-down)

Hyperion

Management P&L - Hyperion	Hyperion References	Tie-Out	Notes
Quarterly Metrics	Monthly Metrics	Management P&L	Reconciliations	Historical values for tax benefit are inconsistent with EPRs (Recon tab)
Year	FY21	FY21	Version	Final	Final	Metric	Calculated	Hyperion	Variance	Metric	Rounding framework
Period	Q4	Q3	Department	Department	Department	Advisory fees and commissions	1,610,175.00	1,610,174.81	0.1855	Total G&A	Tie-out framework (calculate when possible, tie to Hyperion?)
Product	GAAP	GAAP	Company	Default Company	Default Company	Production based payout	1,410,458.00	1,410,458.03	(0.0292)	Core G&A	Monthly FFE/S&P data not pulling through
Product	Non-GAAP	Non-GAAP	Channel	Total Channel	Total Channel	Gross Profit	642,663.00	642,663.40	(0.3992)	EPS prior to amortization of intangible assets and acquisition costs
Product	Adjusted	Adjusted	Product	Non-GAAP	Non-GAAP	Total G&A	417,794.00	417,794.98	(0.9751)
Product	M&A Integration	M&A Integration	Intercompany	Total Intercompany	Total Intercompany	EBITDA	224,869.00	224,868.42	0.5759
Scenario	Actual	Actual	Future	F0000	F0000	Income before provision for income taxes	136,559.00	136,558.93	0.0695
Version	Final	Final	Scenario	Statistics	Statistics	Net income	108,081.00	108,081.29	(0.2870)
Department	All Entities	All Entities
Channel	Total Channel	Total Channel
Statistics Scenario	Statistics	Statistics
Statistics Version	Final	Final
Advisory Assets - Total
Management View, GAAP EPS	Q4	Q3	Brokerage AUM	Advisory Assets - Total
Forecast Rollups	$ thousands	2021	2021	Total Advisory & Brokerage Assets - Total	Brokerage AUM
Gross Profit	Centrally Managed Assets	Total Advisory & Brokerage Assets - Total
Sales-based Commissions	Sales	248,383	239,803
Trail Commissions	Trails	364,454	370,581	Total Advisory NNA	Total Advisory NNA
Commission Revenue	Commissions	612,837	610,384	Total Brokerage NNA	Total Brokerage NNA
Advisory	Advisory	997,338	959,732	Total NNA	Total NNA
Total Commission & Advisory	Total Commission and Advisory Revenue	$1,610,175	$1,570,116
Commission Expense	Commission Expense	563,291	540,144
Advisory Expense	Advisory Expense	818,628	783,098	Organic Advisory NNA	Organic Advisory NNA
Baseline Production Expense	1,360,599	1,324,278	Organic Brokerage NNA	Organic Brokerage NNA
Production Bonus	Production Bonus	49,238	43,589
Deferred Commissions Expense	Deferred Commission Expense	20,699	(1,516)
Advisor Stock Based Compensation	Advisor Stock Expense	621	481	Net Custodied Brokerage to Advisory Conversions	Net Custodied Brokerage to Advisory Conversions
Non-GDC Based Production Expense	21,320	(1,035)
Total Commission and Advisory Expense	$1,410,458	$1,368,348	Advisory NNA - Corporate RIA
Commission	Total Commission and Advisory Expense - Hyperion	1,410,458	1,368,348	Advisory NNA - Independent RIA	ICA/IDA Balances - EOP
Net Commission and Advisory Fees	$199,717	$201,768	Total Advisory NNA	DCA Balances - EOP
511210 - Insured Cash Account	ICA	76,863	85,856	Centrally Managed NNA
511220 - Deposit Cash Account	DCA	4,075	4,722	Money Market Balances - EOP
511215 - Money Market Fees	MM Sweep	1,176	74	Purchased Money Market Funds
511225 - MF Money Market Sponsor Fee	MM Purchased	(4)	606	ICA/IDA Balances - EOP
Cash Products	Cash Sweep Revenue	82,109	91,258	DCA Balances - EOP	Total Client Cash Balances - EOP
Product Sponsor	Revenue Sharing	106,674	101,427
Other Asset-based Revenue	Record Keeping	113,256	109,016	Money Market Balances - EOP	Cash Net Buys/Sells
Sponsor Revenue	219,931	210,443	Purchased Money Market Funds
Total Asset-based Revenue	Total Asset based	302,040	301,701
Transaction Revenue	Transaction Revenue	39,306	35,283	Cash Sweep Assets - EOP	S&P 500 - EOP
Advisor Based Fee Revenue	Advisor Based Fee Revenue	47,109	47,379	Effective Fed Funds bps - Daily Average
Correspondant Fee Revenue	Correspondant Fee Revenue	1,222	1,186	Cash Net Buys/Sells
Conference Fee Revenue	Conference Fee Revenue	2,993	2,762
Client Based Fee Revenue	Client Based Fee Revenue	13,506	12,773
IRA Based Fee Revenue	IRA Based Fee Revenue	18,916	16,382	S&P 500 - EOP
Trust Based Fee Revenue	Trust Based Fee Revenue	2,390	2,357	Effective Fed Funds bps - Daily Average
Fortigent Fee Revenue	Fortigent Fee Revenue	603	570
Technology Fee Revenue	Technology Fee Revenue	15,685	15,053
Other Fee Revenue	Other Fee Revenue	1,360	1,160
Fee Revenue	Fee Revenue	110,385	105,078
Fee & Transaction Revenue	Transaction and Fee Revenue	149,691	140,362
Interest, Net	Interest	7,779.5	7,365
Other Revenues	Other Revenue	3,808.0	2,735
Other Revenue	11,587.5	10,101
Net Rev	Total Attachment Revenue	$463,319	$452,163
Brokerage, Clearing & Exch Fees	Brokerage, Clearing & Exch Fees	20,372	22,828
Gross Profit	Gross Profit	$642,663	$631,103
Total Revenue	2,094,193	2,020,763
G&A
Core Expense	Core Expense	299,402	270,865
Regulatory Expense	Regulatory Expense	8,442	5,976
Meetings	Meetings	12,425	15,865
Other Promotionals	Other Promotionals	73,645	67,764
Promotional	Promotional	86,071	83,629
A731115	Employee share-based comp.	9,588	9,764
Core Expense	Core Acquisition Costs	12,619	23,504
Meetings	Meetings Acquisition Costs (Promo)	0	5
Other Promotionals	Other Promo Acquisition Costs (Promo)	1,672	12,378
G&A Expense	Acquisition Costs	14,291	35,887
G&A Expense	Total G&A	$417,795	$406,121
EBITDA	EBITDA	$224,868	$224,983
EBITDA (ex. Cash, debt refi)
Depreciation and Amort. of Fixed Assets	Depreciation and amortization	40,816	38,409
Amortization of Intangible Assets	Amortization of intangible assets	20,373	21,532
Loss on Debt Extinguishments	Loss on Debt Extinguishments	0	0
EBIT	$163,679	$165,042
EBIT (ex. Cash, debt refi)
Interest Expense from Senior Credit Facilities	Interest Expense from Senior Credit Facilities	27,121	27,063
Pre-Tax Income	Pre-Tax Income	$136,559	$137,979
Pre-Tax Income (ex. Cash, debt refi)
