2016 annual meeting of stockholders -...
TRANSCRIPT
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2016 Annual Meeting of Stockholders
1
February 18, 2016 Omaha, Neb.
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2016 Annual Meeting
WELCOME
Joe Moglia, Chairman of the Board
2
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Board of Directors
3
Retired 2015
ED CLARK Fmr. Vice Chairman Board member since ‘06
MARSHALL COHEN Board Member since ‘06
DAN COOK Board Member since ‘05
Thank you
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Board of Directors
4
2016
LORENZO BETTINO Director since ‘14
KAREN MAIDMENT Director since ‘10
MARK MITCHELL Director since ‘96
WILBUR PREZZANO Director since ‘06
FRED TOMCZYK TD Ameritrade Director since ‘06 COO ‘07-’08 CEO since ‘08
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Directors up for Reelection
5
2016
BHARAT MASRANI Board Member since ‘13 Vice Chairman CEO, TD Bank Group Corp. Governance Risk HR & Compensation
TODD RICKETTS Board Member since ‘11 Corp. Governance Risk Outside Independent Directors
ALLAN TESSLER Board Member since ‘06 Corp. Governance HR & Compensation Outside Independent Directors
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New to the Board
6
2016
IRENE MILLER CEO, Akim, Inc. Fmr. Vice Chairman and CFO,
Barnes & Noble, Inc. Morgan Stanley Rothschild, Inc. University of Toronto Cornell University
ANN HAILEY Former EVP and CFO of
L Brands, Inc. 30+ years with top consumer
brands: Pepsi, Nabisco, Pillsbury
University of Georgia Harvard University
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CEO Succession
7
TIM HOCKEY President, TD Ameritrade
32 years with TD Bank Group, including senior positions in:
Mutual Funds
Retail Distribution
Information Technology
Core and Small Business
Credit Cards
Personal Lending
Track record for leadership and building corporate culture
History of community involvement and civic action
Past winner: Canada’s “Top 40 Under 40”
MBA: University of Western Ontario
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Your Board of Directors
8
2016
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2016 Annual Meeting
Ellen Koplow, General Counsel and Corporate Secretary
9
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1. Election of four (4) nominees, recommended by the Board of Directors, to the Board of Directors
2. Advisory vote on executive compensation
3. Approval of the amended and restated Long-Term Incentive Plan
4. Approval of the amended and restated Management Incentive Plan
5. Ratification of the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending Sept. 30, 2016
Annual Meeting of Stockholders Business to be considered
10
AMTD stockholders of record as of Dec. 21, 2015 may vote their shares online at amtd.onlineshareholdermeeting.com
More information about the business to be considered at the 2016 Annual Meeting of Stockholders can be found in TD Ameritrade Holding Corporation’s annual Proxy Statement, located online at www.amtd.com/investor-relations/default.aspx
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Question: What school had more players playing in Super Bowl 50 than…
For you Super Bowl fans…
11
Answer: Coastal Carolina University
Clemson Florida State Miami (FL) Virginia Tech
Baylor Kansas State Oklahoma State Texas TCU West Virginia
Iowa Michigan State Nebraska Northwestern Penn State
Arizona Arizona State UCLA USC Stanford
Auburn LSU Ole Miss Mississippi State South Carolina Texas A&M
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2016 Annual Meeting
Joe Moglia, Chairman of the Board
12
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Evolution of TD Ameritrade
13
$0
$100
$200
$300
$400
$500
$600
$700
FY '95 FY '00 FY '05 FY '10 FY '15
PHASE ONE 1975-2001 Pioneering an Industry Client Assets: $26B Market Cap: $1B
PHASE TWO 2001-2008 Consolidating an Industry Client Assets: $278B Market Cap: $10B
PHASE THREE 2009-2015 Premier Asset Gathering Client Assets: $667B Market Cap: $17B Credit Rating(1): A
Total Client Assets $B
(1) S&P Credit Rating
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Leadership in Trading
14
FY 2010
372K FY 2012
360K
FY 2013
374K
FY 2014
427K
FY 2015
462K
FY 2011
399K FY 2009
372K
28% 32%
36% 39%
41% 43%
Mobile: 0%
Mobile: 3%
Mobile: 5%
Mobile: 7%
Mobile: 9%
Mobile: 13%
Mobile: 16%
Derivatives(1) trades as a % of client trades per day
Average client trades per day(2)
14%
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7 Years of Double-Digit Net New Client Asset Growth(1)
15
FY 2009
$302
FY 2010
$355 FY 2011
$379
FY 2012
$472
FY 2013
$556
FY 2014
$653 FY 2015
$667
NNA(1)
$27B 10%*
NNA(1)
$34B 11%*
NNA(1)
$41B 12%*
NNA(1)
$41B 11%*
NNA(1)
$50B 10%*
NNA(1)
$53B 10%*
NNA(1)
$63B 10%*
(1) Net new assets (NNA) consists of total client asset inflows, less total client asset outflows, excluding activity from business combinations. Client asset inflows include interest and dividend payments and exclude changes in client assets due to market fluctuations. Net new assets are measured based on the market value of the assets as of the date of the inflows and outflows.
