september quarter earnings fiscal 2017 · september quarter earnings fiscal 2017 ... sep q fiscal...

SEPTEMBER QUARTER EARNINGS FY2017

SEPTEMBER QUARTER EARNINGS FISCAL 2017 October 24, 2017

TD Ameritrade Holding Corporation (Nasdaq: AMTD). Brokerage services provided by TD Ameritrade, Inc., member FINRA/SIPC, and TD Ameritrade Clearing, Inc., member FINRA/SIPC, subsidiaries of TD Ameritrade Holding Corp. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. © 2017 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission.

SEPTEMBER QUARTER EARNINGS FY2017 2

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 acquisition of 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, difficulties and delays in integrating the Scottrade business or fully realizing cost savings and other benefits from the acquisition; business disruption following the Scottrade acquisition, 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, disruptions due to Scottrade integration-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, in our Quarterly Reports on Form 10-Q filed thereafter and in our other filings with the SEC. 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.


Use of Non-GAAP Financial Measures The Company utilized the non-GAAP calculation of net income and earnings per share (EPS) excluding amortization of intangible assets and acquisition-related expenses, as an additional measure to aid in understanding and analyzing the Company's financial results. Specifically, the Company believes that the non-GAAP measure provides useful information by excluding certain items that may not be indicative of the Company's core operating results and business outlook. The Company believes this non-GAAP measure will allow for a better evaluation of the operating performance of the business and facilitate a meaningful comparison of the Company's results in the current period to those in the prior periods and future periods. Reference to this non-GAAP measure should not be considered as a substitute for results that are presented in a manner consistent with GAAP. This non-GAAP measure is provided to enhance investors' overall understanding of the Company's financial performance.

*Certain totals may not foot due to rounding. **Changes based on rounding numbers to the nearest $ millions. ***See Appendix for footnotes descriptions.


Chief Executive Officer

TIM HOCKEY


OVERVIEW

Strong quarter and closing deal caps record year

Core operating metrics at record levels

Strong organic growth momentum entering fiscal 2018

Investors engaged, despite low market volatility

Accelerated technology throughput

Scottrade acquisition closed, integration underway

Fiscal 2018 strategic plans, financial outlook set


$156B

11% YOY

32% YOY

$1.1T

$0.39

$983M NET REVENUES

$19.9B NET NEW CLIENT ASSETS(2)

19% YOY

19% YOY

529K

45% YOY

CLIENT ASSETS

31% YOY

INTEREST RATE SENSITIVE ASSETS(5)

32% YOY

$224B INVESTMENT BALANCES(4)

FEE-BASED

Strong results

SEP Q Fiscal 2017

ANNUALIZED GROWTH RATE(3)

9%

EPS

AVERAGE CLIENT TRADES PER DAY

NON-GAAP DILUTED EPS(1)

$0.49 29% YOY

NOTE: Scottrade acquisition closed 9/18/17


$156B

4% YOY

33% YOY

$1.1T

$1.64

$3.7B NET REVENUES

$80.1B NET NEW CLIENT ASSETS(2)

10% YOY

10% YOY

511K

45% YOY 32% YOY

$224B

Strong momentum

FY17 Full Year

ANNUAL GROWTH RATE(3)

10%

EPS

AVERAGE CLIENT TRADES PER DAY

NOTE: Scottrade acquisition closed 9/18/17


$1.84 10% YOY

CLIENT ASSETS

INTEREST RATE SENSITIVE ASSETS(5) INVESTMENT BALANCES(4)

FEE-BASED

31% YOY


Net New Client Assets ($B)(2)

$15 $19 $19

$22 $20

$0

$5

$10

$15

$20

$25

Sep Q '16 Dec Q '16 Mar Q '17 Jun Q '17 Sep Q '178% 10% 10% 10% 9% Growth

Rate(3)

