AMTD TD Ameritrade Holding Corporation

Net New Client Assets of $17B, 10% Annualized Growth Rate

Diluted Earnings per Share of $0.39

Net Revenues of $812M

TD Ameritrade Holding Corporation (Nasdaq: AMTD) has released results for the first quarter of fiscal 2016. The Company gathered approximately $17 billion in net new client assets, maintaining its double-digit net new client asset growth rate one quarter into its new year.

The Company’s results for the quarter ended Dec. 31, 2015 include the following: (1)

• $0.39 earnings per diluted share, on net income of $212 million, consistent with last year
• Net new client assets of approximately $17 billion, an annualized growth rate of 10 percent
• Average client trades per day of approximately 438,000, an activity rate of 6.6 percent
• Net revenues of $812 million, 58 percent of which were asset-based, consistent with last year
• Record investment product fee revenue of $92 million, up 11 percent year over year
• Pre-tax income of $331 million, or 41 percent of net revenues
• EBITDA(2) of $387 million, or 48 percent of net revenues
• Record interest rate-sensitive assets(3) of $110 billion, up 9 percent year over year
• Client assets of approximately $695 billion, up 3 percent year over year

“Our first quarter of fiscal 2016 was strong,” said Fred Tomczyk, chief executive officer. “Asset gathering is going particularly well, as we delivered our second best quarter ever – and a double-digit annualized growth rate. With the Federal Reserve raising interest rates for the first time in nine years and continued execution on our growth strategy going well, we are well-positioned for the current environment. We will continue along our path, investing thoughtfully in growth and building our long-term earnings power for the benefit of our clients, shareholders and associates.”

“Interest rate-sensitive assets ended the quarter at a record $110 billion, driven largely by growth in client cash balances – both as a result of strong organic growth and shifting investor sentiment in an uncertain market environment,” said Steve Boyle, executive vice president and chief financial officer. “We were pleased with our ability to keep expenses in check for the quarter, starting slow and maintaining our flexibility to ramp up prudently for both seasonal and opportunistic investment initiatives later in the year. We were able to return $129 million to our shareholders in the quarter through cash dividends and share repurchases and remain focused on executing a disciplined return of capital strategy throughout the rest of the year.”

Capital ManagementThe Company paid $91 million in its first fiscal quarter, or $0.17 per share, in cash dividends. The Company also repurchased approximately 1 million shares of its common stock.

The Company has declared a $0.17 per share quarterly cash dividend, payable on Feb. 17, 2016 to all holders of record of common stock as of Feb. 3, 2016.

Company Hosts Conference CallTD Ameritrade will host its December Quarter conference call this morning, Jan. 20, 2016, at 8:30 a.m. EST (7:30 a.m. CST). Participants may listen to the conference call by dialing 855-238-2333. 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 877-344-7529 and entering the Conference ID 10076515 beginning at 10:30 a.m. EST (9:30 a.m. CST) on Jan. 20, 2016. The replay will be available until 9:00 a.m. EST (8:00 a.m. CST) on Jan. 28, 2016. 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, Jan. 21, 2016.

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 CorporationMillions of investors and independent registered investment advisors (RIAs) have turned to TD Ameritrade’s (Nasdaq: 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. An official sponsor of the 2016 U.S. Olympic and Paralympic Teams, as well as an official sponsor of the National Football League, 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 http://freshaccounts.amtd.com.

Safe HarborThis 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 or stock price, 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 and uncertainties and other risk factors described in our latest Annual Report on Form 10-K, filed with the SEC on Nov. 20, 2015. 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.

2See attached reconciliation of non-GAAP financial measures.

3Interest rate-sensitive assets consist of spread-based assets and money market mutual funds. Ending balances as of Dec. 31, 2015.

