We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
TD Ameritrade Holding Corporation | NASDAQ:AMTD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 39.97 | 39.94 | 39.97 | 0 | 01:00:00 |
TD Ameritrade Holding Corporation |
(Exact name of registrant as specified in its charter) |
Delaware | 1-35509 | 82-0543156 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
200 South 108th Avenue Omaha, Nebraska | 68154 | |
(Address of principal executive offices) | (Zip Code) |
(Former name or former address, if changed since last report) |
99.1 | News Release issued by the Registrant on July 22, 2014 |
Dated: July 22, 2014 | TD AMERITRADE HOLDING CORPORATION |
By: /s/ WILLIAM J. GERBER | |
William J. Gerber | |
Executive Vice President, Chief Financial Officer | |
At the Company | |
Kim Hillyer | Jeff Goeser |
Director, Communications | Director, Investor Relations and Finance |
(402) 574-6523 | (402) 597-8464 |
kim.hillyer@tdameritrade.com | jeffrey.goeser@tdameritrade.com |
• | Net income of $190 million, or $0.34 per diluted share |
• | Net new client assets of approximately $13.4 billion, an annualized growth rate of 9 percent |
• | Average client trades per day of approximately 401,000, an activity rate of 6.5 percent |
• | Net revenues of $763 million, up 5 percent year-over-year, 56 percent of which were asset-based |
• | Investment product fee revenues of $79 million, up 22 percent year-over-year |
• | Pre-tax income of $310 million, or 41 percent of net revenues |
• | EBITDA(2) of $362 million, or 47 percent of net revenues |
• | Interest rate sensitive assets(3) of $97 billion, up 3 percent year-over-year |
• | Record client assets of approximately $650 billion, up 24 percent year-over-year |
TD AMERITRADE HOLDING CORPORATION | |||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
In millions, except per share amounts | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||
June 30, 2014 | Mar. 31, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||||
Revenues: | |||||||||||||||||||
Transaction-based revenues: | |||||||||||||||||||
Commissions and transaction fees | $ | 317 | $ | 374 | $ | 321 | $ | 1,019 | $ | 865 | |||||||||
Asset-based revenues: | |||||||||||||||||||
Interest revenue | 150 | 148 | 122 | 426 | 356 | ||||||||||||||
Brokerage interest expense | (1 | ) | (2 | ) | (2 | ) | (5 | ) | (5 | ) | |||||||||
Net interest revenue | 149 | 146 | 120 | 421 | 351 | ||||||||||||||
Insured deposit account fees | 202 | 202 | 199 | 612 | 604 | ||||||||||||||
Investment product fees | 79 | 75 | 65 | 226 | 182 | ||||||||||||||
Total asset-based revenues | 430 | 423 | 384 | 1,259 | 1,137 | ||||||||||||||
Other revenues | 16 | 15 | 20 | 49 | 53 | ||||||||||||||
Net revenues | 763 | 812 | 725 | 2,327 | 2,055 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Employee compensation and benefits | 189 | 193 | 176 | 565 | 522 | ||||||||||||||
Clearing and execution costs | 35 | 34 | 30 | 98 | 81 | ||||||||||||||
Communications | 29 | 28 | 28 | 84 | 85 | ||||||||||||||
Occupancy and equipment costs | 39 | 40 | 42 | 116 | 121 | ||||||||||||||
Depreciation and amortization | 24 | 24 | 22 | 71 | 63 | ||||||||||||||
Amortization of acquired intangible assets | 22 | 22 | 23 | 68 | 68 | ||||||||||||||
Professional services | 42 | 37 | 36 | 117 | 103 | ||||||||||||||
Advertising | 48 | 94 | 56 | 205 | 184 | ||||||||||||||
Other | 19 | 17 | 14 | 57 | 52 | ||||||||||||||
Total operating expenses | 447 | 489 | 427 | 1,381 | 1,279 | ||||||||||||||
Operating income | 316 | 323 | 298 | 946 | 776 | ||||||||||||||