ASSET GATHERING

FY17 NNA up 33% year over year ~20%/80% Retail/Institutional split

Retail • Record net advocate scores

• Branches focused on building relationships

Institutional • NNA up 50% year over year, record year

• Strong momentum from all sources

FY18 $80B-$100B NNA Expanded physical footprint

Record year – double-digit growth

$80 $50 $53 $63 $60

$80 $100

$0

$30

$60

$90

$120

$150

FY13 FY14 FY15 FY16 FY17 FY18

10% 10% 10% 9% 10% Growth Rate 7-9%

Net New Client Assets ($B) Outlook Range($B)(6)


TRADING

Investors engaged FY17

DARTS(7) up 10% year over year

• October month-to-date 644K

Derivatives(8) at 42% of DARTS – options DARTS up 9% year over year

Mobile adoption continues:

• Sep Q – Record DARTS 121K; Record 23% of DARTS

• Fiscal ’17 – Record DARTS 112K; Record 22% of DARTS

FY18 640K-700K DARTS

444

487 517 510

529

350

400

450

500

550

Sep Q '16 Dec Q '16 Mar Q '17 Jun Q '17 Sep Q '17

Avg. Client Trades Per Day (K)

640

374 427

462 463 511

700

275

375

475

575

675

775


Avg. Client Trades per Day (K) Outlook Range(K)(6)

CAGR: 8%


SCOTTRADE ACQUISITION

Integration Update

Strategic and cultural fit

Scottrade-legacy metrics strong

Clearing conversion targeted for Mar Q

Superior client experience remains top priority

Integration underway

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjf2uHanZHWAhWI0iYKHRrXDEYQjRwIBw&url=http://logos.wikia.com/wiki/TD_Ameritrade&psig=AFQjCNESXMk8R-ej0TtiV5uir6yHZaC3mA&ust=1504809839037966

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjh_dGQnpHWAhUDRyYKHWTMABAQjRwIBw&url=http://graphemica.com/%2B/glyphs/dejavu-serif-book&psig=AFQjCNG2mcTq8anzi2477OXw6HLCA6qa9A&ust=1504810446716968

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4-5WqnpHWAhUL2SYKHeAxCxcQjRwIBw&url=http://www.freelogovectors.net/scottrade-logo-png-file/&psig=AFQjCNF-CNpeCnlQfEoI38NrmFh8TVVX-w&ust=1504810559877556


End Client Assets

End Funded Accounts(9)

Full Year DARTS(7)

Commission Rate / Trade(10)

End Client Cash

End Margin Balances

Full Year Derivatives(8)

11.0M 10.1M

$1,119B $944B

658K 600K

$7.64 $9.02

35% 36%

$149.2B $149.0B

$17.0B $14.3B

End State Branches 364 ~450

+0.9M

+$175B

+58K

($1.38)

(1%)

$0.2B

$2.7B

(86)

Variance Combined FY17 Combined FY16

(Per 10/24/16 announcement)

KEY METRICS – PRO-FORMA COMBINED VIEW

Strong growth


BRANCH FOOTPRINT PLAN – 364

Qualitative and quantitative data analysis

259 Scottrade-legacy branches retained

87% of clients will be within 25 miles of a branch

Post-Clearing Conversion Footprint


Institutional Veo One enhancements, integrations Enhanced automation

DELIVERING TO CLIENTS

Essential Portfolios launch Alexa Virtual Assistant Skill Veo One launch Earnings Analysis tool for

thinkorswim

Lower pricing Model Market Center for RIAs Goal Planning in branches Automated Account Opening

and Money Movement for RIAs

Updated Mobile Option Chains and Trade Ticket Veo One enhancements Improved Deposits & Transfers Personalized Performance Videos 401(k) Rollover Comparison Tool for reps Automation for RIA end-client service

Q1 Q2 Q3

Throughput 3X Fiscal ‘16

Q4 Retail Chatbot on Facebook Messenger TD Ameritrade Network

ETF Market Center enhanced


Chief Financial Officer

Steve Boyle


FY17 VS. FY16

GAAP EPS up 4%, Non-GAAP EPS(1) up 10% on revenue Asset-based revenue up

on balances and rates Expense increase

related to investments into the business and acquisition

Favorable tax items in prior year

$1.58

$0.09 $0.01 $1.68

$0.41 ($0.25)

($0.09)

($0.01)

$0.10 $1.84 ($0.10)

($0.10)

$1.64

$1.00

$1.25

$1.50

$1.75

$2.00

$2.25

FY16GAAPEPS

Amort.of Intang.