Income Tax	Income Tax	28,478	34,915
Net Income	Net Income	$108,081	$103,064
Diluted Shares	Share count, diluted	81,744.0	81,848.7
EPS, diluted	$1.32	$1.26
Tax Rate	20.9%	25.3%
Long-term Tax Rate	26.9%	26.9%
Tax benefit	9,307	15,417
Amortization of intangible assets	$0.18	$0.19
Acquisition costs	$0.13	$0.32
EPS Prior to Amortization of Intangibles	$1.50	$1.45
EPS Prior to Intangibles and Acquisition Costs	$1.63	$1.77
Profitability
Gross Profit Margin	31.0%	31.2%
EBITDA Margin	10.8%	11.1%
Net Income Margin	5.2%	5.1%
EBITDA / GP Margin	35.0%	35.6%
Net Income / GP Margin	16.8%	16.3%
GDC % of Rev	77.7%	77.6%
Attachment Rate	28.8%	28.8%
Attachment Rate ex Cash	23.7%	23.0%
Corporate Advisory ROA	1.01%	ERROR:#DIV/0!
EBIT	$163,679	$165,042
Operating Expense	$1,936,935	$1,884,300
Payout Ratios
Base Payout	84.5%	84.3%
Production Bonus Payout	3.1%	2.8%
GDC Sensitive Payout	87.6%	87.1%
Non-GDC Sensitive Payout	1.3%	(0.1%)
Total Payout	87.6%	87.1%
Total Production Expense Rate	87.6%	87.1%
Advisory % of Production	61.9%	61.1%
Metrics
Advisors - LPL	Advisors	19,876	19,627
Advisor Growth	249	19,627
Production Retention (% of GDC)	Production Retention	0.0%	0.0%
LPLA Close Price	LPLA Share Price (EOP)	$160.09	$156.76
S&P 500 - EOP	S&P 500 (EOP)	4,766	4,308
S&P 500 - Daily Average	S&P 500 (Avg)	4,602	4,421
Russell 2000 - EOP	Russell 2000 (EOP)	2,245	2,204
Russell 2000 - Daily Average Input	Russell 2000 (Avg)	2,209	2,242
Effective Fed Funds bps - Daily Average	FFE (Avg)	8	9
3-Month LIBOR (Daily Avg - bps)	3MO LIBOR (Avg)	16	13
VIX (Daily Average)	VIX (Daily Average)	19	18
Number of Transactions	Number of Transactions (m)	17,164.0	15,451.3
Funded Accounts - Total	Number of Accounts (m)	7,208.1	7,057.1
Commissions Per Advisor	$123.332	$124.397
Employee Count	Employees	5,919	5,457
Share Repurchases	Share Repurchases ($m)	$50,006.0	$40,005.5
Shareholder Dividends	Dividends ($m)	$20,027.1	$20,054.7
Capital Returned to Shareholders ($m)	$70,033.1	$60,060.1
Capital Returned to Shareholders (per share)	$0.86	$0.73
Assets	53.3%	52.4%
Business Development (Recruited) AUM - Total	Recruited Assets	$17,164.1	$13,206.0
Brokerage AUM	Brokerage Assets	$563,231.1	$538,563.6
Advisory Assets - Total	Advisory Assets	$643,210.8	$594,021.5
Total Advisory & Brokerage Assets - Total	Total Assets	$1,206,441.8	$1,132,585.1
Advisory & Brokerage Assets - avg	Average Total Assets	$1,185,928.6	$1,139,786.6
Advisory % of Total Assets	53.3%	52.4%
Total Advisory NNA	Advisory NNA	$24,184.5	$21,679.1
A-NNA Annualized Growth	16.3%	ERROR:#DIV/0!
Total Brokerage NNA	Brokerage NNA	$1,985.1	$7,280.5
B-NNA Annualized Growth	1.5%	ERROR:#DIV/0!
Total NNA	$26,169.6	$28,959.6
T-NNA Annualized Growth	9.2%	ERROR:#DIV/0!
Centrally Managed NNA	Centrally Managed NNA	$4,373.8	$3,867.7
Centrally Managed NNA % of Advisory NNA	18%	18%
Advisory NNA - Independent RIA	Hybrid Advisory NNA	$7,193.3	$6,499.2
Advisory NNA - Corporate RIA	Corporate Advisory NNA	$16,991.3	$15,179.8
Net Custodied Brokerage to Advisory Conversions	Conversion - Brokerage to Advisory	$3,387.9	$3,087.5
ICA/IDA Balances - EOP	ICA Assets	$29,981.5	$30,469.3
DCA Balances - EOP	DCA Assets	$9,328.9	$8,559.3
Money Market Balances - EOP	MM Sweep Assets	$16,092.8	$9,860.7
Purchased Money Market Funds	MM Purchased Assets	$1,877.6	$1,824.4
Total Client Cash Balances - EOP	Total Client Cash Balances	$57,280.8	$50,713.7
Cash % of AUM	4.7%	4.5%
Cash Net Buys/Sells	Net Buy (Sell)	$15,992.5	$17,642.3
Centrally Managed Assets	Centrally Managed Assets	$96,124.8	$88,638.2
Centrally Managed % of Advisory	14.9%	14.9%
Corporate Assets	$906,708.5	$851,353.9
RIA Assets Under Custody	Hybrid Assets	$299,733.3	$281,231.2
Corporate Advisory Assets	$429,565.2	$395,627.4
RIA Advisory Assets	Hybrid Advisory Assets	$213,645.6	$198,394.1
Corporate Brokerage Assets	$477,143.3	$455,726.5
RIA Brokerage Assets	Hybrid Brokerage Assets	$86,087.8	$82,837.1
ROA
Commision / Brokerage Assets	43.5 bps	45.3 bps
Advisory / Advisory Assets	62.0 bps	64.6 bps
GDC / Total Assets	53.4 bps	55.5 bps
Net GDC / Total Assets	6.6 bps	7.1 bps
Attachment / Total Assets	15.4 bps	16.0 bps
Net Attachment / Total Assets	14.7 bps	15.2 bps
Asset-based / Total Assets	7.3 bps	7.4 bps
Transaction & Fee / Total Assets	5.0 bps	5.0 bps
Other Revenue / Total Assets	0.4 bps	0.4 bps
Gross Profit ROA	21.3 bps	22.3 bps
OPEX ROA	16.8 bps	17.4 bps
Operating Efficiency	4.5 bps	4.9 bps
Cash Info
ICA/IDA Balances - EOP	ICA Assets - EOP ($b)	$29,981.5	$30,469.3
DCA Balances - EOP	DCA Assets - EOP ($b)	$9,328.9	$8,559.3
Money Market Balances - EOP	MM Sweep Assets - EOP ($b)	$16,092.8	$9,860.7
Purchased Money Market Funds	MM Purchased Assets - EOP ($b)	$1,877.6	$1,824.4
Cash Sweep Assets - EOP	Client Cash Balances - EOP ($b)	$57,280.8	$50,713.7
ICA/IDA Balances - Daily Average	ICA Assets - Daily Avg. ($b)	$30,087.6	$33,664.7
DCA Balances - Daily Average	DCA Assets - Daily Avg. ($b)	$8,639.6	$7,956.9
Money Market Balances - Daily Average	MM Assets - Daily Avg. ($b)	$11,777.9	$5,405.0
Purchased Money Market Funds - Daily Average	MM Purchased Assets - Daily Avg. ($b)	$1,862.8	$1,865.2
Cash Sweep Assets (Daily Average)	Client Cash Balances - Daily Avg. ($b)	$52,367.9	$48,891.8
511210 - Insured Cash Account	ICA Revenue	$76,863.4	$85,856.2
511220 - Deposit Cash Account	DCA Revenue	$4,074.6	$4,721.7
511215 - Money Market Fees	MM Sweep Revenue	$1,175.8	$74.1
511225 - MF Money Market Sponsor Fee	MM Purchased Revenue	($4.3)	$605.7
Cash Products	Client Cash Revenue	$82,109.5	$91,257.8
ICA / IDA Rate bps	ICA Yield	101 bps	101 bps
DCA Balances - DCA Rate bps	DCA Yield	19 bps	24 bps
MMF Rate bps	MM Sweep Yield	4 bps	1 bps
Purchased Money Market Funds Average Fee bps	MM Purchased Yield	(0 bps)	13 bps
Cash Sweep bps	Cash Sweep Yield	65 bps	76 bps

