td ameritrade september quarter/full year...

TD Ameritrade Holding Corporation (NYSE: 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. © 2015 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission.

TD Ameritrade September Quarter/Full Year Earnings

1

October 27, 2015

Fiscal 2015

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 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. 21, 2014 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.

September Quarter 2015 Key Highlights

3

Average client trades per day of 479K; activity rate(1) of 7.3%, up 19% year over year

Net new client assets(2) of $16.2B, 9% annualized growth rate(3), up 21% year over year

Client assets of $667B, up 2% year over year

Ending fee-based investment balances(4) of $152B, up 6% year over year

Record interest rate sensitive assets(5) of $108B, up 8% year over year

Record net revenues of $831M, up 5% year over year

Diluted earnings per share of $0.40, up 5% year over year

Repurchased 7.1M shares ($238M)

(1) Funded account activity rate (AR%). Average client trades per day during the period divided by the average number of total funded accounts during the period. (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 annual 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, 2015. (5) Interest rate sensitive assets consist of spread-based assets and money market mutual funds. Ending balances as of Sep. 30, 2015. *Changes based on rounding numbers to the nearest millions.

Record Fiscal 2015 Key Highlights

4

Records Average client trades per day of 462K; activity rate of 7.1%(1), up 8% year over year Net new client assets(2) of $63B, 10% annual growth rate(3), up 18% year over year

Interest rate sensitive assets(4) of $108B, up 8% year over year Net revenues of $3.2B, up 4% year over year Diluted earnings per share of $1.49, up 5% year over year

Client assets of $667B, up 2% year over year Ending fee-based investment balances(5) of $152B, up 6% year over year Capital Deployment – returned ~80% of net income excluding amortization of

intangible assets(6) through dividends and share repurchases Paid $0.60 per share in cash dividends ($326M) Repurchased 10.9M shares ($364M)

(1) Funded activity rate (AR%). Average client trades per day during the period divided by the average number of total funded accounts during the period. (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 annual net new assets as a % of client assets as of the beginning of the period. (4) Interest rate sensitive assets consist of spread-based assets and money market mutual funds. Ending balances as of Sep. 30, 2015. (5) Market fee-based investment balances plus money market mutual funds. Ending balances as of Sep. 30, 2015. (6) See attached reconciliation of non-GAAP financial measures. *Changes based on rounding numbers to the nearest millions.

Asset Gathering 7th Consecutive Year of Double-Digit Growth

5

Net New Client Assets ($B)(1)

(1) Net new assets (NNA) consists 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.

(2) FY16 forecast per 10/27/15 outlook statement. (3) NNA growth rate is annual net new assets as a % of client assets as of the beginning of the period.

$47 $41 $41

$50 $53

$63

$0

$10

$20

$30

$40

$50

$60

$70

$80

FY11 FY12 FY13 FY14 FY15 FY16

$73

Growth Rate(3)

7-11%(2) 11% 10% 10% 12% Growth Rate(3) 10%

Outlook Range ($B)(2)

Fiscal 2015 Record $63B NNA, 10%

growth rate Retail NNA up 22% year over

year driven by: Sales funnel/branch network

Institutional NNA up 16% year over year driven by: New and existing RIAs

Fiscal 2016 Long-term goal remains 7-

11% growth

Record Year

399

360 374

427

462

32%

36%

39% 41%

43%

20%

25%

30%

35%

40%

45%

275

325

375

425

475

525


Avg. Client Trades Per Day (K)

Trading

6

% Derivatives(2) of Total Trades per Day Outlook Range (K)(1)

(1) FY16 forecast per 10/27/15 outlook statement. (2) Derivatives include options, futures and foreign exchange (Forex) trades per day. (3) Funded account activity rate (AR%). Average client trades per day during the period divided by the average number of total funded accounts during the period. (4) Total revenue-generating client trades divided by the number of trading days in the period. This metric is also known as average client trades per day. (5) Average commissions and transaction fees per trade.

490

Activity Rate(3)

6.3% 6.3% 6.9% 6.6-7.2%(1) 7.1%

450

7.2%

Fiscal 2015 Record average client

trades per day of 462K; activity rate 7.1%

Record derivatives - 43% of DARTS(4)

Record mobile - 16% of DARTS

Fiscal 2016 6.6-7.2% activity rate Commissions per trade(5)

of $11.75-$12.00 October month-to-date

435K

$166

$196

$250

$309 $334

$100

$150

$200

$250

$300

$350

$400

$450


Investment Product Fees(1) Continue to Build-out Third Revenue Stream

7

Outlook Range ($M)(2) Investment Product Fees ($M)

(1) Market fee-based plus money market mutual fund revenue. (2) FY16 forecast per 10/27/15 outlook statement.

