Diluted Earnings per Share of $1.64, up 4%
Year-Over-Year
Net Revenues of $3.7B, up 10%
Year-Over-Year
Net New Client Assets of $80B, 10% Annualized
Growth Rate
TD Ameritrade Holding Corporation (Nasdaq: AMTD) has released
results for its 2017 fiscal year. The Company’s core operating
metrics were at record levels, driven by strong organic growth and
the acquisition of Scottrade. The Company also introduced a
Non-GAAP earnings per share metric to enhance comparisons to prior
periods.
The Company’s results for the fiscal year ended Sept. 30, 2017
include the following:(1)
- Net new client assets of approximately
$80 billion, a growth rate of 10 percent
- Record average client trades per day of
approximately 511,000, up 10 percent year over year
- Net revenues of $3.7 billion, 60
percent of which were asset-based
- Client assets of approximately $1.1
trillion, up 45 percent year over year
- $1.64 in GAAP earnings per diluted
share, up 4 percent year over year, on net income of $872
million
- $1.84 in Non-GAAP earnings per diluted
share(2), up 10 percent year over year
- Pre-tax income of $1.4 billion, or 38
percent of net revenues
- Interest rate-sensitive assets(3) of
$156 billion, up 31 percent year over year
“Fiscal 2017 was an outstanding year, enhanced by our
acquisition of Scottrade, which we expect will improve the
investing experience for millions of investors. Throughout the
year, we delivered industry-leading, double-digit organic growth,
made significant progress on our core strategic initiatives, and
completed critical steps to enable the seamless integration of
Scottrade into our business,” said Tim Hockey, TD Ameritrade
president and chief executive officer. “We finished the year strong
in trading, averaging a record 511,000 trades per day, despite
suppressed market volatility. And, we gathered a record $80 billion
in net new client assets, driven by record asset gathering from our
institutional channel, efficient and effective marketing efforts,
and strong new business trends all around.
“We will carry that momentum with us into fiscal 2018 with a
strengthened competitive position and increased scale, thanks to
Scottrade, that will further accelerate our asset gathering
capabilities,” Hockey continued. “Over the next 12 months we will
continue to ramp up our technology efficiency and throughput so we
can further enhance the client experience, and accelerate and
diversify revenue growth.”
“Overall core results remained strong as we exited the fiscal
year. Moving forward, we’ve decided to include Non-GAAP results in
our reporting, which will enhance comparability by excluding the
significant acquisition-related expenses we expect to incur. Both
GAAP and Non-GAAP results were strong for the quarter and year,”
said Steve Boyle, executive vice president and chief financial
officer. “We have good momentum right now and remain focused on
delivering a successful integration, which we expect will drive
incremental shareholder value. Our game plan is sound, and we
expect to deliver better results than we originally modeled.”
Fourth Quarter 2017 ResultsTD Ameritrade also released
its results for the quarter ended Sept. 30, 2017, which include the
following: (1)
- Net new client assets of approximately
$20 billion
- Average client trades per day of
approximately 529,000, up 19 percent year over year
- Net revenues of $983 million, 64
percent of which were asset-based
- $0.39 in GAAP earnings per diluted
share, up 11 percent year over year, on net income of $211
million
- $0.49 in Non-GAAP earnings per diluted
share(2), up 29 percent year over year
- Pre-tax income of $338 million, or 34
percent of net revenues
Capital ManagementDuring the 2017 fiscal year, the
Company paid $379 million in cash dividends, which included four
quarterly dividends of $0.18 per share.
The Company will increase its quarterly cash dividend by $0.03
per share, a 17 percent increase. It has declared a $0.21 per share
quarterly cash dividend, payable on Nov. 21, 2017 to all holders of
record of common stock as of Nov. 7, 2017.
Fiscal 2018 OutlookThe Company has also released its
outlook for the 2018 fiscal year, which reflects expected GAAP
earnings of $1.50 to $2.00 per diluted share, or Non-GAAP earnings
of $2.10 to $2.50 per diluted share(2) for its 2018 fiscal
year.
More information on the fiscal 2018 forecast is available
through the Company’s Outlook Statement, located in the “Financials
and Reports” section of its corporate website, www.amtd.com.
Company Hosts Conference CallTD Ameritrade will host its
September Quarter conference call this morning, Oct. 24, 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 website. A replay of the phone call will
be available by dialing 855-859-2056 and entering the Conference ID
86495491 beginning at 11:30 a.m. EDT (10:30 a.m. CDT) on Oct. 24,
2017. The replay will be available until 11:59 p.m. EDT (10:59 p.m.
CDT) on Oct. 31, 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 Wednesday, Oct. 25, 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. Website 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 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.