Other expense (income): | |||||||||||||||||||
Interest on borrowings | 6 | 6 | 6 | 18 | 19 | ||||||||||||||
Gain on sale of investments | — | — | (6 | ) | — | (8 | ) | ||||||||||||
Total other expense (income) | 6 | 6 | — | 18 | 11 | ||||||||||||||
Pre-tax income | 310 | 317 | 298 | 928 | 765 | ||||||||||||||
Provision for income taxes | 120 | 123 | 114 | 352 | 291 | ||||||||||||||
Net income | $ | 190 | $ | 194 | $ | 184 | $ | 576 | $ | 474 | |||||||||
Earnings per share - basic | $ | 0.34 | $ | 0.35 | $ | 0.33 | $ | 1.05 | $ | 0.86 | |||||||||
Earnings per share - diluted | $ | 0.34 | $ | 0.35 | $ | 0.33 | $ | 1.04 | $ | 0.86 | |||||||||
Weighted average shares outstanding - basic | 551 | 551 | 550 | 551 | 548 | ||||||||||||||
Weighted average shares outstanding - diluted | 555 | 556 | 554 | 555 | 553 | ||||||||||||||
Dividends declared per share | $ | 0.12 | $ | 0.12 | $ | 0.09 | $ | 0.86 | $ | 0.77 |
TD AMERITRADE HOLDING CORPORATION | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
In millions | |||||||||
(Unaudited) | |||||||||
June 30, 2014 | Sept. 30, 2013 | ||||||||
Assets: | |||||||||
Cash and cash equivalents | $ | 1,260 | $ | 1,062 | |||||
Segregated cash and investments | 5,258 | 5,894 | |||||||
Broker/dealer receivables | 1,315 | 1,348 | |||||||
Client receivables, net | 11,231 | 8,984 | |||||||
Goodwill and intangible assets | 3,240 | 3,308 | |||||||
Other | 1,275 | 1,240 | |||||||
Total assets | $ | 23,579 | $ | 21,836 | |||||
Liabilities and stockholders' equity: | |||||||||
Liabilities: | |||||||||
Broker/dealer payables | $ | 2,537 | $ | 1,973 | |||||
Client payables | 14,265 | 13,183 | |||||||
Notes payable | 150 | — | |||||||
Long-term debt | 1,041 | 1,052 | |||||||
Other | 888 | 952 | |||||||
Total liabilities | 18,881 | 17,160 | |||||||
Stockholders' equity | 4,698 | 4,676 | |||||||
Total liabilities and stockholders' equity | $ | 23,579 | $ | 21,836 |
TD AMERITRADE HOLDING CORPORATION | |||||||||||||||||||
SELECTED OPERATING DATA | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||
June 30, 2014 | Mar. 31, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||||
Key Metrics: | |||||||||||||||||||
Net new assets (in billions) | $ | 13.4 | $ | 12.2 | $ | 10.8 | $ | 40.0 | $ | 39.4 | |||||||||
Net new asset growth rate (annualized) | 9 | % | 8 | % | 8 | % | 10 | % | 11 | % | |||||||||
Average client trades per day | 401,468 | 491,963 | 399,216 | 435,123 | 370,874 | ||||||||||||||
Profitability Metrics: | |||||||||||||||||||
Operating margin | 41.4 | % | 39.8 | % | 41.1 | % | 40.7 | % | 37.8 | % | |||||||||
Pre-tax margin | 40.6 | % | 39.0 | % | 41.1 | % | 39.9 | % | 37.2 | % | |||||||||
Return on average stockholders' equity (annualized) | 16.2 | % | 16.9 | % | 16.4 | % | 16.5 | % | 14.3 | % | |||||||||
EBITDA(1) as a percentage of net revenues | 47.4 | % | 45.4 | % | 48.1 | % | 46.6 | % | 44.5 | % | |||||||||
Liquidity Metrics: | |||||||||||||||||||
Interest on borrowings (in millions) | $ | 6 | $ | 6 | $ | 6 | $ | 18 | $ | 19 | |||||||||
Interest coverage ratio (EBITDA(1)/interest on borrowings) | 60.3 | 61.5 | 58.2 | 60.3 | 48.2 | ||||||||||||||
Liquid assets - management target(1) (in billions) | $ | 0.8 | $ | 0.7 | $ | 0.7 | $ | 0.8 | $ | 0.7 | |||||||||
Cash and cash equivalents (in billions) | $ | 1.3 | $ | 0.9 | $ | 1.0 | $ | 1.3 | $ | 1.0 | |||||||||
Transaction-Based Revenue Metrics: | |||||||||||||||||||
Total trades (in millions) | 25.3 | 30.0 | 25.5 | 81.4 | 68.6 | ||||||||||||||
Average commissions and transaction fees per trade(2) | $ | 12.52 | $ | 12.47 | $ | 12.57 | $ | 12.51 | $ | 12.60 | |||||||||