Sheet1

Management P&L - Hyperion
Year	FY21	FY21	FY21	FY21	FY20	FY20	FY20	FY20	FY19
Period	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Product	GAAP	GAAP	GAAP	GAAP	GAAP	GAAP	GAAP	GAAP	GAAP
Product	Non-GAAP	Non-GAAP	Non-GAAP	Non-GAAP	Non-GAAP	Non-GAAP	Non-GAAP	Non-GAAP	Non-GAAP
Product	Adjusted	Adjusted	Adjusted	Adjusted	Adjusted	Adjusted	Adjusted	Adjusted	Adjusted
Product	M&A Integration	M&A Integration	M&A Integration	M&A Integration	M&A Integration	M&A Integration	M&A Integration	M&A Integration	M&A Integration
Scenario	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Actual	Actual
Version	Final	Final	Final	Final	Final	Final	Final	Final	Final
Department	All Entities	All Entities	All Entities	All Entities	All Entities	All Entities	All Entities	All Entities	All Entities
Channel	Total Channel	Total Channel	Total Channel	Total Channel	Total Channel	Total Channel	Total Channel	Total Channel	Total Channel
Statistics Scenario	Statistics	Statistics	Statistics	Statistics	Statistics	Statistics	Statistics	Statistics	Statistics
Statistics Version	Final	Final	Final	Final	Final	Final	Final	Final	Final
Management View, GAAP EPS	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Forecast Rollups	$ thousands	2021	2021	2021	2021	2020	2020	2020	2020	2019
Gross Profit
Sales-based Commissions	Sales	248,383	239,803	249,597	236,272	202,505	180,356	159,512	228,391	193,979
Trail Commissions	Trails	364,454	370,581	348,636	320,957	300,515	292,288	267,941	275,053	282,941
Commission Revenue	Commissions	612,837	610,384	598,233	557,229	503,020	472,643	427,453	503,444	476,920
Advisory	Advisory	997,338	959,732	846,313	722,046	638,181	586,941	523,370	579,027	533,259
Total Commission & Advisory	Total Commission and Advisory Revenue	$1,610,175	$1,570,116	$1,444,546	$1,279,275	$1,141,201	$1,059,584	$950,823	$1,082,471	$1,010,179
Commission Expense	Commission Expense	563,291	540,144	554,082	502,459	483,860	434,616	415,032	390,892	435,401
Advisory Expense	Advisory Expense	818,628	783,098	686,042	583,204	508,066	463,502	410,641	454,243	418,402
Baseline Production Expense	1,360,599	1,324,278	1,213,641	1,071,521	949,456	878,766	785,171	894,491	835,930
Production Bonus	Production Bonus	49,238	43,589	33,078	23,236	37,813	38,648	34,175	25,661	40,028
Deferred Commissions Expense	Deferred Commission Expense	20,699	(1,516)	25,881	13,522	41,857	18,934	39,895	(50,040)	17,176
Advisor Stock Based Compensation	Advisor Stock Expense	621	481	603	619	613	417	607	684	696
Non-GDC Based Production Expense	21,320	(1,035)	26,483	14,142	42,470	19,351	40,502	(49,356)	17,872
Total Commission and Advisory Expense	$1,410,458	$1,368,348	$1,247,322	$1,095,376	$987,882	$917,832	$819,953	$920,835	$876,654
Commission	Total Commission and Advisory Expense - Hyperion	1,410,458	1,368,348	1,247,322	1,095,376	987,882	917,832	819,953	920,835	876,654
Net Commission and Advisory Fees	$199,717	$201,768	$197,225	$183,898	$153,320	$141,752	$130,871	$161,636	$133,524
511210 - Insured Cash Account	ICA	76,863	85,856	85,321	90,870	97,953	99,799	107,261	127,205	128,485
511220 - Deposit Cash Account	DCA	4,075	4,722	4,629	5,765	6,203	7,233	6,380	19,857	21,574
511215 - Money Market Fees	MM Sweep	1,176	74	93	99	186	340	669	2,477	3,708
511225 - MF Money Market Sponsor Fee	MM Purchased	(4)	606	333	371	678	1,333	1,955	1,859	1,554
Cash Products	Cash Sweep Revenue	82,109	91,258	90,376	97,104	105,020	108,705	116,265	151,398	155,321
Product Sponsor	Revenue Sharing	106,674	101,427	95,979	81,711	73,961	70,642	63,885	64,448	64,482
Other Asset-based Revenue	Record Keeping	113,256	109,016	93,265	85,891	79,412	74,204	66,917	69,660	69,121
Sponsor Revenue	219,931	210,443	189,244	167,602	153,373	144,846	130,802	134,108	133,604
Total Asset-based Revenue	Total Asset based	302,040	301,701	279,620	264,706	258,393	253,551	247,067	285,506	288,925
Transaction Revenue	Transaction Revenue	39,306	35,283	37,627	44,120	35,532	31,901	35,130	45,786	29,697
Advisor Based Fee Revenue	Advisor Based Fee Revenue	47,109	47,379	45,919	42,066	41,398	40,105	38,720	40,725	39,696
Correspondant Fee Revenue	Correspondant Fee Revenue	1,222	1,186	1,108	1,035	913	839	769	866	800
Conference Fee Revenue	Conference Fee Revenue	2,993	2,762	0	0	520	230	0	1,394	2,890
Client Based Fee Revenue	Client Based Fee Revenue	13,506	12,773	12,674	13,262	10,830	10,923	11,586	11,949	10,696
IRA Based Fee Revenue	IRA Based Fee Revenue	18,916	16,382	17,121	18,191	16,869	14,964	14,497	17,581	16,771
Trust Based Fee Revenue	Trust Based Fee Revenue	2,390	2,357	2,610	2,200	2,026	1,971	2,199	1,831	1,828
Fortigent Fee Revenue	Fortigent Fee Revenue	603	570	349	1,040	1,126	1,143	996	1,166	1,402
Technology Fee Revenue	Technology Fee Revenue	15,685	15,053	13,921	13,715	15,600	13,150	11,616	11,872	11,420
Other Fee Revenue	Other Fee Revenue	1,360	1,160	998	1,070	1,049	1,135	886	1,017	877
Fee Revenue	Fee Revenue	110,385	105,078	99,474	96,824	94,218	87,846	84,348	91,310	88,594
