December Core Net New Assets Exceed $40 Billion
– Annualized Growth Rate of 6% Total Client Assets Reach Record
$8.5 Trillion at Year-end, Up 21%
The Charles Schwab Corporation announced today that its net
income for the fourth quarter of 2023 was $1.0 billion compared
with $2.0 billion for the fourth quarter of 2022. Net income for
the twelve months ended December 31, 2023 was $5.1 billion,
compared with $7.2 billion for the year-earlier period.
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Three Months Ended
December 31,
%
Twelve Months Ended
December 31,
%
Financial Highlights (1)
2023
2022
Change
2023
2022
Change
Net revenues (in millions)
$
4,459
$
5,497
(19)%
$
18,837
$
20,762
(9)%
Net income (in millions)
GAAP
$
1,045
$
1,968
(47)%
$
5,067
$
7,183
(29)%
Adjusted (1)
$
1,367
$
2,151
(36)%
$
6,159
$
7,934
(22)%
Diluted earnings per common share
GAAP
$
.51
$
.97
(47)%
$
2.54
$
3.50
(27)%
Adjusted (1)
$
.68
$
1.07
(36)%
$
3.13
$
3.90
(20)%
Pre-tax profit margin
GAAP
26.8
%
47.3
%
33.9
%
45.2
%
Adjusted (1)
36.0
%
51.6
%
41.5
%
50.0
%
Return on average common stockholders’
equity (annualized)
12
%
27
%
16
%
18
%
Return on tangible common equity
(annualized) (1)
43
%
102
%
54
%
42
%
Note: All per-share results are rounded to
the nearest cent, based on weighted-average diluted common shares
outstanding.
(1)
Further details on non-GAAP financial
measures and a reconciliation of such measures to GAAP reported
results are included on pages 10-12 of this release.
Co-Chairman and CEO Walt Bettinger commented, “Over the course
of 2023, our commitment to clients was unwavering. Through an
uneven environment with shifting views on the trajectory of the
U.S. economy, persistent geopolitical unrest, and a temporary
disruption within the regional banking sector, our “no trade-offs”
value proposition continued to resonate with investors. Clients
entrusted us with $306 billion in core net new assets during the
year, including over $43 billion in December alone. This ongoing
success with clients helped push total client assets to a record
$8.52 trillion at year-end. Additionally, we welcomed 977 thousand
new-to-firm retail households as well as 315 advisors-in-transition
to Schwab. In total, we added 3.8 million new brokerage accounts to
increase our total client base to 34.8 million accounts.”
“Maintaining sustained investment in our clients allows our
modern wealth management offering to evolve with their needs,”
added Mr. Bettinger. “The primary objective coming into 2023 was a
successful Ameritrade conversion. By the end of the year, we had
transitioned approximately 90% of client assets and accounts with
no significant disruptions. The overall feedback from both retail
investors and Registered Investment Advisors (RIAs) has been
overwhelmingly positive – and when there were minor issues, we
addressed most concerns immediately. The entire leadership team is
grateful for the tireless efforts of our employees, whose diligent
planning has put us in a position to complete the largest
integration in our industry’s history, with deal-related attrition
tracking better than our initial expectations.”
“While the Ameritrade client conversion garnered a lot of
attention and significant resources, we also made substantial
progress across our key strategic initiatives of scale and
efficiency, win-win monetization, and client segmentation. We took
steps to unlock incremental efficiency, including identifying at
least $500 million in cost savings beyond the pre-committed
Ameritrade synergies. As part of this effort, we reduced our
workforce by approximately 6% of staff, which helped streamline the
organization and enables us to prioritize investments in key client
initiatives. Enhancements to our personalized investing and wealth
management solutions demonstrated progress on our win-win
monetization efforts. Net flows into our managed investing
solutions totaled $33 billion, a 29% increase versus the previous
year, supported by record flows into Schwab Wealth Advisory™ and
Wasmer Schroeder™ Strategies. We also saw building momentum within
Schwab Personalized Indexing® and launched Schwab Investing
Themes™. We improved digital capabilities for RIAs, including a new
account onboarding workflow and an expedited origination process
for our Pledged Asset Line® product. Finally, recognizing that
certain client segments often have different needs, we announced
new curated experiences for our high net worth and trader clients.
Creating more tailored experiences for these individuals helps
ensure they are getting the most from their relationship with
Schwab.”
Mr. Bettinger finished, “As we move forward with our key
initiatives, we remain as confident as ever in our “Through
Clients’ Eyes” strategy. Our client focus has guided our culture
and operating priorities for five decades and we believe it keeps
us best positioned to sustain long-term profitable growth into the
future.”
CFO Peter Crawford stated, “Schwab’s financial performance
during 2023 reflected the challenges of navigating a market
environment shaped by the Federal Reserve’s pronounced interest
rate tightening policy and the follow-on effects stemming from the
regional banking crisis in March. Total net revenues were down 9%
versus prior year levels to $18.8 billion, as client cash
realignment activity impacted our net interest revenue. The
benefits of rising rates were more than offset by lower
interest-earning assets and increased utilization of higher-cost
supplemental funding, driving net interest revenue down 12%
year-over-year to $9.4 billion. Asset management and administration
fees rose to a record $4.8 billion, bolstered by rebounding equity
markets as well as strong client interest in purchased money fund
products and advisory solutions. A slightly different trading mix
and softer volumes led trading revenue to decline 12% to $3.2
billion. On the expense front, GAAP spending grew by 10% to $12.5
billion to facilitate the Ameritrade integration, make investments
across our strategic initiatives, and capture incremental cost
savings of approximately $500 million that will be realized in
2024. Restructuring costs required to effect these savings totaled
$495 million, while acquisition and integration-related costs and
amortization of acquired intangibles were $401 million and $534
million, respectively. Exclusive of these items, adjusted total
expenses (1) increased by 6% to $11.0 billion, approximately 2% of
which reflected the $172 million FDIC special assessment. Together,
the combination of our diversified revenue model and rigorous
expense discipline enabled us to generate a 33.9% pre-tax profit
margin for the full-year, or 41.5% on an adjusted basis (1). These
results represent the 11th consecutive year of GAAP pre-tax margins
exceeding 30% and the
5th consecutive year of an adjusted pre-tax margin above
40%.”
