Company Quick10K Filing
TD Ameritrade Holding
Price46.97 EPS4
Shares557 P/E12
MCap26,162 P/FCF3
Net Debt-6,599 EBIT2,931
TEV19,563 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-07
10-Q 2019-12-31 Filed 2020-01-31
10-K 2019-09-30 Filed 2019-11-15
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-04-29
10-Q 2018-12-31 Filed 2019-01-31
10-K 2018-09-30 Filed 2018-11-16
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-08
10-Q 2017-12-31 Filed 2018-02-08
10-K 2017-09-30 Filed 2017-11-17
10-Q 2017-06-30 Filed 2017-07-24
10-Q 2017-03-31 Filed 2017-05-08
10-Q 2016-12-31 Filed 2017-02-06
10-K 2016-09-30 Filed 2016-11-18
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-05
10-Q 2015-12-31 Filed 2016-02-04
10-K 2015-09-30 Filed 2015-11-20
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-07
10-Q 2014-12-31 Filed 2015-02-05
10-K 2014-09-30 Filed 2014-11-21
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-09
10-Q 2013-12-31 Filed 2014-02-05
10-K 2013-09-30 Filed 2013-11-22
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-06
10-K 2012-09-30 Filed 2012-11-26
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-07
10-Q 2011-12-31 Filed 2012-02-08
10-K 2011-09-30 Filed 2011-11-18
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-06
10-Q 2010-12-31 Filed 2011-02-04
10-K 2010-09-30 Filed 2010-11-19
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-06
10-Q 2009-12-31 Filed 2010-02-05
8-K 2020-06-04
8-K 2020-06-03
8-K 2020-05-27
8-K 2020-05-22
8-K 2020-05-14
8-K 2020-04-22
8-K 2020-04-21
8-K 2020-02-04
8-K 2020-01-29
8-K 2020-01-21
8-K 2019-11-25
8-K 2019-11-24
8-K 2019-10-21
8-K 2019-08-13
8-K 2019-07-22
8-K 2019-05-15
8-K 2019-04-23
8-K 2019-02-19
8-K 2019-01-22
8-K 2018-11-21
8-K 2018-10-30
8-K 2018-10-22
8-K 2018-07-23
8-K 2018-05-17
8-K 2018-04-23
8-K 2018-02-23
8-K 2018-02-16
8-K 2018-01-22

AMTD 10Q Quarterly Report

Part I - Financial Information
Item 1. - Financial Statements
Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. - Quantitative and Qualitative Disclosures About Market Risk
Item 4. - Controls and Procedures
Part II - Other Information
Item 1. - Legal Proceedings
Item 1A. - Risk Factors
Item 2. - Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities
Item 6. - Exhibits
EX-10.1 amtd20200331ex101.htm
EX-15.1 amtd20200331ex151.htm
EX-31.1 amtd20200331ex311.htm
EX-31.2 amtd20200331ex312.htm
EX-32.1 amtd20200331ex321.htm

TD Ameritrade Holding Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
45362718902012201420172020
Assets, Equity
0.30.20.20.10.10.02011201320152018
Rev, G Profit, Net Income
2.81.91.10.2-0.6-1.52012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One)
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended March 31, 2020
OR
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from
 
 to
 
Commission file number: 1-35509
 
TD Ameritrade Holding Corporation
(Exact name of registrant as specified in its charter)
 
Delaware
 
82-0543156
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
200 South 108th Avenue, Omaha, Nebraska, 68154
(Address of principal executive offices) (Zip Code)
(800) 669-3900
(Registrant's telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common stock – $0.01 par value
 
AMTD
 
The Nasdaq Stock Market LLC
Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes        No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes       No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
 
Accelerated filer
 
 
 
 
 
 
 
 
Non-accelerated filer
 
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  
As of April 30, 2020, there were 540,924,139 outstanding shares of the registrant's common stock.
 

1


TD AMERITRADE HOLDING CORPORATION
INDEX
 
 
 
Page No.
 
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
 
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 6.
 