CAGR: 19%

Avg. Bal. ($B) $78 $86 $113 $137 $156 $160-$170(2)

$400

$365

Fiscal 2015 Record revenue and

average balances Year-over-year growth:

average balances up 14%; revenue up 8%

Amerivest and AdvisorDirect continue to drive growth

Fiscal 2016 Continued growth of

guidance products

Fiscal 2016 Outlook

8

Continued focus on organic growth Asset gathering – continue momentum in retail and institutional channels Trading – volatility expected to continue Guidance offerings a strategic priority

Continued expense discipline

Return of capital strategy Targeting 60-80% of net income excluding amortization of intangible assets Increasing quarterly cash dividend to $0.17/share

Fiscal 2016 EPS Outlook Range: $1.45 - $1.75(1)

Continue to build long-term earnings power and deploy/return capital to further enhance shareholder value

(1) FY16 forecast per 10/27/15 outlook statement.

Sep Q '15 Sep Q '14 Variance % Variance FY15 FY14 Variance % Variance

1 $364 $332 $32 10% Transaction-Based Revenues $1,401 $1,351 $50 4%2 $455 $450 $5 1% Asset-Based Revenues $1,795 $1,710 $85 5%3 $12 $13 ($1) -8% Other Revenues $51 $62 ($11) -18%4 $831 $795 $36 5% Net Revenues $3,247 $3,123 $124 4%

5 $422 $412 $10 2% Operating Expenses, excl. Advertising(1) $1,674 $1,588 $86 5%6 $49 $45 $4 9% Advertising $248 $250 ($2) -1%7 $471 $457 $14 3% Total Operating Expenses $1,922 $1,838 $84 5%

8 $360 $338 $22 7% Operating Income $1,325 $1,285 $40 3%

9 $13 $6 $7 117% Interest on Borrowings $43 $25 $18 72%10 $0 ($10) $10 Gain on Investments & Other ($6) ($10) $411 $13 ($4) $17 Other Expense/(Income) $37 $15 $22

12 $347 $342 $5 1% Pre-Tax Income $1,288 $1,270 $18 1%13 42% 43% -1% Pre-Tax Margin 40% 41% -1%

14 $216 $211 $5 2% Net Income $813 $787 $26 3%15 $0.40 $0.38 $0.02 5% EPS(2) $1.49 $1.42 $0.07 5%16 17% 18% -1% ROE(3) 17% 17% 0%

Cash-generation statistics:17 $0.42 $0.41 $0.01 2% EPS(2) excl. Amortization of Intangibles(1) $1.59 $1.52 $0.07 5%18 $405 $394 $11 3% EBITDA(1) $1,512 $1,480 $32 2%19 49% 50% -1% EBITDA(1)/Net Revenues 47% 47% 0%

Financial Overview

9

(Dollars in millions, except per share amounts) Quarter Comparison Full Year Comparison

(1) See attached reconciliation of non-GAAP financial measures. (2) Earnings per diluted share (EPS). (3) Return on average stockholders’ equity (annualized). * Certain totals may not foot due to rounding.

Growing Revenue, Stable NIM(1)

$62

$74 $84

$91 $96

1.99% 1.69%

1.50% 1.51% 1.50% 1.53%

0.75%

1.00%

1.25%

1.50%

1.75%

2.00%

2.25%

$45

$55

$65

$75

$85

$95

$105

$115


Spread Based Revenue

10

Outlook Range ($M)(2) Spread-Based Revenue ($M)

$1,255 $1,278 $1,273

$1,401 $1,461

$750

$1,000

$1,250

$1,500

$1,750


$1,710

$1,530

Outlook Range ($B)(2) Spread-Based Balance ($B) NIM Outlook Range NIM(2)

$99

$105

1.61%

Fiscal 2015 Record revenue and

average balances Record average margin

balances of $12.1B, up 15% year over year

Record net stock borrowing/lending revenue

Fiscal 2016 Stable-to-growing NIM Balance growth

continuing from record levels

(1) NIM (net interest margin) is a measure of the net yield on our average spread-based assets. (2) FY16 forecast per 10/27/15 outlook statement. *Changes based on rounding numbers to the nearest millions.