Fee & Transaction Revenue	Transaction and Fee Revenue	149,691	140,362	137,101	140,944	129,750	119,747	119,479	137,096	118,291
Interest, Net	Interest	7,779.5	7,365	6,914	6,518	6,707	6,623	6,540	9,542	10,966
Other Revenues	Other Revenue	3,808.0	2,735	4,195	2,653	3,374	1,863	2,855	(1,177)	2,358
Other Revenue	11,587.5	10,101	11,110	9,171	10,081	8,486	9,395	8,365	13,324
Net Rev	Total Attachment Revenue	$463,319	$452,163	$427,830	$414,820	$398,224	$381,783	$375,941	$430,966	$420,540
Brokerage, Clearing & Exch Fees	Brokerage, Clearing & Exch Fees	20,372	22,828	23,459	19,364	17,762	17,834	18,565	17,024	15,927
Gross Profit	Gross Profit	$642,663	$631,103	$601,596	$579,355	$533,782	$505,701	$488,246	$575,578	$538,138
Total Revenue	2,094,193	2,020,763	1,898,257	1,707,617	1,581,283	1,460,301	1,366,659	1,463,397	1,447,895
G&A
Core Expense	Core Expense	299,402	270,865	251,679	236,262	249,868	226,790	222,310	223,211	230,182
Regulatory Expense	Regulatory Expense	8,442	5,976	7,416	7,595	8,775	8,326	6,115	6,157	7,893
Meetings	Meetings	12,425	15,865	1,264	436	(678)	9,814	(1,114)	12,906	7,080
Other Promotionals	Other Promotionals	73,645	67,764	62,871	53,745	48,963	48,156	45,654	44,492	43,970
Promotional	Promotional	86,071	83,629	64,135	54,181	48,284	57,970	44,539	57,398	51,050
A731115	Employee share-based comp.	9,588	9,764	11,136	11,356	7,542	7,420	8,040	8,648	7,179
Core Expense	Core Acquisition Costs	12,619	23,504	23,568	2,429	2,522	310	96	0	0
Meetings	Meetings Acquisition Costs (Promo)	0	5	53	0	0	0	0	0	0
Other Promotionals	Other Promo Acquisition Costs (Promo)	1,672	12,378	161	0	58	0	0	0	0
G&A Expense	Acquisition Costs	14,291	35,887	23,782	2,429	2,580	310	96	0	0
G&A Expense	Total G&A	$417,795	$406,121	$358,148	$311,822	$317,049	$300,815	$281,100	$295,414	$296,305
EBITDA	EBITDA	$224,868	$224,983	$243,448	$267,532	$216,733	$204,886	$207,146	$280,164	$241,833
EBITDA (ex. Cash, debt refi)
Depreciation and Amort. of Fixed Assets	Depreciation and amortization	40,816	38,409	36,704	35,499	28,650	27,548	26,890	26,644	25,663
Amortization of Intangible Assets	Amortization of intangible assets	20,373	21,532	19,924	17,431	17,270	16,829	16,689	16,570	16,631
Loss on Debt Extinguishments	Loss on Debt Extinguishments	0	0	0	24,400	0	0	0	0	3,156
EBIT	$163,679	$165,042	$186,820	$190,201	$170,812	$160,508	$163,567	$236,951	$196,383
EBIT (ex. Cash, debt refi)
Interest Expense from Senior Credit Facilities	Interest Expense from Senior Credit Facilities	27,121	27,063	25,171	25,059	24,979	25,179	26,289	29,318	31,384
Pre-Tax Income	Pre-Tax Income	$136,559	$137,979	$161,649	$165,142	$145,833	$135,329	$137,278	$207,633	$164,999
Pre-Tax Income (ex. Cash, debt refi)
Income Tax	Income Tax	28,478	34,915	42,548	35,522	34,286	31,540	35,616	51,991	38,323
Net Income	Net Income	$108,081	$103,064	$119,101	$129,620	$111,548	$103,789	$101,662	$155,641	$126,676
Diluted Shares	Share count, diluted	81,744.0	81,848.7	81,727.8	81,622.0	80,903.9	80,550.2	80,127.2	81,165.7	82,694.6
EPS, diluted	$1.32	$1.26	$1.46	$1.59	$1.38	$1.29	$1.27	$1.92	$1.53
Tax Rate	20.9%	25.3%	26.3%	21.5%	23.5%	23.3%	25.9%	25.0%	23.2%
Long-term Tax Rate	26.9%	26.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Tax benefit	9,307	15,417	0	0	0	0	0	0	0
Amortization of intangible assets	$0.18	$0.19	$0.24	$0.21	$0.21	$0.21	$0.21	$0.20	$0.20
Acquisition costs	$0.13	$0.32	$0.29	$0.03	$0.03	$0.00	$0.00	$0.00	$0.00
EPS Prior to Amortization of Intangibles	$1.50	$1.45	$1.70	$1.80	$1.59	$1.50	$1.48	$2.12	$1.73
EPS Prior to Intangibles and Acquisition Costs	$1.63	$1.77	$1.99	$1.83	$1.62	$1.50	$1.48	$2.12	$1.73
Profitability
Gross Profit Margin	31.0%	31.2%	32.1%	34.2%	34.7%	35.1%	36.8%	38.0%	37.6%
EBITDA Margin	10.8%	11.1%	13.0%	15.8%	14.1%	14.2%	15.6%	18.5%	16.9%
Net Income Margin	5.2%	5.1%	6.4%	7.7%	7.2%	7.2%	7.7%	10.3%	8.9%
EBITDA / GP Margin	35.0%	35.6%	40.5%	46.2%	40.6%	40.5%	42.4%	48.7%	44.9%
Net Income / GP Margin	16.8%	16.3%	19.8%	22.4%	20.9%	20.5%	20.8%	27.0%	23.5%
GDC % of Rev	77.7%	77.6%	77.2%	75.5%	74.1%	73.5%	71.7%	71.5%	70.6%
Attachment Rate	28.8%	28.8%	29.6%	32.4%	34.9%	36.0%	39.5%	39.8%	41.6%
Attachment Rate ex Cash	23.7%	23.0%	23.4%	24.8%	25.7%	25.8%	27.3%	25.8%	26.3%
Corporate Advisory ROA	1.01%	1.39%	1.31%	1.16%	1.13%	1.10%	1.13%	1.10%	ERROR:#DIV/0!
EBIT	$163,679	$165,042	$186,820	$190,201	$170,812	$160,508	$163,567	$236,951	$196,383
Operating Expense	$1,936,935	$1,884,300	$1,710,728	$1,528,953	$1,393,593	$1,306,038	$1,189,486	$1,305,805	$1,265,719
Payout Ratios
Base Payout	84.5%	84.3%	84.0%	83.8%	83.2%	82.9%	82.6%	82.6%	82.8%
Production Bonus Payout	3.1%	2.8%	2.3%	1.8%	3.3%	3.6%	3.6%	2.4%	4.0%
GDC Sensitive Payout	87.6%	87.1%	86.3%	85.6%	86.5%	86.6%	86.2%	85.0%	86.7%
Non-GDC Sensitive Payout	1.3%	(0.1%)	1.8%	1.1%	3.7%	1.8%	4.3%	(4.6%)	1.8%
Total Payout	87.6%	87.1%	86.3%	85.6%	86.6%	86.6%	86.2%	85.1%	86.8%
