Matthew J. Audette
on quarter I'm in QX. speak another Thank you, everyone Dan, We strong and with call. glad today's to had
profit, and to operating disciplined assets grow on remaining to continued leverage. while We gross drive expenses
$X.XX, As result, to up QX year-over-year. prior a intangibles was XX% our EPS
of focus strategy we We to results execution. are our continue as pleased with these and growth on
growth, including onboarding quarter, business assets new in advisory appreciation. NPH greater billion, net sequentially, assets. remaining billion depth, $X new organic the by assets driven market the net assets finished and billion starting Total $XXX with at or NPH. quarter billion brokerage for and from total organic were the and results our at $X.X We look up X% Let's $XX billion of $X.X
in to in advisory net Looking detail, or rate. conversions at This billion greater X% brokerage growth organic a $X.X were assets advisory. growth included billion $X.X annualized from new
annualized new net totaling mix advisory billion corporate were of rate. $X.X advisory our a at or XX% the over on inflows, our of X% the platform, assets Looking
or Our third a grow net platforms with as approximately of to quarter. billion well, assets our centrally new this managed continued advisory of inflows $X.X
our transaction, assets. this approximately of to $X.X we QX billion net onboarded billion total, $X.X for and new results, Turning billion billion, brokerage were including advisory. assets of NPH In $XX of $X.X
accretion, year-end ramped We expected, in run-rate $XX than we approximately million As this generated advisors faster outlook EBITDA their on we for $XX of than above quarter anticipated. million as delivered basis, earlier run million. rate our this annualized business an up or $XX NPH
focus reached to forward, our end pro have now going assets reporting we and results, As our plan on our consolidated NPH and forma finished NPH. including onboarding EBITDA we outlook,
advisors new after their transfer, the estimated us two on, this transfer advisors into represents a platform, licenses I assets over results. the metric licenses onto the to provide new expect to our moving the we've net assets. disclosures quarters to to added is This The this additional that recruited also ultimately three good quarter quarter. come that leading moved typically our Before of assets recruiting indicator assets quarters to our platform contribution recruiting want during to we insight metric onto of so to their of amount highlight our from from
$XX primarily increase revenues. our from $XX bonus, let's and Now was offset advisors our profit cash X% by activity who sweep million from million, QX, Gross increased joined with to higher Prior profit. flat back or it gross well turn $XXX was sequentially, NPH, in transaction results, were up million seasonal million, as as as to by sequentially. was driven fee to starting revenues It $XXX the up QX production platform. million, $XX lower NPH
to as platforms. centrally continued also in our corporate advisory, trends more see We to mix, assets business move and managed positive
QX, commission bonus they in were X% in advisory of typical the fees production seasonal advisory and or payout, $XXX and more growth in expense to Moving than offset million down $X commission increase million fees. net as sequentially,
million, $XXX they increased sequentially, primarily Prior $XXX $X NPH X% or $X or commissions NPH, were in sales commissions by Looking at were million advisors. more driven million from sales down detail, up QX, in activity million sequentially. X% to
ahead, increases reminder, And QX, XX% production typically advisors a in we few commissions decline see levels QX as from sales over our seasonally averaged higher bonus the a expense seasonal about Looking production. has years. to the achieve of throughout year as which past
about year, by from million. or QX our example, bonus XX to For increased basis rate points, production QX last $X
As asset levels. sponsor include from were for million, asset-based which million cash by and QX, primarily sweep $X revenues revenues, average sponsor up driven fees $XXX higher
sweep they $XXX XX% up as yields. cash to increased or million, sequentially, Moving rates revenues, interest higher $XX were our short-term million
client so declined a and also money market to tax engaged in QX for balances, assets As cash X.X%. season, percent total of for in remained investors the as cash withdrew
QX. up cash Looking from sweep yields, XX was at basis points, ICA basis points QX yield XXX our
due As in a rate June of X-month QX, we to And to funds the LIBOR, reminder, in while to a X-month increased March LIBOR amount, anticipation Fed ICA a well as also mostly basis of June and by hikes, and rate increased rate it as rose but greater Fed the balances some points about amount average our as have average fixed hike. balances. XX indexed are indexed small funds,
about the QX. benefit up yield half June showed So hike of rate of in ICA actually the
to a points average. As about connection we of rate basis deposit will on with we about client In have June hike, our think the deposit benefit this X or rates beta rate QX XX%, of hike. the increased remaining we ICA equivalent yield,
in assuming our interest rates, deposit we be So upper-XXX from mid- no will changes benefits rate increases to anticipate basis further our point or QX to yield the ICA range.
