Company Quick10K Filing
Quick10K
TD Ameritrade Holding
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$53.40 553 $29,550
10-Q 2019-03-31 Quarter: 2019-03-31
10-Q 2018-12-31 Quarter: 2018-12-31
10-K 2018-09-30 Annual: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-K 2017-09-30 Annual: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-Q 2016-12-31 Quarter: 2016-12-31
10-K 2016-09-30 Annual: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-Q 2015-12-31 Quarter: 2015-12-31
10-K 2015-09-30 Annual: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-K 2014-09-30 Annual: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-Q 2013-12-31 Quarter: 2013-12-31
8-K 2019-05-15 Enter Agreement, Leave Agreement, Off-BS Arrangement, Officers, Exhibits
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-02-19 Shareholder Vote
8-K 2019-01-22 Earnings, Exhibits
8-K 2018-11-21 Officers
8-K 2018-10-30 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-10-22 Earnings, Exhibits
8-K 2018-07-23 Earnings, Exhibits
8-K 2018-05-17 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-04-23 Earnings, Exhibits
8-K 2018-02-23 Shareholder Vote
8-K 2018-02-16 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-01-22 Earnings, Exhibits
SLB Schlumberger Limited 55,780
GLPI Gaming & Leisure Properties 8,510
PK Park Hotels & Resorts 6,180
OI Owens Illinois 2,680
CHRS Coherus Biosciences 1,120
CATC Cambridge Bancorp 398
GNCA Genocea Biosciences 83
NTZ Natuzzi 45
NLRT Nogales Resources 0
DLCR Kibush Capital 0
AMTD 2019-03-31
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-15.1 amtd20190331ex151.htm
EX-31.1 amtd20190331ex311.htm
EX-31.2 amtd20190331ex312.htm
EX-32.1 amtd20190331ex321.htm

TD Ameritrade Holding Earnings 2019-03-31

AMTD 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One)
x
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended March 31, 2019
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)
 
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   x     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  x     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
 
x
 
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  x
As of April 22, 2019, there were 553,304,437 outstanding shares of the registrant's common stock.
 

1

Table of Contents

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


2

Table of Contents

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, 2019, the related condensed consolidated statements of income, comprehensive income and stockholders' equity for the three-month and six-month periods ended March 31, 2019 and 2018, the condensed consolidated statements of cash flows for the six-month periods ended March 31, 2019 and 2018, 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, 2018, 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 16, 2018, 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, 2018, 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
April 29, 2019


3

Table of Contents

TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 
 
March 31,
2019
 
September 30,
2018
 
 
(In millions)
ASSETS
 
 
 
 
Cash and cash equivalents
 
$
2,674

 
$
2,690

Cash and investments segregated and on deposit for regulatory purposes
 
5,580

 
3,185

Receivable from brokers, dealers and clearing organizations
 
1,626

 
1,374

Receivable from clients, net
 
20,778

 
22,616

Receivable from affiliates
 
133

 
151

Other receivables, net
 
253

 
304

Securities owned, at fair value
 
159

 
156

Investments available-for-sale, at fair value (including $98 million of securities pledged as collateral for repurchase agreements at September 30, 2018)
 
894

 
484

Property and equipment at cost, net
 
812

 
792

Goodwill
 
4,227

 
4,227

Acquired intangible assets, net
 
1,267

 
1,329

Other assets
 
276

 
212

Total assets
 
$
38,679

 
$
37,520

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
Liabilities:
 
 
 
 
Payable to brokers, dealers and clearing organizations
 
$
2,473

 
$
2,980

Payable to clients
 
23,240

 
22,884

Accounts payable and other liabilities
 
904

 
896

Payable to affiliates
 
4

 
45

Other borrowings
 

 
96

Long-term debt
 
3,520

 
2,439

Deferred income taxes
 
215

 
177

Total liabilities
 
30,356

 
29,517

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, 2019 – 554 million shares outstanding; September 30, 2018 – 563 million shares outstanding
 
7

 
7

Additional paid-in capital
 
3,345

 
3,379

Retained earnings
 
7,805

 
7,011

Treasury stock, common, at cost: March 31, 2019 – 116 million shares;
   September 30, 2018 – 107 million shares
 
(2,832
)
 
(2,371
)
Deferred compensation
 
4

 
4

Accumulated other comprehensive loss
 
(6
)
 
(27
)
Total stockholders' equity
 
8,323

 
8,003

Total liabilities and stockholders' equity
 
$
38,679

 
$
37,520

See notes to condensed consolidated financial statements.


4

Table of Contents

TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 
Three Months Ended March 31,
 
Six Months Ended March 31,
 
 
2019
 
2018
 
2019
 
2018
 
 
(In millions, except per share amounts)
Revenues:
 
 
 
 
 
 
 
 
Transaction-based revenues:
 
 
 
 
 
 
 
 
Commissions and transaction fees
 
$
487

 
$
556

 
$
1,024

 
$
996

Asset-based revenues:
 
 
 
 
 
 
 
 
Bank deposit account fees
 
430

 
381

 
858

 
762

Net interest revenue
 
362

 
308

 
737

 
585

Investment product fees
 
137

 
141

 
280

 
274

Total asset-based revenues
 
929

 
830

 
1,875

 
1,621

Other revenues
 
35

 
29

 
68

 
55

Net revenues
 
1,451

 
1,415

 
2,967

 
2,672

Operating expenses:
 
 
 
 
 
 
 
 
Employee compensation and benefits
 
340

 
461

 
657

 
875

Clearing and execution costs
 
53

 
56

 
102

 
103

Communications
 
38

 
46

 
80

 
99

Occupancy and equipment costs
 
65

 
79

 
133

 
160

Depreciation and amortization
 
36

 
35

 
71

 
69

Amortization of acquired intangible assets
 
31

 
37

 
62

 
75

Professional services
 
74

 
86

 
147

 
160

Advertising
 
74

 
90

 
132

 
154

Other
 
35

 
129

 
81

 
245

Total operating expenses
 
746

 
1,019

 
1,465

 
1,940

Operating income
 
705

 
396

 
1,502

 
732

Other expense (income):
 
 
 
 
 
 
 
 
Interest on borrowings
 
37

 
24

 
70

 
44

Loss on sale of investments
 

 

 

 
11

Other
 

 

 
(14
)
 
2

Total other expense (income)
 
37

 
24

 
56

 
57

Pre-tax income
 
668

 
372

 
1,446

 
675

Provision for income taxes
 
169

 
101

 
343

 
107

Net income
 
$
499

 
$
271

 
$
1,103

 
$
568

Earnings per share — basic
 
$
0.89

 
$
0.48

 
$
1.97

 
$
1.00

Earnings per share — diluted
 
$
0.89

 
$
0.48

 
$
1.96

 
$
1.00

Weighted average shares outstanding — basic
 
560

 
567

 
561

 
567

Weighted average shares outstanding — diluted
 
562

 
570

 
563

 
569

Dividends declared per share
 
$
0.30

 
$
0.21

 
$
0.60

 
$
0.42

See notes to condensed consolidated financial statements.

5

Table of Contents

TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
 
2019
 
2018
 
2019
 
2018
 
 
(In millions)
Net income
 
$
499

 
$
271

 
$
1,103

 
$
568

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
Investments available-for-sale:
 
 
 
 
 
 
 
 
Unrealized gain (loss)
 
9

 
(2
)
 
25

 
(6
)
Reclassification adjustment for realized loss included in net income
 

 

 

 
11

Net change in investments available-for-sale
 
9

 
(2
)
 
25

 
5

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

 
1

 
2

 
2

Total other comprehensive income (loss), before tax
 
10

 
(1
)
 
27

 
7

Income tax effect
 
(2
)
 

 
(6
)
 
(3
)
Total other comprehensive income (loss), net of tax
 
8

 
(1
)
 
21

 
4

Comprehensive income
 
$
507

 
$
270

 
$
1,124

 
$
572

See notes to condensed consolidated financial statements.


6

Table of Contents

TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
 
 
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

Payment of cash dividends
 

 
(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
)
 
 
Three Months Ended March 31, 2018
 
 
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, 2017
 
567

 
$
7,433

 
$
7

 
$
3,375

 
$
6,189

 
$
(2,119
)
 
$
1

 
$
(20
)
Net income
 

 
271

 

 

 
271

 

 

 

Other comprehensive loss, net of tax
 

 
(1
)
 

 

 

 

 

 
(1
)
Payment of cash dividends
 

 
(119
)
 

 

 
(119
)
 

 

 

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

 
(5
)
 

 

 

 
(5
)
 

 

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

 

 

 
(3
)
 

 
3

 

 

Deferred compensation
 

 

 

 
(1
)
 

 
1

 

 

Stock-based compensation
 

 
16

 

 
16

 

 

 

 

Balance, March 31, 2018
 
567

 
$
7,595

 
$
7

 
$
3,387

 
$
6,341

 
$
(2,120
)
 
$
1

 
$
(21
)
See notes to condensed consolidated financial statements.









7

Table of Contents


TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY – (Continued)
(Unaudited)
 
 
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

Payment of cash dividends
 

 
(337
)
 

 

 
(337
)
 

 

 

Repurchases 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 (Note 15)
 

 
28

 

 

 
28

 

 

 

Balance, March 31, 2019
 
554

 
$
8,323

 
$
7

 
$
3,345

 
$
7,805

 
$
(2,832
)
 
$
4

 
$
(6
)
 
 
Six Months Ended March 31, 2018
 
 
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, 2017
 
567

 
$
7,247

 
$
7

 
$
3,369

 
$
6,011

 
$
(2,116
)
 
$
1

 
$
(25
)
Net income
 

 
568

 

 

 
568

 

 

 

Other comprehensive income, net of tax
 

 
4

 

 

 

 

 

 
4

Payment of cash dividends
 

 
(238
)
 

 

 
(238
)
 

 

 

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

 
(13
)
 

 

 

 
(13
)
 

 

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

 

 

 
(9
)
 

 
9

 

 

Deferred compensation
 

 
1

 

 
1

 

 

 

 

Stock-based compensation
 

 
26

 

 
26

 

 

 

 

Balance, March 31, 2018
 
567

 
$
7,595

 
$
7

 
$
3,387

 
$
6,341

 
$
(2,120
)
 
$
1

 
$
(21
)
See notes to condensed consolidated financial statements.



8

Table of Contents

TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) 
 
 
Six Months Ended March 31,
 
 
2019
 
2018
 
 
(In millions)
Cash flows from operating activities:
 
 
 
 
Net income
 
$
1,103

 
$
568

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
 
Depreciation and amortization
 
71

 
69

Amortization of acquired intangible assets
 
62

 
75

Deferred income taxes
 
27

 
(63
)
Loss on sale of investments
 

 
11

Stock-based compensation
 
22

 
26

Provision for doubtful accounts on client and other receivables
 
7

 
65

Other, net
 
11

 
8

Changes in operating assets and liabilities:
 
 
 
 
Investments segregated and on deposit for regulatory purposes
 
524

 
699

Receivable from brokers, dealers and clearing organizations
 
(252
)
 
(61
)
Receivable from clients, net
 
1,831

 
(3,739
)
Receivable from/payable to affiliates, net
 
(23
)
 
(104
)
Other receivables, net
 
51

 
(107
)
Securities owned, at fair value
 
(3
)
 
90

Other assets
 
(27
)
 
(21
)
Payable to brokers, dealers and clearing organizations
 
(507
)
 
589

Payable to clients
 
356

 
(1,259
)
Accounts payable and other liabilities
 
82

 
8

Net cash provided by (used in) operating activities
 
3,335

 
(3,146
)
Cash flows from investing activities:
 
 
 
 
Purchase of property and equipment
 
(92
)
 
(119
)
Proceeds from sale of property and equipment
 
11

 

Cash paid in business acquisition
 

 
(4
)
Purchase of investments available-for-sale, at fair value
 
(383
)
 
(392
)
Proceeds from sale of investments available-for-sale, at fair value
 

 
643

Purchase of other investments
 
(11
)
 

Proceeds from sale of other investments
 
1

 

Proceeds from sale and maturity of short-term investments
 

 
65

Net cash provided by (used in) investing activities
 
(474
)
 
193

Cash flows from financing activities:
 
 
 
 
Proceeds from issuance of long-term debt
 
999

 

Payment of debt issuance costs
 
(7
)
 
(2
)
Net proceeds from secured uncommitted lines of credit
 

 
125

Net proceeds from (payments on) securities sold under agreements to repurchase
 
(96
)
 
96

Proceeds from senior revolving credit facilities
 
600

 
2,050

Principal payments on senior revolving credit facilities
 
(600
)
 
(2,050
)
Payment of cash dividends
 
(337
)
 
(238
)
Purchase of treasury stock
 
(431
)
 

Purchase of treasury stock for income tax withholding on stock-based compensation
 
(12
)
 
(13
)
Payment for future treasury stock purchases under accelerated stock repurchase agreement
 
(74
)
 

Other
 

 
2

Net cash provided by (used in) financing activities
 
42

 
(30
)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
 
2,903

 
(2,983
)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period
 
4,548

 
9,760

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period
 
$
7,451

 
$
6,777

Supplemental cash flow information:
 
 
 
 
Interest paid
 
$
67

 
$
60

Income taxes paid
 
$
147

 
$
119

 
See notes to condensed consolidated financial statements.

9

Table of Contents

TD AMERITRADE HOLDING CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Three Month and Six Month Periods Ended March 31, 2019 and 2018
(Unaudited)
1.