Core net new assets totaled $366.9 billion, up 20% from $305.7 billion in 2023, representing an annualized growth rate of 4.3%. This demonstrates the company's ability to attract and retain client assets.

The company successfully completed the integration of Ameritrade, converting approximately $1.9 trillion in client assets across more than 17 million client accounts. This milestone eliminates integration-related uncertainties and allows for focus on future growth.

The company anticipates capital expenditures for 2025 to be within its longer term expectation of 3-5% of total net revenues. This suggests a disciplined approach to capital allocation and investment in future growth initiatives.

Total expenses excluding interest were $11.9 billion, down from $12.5 billion in the previous year, reflecting cost management efforts. This demonstrates management's commitment to operational efficiency.

The company realized annualized run-rate cost synergies of approximately $2.0 billion, demonstrating effective execution of integration plans. This contributes to improved profitability and operational efficiency.

The company implemented a restructuring plan, achieving approximately $500 million of incremental run-rate cost savings. This indicates proactive management in optimizing operations and reducing costs.

The direction and level of interest rates are important factors in our earnings. A decline in interest rates may have a negative impact on our net interest revenue and our bank deposit account fee revenue.

Our business involves the secure processing, storage, and transmission of confidential information about our clients and us. Information security risks for financial institutions are increasing.

As a participant in the securities, banking, and financial services industries, we are subject to extensive regulation under federal, state, and foreign laws by governmental agencies, supervisory authorities and SROs.

We operate in a highly competitive environment with a broad array of competitors from large integrated banks to venture-capital backed private companies.

Client cash realignment activity continued to decelerate in 2024, and principal and interest payments on the AFS and HTM investment securities portfolios supported reductions in bank supplemental funding balances.

Client assets invested in Schwab's proprietary money market funds and fixed income securities increased by a total of $383.8 billion, indicating a shift towards higher-yielding alternatives.

Total expenses excluding interest were $11.9 billion in 2024, down 4% from 2023. This decrease reflected lower restructuring costs, lower acquisition and integration-related costs, and lower regulatory fees and assessments.

The company implemented a restructuring plan, achieving approximately $500 million of incremental run-rate cost savings. This indicates proactive management in optimizing operations and reducing costs.

Adjusted total expenses were $11.3 billion in 2024, up 2% from 2023. This increase was primarily due to higher incentive compensation, higher depreciation and amortization due to continued investment to support growth of the business, and higher other expense.

Depreciation and amortization expense increased 14% YoY to $916 million, driven by capital expenditures to support growth of the business. This reflects ongoing investment in technology and infrastructure.

In 2023, we introduced Schwab Trading Powered by Ameritrade™, which brings together the best of Schwab and Ameritrade's trading platforms, comprehensive education, and specialized service.

Our business involves the secure processing, storage, and transmission of confidential information about our clients and us. Information security risks for financial institutions are increasing.

On February 12, 2025, the Company completed a secondary public offering of common shares through which TD Group US Holdings LLC, an affiliate of The Toronto-Dominion Bank (TD Bank), sold 133.8 million shares of the Company's common stock and 31.7 million shares of the Company's nonvoting common stock, which automatically converted into common stock, for an aggregate amount of $13.1 billion.

While the payment and amount of dividends are at the discretion of the Board of Directors, subject to certain regulatory and other restrictions, CSC currently targets its common and nonvoting common stock cash dividend at approximately 20% to 30% of net income.

We anticipate capital expenditures for 2025 to be within our longer term expectation of 3-5% of total net revenues.

As part of our real estate energy management program, Schwab incorporates sustainable practices and procedures to guide our facilities' design, materials, and building technologies.

CSC's Board of Directors, supported by the Board Risk Committee, oversees Schwab's enterprise risk management process and policies, including cybersecurity risks.

Schwab is committed to the highest standards of ethical conduct and compliance with applicable laws, rules, and regulations, and our Code of Business Conduct and Ethics outlines the ethical conduct that we must demonstrate to deliver our strategy while retaining the trust of our stakeholders.

Through an evolving macroeconomic landscape in 2024, Schwab continued its “Through Clients' Eyes” strategy, striving to meet the needs of our diverse client base, while driving growth across multiple fronts and successfully completing the integration of Ameritrade.

Amid easing inflation, the Federal Reserve began in September to cut interest rates for the first time in over four years, reducing the federal funds overnight rate by a total of 100 basis points in the third and fourth quarters.

Equity markets were positive for the year in 2024, with the S&P 500® and the NASDAQ Composite® finishing the year higher by 23% and 29%, respectively.