Financial Performance and Outlook
Corporate
Segment
Reported net loss of $591MM
-
Adjusted¹ loss of $133MM
P&L ($MM)
Reported
Net Income (Loss)
Q4/23
Q3/23
Q4/22
(591)
(782)
2,661
Adjustments for items of note
Amortization of acquired intangibles²
92
88
57
Acquisition and integration charges related
31
54
18
to the Schwab transaction³
Share of restructuring charges from
35
investment in Schwab³
35
Restructuring charges
363
Payment related to the termination of the
First Horizon transaction
306
Additional notes:
.
The Corporate segment includes corporate expenses, other items not fully allocated to
operating segments, and net treasury and capital management-related activities. See
page 16 of the Bank's Q4 2023 Earnings News Release (ENR) for more information.
The Bank's U.S. strategic cards portfolio comprises agreements with certain U.S. retailers
pursuant to which TD is the U.S. issuer of private label and co-branded consumer credit
cards to the retailers' U.S. customers. Under the terms of the individual agreements, the
Bank and the retailers share in the profits generated by the relevant portfolios after the
provision for credit losses (PCL). Under IFRS, TD is required to present the gross amount
of revenue and PCL related to these portfolios in the Bank's Consolidated Statement of
Income. The Corporate segment reflects the retailer program partners' share of revenues
and PCL, with an offsetting amount reflecting the partners' net share recorded in Non-
interest expenses. This results in no impact to the Corporate segment reported net income
(loss). The U.S. Retail segment reflects only the portion of revenue and PCL attributable to
TD under the agreements in its reported net income.
The Bank accounts for its investment in Schwab using the equity method and reports its
after-tax share of Schwab's earnings with a one-month lag. The U.S. Retail segment
reflects the Bank's share of net income from its investment in Schwab. The Corporate
segment net income (loss) includes amounts for the amortization of acquired intangibles,
acquisition and integration charges related to the Schwab transaction, share of
restructuring charges from investment in Schwab, restructuring charges, and impact from
the terminated First Horizon acquisition-related capital hedging strategy.
Impact from the terminated First Horizon
acquisition-related capital hedging strategy
Impact of retroactive tax legislation on
payment card clearing services
Gain on sale of Schwab shares
Impact of Taxes
Net Income (Loss) - Adjusted¹
Net Corporate Expenses
Other
Net Income (Loss) - Adjusted¹
TD
64
177
(2,319)
57
(997)
(127)
(82)
570
(133)
(182)
(10)
(227)
(333)
(187)
94
151
177
(133)
(182)
(10)
17View entire presentation