Acquisit.Related

Exp.

FY16Non-

GAAPEPS

Revenue Expenses Taxes/Shares

∆ in Amort. of Intang.

∆ in Acquisit. Related

Exp.

FY17Non-

GAAPEPS

Amort.of Intang.

Acquisit.Related

Exp.

FY17GAAPEPS(1)


BANK DEPOSIT ACCOUNT (BDA) FEES(11)

Revenue up 20% year over year

$1,520

$804 $820 $839 $926

$1,107

$1,650

$600$800

$1,000$1,200$1,400$1,600$1,800


$121

$68 $73 $76

$84 $94

$126

1.17%

1.11% 1.09% 1.09%

1.16%

1.25%

1.00%

1.10%

1.20%

1.30%

1.40%

$50

$70

$90

$110

$130


Avg. Bal. Rate

Balance($B) and Rate

Revenue($M)

FY17

Net rate increased for three consecutive quarters, ending with 1.26% in the Sep Q

Balances grew 12% despite strong net buying

$28B balances from Scottrade in Sep

Float/fixed mix 26%/74% as of Sep

FY18

Continued revenue growth due to balances, rates and planned extensions

1.30%

Outlook Range(6) Net Revenue

Outlook Range Outlook Range

CAGR: 8%


$33

$16 $19 $20

$23 $25

$37

2.92%

3.09% 3.03%

2.59%

2.69% 3.00%

2.55%

2.75%

2.95%

3.15%

3.35%

3.55%

$10

$15

$20

$25

$30

$35

$40


NET INTEREST REVENUE

Strong balance and net rate growth $990

$469 $581 $622 $595

$690

$1,185

$300

$600

$900

$1,200


Balance($B) and Rate

Revenue($M)

FY17

Interest earning assets(12) benefiting from rising interest rates

Segregated cash and corporate cash revenue up $51M year over year

Margin revenue up $46M year over year

Stock lending essentially flat year over year

FY18

Continued balance and rate growth


Avg. Bal. Rate Outlook Range Outlook Range

3.20%

CAGR: 10%


$490

$250

$309 $334

$374

$423

$550

$0

$100

$200

$300

$400

$500

$600


Avg. Bal. ($B) $113 $137 $156 $161 $185

INVESTMENT PRODUCT FEES

Consistent strong growth

(13)

FY17

New offerings providing momentum

• Essential Portfolios

• Model market center

Advised average balances (Essential+Selective+AdvisorDirect) up 16% year over year

FY18

Continued balance growth

New offerings – ETF Market Center

Revenue($M)

$220-$230


CAGR: 14%


$73 $75 $80 $90

$120

$17 $19 $22

$25

$32

$5 $6 $6

$4

$4

$96 $100 $108

$119

$156

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

Sep '13 Sep '14 Sep '15 Sep '16 Sep '17

(15)

INTEREST RATE SENSITIVE ASSETS(5)

Ending client cash as % of client

assets 13.4% Consolidated duration of 1.9 years,

targeting 2.2 years by Mar ‘18 after planned extensions completed

Benefit of next +25bps increase in

interest rates = $0.07-$0.12(14)

Immediate benefit with Fed Funds increases

Benefit over time with Yield Curve due to re-pricing of laddered investment portfolio

Float $32

BDA(11) Interest Earning Assets(12) Money Market Mutual Funds

Ending Balances($B)

Fixed $88

Float $16

Fixed $57

Float $18

Fixed $57

Float $21

Fixed $59

Float $29

Fixed $61

Managing overall duration


$2,062

$51

$82 $3 ($6) $12

$56 $22 $2,282

$2,000

$2,050

$2,100

$2,150

$2,200

$2,250

$2,300

FY2016 TechnologyInitiatives

Acquisit.Related

Exp.

