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The Company's results for the fiscal year ended Sept. 30, 2009 include the following (year-over-year comparisons): (2)
-- Net income of $644 million, or $1.10 per diluted share
-- Record average client trades per day of approximately 372,000, an increase of 23 percent(1)
-- Record net new assets of approximately $27 billion, or an annualized growth rate of 10 percent on beginning client assets
-- Record gross new accounts of 737,000, an increase of 14 percent
-- Record spread-based balances of approximately $32 billion, an increase of 25 percent
-- Fee-based balances of approximately $59 billion, a decrease of 16 percent
-- Net revenues of $2.4 billion, 46 percent of which were asset-based
-- Pre-tax income of $1.1 billion, or 44 percent of net revenues
-- EBITDA of $1.2 billion, or 51 percent of net revenues(3)
-- Liquid assets of $1.1 billion(3)
-- Client assets of approximately $302 billion, including $58 billion in client cash
"Over the last year, we have leveraged our strong financial position and client-centric business model to deliver record organic growth, despite a very challenging market environment," said Fred Tomczyk, president and chief executive officer. "Through all of the challenges of the last year, we have remained focused on managing for the other side of the cycle and positioning ourselves for continued growth in 2010 and beyond."
"In addition to delivering record organic growth, we took several steps to strengthen our financial position in 2009," said Bill Gerber, executive vice president and chief financial officer. "We utilized 70 percent of our net income to repurchase company stock worth more than $450 million, at a weighted-average purchase price of $11.94 per share. We also acquired a trading technology and education leader in thinkorswim, earned a credit rating upgrade to Investment Grade,(4) and positioned ourselves for earnings growth in a rising interest-rate environment."
In addition, the Company has released its results for the quarter ended Sept. 30, 2009, which include the following (year-over-year comparisons): (2)
-- Record average client trades per day of approximately 411,000, an increase of 35 percent(1)
-- Net new assets of approximately $5.4 billion, an annualized growth rate of 8 percent
-- Record net revenues of $658 million, 41 percent of which were asset-based
-- Pre-tax income of $255 million, or 39 percent of net revenues
-- Net income of $157 million, or $0.26 per diluted share
-- EBITDA of $301 million, or 46 percent of net revenues (3)
Fiscal 2010 Outlook
The Company has also released its guidance range for its 2010 fiscal year and expects to earn between $1.10 and $1.40 per share.
More information on the fiscal 2010 forecast is available through the Company's "Outlook Statement," located in the "Investor" section of its Web site, www.amtd.com.
Company Hosts Conference Call
TD AMERITRADE will host its September Quarter conference call this morning, Oct. 27, 2009, at 7:00 a.m. CDT. Participants may listen to the call by dialing 877-440-5784. Interested parties may listen to a replay of the call by dialing 888-203-1112 and the passcode 8336314. The Company will Webcast the conference live at www.amtd.com and will make all accompanying materials available for participants to print prior to the call.
AMTD-E
About TD AMERITRADE Holding Corporation
TD AMERITRADE Holding Corporation, through its brokerage subsidiaries,(5) combines innovative trading technology, easy-to-use and understand investment tools and services, investor education and a client-centric, multi-channel sales and service model to create a market-leading financial services experience. Now home to the award-winning thinkorswim brokerage and dynamic trading platform(6) and the Investools investor education program, TD AMERITRADE provides millions of retail investors, traders and independent registered investment advisors (RIAs) with the tools, service and support they need to help build confidence in today's rapidly-changing market environment. The Company's common stock trades under the ticker symbol AMTD. For more information, please visit www.amtd.com.
