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TD Ameritrade Holding Corporation$47.40($.37)(.77%)

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 TD Ameritrade Reports Record Quarterly Revenue
   Wednesday, April 19, 2017 7:30:00 AM ET

--Record Average Client Trades per Day of 517,000

--Net Revenues Top $900M

--Record Total Client Assets of $847B

TD Ameritrade Holding Corporation (AMTD ) has released results for the second quarter of fiscal 2017 and reaffirmed its full-year earnings per share guidance of $1.50 to $1.80. The Company gathered approximately $19.5 billion in net new client assets for the quarter and reported 517,000 client trades per day, on average, both reflecting strong year-over-year increases.

The Company’s results for the quarter ended March 31, 2017 include the following:(1)

-- $0.40 in earnings per diluted share, up 5 percent year over year, on net income of $214 million



-- Record net new client assets of approximately $19.5 billion, an annualized growth rate of 10 percent

-- Record average client trades per day of approximately 517,000, up 2 percent year over year

-- Record net revenues of $904 million, 58 percent of which were asset-based

-- Pre-tax income of $344 million, or 38 percent of net revenues

-- Interest rate-sensitive assets(2) of $124 billion, up 11 percent year over year

-- Record client assets of $847 billion, up 19 percent year over year

"Our record-breaking results reflect the powerful combination of strong investor engagement in the market within an improving interest rate environment. Both factors served as tailwinds further accelerating our continued organic growth and giving us the flexibility to respond to the competitive environment with lower pricing for all of our clients," said Tim Hockey, president and chief executive officer. "Client asset inflows hit an all-time high as investors found value in our outstanding trading platforms, innovative tools, and broad product selection. We’re capturing money in motion and have plans firmly in place to help our industry-leading organic growth continue."

"We continued to build on our strong momentum from the December quarter driving solid growth from net new client assets and new accounts," said Steve Boyle, executive vice president and chief financial officer. "We expect the benefits from balance growth and higher interest rates to more than offset the financial impact of our lower commission price. Ongoing investments in cutting-edge technology that drive automation and further enhance the client experience will remain core to our strategy for the balance of the fiscal year."

Capital Management The Company paid $95 million in its second fiscal quarter, or $0.18 per share, in cash dividends.

The Company has declared an $0.18 per share quarterly cash dividend, payable on May 16, 2017 to all holders of record of common stock as of May 2, 2017.

Company Hosts Conference Call TD Ameritrade will host its April Quarter conference call this morning, April 19, 2017, at 8:30 a.m. EDT (7:30 a.m. CDT). Participants may listen to the conference call by dialing 877-648-7976. The Company will webcast the conference call through www.amtd.com, via the "Presentations & Events" page of the web site. A replay of the phone call will be available by dialing 855-859-2056 and entering the Conference ID 88024252 beginning at 11:30 a.m. EDT (10:30 a.m. CDT) on April 19, 2017. The replay will be available until 11:59 p.m. EDT (10:59 p.m. CDT) on April 26, 2017. A transcript of the call will be available on the Company’s corporate web site, www.amtd.com, via either the "Investor Relations" page or the "Presentations & Events" page beginning Thursday, April 20, 2017.

Interested parties can visit or subscribe to newsfeeds at www.amtd.com for the most up-to-date corporate financial information, presentation announcements, transcripts and archives. The company also communicates this information via Twitter, @TDAmeritradePR. Web site links, corporate titles and telephone numbers provided in this release, although correct when published, may change in the future.

Source: TD Ameritrade Holding Corporation

About TD Ameritrade Holding Corporation Millions of investors and independent registered investment advisors (RIAs) have turned to TD Ameritrade’s (AMTD ) technology, people and education to help make investing and trading easier to understand and do. Online or over the phone. In a branch or with an independent RIA. First-timer or sophisticated trader. Our clients want to take control, and we help them decide how - bringing Wall Street to Main Street for more than 40 years. TD Ameritrade has time and again been recognized as a leader in investment services. Please visit TD Ameritrade’s newsroom or www.amtd.com for more information, or read our stories at Fresh Accounts.