Total Production Expense Rate	87.6%	87.1%	86.3%	85.6%	86.6%	86.6%	86.2%	85.1%	86.8%
Advisory % of Production	61.9%	61.1%	58.6%	56.4%	55.9%	55.4%	55.0%	53.5%	52.8%
Metrics
Advisors - LPL	Advisors	19,876	19,627	19,114	17,672	17,287	17,168	16,973	16,763	16,464
Advisor Growth	249	19,627	19,114	17,672	17,287	17,168	16,973	16,763	16,464
Production Retention (% of GDC)	Production Retention	0.0%	0.0%	0.0%	98.1%	97.7%	98.1%	98.6%	99.0%	96.5%
LPLA Close Price	LPLA Share Price (EOP)	$160.09	$156.76	$134.98	$142.16	$104.22	$76.67	$78.40	$54.43	$92.25
S&P 500 - EOP	S&P 500 (EOP)	4,766	4,308	4,298	3,973	3,756	3,363	3,100	2,585	3,231
S&P 500 - Daily Average	S&P 500 (Avg)	4,602	4,421	4,184	3,866	3,555	3,320	2,932	3,056	3,083
Russell 2000 - EOP	Russell 2000 (EOP)	2,245	2,204	2,311	2,221	1,975	1,508	1,441	1,153	1,668
Russell 2000 - Daily Average Input	Russell 2000 (Avg)	2,209	2,242	2,308	2,244	1,937	1,518	1,434	1,217	1,647
Effective Fed Funds bps - Daily Average	FFE (Avg)	8	9	7	8	9	9	6	123	165
3-Month LIBOR (Daily Avg - bps)	3MO LIBOR (Avg)	16	13	16	20	22	25	60	153	193
VIX (Daily Average)	VIX (Daily Average)	19	18	18	23	26	26	34	31	14
Number of Transactions	Number of Transactions (m)	17,164.0	15,451.3	14,223.4	17,283.0	13,482.9	12,361.1	13,507.8	15,621.6	8,922.7
Funded Accounts - Total	Number of Accounts (m)	7,208.1	7,057.1	6,685.0	6,120.6	5,971.3	5,880.2	5,835.7	5,775.4	5,672.5
Commissions Per Advisor	$123.332	$124.397	$125.193	$126.127	$116.393	$110.122	$100.737	$120.132	$115.870
Employee Count	Employees	5,919	5,457	5,344	4,815	4,756	4,658	4,585	4,358	4,343
Share Repurchases	Share Repurchases ($m)	$50,006.0	$40,005.5	$0.0	$0.0	$0.0	$0.0	$0.0	$150,036.2	$120,028.2
Shareholder Dividends	Dividends ($m)	$20,027.1	$20,054.7	$20,031.4	$19,979.7	$19,830.8	$19,808.6	$19,744.7	$19,713.2	$20,206.0
Capital Returned to Shareholders ($m)	$70,033.1	$60,060.1	$20,031.4	$19,979.7	$19,830.8	$19,808.6	$19,744.7	$169,749.4	$140,234.1
Capital Returned to Shareholders (per share)	$0.86	$0.73	$0.25	$0.24	$0.25	$0.25	$0.25	$2.09	$1.70
Assets	53.3%	52.4%	51.9%	51.8%	51.1%	50.1%	49.3%	48.1%	47.8%
Business Development (Recruited) AUM - Total	Recruited Assets	$17,164.1	$13,206.0	$34,821.1	$23,805.2	$10,774.3	$10,678.6	$11,077.4	$8,369.2	$10,629.1
Brokerage AUM	Brokerage Assets	$563,231.1	$538,563.6	$534,715.0	$461,644.4	$441,906.4	$404,429.1	$386,357.4	$347,555.4	$398,644.1
Advisory Assets - Total	Advisory Assets	$643,210.8	$594,021.5	$577,562.1	$496,694.9	$461,171.6	$405,921.0	$375,340.7	$322,321.6	$365,765.5
Total Advisory & Brokerage Assets - Total	Total Assets	$1,206,441.8	$1,132,585.1	$1,112,277.1	$958,339.3	$903,078.0	$810,350.2	$761,698.1	$669,877.0	$764,409.6
Advisory & Brokerage Assets - avg	Average Total Assets	$1,185,928.6	$1,139,786.6	$1,083,191.0	$930,126.0	$861,339.2	$808,307.4	$741,868.1	$724,491.2	$747,983.0
Advisory % of Total Assets	53.3%	52.4%	51.9%	51.8%	51.1%	50.1%	49.3%	48.1%	47.8%
Total Advisory NNA	Advisory NNA	$24,184.5	$21,679.1	$54,919.5	$22,699.1	$18,355.9	$10,355.8	$10,221.2	$13,164.5	$11,542.9
A-NNA Annualized Growth	16.3%	16.2%	47.6%	20.5%	18.2%	10.7%	11.8%	13.2%	ERROR:#DIV/0!
Total Brokerage NNA	Brokerage NNA	$1,985.1	$7,280.5	$51,059.6	$6,226.8	$3,420.8	$723.9	$2,794.2	$1,164.3	$950.5
B-NNA Annualized Growth	1.5%	83.6%	858.0%	231.2%	128.1%	26.1%	133.5%	43.8%	ERROR:#DIV/0!
Total NNA	$26,169.6	$28,959.6	$105,979.2	$28,926.0	$21,776.7	$11,079.7	$13,015.4	$14,328.8	$12,493.3
T-NNA Annualized Growth	9.2%	20.1%	85.3%	25.1%	21.5%	11.8%	16.2%	15.7%	ERROR:#DIV/0!
Centrally Managed NNA	Centrally Managed NNA	$4,373.8	$3,867.7	$3,956.9	$7,845.1	$2,493.4	$1,937.5	$1,293.5	$2,234.7	$2,305.8
Centrally Managed NNA % of Advisory NNA	18%	18%	7%	35%	14%	19%	13%	17%	20%
Advisory NNA - Independent RIA	Hybrid Advisory NNA	$7,193.3	$6,499.2	$5,965.2	$5,585.3	$3,317.8	$2,601.2	$4,030.0	$5,373.2	$2,861.9
Advisory NNA - Corporate RIA	Corporate Advisory NNA	$16,991.3	$15,179.8	$48,954.3	$17,113.9	$15,038.1	$7,754.6	$6,191.2	$7,791.4	$8,681.0
Net Custodied Brokerage to Advisory Conversions	Conversion - Brokerage to Advisory	$3,387.9	$3,087.5	$3,204.9	$3,268.6	$2,643.4	$1,962.7	$1,622.9	$2,366.8	$1,907.0
ICA/IDA Balances - EOP	ICA Assets	$29,981.5	$30,469.3	$34,105.0	$37,351.5	$37,289.4	$34,702.8	$33,123.0	$34,450.4	$24,413.0
DCA Balances - EOP	DCA Assets	$9,328.9	$8,559.3	$7,644.0	$7,932.0	$8,242.7	$7,970.3	$7,685.5	$8,727.0	$4,980.1
Money Market Balances - EOP	MM Sweep Assets	$16,092.8	$9,860.7	$4,980.2	$1,336.7	$1,452.1	$1,548.8	$1,638.3	$1,804.9	$1,868.6
Purchased Money Market Funds	MM Purchased Assets	$1,877.6	$1,824.4	$1,686.9	$1,631.6	$1,890.8	$2,330.5	$2,813.4	$2,816.0	$2,429.7
Total Client Cash Balances - EOP	Total Client Cash Balances	$57,280.8	$50,713.7	$48,416.2	$48,251.8	$48,875.0	$46,552.5	$45,260.4	$47,798.3	$33,691.4
Cash % of AUM	4.7%	4.5%	4.4%	5.0%	5.4%	5.7%	5.9%	7.1%	4.4%
Cash Net Buys/Sells	Net Buy (Sell)	$15,992.5	$17,642.3	$18,051.0	$17,413.9	$12,234.0	$9,350.0	$12,495.3	$194.1	$9,844.9