Growing Revenue

7 YR Swap(3) 2.51% 1.55% 1.64% 2.25% 1.97% 1.87%(4)

$49

$59

$68 $73 $76

1.55%

1.37%

1.17% 1.11% 1.09%

1.15%

1.00%

1.20%

1.40%

1.60%

$35

$45

$55

$65

$75

$85


IDA(1) Net Revenue

11

Outlook Range ($M)(2) IDA Net Revenue ($M)

Outlook Range ($B)(2) Avg. IDA Balance ($B) Net Yield Outlook Range(2)

$915 $763

$828 $804 $820 $839

$500

$600

$700

$800

$900

$1,000


$995

$78

$82

(1) Client cash is held in FDIC-insured deposit accounts (IDA) at TD Bank, N.A. and TD Bank USA, N.A. TD Ameritrade, TD Bank, N.A., and TD Bank USA, N.A. are affiliated through The Toronto-Dominion Bank.

(2) FY16 forecast per 10/27/15 outlook statement. (3) Source: Bloomberg daily average of fiscal year. (4) Source: Forward curve daily average forecast for FY16 as of Sep. 30, 2015.

Fiscal 2015 Record average balances Stable net yields Record client net buying

activity

Fiscal 2016 Net yields expected to rise Balance growth

1.20%

$57 $63 $73 $75 $80

$12 $15

$17 $19 $22

$8 $5

$5 $6 $6

$0

$20

$40

$60

$80

$100

Sep '11 Sep '12 Sep '13 Sep '14 Sep '15

Money Market Mutual FundsInterest Earning AssetsIDA

Interest Rate Sensitive Assets(1)

12

Well-Positioned for Rising Interest Rates

Ending Balances ($B)

Immediate benefit with Fed Funds increases

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

(3)

Float $21B

$83

$96

$77

$100

(1) Interest rate sensitive assets consist of spread-based assets and money market mutual funds. Ending balances as of Sep. 30, 2015. (2) Client cash is held in FDIC-insured deposit accounts (IDA) at TD Bank, N.A. and TD Bank USA, N.A. TD Ameritrade, TD Bank, N.A., and TD Bank USA, N.A. are affiliated through

The Toronto-Dominion Bank. (3) Ending balances as of Sep. 30, 2015 consisted of $12.6B in client margin balances, $6.3B in segregated cash, and $3.4B in other balances. (4) Impact on spread-based and money market mutual fund revenues in the first twelve months following an interest rate increase. Assumes fed funds increase results in a parallel

shift to the LIBOR/SWAP yield curve. Range impacted by investments in the business and client sharing assumptions with greater sharing/investing anticipated after the first +50bps of increases. Over 90% of the benefit in year one is attributable to short-term rates.

*Certain totals may not foot due to rounding. *Changes based on rounding numbers to the nearest millions.

$108B balances, up 8% year over year Ending client cash as % of

client assets 15.3% Overall consolidated

duration of 2.1 years

Updated sensitivity model - estimated annual impact to EPS on first +100bps: Yr. 1 =+$0.32-$0.48(4)

Yr. 2 =+$0.39-$0.55(4)

Yr. 3 =+$0.47-$0.63(4)

(2)

Fixed$59B

$108

Fiscal 2016 Outlook Range(1)

Financial Macro Assumptions Key Metrics

High

$1.75 EPS 10% Market Growth NNA(2) $73B / 11%(3)

42% Pre-Tax Margin

Increasing Fed Funds, Increasing Yield Curve

Activity Rate(4) of 7.2% / TPD 490K

Operating expense growth of 6% NIM(5) 1.61% / IDA(6) 1.20%

Low

$1.45 EPS 0% Market Growth NNA $47B / 7%

39% Pre-Tax Margin

No change in Fed Funds, declining Yield Curve

Activity Rate of 6.6% / TPD 450K

Operating expense growth of 2%

NIM 1.53% / IDA 1.15%

(1) FY16 forecast per 10/27/15 outlook statement. (2) NNA (net new assets) consists 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 annual net new assets as a % of client assets as of the beginning of the period. (4) Funded account activity rate. Average client trades per day during the period divided by the average number of total funded accounts during the period. (5) NIM (net interest margin) is a measure of the net yield on our average spread-based assets. (6) Client cash is held in FDIC-insured deposit accounts (IDA) at TD Bank, N.A. and TD Bank USA N.A. TD Ameritrade, TD Bank, N.A. and TD Bank USA, N.A. are affiliated through

The Toronto Dominion Bank.