ScottradeIntangibles

Advert. SalesIncentives

Employ.Related

Other FY2017

FY16 to FY17 Comparison

Acquisition-related expenses driving ~40% of increase

Sales incentive due to record NNA

Investing in technology

Acquisition-related(1) expenses increase of $82M

TOTAL EXPENSES(16)


SCOTTRADE EXPENSE SYNERGIES / OPPORTUNITIES

Accretion expected to exceed original plans Interest rates and business performance exceeding expectations

Expense synergies – FY18 likely better than original assumptions

FY18 synergies ~40%

Clearing conversion impacts synergy realization

Focused on maintaining high client service levels

Achieve target run rate in 2019

Opportunities unchanged – net benefits FY19-on

Assets per account

Trades per account

Derivatives(8) % of DARTS


1.25%-1.30%

$1.50-$2.00

$4.6B-$5.2B NET REVENUES

AVERAGE CLIENT TRADES PER DAY 640K-700K

BANK DEPOSITS NET RATE

Outlook(6) ranges

FY18 Full Year


$2.10-$2.50 EPS

$3.2B-$3.3B OPERATING EXPENSES

ACQUISITION-RELATED EXPENSES(1)

$320M-$410M

• $80B-$100B NNA; 7%-9% • 0-10% MARKET GROWTH • FLAT TO INCREASING

RATE ENVIRONMENT

EXPENSE SYNERGIES $175M-$225M


Chief Executive Officer

TIM HOCKEY


LOOKING AHEAD

Scottrade integration

Create a superior client experience

Accelerating and diversifying revenue growth

Investing in employee development

Technology efficiency and throughput to drive client experience

Ongoing innovation

Fiscal 2018 Roadmap


Appendix


SENSITIVITY

Estimated annual impact to EPS

3K average client trades per day = $0.01

$3.9B fee-based assets(13) = $0.01

$0.5B spread-based assets(17) = $0.01

Next +25bps interest rate increase = +$0.07-$0.12(14)


FY16-to-FY17 Comparison Technology Initiatives

Acquisit. Related

Exp.

Scottrade Intangibles Advert. Sales

Incentives Employ. Related Other Incr /

(Decr)

Employee compensation and benefits $22 $35 $12 $56 ($2) $ 123 Clearing and execution costs $13 $ 13 Communications ($6) $ (6) Occupancy and equipment costs $8 $2 $ 10 Depreciation and amortization $9 $1 $ 10 Amortization of acquired intangible assets $3 ($10) $ (7) Professional services $12 $44 $26 $ 82 Advertising ($6) $ (6) Other operating $2 ($20) $ (18)

Total other expense $1 $18 $ 19 Total expenses $51 $82 $3 ($6) $12 $56 $22 $ 220

TOTAL EXPENSE(16) SUPPORTING SCHEDULE – FULL YEAR

(1)


$558 $2

$46 $3 $1 $3 $13

$19 $645

$500 $525 $550 $575 $600 $625 $650 $675

Jun Q '17 TechnologyInitiatives

Acquisit.Related

Exp.


Advert. SalesIncentives

Employ.Related

Other Sep Q '17

$559 $14

$55 $3 $3 $22 ($11)

$645

$500 $525 $550 $575 $600 $625 $650 $675

Sep Q '16 TechnologyInitiatives

Acquisit.Related

Exp.


SalesIncentives

Employ.Related

Other Sep Q '17

Quarter Comparisons TOTAL EXPENSES(16)

(1)

Jun Q '17 to Sep Q '17

(1)

Sep Q '16 to Sep Q '17


Year-Over-Year Comparison Technology Initiatives

Acquisit. Related

Exp.