Centrally Managed Assets	Centrally Managed Assets	$96,124.8	$88,638.2	$84,678.4	$76,961.8	$67,127.3	$59,024.3	$54,413.7	$46,888.7	$52,420.6
Centrally Managed % of Advisory	14.9%	14.9%	14.7%	15.5%	14.6%	14.5%	14.5%	14.5%	14.3%
Corporate Assets	$906,708.5	$851,353.9	$835,164.2	$699,210.3	$655,134.5	$585,157.1	$549,197.3	$485,337.6	$553,932.1
RIA Assets Under Custody	Hybrid Assets	$299,733.3	$281,231.2	$277,112.8	$259,129.0	$247,943.5	$225,193.1	$212,500.8	$184,539.4	$210,477.5
Corporate Advisory Assets	$429,565.2	$395,627.4	$383,579.1	$317,466.4	$291,865.6	$253,892.0	$233,459.2	$200,692.7	$228,309.9
RIA Advisory Assets	Hybrid Advisory Assets	$213,645.6	$198,394.1	$193,982.9	$179,228.5	$169,306.0	$152,029.0	$141,881.5	$121,628.9	$137,455.5
Corporate Brokerage Assets	$477,143.3	$455,726.5	$451,585.1	$381,744.0	$363,268.9	$331,265.0	$315,738.2	$284,644.9	$325,622.1
RIA Brokerage Assets	Hybrid Brokerage Assets	$86,087.8	$82,837.1	$83,129.9	$79,900.5	$78,637.5	$73,164.1	$70,619.2	$62,910.5	$73,022.0
ROA
Commision / Brokerage Assets	43.5 bps	45.3 bps	44.8 bps	48.3 bps	45.5 bps	46.7 bps	44.3 bps	57.9 bps	47.9 bps
Advisory / Advisory Assets	62.0 bps	64.6 bps	58.6 bps	58.1 bps	55.4 bps	57.8 bps	55.8 bps	71.9 bps	58.3 bps
GDC / Total Assets	53.4 bps	55.5 bps	51.9 bps	53.4 bps	50.5 bps	52.3 bps	49.9 bps	64.6 bps	52.9 bps
Net GDC / Total Assets	6.6 bps	7.1 bps	7.1 bps	7.7 bps	6.8 bps	7.0 bps	6.9 bps	9.7 bps	7.0 bps
Attachment / Total Assets	15.4 bps	16.0 bps	15.4 bps	17.3 bps	17.6 bps	18.8 bps	19.7 bps	25.7 bps	22.0 bps
Net Attachment / Total Assets	14.7 bps	15.2 bps	14.5 bps	16.5 bps	16.9 bps	18.0 bps	18.8 bps	24.7 bps	21.2 bps
Asset-based / Total Assets	7.3 bps	7.4 bps	6.8 bps	7.0 bps	6.8 bps	7.1 bps	6.9 bps	8.0 bps	7.0 bps
Transaction & Fee / Total Assets	5.0 bps	5.0 bps	4.9 bps	5.9 bps	5.7 bps	5.9 bps	6.3 bps	8.2 bps	6.2 bps
Other Revenue / Total Assets	0.4 bps	0.4 bps	0.4 bps	0.4 bps	0.4 bps	0.4 bps	0.5 bps	0.5 bps	0.7 bps
Gross Profit ROA	21.3 bps	22.3 bps	21.6 bps	24.2 bps	23.6 bps	25.0 bps	25.6 bps	34.4 bps	28.2 bps
OPEX ROA	16.8 bps	17.4 bps	15.8 bps	16.3 bps	17.2 bps	18.3 bps	18.4 bps	22.0 bps	19.4 bps
Operating Efficiency	4.5 bps	4.9 bps	5.8 bps	7.9 bps	6.5 bps	6.7 bps	7.2 bps	12.4 bps	8.8 bps
Cash Info
ICA/IDA Balances - EOP	ICA Assets - EOP ($b)	$29,981.5	$30,469.3	$34,105.0	$37,351.5	$37,289.4	$34,702.8	$33,123.0	$34,450.4	$24,413.0
DCA Balances - EOP	DCA Assets - EOP ($b)	$9,328.9	$8,559.3	$7,644.0	$7,932.0	$8,242.7	$7,970.3	$7,685.5	$8,727.0	$4,980.1
Money Market Balances - EOP	MM Sweep Assets - EOP ($b)	$16,092.8	$9,860.7	$4,980.2	$1,336.7	$1,452.1	$1,548.8	$1,638.3	$1,804.9	$1,868.6
Purchased Money Market Funds	MM Purchased Assets - EOP ($b)	$1,877.6	$1,824.4	$1,686.9	$1,631.6	$1,890.8	$2,330.5	$2,813.4	$2,816.0	$2,429.7
Cash Sweep Assets - EOP	Client Cash Balances - EOP ($b)	$57,280.8	$50,713.7	$48,416.2	$48,251.8	$48,875.0	$46,552.5	$45,260.4	$47,798.3	$33,691.4
ICA/IDA Balances - Daily Average	ICA Assets - Daily Avg. ($b)	$30,087.6	$33,664.7	$35,010.5	$37,343.7	$35,996.1	$33,532.6	$33,836.9	$26,271.6	$22,949.6
DCA Balances - Daily Average	DCA Assets - Daily Avg. ($b)	$8,639.6	$7,956.9	$7,581.1	$8,017.6	$8,286.5	$7,655.5	$8,219.2	$5,621.8	$4,653.7
Money Market Balances - Daily Average	MM Assets - Daily Avg. ($b)	$11,777.9	$5,405.0	$2,925.7	$1,385.6	$1,532.4	$1,564.1	$1,722.1	$1,729.1	$2,121.9
Purchased Money Market Funds - Daily Average	MM Purchased Assets - Daily Avg. ($b)	$1,862.8	$1,865.2	$1,544.1	$1,753.1	$2,121.0	$2,690.8	$2,889.3	$2,576.8	$2,133.7
Cash Sweep Assets (Daily Average)	Client Cash Balances - Daily Avg. ($b)	$52,367.9	$48,891.8	$47,061.4	$48,500.0	$47,936.0	$45,442.9	$46,667.5	$36,199.3	$31,858.9
511210 - Insured Cash Account	ICA Revenue	$76,863.4	$85,856.2	$85,321.3	$90,869.5	$97,952.7	$99,799.0	$107,260.9	$127,204.7	$128,484.8
511220 - Deposit Cash Account	DCA Revenue	$4,074.6	$4,721.7	$4,628.6	$5,765.0	$6,202.9	$7,232.7	$6,379.9	$19,856.7	$21,574.0
511215 - Money Market Fees	MM Sweep Revenue	$1,175.8	$74.1	$93.3	$98.9	$186.5	$339.7	$669.5	$2,477.4	$3,708.5
511225 - MF Money Market Sponsor Fee	MM Purchased Revenue	($4.3)	$605.7	$333.2	$370.8	$678.1	$1,333.4	$1,955.0	$1,859.2	$1,554.1
Cash Products	Client Cash Revenue	$82,109.5	$91,257.8	$90,376.4	$97,104.1	$105,020.0	$108,704.8	$116,265.3	$151,398.1	$155,321.3
ICA / IDA Rate bps	ICA Yield	101 bps	101 bps	98 bps	99 bps	108 bps	118 bps	127 bps	195 bps	222 bps
DCA Balances - DCA Rate bps	DCA Yield	19 bps	24 bps	24 bps	29 bps	30 bps	38 bps	31 bps	142 bps	184 bps
MMF Rate bps	MM Sweep Yield	4 bps	1 bps	1 bps	3 bps	5 bps	9 bps	16 bps	58 bps	69 bps
Purchased Money Market Funds Average Fee bps	MM Purchased Yield	(0 bps)	13 bps	9 bps	9 bps	13 bps	20 bps	27 bps	29 bps	29 bps
Cash Sweep bps	Cash Sweep Yield	65 bps	76 bps	79 bps	84 bps	91 bps	100 bps	105 bps	179 bps	205 bps