“Throughout 2023, our approach to balance sheet management
continued to prioritize flexibility,” Mr. Crawford added. “We
opportunistically raised $6.2 billion in senior notes to prepare
for upcoming maturities as well as provide additional liquidity
during the larger Ameritrade conversion weekends. While the pace of
rate increases slowed substantially during the year, the upper
bound of the Fed Funds target range still climbed to 5.50%. As
expected, clients took advantage of the highest yields in nearly
two decades by increasing their allocations to investment cash and
fixed income alternatives available at Schwab. These movements
caused Schwab’s balance sheet to shrink by $59 billion, or an 11%
decline from the year-end 2022 level. As we have done since the
onset of the current tightening cycle, we facilitated these client
allocation decisions using cash flows from our investment
portfolios as well as the continued utilization of certain
supplemental funding sources, including Federal Home Loan Bank
advances and retail certificates of deposit. We began to reduce our
reliance on these additional sources – repaying 18% of peak
balances reached in May 2023 – as realignment activity decelerated
by almost 80% during the second half of the year, including a
seasonal increase in client cash in December. Earlier in the year,
we made the decision to temporarily suspend our stock buyback
program after repurchasing 37 million shares for $2.8 billion
during the first quarter of the year. This action allows us to more
rapidly build our capital ratios inclusive of accumulated other
comprehensive income via our healthy earnings power and lower
capital intensity. The company’s preliminary consolidated Tier 1
Leverage and Adjusted Tier 1 Leverage (1) ratios increased to 8.5%
and 4.9%, respectively. Ratios for Charles Schwab Bank, SSB (CSB)
grew as well, with CSB’s preliminary Tier 1 Leverage finishing the
year at 10.1%, or 5.4% on an adjusted basis (1).”
Mr. Crawford concluded, “While 2023 presented a number of
challenges, we stayed focused on meeting the evolving needs of our
clients. Guided by our client-centric approach, we move ahead with
confidence that our “through the cycle” financial formula keeps us
positioned to deliver long-term stockholder value.”
(1)
Further details on non-GAAP financial
measures and a reconciliation of such measures to GAAP reported
results are included on pages 10-12 of this release.
Commentary from the CFO
Periodically, our Chief Financial Officer provides insight and
commentary regarding Schwab’s financial picture at:
https://www.aboutschwab.com/cfo-commentary. The most recent
commentary, which provides perspective on client cash realignment
trends and second quarter revenue expectations, was posted on June
14, 2023.
Winter Business Update
The company will host its Winter Business Update for
institutional investors this morning from 7:30 a.m. - 8:30 a.m. CT,
8:30 a.m. - 9:30 a.m. ET.
Registration for this Update webcast is accessible at
https://www.aboutschwab.com/schwabevents.
Forward-Looking Statements
This press release contains forward-looking statements relating
to the company’s strategy and approach; Ameritrade integration and
deal-related attrition; opportunities for increased efficiency and
resulting incremental annual expense savings; investment in client
initiatives; profitable growth; positioning; business model;
financial formula; stock repurchases; capital ratios; earnings
power; balance sheet; and stockholder value. These forward-looking
statements reflect management’s expectations as of the date hereof.
Achievement of these expectations and objectives is subject to
risks and uncertainties that could cause actual results to differ
materially from the expressed expectations.
Important factors that may cause such differences include, but
are not limited to, the company’s ability to attract and retain
clients and independent investment advisors and grow those
relationships and client assets; develop and launch new and
enhanced products, services, and capabilities, as well as enhance
its infrastructure and capacity, in a timely and successful manner;
hire and retain talent; support client activity levels;
successfully implement integration strategies and plans; capture
Ameritrade deal expense synergies, streamline its operational
design, align its real estate footprint, and harness the benefits
of automation in order to deliver expected incremental annual
expense savings, and the costs incurred in connection with such
actions; manage expenses; and monetize client assets. Other
important factors include client use of the company’s advisory
solutions and other products and services; general market
conditions, including the level of interest rates and equity
valuations; higher than expected asset attrition from clients
originating at Ameritrade; client cash allocation decisions; client
sensitivity to rates; level of client assets, including cash
balances; competitive pressures on pricing; the level and mix of
client trading activity; market volatility; capital and liquidity
needs and management; balance sheet positioning relative to changes
in interest rates; interest earning asset mix and growth; new or
changed legislation, regulation or regulatory expectations; and
other factors set forth in the company’s most recent reports on
Form 10-K and Form 10-Q.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading
provider of financial services, with 34.8 million active brokerage
accounts, 5.2 million workplace plan participant accounts, 1.8
million banking accounts, and $8.52 trillion in client assets.
Through its operating subsidiaries, the company provides a full
range of wealth management, securities brokerage, banking, asset
management, custody, and financial advisory services to individual
investors and independent investment advisors. Its broker-dealer
subsidiaries, Charles Schwab & Co., Inc., TD Ameritrade, Inc.,
and TD Ameritrade Clearing, Inc., (members SIPC,
https://www.sipc.org), and their affiliates offer a complete range
of investment services and products including an extensive
selection of mutual funds; financial planning and investment
advice; retirement plan and equity compensation plan services;
referrals to independent, fee-based investment advisors; and
custodial, operational and trading support for independent,
fee-based investment advisors through Schwab Advisor Services. Its
primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC
and an Equal Housing Lender), provides banking and lending services
and products. More information is available at
https://www.aboutschwab.com. TD Ameritrade, Inc. and TD Ameritrade
Clearing, Inc. are separate but affiliated companies and
subsidiaries of TD Ameritrade Holding LLC. TD Ameritrade Holding
LLC is a wholly owned subsidiary of The Charles Schwab Corporation.
TD Ameritrade is a trademark jointly owned by TD Ameritrade IP
Company, Inc. and The Toronto-Dominion Bank.
THE CHARLES SCHWAB
CORPORATION
Consolidated Statements of
Income
(In millions, except per share
amounts)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Net Revenues
Interest revenue
$
3,963
$
3,841
$
16,111
$
12,227
Interest expense
(1,833
)
(812
)
(6,684
)
(1,545
)
Net interest revenue
2,130
3,029
9,427
10,682
Asset management and administration fees
(1)
1,241
1,049
4,756
4,216
Trading revenue
767
895
3,230
3,673
Bank deposit account fees
174
350
705
1,409
Other
147
174
719
782
Total net revenues
4,459
5,497
18,837
20,762
Expenses Excluding Interest
Compensation and benefits
1,409
1,488
6,315
5,936
Professional services
253
266
1,058
1,032
Occupancy and equipment
331
320
1,254
1,175
Advertising and market development
104
123
397
419
Communications
144
144
629
588
Depreciation and amortization
238
176
804
652
Amortization of acquired intangible
assets
130
136
534
596
Regulatory fees and assessments
270
62
547
262
Other
386
184
921
714
Total expenses excluding interest
3,265
2,899
12,459
11,374
Income before taxes on income
1,194
2,598
6,378
9,388
Taxes on income
149
630
1,311
2,205
Net Income
1,045
1,968
5,067
7,183
Preferred stock dividends and other
119
147
418
548
Net Income Available to Common
Stockholders
$
926
$
1,821
$
4,649
$
6,635
Weighted-Average Common Shares
Outstanding:
Basic
1,823
1,864
1,824
1,885
Diluted
1,828
1,873
1,831
1,894
Earnings Per Common Shares
Outstanding (2):
Basic
$
.51
$
.98
$
2.55
$
3.52
Diluted
$
.51
$
.97
$
2.54
$
3.50
(1)
No fee waivers were recognized for the
three and twelve months ended December 31, 2023, or for the three
months ended December 31, 2022. Includes fee waivers of $57 million
for the twelve months ended December 31, 2022.
(2)
The Company has voting and nonvoting
common stock outstanding. As the participation rights, including
dividend and liquidation rights, are identical between the voting
and nonvoting stock classes, basic and diluted earnings per share
are the same for each class.
THE CHARLES SCHWAB
CORPORATION
Financial and Operating
Highlights
(Unaudited)
Q4-23 %
change
2023
2022
vs.
vs.
Fourth
Third
Second
First
Fourth
(In millions, except per share amounts and
as noted)
Q4-22
Q3-23
Quarter
Quarter
Quarter
Quarter
Quarter
Net Revenues
Net interest revenue
(30
)%
(5
)%
$
2,130
$
2,237
$
2,290
$
2,770
$
3,029
Asset management and administration
fees
18
%
1
%
1,241
1,224
1,173
1,118
1,049
Trading revenue
(14
)%
—
767
768
803
892
895
Bank deposit account fees
(50
)%
(15
)%
174
205
175
151
350
Other
(16
)%
(15
)%
147
172
215
185
174
Total net revenues
(19
)%
(3
)%
4,459
4,606
4,656
5,116
5,497
Expenses Excluding Interest
Compensation and benefits (1)
(5
)%
(20
)%
1,409
1,770
1,498
1,638
1,488
Professional services
(5
)%
(8
)%
253
275
272
258
266
Occupancy and equipment
3
%
9
%
331
305
319
299
320
Advertising and market development
(15
)%
2
%
104
102
103
88
123
Communications
—
(5
)%
144
151
188
146
144
Depreciation and amortization
35
%
20
%
238
198
191
177
176
Amortization of acquired intangible
assets
(4
)%
(4
)%
130
135
134
135
136
Regulatory fees and assessments
N/M
137
%
270
114
80
83
62
Other (2)
110
%
123
%
386
173
180
182
184
Total expenses excluding interest
13
%
1
%
3,265
3,223
2,965
3,006
2,899
Income before taxes on income
(54
)%
(14
)%
1,194
1,383
1,691
2,110
2,598
Taxes on income
(76
)%
(42
)%
149
258
397
507
630
Net Income
(47
)%
(7
)%
1,045
1,125
1,294
1,603
1,968
Preferred stock dividends and other
(19
)%
10
%
119
108
121
70
147
Net Income Available to Common
Stockholders
(49
)%
(9
)%
$
926
$
1,017
$
1,173
$
1,533
$
1,821
Earnings per common share (3):
Basic
(48
)%
(9
)%
$
.51
$
.56
$
.64
$
.84
$
.98
Diluted
(47
)%
(9
)%
$
.51
$
.56
$
.64
$
.83
$
.97
Dividends declared per common share
14
%
—
$
.25
$
.25
$
.25
$
.25
$
.22
Weighted-average common shares
outstanding:
Basic
(2
)%
—
1,823
1,821
1,820
1,834
1,864
Diluted
(2
)%
—
1,828
1,827
1,825
1,842
1,873
Performance Measures
Pre-tax profit margin
26.8
%
30.0
%
36.3
%
41.2
%
47.3
%
Return on average common stockholders’
equity (annualized) (4)
12
%
14
%
17
%
23
%
27
%
Financial Condition (at quarter
end, in billions)
Cash and cash equivalents
8
%
30
%
$
43.3
$
33.3
$
47.7
$
49.2
$
40.2
Cash and investments segregated
(26
)%
71
%
31.8
18.6
25.1
31.0
43.0
Receivables from brokerage clients —
net
3
%
(1
)%
68.7
69.1
65.2
63.2
66.6
Available for sale securities
(27
)%
(2
)%
107.6
110.3
125.8
141.3
147.9
Held to maturity securities
(8
)%
(2
)%
159.5
162.5
166.3
169.9
173.1
Bank loans — net
—
—
40.4
40.3
40.1
40.0
40.5
Total assets
(11
)%
4
%
493.2
475.2
511.5
535.6
551.8
Bank deposits
(21
)%
2
%
290.0
284.4
304.4
325.7
366.7
Payables to brokerage clients
(13
)%
16
%
84.8
72.8
84.8
87.6
97.4
Other short-term borrowings (5)
40
%
(13
)%
6.6
7.6
7.8
7.1
4.7
Federal Home Loan Bank borrowings (5)
113
%
(17
)%
26.4
31.8
41.0
45.6
12.4
Long-term debt
25
%
5
%
26.1
24.8
22.5
20.0
20.8
Stockholders’ equity
12
%
8
%
41.0
37.8
37.1
36.3
36.6
Other
Full-time equivalent employees (at quarter
end, in thousands)
(7
)%
(8
)%
33.0
35.9
36.6
36.0
35.3
Capital expenditures — purchases of
equipment, office facilities, and property, net (in millions)
(6
)%
(20
)%
$
199
$
250
$
168
$
187
$
211
Expenses excluding interest as a
percentage of average client assets (annualized)
0.16
%
0.16
%
0.15
%
0.17
%
0.16
%
Clients’ Daily Average Trades
(DATs) (in thousands)
(4
)%
—
5,192
5,218
5,272
5,895
5,389
Number of Trading Days
—
—
62.5
62.5
62.0
62.0
62.5
Revenue Per Trade (6)
(11
)%
—
$
2.36
$
2.35
$
2.46
$
2.44
$
2.66
(1)
Fourth quarter of 2023 includes $16
million in restructuring costs. Third quarter of 2023 includes $276
million in restructuring costs.
(2)
Fourth quarter of 2023 includes $181
million in restructuring costs.
(3)
The Company has voting and nonvoting
common stock outstanding. As the participation rights, including
dividend and liquidation rights, are identical between the voting
and nonvoting stock classes, basic and diluted earnings per share
are the same for each class.
(4)
Return on average common stockholders’
equity is calculated using net income available to common
stockholders divided by average common stockholders’ equity.
(5)
Beginning in the first quarter of 2023,
Federal Home Loan Bank borrowings are presented separately from
other short-term borrowings. Prior period amounts have been
reclassified to reflect this change.
(6)
Revenue per trade is calculated as trading
revenue divided by DATs multiplied by the number of trading
days.
N/M Not meaningful. Percentage changes
greater than 200% are presented as not meaningful.
THE CHARLES SCHWAB
CORPORATION
Net Interest Revenue
Information
(In millions, except ratios or as
noted)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Average
Balance
Interest
Revenue/
Expense
Average
Yield/
Rate
Average
Balance
Interest
Revenue/
Expense
Average
Yield/
Rate
Average
Balance
Interest
Revenue/
Expense
Average
Yield/
Rate
Average
Balance
Interest
Revenue/
Expense
Average
Yield/
Rate
Interest-earning assets
Cash and cash equivalents
$
35,312
$
475
5.27
%
$
38,067
$
351
3.62
%
$
37,846
$
1,894
4.94
%
$
57,163
$
812
1.40
%
Cash and investments segregated
23,830
314
5.16
%
45,096
383
3.33
%
28,259
1,355
4.73
%
49,430
691
1.38
%
Receivables from brokerage clients
62,602
1,260
7.88
%
66,663
1,077
6.32
%
61,914
4,793
7.64
%
75,614
3,321
4.33
%
Available for sale securities (1,2)
118,831
647
2.16
%
196,577
943
1.90
%
137,178
2,987
2.17
%
260,392
4,139
1.58
%
Held to maturity securities
160,378
700
1.74
%
146,384
626
1.70
%
165,634
2,872
1.73
%
112,357
1,688
1.50
%
Bank loans
40,386
437
4.31
%
40,531
366
3.59
%
40,234
1,664
4.14
%
38,816
1,083
2.79
%
Total interest-earning assets
441,339
3,833
3.43
%
533,318
3,746
2.77
%
471,065
15,565
3.28
%
593,772
11,734
1.96
%
Securities lending revenue
78
88
419
471
Other interest revenue
52
7
127
22
Total interest-earning assets
$
441,339
$
3,963
3.54
%
$
533,318
$
3,841
2.84
%
$
471,065
$
16,111
3.39
%
$
593,772
$
12,227
2.04
%
Funding sources
Bank deposits
$
280,380
$
971
1.37
%
$
374,812
$
438
0.46
%
$
306,505
$
3,363
1.10
%
$
424,168
$
723
0.17
%
Payables to brokerage clients
61,781
66
0.43
%
87,001
76
0.35
%
66,842
271
0.41
%
97,825
123
0.13
%
Other short-term borrowings (3)
6,724
95
5.63
%
2,904
36
4.89
%
7,144
375
5.25
%
2,719
48
1.75
%
Federal Home Loan Bank borrowings (3)
31,630
423
5.28
%
9,023
106
4.59
%
34,821
1,810
5.14
%
2,274
106
4.59
%
Long-term debt
25,457
226
3.54
%
20,837
135
2.59
%
22,636
715
3.16
%
20,714
498
2.40
%
Total interest-bearing liabilities
405,972
1,781
1.74
%
494,577
791
0.64
%
437,948
6,534
1.49
%
547,700
1,498
0.27
%
Non-interest-bearing funding sources
35,367
38,741
33,117
46,072
Securities lending expense
51
20
147
48
Other interest expense
1
1
3
(1
)
Total funding sources
$
441,339
$
1,833
1.65
%
$
533,318
$
812
0.60
%
$
471,065
$
6,684
1.41
%
$
593,772
$
1,545
0.26
%
Net interest revenue
$
2,130
1.89
%
$
3,029
2.24
%
$
9,427
1.98
%
$
10,682
1.78
%
(1)
Amounts have been calculated based on
amortized cost.
(2)
Beginning in the first quarter of 2023,
amounts include the impact of derivative financial instruments and
the related hedge accounting on our available for sale
securities.
(3)
Beginning in the first quarter of 2023,
Federal Home Loan Bank borrowings are presented separately from
other short-term borrowings. Prior period amounts have been
reclassified to reflect this change.
THE CHARLES SCHWAB
CORPORATION
Asset Management and
Administration Fees Information
(In millions, except ratios or as
noted)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Average
Client
Assets
Revenue
Average
Fee
Average
Client
Assets
Revenue
Average
Fee
Average
Client
Assets
Revenue
Average
Fee
Average
Client
Assets
Revenue
Average
Fee
Schwab money market funds before fee
waivers
$
461,091
$
299
0.26
%
$
243,587
$
159
0.26
%
$
391,864
$
1,034
0.26
%
$
179,791
$
499
0.28
%
Fee waivers
—
—
—
(57
)
Schwab money market funds
461,091
299
0.26
%
243,587
159
0.26
%
391,864
1,034
0.26
%
179,791
442
0.25
%
Schwab equity and bond funds,
exchange-traded funds (ETFs), and collective trust funds (CTFs)
486,340
98
0.08
%
421,238
86
0.08
%
471,832
382
0.08
%
433,005
364
0.08
%
Mutual Fund OneSource® and other
no-transaction-fee funds
289,841
188
0.26
%
219,965
149
0.27
%
249,131
657
0.26
%
202,015
602
0.30
%
Other third-party mutual funds and
ETFs
572,027
97
0.07
%
659,870
137
0.08
%
640,689
490
0.08
%
768,871
647
0.08
%
Total mutual funds, ETFs, and CTFs (1)
$
1,809,299
682
0.15
%
$
1,544,660
531
0.14
%
$
1,753,516
2,563
0.15
%
$
1,583,682
2,055
0.13
%
Advice solutions (1)
Fee-based
$
465,266
475
0.41
%
$
424,407
445
0.42
%
$
458,114
1,868
0.41
%
$
441,336
1,854
0.42
%
Non-fee-based
98,679
—
—
87,804
—
—
96,633
—
—
89,525
—
—
Total advice solutions
$
563,945
475
0.33
%
$
512,211
445
0.34
%
$
554,747
1,868
0.34
%
$
530,861
1,854
0.35
%
Other balance-based fees (2)
664,774
65
0.04
%
524,465
58
0.04
%
608,170
254
0.04
%
561,416
244
0.04
%
Other (3)
19
15
71
63
Total asset management and
administration fees
$
1,241
$
1,049
$
4,756
$
4,216
(1)
Advice solutions include managed
portfolios, specialized strategies, and customized investment
advice such as Schwab Wealth Advisory™, Schwab Managed Portfolios™,
Managed Account Select®, Schwab Advisor Network®, Windhaven
Strategies®, ThomasPartners® Strategies, Schwab Index Advantage
advised retirement plan balances, Schwab Intelligent Portfolios®,
Institutional Intelligent Portfolios®, Schwab Intelligent
Portfolios Premium®, AdvisorDirect®, Essential Portfolios,
Selective Portfolios, and Personalized Portfolios; as well as
legacy non-fee advice solutions including Schwab Advisor Source and
certain retirement plan balances. Average client assets for advice
solutions may also include the asset balances contained in the
mutual fund and/or ETF categories listed above. For the total end
of period view, please see the Monthly Activity Report.
(2)
Includes various asset-related fees, such
as trust fees, 401(k) record keeping fees, and mutual fund clearing
fees and other service fees.
(3)
Includes miscellaneous service and
transaction fees relating to mutual funds and ETFs that are not
balance-based.
THE CHARLES SCHWAB
CORPORATION
Growth in Client Assets and
Accounts
(Unaudited)
Q4-23 %
Change
2023
2022
vs.
vs.
Fourth
Third
Second
First
Fourth
(In billions, at quarter end, except as
noted)
Q4-22
Q3-23
Quarter
Quarter
Quarter
Quarter
Quarter
Assets in client accounts
Schwab One®, certain cash equivalents and
bank deposits
(20
)%
4
%
$
368.3
$
353.1
$
384.4
$
408.5
$
459.4
Bank deposit account balances
(23
)%
(2
)%
97.4
99.5
102.7
106.5
126.6
Proprietary mutual funds (Schwab Funds®
and Laudus Funds®) and CTFs
Money market funds (1)
71
%
9
%
476.4
436.3
392.9
357.8
278.9
Equity and bond funds and CTFs (2)
22
%
11
%
186.7
167.9
172.6
163.1
153.6
Total proprietary mutual funds and
CTFs
53
%
10
%
663.1
604.2
565.5
520.9
432.5
Mutual Fund Marketplace® (3)
Mutual Fund OneSource® and other
no-transaction-fee funds
30
%
6
%
306.2
288.0
254.6
244.3
235.7
Mutual fund clearing services
22
%
8
%
233.4
216.9
220.7
201.7
191.1
Other third-party mutual funds (4)
5
%
7
%
1,126.5
1,055.3
1,150.8
1,123.6
1,077.1
Total Mutual Fund Marketplace
11
%
7
%
1,666.1
1,560.2
1,626.1
1,569.6
1,503.9
Total mutual fund assets
20
%
8
%
2,329.2
2,164.4
2,191.6
2,090.5
1,936.4
Exchange-traded funds
Proprietary ETFs (2)
23
%
12
%
319.4
286.2
293.2
280.6
259.3
Other third-party ETFs
26
%
13
%
1,521.7
1,352.6
1,381.4
1,297.5
1,208.4
Total ETF assets
25
%
12
%
1,841.1
1,638.8
1,674.6
1,578.1
1,467.7
Equity and other securities
25
%
10
%
3,163.5
2,886.4
3,002.7
2,772.2
2,529.4
Fixed income securities
31
%
4
%
779.7
747.4
722.6
684.7
593.4
Margin loans outstanding
(1
)%
(4
)%
(62.6
)
(65.1
)
(62.8
)
(60.5
)
(63.1
)
Total client assets
21
%
9
%
$
8,516.6
$
7,824.5
$
8,015.8
$
7,580.0
$
7,049.8
Client assets by business
Investor Services
23
%
9
%
$
4,519.1
$
4,157.7
$
4,267.9
$
4,001.9
$
3,682.1
Advisor Services
19
%
9
%
3,997.5
3,666.8
3,747.9
3,578.1
3,367.7
Total client assets
21
%
9
%
$
8,516.6
$
7,824.5
$
8,015.8
$
7,580.0
$
7,049.8
Net growth in assets in client
accounts (for the quarter ended)
Net new assets by business
Investor Services (5)
(61
)%
(13
)%
$
25.0
$
28.6
$
36.0
$
79.4
$
64.3
Advisor Services (6)
(36
)%
111
%
41.3
19.6
36.0
71.3
64.1
Total net new assets
(48
)%
38
%
$
66.3
$
48.2
$
72.0
$
150.7
$
128.4
Net market gains (losses)
625.8
(239.5
)
363.8
379.5
277.2
Net growth (decline)
$
692.1
$
(191.3
)
$
435.8
$
530.2
$
405.6
New brokerage accounts (in
thousands, for the quarter ended)
(2
)%
2
%
910
894
960
1,042
931
Client accounts (in thousands)
Active brokerage accounts (7)
3
%
1
%
34,838
34,540
34,382
34,120
33,758
Banking accounts
7
%
2
%
1,838
1,799
1,781
1,746
1,716
Workplace Plan Participant Accounts
(8)
9
%
2
%
5,221
5,141
5,003
4,845
4,807
(1)
Total client assets in purchased money
market funds are located at:
https://www.aboutschwab.com/investor-relations.
(2)
Includes balances held on and off the
Schwab platform. As of December 31, 2023, off-platform equity and
bond funds, CTFs, and ETFs were $27.4 billion, $3.2 billion, and
$107.2 billion, respectively.
(3)
Excludes all proprietary mutual funds and
ETFs.
(4)
As of December 31, 2023, third-party money
funds were $1.0 billion.
(5)
Fourth quarter of 2023 includes net
inflows of $2.4 billion from off-platform Schwab Bank Retail
Certificates of Deposit (CDs) and outflows of $5.8 billion from an
international relationship. Third quarter of 2023 includes net
inflows of $3.3 billion from off-platform Schwab Bank Retail CDs.
Second quarter of 2023 includes an inflow of $12.0 billion from a
mutual fund clearing services client and inflows of $7.8 billion
from off-platform Schwab Bank Retail CDs. First quarter of 2023
includes inflows of $19.0 billion from off-platform Schwab Bank
Retail CDs.
(6)
Fourth quarter of 2023 includes outflows
of $6.4 billion from an international relationship. Third quarter
of 2023 includes an outflow of $0.8 billion from an international
relationship.
(7)
Fourth quarter of 2022 includes the
Company-initiated closure of approximately 350 thousand low-balance
accounts.
(8)
Beginning in the fourth quarter 2023,
Retirement Plan Participants was expanded to include accounts in
Stock Plan Services, Designated Brokerage Services, and Retirement
Business Services. Participants may be enrolled in services in more
than one Workplace business. Prior periods have been recast to
reflect this change.
The Charles Schwab Corporation
Monthly Activity Report For December 2023
2022
2023
Change
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Mo.
Yr.
Market Indices (at month end)
Dow Jones Industrial Average®
33,147
34,086
32,657
33,274
34,098
32,908
34,408
35,560
34,722
33,508
33,053
35,951
37,690
5
%
14
%
Nasdaq Composite®
10,466
11,585
11,456
12,222
12,227
12,935
13,788
14,346
14,035
13,219
12,851
14,226
15,011
6
%
43
%
Standard & Poor’s® 500
3,840
4,077
3,970
4,109
4,169
4,180
4,450
4,589
4,508
4,288
4,194
4,568
4,770
4
%
24
%
Client Assets (in billions of
dollars)
Beginning Client Assets
7,320.6
7,049.8
7,480.6
7,380.2
7,580.0
7,631.5
7,650.2
8,015.8
8,241.0
8,094.7
7,824.5
7,653.4
8,180.6
Net New Assets (1)
53.3
36.1
41.7
72.9
13.6
24.6
33.8
12.9
8.1
27.2
5.0
19.2
42.1
119
%
(21
)%
Net Market Gains (Losses)
(324.1
)
394.7
(142.1
)
126.9
37.9
(5.9
)
331.8
212.3
(154.4
)
(297.4
)
(176.1
)
508.0
293.9
Total Client Assets (at month end)
7,049.8
7,480.6
7,380.2
7,580.0
7,631.5
7,650.2
8,015.8
8,241.0
8,094.7
7,824.5
7,653.4
8,180.6
8,516.6
4
%
21
%
Core Net New Assets (1,2)
53.3
36.1
41.7
53.9
(2.3
)
20.7
33.8
13.7
4.9
27.1
11.3
21.7
43.1
99
%
(19
)%
Receiving Ongoing Advisory Services (at
month end)
Investor Services
499.8
524.6
515.5
526.2
530.7
526.3
547.5
560.6
552.2
533.0
522.2
557.0
581.4
4
%
16
%
Advisor Services (3)
3,173.4
3,345.4
3,289.6
3,369.3
3,394.9
3,377.8
3,527.8
3,619.8
3,554.2
3,448.0
3,380.3
3,604.4
3,757.4
4
%
18
%
Client Accounts (at month end, in
thousands)
Active Brokerage Accounts
33,758
33,878
34,010
34,120
34,248
34,311
34,382
34,434
34,440
34,540
34,571
34,672
34,838
—
3
%
Banking Accounts
1,716
1,729
1,733
1,746
1,757
1,768
1,781
1,792
1,798
1,799
1,812
1,825
1,838
1
%
7
%
Workplace Plan Participant Accounts
(4)
4,807
4,817
4,839
4,845
4,869
4,962
5,003
5,030
5,037
5,141
5,212
5,212
5,221
—
9
%
Client Activity
New Brokerage Accounts (in thousands)
330
344
320
378
331
314
315
303
311
280
284
286
340
19
%
3
%
Client Cash as a Percentage of Client
Assets (5,6)
12.2
%
11.5
%
11.6
%
11.2
%
10.8
%
10.9
%
10.5
%
10.2
%
10.4
%
10.8
%
11.2
%
10.7
%
10.5
%
(20
) bp
(170
) bp
Derivative Trades as a Percentage of Total
Trades
23.2
%
23.0
%
23.5
%
22.8
%
23.4
%
23.5
%
23.9
%
23.0
%
24.4
%
24.2
%
23.2
%
23.1
%
21.8
%
(130
) bp
(140
) bp
Selected Average Balances (in millions
of dollars)
Average Interest-Earning Assets (7)
520,100
512,893
503,122
497,627
493,215
483,438
479,752
466,659
449,483
444,864
438,522
439,118
446,305
2
%
(14
)%
Average Margin Balances
64,759
60,211
60,575
60,848
60,338
60,250
61,543
63,040
64,226
64,014
63,946
61,502
62,309
1
%
(4
)%
Average Bank Deposit Account Balances
(8)
126,953
122,387
115,816
109,392
104,775
103,149
102,917
102,566
101,928
100,404
97,893
94,991
95,518
1
%
(25
)%
Mutual Fund and Exchange-Traded
Fund
Net Buys (Sells) (9,10) (in millions of
dollars)
Equities
(1,837
)
7,236
5,850
(3,234
)
1,126
(1,366
)
9,190
7,423
(278
)
675
(3,039
)
6,099
7,903
Hybrid
(1,595
)
(433
)
47
(1,641
)
(462
)
(889
)
(903
)
(407
)
(1,037
)
(828
)
(1,457
)
(1,466
)
(1,596
)
Bonds
(3,260
)
5,646
4,281
6,158
2,575
2,029
3,302
2,515
4,696
2,723
1,094
255
6,104
Net Buy (Sell) Activity (in millions of
dollars)
Mutual Funds (9)
(21,851
)
552
(2,338
)
(7,423
)
(4,904
)
(7,157
)
(4,485
)
(3,333
)
(6,476
)
(5,853
)
(12,245
)
(9,267
)
(7,406
)
Exchange-Traded Funds (10)
15,159
11,897
12,516
8,706
8,143
6,931
16,074
12,864
9,857
8,423
8,843
14,155
19,817
Money Market Funds
27,778
24,285
23,347
27,106
6,291
15,256
9,112
7,911
16,869
13,388
16,976
11,670
7,745
Note: Certain supplemental details related
to the information above can be found at:
https://www.aboutschwab.com/financial-reports.
(1)
Unless otherwise noted, differences
between net new assets and core net new assets are net flows from
off-platform Schwab Bank Retail CDs – including March 2023 which
reflects inflows of $19.0 billion from off-platform Schwab Bank
Retail CDs issued year-to-date through March 31, 2023.
Additionally, 2023 includes outflows from a large international
relationship of $0.8 billion in September, $6.2 billion in October,
$5.4 billion in November, and $0.6 billion in December, and an
inflow of $12.0 billion from a mutual fund clearing services client
in April.
(2)
Net new assets before significant one-time
inflows or outflows, such as acquisitions/divestitures or
extraordinary flows (generally greater than $10 billion) relating
to a specific client, and activity from off-platform Schwab Bank
Retail CDs. These flows may span multiple reporting periods.
(3)
Excludes Retirement Business Services.
(4)
Beginning October 2023, Retirement Plan
Participants was expanded to include accounts in Stock Plan
Services, Designated Brokerage Services, and Retirement Business
Services. Participants may be enrolled in services in more than one
Workplace business. Prior periods have been recast to reflect this
change.
(5)
Schwab One®, certain cash equivalents,
bank deposits, third-party bank deposit accounts, and money market
fund balances as a percentage of total client assets.
(6)
Beginning July 2023, client cash as a
percentage of client assets excludes brokered CDs issued by Charles
Schwab Bank. Prior periods have been recast to reflect this
change.
(7)
Represents average total interest-earning
assets on the Company’s balance sheet.
(8)
Represents average clients’ uninvested
cash sweep account balances held in deposit accounts at third-party
financial institutions.
(9)
Represents the principal value of client mutual fund transactions
handled by Schwab, including transactions in proprietary funds.
Includes institutional funds available only to Investment Managers.
Excludes money market fund transactions.
(10)
Represents the principal value of client ETF transactions handled
by Schwab, including transactions in proprietary ETFs.
THE CHARLES SCHWAB CORPORATION Non-GAAP
Financial Measures (In millions, except ratios and per share
amounts) (Unaudited)
In addition to disclosing financial results in accordance with
generally accepted accounting principles in the U.S. (GAAP),
Schwab’s fourth quarter earnings release contains references to the
non-GAAP financial measures described below. We believe these
non-GAAP financial measures provide useful supplemental information
about the financial performance of the Company, and facilitate
meaningful comparison of Schwab’s results in the current period to
both historic and future results. These non-GAAP measures should
not be considered a substitute for, or superior to, financial
measures calculated in accordance with GAAP, and may not be
comparable to non-GAAP financial measures presented by other
companies.
Schwab’s use of non-GAAP measures is reflective of certain
adjustments made to GAAP financial measures as described below.
Beginning in the third quarter of 2023, these adjustments also
include restructuring costs, which the Company began incurring in
connection with its previously announced plans to streamline its
operations to prepare for post-integration of TD Ameritrade. See
Part I – Item 1 – Note 10 of our Quarterly Report on Form 10-Q for
the quarter ended September 30, 2023 for additional
information.
Non-GAAP Adjustment or
Measure
Definition
Usefulness to Investors and
Uses by Management
Acquisition and integration-related costs,
amortization of acquired intangible assets, and restructuring
costs
Schwab adjusts certain GAAP financial
measures to exclude the impact of acquisition and
integration-related costs incurred as a result of the Company’s
acquisitions, amortization of acquired intangible assets,
restructuring costs, and, where applicable, the income tax effect
of these expenses.
Adjustments made to exclude amortization
of acquired intangible assets are reflective of all acquired
intangible assets, which were recorded as part of purchase
accounting. These acquired intangible assets contribute to the
Company’s revenue generation. Amortization of acquired intangible
assets will continue in future periods over their remaining useful
lives.
We exclude acquisition and
integration-related costs, amortization of acquired intangible
assets, and restructuring costs for the purpose of calculating
certain non-GAAP measures because we believe doing so provides
additional transparency of Schwab’s ongoing operations, and is
useful in both evaluating the operating performance of the business
and facilitating comparison of results with prior and future
periods.
Costs related to acquisition and
integration or restructuring fluctuate based on the timing of
acquisitions, integration and restructuring activities, thereby
limiting comparability of results among periods, and are not
representative of the costs of running the Company’s ongoing
business. Amortization of acquired intangible assets is excluded
because management does not believe it is indicative of the
Company’s underlying operating performance.
Return on tangible common equity
Return on tangible common equity
represents annualized adjusted net income available to common
stockholders as a percentage of average tangible common equity.
Tangible common equity represents common equity less goodwill,
acquired intangible assets — net, and related deferred tax
liabilities.
Acquisitions typically result in the
recognition of significant amounts of goodwill and acquired
intangible assets. We believe return on tangible common equity may
be useful to investors as a supplemental measure to facilitate
assessing capital efficiency and returns relative to the
composition of Schwab’s balance sheet.
Adjusted Tier 1 Leverage Ratio
Adjusted Tier 1 Leverage Ratio represents
the Tier 1 Leverage Ratio as prescribed by bank regulatory guidance
for the consolidated company and for CSB, adjusted to reflect the
inclusion of accumulated other comprehensive income (AOCI) in the
ratio.
Inclusion of the impacts of AOCI in the
Company’s Tier 1 Leverage Ratio provides additional information
regarding the Company’s current capital position. We believe
Adjusted Tier 1 Leverage Ratio may be useful to investors as a
supplemental measure of the Company’s capital levels.
The Company also uses adjusted diluted EPS and return on
tangible common equity as components of performance criteria for
employee bonus and certain executive management incentive
compensation arrangements. The Compensation Committee of CSC’s
Board of Directors maintains discretion in evaluating performance
against these criteria.
The tables below present reconciliations of GAAP measures to
non-GAAP measures:
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Total
Expenses
Excluding
Interest
Net
Income
Total
Expenses
Excluding
Interest
Net
Income
Total
Expenses
Excluding
Interest
Net
Income
Total
Expenses
Excluding
Interest
Net
Income
Total expenses excluding interest
(GAAP), Net income (GAAP)
$
3,265
$
1,045
$
2,899
$
1,968
$
12,459
$
5,067
$
11,374
$
7,183
Acquisition and integration-related costs
(1)
(67
)
67
(101
)
101
(401
)
401
(392
)
392
Amortization of acquired intangible
assets
(130
)
130
(136
)
136
(534
)
534
(596
)
596
Restructuring costs (2)
(216
)
216
—
—
(495
)
495
—
—
Income tax effects (3)
N/A
(91
)
N/A
(54
)
N/A
(338
)
N/A
(237
)
Adjusted total expenses (non-GAAP),
Adjusted net income (non-GAAP)
$
2,852
$
1,367
$
2,662
$
2,151
$
11,029
$
6,159
$
10,386
$
7,934
(1)
Acquisition and integration-related costs
for the three and twelve months ended December 31, 2023 primarily
consist of $29 million and $187 million of compensation and
benefits, $24 million and $135 million of professional services, $7
million and $28 million of occupancy and equipment, and $1 million
and $27 million of other. Acquisition and integration-related costs
for the three and twelve months ended December 31, 2022 primarily
consist of $54 million and $220 million of compensation and
benefits, $38 million and $140 million of professional services,
and $7 million and $21 million of occupancy and equipment.
(2)
Restructuring costs for the three and
twelve months ended December 31, 2023 primarily consist of $16
million and $292 million of compensation and benefits, $15 million
and $17 million of occupancy and equipment, and $181 million of
other for each period. There were no restructuring costs for the
three and twelve months ended December 31, 2022.
(3)
The income tax effects of the non-GAAP
adjustments are determined using an effective tax rate reflecting
the exclusion of non-deductible acquisition costs and are used to
present the acquisition and integration-related costs, amortization
of acquired intangible assets and restructuring costs on an
after-tax basis.
N/A Not applicable.
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Amount
% of
Total Net
Revenues
Amount
% of
Total Net
Revenues
Amount
% of
Total Net
Revenues
Amount
% of
Total Net
Revenues
Income before taxes on income
(GAAP), Pre-tax profit margin (GAAP)
$
1,194
26.8
%
$
2,598
47.3
%
$
6,378
33.9
%
$
9,388
45.2
%
Acquisition and integration-related
costs
67
1.5
%
101
1.8
%
401
2.1
%
392
1.9
%
Amortization of acquired intangible
assets
130
2.9
%
136
2.5
%
534
2.9
%
596
2.9
%
Restructuring costs
216
4.8
%
—
—
495
2.6
%
—
—
Adjusted income before taxes on income
(non-GAAP), Adjusted pre-tax profit margin
(non-GAAP)
$
1,607
36.0
%
$
2,835
51.6
%
$
7,808
41.5
%
$
10,376
50.0
%
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Amount
Diluted
EPS
Amount
Diluted
EPS
Amount
Diluted
EPS
Amount
Diluted
EPS
Net income available to common
stockholders (GAAP), Earnings per common share — diluted
(GAAP)
$
926
$
.51
$
1,821
$
.97
$
4,649
$
2.54
$
6,635
$
3.50
Acquisition and integration-related
costs
67
.04
101
.05
401
.22
392
.21
Amortization of acquired intangible
assets
130
.07
136
.07
534
.29
596
.31
Restructuring costs
216
.12
—
—
495
.27
—
—
Income tax effects
(91
)
(.06
)
(54
)
(.02
)
(338
)
(.19
)
(237
)
(.12
)
Adjusted net income available to common
stockholders (non-GAAP), Adjusted diluted EPS
(non-GAAP)
$
1,248
$
.68
$
2,004
$
1.07
$
5,741
$
3.13
$
7,386
$
3.90
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2022
2023
2022
Return on average common stockholders’
equity (GAAP)
12
%
27
%
16
%
18
%
Average common stockholders’ equity
$
30,179
$
26,823
$
29,334
$
36,605
Less: Average goodwill
(11,951
)
(11,951
)
(11,951
)
(11,952
)
Less: Average acquired intangible assets —
net
(8,325
)
(8,856
)
(8,524
)
(9,084
)
Plus: Average deferred tax liabilities
related to goodwill and acquired intangible assets — net
1,790
1,842
1,805
1,870
Average tangible common equity
$
11,693
$
7,858
$
10,664
$
17,439
Adjusted net income available to common
stockholders (1)
$
1,248
$
2,004
$
5,741
$
7,386
Return on tangible common equity
(non-GAAP)
43
%
102
%
54
%
42
%
(1)
See table above for the reconciliation of
net income available to common stockholders to adjusted net income
available to common stockholders (non-GAAP).
(Preliminary)
December 31, 2023
CSC
CSB
Tier 1 Leverage Ratio (GAAP)
8.5
%
10.1
%
Tier 1 Capital
$
40,602
$
31,777
Plus: AOCI adjustment
(18,131
)
(15,746
)
Adjusted Tier 1 Capital
22,471
16,031
Average assets with regulatory
adjustments
476,069
315,851
Plus: AOCI adjustment
(19,514
)
(17,194
)
Adjusted average assets with regulatory
adjustments
$
456,555
$
298,657
Adjusted Tier 1 Leverage Ratio
(non-GAAP)
4.9
%
5.4
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240117628237/en/
MEDIA: Mayura Hooper Charles Schwab Phone:
415-667-1525
INVESTORS/ANALYSTS: Jeff Edwards Charles Schwab Phone:
415-667-1524
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