account fee hike, rate DCA, cap our the DCA. we is what June we on with target a earn to rather moves fee And a revenue to reached is max the the a on increased on the based July, the ICA In level had cap consistent we yield. DCA than that with changes a in Fed balances, with on along per as Turning and funds range. rate reminder,
With rate DCA per these of about will changes, we now have on $X upside million revenue. hike
with million rate gross we hike. $XX our beta to deposit $XX So estimate ICA million upside profit outlook, approximately together of taken per
with on fee NPH, down Moving $XXX transaction million to from they QX. $XXX revenues trading revenues, Prior to fee were million, were sequentially flat and lower million, QX $X primarily and transaction revenue.
Looking decline will would could increase conference, decline a ahead advisor our will we that million. anticipate QX $X tend We by remained QX, million revenue summer of over fees activity I sequentially. decline also approximately above and note the in offset conference so IRA in to our volumes $X by have national QX, transaction we to as revenues partially average, trading expect be this see a historical in months. we seasonal
NPH of of NPH down G&A. run-rate by Core primarily Prior from QX, costs two QX, Core with was was to $XXX million, G&A $XX Core million NPH, including expense. and $XXX expense driven In starting million $X G&A onboarding factors. million million, $X expenses, to turning Now
typical First, payroll a we seasonal taxes. had in decline
we more quarter. this Second, product resources quarter, technology had working our also on drove of the in prior capitalization development than more which
total $XXX million quarter. under in per G&A for of averaged first the the half year, just So Core
the As level plan And associated plan half. and service half, technology, of at will second the run in we to more rate. end our for look development technology. we increase increased to Within the invest ahead QX in our and the increase service, costs of work we we second QX, to hiring
an Core about of million, to million As tightening to $XXX a quarter translates G&A which result, range the we our million $XXX half. average are to for per outlook full-year second $XXX
promotional million QX, sequentially, $XX million to in higher QX Prior million, driven they Moving XX% or conference costs, up promotional primarily to were on expenses, $XX $XX down expense. sequentially. by NPH million $X was
costs, from $X NPH at million, they for run primarily were a loan rate As amortization. promotional forgivable of
QX, by we expect million conference $X ahead our by approximately increase Focus will Looking to conference. expense driven
loans. the years. assistance forgivable the Additionally, pipeline have receive is in be could we would which recruiting we note as transition several the drive the would period increase see I as who advisors assistance in higher our future, expensed that to larger recruiting loan, could positive momentum also building That QX. been transition which over in trend typically transition assistance impact of tend
to by we discussed to regulatory now primarily million up blue insurance deductibles expenses, our settlements, in totaled state Turning they sequentially, captive $X sky quarter. driven QX, $X which related million last
by the we reminder, our expense insurance a spending most As settlement be or captive existing covered expect company of will plans.
drive jurisdictions expect individual Given up the that small we all matter, the in to quarter. to participate in added regulatory this this overall increase the expense deductibles
Looking forward, predict. difficult them continues the make nature to of inherently regulatory to expenses
on could actual year, in down of Our the or timing matters move size and given expense captive available any up or based quarter coverage. and
million sequentially, depreciation our $X in million at increased in $XX it Looking expense, technology. QX, investments was driven up by
in depreciation invest expect we more forward, technology. we grow Going to as to continue
to XX%. taxes, of XX% expected rate our rate to in Turning with QX our line was effective annual XX%,
to strong times. available declined down QX, from was Moving our Cash million, remained and ratio capital corporate million to on sheet X.X $XXX in use management, net leverage for QX. our $XX balance
capital Turning and we organic capital to shareholders. continued in deployment, growth to invest to return
capital returns, $XX quarterly QX. For regular in paid dividends million we in
We our amount. roughly to repurchases also $XXX increased share QX double million, our
to the that to just to capital Looking forward, continue the stock quarter, the where growing please our returns. size Specific create buyback appropriate, financial are we and growth and movement leverage, given drive the on pleased repurchase could timing operating share We repurchases, assets to our investing strong drive have of any questions. we staying quarter operator, focused on gross disciplined shareholders. actual deploying note we price. plan and that, another returning delivered in In expenses profit, and M&A to in program and vary capital organic With and for and on shareholder to results. closing, of to remain call depending business growth, open amount