Footnotes

Monthly Activity

Q3 - Monthly Activity

Note: The Company's September 2021, August 2021, July 2021, June 2021, May 2021, and April 2021 assets included $71.0 billion, $72.3 billion, $69.5 billion, $70.0 billion, $67.1 billion, and $67.1 billion of total brokerage and advisory assets from Waddell & Reed, LLC ("Waddell & Reed"), respectively. The Company's September 2021, August 2021, July 2021, and June 2021 assets included $0.2 billion, $1.3 billion, $3.0 billion, and $15.6 billion of total brokerage and advisory assets from M&T Bank, respectively. The Company's June 2021, May 2021, April 2021 and March 2021 assets included $0.7 billion, $0.3 billion, $2.1 billion and $11.8 billion of total brokerage and advisory assets from BMO Harris Financial Advisors ("BMO"), respectively. (1) Consists of total advisory assets under custody at the Company's broker-dealer subsidiaries, LPL Financial LLC ("LPL Financial") and Waddell & Reed. September 2021, June 2021, and April 2021 assets included $0.6 billion, $0.9 billion, and $32.6 billion of advisory assets from Waddell & Reed, respectively. June 2021 assets included $3.1 billion of advisory assets from M&T Bank, respectively. March 2021 assets included $5.0 billion of advisory assets from BMO, respectively. November 2020 also included advisory assets from E.K. Riley Investments, LLC ("E.K. Riley"). October 2020 also included advisory assets from Lucia Securities, LLC ("Lucia"). (2) Consists of total brokerage assets under custody at the Company's broker-dealer subsidiaries, LPL Financial and Waddell & Reed. September 2021, June 2021, and April 2021 assets included $1.7 billion, $0.9 billion, and $34.5 billion of brokerage assets from Waddell & Reed, respectively. September 2021, August 2021, July 2021, and June 2021 assets included $0.2 billion, $1.3 billion, $3.0 billion, and $12.4 billion of brokerage assets from M&T Bank, respectively. June 2021, May 2021, April 2021, and March 2021 assets included $0.7 billion, $0.3 billion, $2.1 billion, and $6.8 billion of brokerage assets from BMO, respectively. November 2020 also included brokerage assets from E.K. Riley. October 2020 also included brokerage assets from Lucia. (3) Consists of Advisory Asset Inflows minus Outflows, plus Advisory Dividends, plus Interest, minus Advisory Fees. (4) Consists of Brokerage Asset Inflows minus Outflows, plus Brokerage Dividends, plus Interest. (5) Consists of net new assets excluding the acquisitions of Waddell & Reed, Lucia and E.K. Riley. Acquired assets include $2.3 billion, $1.8 billion and $67.1 billion of net new assets from Waddell & Reed in September 2021, June 2021, and April 2021 respectively, $2.5 billion of net new assets from E.K. Riley in November 2020, and $1.5 billion of net new assets from Lucia in October 2020. (6) Consists of existing custodied assets that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage. (7) In April 2021, total client cash balances included $1.1 billion of Money Market Account cash balances from Waddell & Reed. (8) 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.

Q4 - Monthly Activity - Redline

Note: The Company's September 2021, August 2021, July 2021, June 2021, May 2021, and April 2021 assets included $71.0 billion, $72.3 billion, $69.5 billion, $70.0 billion, $67.1 billion, and $67.1 billion of total brokerage and advisory assets from Waddell & Reed, LLC ("Waddell & Reed"), respectively. The Company's September 2021, August 2021, July 2021, and June 2021 assets included $0.2 billion, $1.3 billion, $3.0 billion, and $15.6 billion of total brokerage and advisory assets from M&T Bank, respectively. The Company's June 2021, May 2021, April 2021 and March 2021 assets included $0.7 billion, $0.3 billion, $2.1 billion and $11.8 billion of total brokerage and advisory assets from BMO Harris Financial Advisors ("BMO"), respectively. (1) Consists of total advisory assets under custody at the Company's broker-dealer subsidiaries, LPL Financial LLC ("LPL Financial") and Waddell & Reed. September 2021, June 2021, and April 2021 assets included $0.6 billion, $0.9 billion, and $32.6 billion of advisory assets from Waddell & Reed, respectively. June 2021 assets included $3.1 billion of advisory assets from M&T Bank, respectively. March 2021 assets included $5.0 billion of advisory assets from BMO, respectively. November 2020 also included advisory assets from E.K. Riley Investments, LLC ("E.K. Riley"). October 2020 also included advisory assets from Lucia Securities, LLC ("Lucia"). (2) Consists of total brokerage assets under custody at the Company's broker-dealer subsidiaries, LPL Financial and Waddell & Reed. September 2021, June 2021, and April 2021 assets included $1.7 billion, $0.9 billion, and $34.5 billion of brokerage assets from Waddell & Reed, respectively. September 2021, August 2021, July 2021, and June 2021 assets included $0.2 billion, $1.3 billion, $3.0 billion, and $12.4 billion of brokerage assets from M&T Bank, respectively. June 2021, May 2021, April 2021, and March 2021 assets included $0.7 billion, $0.3 billion, $2.1 billion, and $6.8 billion of brokerage assets from BMO, respectively. November 2020 also included brokerage assets from E.K. Riley. October 2020 also included brokerage assets from Lucia. (3) Consists of Advisory Asset Inflows minus Outflows, plus Advisory Dividends, plus Interest, minus Advisory Fees. (4) Consists of Brokerage Asset Inflows minus Outflows, plus Brokerage Dividends, plus Interest. (5) Consists of net new assets excluding the acquisitions of Waddell & Reed, Lucia and E.K. Riley. Acquired assets include $2.3 billion, $1.8 billion and $67.1 billion of net new assets from Waddell & Reed in September 2021, June 2021, and April 2021 respectively, $2.5 billion of net new assets from E.K. Riley in November 2020, and $1.5 billion of net new assets from Lucia in October 2020. (6) Consists of existing custodied assets that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage. (7) In April 2021, total client cash balances included $1.1 billion of Money Market Account cash balances from Waddell & Reed. (8) 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.

Q4 - Monthly Activity - Edited

Note: The Company's September 2021, August 2021, July 2021, June 2021, May 2021, and April 2021 assets included $71.0 billion, $72.3 billion, $69.5 billion, $70.0 billion, $67.1 billion, and $67.1 billion of total brokerage and advisory assets from Waddell & Reed, LLC ("Waddell & Reed"), respectively. The Company's September 2021, August 2021, July 2021, and June 2021 assets included $0.2 billion, $1.3 billion, $3.0 billion, and $15.6 billion of total brokerage and advisory assets from M&T Bank, respectively. The Company's June 2021, May 2021, April 2021 and March 2021 assets included $0.7 billion, $0.3 billion, $2.1 billion and $11.8 billion of total brokerage and advisory assets from BMO Harris Financial Advisors ("BMO"), respectively. (1) Consists of total advisory assets under custody at the Company's broker-dealer subsidiaries, LPL Financial LLC ("LPL Financial") and Waddell & Reed. September 2021, June 2021, and April 2021 assets included $0.6 billion, $0.9 billion, and $32.6 billion of advisory assets from Waddell & Reed, respectively. June 2021 assets included $3.1 billion of advisory assets from M&T Bank, respectively. March 2021 assets included $5.0 billion of advisory assets from BMO, respectively. (2) Consists of total brokerage assets under custody at the Company's broker-dealer subsidiaries, LPL Financial and Waddell & Reed. September 2021, June 2021, and April 2021 assets included $1.7 billion, $0.9 billion, and $34.5 billion of brokerage assets from Waddell & Reed, respectively. September 2021, August 2021, July 2021, and June 2021 assets included $0.2 billion, $1.3 billion, $3.0 billion, and $12.4 billion of brokerage assets from M&T Bank, respectively. June 2021, May 2021, April 2021, and March 2021 assets included $0.7 billion, $0.3 billion, $2.1 billion, and $6.8 billion of brokerage assets from BMO, respectively. (3) Consists of Advisory Asset Inflows minus Outflows, plus Advisory Dividends, plus Interest, minus Advisory Fees. (4) Consists of Brokerage Asset Inflows minus Outflows, plus Brokerage Dividends, plus Interest. (5) Consists of net new assets excluding the acquisitions of Waddell & Reed. Acquired assets include $2.3 billion, $1.8 billion and $67.1 billion of net new assets from Waddell & Reed in September 2021, June 2021, and April 2021, respectively. (6) Consists of existing custodied assets that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage. (7) In April 2021, total client cash balances included $1.1 billion of Money Market Account cash balances from Waddell & Reed. (8) 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.