Safe Harbor 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, stock price or any projections or expectations regarding the proposed business combination transaction between us and Scottrade Financial Services, Inc., 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, the ability to obtain regulatory approvals and meet other closing conditions to the proposed transaction, including the completion of the merger between Scottrade Bank and TD Bank, N.A., on the expected terms and schedule; delay in closing the transaction; difficulties and delays in integrating the TD Ameritrade and Scottrade businesses or fully realizing cost savings and other benefits; business disruption following the proposed transaction; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; TD Ameritrade’s and Scottrade’s businesses experiencing disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities; the inability to realize synergies or to implement integration plans and other consequences associated with mergers, acquisitions and uncertainties and other risk factors described in our latest Annual Report on Form 10-K, filed with the SEC on Nov. 18, 2016 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.

(1) Please see the Glossary of Terms, located in "Investor" section of www.amtd.com for more information on how these metrics are calculated.

(2) Interest rate-sensitive assets consist of spread-based assets and money market mutual funds. Ending balances as of March 31, 2017.

Brokerage services provided by TD Ameritrade, Inc., member FINRA (www.FINRA.org) /SIPC (www.SIPC.org).

 
                                                                                                                                                                                             TD AMERITRADE HOLDING CORPORATION
                                                                                                                                                                                             CONSOLIDATED STATEMENTS OF INCOME
                                                                                                                                                                                           In millions, except per share amounts
                                                                                                                                                                                                        (Unaudited)
                                                                                                                                                                                 
                                                                                                                                                                      Quarter Ended                                                                                                                                                                       Six Months Ended
                                                                                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ----------------------------------------------------------------------------------------------------------------
                                                                                                Mar. 31, 2017                                                         Dec. 31, 2016                                                         Mar. 31, 2016                                                         Mar. 31, 2017                                                                Mar. 31, 2016
                                                                                        ----------------------------                                          ----------------------------                                          ----------------------------                                          ----------------------------                                          ------------------------------------------
Revenues:
   Transaction-based revenues:
      Commissions and transaction fees                                                            $             365                                                     $             355                                                     $             360                                                     $             719                                                     $                           689
                                                                                                                                                                                                                                                                                                                                                                                 
   Asset-based revenues:
      Insured deposit account fees                                                                              269                                                                   245                                                                   235                                                                   514                                                                                 462
      Net interest revenue                                                                                      154                                                                   151                                                                   147                                                                   305                                                                                 300
      Investment product fees                                                                103                                                 94                                                 88                                                197                                                              181
                                                                                        -------------------- ------                                           -------------------- ------                                           -------------------- ------                                           -------------------- ------                                           -------------------- --------------------
         Total asset-based revenues                                                                             526                                                                   490                                                                   470                                                                 1,016                                                                                 943
                                                                                                                                                                                                                                                                                                                                                                                                      
   Other revenues                                                                             13                                                 14                                                 16                                                 27                                                               27
                                                                                        -------------------- ------                                           -------------------- ------                                           -------------------- ------                                           -------------------- ------                                           -------------------- --------------------
      Net revenues                                                                           904                                                859                                                846                                              1,762                                                            1,659
                                                                                        -------------------- ------                                           -------------------- ------                                           -------------------- ------                                           -------------------- ------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                      
Operating expenses:
   Employee compensation and benefits                                                                           229                                                                   214                                                                   208                                                                   443                                                                                 408
   Clearing and execution costs                                                                                  37                                                                    36                                                                    37                                                                    73                                                                                  67
   Communications                                                                                                29                                                                    35                                                                    33                                                                    64                                                                                  66
   Occupancy and equipment costs                                                                                 45                                                                    44                                                                    43                                                                    89                                                                                  85
   Depreciation and amortization                                                                                 25                                                                    24                                                                    22                                                                    49                                                                                  44
   Amortization of acquired intangible assets                                                                    19                                                                    19                                                                    22                                                                    38                                                                                  45
   Professional services                                                                                         59                                                                    53                                                                    37                                                                   111                                                                                  74
   Advertising                                                                                                   80                                                                    57                                                                    81                                                                   137                                                                                 143
   Other                                                                                      23                                                 24                                                 20                                                 47                                                               40
                                                                                        -------------------- ------                                           -------------------- ------                                           -------------------- ------                                           -------------------- ------                                           -------------------- --------------------
      Total operating expenses                                                               546                                                506                                                503                                              1,051                                                              972
                                                                                        -------------------- ------                                           -------------------- ------                                           -------------------- ------                                           -------------------- ------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                      
Operating income                                                                                                358                                                                   353                                                                   343                                                                   711                                                                                 687
                                                                                                                                                                                                                                                                                                                                                                                                      