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 See attached reconciliation of non-GAAP financial
measures.
3 Interest rate-sensitive assets consist of spread-based assets
and money market mutual funds. Ending balances as of September 30,
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 Fiscal Year Ended
Sept. 30, 2017 June 30, 2017 Sept. 30, 2016
Sept. 30, 2017 Sept. 30, 2016 Revenues:
Transaction-based revenues: Commissions and transaction fees $ 330
$ 335 $ 336 $ 1,384 $ 1,372 Asset-based revenues: Bank deposit
account fees 307 286 230 1,107 926 Net interest revenue 210 175 151
690 595 Investment product fees 115 112 98
423 374 Total asset-based revenues 632 573 479 2,220
1,895 Other revenues 21 23 14 72
60 Net revenues 983 931 829 3,676
3,327 Operating expenses: Employee compensation and benefits
285 234 222 962 839 Clearing and execution costs 37 38 34 149 136
Communications 33 34 38 131 137 Occupancy and equipment costs 49 44
43 181 171 Depreciation and amortization 28 25 24 102 92
Amortization of acquired intangible assets 22 19 20 79 86
Professional services 82 67 57 260 178 Advertising 59 58 59 254 260
Other 27 18 49 92 110 Total
operating expenses 622 537 546 2,210
2,009 Operating income 361 394 283 1,466 1,318 Other
expense: Interest on borrowings 23 20 13 71 53 Loss on debt
refinancing - 1 - 1 - Total
other expense 23 21 13 72 53
Pre-tax income 338 373 270 1,394 1,265 Provision for income taxes
127 142 85 522 423 Net income $
211 $ 231 $ 185 $ 872 $ 842 Earnings per share - basic $ 0.40 $
0.44 $ 0.35 $ 1.65 $ 1.59 Earnings per share - diluted $ 0.39 $
0.44 $ 0.35 $ 1.64 $ 1.58 Weighted average shares outstanding -
basic 534 528 526 529 531 Weighted average shares outstanding -
diluted 536 530 529 531 534 Dividends declared per share $ 0.18 $
0.18 $ 0.17 $ 0.72 $ 0.68
TD AMERITRADE HOLDING
CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS In
millions (Unaudited)
Sept. 30,
2017 Sept. 30, 2016 Assets: Cash and cash equivalents $
1,472 $ 1,855 Segregated cash and investments 10,446 8,729
Broker/dealer receivables 1,334 1,190 Client receivables, net
17,151 11,941 Investments available-for-sale, at fair value 746 757
Goodwill and intangible assets 5,683 3,042 Other 1,795
1,304 Total assets $ 38,627 $ 28,818 Liabilities and
stockholders' equity: Liabilities: Broker/dealer payables $
2,504 $ 2,040 Client payables 25,107 19,055 Long-term debt 2,555
1,817 Other 1,214 855 Total liabilities 31,380 23,767
Stockholders' equity 7,247 5,051 Total liabilities
and stockholders' equity $ 38,627 $ 28,818 NOTE: The
Condensed Consolidated Balance Sheet as of September 30, 2017
includes provisional estimates related to the assets acquired and
liabilities assumed in the Scottrade acquisition. These provisional
estimates may be adjusted in the event new information becomes
available regarding facts and circumstances which existed at the
date of acquisition.