Quarterly Activity

Q3 - Quarterly Activity

Note: The Company's Q3 2021 assets included $71.0 billion of total brokerage and advisory assets from Waddell & Reed, LLC ("Waddell & Reed"), of which $35.1 billion was brokerage assets and $35.8 billion was advisory assets. The Company's Q3 2021 assets also included $4.5 billion of brokerage assets from M&T Bank. The Company's Q2 2021 assets included $70.0 billion of total brokerage and advisory assets from Waddell & Reed, of which $35.7 billion was brokerage assets and $34.3 billion was advisory assets. The Company's Q2 2021 assets also included $15.6 billion of total brokerage and advisory assets from M&T Bank, of which $12.4 billion was brokerage assets and $3.1 billion was advisory assets. The Company's Q2 2021 assets also included $3.1 billion of brokerage assets from BMO Harris Financial Advisors ("BMO"). The Company's Q1 2021 assets included $11.8 billion of total brokerage and advisory assets from BMO, of which $6.8 billion was brokerage assets and $5.0 billion was advisory assets. (1) Consists of total advisory assets under custody at the Company's broker-dealer subsidiaries, LPL Financial LLC ("LPL Financial") and Waddell & Reed. Assets for Q4 2020 also included advisory assets related to the onboarding of E.K. Riley Investments, LLC ("E.K. Riley") and Lucia Securities, LLC ("Lucia"). (2) Consists of brokerage assets serviced by advisors licensed with LPL Financial and Waddell & Reed. Assets for Q4 2020 also included brokerage assets related to the onboarding of E.K. Riley and Lucia. (3) Represents those advisory assets in LPL Financial's Model Wealth Portfolios, Optimum Market Portfolios, Personal Wealth Portfolios and Guided Wealth Portfolios platforms. (4) Consists of Advisory Asset Inflows minus Outflows, plus Advisory Dividends, plus Interest, minus Advisory Fees. (5) Consists of Brokerage Asset Inflows minus Outflows, plus Brokerage Dividends, plus Interest. (6) Consists of net new assets excluding assets acquired from of Waddell & Reed, Lucia and E.K. Riley. Acquired assets include $2.3 billion and $68.9 billion of net new assets from Waddell & Reed in Q3 2021 and Q2 2021 respectively, $2.5 billion of net new assets from E.K. Riley in Q4 2020, $1.5 billion of net new assets from Lucia in Q4 2020, and $2.9 billion of net new assets from Allen & Company of Florida, LLC in Q3 2019. (7) Consists of existing custodied accounts that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage. (8) Consists of total client deposits into Centrally Managed Assets accounts less total client withdrawals from Centrally Managed Assets accounts plus dividends, plus interest, minus advisory fees. (9) 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.

Q4 - Quarterly Activity - Redline

Note: The Company's Q3 2021 assets included $71.0 billion of total brokerage and advisory assets from Waddell & Reed, LLC ("Waddell & Reed"), of which $35.1 billion was brokerage assets and $35.8 billion was advisory assets. The Company's Q3 2021 assets also included $4.5 billion of brokerage assets from M&T Bank. The Company's Q2 2021 assets included $70.0 billion of total brokerage and advisory assets from Waddell & Reed, of which $35.7 billion was brokerage assets and $34.3 billion was advisory assets. The Company's Q2 2021 assets also included $15.6 billion of total brokerage and advisory assets from M&T Bank, of which $12.4 billion was brokerage assets and $3.1 billion was advisory assets. The Company's Q2 2021 assets also included $3.1 billion of brokerage assets from BMO Harris Financial Advisors ("BMO"). The Company's Q1 2021 assets included $11.8 billion of total brokerage and advisory assets from BMO, of which $6.8 billion was brokerage assets and $5.0 billion was advisory assets. (1) Consists of total advisory assets under custody at the Company's broker-dealer subsidiaries, LPL Financial LLC ("LPL Financial") and Waddell & Reed. Assets for Q4 2020 also included advisory assets related to the onboarding of E.K. Riley Investments, LLC ("E.K. Riley") and Lucia Securities, LLC ("Lucia"). (2) Consists of brokerage assets serviced by advisors licensed with LPL Financial and Waddell & Reed. Assets for Q4 2020 also included brokerage assets related to the onboarding of E.K. Riley and Lucia. (3) Represents those advisory assets in LPL Financial's Model Wealth Portfolios, Optimum Market Portfolios, Personal Wealth Portfolios and Guided Wealth Portfolios platforms. (4) Consists of Advisory Asset Inflows minus Outflows, plus Advisory Dividends, plus Interest, minus Advisory Fees. (5) Consists of Brokerage Asset Inflows minus Outflows, plus Brokerage Dividends, plus Interest. (6) Consists of net new assets excluding assets acquired from of Waddell & Reed, Lucia and E.K. Riley. Acquired assets include $2.3 billion and $68.9 billion of net new assets from Waddell & Reed in Q3 2021 and Q2 2021 respectively, $2.5 billion of net new assets from E.K. Riley in Q4 2020, $1.5 billion of net new assets from Lucia in Q4 2020, and $2.9 billion of net new assets from Allen & Company of Florida, LLC in Q3 2019. (7) Consists of existing custodied accounts that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage. (8) Consists of total client deposits into Centrally Managed Assets accounts less total client withdrawals from Centrally Managed Assets accounts plus dividends, plus interest, minus advisory fees. (9) 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.

Q4 - Quarterly Activity - Edited

Note: The Company's Q3 2021 assets included $71.0 billion of total brokerage and advisory assets from Waddell & Reed, LLC ("Waddell & Reed"), of which $35.1 billion was brokerage assets and $35.8 billion was advisory assets. The Company's Q3 2021 assets also included $4.5 billion of brokerage assets from M&T Bank. The Company's Q2 2021 assets included $70.0 billion of total brokerage and advisory assets from Waddell & Reed, of which $35.7 billion was brokerage assets and $34.3 billion was advisory assets. The Company's Q2 2021 assets also included $15.6 billion of total brokerage and advisory assets from M&T Bank, of which $12.4 billion was brokerage assets and $3.1 billion was advisory assets. The Company's Q2 2021 assets also included $3.1 billion of brokerage assets from BMO Harris Financial Advisors ("BMO"). The Company's Q1 2021 assets included $11.8 billion of total brokerage and advisory assets from BMO, of which $6.8 billion was brokerage assets and $5.0 billion was advisory assets. (1) Consists of total advisory assets under custody at the Company's broker-dealer subsidiaries, LPL Financial LLC ("LPL Financial") and Waddell & Reed. Assets for Q4 2020 also included advisory assets related to the onboarding of E.K. Riley Investments, LLC ("E.K. Riley") and Lucia Securities, LLC ("Lucia"). (2) Consists of brokerage assets serviced by advisors licensed with LPL Financial and Waddell & Reed. Assets for Q4 2020 also included brokerage assets related to the onboarding of E.K. Riley and Lucia. (3) Represents those advisory assets in LPL Financial's Model Wealth Portfolios, Optimum Market Portfolios, Personal Wealth Portfolios and Guided Wealth Portfolios platforms. (4) Consists of Advisory Asset Inflows minus Outflows, plus Advisory Dividends, plus Interest, minus Advisory Fees. (5) Consists of Brokerage Asset Inflows minus Outflows, plus Brokerage Dividends, plus Interest. (6) Consists of net new assets excluding assets acquired from of Waddell & Reed, Lucia and E.K. Riley. Acquired assets include $2.3 billion and $68.9 billion of net new assets from Waddell & Reed in Q3 2021 and Q2 2021 respectively, $2.5 billion of net new assets from E.K. Riley in Q4 2020, and $1.5 billion of net new assets from Lucia in Q4 2020. (7) Consists of existing custodied accounts that converted from brokerage to advisory, less existing custodied assets that converted from advisory to brokerage. (8) Consists of total client deposits into Centrally Managed Assets accounts less total client withdrawals from Centrally Managed Assets accounts plus dividends, plus interest, minus advisory fees. (9) 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.