 
 
 


2


PART I – FINANCIAL INFORMATION
Item 1. – Financial Statements
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of TD Ameritrade Holding Corporation
Results of Review of Interim Financial Statements
We have reviewed the accompanying condensed consolidated balance sheet of TD Ameritrade Holding Corporation and subsidiaries (the Company) as of March 31, 2020, the related condensed consolidated statements of income, comprehensive income and stockholders' equity for the three-month and six-month periods ended March 31, 2020 and 2019, the condensed consolidated statements of cash flows for the six-month periods ended March 31, 2020 and 2019, and the related notes (collectively referred to as the "condensed consolidated interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the condensed consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of September 30, 2019, the related consolidated statements of income, comprehensive income, stockholders' equity and cash flows for the year then ended, and the related notes (not presented herein); and in our report dated November 15, 2019, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of September 30, 2019, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.
Basis for Review Results
These financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ ERNST & YOUNG LLP
New York, New York
May 7, 2020


3


TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 
 
March 31,
2020
 
September 30,
2019
 
 
(In millions)
ASSETS
 
 
 
 
Cash and cash equivalents
 
$
3,729

 
$
2,852

Cash and investments segregated and on deposit for regulatory purposes
 
19,501

 
8,684

Receivable from brokers, dealers and clearing organizations
 
1,526

 
2,439

Receivable from clients, net
 
16,608

 
20,618

Receivable from affiliates
 
89

 
112

Other receivables, net
 
324

 
305

Securities owned, at fair value
 
417

 
532

Investments available-for-sale, at fair value
 
1,796

 
1,668

Property and equipment at cost, net
 
905

 
837

Goodwill
 
4,227

 
4,227

Acquired intangible assets, net
 
1,144

 
1,204

Other assets
 
739

 
308

Total assets
 
$
51,005

 
$
43,786

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
Liabilities:
 
 
 
 
Payable to brokers, dealers and clearing organizations
 
$
1,946

 
$
3,308

Payable to clients
 
33,257

 
27,067

Accounts payable and other liabilities
 
1,421

 
884

Payable to affiliates
 
5

 
5

Other borrowings
 
1,223

 

Long-term debt
 
3,721

 
3,594

Deferred income taxes
 
279

 
228

Total liabilities
 
41,852

 
35,086

Stockholders' equity:
 
 
 
 
Preferred stock, $0.01 par value; 100 million shares authorized, none issued
 

 

Common stock, $0.01 par value; one billion shares authorized; 670 million shares issued; March 31, 2020 – 541 million shares outstanding; September 30, 2019 – 544 million shares outstanding
 
7

 
7

Additional paid-in capital
 
3,467

 
3,452

Retained earnings
 
9,068

 
8,580

Treasury stock, common, at cost: March 31, 2020 – 129 million shares;
   September 30, 2019 – 126 million shares
 
(3,530
)
 
(3,380
)
Accumulated other comprehensive income
 
141

 
41

Total stockholders' equity
 
9,153

 
8,700

Total liabilities and stockholders' equity
 
$
51,005

 
$
43,786

See notes to condensed consolidated financial statements.


4


TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 
Three Months Ended March 31,
 
Six Months Ended March 31,
 
 
2020
 
2019
 
2020
 
2019
 
 
(In millions, except per share amounts)
Revenues:
 
 
 
 
 
 
 
 
Asset-based revenues:
 
 
 
 
 
 
 
 
Bank deposit account fees
 
$
444

 
$
430

 
$
899

 
$
858

Net interest revenue
 
332

 
362

 
690

 
737

Investment product fees
 
144

 
137

 
290

 
280

Total asset-based revenues
 
920

 
929

 
1,879

 
1,875

Transaction-based revenues:
 
 
 
 
 
 
 
 
Transaction fees and commissions
 
481

 
487

 
785

 
1,024

Other revenues
 
79

 
35

 
108

 
68

Net revenues
 
1,480

 
1,451

 
2,772

 
2,967

Operating expenses:
 
 
 
 
 
 
 
 
Employee compensation and benefits
 
377

 
340

 
707

 
657

Clearing and execution costs
 
75

 
53

 
125

 
102

Communications
 
38

 
38

 
76

 
80

Occupancy and equipment costs
 
65

 
65

 
131

 
133

Depreciation and amortization
 
43

 
36

 
84

 
71

Amortization of acquired intangible assets
 
30

 
31

 
60

 
62

Professional services
 
69

 
74

 
167

 
147

Advertising
 
87

 
74

 
168

 
132

Other
 
65

 
35

 
102

 
81

Total operating expenses
 
849

 
746

 
1,620

 
1,465

Operating income
 
631

 
705

 
1,152

 
1,502

Other expense (income):
 
 
 
 
 
 
 
 
Interest on borrowings
 
31

 
37

 
63

 
70

Other expense (income), net
 
1

 

 
(1
)
 