TD AMERITRADE HOLDING
CORPORATION SELECTED OPERATING DATA (Unaudited)
Quarter Ended Fiscal Year Ended
Sept. 30, 2017 June 30, 2017
Sept. 30, 2016 Sept. 30, 2017
Sept. 30, 2016
Key
Metrics:
Net new assets (in billions) $19.9 $22.0 $15.1 $80.1 $60.3 Net new
asset growth rate (annualized) 9% 10% 8% 10% 9% Average client
trades per day 528,741 510,358 444,281 510,710 462,918
Profitability
Metrics:
Operating margin 36.7% 42.3% 34.1% 39.9% 39.6% Pre-tax margin 34.4%
40.1% 32.6% 37.9% 38.0% Return on average stockholders' equity
(annualized) 14.2% 17.2% 14.7% 16.0% 17.0% Net profit margin 21.5%
24.8% 22.3% 23.7% 25.3% EBITDA(1) as a percentage of net revenues
41.8% 46.9% 39.4% 44.8% 45.0%
Liquidity
Metrics:
Interest on borrowings (in millions) $23 $20 $13 $71 $53 Interest
coverage ratio (EBITDA(1)/interest on borrowings) 17.9 21.9 25.2
23.2 28.2 Cash and cash equivalents (in billions) $1.5 $2.9 $1.9
$1.5 $1.9
Liquid assets available for corporate
investing and financing activities(1)(2) (in billions)
$0.2 $1.8 $0.7 $0.2 $0.7
Transaction-Based
Revenue Metrics:
Total trades (in millions) 33.0 32.2 28.4 127.7 116.7 Average
commissions per trade(3) $7.72 $7.83 $9.17 $8.33 $9.20 Trading days
62.5 63.0 64.0 250.0 252.0 Order routing revenue (in millions) $75
$83 $75 $320 $299
Spread-Based
Asset Metrics:
Average bank deposit account balances (in billions) $95.0 $92.3
$87.1 $93.9 $83.7 Average interest-earning assets (in billions)
26.7 25.5 23.8 25.3 22.7 Average spread-based balances (in
billions) $121.7 $117.8 $110.9 $119.2 $106.4 Bank deposit account
fee revenue (in millions) $307 $286 $230 $1,107 $926 Net interest
revenue (in millions) 210 175 151 690 595 Spread-based revenue (in
millions) $517 $461 $381 $1,797 $1,521 Avg. annualized yield - bank
deposit account fees 1.26% 1.23% 1.03% 1.16% 1.09% Avg. annualized
yield - interest-earning assets 3.08% 2.71% 2.48% 2.69% 2.59% Net
interest margin (NIM) 1.66% 1.55% 1.35% 1.49% 1.41%
Fee-Based
Investment Metrics:
Money market mutual
fund fees:
Average balance (in billions) $3.6 $3.6 $5.3 $3.6 $5.7 Average
annualized yield 0.43% 0.43% 0.28% 0.42% 0.19% Fee revenue (in
millions) $4 $4 $4 $16 $11
Market fee-based
investment balances:
Average balance (in billions) $196.2 $186.1 $163.7 $181.5 $155.0
Average annualized yield 0.22% 0.23% 0.22% 0.22% 0.23% Fee revenue
(in millions) $111 $108 $94 $407 $363 Average fee-based investment
balances (in billions) $199.8 $189.7 $169.0 $185.1 $160.7 Average
annualized yield 0.22% 0.23% 0.23% 0.23% 0.23% Investment product
fee revenue (in millions) $115 $112 $98 $423 $374
(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. (3) Effective in September 2017, the average
commissions per trade metric was revised to exclude order routing
revenue. 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 Fiscal Year Ended Sept. 30, 2017
June 30, 2017 Sept. 30, 2016
Sept. 30, 2017 Sept. 30, 2016
Client Account
and Client Asset Metrics:
Funded accounts (beginning of period) 7,279,000 7,189,000 6,872,000
6,950,000 6,621,000 Funded accounts (end of period) 11,004,000
7,279,000 6,950,000 11,004,000 6,950,000 Percentage change during
period 51% 1% 1% 58% 5% Client assets (beginning of period, in
billions) $882.4 $846.7 $736.3 $773.8 $667.4 Client assets (end of
period, in billions) $1,118.5 $882.4 $773.8 $1,118.5 $773.8
Percentage change during period 27% 4% 5% 45% 16%
Net Interest
Revenue:
Segregated
cash:
Average balance (in billions) $7.7 $8.0 $8.0 $8.3 $7.0 Average
annualized yield 0.93% 0.67% 0.27% 0.58% 0.21% Interest revenue (in
millions) $18 $14 $5 $49 $15
Client margin
balances:
Average balance (in billions) $13.8 $12.6 $11.7 $12.5 $11.8 Average
annualized yield 4.08% 3.81% 3.60% 3.79% 3.65% Interest revenue (in
millions) $144 $121 $107 $482 $436
Securities
borrowing/lending:
Average securities borrowing balance (in billions) $1.1 $1.0 $1.2
$1.0 $0.9 Average securities lending balance (in billions) $2.4
$2.1 $1.9 $2.0 $2.1 Net interest revenue - securities
borrowing/lending (in millions) $41 $34 $37 $139 $141
Other cash and
interest-earning investments:
Average balance (in billions) $4.1 $3.9 $2.9 $3.5 $3.0 Average
annualized yield 0.79% 0.67% 0.28% 0.63% 0.18% Interest revenue -
net (in millions) $8 $6 $2 $22 $5
Client credit
balances:
Average balance (in billions) $16.6 $15.9 $15.5 $16.2 $14.7 Average
annualized cost 0.02% 0.01% 0.01% 0.01% 0.01% Interest expense (in
millions) ($1) ($0) ($0) ($2) ($2) Average interest-earning assets
(in billions) $26.7 $25.5 $23.8 $25.3 $22.7 Average annualized
yield 3.08% 2.71% 2.48% 2.69% 2.59% Net interest revenue (in
millions) $210 $175 $151 $690 $595 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, except per share amounts
(Unaudited)
Quarter Ended Fiscal Year
Ended Fiscal Year Ending Sept. 30, 2017 Sept.