* NNA growth rate is annual net new assets as a % of client assets as of the beginning of the period.
Total client assets $B
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Building a Third Revenue Stream
16
FY 2011
$166M
FY 2012
$196M
FY 2013
$250M
FY 2014
$309M
FY 2015
$334M
(1) Market fee-based, plus money market mutual fund revenue.
FY 2010
$129M
Avg. Bal. $62B
Avg. Bal. $78B
Avg. Bal. $86B
Avg. Bal. $113B
Avg. Bal. $137B
Avg. Bal. $156B
Investment product fees(1)
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Building a Better Associate Experience
17
+94,000 Volunteer Hours
+900 Community Events
+31,000 Associate Volunteers
+$2,200,000 Associate Donations
INVOLVEMENT IN OUR COMMUNITIES
Sustainable Engagement 87%
BEST IN CLASS ASSOCIATE ENGAGEMENT
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$1.9 billion to buy back 107 million shares Average price of $17.83 per share
Buyback period: Oct. 1, 2008 – Dec. 31, 2015
$1.7 billion in cash dividends: Quarterly dividend since Fiscal 2011
Two special dividends (Fiscal 2013, Fiscal 2014)
$3.6 Billion in Capital Returned to Stockholders
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Our Clients
Our Shareholders
Our Associates
Our Communities
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We thank you, Fred
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2016 Annual Meeting
Fred Tomczyk Chief Executive Officer
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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, 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 and uncertainties and other risk factors described in our latest Annual Report on Form 10-K, filed with the SEC on Nov. 20, 2015, 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, except to the extent required by the federal securities laws.
Safe Harbor
22
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Record average client trades per day: 462K; activity rate of 7.1%(1), up 8%
Record net new client assets(2): $63B; 10% annual growth rate(3), up 18%
Record net revenues: $3.2B, up 4%
Record diluted earnings per share: $1.49, up 5%
Client assets: $667B, up 2%
Ending fee-based investment balances(4): $152B, up 6%
Returned ~80% of net income excluding amortization of intangible assets through dividends and share repurchases
Record Fiscal 2015 Financial Highlights
23
(1) Funded Activity Rate (AR%). Average client trades per day during the period by the average number of total funded accounts during the period.
(2) Net New Assets (NNA) consist of total client asset inflows, less total client asset outflows, excluding activity from business combinations. Client asset inflows include interest and dividend payments and exclude changes in client assets due to market fluctuations. Net new assets are measured based on the market value of the assets as of the date of the inflows and outflows.
(3) NNA growth rate is annual net new assets as a % of client assets as of the beginning of the period.
(4) Market fee-based investment balances plus money market mutual funds. Ending balances as of Sept. 30, 2015.
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$47B
Record Asset Gathering
24
FY 2011
$41B FY 2012
$41B
FY 2013
$50B FY 2014
$53B
FY 2015
$63B
FY 2016(3)
$73B
(1) Net New Assets (NNA) consist of total client asset inflows, less total client asset outflows, excluding activity from business combinations. Client asset inflows include interest and dividend payments and exclude changes in client assets due to market fluctuations. Net new assets are measured based on the market value of the assets as of the date of the inflows and outflows.
(2) NNA growth rate is annual net new assets as a % of client assets as of the beginning of the period.
(3) FY16 forecast per 10/27/15 Outlook Statement.
FY 2010
$34B FY 2009
$27B
Growth: 10%
Growth: 11%
Growth: 12%
Growth: 11%
Growth: 10%
Growth: 10%
Growth: 10%
Growth: 7-11%(3)
Record $63 billion in Net New Client Assets(1)
10% annual growth rate(2)
Net New Client Assets(1)
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450K
Record Year for Trading
25
FY 2010
372K FY 2012
360K
FY 2013
374K
FY 2014
427K
FY 2015
462K
FY 2016(4)
490K
Record average client trades per day of 462K, activity rate of 7.1%(1)
Record derivatives(2) trades, 43% of DARTs(3)
Record mobile trades, 16% of DARTs
(1) Funded account Activity Rate (“AR%”). Average client trades per day during the period divided by the average number of total funded accounts during the period.