(14
)
Total other expense, net
 
32

 
37

 
62

 
56

Pre-tax income
 
599

 
668

 
1,090

 
1,446

Provision for income taxes
 
153

 
169

 
266

 
343

Net income
 
$
446

 
$
499

 
$
824

 
$
1,103

Earnings per share — basic
 
$
0.82

 
$
0.89

 
$
1.52

 
$
1.97

Earnings per share — diluted
 
$
0.82

 
$
0.89

 
$
1.52

 
$
1.96

Weighted average shares outstanding — basic
 
541

 
560

 
541

 
561

Weighted average shares outstanding — diluted
 
543

 
562

 
543

 
563

See notes to condensed consolidated financial statements.

5


TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
 
Three Months Ended
March 31,
 
Six Months Ended
March 31,
 
 
2020
 
2019
 
2020
 
2019
 
 
(In millions)
Net income
 
$
446

 
$
499

 
$
824

 
$
1,103

Other comprehensive income, before tax:
 
 
 
 
 
 
 
 
Investments available-for-sale:
 
 
 
 
 
 
 
 
Unrealized gain
 
161

 
9

 
129

 
25

Cash flow hedging instruments:
 
 
 
 
 
 
 
 
Reclassification adjustment for portion of realized loss amortized to net income
 
1

 
1

 
2

 
2

Total other comprehensive income, before tax
 
162

 
10

 
131

 
27

Income tax effect
 
(39
)
 
(2
)
 
(31
)
 
(6
)
Total other comprehensive income, net of tax
 
123

 
8

 
100

 
21

Comprehensive income
 
$
569

 
$
507

 
$
924

 
$
1,124

See notes to condensed consolidated financial statements.


6


TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
 
 
Three Months Ended March 31, 2020
 
 
Total Common
Shares Outstanding
 
Total Stockholders' Equity
 
Common Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated Other
Comprehensive Income
 
 
(In Millions)
Balance, December 31, 2019
 
541

 
$
8,747

 
$
7

 
$
3,459

 
$
8,790

 
$
(3,527
)
 
$
18

Net income
 

 
446

 

 

 
446

 

 

Other comprehensive loss, net of tax
 

 
123

 

 

 

 

 
123

Common stock dividends ($0.31 per share)
 

 
(168
)
 

 

 
(168
)
 

 

Repurchases of common stock for income tax withholding on stock-based compensation
 

 
(9
)
 

 

 

 
(9
)
 

Common stock issued for stock-based compensation, including tax effects
 

 

 

 
(6
)
 

 
6

 

Stock-based compensation
 

 
14

 

 
14

 

 

 

Balance, March 31, 2020
 
541

 
$
9,153

 
$
7

 
$
3,467

 
$
9,068

 
$
(3,530
)
 
$
141

 
 
Three Months Ended March 31, 2019
 
 
Total Common
Shares Outstanding
 
Total Stockholders' Equity
 
Common Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Treasury Stock
 
Deferred Compensation
 
Accumulated Other
Comprehensive Loss
 
 
(In Millions)
Balance, December 31, 2018
 
561

 
$
8,357

 
$
7

 
$
3,400

 
$
7,475

 
$
(2,515
)
 
$
4

 
$
(14
)
Net income
 

 
499

 

 

 
499

 

 

 

Other comprehensive income, net of tax
 

 
8

 

 

 

 

 

 
8

Common stock dividends ($0.30 per share)
 

 
(169
)
 

 

 
(169
)
 

 

 

Repurchases of common stock
 
(7
)
 
(317
)
 

 

 

 
(317
)
 

 

Future treasury stock purchases under accelerated stock repurchase agreement
 

 
(62
)
 

 
(62
)
 

 

 

 

Repurchases of common stock for income tax withholding on stock-based compensation
 

 
(4
)
 

 

 

 
(4
)
 

 

Common stock issued for stock-based compensation, including tax effects
 

 

 

 
(4
)
 

 
4

 

 

Stock-based compensation
 

 
11

 

 
11

 

 

 

 

Balance, March 31, 2019
 
554

 
$
8,323

 
$
7

 
$
3,345

 
$
7,805

 
$
(2,832
)
 
$
4

 
$
(6
)
See notes to condensed consolidated financial statements.












