LPL Financial Holdings Inc. LPLA Cash Flow

Lpl financial holdings inc. (LPLA)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
155,641	126,676	131,714	146,092	155,398	120,298	106,865	118,766	93,530	64,098	58,142	68,434	48,189	41,736	51,954	47,849	50,392	26,812	41,052	50,242	50,678	48,545	33,272	43,091	53,135	44,418	37,631	45,091	54,717	36,938	34,299	39,502	41,179	39,448	36,428	45,507	48,999
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization
26,644	25,663	24,062	22,584	23,470	21,897	22,838	22,220	20,701	20,138	21,996	21,190	20,747	19,783	18,434	18,749	18,962	22,527	17,231	17,196	16,429	-12,641	24,519	23,818	22,281	-16,954	21,432	20,245	19,774	18,786	18,423	17,412	17,175	16,947	19,222	18,407	18,165
Amortization of intangible assets
16,570	16,600	16,283	16,249	16,168	15,700	15,696	15,682	13,222	10,004	9,352	9,453	9,491	9,464	9,502	9,509	9,525	9,531	9,535	9,536	9,637	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of debt issuance costs
1,348	1,300	1,222	1,124	1,026	1,028	1,029	1,023	1,038	1,032	858	1,128	1,286	1,434	1,437	1,439	1,442	1,207	732	733	733	732	1,081	1,080	1,080	1,080	1,066	1,098	1,121	1,121	1,121	1,121	1,228	1,273	1,272	1,273	1,273
Share-based compensation
9,332	7,877	7,925	8,098	8,964	5,638	7,293	8,634	7,597	6,637	8,060	6,854	6,971	8,021	6,758	5,097	5,020	6,636	6,727	8,657	7,193	4,930	7,040	7,322	8,287	7,342	4,637	6,892	5,801	4,671	4,379	5,576	6,496	5,720	3,331	4,351	4,848
Excess tax benefits related to share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	45	10	1	9	1,390	565	699	1,156	1,019	824	2,398	4,444	5,253	-294	579	1,634	3,543	1,349	10,740	37,664	313	1,430	19,880	35,967
Provision for bad debts
2,691	975	2,191	283	3,249	778	2,068	1,559	1,708	-204	660	1,500	833	1,172	723	1,286	876	910	363	800	469	308	1,264	530	330	110	1,336	949	-374	-62	733	362	126	2,722	312	478	321
Deferred income tax provision
-89	-18,707	84	18	-10	-1,267	-358	-4	-125	-9,323	-25	-29	-14	-11,356	-61	-59	-74	-28,799	-197	643	-1,800	-24,685	-207	792	0	-19,093	1,732	-3,198	-8,384	78	-6,056	6,061	-12,302	-2,479	-1	-443	-5,509
Loss on extinguishment of debt
-	-	-	-	-	-	-	-	-	0	-1,268	0	-21,139	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	33,048	0	0	-16,524	0	0	0	0
Net changes in estimated fair value of contingent consideration obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	16,807	-2,928	-180	-1,023	1,471	9,173	220	489	-	-	-	-
Lease abandonment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-414
Loan forgiveness
25,714	25,196	23,742	20,757	22,807	20,825	17,959	16,866	15,870	13,947	13,150	13,586	12,977	12,517	11,182	10,893	10,571	10,189	9,565	9,375	8,529	8,083	7,376	6,514	6,436	20,005	334	333	334	-	-	-	-	384	390	385	371
Other
1,841	5,130	2,862	1,734	1,695	-5,781	-918	1,363	-111	-3,580	7,110	2,773	1,992	-712	1,218	329	1,975	-110	-544	556	-1,206	2,745	-2,077	-1,087	-175	-867	-146	-379	-206	1,336	-272	-1,200	-319	756	-1,608	-784	125
Changes in operating assets and liabilities:
Cash and securities segregated under federal and other regulations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-50,265	-39,079	15,119	200,617	70,847	-116,475	-52,580	150,423	10,282	-53,087	-51,039	84,308	-12,075	40,185	-177,500	183,850	71,646	-18,507	-42,461	115,060	41,957	-53,838	-93,908
Deposit of restricted cash related to captive insurance subsidiary
-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,314	5,340	5,285	-	9	10,912	15,908	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Decrease in Restricted Cash Operating Activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,643	1,507	713	1,683	4,723	144	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivables from clients
