Charles Schwab 2011 Annual Report Download - page 44

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THE CHARLES SCHWAB CORPORATION
Item 6. Selected Financial Data
Selected Financial and Operating Data
(In Millions, Except Per Share Amounts, Ratios, or as Noted)
2011 2010 2009 2008 2007
Results of Operations
Net revenues (2%) 10% 4,691$ 4,248$ 4,193$ 5,150$ 4,994$
Expenses excluding interest 1% (5%) 3,299$ 3,469$ 2,917$ 3,122$ 3,141$
Income from continuing operations (6%) 90% 864$ 454$ 787$ 1,230$ 1,120$
Net income (2) (23%) 90% 864$ 454$ 787$ 1,212$ 2,407$
Income from continuing operations per share — basic (7%) 84% .70$ .38$ .68$ 1.07$ .93$
Income from continuing operations per share — diluted (7%) 84% .70$ .38$ .68$ 1.06$ .92$
Basic earnings per share (2, 3) (23%) 84% .70$ .38$ .68$ 1.06$ 1.98$
Diluted earnings per share (2, 3) (23%) 84% .70$ .38$ .68$ 1.05$ 1.96$
Dividends declared per common share 5% - .24$ .24$ .24$ .22$ .20$
Special dividend declared per common share N/M - -$ -$ -$ -$ 1.00$
Weighted-average common shares outstanding — diluted - 3% 1,229 1,194 1,160 1,157 1,222
Asset management and administration fees as a
percentage of net revenues 41% 43% 45% 46% 47%
Net interest revenue as a percentage of net revenues 37% 36% 30% 33% 33%
Trading revenue as a percentage of net revenues (4) 20% 20% 24% 21% 17%
Effective income tax rate 37.9% 41.7% 38.3% 39.3% 39.6%
Capital expenditures — purchases of equipment,
office facilities, and property, net 3% 50% 190$ 127$ 139$ 194$ 168$
Capital expenditures, net, as a percentage of net revenues 4% 3% 3% 4% 3%
Performance Measures
Net revenue growth (decline) 10% 1% (19%) 3% 16%
Pre-tax profit margin 29.7% 18.3% 30.4% 39.4% 37.1%
Return on stockholders’ equity 12% 8% 17% 31% 55%
Financial Condition (at year end)
Total assets 27% 17% 108,553$ 92,568$ 75,431$ 51,675$ 42,286$
Long-term debt 22% - 2,001$ 2,006$ 1,512$ 883$ 899$
Stockholders’ equity 20% 24% 7,714$ 6,226$ 5,073$ 4,061$ 3,732$
Assets to stockholders’ equity ratio 14 15 15 13 11
Long-term debt to total financial capital
(long-term debt plus stockholders’ equity) 21% 24% 23% 18% 19%
Employee Information
Full-time equivalent employees (at year end,
in thousands) 1% 10% 14.1 12.8 12.4 13.4 13.3
Net revenues per average full-time equivalent
employee (in thousands) (2%) 4% 350$ 337$ 338$ 383$ 387$
Note: Information is presented on a continuing operations basis unless otherwise noted.
(1) The compounded 4-year growth rate is computed using the following formula: Compound annual growth rate = (Ending Value / Beginning Value) .25 - 1
(2) Net income in 2007 includes a gain of $1.2 billion, after tax, on the sale of U.S. Trust, which was presented as discontinued operations.
(3) Both basic and diluted earnings per share in 2008 and 2007 include discontinued operations.
(4) Trading revenue includes commission and principal transaction revenues.
N/M Not meaningful.
2007-2011 2010-2011
Growth Rates
Compounded Annual
4-Year (1) 1-Year
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