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LPL Financial For Immediate Release Investor Relations - Chris Koegel , ( 617 ) 897-4574 Media Relations - Lauren Hoyt - Williams , ( 813 ) 351-9203 investor.lpl.com/contactus.cfm LPL Financial Announces First Quarter 2021 Results Key Financial Results • Earnings per share ( " EPS " ) was $ 1.59 , and Net Income was $ 130 million . о Gross Profit ** was $ 579 million . • ° ° Core G & A * I was $ 236 million . EBITDA ** was $ 268 million and EBITDA ** as a percentage of Gross Profit ** was 46 % . EPS Prior to Amortization of Intangible Assets and Acquisition Costs ** was $ 1.77 . Key Business Results • Total Advisory and Brokerage Assets increased 43 % year - over - year to $ 958 billion . ° Advisory assets increased 54 % year - over - year to $ 497 billion . ° Advisory assets as a percentage of total assets increased to 51.8 % , up from 48.1 % a year ago . Total Organic Net New Assets ( ¹ ) , • were $ 29 billion in Q1 2021 , translating to 12.8 % annualized growth , and $ 71 billion over the past twelve months , translating to 10.6 % annualized growth . о Prior to assets onboarded from BMO Harris Financial Advisors ( " BMO " ) , Q1 total organic net new assets were $ 17 billion , translating to 7.6 % annualized growth . • • • • ° Organic net new advisory assets were $ 23 billion , translating to 19.7 % annualized growth . ° Organic net new brokerage assets were $ 6 billion , translating to 5.6 % annualized growth . Recruited Assets ( 2 ) , year - over - year . were $ 24 billion , contributing to a trailing twelve - month total of $ 56 billion , up 56 % Onboarded BMO Harris Financial Advisors in March : о ° BMO recruited assets were $ 15.2 billion , of which $ 11.8 billion transitioned onto our platform in Q1 . The remaining $ 3.4 billion of assets are directly held with sponsors and expected to onboard over the next few months . Business Solutions subscriptions increased to ~ 1,700 , up ~ 300 sequentially and ~ 1,000 year - over - year . Annualized revenue from Business Solutions increased to ~ $ 19 million , up by ~ $ 9 million year - over - year . Advisor count ( 3 ) was 17,672 , up 385 sequentially and 909 year - over - year . Total client cash balances were $ 48.3 billion , down $ 0.6 billion , or 1 % sequentially . о Client cash balances as a percentage of total assets were 5.0 % . Key Updates on our acquisition of Waddell & Reed's wealth management business : • Advisors serving ~ 95 % of client assets have committed to join LPL . • Estimated Run - Rate EBITDA has increased from $ 50M + at signing to $ 80M + . • Expected to close the acquisition as early as April 30 , 2021 . Key Capital and Liquidity Results • • • Dividends paid of $ 20 million . Corporate Cash ( 4 ) was $ 340 million . Credit Agreement Net Leverage Ratio was 2.11x . Refinanced $ 900 million of senior unsecured notes to a lower rate of 4.00 % , which we estimate will save ~ $ 13 million of annual interest expense , and we increased our revolving credit facility to $ 1 billion . 1