Average client trades per funded account (annualized) | 16.2 | 20.2 | 16.8 | 17.9 | 15.7 | ||||||||||||||
Activity rate - funded accounts | 6.5 | % | 8.1 | % | 6.7 | % | 7.1 | % | 6.3 | % | |||||||||
Trading days | 63.0 | 61.0 | 64.0 | 187.0 | 185.0 | ||||||||||||||
Order routing revenue (in millions) | $ | 72 | $ | 84 | $ | 64 | $ | 226 | $ | 174 | |||||||||
Spread-Based Asset Metrics: | |||||||||||||||||||
Average interest-earning assets (in billions) | $ | 18.8 | $ | 18.5 | $ | 16.1 | $ | 18.3 | $ | 15.5 | |||||||||
Average insured deposit account balances (in billions) | 72.4 | 73.0 | 68.6 | 72.7 | 66.6 | ||||||||||||||
Average spread-based balance (in billions) | $ | 91.2 | $ | 91.5 | $ | 84.7 | $ | 91.0 | $ | 82.1 | |||||||||
Net interest revenue (in millions) | $ | 149 | $ | 146 | $ | 120 | $ | 421 | $ | 351 | |||||||||
Insured deposit account fee revenue (in millions) | 202 | 202 | 199 | 612 | 604 | ||||||||||||||
Spread-based revenue (in millions) | $ | 351 | $ | 348 | $ | 319 | $ | 1,033 | $ | 955 | |||||||||
Avg. annualized yield - interest-earning assets | 3.13 | % | 3.17 | % | 2.95 | % | 3.04 | % | 2.97 | % | |||||||||
Avg. annualized yield - insured deposit account fees | 1.10 | % | 1.10 | % | 1.15 | % | 1.11 | % | 1.19 | % | |||||||||
Net interest margin (NIM) | 1.52 | % | 1.52 | % | 1.49 | % | 1.50 | % | 1.53 | % | |||||||||
Fee-Based Investment Metrics: | |||||||||||||||||||
Money market mutual fund fees: | |||||||||||||||||||
Average balance (in billions) | $ | 5.2 | $ | 5.2 | $ | 5.1 | $ | 5.2 | $ | 5.1 | |||||||||
Average annualized yield | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.02 | % | |||||||||
Fee revenue (in millions) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1 | |||||||||
Market fee-based investment balances: | |||||||||||||||||||
Average balance (in billions) | $ | 133.3 | $ | 128.4 | $ | 113.0 | $ | 129.0 | $ | 104.5 | |||||||||
Average annualized yield | 0.24 | % | 0.23 | % | 0.23 | % | 0.23 | % | 0.23 | % | |||||||||
Fee revenue (in millions) | $ | 79 | $ | 75 | $ | 65 | $ | 226 | $ | 181 | |||||||||
Average fee-based investment balances (in billions) | $ | 138.5 | $ | 133.6 | $ | 118.1 | $ | 134.2 | $ | 109.6 | |||||||||
Average annualized yield | 0.23 | % | 0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | |||||||||
Investment product fee revenue (in millions) | $ | 79 | $ | 75 | $ | 65 | $ | 226 | $ | 182 | |||||||||
(1) See attached reconciliation of non-GAAP financial measures. | |||||||||||||||||||
(2) Average commissions and transaction fees per trade excludes TD Waterhouse UK business. | |||||||||||||||||||
NOTE: See Glossary of Terms on the Company's web site at www.amtd.com for definitions of the above metrics. |
TD AMERITRADE HOLDING CORPORATION | |||||||||||||||||||
SELECTED OPERATING DATA | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||
June 30, 2014 | Mar. 31, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||||
Client Account and Client Asset Metrics: | |||||||||||||||||||
Funded accounts (beginning of period) | 6,146,000 | 6,048,000 | 5,880,000 | 5,993,000 | 5,764,000 | ||||||||||||||
Funded accounts (end of period) | 6,237,000 | 6,146,000 | 5,943,000 | 6,237,000 | 5,943,000 | ||||||||||||||
Percentage change during period | 1 | % | 2 | % | 1 | % | 4 | % | 3 | % | |||||||||
Client assets (beginning of period, in billions) | $ | 617.1 | $ | 596.5 | $ | 516.8 | $ | 555.9 | $ | 472.3 | |||||||||
Client assets (end of period, in billions) | $ | 650.2 | $ | 617.1 | $ | 523.5 | $ | 650.2 | $ | 523.5 | |||||||||