Other expense:
   Interest on borrowings                                                                     14                                                 14                                                 13                                                 28                                                               26
                                                                                        -------------------- ------                                           -------------------- ------                                           -------------------- ------                                           -------------------- ------                                           -------------------- --------------------
      Total other expense                                                                     14                                                 14                                                 13                                                 28                                                               26
                                                                                        -------------------- ------                                           -------------------- ------                                           -------------------- ------                                           -------------------- ------                                           -------------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                      
Pre-tax income                                                                                                  344                                                                   339                                                                   330                                                                   683                                                                                 661
Provision for income taxes                                                                   130                                                123                                                125                                                253                                                              244
                                                                                        -------------------- ------                                           -------------------- ------                                           -------------------- ------                                           -------------------- ------                                           -------------------- --------------------
Net income                                                                                        $             214                                                     $             216                                                     $             205                                                     $             430                                                     $                           417
                                                                                        ==================== ======                                           ==================== ======                                           ==================== ======                                           ==================== ======                                           ==================== ====================
                                                                                                                                                                                                                                                                                                                                                                                                      
Earnings per share - basic                                                                        $            0.41                                                     $            0.41                                                     $            0.38                                                     $            0.81                                                     $                          0.78
Earnings per share - diluted                                                                      $            0.40                                                     $            0.41                                                     $            0.38                                                     $            0.81                                                     $                          0.78
                                                                                                                                                                                                                                                                                                                                                                                                      
Weighted average shares outstanding - basic                                                                     528                                                                   527                                                                   533                                                                   528                                                                                 535
Weighted average shares outstanding - diluted                                                                   530                                                                   530                                                                   535                                                                   530                                                                                 538
                                                                                                                                                                                                                                                                                                                                                                                                      
Dividends declared per share                                                                      $            0.18                                                     $            0.18                                                     $            0.17                                                     $            0.36                                                     $                          0.34
                                                                                                                                                                                                                                                                                                                                                                                                      
 
                                                                                TD AMERITRADE HOLDING CORPORATION
                                                                              CONDENSED CONSOLIDATED BALANCE SHEETS
                                                                                           In millions
                                                                                           (Unaudited)
                                                                                    
                                                                                                   Mar. 31, 2017                                                          Sept. 30, 2016
                                                                                           ----------------------------                                          --------------------------------
Assets:
   Cash and cash equivalents                                                                         $           2,231                                                     $               1,855
   Segregated cash and investments                                                                               8,727                                                                     8,729
   Broker/dealer receivables                                                                                     1,101                                                                     1,190
   Client receivables, net                                                                                      12,036                                                                    11,941
   Investments available-for-sale, at fair value                                                                   747                                                                       757
   Goodwill and intangible assets                                                                                3,004                                                                     3,042
   Other                                                                                      1,319                                                  1,304
                                                                                           -------------------- ------                                           -------------------- ----------
      Total assets                                                                                   $          29,165                                                     $              28,818
                                                                                           ==================== ======                                           ==================== ==========
                                                                                                                                                                  
Liabilities and stockholders’ equity:
                                                                                                                                                                  
Liabilities:
   Broker/dealer payables                                                                            $           1,884                                                     $               2,040
   Client payables                                                                                              19,238                                                                    19,055
   Long-term debt                                                                                                1,765                                                                     1,817
   Other                                                                                        953                                                    855
                                                                                           -------------------- ------                                           -------------------- ----------
      Total liabilities                                                                                         23,840                                                                    23,767
Stockholders’ equity                                                                          5,325                                                  5,051
                                                                                           -------------------- ------                                           -------------------- ----------
      Total liabilities and stockholders’ equity                                                     $          29,165                                                     $              28,818
                                                                                           ==================== ======                                           ==================== ==========
                                                                                                                                                                  
 
                                                                                                                                                                                                                                     TD AMERITRADE HOLDING CORPORATION
                                                                                                                                                                                                                                     SELECTED OPERATING DATA
                                                                                                                                                                                                                                     (Unaudited)
                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                       Quarter Ended                                                                                                                                                                                                                       Six Months Ended
                                                                                                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ----------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           Mar. 31, 2017                                                                               Dec. 31, 2016                                                                               Mar. 31, 2016                                                                               Mar. 31, 2017                                                                               Mar. 31, 2016
                                                                                                        --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------                                          --------------------------------------------------
                         Key Metrics:
-------------------------------------------------------------
Net new assets (in billions)                                                                                      $             19.5                                                                          $             18.7                                                                          $             14.1                                                                          $             38.1                                                                          $             31.6
Net new asset growth rate (annualized)                                                                                            10 %                                                                                        10 %                                                                                         8 %                                                                                        10 %                                                                                        10 %
Average client trades per day                                                                                                516,994                                                                                     486,801                                                                                     509,120                                                                                     501,837                                                                                     473,041
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                    Profitability Metrics:
-------------------------------------------------------------
Operating margin                                                                                                                39.6 %                                                                                      41.1 %                                                                                      40.5 %                                                                                      40.4 %                                                                                      41.4 %
Pre-tax margin                                                                                                                  38.1 %                                                                                      39.5 %                                                                                      39.0 %                                                                                      38.8 %                                                                                      39.8 %
Return on average stockholders’ equity (annualized)                                                                             16.3 %                                                                                      16.9 %                                                                                      16.6 %                                                                                      16.6 %                                                                                      16.9 %
Net profit margin                                                                                                               23.7 %                                                                                      25.1 %                                                                                      24.2 %                                                                                      24.4 %                                                                                      25.1 %
EBITDA(1) as a percentage of net revenues                                                                                       44.5 %                                                                                      46.1 %                                                                                      45.7 %                                                                                      45.3 %                                                                                      46.8 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                      Liquidity Metrics:
-------------------------------------------------------------
Interest on borrowings (in millions)                                                                              $               14                                                                          $               14                                                                          $               13                                                                          $               28                                                                          $               26
Interest coverage ratio (EBITDA(1)/interest on borrowings)                                                                      28.7                                                                                        28.3                                                                                        29.8                                                                                        28.5                                                                                        29.8
Cash and cash equivalents (in billions)                                                                           $              2.2                                                                          $              1.7                                                                          $              2.5                                                                          $              2.2                                                                          $              2.5
Liquid assets available for corporate investing and financing                                                     $              1.0                                                                          $              0.8                                                                          $              0.5                                                                          $              1.0                                                                          $              0.5
activities(1)(2) (in billions)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
              Transaction-Based Revenue Metrics:
-------------------------------------------------------------
Total trades (in millions)                                                                                                      32.1                                                                                        30.4                                                                                        31.1                                                                                        62.5                                                                                        58.7
Average commissions and transaction fees per trade                                                                $            11.38                                                                          $            11.65                                                                          $            11.60                                                                          $            11.51                                                                          $            11.74
Trading days                                                                                                                    62.0                                                                                        62.5                                                                                        61.0                                                                                       124.5                                                                                       124.0
Order routing revenue (in millions)                                                                               $               83                                                                          $               79                                                                          $               76                                                                          $              162                                                                          $              147
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                  Spread-Based Asset Metrics:
-------------------------------------------------------------
Average insured deposit account balances (in billions)                                                            $             95.1                                                                          $             93.3                                                                          $             84.0                                                                          $             94.2                                                                          $             82.2
Average interest-earning assets (in billions)                                                                24.6                                                  24.4                                                  21.8                                                  24.5                                                  22.0  
                                                                                                        -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
   Average spread-based balances (in billions)                                                                    $            119.7                                                       $            117.7                                                       $            105.8                                                       $            118.7                                                       $            104.2  
                                                                                                        ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Insured deposit account fee revenue (in millions)                                                                 $              269                                                                          $              245                                                                          $              235                                                                          $              514                                                                          $              462
Net interest revenue (in millions)                                                                            154                                                   151                                                   147                                                   305                                                   300  
                                                                                                        -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
   Spread-based revenue (in millions)                                                                             $              423                                                       $              396                                                       $              382                                                       $              819                                                       $              762  
                                                                                                        ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
Avg. annualized yield - insured deposit account fees                                                                            1.13 %                                                                                      1.03 %                                                                                      1.11 %                                                                                      1.08 %                                                                                      1.11 %
Avg. annualized yield - interest-earning assets                                                                                 2.50 %                                                                                      2.42 %                                                                                      2.66 %                                                                                      2.46 %                                                                                      2.69 %
   Net interest margin (NIM)                                                                                                    1.41 %                                                                                      1.32 %                                                                                      1.43 %                                                                                      1.36 %                                                                                      1.44 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                 Fee-Based Investment Metrics:
-------------------------------------------------------------
Money market mutual fund fees:
-------------------------------------------------------------
  Average balance (in billions)                                                                                   $              3.5                                                                          $              3.7                                                                          $              5.8                                                                          $              3.6                                                                          $              5.8
  Average annualized yield                                                                                   0.44 %                                                                   0.38 %                                                                   0.18 %                                                                   0.41 %                                                                   0.12 %
                                                                                                        -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
  Fee revenue (in millions)                                                                                       $                4                                                       $                3                                                       $                2                                                       $                8                                                       $                4  
                                                                                                        -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
Market fee-based investment balances:
-------------------------------------------------------------
  Average balance (in billions)                                                                                   $            176.9                                                                          $            166.7                                                                          $            147.3                                                                          $            171.8                                                                          $            150.1
  Average annualized yield                                                                                   0.22 %                                                                   0.21 %                                                                   0.23 %                                                                   0.22 %                                                                   0.23 %
                                                                                                        -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
  Fee revenue (in millions)                                                                                       $               99                                                       $               91                                                       $               86                                                       $              189                                                       $              177  
                                                                                                        -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
      Average fee-based investment balances (in billions)                                                         $            180.4                                                                          $            170.4                                                                          $            153.1                                                                          $            175.4                                                                          $            155.9
      Average annualized yield                                                                               0.23 %                                                                   0.22 %                                                                   0.23 %                                                                   0.22 %                                                                   0.23 %
                                                                                                        -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------                                           -------------------- ------- --------------------
      Investment product fee revenue (in millions)                                                                $              103                                                       $               94                                                       $               88                                                       $              197                                                       $              181  
                                                                                                        ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================                                           ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
(1) See attached reconciliation of non-GAAP financial
measures.
(2) Effective in March 2017, the liquid assets
available for corporate investing and financing activities metric
was revised. Prior periods have been updated to conform to the
current presentation.
NOTE: See Glossary of Terms on the Company’s website at www.amtd.com
for definitions of the above metrics.
 
 
                                                                                                                                                                                                                                     TD AMERITRADE HOLDING CORPORATION
                                                                                                                                                                                                                                     SELECTED OPERATING DATA
                                                                                                                                                                                                                                     (Unaudited)
 
                                                                                                                                                                                           Quarter Ended                                                                                                                                                                                      Six Months Ended
                                                                                                               ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          --------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   Mar. 31, 2017                                           Dec. 31, 2016                                           Mar. 31, 2016                                                                                 Mar. 31, 2017                                           Mar. 31, 2016
                                                                                                               ----------------------------------------------------                                          ----------------------------------------------------                                          ----------------------------------------------------                                          ----------------------------------------------------                                          ----------------------------------------------------
              Client Account and Client Asset Metrics:
--------------------------------------------------------------------
Funded accounts (beginning of period)                                                                                               7,046,000                                                                                     6,950,000                                                                                     6,686,000                                                                                     6,950,000                                                                                     6,621,000
Funded accounts (end of period)                                                                                                     7,189,000                                                                                     7,046,000                                                                                     6,777,000                                                                                     7,189,000                                                                                     6,777,000
Percentage change during period                                                                                                             2 %                                                                                           1 %                                                                                           1 %                                                                                           3 %                                                                                           2 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Client assets (beginning of period, in billions)                                                                         $              797.0                                                                          $              773.8                                                                          $              695.3                                                                          $              773.8                                                                          $              667.4
Client assets (end of period, in billions)                                                                               $              846.7                                                                          $              797.0                                                                          $              711.2                                                                          $              846.7                                                                          $              711.2
Percentage change during period                                                                                                             6 %                                                                                           3 %                                                                                           2 %                                                                                           9 %                                                                                           7 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                        Net Interest Revenue:
--------------------------------------------------------------------
Segregated cash:
--------------------------------------------------------------------
   Average balance (in billions)                                                                                         $                8.7                                                                          $                8.7                                                                          $                6.5                                                                          $                8.7                                                                          $                6.4
   Average annualized yield                                                                                           0.46 %                                                                     0.30 %                                                                     0.19 %                                                                     0.38 %                                                                     0.14 %
                                                                                                               -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
   Interest revenue (in millions)                                                                                        $                 10                                                       $                  7                                                       $                  3                                                       $                 17                                                       $                  4  
                                                                                                               -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Client margin balances:
--------------------------------------------------------------------
   Average balance (in billions)                                                                                         $               11.9                                                                          $               11.9                                                                          $               11.6                                                                          $               11.9                                                                          $               11.9
   Average annualized yield                                                                                           3.67 %                                                                     3.56 %                                                                     3.79 %                                                                     3.61 %                                                                     3.66 %
                                                                                                               -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
   Interest revenue (in millions)                                                                                        $                109                                                       $                108                                                       $                111                                                       $                217                                                       $                222  
                                                                                                               -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Securities borrowing/lending:
--------------------------------------------------------------------
   Average securities borrowing balance (in billions)                                                                    $                0.9                                                                          $                0.9                                                                          $                0.7                                                                          $                0.9                                                                          $                0.7
   Average securities lending balance (in billions)                                                                      $                1.7                                                       $                1.9                                                       $                1.9                                                       $                1.8                                                       $                2.2  
                                                                                                               -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
   Net interest revenue - securities borrowing/lending (in millions)                                                     $                 31                                                       $                 33                                                       $                 32                                                       $                 65                                                       $                 73  
                                                                                                               -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Other cash and interest-earning investments:
--------------------------------------------------------------------
   Average balance (in billions)                                                                                         $                3.1                                                                          $                2.9                                                                          $                3.0                                                                          $                3.0                                                                          $                3.0
   Average annualized yield                                                                                           0.54 %                                                                     0.44 %                                                                     0.17 %                                                                     0.49 %                                                                     0.11 %
                                                                                                               -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
   Interest revenue - net (in millions)                                                                                  $                  4                                                       $                  3                                                       $                  1                                                       $                  7                                                       $                  2  
                                                                                                               -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
Client credit balances:
--------------------------------------------------------------------
   Average balance (in billions)                                                                                         $               16.1                                                                          $               16.1                                                                          $               14.4                                                                          $               16.1                                                                          $               14.2
   Average annualized cost                                                                                            0.01 %                                                                     0.01 %                                                                     0.01 %                                                                     0.01 %                                                                     0.01 %
                                                                                                               -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
   Interest expense (in millions)                                                                                      ($0 )                                                                      ($0 )                                                                      ($0 )                                                                      ($1 )                                                                      ($1 )
                                                                                                               -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
Average interest-earning assets (in billions)                                                                            $               24.6                                                                          $               24.4                                                                          $               21.8                                                                          $               24.5                                                                          $               22.0
Average annualized yield                                                                                              2.50 %                                                                     2.42 %                                                                     2.66 %                                                                     2.46 %                                                                     2.69 %
                                                                                                               -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------                                           -------------------- --------- --------------------
Net interest revenue (in millions)                                                                                       $                154                                                       $                151                                                       $                147                                                       $                305                                                       $                300  
                                                                                                               ==================== ========= ====================                                           ==================== ========= ====================                                           ==================== ========= ====================                                           ==================== ========= ====================                                           ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
NOTE: See Glossary of Terms on the Company’s website at www.amtd.com
for definitions of the above metrics.
 
                                                                                                                                                                                                                                     TD AMERITRADE HOLDING CORPORATION
                                                                                                                                                                                                                                     RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
                                                                                                                                                                                                                                     Dollars in millions
                                                                                                                                                                                                                                     (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                  Quarter Ended                                                                                                                                                                                                                                                                                                                                                               Six Months Ended
                                                                                                              ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                      Mar. 31, 2017                                                                                                                                                         Dec. 31, 2016                                                                                                                                               Mar. 31, 2016                                                                                                                          Mar. 31, 2017                                                                                                                  Mar. 31, 2016
                                                                                                              ----------------------------------------------------------------------------------------------------------------------------                                          ----------------------------------------------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------------------------------                                          ---------------------------------------------------------------------------------                                          ----------------------------------------------------------------------------------------
                                                                                                                                      $                                                                            % of Net Rev.                                                                            $                                                                            % of Net Rev.                                                                            $                                                                   % of Net Rev.                                                      $                                                       % of Net Rev.                                                      $                                                          % of Net Rev.
                                                                                                              -------------------------------------------------                                          ---------------------------------                                          -------------------------------------------------                                          ---------------------------------                                          -------------------------------------------------                                          --------------                                          -------------------------                                          --------------                                          -------------------------                                          ---------------------
                             EBITDA (1)
-------------------------------------------------------------------
Net income - GAAP                                                                                                       $             214                                                                                       23.7 %                                                        $             216                                                                                       25.1 %                                                        $             205                                                                  24.2 %                                                          $          430                                             24.4 %                                                          $          417                                                 25.1 %
Add:
      Depreciation and amortization                                                                                                    25                                                                                        2.8 %                                                                       24                                                                                        2.8 %                                                                       22                                                                   2.6 %                                                                      49                                              2.8 %                                                                      44                                                  2.7 %
      Amortization of acquired intangible assets                                                                                       19                                                                                        2.1 %                                                                       19                                                                                        2.2 %                                                                       22                                                                   2.6 %                                                                      38                                              2.2 %                                                                      45                                                  2.7 %
      Interest on borrowings                                                                                                           14                                                                                        1.5 %                                                                       14                                                                                        1.6 %                                                                       13                                                                   1.5 %                                                                      28                                              1.6 %                                                                      26                                                  1.6 %
      Provision for income taxes                                                                                   130                                                                    14.4 %                                                   123                                                                    14.3 %                                                   125                                               14.8 %                                                  253                                             14.4 %                                                  244                                                 14.7 %
                                                                                                              -------------------- ------ --------------------                                                                                                                      -------------------- ------ --------------------                                                                                                                      -------------------- ------ --------------------                                                                                                   -------------------- ---                                                                                                   -------------------- ---
EBITDA - non-GAAP                                                                                                       $             402                                                                    44.5 %                                                        $             396                                                                    46.1 %                                                        $             387                                               45.7 %                                                          $          798                                             45.3 %                                                          $          776                                                 46.8 %
                                                                                                              ==================== ====== ====================                                                                                                                      ==================== ====== ====================                                                                                                                      ==================== ====== ====================                                                                                                   ==================== ===                                                                                                   ==================== ===
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                          As of
                                                                                                              ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                  Mar. 31,                                                                           Dec. 31,                                                                           Sept. 30,                                                                          June 30,                                                                           Mar. 31,
                                                                                                                                    2017                                                                               2016                                                                               2016                                                                               2016                                                                               2016
                                                                                                              -------------------------------------------------                                          ---------------------------------                                          -------------------------------------------------                                          ---------------------------------                                          -------------------------------------------------
                Liquid Assets Available for Corporate
               Investing and Financing Activities (2)
-------------------------------------------------------------------
Cash and cash equivalents - GAAP                                                                                        $           2,231                                                                          $           1,662                                                          $           1,855                                                                          $           1,917                                                          $           2,476
Less: Non-corporate cash and cash equivalents                                                                   (1,286 )                                                                (1,203 )                                                (1,363 )                                                                (1,067 )                                                (1,416 )
                                                                                                              -------------------- ------ --------------------                                           -------------------- ------ ----                                           -------------------- ------ --------------------                                           -------------------- ------ ----                                           -------------------- ------ --------------------
      Corporate cash and cash equivalents                                                                                             945                                                                                        459                                                                        492                                                                                        850                                                                      1,060
Corporate investments                                                                                                                 747                                                                                        747                                                                        757                                                                                        400                                                                          -
Less: Corporate liquidity maintained for operational contingencies                                                                   (723 )                                                                                     (773 )                                                                     (773 )                                                                                     (764 )                                                                     (764 )
      Amounts maintained for corporate working capital                                                                                (87 )                                                                                      (87 )                                                                      (87 )                                                                                      (87 )                                                                      (87 )
      Amounts held as collateral for derivative contracts                                                          (40 )                                                                   (32 )                                                   (93 )                                                                   (94 )                                                   (89 )
                                                                                                              -------------------- ------ --------------------                                           -------------------- ------ ----                                           -------------------- ------ --------------------                                           -------------------- ------ ----                                           -------------------- ------ --------------------
         Excess corporate cash and cash equivalents and investments                                                                   842                                                                                        314                                                                        296                                                                                        305                                                                        120
Excess regulatory net capital over management targets                                                              122                                                  478                                                     357                                                  242                                                     404  
                                                                                                              -------------------- ------ --------------------                                           -------------------- ------                                                -------------------- ------ --------------------                                           -------------------- ------                                                -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Liquid assets available for corporate investing and financing                                                           $             964                                                       $             792                                                          $             653                                                       $             547                                                          $             524  
activities - non-GAAP
                                                                                                              ==================== ====== ====================                                           ==================== ======                                                ==================== ====== ====================                                           ==================== ======                                                ==================== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Note: The term "GAAP" in the following explanation refers to
generally accepted accounting principles in the United States.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
(1) EBITDA (earnings before interest, taxes, depreciation and
amortization) is considered a non-GAAP financial measure as defined
by SEC Regulation G. We consider EBITDA an important measure of our
financial performance and of our ability to generate cash flows to
service debt, fund capital expenditures and fund other corporate
investing and financing activities. EBITDA is used as the
denominator in the consolidated leverage ratio calculation for
covenant purposes under our senior revolving credit facility. EBITDA
eliminates the non-cash effect of tangible asset depreciation and
amortization and intangible asset amortization. EBITDA should be
considered in addition to, rather than as a substitute for, GAAP
pre-tax income, net income and cash flows from operating activities.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
(2) Liquid assets available for corporate investing and financing
activities is considered a non-GAAP financial measure as defined by
SEC Regulation G. We consider "liquid assets available for corporate
investing and financing activities" to be an important measure of
our liquidity. We include the excess capital of our regulated
subsidiaries in the calculation of liquid assets available for
corporate investing and financing activities, rather than simply
including the regulated subsidiaries’ cash and cash equivalents,
because capital requirements may limit the amount of cash available
for dividend from the regulated subsidiaries to the parent company.
Excess capital, as defined below, is generally available for
dividend from the regulated subsidiaries to the parent company.
Liquid assets available for corporate investing and financing
activities should be considered as a supplemental measure of
liquidity, rather than as a substitute for GAAP cash and cash
equivalents.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
We define liquid assets available for corporate investing and
financing activities as the sum of (a) excess corporate cash and
cash equivalents and investments and (b) our regulated subsidiaries
net capital in excess of minimum operational targets established by
management. Excess corporate cash and cash equivalents and
investments includes cash and cash equivalents from our investment
advisory subsidiaries and excludes (i) amounts being maintained to
provide liquidity for operational contingencies, including lending
to our broker-dealer and FCM/FDM subsidiaries under intercompany
credit agreements, (ii) amounts maintained for corporate working
capital and (iii) amounts held as collateral for derivative
contracts. Liquid assets available for corporate investing and
financing activities is based on more conservative measures of net
capital than regulatory requirements because we generally manage to
higher levels of net capital at our regulated subsidiaries than the
regulatory thresholds require.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170419005260r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170419005260/en/

SOURCE: TD Ameritrade Holding Corporation

TD Ameritrade Holding Corporation 
Kim Hillyer, 402-574-6523 
Director, Communications 
kim.hillyer@tdameritrade.com 
or 
Jeff Goeser, 402-597-8464 
Director, Investor Relations 
jeffrey.goeser@tdameritrade.com


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