30, 2016 Sept. 30, 2017 Sept. 30, 2016 Sept.
30, 2018*
Non-GAAP Net
Income and Non-GAAP Diluted EPS (1)
Amount Diluted EPS Amount Diluted EPS
Amount Diluted EPS Amount Diluted EPS
Diluted EPS Range Net income and diluted EPS - GAAP $
211 $ 0.39 $ 185 $ 0.35 $ 872 $ 1.64 $ 842 $ 1.58 $ 1.50 $ 2.00
Non-GAAP adjustments: Amortization of acquired intangible assets 22
0.04 20 0.04 79 0.15 86 0.16 0.25 0.25 Acquisition-related expenses
61 0.11 6 0.01 88 0.17 6 0.01 0.72 0.56 Income tax effect of above
adjustments (31 ) (0.05 ) (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 $ 201 $ 0.38 $ 976
$ 1.84 $ 899 $ 1.68 $ 2.10 $ 2.50
Quarter Ended Fiscal Year Ended
Sept. 30, 2017 June 30, 2017 Sept. 30, 2016
Sept. 30, 2017 Sept. 30, 2016 $ % of Net
Rev. $ % of Net Rev. $ % of Net
Rev. $ % of Net Rev. $ % of Net
Rev.
EBITDA
(2)
Net income - GAAP $ 211 21.5 % $ 231 24.8 % $ 185 22.3 % $ 872 23.7
% $ 842 25.3 % Add: Depreciation and amortization 28 2.8 % 25 2.7 %
24 2.9 % 102 2.8 % 92 2.8 % Amortization of acquired intangible
assets 22 2.2 % 19 2.0 % 20 2.4 % 79 2.1 % 86 2.6 % Interest on
borrowings 23 2.3 % 20 2.1 % 13 1.6 % 71 1.9 % 53 1.6 % Provision
for income taxes 127 12.9 % 142 15.3 %
85 10.3 % 522 14.2 % 423
12.7 % EBITDA - non-GAAP $ 411 41.8 % $ 437 46.9 % $
327 39.4 % $ 1,646 44.8 % $ 1,496 45.0 %
As of Sept. 30, June 30, Mar.
31, Dec. 31, Sept. 30, 2017 2017
2017 2016 2016
Liquid Assets
Available for Corporate Investing and Financing Activities
(3)
Cash and cash equivalents - GAAP $ 1,472 $ 2,880 $ 2,231 $ 1,662 $
1,855
Less: Non-corporate cash and cash
equivalents
(1,174 ) (973 ) (1,286 ) (1,203 )
(1,363 ) Corporate cash and cash equivalents 298 1,907 945
459 492 Corporate investments 714 747 747 747 757
Less: Corporate liquidity maintained for
operational contingencies
(723 ) (723 ) (723 ) (773 ) (773 ) Amounts maintained for corporate
working capital (87 ) (87 ) (87 ) (87 ) (87 ) Amounts held as
collateral for derivative contracts (40 ) (34 )
(40 ) (32 ) (93 ) Excess corporate cash and
cash equivalents and investments 162 1,810 842 314 296 Excess
regulatory net capital over management targets 46
8 122 478 357
Liquid assets available for corporate investing and
financing activities - non-GAAP $ 208 $ 1,818 $ 964
$ 792 $ 653 Note: The term
"GAAP" in the following explanation 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)
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.
(2)
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.
(3)
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, less
securities sold under agreements to repurchase 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171024005342/en/
TD Ameritrade Holding
CorporationKim Hillyer, 402-574-6523Director,
Communicationskim.hillyer@tdameritrade.comorJeff Goeser,
402-597-8464Director, Investor
Relationsjeffrey.goeser@tdameritrade.com
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