(2) Derivatives include options, futures and foreign exchange trades per day.
(3) Total revenue-generating client trades divided by the number of trading days in the period. This metric is also known as Average Client Trades Per Day.
(4) FY16 forecast per 10/27/15 Outlook Statement.
FY 2011
399K FY 2009
372K
Activity: 7.3%
Activity: 6.9%
Activity: 7.2%
Activity: 6.3%
Activity: 6.3%
Activity: 6.9%
Activity: 7.1%
Activity: 6.6-7.2%(4)
Average client trades per day
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$365M
Record Investment Product Fees(1)
26
FY 2011
$166M
FY 2012
$196M
FY 2013
$250M
FY 2014
$309M
FY 2015
$334M
FY 2016(2)
$400M
Record revenue and average balances
Average balances up 14%, revenue up 8%
(1) Market fee-based, plus money market mutual fund revenue.
(2) FY16 forecast per 10/27/15 Outlook Statement.
FY 2010
$129M
Avg. Bal. $62B
Avg. Bal. $78B
Avg. Bal. $86B
Avg. Bal. $113B
Avg. Bal. $137B
Avg. Bal. $156B
Avg. Bal. $160-170B(2)
Investment Product Fees
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1. Maintain strong organic growth Assets, Trading and Investment Product Fees
2. Remain disciplined on expenses while investing in future
3. Remain committed to investing in technology Robust, stable, secure and resilient environment
Newer technologies that enhance personalization and capabilities
Full continuum of guidance solutions
4. Maintain a strong and hedged balance sheet
5. Deploy or return capital to further enhance shareholder value
6. Fiscal 2016 EPS Outlook Range: $1.45-$1.75(1)
2016 Strategy
27
(1) FY16 forecast per 10/27/15 Outlook Statement.
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Average client trades per day: 438K; activity rate of 6.6%(1)
Net new client assets(2): $17.5B,10% annualized growth rate(3)
2nd best quarter
Client assets of $695B
Fee-based investment balances(4): $157B
Net revenues: $812M
Diluted earnings per share: $0.39
25 bps Fed Funds Rate increase (December 2015) Anticipated $50-80M impact to 2016 net revenues
Q1 2016 Starting Strong
28
(1) Funded Activity Rate (AR%). Average client trades per day during the period divided by the average number of total funded accounts during the period.
(2) Net New Assets (NNA) consist of total client asset inflows, less total client asset outflows, excluding activity from business combinations. Client asset inflows include interest and dividend payments and exclude changes in client assets due to market fluctuations. Net new assets are measured based on the market value of the assets as of the date of the inflows and outflows.
(3) NNA growth rate is annualized net new assets as a % of client assets as of the beginning of the period.
(4) Market fee-based investment balances plus money market mutual funds. Ending balances as of Dec. 31, 2015.
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Shareholder Return
Last 15 Months, Period Ending 12/31/15(1)
29
(1) Source: Bloomberg. Period 9/30/2014 to 12/31/2015. Returns represent total daily shareholder returns including dividends (assumes dividends are reinvested).
-30%
-20%
-10%
0%
10%
20%
30% AMTD S&P 500 NYSE-Arca B/D S&P 500 Financials
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Shareholder Return Last 3 Years, Period Ending 9/30/15(1)
30
(1) Source: Bloomberg. Period 9/30/2012 to 9/30/2015. Returns represent total daily shareholder returns including dividends (assumes dividends are reinvested).
0%
50%
100%
150%
200% AMTD S&P 500 NYSE-Arca B/D S&P 500 Financials
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Shareholder Return Last 5 Years, Period Ending 9/30/15(1)
31
(1) Source: Bloomberg. Period 9/30/2010 to 9/30/2015. Returns represent total daily shareholder returns including dividends (assumes dividends are reinvested).
-25%
25%
75%
125%
175% AMTD S&P 500 NYSE-Arca B/D S&P 500 Financials
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Shareholder Return Calendar 2016 to-date(1)
32
(1) Source: Bloomberg. Period 1/2/2016 to 2/16/2016. Returns represent total daily shareholder returns including dividends (assumes dividends are reinvested).
-30%
-20%
-10%
0%
10%
20%
30% AMTD S&P 500 NYSE-Arca B/D S&P 500 Financials
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2016 Annual Meeting
Fred Tomczyk Chief Executive Officer
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