(Decr)

Employee compensation and benefits $3 $35 $3 $22 $ 63 Clearing and execution costs $3 $ 3 Communications ($5) $ (5) Occupancy and equipment costs $6 $ 6 Depreciation and amortization $2 $2 $ 4 Amortization of acquired intangible assets $3 ($1) $ 2 Professional services $3 $19 $3 $ 25 Advertising $ - Other operating $1 ($23) $ (22)

Total other expense $10 $ 10 Total expenses $14 $55 $3 $0 $3 $22 ($11) $ 86

Sequential Comparison Technology Initiatives

Acquisit. Related

Exp.



(Decr)

Employee compensation and benefits $35 $3 $13 $ 51 Clearing and execution costs ($1) $ (1) Communications ($1) $ (1) Occupancy and equipment costs $5 $ 5 Depreciation and amortization $1 $2 $ 3 Amortization of acquired intangible assets $3 $ 3 Professional services $1 $11 $3 $ 15 Advertising $1 $ 1 Other operating $1 $8 $ 9

Total other expense ($1) $3 $ 2 Total expenses $2 $46 $3 $1 $3 $13 $19 $ 87

TOTAL EXPENSE(16) SUPPORTING SCHEDULE - QUARTERS

(1)

(1)


1.30

2.16

2.22 2.11

2.30

2.33

2.36

1.94 1.97

2.19

2.64

2.14

2.25 2.47

2.63 2.77

1.25

1.50

1.75

2.00

2.25

2.50

2.75

3.00

Sep Q '16 Dec Q '16 Mar Q '17 Jun Q '17 Sep Q '17 Dec Q '17 Mar Q '18 Jun Q '18 Sep Q '18

Forwards GI Low GI Base

1.18

1.98

2.05

1.96

2.14

2.19

2.23

2.26

1.79 1.84

2.04

2.48

2.00 2.08

2.28

2.48 2.64

1.00

1.25

1.50

1.75

2.00

2.25

2.50

2.75



1.01

1.45 1.62 1.62

1.88

1.96

2.02 2.08

1.55 1.62

1.72 2.04

1.74

1.73

1.97

2.31

2.54

0.750.951.151.351.551.751.952.152.352.552.75



0.50 0.75

1.00

1.25

1.50

1.75 1.75

1.25 1.25 1.25

1.50 1.25

1.50

2.00

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2.00

2.20



Interest on Excess Reserves(19)

LIBOR/SWAP YIELD CURVE(18)

2 Year Swap

5 Year Swap 7 Year Swap

GI Rate assumptions at beginning of fiscal year - September ‘17 published rates. Forwards as of 10/20/2017

Nine quarter trend


APPENDIX…FOOTNOTES

1. See attached reconciliation of non-GAAP financial measures.

2. Net new assets (NNA) consist of total client asset inflows, less total client asset outflows, excluding activity from business combinations. Client asset inflows include interest and dividend payments and exclude changes in client assets due to market fluctuations. Net new assets are measured based on the market value of the assets as of the date of the inflows and outflows.

3. NNA growth rate is annualized net new assets as a % of client assets as of the beginning of the period.

4. Market fee-based investment balances plus money market mutual funds. Ending balances as of Sep. 30, 2017.

5. Interest rate sensitive assets consist of spread-based assets and money market mutual funds. Ending balances as of Sep. 30, 2017.

6. FY17 forecast per 10/24/17 outlook statement.

7. Total revenue trades divided by the number of trading days in the period. This metric is also known as average client trades per day.

8. Derivatives include options, futures and foreign exchange trades.

9. Funded accounts is all open client accounts with a total liquidation value greater than zero.

10. FY17 is for Sep Q. FY16 is full year.

11. Revenues generated from the Insured Deposit Account agreement and a sweep program that is offered to eligible clients of the Company whereby clients' un-invested cash is swept to third party institutions participating in the program.

12. Consist of client margin balances, segregated cash, deposits paid on securities borrowing and other cash and interest-earning investment balances.