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 Dec. 31, 2015 Sept. 30, 2015 Dec. 31, 2014 Revenues: Transaction-based revenues: Commissions and transaction fees $ 328 $ 364 $ 359   Asset-based revenues: Insured deposit account fees 227 218 207 Net interest revenue 154 155 161 Investment product fees   92   82   83 Total asset-based revenues 473 455 451   Other revenues   11   12   9 Net revenues   812   831   819   Operating expenses: Employee compensation and benefits 201 199 199 Clearing and execution costs 30 39 35 Communications 32 32 31 Occupancy and equipment costs 43 42 41 Depreciation and amortization 22 22 23 Amortization of acquired intangible assets 22 23 23 Professional services 37 39 37 Advertising 62 49 64 Other   20   26   22 Total operating expenses   469   471   475   Operating income 343 360 344   Other expense: Interest on borrowings 12 13 9 Other   -   -   1 Total other expense   12   13   10   Pre-tax income 331 347 334 Provision for income taxes   119   131   123 Net income $ 212 $ 216 $ 211   Earnings per share - basic $ 0.39 $ 0.40 $ 0.39 Earnings per share - diluted $ 0.39 $ 0.40 $ 0.39   Weighted average shares outstanding - basic 537 541 544 Weighted average shares outstanding - diluted 540 545 548   Dividends declared per share $ 0.17 $ 0.15 $ 0.15     TD AMERITRADE HOLDING CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS In millions (Unaudited)         Dec. 31, 2015 Sept. 30, 2015 Assets: Cash and cash equivalents $ 1,735 $ 1,978 Short-term investments 204 4 Segregated cash and investments 6,040 6,305 Broker/dealer receivables 1,022 862 Client receivables, net 12,409 12,770 Goodwill and intangible assets 3,106 3,128 Other   1,250   1,328 Total assets $ 25,766 $ 26,375   Liabilities and stockholders' equity:   Liabilities: Broker/dealer payables $ 2,049 $ 2,707 Client payables 16,105 16,035 Long-term debt 1,783 1,800 Other   855   930 Total liabilities 20,792 21,472 Stockholders' equity   4,974   4,903 Total liabilities and stockholders' equity $ 25,766 $ 26,375     TD AMERITRADE HOLDING CORPORATION SELECTED OPERATING DATA (Unaudited)     Quarter Ended Dec. 31, 2015     Sept. 30, 2015     Dec. 31, 2014

Key Metrics:

Net new assets (in billions) $17.5 $16.2 $18.8 Net new asset growth rate (annualized) 10 % 9 % 11 % Average client trades per day 438,108 478,776 457,243  

Profitability Metrics:

Operating margin 42.2 % 43.3 % 42.0 % Pre-tax margin 40.8 % 41.8 % 40.8 % Return on average stockholders' equity (annualized) 17.1 % 17.4 % 17.8 % EBITDA(1) as a percentage of net revenues 47.7 % 48.7 % 47.5 %  

Liquidity Metrics:

Interest on borrowings (in millions) $12 $13 $9 Interest coverage ratio (EBITDA(1)/interest on borrowings) 32.3 31.2 43.2

Liquid assets available for corporate investing and financing activities(1) (in billions)

$0.6 $0.5 $0.7 Cash and cash equivalents (in billions) $1.7 $2.0 $1.9  

Transaction-Based Revenue Metrics:

Total trades (in millions) 27.6 30.6 28.8 Average commissions and transaction fees per trade $11.90 $11.89 $12.45 Average client trades per funded account (annualized) 16.6 18.2 18.1 Activity rate - funded accounts 6.6 % 7.3 % 7.2 % Trading days 63.0 64.0 63.0 Order routing revenue (in millions) $70 $76 $77  

Spread-Based Asset Metrics:

Average insured deposit account balances (in billions) $80.3 $78.2 $75.0 Average interest-earning assets (in billions) 22.2   21.6   19.5   Average spread-based balances (in billions) $102.5   $99.8   $94.5     Insured deposit account fee revenue (in millions) $227 $218 $207 Net interest revenue (in millions) 154   155   161   Spread-based revenue (in millions) $381   $373   $368     Avg. annualized yield - insured deposit account fees 1.10 % 1.09 % 1.08 % Avg. annualized yield - interest-earning assets 2.71 % 2.81 % 3.23 % Net interest margin (NIM) 1.45 % 1.46 % 1.53 %  

Fee-Based Investment Metrics:

Money market mutual fund fees:

Average balance (in billions) $5.7 $5.7 $5.6 Average annualized yield 0.06 % 0.02 % 0.00 % Fee revenue (in millions) $1   $0   $0    

Market fee-based investment balances:

Average balance (in billions) $152.9 $151.4 $145.1 Average annualized yield 0.23 % 0.21 % 0.22 % Fee revenue (in millions) $91   $82   $83     Average fee-based investment balances (in billions) $158.6 $157.1 $150.7 Average annualized yield 0.23 % 0.20 % 0.22 % Investment product fee revenue (in millions) $92   $82   $83     (1) See attached reconciliation of non-GAAP financial measures.   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 Dec. 31, 2015     Sept. 30, 2015     Dec. 31, 2014

Client Account and Client Asset Metrics:

