TD Ameritrade Aktie
WKN DE: A0H1BG / ISIN: US87236Y1082
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22.01.2018 22:16:00
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Investor Engagement and Scottrade Drive Strong First Quarter Results
TD Ameritrade Holding Corporation (Nasdaq: AMTD) has released results for the first quarter of fiscal 2018. The Company reported record client trading activity of approximately 726,000 client trades per day, on average, and gathered a record $26.5 billion in net new client assets for the quarter. These results further benefited from continued strong investor engagement and the Company’s acquisition of Scottrade. Clearing conversion is expected to be completed in the March quarter.
Financial results for the quarter ended Dec. 31, 2017 include the following:(2)
- Record net new client assets of approximately $26.5 billion, a growth rate of 9 percent
- Record average client trades per day of approximately 726,000, up 49 percent year over year
- Net revenues of $1.3 billion, 63 percent of which were asset-based
- Client assets of approximately $1.2 trillion, up 48 percent year over year
- $0.52 in GAAP earnings per diluted share, up 27 percent year over year, on net income of $297 million
- $0.80 in Non-GAAP earnings per diluted share(1), up 86 percent year over year
- Pre-tax income of $303 million, or 24 percent of net revenues
- Interest rate-sensitive assets(3) of $156 billion, up 25 percent year over year
"We’re off to an outstanding start in 2018, with powerful momentum and financial strength continuing across all core metrics. Our enhanced competitive position and increased scale, thanks to our recent acquisition of Scottrade, is further accelerating our earnings power, which we expect to continue following the final clearing conversion,” said Tim Hockey, TD Ameritrade president and chief executive officer. "Trading was at record levels, and investor engagement has continued across all client segments as the market reached new highs. Enhanced consumer interest in blockchain and cannabis-related securities drove a further surge in engagement in the final weeks of the quarter, particularly among first-time investors. New account growth is at record levels, interest in our digital guidance solutions remains high, and use of our multiple mobile offerings continues to rise. Our fully-staffed service centers are busy, providing education to clients and arming them with the information they need to make informed investment decisions.”
"While we remain focused on the experience we deliver to these clients, much more work lies ahead, starting with delivering a successful Scottrade integration – not just operationally, but culturally as well,” Hockey continued. "We are a company that wants to transform lives and investing for the better, and that purpose will shape our growth strategy for years to come, inspiring the actions we take to deliver long-term value for our clients, employees and shareholders. How we earn revenue, how we grow more agile and efficient, how we invest in employee development and innovation – it all ladders back to our shared commitment to drive transformational change, and we are motivated by the opportunities and potential that lies ahead.”
"It was an eventful quarter as major indices hit all-time highs, the Fed raised interest rates, and a sweeping tax overhaul was approved,” said Steve Boyle, executive vice president and chief financial officer. "These factors – paired with our first full quarter of Scottrade earnings – further boosted our growth, driving strong GAAP and Non-GAAP results for the quarter. Furthermore, with the new tax bill being signed into law before the end of the calendar year, we were able to realize additional significant benefits in the quarter, primarily due to a re-measurement of our deferred tax liability. There are a number of options before us in putting this incremental revenue to good use, and we plan to look at each of them, as well as our capital deployment plans, in greater detail once we’ve successfully completed the Scottrade clearing conversion.”
Capital Management
The Company paid $119 million in its
first fiscal quarter, or $0.21 per share, in cash dividends.
The Company has declared a $0.21 per share quarterly cash dividend, payable on Feb. 20, 2018 to all holders of record of common stock as of Feb. 6, 2018.
Fiscal 2018 Outlook
The Company has also updated its outlook
for the 2018 fiscal year to reflect the new U.S. tax legislation. Using
updated tax rates, the company expects GAAP earnings of $1.85 to
$2.45 per diluted share, and Non-GAAP earnings of $2.55 to $3.05 per
diluted share(1) for its 2018 fiscal year.
More information on the fiscal 2018 forecast is available through the Company’s Outlook Statement, located in the "Financial Reports” section of its corporate website, www.amtd.com.