Percentage change during period | 5 | % | 3 | % | 1 | % | 17 | % | 11 | % | |||||||||
Net Interest Revenue: | |||||||||||||||||||
Segregated cash: | |||||||||||||||||||
Average balance (in billions) | $ | 5.2 | $ | 5.3 | $ | 4.7 | $ | 5.3 | $ | 4.3 | |||||||||
Average annualized yield | 0.14 | % | 0.14 | % | 0.11 | % | 0.13 | % | 0.13 | % | |||||||||
Interest revenue (in millions) | $ | 2 | $ | 2 | $ | 1 | $ | 5 | $ | 4 | |||||||||
Client margin balances: | |||||||||||||||||||
Average balance (in billions) | $ | 11.0 | $ | 10.5 | $ | 8.6 | $ | 10.3 | $ | 8.6 | |||||||||
Average annualized yield | 3.79 | % | 3.85 | % | 3.91 | % | 3.85 | % | 3.97 | % | |||||||||
Interest revenue (in millions) | $ | 105 | $ | 101 | $ | 85 | $ | 299 | $ | 259 | |||||||||
Securities borrowing/lending: | |||||||||||||||||||
Average securities borrowing balance (in billions) | $ | 1.0 | $ | 1.1 | $ | 1.2 | $ | 1.1 | $ | 1.0 | |||||||||
Average securities lending balance (in billions) | $ | 2.6 | $ | 2.8 | $ | 2.3 | $ | 2.5 | $ | 2.1 | |||||||||
Net interest revenue - securities borrowing/lending (in millions) | $ | 42 | $ | 43 | $ | 34 | $ | 117 | $ | 88 | |||||||||
Other cash and interest-earning investments: | |||||||||||||||||||
Average balance (in billions) | $ | 1.6 | $ | 1.6 | $ | 1.6 | $ | 1.6 | $ | 1.6 | |||||||||
Average annualized yield | 0.06 | % | 0.09 | % | 0.11 | % | 0.07 | % | 0.08 | % | |||||||||
Interest revenue - net (in millions) | $ | 0 | $ | 0 | $ | 0 | $ | 1 | $ | 1 | |||||||||
Client credit balances: | |||||||||||||||||||
Average balance (in billions) | $ | 11.5 | $ | 11.0 | $ | 9.4 | $ | 11.1 | $ | 9.2 | |||||||||
Average annualized cost | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | |||||||||
Interest expense (in millions) | $ | (0 | ) | $ | (0 | ) | $ | (0 | ) | $ | (1 | ) | $ | (1 | ) | ||||
Average interest-earning assets (in billions) | $ | 18.8 | $ | 18.5 | $ | 16.1 | $ | 18.3 | $ | 15.5 | |||||||||
Average annualized yield | 3.13 | % | 3.17 | % | 2.95 | % | 3.04 | % | 2.97 | % | |||||||||
Net interest revenue (in millions) | $ | 149 | $ | 146 | $ | 120 | $ | 421 | $ | 351 | |||||||||
NOTE: See Glossary of Terms on the Company's web site at www.amtd.com for definitions of the above metrics. |
TD AMERITRADE HOLDING CORPORATION | ||||||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||||||||||||||||
Dollars in millions | ||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
June 30, 2014 | Mar. 31, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||||||||
$ | % of Net Rev. | $ | % of Net Rev. | $ | % of Net Rev. | $ | % of Net Rev. | $ | % of Net Rev. | |||||||||||||||||||||||||
EBITDA (1) | ||||||||||||||||||||||||||||||||||
EBITDA | $ | 362 | 47.4 | % | $ | 369 | 45.4 | % | $ | 349 | 48.1 | % | $ | 1,085 | 46.6 | % | $ | 915 | 44.5 | % | ||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | (24 | ) | (3.1 | )% | (24 | ) | (3.0 | )% | (22 | ) | (3.0 | )% | (71 | ) | (3.1 | )% | (63 | ) | (3.1 | )% | ||||||||||||||
Amortization of acquired intangible assets | (22 | ) | (2.9 | )% | (22 | ) | (2.7 | )% | (23 | ) | (3.2 | )% | (68 | ) | (2.9 | )% | (68 | ) | (3.3 | )% | ||||||||||||||
Interest on borrowings | (6 | ) | (0.8 | )% | (6 | ) | (0.7 | )% | (6 | ) | (0.8 | )% | (18 | ) | (0.8 | )% | (19 | ) | (0.9 | )% | ||||||||||||||
Provision for income taxes | (120 | ) | (15.7 | )% | (123 | ) | (15.1 | )% | (114 | ) | (15.7 | )% | (352 | ) | (15.1 | )% | (291 | ) | (14.2 | )% | ||||||||||||||