13

Fiscal 2016 Outlook

14

Continued focus on organic growth Asset gathering – continue momentum in retail and institutional channels Trading – volatility expected to continue Guidance offerings a strategic priority

Continued expense discipline

Return of capital strategy Targeting 60-80% of net income excluding amortization of intangible assets Increasing quarterly cash dividend to $0.17/share

Fiscal 2016 EPS Outlook Range: $1.45 - $1.75(1)

Continue to build long-term earnings power and deploy/return capital to further enhance shareholder value

(1) FY16 forecast per 10/27/15 outlook statement.



15

October 27, 2015

Fiscal 2015

Sensitivity

3K average client trades per day = $0.01

0.04% funded activity rate(1) = $0.01

$4.2B fee-based assets(2) = $0.01

$0.6B spread-based assets(3) = $0.01

+25bps interest rate move = +$0.08-$0.12(4)

(1) Funded account activity rate. Average client trades per day during the period divided by the average number of funded accounts during the period. (2) Client assets invested in money market mutual funds, other mutual funds and Company programs such as AdvisorDirect and Amerivest, on which we earn fee revenues. (3) 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. (4) Impact on spread-based and money market mutual fund revenues in the first twelve months following an interest rate increase. Assumes fed funds increase results in a parallel shift

to the LIBOR/SWAP yield curve. Sensitivity relates to first 100bps increase and is the average impact of each +25bps interest rate move . Range impacted by components of interest rate sensitive balances, investments in the business and client sharing assumptions - more sharing/investing anticipated after the first +50bps of increases. Over 90% of the benefit in year one is attributable to short-term rates.

Estimated annual impact to EPS

16

328 334

378

399

382

414

492

401 403

457

477

434

479

5.7% 5.8%

6.5%

6.7%

6.4%

6.9%

8.1%

6.5% 6.4%

7.2%

7.4%

6.7%

7.3%

300

325

350

375

400

425

450

475

500

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

Sep Q'12

Dec Q'12

Mar Q'13

Jun Q'13

Sep Q'13

Dec Q'13

Mar Q'14

Jun Q'14

Sep Q'14

Dec Q'14

Mar Q'15

Jun Q'15

Sep Q'15

Activity Rate(1)

(1) Funded account activity rate (AR%). Average client trades per day during the period divided by the average number of total funded accounts during the period. (2) FY16 forecast per 10/27/15 outlook statement.

Thirteen quarter average 6.7%

Activity Rate

13 Qtr. Avg. Activity Rate

6.7%

Avg. Trades Per Day (K)

17

FY16 Outlook Range(2):

Activity Rate: 6.6-7.2% Avg. Trades Per Day (K): 450-490

Cash as % of Client Assets Range 13-18% Based on Current Mix

Avg. Client Cash ($B) Avg. Client Cash as % of Client Assets

18

$61.3 $63.7

$66.2 $68.2

$72.5 $74.9 $75.8 $75.0 $76.8 $80.9

$83.6 $85.8 $90.2 $91.6 $91.8 $91.7 $93.7

$95.7 $95.1 $95.1 $99.3

18.2% 17.2%

16.5% 16.3%

18.1% 18.8%

17.6% 16.9% 16.8% 17.1% 16.7% 16.4% 16.7%

15.9% 15.2%

14.5% 14.3% 14.4% 13.9% 13.5%

14.9%

10%

15%

20%

25%

$30

$35

$40

$45

$50

$55

$60

$65

$70

$75

$80

$85

$90

$95

$100

Sep Q'10

Dec Q'10

Mar Q'11

Jun Q'11

Sep Q'11

Dec Q'11

Mar Q'12

Jun Q'12

Sep Q'12

Dec Q'12

Mar Q'13

Jun Q'13

Sep Q'13

Dec Q'13

Mar Q'14

Jun Q'14

Sep Q'14

Dec Q'14

Mar Q'15

Jun Q'15

Sep Q'15

2.06(4) 1.67(4) 0.64(4) 0.09(4)