Company Hosts Conference Call
TD Ameritrade will host its
December Quarter conference call tomorrow morning, Jan. 23, 2018, at
8:30 a.m. EST (7:30 a.m. CST) to discuss results and take questions from
analysts. Participants may listen to the conference call by dialing
833-235-7646. Prepared remarks and an enhanced financial fact sheet
containing associated details are now available on the "Financial
Reports” page of www.amtd.com under
the header "Investor Relations’ Highlights.” Conference call
participants are encouraged to reference these materials prior to the
call.
A replay of the phone call will be available by dialing 800-585-8367 and entering the Conference ID 4094307 beginning at 11:30 a.m. EST (10:30 a.m. CST) on Jan. 23, 2018. The replay will be available until 11:59 p.m. EST (10:59 p.m. CST) on Jan. 30, 2018. A transcript of the call, including management remarks and Q&A, will be available on the Company’s corporate web site, www.amtd.com, via the "Financial Reports” page beginning Wednesday, Jan. 24, 2018.
More information about TD Ameritrade’s upcoming corporate events and management speaking engagements, such as quarterly earnings conference calls, are available on the Company’s Corporate Event Calendar. Look for the link "Where are we?” on the "Investor Relations” page of www.amtd.com.
Interested parties should visit or subscribe to newsfeeds at www.amtd.com for the most up-to-date information on corporate financial reports, press releases, SEC filings and events. The Company also communicates this information via Twitter, @TDAmeritradePR. Website links, corporate titles and telephone numbers provided in this release, although correct when published, may change in the future.
Source: TD Ameritrade Holding Corporation
About TD Ameritrade Holding Corporation
TD Ameritrade
provides investing
services and education
to more than 11 million client accounts totaling more than $1 trillion
in assets, and custodial
services to more than 6,000 registered investment advisors. We are a
leader in U.S. retail trading, executing more than 700,000 trades per
day for our clients, nearly a quarter of which come from mobile devices.
We have a proud history
of innovation, dating back to our start in 1975, and today our team
of 10,000-strong is committed to carrying it forward. Together, we are
leveraging the latest in cutting edge technologies and one-on-one client
care to transform lives, and investing, for the better. Learn more by
visiting TD Ameritrade’s newsroom
at www.amtd.com,
or read our stories at Fresh
Accounts.
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,
stock price or any projections or expectations regarding the acquisition
of Scottrade Financial Services, Inc., 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, but are not limited to: general economic and political
conditions and other securities industry risks, fluctuations in interest
rates, stock market fluctuations and changes in client trading activity,
credit risk with clients and counterparties, increased competition,
systems failures, delays and capacity constraints, network security
risks, liquidity risks, new laws and regulations affecting our business,
regulatory and legal matters, difficulties and delays in integrating the
Scottrade business or fully realizing cost savings and other benefits
from the acquisition; business disruption following the Scottrade
acquisition, changes in asset quality and credit risk, the inability to
sustain revenue and earnings growth, changes in interest rates and
capital markets, inflation, customer borrowing, repayment, investment
and deposit practices, customer disintermediation, the introduction,
withdrawal, success and timing of business initiatives, competitive
conditions, disruptions due to Scottrade integration-related uncertainty
or other factors making it more difficult to maintain relationships with
employees, customers, other business partners or governmental entities,
the inability to realize synergies or to implement integration plans and
other consequences associated with mergers, acquisitions and
uncertainties and other risk factors described in our latest Annual
Report on Form 10-K, filed with the SEC on Nov. 17, 2017, and in other
filings with the SEC. 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, except to the
extent required by the federal securities laws.
1 See attached reconciliation of non-GAAP financial measures
2 Please see the Glossary of Terms, located in "Investor” section of www.amtd.com for more information on how these metrics are calculated.
3 Interest rate-sensitive assets consist of spread-based assets and money market mutual funds. Ending balances as of December 31, 2017.
Brokerage services provided by TD Ameritrade, Inc., member FINRA (www.FINRA.org) /SIPC (www.SIPC.org).
| TD AMERITRADE HOLDING CORPORATION | |||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||
| In millions, except per share amounts | |||||||||
| (Unaudited) | |||||||||
| Quarter Ended | |||||||||
| Dec. 31, 2017 | Sept. 30, 2017 | Dec. 31, 2016 | |||||||
| Revenues: | |||||||||
| Transaction-based revenues: | |||||||||
| Commissions and transaction fees | $ | 440 | $ | 330 | $ | 355 | |||
| Asset-based revenues: | |||||||||
| Bank deposit account fees | 381 | 307 | 245 | ||||||
| Net interest revenue | 276 | 210 | 151 | ||||||
| Investment product fees | 133 | 115 | 94 | ||||||
| Total asset-based revenues | 790 | 632 | 490 | ||||||
| Other revenues | 27 | 21 | 14 | ||||||
| Net revenues | 1,257 | 983 | 859 | ||||||
| Operating expenses: | |||||||||
| Employee compensation and benefits | 415 | 285 | 214 | ||||||
| Clearing and execution costs | 47 | 37 | 36 | ||||||
| Communications | 53 | 33 | 35 | ||||||
| Occupancy and equipment costs | 80 | 49 | 44 | ||||||
| Depreciation and amortization | 34 | 28 | 24 | ||||||
| Amortization of acquired intangible assets | 38 | 22 | 19 | ||||||
| Professional services | 74 | 82 | 53 | ||||||
| Advertising | 64 | 59 | 57 | ||||||
| Other | 116 | 27 | 24 | ||||||
| Total operating expenses | 921 | 622 | 506 | ||||||
| Operating income | 336 | 361 | 353 | ||||||
| Other expense: | |||||||||
| Interest on borrowings | 20 | 23 | 14 | ||||||
| Loss on sale of investments | 11 | - | - | ||||||
| Loss on early extinguishment of debt | 2 | - | - | ||||||
| Total other expense | 33 | 23 | 14 | ||||||
| Pre-tax income | 303 | 338 | 339 | ||||||
| Provision for income taxes(1) | 6 | 127 | 123 | ||||||
| Net income | $ | 297 | $ | 211 | $ | 216 | |||
| Earnings per share - basic | $ | 0.52 | $ | 0.40 | $ | 0.41 | |||
| Earnings per share - diluted | $ | 0.52 | $ | 0.39 | $ | 0.41 | |||
| Weighted average shares outstanding - basic | 567 | 534 | 527 | ||||||
| Weighted average shares outstanding - diluted | 569 | 536 | 530 | ||||||
| Dividends declared per share | $ | 0.21 | $ | 0.18 | $ | 0.18 | |||
| (1) The provision for income taxes was lower during the December 2017 quarter due to the realization of approximately $78 million of after-tax benefits, primarily as a result of the enactment of the Tax Cuts and Jobs Act for which we recorded a provisional estimate for the remeasurement of our deferred income tax balances. | |||||||||
| TD AMERITRADE HOLDING CORPORATION | ||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| In millions | ||||||
| (Unaudited) | ||||||
| Dec. 31, 2017 | Sept. 30, 2017 | |||||
| Assets: | ||||||
| Cash and cash equivalents | $ | 1,644 | $ | 1,472 | ||
| Segregated cash and investments | 10,136 | 10,446 | ||||
| Broker/dealer receivables | 1,291 | 1,334 | ||||
| Client receivables, net | 18,578 | 17,151 | ||||
| Investments available-for-sale, at fair value | 99 | 746 | ||||
| Goodwill and intangible assets | 5,629 | 5,683 | ||||
| Other | 2,035 | 1,795 | ||||
| Total assets | $ | 39,412 | $ | 38,627 | ||
| Liabilities and stockholders' equity: | ||||||
| Liabilities: | ||||||
| Broker/dealer payables | $ | 3,064 | $ | 2,504 | ||
| Client payables | 25,286 | 25,107 | ||||
| Long-term debt | 2,531 | 2,555 | ||||
| Other | 1,098 | 1,214 | ||||
| Total liabilities | 31,979 | 31,380 | ||||
| Stockholders' equity | 7,433 | 7,247 | ||||
| Total liabilities and stockholders' equity | $ | 39,412 | $ | 38,627 | ||
| NOTE: The Condensed Consolidated Balance Sheets include provisional estimates related to the assets acquired and liabilities assumed in the Scottrade acquisition. These provisional estimates may be prospectively adjusted in the event new information becomes available regarding facts and circumstances which existed at the date of acquisition. | ||||||
| TD AMERITRADE HOLDING CORPORATION | |||||||||
| SELECTED OPERATING DATA | |||||||||
| (Unaudited) | |||||||||
| Quarter Ended | |||||||||
| Dec. 31, 2017 | Sept. 30, 2017 | Dec. 31, 2016 | |||||||
|
Key Metrics: |
|||||||||
| Net new assets (in billions) | $26.5 | $19.9 | $18.7 | ||||||
| Net new asset growth rate (annualized) | 9 | % | 9 | % | 10 | % | |||
| Average client trades per day | 726,438 | 528,741 | 486,801 | ||||||
|
Profitability Metrics: |
|||||||||
| Operating margin | 26.7 | % | 36.7 | % | 41.1 | % | |||
|
Pre-tax margin |
24.1 | % | 34.4 | % | 39.5 | % | |||
| Return on average stockholders' equity (annualized) | 16.2 | % | 14.2 | % | 16.9 | % | |||
| Net profit margin | 23.6 | % | 21.5 | % | 25.1 | % | |||
|
EBITDA(1) as a percentage of net revenues |
31.4 | % | 41.8 | % | 46.1 | % | |||
|
Liquidity Metrics: |
|||||||||
| Interest on borrowings (in millions) | $20 | $23 | $14 | ||||||
| Interest coverage ratio (EBITDA(1)/interest on borrowings) | 19.8 | 17.9 | 28.3 | ||||||
| Cash and cash equivalents (in billions) | $1.6 | $1.5 | $1.7 | ||||||
|
Liquid assets available for corporate investing and financing activities(1)(2) (in billions) |
$0.1 |
$0.2 |
$0.8 | ||||||
|
Transaction-Based Revenue Metrics: |
|||||||||
| Total trades (in millions) | 45.4 | 33.0 | 30.4 | ||||||
| Average commissions per trade(3) | $7.54 | $7.72 | $9.06 | ||||||
| Trading days | 62.5 | 62.5 | 62.5 | ||||||
| Order routing revenue (in millions) | $98 | $75 | $79 | ||||||
|
Spread-Based Asset Metrics: |
|||||||||
| Average bank deposit account balances (in billions) | $119.1 | $95.0 | $93.3 | ||||||
| Average interest-earning assets (in billions) | 31.6 | 26.7 | 24.4 | ||||||
| Average spread-based balances (in billions) | $150.7 | $121.7 | $117.7 | ||||||
| Bank deposit account fee revenue (in millions) | $381 | $307 | $245 | ||||||
| Net interest revenue (in millions) | 276 | 210 | 151 | ||||||
| Spread-based revenue (in millions) | $657 | $517 | $396 | ||||||
| Avg. annualized yield - bank deposit account fees | 1.25 | % | 1.26 | % | 1.03 | % | |||
| Avg. annualized yield - interest-earning assets | 3.42 | % | 3.08 | % | 2.42 | % | |||
| Net interest margin (NIM) | 1.71 | % | 1.66 | % | 1.32 | % | |||
|
Fee-Based Investment Metrics: |
|||||||||
|
Money market mutual fund fees: |
|||||||||
| Average balance (in billions) | $3.8 | $3.6 | $3.7 | ||||||
| Average annualized yield | 0.43 | % | 0.43 | % | 0.38 | % | |||
| Fee revenue (in millions) | $4 | $4 | $3 | ||||||
|
Market fee-based investment balances: |
|||||||||
| Average balance (in billions) | $226.2 | $196.2 | $166.7 | ||||||
| Average annualized yield | 0.22 | % | 0.22 | % | 0.21 | % | |||
| Fee revenue (in millions) | $129 | $111 | $91 | ||||||
| Average fee-based investment balances (in billions) | $230.0 | $199.8 | $170.4 | ||||||
| Average annualized yield | 0.23 | % | 0.22 | % | 0.22 | % | |||
| Investment product fee revenue (in millions) | $133 | $115 | $94 | ||||||
| (1) See attached reconciliation of non-GAAP financial measures. | |||||||||
| (2) Effective in March 2017, the liquid assets available for corporate investing and financing activities metric was revised. Prior periods have been updated to conform to the current presentation. | |||||||||
| (3) Effective in September 2017, the average commissions per trade metric was revised to exclude order routing revenue. Prior periods have been updated to conform to the current presentation. | |||||||||
|
NOTE: See Glossary of Terms on the Company's website at www.amtd.com for definitions of the above metrics. |
|||||||||
| TD AMERITRADE HOLDING CORPORATION | |||||||||
| SELECTED OPERATING DATA | |||||||||
| (Unaudited) | |||||||||
| Quarter Ended | |||||||||
| Dec. 31, 2017 | Sept. 30, 2017 | Dec. 31, 2016 | |||||||
|
Client Account and Client Asset Metrics: |
|||||||||
| Funded accounts (beginning of period) | 11,004,000 | 7,279,000 | 6,950,000 | ||||||
| Funded accounts (end of period) | 11,129,000 | 11,004,000 | 7,046,000 | ||||||
| Percentage change during period | 1 | % | 51 | % | 1 | % | |||
| Client assets (beginning of period, in billions) | $1,118.5 | $882.4 | $773.8 | ||||||
| Client assets (end of period, in billions) | $1,178.8 | $1,118.5 | $797.0 | ||||||
| Percentage change during period | 5 | % | 27 | % | 3 | % | |||
|
Net Interest Revenue: |
|||||||||
|
Segregated cash: |
|||||||||
| Average balance (in billions) | $9.9 | $7.7 | $8.7 | ||||||
| Average annualized yield | 1.09 | % | 0.93 | % | 0.30 | % | |||
| Interest revenue (in millions) | $28 | $18 | $7 | ||||||
|
Client margin balances: |
|||||||||
| Average balance (in billions) | $17.6 | $13.8 | $11.9 | ||||||
| Average annualized yield | 4.25 | % | 4.08 | % | 3.56 | % | |||
| Interest revenue (in millions) | $191 | $144 | $108 | ||||||
|
Securities borrowing/lending: |
|||||||||
| Average securities borrowing balance (in billions) | $1.1 | $1.1 | $0.9 | ||||||
| Average securities lending balance (in billions) | $2.6 | $2.4 | $1.9 | ||||||
| Net interest revenue - securities borrowing/lending (in millions) | $53 | $41 | $33 | ||||||
|
Other cash and interest-earning investments: |
|||||||||
| Average balance (in billions) | $3.0 | $4.1 | $2.9 | ||||||
| Average annualized yield | 0.82 | % | 0.79 | % | 0.44 | % | |||
| Interest revenue - net (in millions) | $6 | $8 | $3 | ||||||
|
Client credit balances: |
|||||||||
| Average balance (in billions) | $21.4 | $16.6 | $16.1 | ||||||
| Average annualized cost | 0.03 | % | 0.02 | % | 0.01 | % | |||
| Interest expense (in millions) | ($2 | ) | ($1 | ) | ($0 | ) | |||
| Average interest-earning assets (in billions) | $31.6 | $26.7 | $24.4 | ||||||
| Average annualized yield | 3.42 | % | 3.08 | % | 2.42 | % | |||
| Net interest revenue (in millions) | $276 | $210 | $151 | ||||||
|
NOTE: See Glossary of Terms on the Company's website at www.amtd.com for definitions of the above metrics. |
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| TD AMERITRADE HOLDING CORPORATION | |||||||||||||||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||||||||||||
| Dollars in millions, except per share amounts | |||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||
| Quarter Ended | Fiscal Year Ending | ||||||||||||||||||||||||||||||||
| Dec. 31, 2017 | Sept. 30, 2017 | Dec. 31, 2016 | Sept. 30, 2018* | ||||||||||||||||||||||||||||||
|
Non-GAAP Net Income and Non-GAAP Diluted EPS (1) |
Amount | Diluted EPS | Amount | Diluted EPS | Amount | Diluted EPS | Diluted EPS Range | ||||||||||||||||||||||||||
| Net income and diluted EPS - GAAP | $ | 297 | $ | 0.52 | $ | 211 | $ | 0.39 | $ | 216 | $ | 0.41 | $ | 1.85 | $ | 2.45 | |||||||||||||||||
| Non-GAAP adjustments: | |||||||||||||||||||||||||||||||||
| Amortization of acquired intangible assets | 38 | 0.07 | 22 | 0.04 | 19 | 0.03 | 0.25 | 0.25 | |||||||||||||||||||||||||
| Acquisition-related expenses | 179 | 0.31 | 61 | 0.11 | 3 | 0.01 | 0.72 | 0.56 | |||||||||||||||||||||||||
| Income tax effect of above adjustments | (59 | ) | (0.10 | ) | (31 | ) | (0.05 | ) | (8 | ) | (0.02 | ) | (0.27 | ) | (0.21 | ) | |||||||||||||||||
| Non-GAAP net income and non-GAAP diluted EPS | $ | 455 | $ | 0.80 | $ | 263 | $ | 0.49 | $ | 230 | $ | 0.43 | $ | 2.55 | $ | 3.05 | |||||||||||||||||
| Quarter Ended | |||||||||||||||||||||||||||||||||
| Dec. 31, 2017 | Sept. 30, 2017 | Dec. 31, 2016 | |||||||||||||||||||||||||||||||
| $ | % of Net Rev. | $ | % of Net Rev. | $ | % of Net Rev. | ||||||||||||||||||||||||||||
|
EBITDA (2) |
|||||||||||||||||||||||||||||||||
| Net income - GAAP | $ | 297 | 23.6 | % | $ | 211 | 21.5 | % | $ | 216 | 25.1 | % | |||||||||||||||||||||
| Add: | |||||||||||||||||||||||||||||||||
| Depreciation and amortization | 34 | 2.7 | % | 28 | 2.8 | % | 24 | 2.8 | % | ||||||||||||||||||||||||
| Amortization of acquired intangible assets | 38 | 3.0 | % | 22 | 2.2 | % | 19 | 2.2 | % | ||||||||||||||||||||||||
| Interest on borrowings | 20 | 1.6 | % | 23 | 2.3 | % | 14 | 1.6 | % | ||||||||||||||||||||||||
| Provision for income taxes | 6 | 0.5 | % | 127 | 12.9 | % | 123 | 14.3 | % | ||||||||||||||||||||||||
| EBITDA - non-GAAP | $ | 395 | 31.4 | % | $ | 411 | 41.8 | % | $ | 396 | 46.1 | % | |||||||||||||||||||||
| As of | |||||||||||||||||||||||||||||||||
| Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | |||||||||||||||||||||||||||||
| 2017 | 2017 | 2017 | 2017 | 2016 | |||||||||||||||||||||||||||||
|
Liquid Assets Available for Corporate Investing and Financing Activities (3) |
|||||||||||||||||||||||||||||||||
| Cash and cash equivalents - GAAP | $ | 1,644 | $ | 1,472 | $ | 2,880 | $ | 2,231 | $ | 1,662 | |||||||||||||||||||||||
|
Less: |
Non-corporate cash and cash equivalents | (844 | ) | (1,174 | ) | (973 | ) | (1,286 | ) | (1,203 | ) | ||||||||||||||||||||||
| Corporate cash and cash equivalents | 800 | 298 | 1,907 | 945 | 459 | ||||||||||||||||||||||||||||
| Corporate investments | - | 714 | 747 | 747 | 747 | ||||||||||||||||||||||||||||
|
Less: |
Corporate liquidity maintained for operational contingencies | (723 | ) | (723 | ) | (723 | ) | (723 | ) | (773 | ) | ||||||||||||||||||||||
| Amounts maintained for corporate working capital | (65 | ) | (87 | ) | (87 | ) | (87 | ) | (87 | ) | |||||||||||||||||||||||
| Amounts held as collateral for derivative contracts, net | (8 | ) | (40 | ) | (34 | ) | (40 | ) | (32 | ) | |||||||||||||||||||||||
| Excess corporate cash and cash equivalents and investments | 4 | 162 | 1,810 | 842 | 314 | ||||||||||||||||||||||||||||
| Excess regulatory net capital over management targets | 85 | 46 | 8 | 122 | 478 | ||||||||||||||||||||||||||||
| Liquid assets available for corporate investing and financing activities - non-GAAP | $ | 89 | $ | 208 | $ | 1,818 | $ | 964 | $ | 792 | |||||||||||||||||||||||
| Note: The term "GAAP" in the following explanation refers to generally accepted accounting principles in the United States. | ||
| * Represents the range of the Non-GAAP Diluted EPS included within the January 22, 2018 Outlook Statement. | ||