Net income | $ | 190 | 24.9 | % | $ | 194 | 23.9 | % | $ | 184 | 25.4 | % | $ | 576 | 24.8 | % | $ | 474 | 23.1 | % |
As of | |||||||||||||||||||
June 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sept. 30, 2013 | June 30, 2013 | |||||||||||||||
Liquid Assets - Management Target (2) | |||||||||||||||||||
Liquid assets - management target | $ | 767 | $ | 706 | $ | 707 | $ | 874 | $ | 728 | |||||||||
Plus: Broker-dealer cash and cash equivalents | 871 | 508 | 926 | 540 | 555 | ||||||||||||||
Trust company cash and cash equivalents | 54 | 64 | 60 | 74 | 39 | ||||||||||||||
Investment advisory cash and cash equivalents | 9 | 14 | 25 | 19 | 28 | ||||||||||||||
Less: Excess broker-dealer regulatory net capital | (441 | ) | (359 | ) | (409 | ) | (445 | ) | (387 | ) | |||||||||
Cash and cash equivalents | $ | 1,260 | $ | 933 | $ | 1,309 | $ | 1,062 | $ | 963 |
(1) | EBITDA (earnings before interest, taxes, depreciation and amortization) is considered a non-GAAP financial measure as defined by SEC Regulation G. We consider EBITDA an important measure of our financial performance and of our ability to generate cash flows to service debt, fund capital expenditures and fund other corporate investing and financing activities. EBITDA is used as the denominator in the consolidated leverage ratio calculation for covenant purposes under our holding company's senior revolving credit facility. EBITDA eliminates the non-cash effect of tangible asset depreciation and amortization and intangible asset amortization. EBITDA should be considered in addition to, rather than as a substitute for, pre-tax income, net income and cash flows from operating activities. |
(2) | Liquid assets - management target is considered a non-GAAP financial measure as defined by SEC Regulation G. We include the excess capital of our broker-dealer subsidiaries in the calculation of liquid assets - management target, rather than simply including broker-dealer cash and cash equivalents, because capital requirements may limit the amount of cash available for dividend from the broker-dealer subsidiaries to the parent company. Excess capital, as defined below, is generally available for dividend from the broker-dealer subsidiaries to the parent company. We consider liquid assets - management target to be an important measure of our liquidity and of our ability to fund corporate investing and financing activities. Liquid assets - management target should be considered a supplemental measure of liquidity, rather than a substitute for cash and cash equivalents. |
We define liquid assets - management target as the sum of (a) corporate cash and cash equivalents, (b) corporate short-term investments and (c) regulatory net capital of (i) our clearing broker-dealer subsidiary in excess of 10% of aggregate debit items and (ii) our introducing broker-dealer subsidiaries in excess of a minimum operational target established by management ($50 million in the case of our primary introducing broker-dealer, TD Ameritrade, Inc.). Liquid assets - management target is based on more conservative measures of broker-dealer net capital than regulatory thresholds require because we prefer to maintain significantly more conservative levels of net capital at the broker-dealer subsidiaries. We consider liquid assets - management target to be a measure that reflects our liquidity that would be readily available for corporate investing and financing activities under normal operating circumstances. |
1 Year TD Ameritrade Chart |
1 Month TD Ameritrade Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions