$27.2 B

AMTD Mkt cap, 14-Dec-2018

$5.5 B

TD Ameritrade Revenue FY, 2018
TD Ameritrade Net income (FY, 2018)1.5 B
TD Ameritrade EBIT (FY, 2018)2 B
TD Ameritrade Cash, 30-Sep-20182.7 B
TD Ameritrade EV27 B

TD Ameritrade Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Revenue

3.3b3.2b3.3b3.7b5.5b

Revenue growth, %

(2%)2%

Sales and marketing expense

248.0m260.0m254.0m293.0m

Operating expense total

1.9b2.0b2.2b3.5b

Depreciation and amortization

91.0m92.0m102.0m142.0m

EBIT

1.3b1.3b1.5b2.0b

EBIT margin, %

41%40%40%37%

Income tax expense

475.0m423.0m522.0m414.0m

Net Income

675.0m787.0m813.0m842.0m872.0m1.5b

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Revenue

752.0m812.0m763.0m819.0m803.0m794.0m812.0m846.0m838.0m859.0m904.0m931.0m1.3b1.4b1.4b

Sales and marketing expense

63.0m94.0m48.0m64.0m82.0m54.0m62.0m81.0m58.0m57.0m80.0m58.0m64.0m90.0m63.0m

Operating expense total

445.0m489.0m447.0m475.0m507.0m469.0m469.0m503.0m490.0m506.0m546.0m537.0m921.0m1.0b751.0m

Depreciation and amortization

23.0m22.0m22.0m23.0m24.0m25.0m34.0m35.0m37.0m

EBIT

307.0m323.0m316.0m344.0m296.0m325.0m343.0m343.0m348.0m353.0m358.0m394.0m336.0m396.0m631.0m

EBIT margin, %

41%40%41%42%37%41%42%41%42%41%40%42%27%28%46%

Income tax expense

109.0m123.0m120.0m123.0m98.0m122.0m119.0m125.0m94.0m123.0m130.0m142.0m6.0m101.0m152.0m

Net Income

192.0m194.0m190.0m211.0m189.0m197.0m212.0m205.0m240.0m216.0m214.0m231.0m297.0m271.0m451.0m

TD Ameritrade Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Cash

1.1b1.5b2.0b1.9b1.5b2.7b

Goodwill

2.5b2.5b2.5b2.5b4.2b4.2b

Total Assets

21.8b23.8b26.4b28.8b38.6b37.5b

Accounts Payable

595.0m637.0m565.0m815.0m

Short-term debt

150.0m

Long-term debt

1.1b1.1b1.8b1.8b2.6b2.4b

Total Debt

1.3b1.8b2.6b2.4b

Total Liabilities

23.8b31.4b29.5b

Additional Paid-in Capital

1.6b1.6b1.6b1.7b3.4b3.4b

Retained Earnings

4.3b4.6b5.0b5.5b6.0b7.0b

Total Equity

4.7b4.7b4.9b5.1b7.2b8.0b

Debt to Equity Ratio

0.3 x0.4 x0.4 x

Debt to Assets Ratio

0.1 x0.1 x0.1 x

Financial Leverage

4.7 x5 x5.4 x5.7 x5.3 x4.7 x

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Cash

1.3b933.0m1.3b1.9b1.3b2.2b1.7b2.5b1.9b1.7b2.2b2.9b1.6b1.4b1.3b

Goodwill

2.5b2.5b2.5b2.5b2.5b2.5b2.5b2.5b2.5b2.5b2.5b2.5b4.2b4.2b4.2b

Total Assets

22.2b23.1b23.6b23.8b24.1b25.2b25.8b27.2b27.1b28.8b29.2b30.1b39.4b38.4b37.5b

Accounts Payable

514.0m651.0m536.0m

Short-term debt

155.0m115.0m150.0m113.0m50.0m

Long-term debt

1.0b1.0b1.0b1.1b1.9b1.8b1.8b1.8b1.8b1.8b1.8b2.6b2.5b2.5b2.5b

Total Debt

1.2b1.2b1.2b1.2b1.9b1.8b1.8b1.8b1.8b1.8b1.8b2.6b2.6b2.5b2.5b

Total Liabilities

17.7b18.4b18.9b19.1b19.2b20.2b20.8b22.3b22.1b23.6b23.8b24.7b32.0b30.8b29.6b

Additional Paid-in Capital

1.6b1.6b1.6b1.6b1.6b1.6b1.6b1.7b1.7b1.7b1.7b1.7b3.4b3.4b3.4b

Retained Earnings

4.2b4.3b4.4b4.7b4.8b4.9b5.2b5.3b5.4b5.6b5.8b5.9b6.2b6.3b6.7b

Total Equity

4.5b5.0b5.0b4.9b5.0b5.2b5.3b5.5b7.4b7.6b7.9b

Debt to Equity Ratio

0.4 x0.5 x0.3 x0.3 x0.3 x

Debt to Assets Ratio

0.1 x0.1 x0.1 x0.1 x0.1 x

Financial Leverage

4.9 x5 x5.2 x5.6 x5.5 x5.5 x5.5 x5.5 x5.3 x5.1 x4.7 x

TD Ameritrade Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Net Income

675.0m787.0m813.0m842.0m872.0m1.5b

Depreciation and Amortization

86.0m95.0m91.0m92.0m102.0m142.0m

Accounts Receivable

14.8m(9.2m)

Inventories

(8.8m)(17.7m)

Accounts Payable

39.0m(58.0m)31.0m(20.0m)

Cash From Operating Activities

739.0m1.0b746.0m1.5b687.0m1.9b

Purchases of PP&E

(144.0m)(144.0m)(71.0m)(105.0m)(197.0m)(229.0m)

Cash From Investing Activities

96.0m(117.0m)(60.0m)(863.0m)(1.5b)92.0m

Short-term Borrowings

(275.0m)(80.0m)(150.0m)

Long-term Borrowings

(250.0m)(569.0m)(385.0m)

Dividends Paid

(379.0m)(477.0m)

Cash From Financing Activities

(688.0m)(510.0m)(168.0m)(728.0m)477.0m(782.0m)

Interest Paid

32.0m30.0m30.0m54.0m59.0m118.0m

Income Taxes Paid

379.0m489.0m498.0m519.0m483.0m352.0m

Quarterly

USDQ1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018

Net Income

192.0m194.0m190.0m211.0m189.0m597.0m212.0m417.0m657.0m216.0m214.0m661.0m297.0m568.0m1.0b

Depreciation and Amortization

24.0m24.0m24.0m23.0m23.0m69.0m22.0m44.0m67.0m24.0m25.0m74.0m34.0m69.0m106.0m

Accounts Payable

573.0m691.0m(33.0m)(74.0m)99.0m(48.0m)(71.0m)675.0m(32.0m)(127.0m)8.0m(159.0m)

Cash From Operating Activities

643.0m151.0m1.0b1.0b(90.0m)652.0m(386.0m)(262.0m)87.0m

Purchases of PP&E

(58.0m)(43.0m)(58.0m)(78.0m)(29.0m)(141.0m)(63.0m)(119.0m)(166.0m)

Cash From Investing Activities

(47.0m)(244.0m)(59.0m)(479.0m)(29.0m)(141.0m)633.0m193.0m158.0m

Long-term Borrowings

(544.0m)

Dividends Paid

(244.0m)(91.0m)(182.0m)(272.0m)(95.0m)(285.0m)(119.0m)(238.0m)(357.0m)

Cash From Financing Activities

177.0m(150.0m)(464.0m)(614.0m)(74.0m)514.0m(75.0m)(30.0m)(374.0m)

Interest Paid

23.0m20.0m27.0m46.0m19.0m48.0m36.0m60.0m88.0m

Income Taxes Paid

355.0m138.0m142.0m377.0m99.0m367.0m112.0m119.0m278.0m

TD Ameritrade Ratios

USDY, 2018

EV/EBIT

13.5 x

EV/CFO

14.1 x

Financial Leverage

4.7 x
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TD Ameritrade Operating Metrics

FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017

Client Assets

$653.10 b$672 b$695 b$702.30 b$667.40 b$695.30 b$711.20 b$736.30 b$773.80 b$797 b$846.70 b

Funded Accounts

6.30 m6.37 m6.47 m6.55 m6.62 m6.69 m6.78 m6.87 m6.95 m7.05 m7.19 m
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