-73,192	14,481	-43,292	69,216	-19,803	-22,170	73,556	-22,532	40,034	-47,444	96,324	-1,038	-45,926	48,602	-14,389	12,120	-44,107	-5,133	12,412	7,559	-40,919	23,095	-11,452	14,018	-33,289	32,309	35,269	-35,303	-28,413	42,737	34,061	4,517	-12,922	19,001	-5,834	-7,692	24,827
Receivables from product sponsors, broker-dealers and clearing organizations
41,036	6,503	-8,854	19,409	-9,878	-47,094	25,790	-28,636	20,526	16,631	12,889	2,968	-11,403	-1,619	-22,608	31,309	6,817	6,917	-9,727	-8,680	-4,757	-969	5,098	27,221	-27,950	21,488	-17,479	-11,594	28,705	17,508	3,793	-29,374	17,530	-21,967	5,115	-15,079	-27,908
Advisor loans
48,013	68,108	67,628	54,345	45,418	59,974	49,432	13,796	29,025	48,380	2,872	9,846	18,605	29,274	22,332	24,967	15,293	14,679	16,723	10,552	24,358	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivables from others
56,089	29,794	4,684	-4,908	22,795	10,517	-4,517	-2,408	17,302	14,515	-2,098	17,440	2,761	-1,877	8,332	3,179	2,832	624	1,865	-3,340	11,365	-30,726	13,422	-1,583	19,356	29,571	6,345	-19,044	27,171	30,882	11,436	4,744	6,062	1,641	2,233	4,198	14,477
Securities owned
-15,221	14,046	3,435	1,781	-2,414	-1,705	7,808	7,996	-358	3,929	-1,116	556	1,907	-149	778	-1,189	-275	-3,907	5,003	-4,115	2,875	639	2,070	-1,664	3,593	-225	284	1,814	-725	688	59	546	28	-1,924	-1,465	272	-41
Securities borrowed
-1,757	7,453	2,985	4,576	-2,159	-1,445	1,283	-1,672	-5,826	-4,166	-964	-584	12,644	-4,888	-3,696	6,678	1,464	-487	885	-2,290	2,858	-3,292	-1,223	1,286	1,162	-3,514	3,060	-202	-1,690	-591	-89	-1,849	4,087	-2,557	-1,103	-249	3,408
Operating leases
371	504	394	294	254	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets
51,675	29,448	-11,230	13,483	30,969	33,624	-10,107	-3,769	31,960	29,461	-19,254	6,668	6,281	31,670	-13,034	-164	11,541	34,171	-19,861	12,805	3,599	36,989	-17,319	-1,578	27,431	20,083	-12,726	674	11,427	14,641	-3,640	27,090	14,125	6,656	-16,247	16,252	1,145
Drafts payable
-68,804	77,213	-42,938	-1,755	-38,918	29,691	41,161	17,246	-48,993	32,563	3,265	-7,125	-41,613	37,396	3,926	-24,942	-6,623	44,776	10,728	-36,633	-9,887	45,004	-17,069	-28,484	-14,323	16,820	22,638	17,892	-65,511	37,121	16,081	-7,420	-30,225	50,281	-493	-27,724	-16,978
Payables to clients
270,009	-60,702	359,455	-18,782	-172,044	146,148	46,662	-159,370	-45,385	195,641	-9,970	6,644	-93,189	148,476	-53,596	-20,658	42,122	188,881	-59,223	-12,173	-22,778	87,493	17,656	-17,084	-555	27,121	50,285	-94,893	-166,814	343,483	1,162	-7,147	-44,712	77,977	-36,066	-2,758	34,277
Payables to broker-dealers and clearing organizations
25,858	6,661	27,676	-76,710	58,195	21,820	-8,716	921	7,893	1,023	570	-4,471	-5,892	11,142	-7,291	20,770	-9,621	4,501	4,579	-5,706	-769	7,112	6,481	1,210	-12,533	20,114	-341	-30,787	1,140	15,232	2,146	6,335	-5,437	-15,269	12,885	-25,464	23,533
Accrued commission and advisory expenses payable
-18,970	12,226	7,750	-2,143	-9,371	-3,965	9,637	7,398	4,046	13,963	4,329	7,261	-6,934	-773	3,306	6,348	-9,917	-3,170	-1,682	-520	-11,620	3,480	6,797	10,987	-9,909	6,548	-1,794	5,474	-3,538	20,735	9,756	-7,835	-3,912	399	-2,020	-1,069	-18,003
Accounts payable and accrued liabilities
-27,763	54,612	39,143	20,437	-26,982	24,599	21,284	5,281	-7,177	49,165	16,427	20,563	-19,751	13,417	10,326	26,803	-17,034	18,257	11,584	16,761	3,475	3,471	25,197	18,924	-55,701	34,430	11,349	18,082	-15,734	17,106	7,511	29,891	-33,765	4,180	2,280	3,812	-31,288
Income taxes receivable/payable
45,153	12,983	-6,074	-61,520	41,750	10,460	3,067	-3,962	22,956	-10,971	-6,496	-9,885	23,214	6,956	-11,168	-27,103	27,307	27,440	-7,450	-33,964	26,548	26,468	-3,767	-43,309	24,889	16,812	-12,252	-29,319	39,675	-155	6,738	3,924	36,668	9,307	11,402	99,236	82,592
Unearned revenue
26,578	-2,161	-9,576	-4,456	18,511	-2,022	-8,457	-5,407	24,188	-1,329	-7,082	1,221	16,627	-10,174	-5,590	1,823	11,246	-6,367	-11,144	2,729	15,780	-4,335	-2,183	-8,317	5,578	10,265	-2,026	-3,010	6,702	4,936	-1,906	-6,773	6,014	3,088	-7,629	3,650	6,810
Securities sold, but not yet purchased
119	-30	124	16	-103	-163	254	-256	-848	1,047	36	-91	7	97	-45	-148	11	41	-1,509	1,658	-225	284	-62	-456	325	-107	86	67	-201	-59,731	60,097	-342	181	-	-	-	-2,276
Net cash provided by operating activities
381,176	114,102	564,174	-89,638	35,233	385,517	135,935	82,459	-22,331	329,698	18,777	97,604	7,227	126,848	107,448	35,672	118,965	70,984	-42,563	121,295	129,735	7,991	107,770	30,694	85,787	18,210	146,251	-11,626	7,282	152,841	45,314	84,180	-28,067	78,632	14,030	160,259	189,457
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures
33,973	52,139	40,746	33,172	30,332	47,490	36,416	25,848	22,934	26,313	26,699	28,187	30,711	30,198	40,906	36,433	20,109	21,012	19,677	17,958	13,918	19,818	23,907	22,911	23,012	37,452	8,626	18,423	13,738	22,252	13,741	14,523	4,270	12,008	11,839	9,208	3,292
Deposits of restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,370	6,049	0	0	-	-	-	-	-	-	-	-	4,754	0	2,540	500
Release of restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1	-1	1,445	-500	500	552	57	4,679	3	6	132	202	613	0	0	750	0	6,300	500	3,322	377	1,540	17,006
Payments to Acquire Businesses, Net of Cash Acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,793	0	20,510	16,674
Proceeds from disposal of fixed assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	6,064	59	1,000	0	0	0	0	-	-	-	-	-	-	-	-
Purchase of securities classified as held-to-maturity
3,793	0	2,507	0	1,238	1,232	1,238	3,667	0	-	-	-	-	-	-	-	-	0	3,096	0	1,506	749	6,749	0	0	100	0	0	2,495	4,296	899	2,015	0	3,051	852	1,015	2,767
Proceeds from maturity of securities classified as held-to-maturity
1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	1,250	0	1,250	0	1,750	1,000	1,000	1,000	2,000	1,000	850	750	750	1,500	750	1,500	2,000	0	1,900	3,000	1,000	1,750	3,350	1,000	2,000	2,000	2,350	1,000	650
Purchases of minority interest investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,500	0	1,000	0	1,575	0	0	-	-	-	-
Net cash used in investing activities
-36,516	-51,858	-66,887	-31,922	-30,320	-75,400	-36,404	-28,265	-21,684	-24,134	-351,697	-32,896	-28,961	-30,641	-39,907	-39,454	-16,664	-21,752	-21,923	-16,656	-14,617	-13,018	-38,888	-21,346	-19,880	-34,040	-7,613	-16,923	-16,233	-24,045	-7,886	-57,968	-1,770	-19,284	-9,964	-30,733	-5,577
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility
616,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	0	93,000	243,000	120,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of revolving credit facility
545,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	150,000	118,000	188,000	110,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net proceeds from revolving credit facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of senior secured term loans
2,675	400,000	3,750	3,750	3,750	3,750	3,750	3,750	3,750	3,750	200,000	4,250	2,197,360	4,420	4,419	4,419	4,419	1,092	2,709	2,710	2,710	2,709	2,710	2,710	2,709	2,710	2,709	850,435	10,725	10,725	10,725	10,725	1,332,668	3,493	3,492	3,493	43,493
Payment for Contingent Consideration Liability, Financing Activities
10,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from senior secured term loans and senior notes
-	-	-	-	-	-	-	-	-	-1	414,234	0	2,197,360	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1,330,681	0	0	0	0
Payments of debt issuance costs
-	-	-	-	-	-	-	-	-	1,122	6,128	2,612	13,936	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	4,431	0	0	0	0
Payment of contingent consideration
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-3,300	-	-	-	-	-	-	-	-	-	-	-	-
Tax payments related to settlement of restricted stock units
8,370	498	758	179	4,428	307	741	197	3,598	306	414	214	2,527	143	216	151	731	151	1,019	96	1,752	195	74	15	584	0	0	0	0	-	-	-	-	-	-	-	-