Funded accounts (beginning of period) 6,621,000 6,551,000 6,301,000 Funded accounts (end of period) 6,686,000 6,621,000 6,371,000 Percentage change during period 1 % 1 % 1 %   Client assets (beginning of period, in billions) $667.4 $702.3 $653.1 Client assets (end of period, in billions) $695.3 $667.4 $672.4 Percentage change during period 4 % (5 %) 3 %  

Net Interest Revenue:

Segregated cash:

Average balance (in billions) $6.2 $5.1 $5.3 Average annualized yield 0.09 % 0.08 % 0.13 % Interest revenue (in millions) $1   $1   $2    

Client margin balances:

Average balance (in billions) $12.3 $12.6 $11.5 Average annualized yield 3.54 % 3.57 % 3.69 % Interest revenue (in millions) $111   $115   $108    

Securities borrowing/lending:

Average securities borrowing balance (in billions) $0.8 $0.9 $0.9 Average securities lending balance (in billions) $2.4   $2.4   $2.3   Net interest revenue - securities borrowing/lending (in millions) $41   $39   $51    

Other cash and interest-earning investments:

Average balance (in billions) $2.9 $3.0 $1.8 Average annualized yield 0.05 % 0.03 % 0.05 % Interest revenue - net (in millions) $1   $0   $0    

Client credit balances:

Average balance (in billions) $14.0 $13.3 $12.2 Average annualized cost 0.01 % 0.01 % 0.01 % Interest expense (in millions) ($0 ) ($0 ) ($0 ) Average interest-earning assets (in billions) $22.2 $21.6 $19.5 Average annualized yield 2.71 % 2.81 % 3.23 % Net interest revenue (in millions) $154   $155   $161     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 Dec. 31, 2015 Sept. 30, 2015 Dec. 31, 2014 $ % of Net Rev. $ % of Net Rev. $ % of Net Rev.

EBITDA (1)

EBITDA $ 387 47.7 % $ 405 48.7 % $ 389 47.5 % Less: Depreciation and amortization (22 ) (2.7 %) (22 ) (2.6 %) (23 ) (2.8 %) Amortization of acquired intangible assets (22 ) (2.7 %) (23 ) (2.8 %) (23 ) (2.8 %) Interest on borrowings (12 ) (1.5 %) (13 ) (1.6 %) (9 ) (1.1 %) Provision for income taxes   (119 ) (14.7 %)   (131 ) (15.8 %)   (123 ) (15.0 %) Net income $ 212   26.1 % $ 216   26.0 % $ 211   25.8 %     As of Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31, 2015 2015 2015 2015 2014

Liquid Assets Available for Corporate Investing and Financing Activities (2)

Liquid assets available for corporate investing and financing activities $ 571 $ 530 $ 581 $ 740 $ 731

Plus: Non-corporate cash and cash equivalents

934 909 1,116 662 1,519 Corporate liquidity maintained for operational contingencies 764 750 750 750 -

Less: Corporate short-term investments

(201 ) - - (501 ) - Excess broker-dealer regulatory net capital   (333 )   (211 )   (214 )   (371 )   (373 ) Cash and cash equivalents $ 1,735   $ 1,978   $ 2,233   $ 1,280   $ 1,877       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 holding company's 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, 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 broker-dealer subsidiaries in the calculation of liquid assets available for corporate investing and financing activities, rather than simply including broker-dealer cash and cash equivalents, because capital requirements may limit the amount of cash available for dividend from the broker-dealer subsidiaries to the parent company. Excess capital, as defined below, is generally available for dividend from the broker-dealer 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 cash and cash equivalents.   We define liquid assets available for corporate investing and financing activities as the sum of (a) corporate cash and cash equivalents and short-term investments, excluding an amount that is being maintained to provide liquidity for operational contingencies, including lending to our broker-dealer and futures commission merchant subsidiaries under intercompany credit agreements and (b) regulatory net capital of (i) our clearing broker-dealer subsidiary in excess of 10% of aggregate debit items and (ii) our introducing broker-dealer subsidiaries in excess of a minimum operational target established by management ($50 million in the case of our primary introducing broker-dealer, TD Ameritrade, Inc.). Liquid assets available for corporate investing and financing activities is based on more conservative measures of broker-dealer net capital than regulatory requirements because we generally manage to higher levels of net capital at the broker-dealer subsidiaries than the regulatory thresholds require.  

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TD Ameritrade Holding CorporationKim Hillyer, 402-574-6523Director, Communicationskim.hillyer@tdameritrade.comorJeff Goeser, 402-597-8464Director, Investor Relations and Financejeffrey.goeser@tdameritrade.com