| (1) | Non-GAAP net income and non-GAAP diluted earnings per share (EPS) are non-GAAP financial measures as defined by SEC Regulation G. We define non-GAAP net income as net income adjusted to remove the after-tax effect of amortization of acquired intangible assets and acquisition-related expenses. We consider non-GAAP net income and non-GAAP diluted EPS as important measures of our financial performance because they exclude certain items that may not be indicative of our core operating results and business outlook and will allow for a better evaluation of the operating performance of the business and facilitate a meaningful comparison of our results in the current period to those in prior and future periods. Amortization of acquired intangible assets is excluded because management does not believe it is indicative of our underlying business performance. Acquisition-related expenses are excluded as these costs are directly related to our acquisition of Scottrade Financial Services, Inc. and are not representative of the costs of running the Company’s on-going business. Non-GAAP net income and non-GAAP diluted EPS should be considered in addition to, rather than as a substitute for, GAAP net income and diluted EPS. | |
| (2) | 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 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, GAAP pre-tax income, net income and cash flows from operating activities. | |
| (3) | Liquid assets available for corporate investing and financing activities is considered a non-GAAP financial measure as defined by SEC Regulation G. We consider "liquid assets available for corporate investing and financing activities" to be an important measure of our liquidity. We include the excess capital of our regulated subsidiaries in the calculation of liquid assets available for corporate investing and financing activities, rather than simply including the regulated subsidiaries' cash and cash equivalents, because capital requirements may limit the amount of cash available for dividend from the regulated subsidiaries to the parent company. Excess capital, as defined below, is generally available for dividend from the regulated subsidiaries to the parent company. Liquid assets available for corporate investing and financing activities should be considered as a supplemental measure of liquidity, rather than as a substitute for GAAP cash and cash equivalents. | |
| We define liquid assets available for corporate investing and financing activities as the sum of (a) excess corporate cash and cash equivalents and investments, less securities sold under agreements to repurchase and (b) our regulated subsidiaries' net capital in excess of minimum operational targets established by management. Excess corporate cash and cash equivalents and investments includes cash and cash equivalents from our investment advisory subsidiaries and excludes (i) amounts being maintained to provide liquidity for operational contingencies, including lending to our broker-dealer and FCM/FDM subsidiaries under intercompany credit agreements, (ii) amounts maintained for corporate working capital and (iii) the net amounts held as collateral for derivative contracts. Liquid assets available for corporate investing and financing activities is based on more conservative measures of net capital than regulatory requirements because we generally manage to higher levels of net capital at our regulated subsidiaries than the regulatory thresholds require. | ||
View source version on businesswire.com: http://www.businesswire.com/news/home/20180122006548/en/
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