13. Market fee-based plus money market mutual fund revenue.

14. Impact on spread-based and money market mutual fund revenues and interest on debt in the next twelve months following an interest rate increase. Assumes fed funds increase results in a parallel shift to the LIBOR/SWAP yield curve. Sensitivity is valid for next +25bps of moves. Model updated as of Sep. 30, 2017.


APPENDIX…FOOTNOTES

15. Ending balances as of Sep. 30, 2017 consisted of $17.0B in client margin balances, $10.5B in segregated cash, and $4.1B in other balances.

16. Includes operating expenses and other expense.

17. Client and brokerage-related asset balances, including client margin balances, segregated cash, insured deposit account balances, deposits paid on securities borrowing and other cash and interest-earning investment balances.

18. Source: Bloomberg end of period rates.

19. IOER rate forecast assumes a 67% probability weighted assumption of the fed funds future market as of 10/20/17.


Reconciliation of Non-GAAP Financial Measures


TD AMERITRADE HOLDING CORPORATIONRECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Dollars in millions, except per share amounts(Unaudited)

Amount Diluted EPS Amount Diluted EPS Amount Diluted EPS Amount Diluted EPS Amount Diluted EPSNet income and diluted EPS - GAAP 211$ 0.39$ 231$ 0.44$ 185$ 0.35$ 872$ 1.64$ 842$ 1.58$ 1.50$ 2.00$ Non-GAAP adjustments:

Amortization of acquired intangible assets 22 0.04 19 0.04 20 0.04 79 0.15 86 0.16 0.25 0.25 Acquisition-related expenses 61 0.11 15 0.03 6 0.01 88 0.17 6 0.01 0.72 0.56 Income tax effect of above adjustments (31) (0.05) (13) (0.03) (10) (0.02) (63) (0.12) (35) (0.07) (0.37) (0.31)

Non-GAAP net income and non-GAAP diluted EPS 263$ 0.49$ 252$ 0.48$ 201$ 0.38$ 976$ 1.84$ 899$ 1.68$ 2.10$ 2.50$

Note: The term "GAAP" in the following explanations refers to generally accepted accounting principles in the United States.

* Represents the range of the Non-GAAP Diluted EPS included within the October 24, 2017 Outlook Statement.

(1)

Sept. 30, 2017 Sept. 30, 2016 Sept. 30, 2017June 30, 2017

Fiscal Year Ended

Fiscal Year EndingQuarter Ended

Non-GAAP Net Income and Non-GAAP Diluted EPS (1)Sept. 30, 2016 Sept. 30, 2018*

Non-GAAP net income and non-GAAP diluted earnings per share (EPS) are non-GAAP financial measures as defined by SEC Regulation G. We define non-GAAP net income as net income adjusted to remove the after-tax effect of amortization of acquired intangible assets and acquisition-related expenses. We consider non-GAAP net income and non-GAAP diluted EPS as important measures of our financial performance because they exclude certain items that may not be indicative of our core operating results and business outlook and will allow for a better evaluation of the operating performance of the business and facilitate a meaningful comparison of our results in the current period to those in prior and future periods. Amortization of acquired intangible assets is excluded because management does not believe it is indicative of our underlying business performance. Acquisition-related expenses are excluded as these costs are directly related to our acquisition of Scottrade Financial Services, Inc. and are not representative of the costs of running the Company’s on-going business. Non-GAAP net income and non-GAAP diluted EPS should be considered in addition to, rather than as a substitute for, GAAP net income and diluted EPS.

Diluted EPS Range

SEPTEMBER QUARTER EARNINGS FY2017

SEPTEMBER QUARTER EARNINGS FISCAL 2017 October 24, 2017

TD Ameritrade Holding Corporation (Nasdaq: AMTD). Brokerage services provided by TD Ameritrade, Inc., member FINRA/SIPC, and TD Ameritrade Clearing, Inc., member FINRA/SIPC, subsidiaries of TD Ameritrade Holding Corp. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. © 2017 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission.

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