Safe Harbor
This document contains forward-looking statements within the meaning of the federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws. In particular, any projections regarding our future revenues, expenses, earnings, capital expenditures, effective tax rates, client trading activity, accounts or stock price, as well as the assumptions on which such expectations are based, are forward-looking statements. These statements reflect only our current expectations and are not guarantees of future performance or results. These statements involve risks, uncertainties and assumptions that could cause actual results or performance to differ materially from those contained in the forward-looking statements. These risks, uncertainties and assumptions include general economic and political conditions, interest rates, market fluctuations and changes in client trading activity, increased competition, systems failures and capacity constraints, ability to service debt obligations, ability to realize the expected benefits from the thinkorswim acquisition, regulatory and legal matters and uncertainties and other risk factors described in our latest Annual Report on Form 10-K, filed with the SEC on Nov. 26, 2008 and amended on May 6, 2009, and our latest Quarterly Report on Form 10-Q filed thereafter. These forward-looking statements speak only as of the date on which the statements were made. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
(1) Beginning with fiscal 2009, Average Trades Per Day were adjusted to exclude non-revenue-generating mutual fund trades. For comparability purposes, metrics for all periods in fiscal 2008 have been adjusted to account for this change. More information is available on www.amtd.com.
(2) Results include assets acquired through the Company's purchase of thinkorswim Group Inc. on June 11, 2009. Please see the Glossary of Terms, located in "Investor" section of www.amtd.com for more information on how these metrics are calculated.
(3) See attached reconciliation of non-GAAP financial measures.
(4) Credit rating information based on disclosures from Moody's Investor Services (Jan. 20, 2009 and April 21, 2009), Standard & Poor's (Feb. 2, 2009) and Fitch Ratings (April 3, 2009).
(5) TD AMERITRADE, Inc., member FINRA (www.FINRA.org) /SIPC (www.SIPC.org), TD AMERITRADE Clearing, Inc., member FINRA/SIPC, and thinkorswim, Inc., member FINRA/SIPC/NFA (www.nfa.futures.org).
(6) thinkorswim was rated #1 overall online broker, "best for frequent traders," and "best for options traders" in Barron's ranking of online brokers, 3/16/2009. thinkorswim was evaluated versus others in eight total categories, including trade experience/execution, trading technology, usability, range of offerings, research amenities, portfolio analysis & reporting, customer service & access and costs. thinkorswim topped the list in 2009 with the highest weighted-average score. Barron's is a registered trademark of Dow Jones & Company (C)2009.
TD AMERITRADE HOLDING CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
In thousands, except per share amounts
(Unaudited)
Quarter Ended Fiscal Year Ended
Sept. 30, 2009 June 30, 2009 Sept. 30, 2008 Sept. 30, 2009 Sept. 30, 2008
Revenues:
Transaction-based revenues:
Commissions and transaction fees $ 362,149 $ 338,450 $ 263,439 $ 1,253,154 $ 1,017,456
Asset-based revenues:
Interest revenue 98,116 101,204 163,206 362,076 799,189
Brokerage interest expense (2,089 ) (2,564 ) (32,533 ) (15,165 ) (249,616 )
Net interest revenue 96,027 98,640 130,673 346,911 549,573
Insured deposit account fees 143,198 125,118 161,083 568,084 628,716
Investment product fees 27,995 39,085 86,178 184,341 309,420
Total asset-based revenues 267,220 262,843 377,934 1,099,336 1,487,709
Other revenues 28,562 12,475 7,876 55,436 32,191
Net revenues 657,931 613,768 649,249 2,407,926 2,537,356
Expenses:
Employee compensation and benefits 144,757 128,216 136,130 511,170 503,297
Fair value adjustments of compensation-related
derivative instruments - - - - 764
Clearing and execution costs 24,031 16,141 12,072 70,877 44,620
Communications 25,729 20,795 16,713 83,121 69,564
Occupancy and equipment costs 34,682 29,951 27,530 124,296 101,787
Depreciation and amortization 12,592 11,162 10,475 45,891 36,899
Amortization of acquired intangible assets 25,582 17,551 15,466 73,870 59,275
Professional services 34,215 43,949 31,446 127,572 108,271
Interest on borrowings 7,824 8,365 15,772 40,070 78,447
Other 23,902 14,513 25,475 58,701 62,934
Advertising 55,951 41,376 43,805 197,121 173,296
Losses on money market funds and client guarantees 13,829 - 35,628 13,829 35,628
Total expenses 403,094 332,019 370,512 1,346,518 1,274,782
Income before other income (expense) and income taxes 254,837 281,749 278,737 1,061,408 1,262,574
Other income (expense):
Gain (loss) on sale of investments - (2,003 ) - (2,003 ) 928
Pre-tax income 254,837 279,746 278,737 1,059,405 1,263,502
Provision for income taxes 98,097 109,209 106,738 415,700 459,585
Net income $ 156,740 $ 170,537 $ 171,999 $ 643,705 $ 803,917
Earnings per share - basic $ 0.27 $ 0.30 $ 0.29 $ 1.11 $ 1.35
Earnings per share - diluted $ 0.26 $ 0.30 $ 0.29 $ 1.10 $ 1.33
Weighted average shares outstanding - basic 586,544 563,792 592,778 578,972 593,746
Weighted average shares outstanding - diluted 595,052 571,772 602,334 587,252 603,133
Note: Certain reclassifications have been made to prior periods to conform to the current presentation.
TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
In thousands
(Unaudited)
Sept. 30, 2009 Sept. 30, 2008
Assets:
Cash and cash equivalents $ 791,211 $ 674,135
Short-term investments 52,071 369,133
Segregated cash and investments 5,813,862 260,000
Broker/dealer receivables 1,777,741 4,177,149
Client receivables 5,712,261 6,933,926
Goodwill and intangible assets 3,696,820 2,960,781
Other 527,844 576,398
Total assets $ 18,371,810 $ 15,951,522
Liabilities and stockholders' equity:
Liabilities:
Broker/dealer payables $ 2,491,617 $ 5,769,676
Client payables 9,914,823 5,070,671
Long-term debt 1,414,900 1,444,000
Other 999,187 742,137
Total liabilities 14,820,527 13,026,484
Stockholders' equity 3,551,283 2,925,038
Total liabilities and stockholders' equity $ 18,371,810 $ 15,951,522
TD AMERITRADE HOLDING CORPORATION
SELECTED OPERATING DATA
Quarter Ended Fiscal Year Ended
Sept. 30, June 30, Sept. 30, Sept. 30, Sept. 30,
2009 2009 2008 2009 2008
Key Metrics:
Net new assets (in billions) $ 5.4 $ 6.9 $ 2.8 $ 26.6 $ 22.8
Average client trades per day(1) 410,576 391,506 304,663 371,579 301,061
Profitability Metrics:
Pre-tax income as a percentage of net revenues 38.7 % 45.6 % 42.9 % 44.0 % 49.8 %
Return on client assets (annualized) 0.36 % 0.45 % 0.37 % 0.42 % 0.41 %
Return on average stockholders' equity (annualized) 18.2 % 22.8 % 24.2 % 20.8 % 31.5 %
EBITDA as a percentage of net revenues 45.7 % 51.6 % 49.4 % 50.6 % 56.7 %
Debt Metrics:
Interest on borrowings (in millions) $ 7.8 $ 8.4 $ 15.8 $ 40.1 $ 78.4
Average debt outstanding (in billions) $ 1.4 $ 1.4 $ 1.5 $ 1.4 $ 1.5
Leverage ratio (average debt/annualized EBITDA) 1.2 1.1 1.1 1.2 1.0
Interest coverage ratio (EBITDA/interest on borrowings) 38.5 37.9 20.3 30.4 18.3
Transaction-Based Revenue Metrics(1):
Total trades (in millions) 26.3 24.7 19.3 93.3 75.7
Average commissions and transaction fees per trade(2) $ 13.53 $ 13.66 $ 13.62 $ 13.35 $ 13.44
Average client trades per account (annualized) 13.7 13.5 11.2 12.9 11.4
Activity rate - total accounts 5.5 % 5.4 % 4.4 % 5.1 % 4.5 %
Activity rate - funded accounts 7.8 % 7.6 % 6.2 % 7.3 % 6.3 %
Trading days 64.0 63.0 63.5 251.0 251.5
Spread-Based Asset Metrics:
Average interest-earning assets (excluding conduit business) (in $ 14.7 $ 10.0 $ 9.6 $ 9.9 $ 9.9
billions)
Average insured deposit account balances (in billions) 28.3 22.5 16.2 22.0 15.6
Average spread-based balance (in billions) $ 43.0 $ 32.5 $ 25.8 $ 31.9 $ 25.5
Net interest revenue (excluding conduit business) (in millions) $ 95.7 $ 98.2 $ 128.2 $ 342.7 $ 538.1
Insured deposit account fee revenue (in millions) 143.2 125.1 161.1 568.1 628.7
Spread-based revenue (in millions) $ 238.9 $ 223.3 $ 289.3 $ 910.8 $ 1,166.8
Avg. annualized yield - interest-earning assets (excluding conduit 2.54 % 3.88 % 5.23 % 3.41 % 5.38 %
business)
Avg. annualized yield - insured deposit account fees 1.98 % 2.20 % 3.90 % 2.55 % 3.95 %
Net interest margin (NIM) 2.17 % 2.72 % 4.39 % 2.81 % 4.50 %
Interest days 92 91 92 365 366
Fee-Based Investment Metrics:
Average balance (in billions) $ 57.0 $ 59.0 $ 75.4 $ 59.4 $ 70.8
Investment product fee revenue (in millions) $ 28.0 $ 39.1 $ 86.2 $ 184.3 $ 309.4
Average annualized yield 0.19 % 0.26 % 0.45 % 0.31 % 0.43 %
Client Account and Client Asset
Metrics:
Total accounts (beginning of period) 7,491,000 7,195,000 6,810,000 6,895,000 6,380,000
New accounts opened 151,000 176,000 137,000 737,000 648,000
Accounts purchased - 197,000 - 197,000 102,000
Accounts closed (79,000 ) (77,000 ) (52,000 ) (266,000 ) (235,000 )
Total accounts (end of period) 7,563,000 7,491,000 6,895,000 7,563,000 6,895,000
Percentage change during period 1 % 4 % 1 % 10 % 8 %
Funded accounts (beginning of period) 5,291,000 5,105,000 4,868,000 4,918,000 4,597,000
Funded accounts (end of period) 5,279,000 5,291,000 4,918,000 5,279,000 4,918,000
Percentage change during period (0 %) 4 % 1 % 7 % 7 %
Client assets (beginning of period, in billions) $ 265.0 $ 224.9 $ 309.2 $ 278.0 $ 302.7
Client assets (end of period, in billions) $ 302.0 $ 265.0 $ 278.0 $ 302.0 $ 278.0
Percentage change during period 14 % 18 % (10 %) 9 % (8 %)
(1) Effective in October 2007, total trades have been revised to exclude non-revenue generating mutual fund trades.
(2) Average commissions and transaction fees per trade excludes thinkorswim active trader 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
Quarter Ended Fiscal Year Ended
Sept. 30, June 30, Sept. 30, Sept. 30, Sept. 30,
2009 2009 2008 2009 2008
Net Interest Revenue (excluding
Conduit Business):
Segregated cash:
Average balance (in billions) $ 7.8 $ 4.2 $ 0.0 $ 3.9 $ 0.0
Average annualized yield 0.14 % 0.14 % 1.28 % 0.17 % 2.47 %
Interest revenue (in millions) $ 2.8 $ 1.5 $ 0.1 $ 6.6 $ 0.3
Client margin balances:
Average balance (in billions) $ 5.2 $ 4.3 $ 7.7 $ 4.5 $ 8.1
Average annualized yield 4.86 % 4.99 % 5.69 % 5.14 % 6.37 %
Interest revenue (in millions) $ 65.0 $ 54.7 $ 111.9 $ 234.2 $ 527.1
Securities borrowing/lending
(excluding conduit business):
Average securities borrowing balance (in billions) $ 0.7 $ 0.6 $ 0.4 $ 0.4 $ 0.5
Average securities lending balance (in billions) $ 1.4 $ 1.3 $ 2.8 $ 1.2 $ 3.2
Interest revenue (in millions) $ 29.2 $ 42.9 $ 17.9 $ 105.4 $ 56.0
Interest expense (in millions) (0.4 ) (0.6 ) (7.0 ) (2.9 ) (55.4 )
Net interest revenue (expense) - securities borrowing/lending $ 28.8 $ 42.3 $ 10.9 $ 102.5 $ 0.6
(excluding conduit business) (in millions)
Other cash and interest earning
investments:
Average balance (in billions) $ 1.0 $ 0.9 $ 1.5 $ 1.1 $ 1.3
Average annualized yield 0.10 % 0.17 % 2.16 % 0.33 % 2.71 %
Interest revenue - net (in millions) $ 0.2 $ 0.4 $ 8.3 $ 3.5 $ 35.0
Client credit balances:
Average balance (in billions) $ 10.3 $ 6.1 $ 4.4 $ 6.2 $ 4.3
Average annualized cost 0.04 % 0.05 % 0.27 % 0.07 % 0.58 %
Interest expense (in millions) ($1.1 ) ($0.7 ) ($3.0 ) ($4.1 ) ($24.9 )
Average interest-earning assets (excluding conduit business) (in $ 14.7 $ 10.0 $ 9.6 $ 9.9 $ 9.9
billions)
Average annualized yield (excluding conduit business) 2.54 % 3.88 % 5.23 % 3.41 % 5.38 %
Net interest revenue (excluding conduit business) (in millions) $ 95.7 $ 98.2 $ 128.2 $ 342.7 $ 538.1
Conduit Business:
Average balance (in billions) $ 0.8 $ 1.2 $ 4.4 $ 1.2 $ 5.4
Securities borrowing - conduit
business:
Average annualized yield 0.37 % 0.52 % 2.16 % 0.86 % 3.13 %
Interest revenue (in millions) $ 0.7 $ 1.5 $ 24.6 $ 10.9 $ 173.3
Securities lending - conduit
business:
Average annualized cost 0.21 % 0.36 % 1.94 % 0.53 % 2.92 %
Interest expense (in millions) ($0.4 ) ($1.1 ) ($22.1 ) ($6.7 ) ($161.8 )
Average interest-earning assets - conduit business (in billions) $ 0.8 $ 1.2 $ 4.4 $ 1.2 $ 5.4
Average annualized yield - conduit business 0.16 % 0.15 % 0.22 % 0.33 % 0.21 %
Net interest revenue - conduit business (in millions) $ 0.3 $ 0.4 $ 2.5 $ 4.2 $ 11.5
Net Interest Revenue (total):
Average interest-earning assets (excluding conduit business) (in $ 14.7 $ 10.0 $ 9.6 $ 9.9 $ 9.9
billions)
Average interest-earning assets - conduit business (in billions) 0.8 1.2 4.4 1.2 5.4
Average interest-earning assets - total (in billions) $ 15.5 $ 11.2 $ 14.0 $ 11.1 $ 15.3
Average annualized yield - total 2.42 % 3.49 % 3.64 % 3.07 % 3.54 %
Net interest revenue (excluding conduit business) (in millions) $ 95.7 $ 98.2 $ 128.2 $ 342.7 $ 538.1
Net interest revenue - conduit business (in millions) 0.3 0.4 2.5 4.2 11.5
Net interest revenue - total (in millions) $ 96.0 $ 98.6 $ 130.7 $ 346.9 $ 549.6
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 FINANCIAL MEASURES
In thousands, except percentages
(Unaudited)
Quarter Ended Fiscal Year Ended
Sept. 30, 2009 June 30, 2009 Sept. 30, 2008 Sept. 30, 2009 Sept. 30, 2008
$ % of Rev. $ % of Rev. $ % of Rev. $ % of Rev. $ % of Rev.
EBITDA (1)
EBITDA $ 300,835 45.7 % $ 316,824 51.6 % $ 320,450 49.4 % $ 1,219,236 50.6 % $ 1,438,123 56.7 %
Less:
Depreciation and amortization (12,592 ) (1.9 %) (11,162 ) (1.8 %) (10,475 ) (1.6 %) (45,891 ) (1.9 %) (36,899 ) (1.5 %)
Amortization of acquired intangible assets (25,582 ) (3.9 %) (17,551 ) (2.9 %) (15,466 ) (2.4 %) (73,870 ) (3.1 %) (59,275 ) (2.3 %)
Interest on borrowings (7,824 ) (1.2 %) (8,365 ) (1.4 %) (15,772 ) (2.4 %) (40,070 ) (1.7 %) (78,447 ) (3.1 %)
Pre-tax income $ 254,837 38.7 % $ 279,746 45.6 % $ 278,737 42.9 % $ 1,059,405 44.0 % $ 1,263,502 49.8 %
As of
Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,
2009 2009 2009 2008 2008
Liquid Assets (2)
Liquid assets $ 1,142,127 $ 1,054,084 $ 1,151,346 $ 1,308,015 $ 788,175
Plus: Broker-dealer cash and cash equivalents 473,996 858,350 565,493 838,061 418,626
Trust company cash and cash equivalents 25,143 65,805 38,203 99,173 61,430
Investment advisory cash and cash equivalents 18,935 15,989 14,273 13,038 9,447
Less: Corporate short-term investments (49,496 ) (49,496 ) (75,392 ) (83,560 ) (14,491 )
Excess trust Tier 1 capital (4,658 ) (6,213 ) (7,637 ) (101,253 ) (102,427 )
Excess broker-dealer regulatory net capital (814,836 ) (818,695 ) (613,644 ) (919,319 ) (486,625 )
Cash and cash equivalents $ 791,211 $ 1,119,824 $ 1,072,642 $ 1,154,155 $ 674,135
Note: The term "GAAP" in the following explanation refers to generally accepted accounting principles in the United States.
(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 our senior credit facilities. The consolidated leverage ratio determines the interest rate margin charged on the senior credit facilities. 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 is considered a Non-GAAP financial measure as defined by SEC Regulation G. We define liquid assets as the sum of (a) corporate cash and cash equivalents, (b) corporate short-term investments, (c) regulatory net capital of (i) our clearing broker-dealer subsidiary in excess of 5% of aggregate debit items and (ii) our introducing broker-dealer subsidiaries in excess of 120% of the minimum dollar net capital requirement or in excess of 8 1/3% of aggregate indebtedness and (d) Tier 1 capital of our trust company in excess of the minimum dollar requirement. We include the excess capital of our broker-dealer and trust company subsidiaries in liquid assets, rather than simply including broker-dealer and trust cash and cash equivalents, because capital requirements may limit the amount of cash available for dividend from the broker-dealer and trust subsidiaries to the parent company. Excess capital, as defined under clauses (c) and (d) above, is generally available for dividend from the broker-dealer and trust subsidiaries to the parent company. We consider liquid assets an important measure of our liquidity and of our ability to fund corporate investing and financing activities. Liquid assets should be considered as a supplemental measure of liquidity, rather than as a substitute for cash and cash equivalents.
SOURCE: TD AMERITRADE Holding Corporation
TD AMERITRADE Holding Corporation Kim Hillyer, 402-574-6523 Senior Manager, Communications kim.hillyer@tdameritrade.com or Jeff Goeser, 402-597-8464 Director, Investor Relations and Finance jeffrey.goeser@tdameritrade.com
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