AMTD TD Ameritrade Holding Corporation

Record Net New Client Assets of $19.5B

Record Average Client Trades per Day of 517,000

Net Revenues Top $900M

Record Total Client Assets of $847B

TD Ameritrade Holding Corporation (Nasdaq: 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 ManagementThe 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 CallTD 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 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. 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 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, 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 activities(1)(2) (in billions)

$ 1.0 $ 0.8 $ 0.5 $ 1.0 $ 0.5  

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 activities - non-GAAP $ 964   $ 792 $ 653   $ 547 $ 524     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.

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