Payment of contingent consideration obligation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-
Repurchase of common stock
150,036	120,028	130,275	125,033	125,034	117,800	130,485	115,812	53,794	30,007	25,011	40,420	18,290	0	0	0	25,013	250,000	25,011	85,810	30,014	125,058	25,011	25,010	100,000	43,369	124,747	46,054	4,921	91,597	51,630	18,408	37,486	0	22,061	66,976	0
Dividends on common stock
19,713	20,206	20,485	20,827	21,079	21,513	21,941	22,345	22,561	22,508	22,517	22,628	22,620	22,308	22,269	22,261	22,243	23,758	23,782	24,118	24,156	23,512	23,995	24,012	24,097	19,336	19,909	14,389	14,374	13,010	13,242	222,557	0	-	-	-	-
Excess tax benefits related to share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	45	10	1	9	1,390	565	699	1,156	1,019	824	2,398	4,444	5,253	-294	579	1,634	3,543	1,349	10,740	37,664	313	1,430	19,880	35,967
Proceeds from stock option exercises and other
7,947	10,102	6,713	7,271	16,076	8,290	3,778	10,156	29,314	6,529	29,208	7,147	41,521	3,969	951	1,010	935	9,130	4,158	15,022	4,720	3,196	3,002	8,272	14,060	6,836	9,890	11,191	7,108	3,283	1,735	6,976	4,123	1,415	1,775	5,950	1,022
Principal payment of finance leases and obligations
996	44	-99	-99	846	6,346	513	506	1,442	6,612	452	446	439	1,284	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in financing activities
-112,843	-99,149	-149,936	-145,079	-139,061	-141,426	-153,652	-132,454	-55,831	-57,777	188,920	-63,423	-16,291	-24,141	-25,943	-25,820	-51,462	265,261	-72,798	-42,013	-42,756	-42,135	-47,964	-41,077	-112,186	-53,326	-137,769	177,388	-21,278	-108,506	-72,513	-233,974	-2,117	-1,765	-22,348	-44,639	-6,504
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
231,817	-36,905	347,351	-266,639	-134,148	168,691	-54,121	-78,260	-99,846	247,787	-144,000	1,285	-38,025	72,066	41,598	-29,602	50,839	314,493	-137,284	62,626	72,362	-47,162	20,918	-31,729	-46,279	-69,156	869	148,839	-30,229	20,290	-35,085	-207,762	-31,954	57,583	-18,282	84,887	177,376
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest Paid, Excluding Capitalized Interest, Operating Activities
37,842	15,049	45,730	20,614	45,556	18,566	44,990	18,396	41,671	15,397	34,623	18,893	23,737	23,174	22,822	22,375	23,973	12,605	13,052	17,282	8,175	12,711	12,904	12,926	13,047	13,279	13,654	12,763	12,016	12,595	12,718	13,597	15,973	15,688	16,619	18,184	18,178
Income taxes paid
6,928	44,036	52,182	110,486	6,635	32,961	37,785	47,905	3,564	36,043	45,051	54,222	3,884	27,912	27,618	59,449	7,930	18,934	35,617	67,833	9,449	29,510	25,950	74,324	9,531	22,584	34,533	61,919	4,547	25,289	19,206	16,950	815	16,272	14,509	29,391	479
NONCASH DISCLOSURES:
Capital expenditures included in accounts payable and accrued liabilities
15,031	-933	235	1,455	12,979	-6,269	-1,087	16,125	11,865	3,816	856	-2,536	13,960	3,408	5,637	6,481	8,813	3,619	761	547	6,535	1,722	-6,442	3,378	9,526	-	-	-	-	-	-	-	-	-	-62	-9	3,515
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability
3,447	340	0	0	108,539	0	0	0	0	-	-	-	-	0	14,353	16,824	14,821	16,758	16,845	26,337	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Fixed assets acquired under built-to-suit lease
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	8,114	13,891	9,088	0	0	-	-	-	-	-	-	-	-
Debt issuance cost included in accounts payable and accrued liabilities
-	-	-	-	-	-	-	-	8	-	600	-2,301	3,091	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on interest rate swaps, net of tax expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	441	409	-	464	1,420	1,325
Discount on proceeds from senior secured credit facilities recorded as debt issuance costs
-	-	-	-	-	-	-	-	-	0	2,400	0	2,640	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	19,319	0	0	0	0
Pending settlement of treasury stock purchases
-	-	-	-	-	-	-	999	7,003	-	-	-4,202	4,202	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-