Investor Presentaiton
Reconciliation
Gross Profit*
Gross profit* is a non-GAAP financial measure. Please see a description of gross profit under "Non-GAAP Financial Measures" on page 3 of this presentation for additional information.
Below is a calculation of gross profit* for the periods presented herein:
$ in millions
Total revenue
Advisory and commission expense
Brokerage, clearing and exchange expense
Gross Profit
Net Income to EBITDA* and Credit Agreement EBITDA*
Q3'22 LTM
$8,362
5,414
87
$2,860
2021
$7,721
5,180
86
$2,455
2020
$5,872
3,697
71
$2,103
2019
$5,625
3,388
64
$2,172
2018
$5,188
2017
$4,281
3,178
63
2,670
57
$1,948
$1,555
EBITDA* and Credit Agreement EBITDA* are non-GAAP financial measures. Please see a description of EBITDA* and Credit Agreement EBITDA* under "Non-GAAP Financial Measures"
on page 3 of this presentation for additional information.
Below are reconciliations of the Company's net income to EBITDA* and Credit Agreement EBITDA* for the periods presented herein:
$ in millions
Q3'22 LTM
2021
2020
2019
2018
2017
Net income
$635
$460
$473
$560
$439
$239
Interest expense on borrowings
116
104
106
130
125
107
Provision for income taxes
Depreciation and amortization
Amortization of other intangibles
EBITDA
Credit Agreement adjustments
Credit Agreement EBITDA
Total debt
Total corporate cash
194
141
153
182
153
126
186
151
110
96
88
84
85
79
67
65
60
38
$1,217
$936
$909
$1,033
$866
$594
127
214
52
48
103
151
$1,345
2,741
424
$1,151
$961
2,839
237
2,359
280
$1,081
2,415
204
$969
$745
2,381
2,396
300
300
Credit Agreement Net Debt
Leverage Ratio
2.81x
Note: During the third quarter of 2021, the Company changed its definition of EBITDA to include the loss on extinguishment of debt and has updated prior period disclosures to reflect this change as applicable.
$2,316
1.72x
$2,602
2.26x
$2,079
2.16x
$2,211
2.05x
$2,081
$2,096
2.15x
Note: Totals may not foot due to rounding
LPL Financial Member FINRA/SIPC
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