7


TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - (Continued)
(Unaudited)
 
 
Six Months Ended March 31, 2020
 
 
Total
Common
Shares
Outstanding
 
Total Stockholders' Equity
 
Common Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated Other Comprehensive Income
 
 
(In Millions)
Balance, September 30, 2019
 
544

 
$
8,700

 
$
7

 
$
3,452

 
$
8,580

 
$
(3,380
)
 
$
41

Net income
 

 
824

 

 

 
824

 

 

Other comprehensive income, net of tax
 

 
100

 

 

 

 

 
100

Common stock dividends ($0.62 per share)
 

 
(335
)
 

 

 
(335
)
 

 

Repurchases of common stock
 
(4
)
 
(143
)
 

 

 

 
(143
)
 

Repurchases of common stock for income tax withholding on stock-based compensation
 

 
(21
)
 

 

 

 
(21
)
 

Common stock issued for stock-based compensation, including tax effects
 
1

 

 

 
(14
)
 

 
14

 

Stock-based compensation
 

 
29

 

 
29

 

 

 

Adoption of Accounting Standards Update 2016-02 (Note 1)
 

 
(1
)
 

 

 
(1
)
 

 

Balance, March 31, 2020
 
541

 
$
9,153

 
$
7

 
$
3,467

 
$
9,068

 
$
(3,530
)
 
$
141

 
 
Six Months Ended March 31, 2019
 
 
Total
Common Shares Outstanding
 
Total Stockholders' Equity
 
Common Stock
 
Additional Paid-In Capital
 
Retained Earnings
 
Treasury Stock
 
Deferred Compensation
 
Accumulated Other
Comprehensive Loss
 
 
(In Millions)
Balance, September 30, 2018
 
563

 
$
8,003

 
$
7

 
$
3,379

 
$
7,011

 
$
(2,371
)
 
$
4

 
$
(27
)
Net income
 

 
1,103

 

 

 
1,103

 

 

 

Other comprehensive income, net of tax
 

 
21

 

 

 

 

 

 
21

Common stock dividends ($0.60 per share)
 

 
(337
)
 

 

 
(337
)
 

 

 

Repurchase of common stock
 
(10
)
 
(431
)
 

 
31

 

 
(462
)
 

 

Future treasury stock purchases under accelerated stock repurchase agreement
 

 
(74
)
 

 
(74
)
 

 

 

 

Repurchases of common stock for income tax withholding on stock-based compensation
 

 
(12
)
 

 

 

 
(12
)
 

 

Common stock issued for stock-based compensation, including tax effects
 
1

 

 

 
(13
)
 

 
13

 

 

Stock-based compensation
 

 
22

 

 
22

 

 

 

 

Adoption of Accounting Standards Update 2014-09
 

 
28

 

 

 
28

 

 

 

Balance, March 31, 2019
 
554

 
$
8,323

 
$
7

 
$
3,345

 
$
7,805

 
$
(2,832
)
 
$
4

 
$
(6
)
See notes to condensed consolidated financial statements.






8


TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) 
 
 
Six Months Ended March 31,
 
 
2020
 
2019
 
 
(In millions)
Cash flows from operating activities:
 
 
 
 
Net income
 
$
824

 
$
1,103

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
84

 
71

Amortization of acquired intangible assets
 
60

 
62

Non-cash lease expense
 
29

 

Deferred income taxes
 
20

 
27

Stock-based compensation
 
29

 
22

Provision for doubtful accounts on client and other receivables
 
26

 
7

Other, net
 
12

 
11

Changes in operating assets and liabilities:
 
 
 
 
Investments segregated and on deposit for regulatory purposes
 
(1,533
)
 
524

Receivable from brokers, dealers and clearing organizations
 
913

 
(252
)
Receivable from clients, net
 
3,984

 
1,831

Receivable from/payable to affiliates, net
 
23

 
(23
)
Other receivables, net
 
(19
)
 
51

Securities owned, at fair value
 
115

 
(3
)
Other assets
 
16

 
(27
)
Payable to brokers, dealers and clearing organizations
 
(1,362
)
 
(507
)
Payable to clients
 
6,190

 
356

Accounts payable and other liabilities
 
183

 
82

Net cash provided by operating activities
 
9,594

 
3,335

Cash flows from investing activities:
 
 
 
 
Purchase of property and equipment
 
(155
)
 
(92
)
Proceeds from sale of property and equipment
 

 
11

Purchase of investments available-for-sale, at fair value
 

 
(383
)
Purchase of other investments
 
(2
)
 
(11
)
Proceeds from sale of other investments
 

 
1

Net cash used in investing activities
 
(157
)
 
(474
)
 See notes to condensed consolidated financial statements.