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LPL Financial Holdings Annual Report (Amendment), Year Ended Dec 31, 2008

Filing Date
Filed April 3, 2009
Period End
December 31, 2008
Security
LPLA
In the record · 2016–202610-K1210-Q338-K120

LPLA filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 120 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Feb ’19Feb ’19
  2. Leadership change8-K · Jul ’21Jul ’21
  3. Leadership change8-K · Jan ’26Jan ’26

01—Abstract

Summary

Summary of the 10-K/A filed April 3, 2009. Cited figures are marked; the original filing is the authoritative source.

LPL Investment Holdings Inc. filed this Form 10-K/A (Amendment No. 1) for the fiscal year ended December 31, 2008.

The amendment was made solely to correct the inadvertent omission of the auditor's signature on the Report of Independent Registered Public Accounting Firm in Item 8; the filing states there are no other changes to the original 2008 Form 10-K. The financial statements included show total revenues of $3,117,130 thousanda in 2008, up from $2,717,605 thousand in 2007, and net income of $45,496 thousand, compared with $61,069 thousand in 2007. Total noninterest expenses rose to $2,905,652 thousand from $2,485,246 thousand, and commissions and advisory fees were $2,132,050 thousand.

The balance sheet at December 31, 2008 shows total assets of $3,381,779 thousandb, including goodwill of $1,293,366 thousand and intangible assets of $654,703 thousand, and total liabilities of $2,591,467 thousand. Senior credit facilities and subordinated notes totaled $1,377,647 thousand in long-term liabilities, and total stockholders' equity was $790,312 thousand. The filing notes a $550.00 million senior unsecured subordinated note bearing 10.75% interest due December 15, 2015, and a $90.00 million drawn balance on a $100.00 million revolving line of credit at December 31, 2008.

During 2008 the company recorded $14.97 millionc in restructuring charges tied to a workforce reduction implemented on December 29, 2008. The company also issued 7,423,973 restricted shares to financial advisors in exchange for bonus credits under its amended Stock Bonus Plan, and the non-affiliate aggregate market value of voting stock was stated as zero.

02—Key points

Key Highlights

  1. Filing purpose: Form 10-K/A solely to add the omitted auditor signature on the Deloitte & Touche LLP report; no other changes to the original 2008 10-K.
  2. Total revenues rose to $3,117,130 thousand in 2008 from $2,717,605 thousand in 2007, while net income fell to $45,496 thousand from $61,069 thousand.
  3. Commissions revenue was $1,640,218 thousand and advisory fees were $830,555 thousand in 2008.
  4. Total assets were $3,381,779 thousand at year-end 2008, with goodwill of $1,293,366 thousand and intangible assets of $654,703 thousand.
  5. Debt includes $550.00 million of 10.75% senior unsecured subordinated notes due 2015 and $90.00 million drawn on a $100.00 million revolving line of credit.
  6. A $14.97 million restructuring charge was recorded for a workforce reduction implemented December 29, 2008.
  7. Stockholders' equity was $790,312 thousand at December 31, 2008, and the company had 93,967,966.90 shares outstanding.

03—Questions

Frequently Asked Questions

  1. Why was this 10-K/A filed?

    The amendment was made solely to correct the inadvertent omission of the auditor's signature on the Report of Independent Registered Public Accounting Firm in Item 8. The company states there are no other changes to its 2008 Form 10-K.

  2. How did revenue and net income change in 2008?

    Total revenues increased to $3,117,130 thousand in 2008 from $2,717,605 thousand in 2007. Net income decreased to $45,496 thousand from $61,069 thousand over the same period.

  3. What is the company's debt structure at year-end 2008?

    The company had $1,467,647 thousand in total borrowings, including a $495.00 million hedged senior secured term loan, an unhedged term loan balance of $332,647 thousand, $550.00 million of 10.75% senior unsecured subordinated notes due December 15, 2015, and $90.00 million drawn on its revolving line of credit.

  4. What charges and workforce actions affected 2008 results?

    The company recorded $14.97 million in restructuring charges related to an organizational restructuring plan committed to and implemented on December 29, 2008, which reduced the overall workforce. It also reported an impairment loss of $1.73 million on an equity investment and a $2.37 million total loss on equity investment for 2008.

  5. Did the company have any goodwill impairment in 2008?

    No. The company stated that its impairment tests of goodwill and indefinite-lived intangibles, performed as of October 1, 2008, did not result in any impairment. The company also said no impairment occurred for definite-lived intangible assets in 2008, 2007 and 2006.

04—Continue

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