0.82 0.90

0.81 0.90

0.75 0.88

1.01 1.13

1.26

1.93 1.77

1.53

1.79

1.39 1.48

1.58 1.68

1.77

2.30

2.04

1.79

2.15

1.70 1.78

1.86 1.94

2.01

0.07 0.06 0.06 0.08 0.07 0.21

0.31 0.41

0.51

0.00

0.50

1.00

1.50

2.00

2.50

3.00

Sep Q '14 Dec Q '14 Mar Q '15 Jun Q '15 Sep Q '15 Dec Q '15 Mar Q '16 Jun Q '16 Sep Q '16

2 YR 5 YR 7 YR Fed Funds

Forecast per September Forwards(1)

Libor/Swap Yield Curve Nine quarter trend

(1) Assumes September 30th 2015 Forward curve. (2) Source: Bloomberg daily (end of period). (3) Source: Board of Governors of the Federal Reserve website Daily Fed Funds Effective Rate (end of period).

(3) (2) (2) (2)

Ending Spreads Sep Q ’14 Sep Q ‘15 Sep Q ‘16

2 YR vs. 5 YR 1.11 0.64 0.51

2 YR vs. 7 YR 1.48 0.95 0.75

19

Reconciliation of Non-GAAP Financial Measures

20

21

2015 2014 2015 2014

Net income, as reported 216$ 211$ 813$ 787$ Adjustments:

Amortization of acquired intangible assets 23 23 90 90 Income tax effect of above adjustment (9) (9) (35) (35)

Net income excluding amortization of intangible assets 230$ 225$ 868$ 842$

Diluted earnings per share 0.40$ 0.38$ 1.49$ 1.42$ Adjustments on a per share basis, net of income tax effect:

Amortization of acquired intangible assets 0.02 0.03 0.10 0.10 EPS excluding amortization of intangible assets 0.42$ 0.41$ 1.59$ 1.52$

$ % of Net Rev. $ % of Net Rev. $ % of Net Rev. $ % of Net Rev. $ % of Net Rev.

EBITDA 405$ 48.7% 377$ 47.5% 394$ 49.6% 1,512$ 46.6% 1,480$ 47.4%Less:

Depreciation and amortization (22) (2.6%) (23) (2.9%) (23) (2.9%) (91) (2.8%) (95) (3.0%)Amortization of acquired intangible assets (23) (2.8%) (22) (2.8%) (23) (2.9%) (90) (2.8%) (90) (2.9%)Interest on borrowings (13) (1.6%) (13) (1.6%) (6) (0.8%) (43) (1.3%) (25) (0.8%)Provision for income taxes (131) (15.8%) (122) (15.4%) (131) (16.5%) (475) (14.6%) (483) (15.5%)

Net income 216$ 26.0% 197$ 24.8% 211$ 26.5% 813$ 25.0% 787$ 25.2%

2015 2014 2015 2014

Operating expenses excluding advertising 422$ 412$ 1,674$ 1,588$ Plus: Advertising 49 45 248 250 Total operating expenses 471$ 457$ 1,922$ 1,838$

Net Income Excluding Amortization of Intangible Assets (1)

September 30,

Operating Expenses Excluding Advertising (3)

Sept. 30, 2015June 30, 2015

EBITDA (2)

Quarter EndedSeptember 30,

Fiscal Year Ended

Sept. 30, 2014Sept. 30, 2015 Sept. 30, 2014

Quarter Ended Fiscal Year EndedSeptember 30, September 30,

Fiscal Year Ended

EPS Excluding Amortization of Intangible Assets (1)

Quarter Ended

TD AMERITRADE HOLDING CORPORATIONRECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Dollars in millions, except per share amounts(Unaudited)

22

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

(1)

(2)

(3)

Net income and earnings per share (EPS) excluding amortization of intangible assets are non-GAAP financial measures as defined by SEC Regulation G. We define net income excluding amortization of intangible assets as net income adjusted to remove the after-tax effect of amortization of acquired intangible assets. We consider net income and EPS excluding amortization of intangible assets important measures of our financial performance. Amortization of acquired intangible assets is excluded because management does not believe it is indicative of underlying business performance. Net income and EPS excluding amortization of intangible assets should be considered in addition to, rather than as a substitute for, GAAP net income and EPS.

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.

Operating expenses excluding advertising is considered a non-GAAP financial measure as defined by SEC Regulation G. Operating expenses excluding advertising consists of total operating expenses, adjusted to remove advertising expense. We consider operating expenses excluding advertising an important measure of the financial performance of our ongoing business. Advertising spending is excluded because it is largely at the discretion of the Company, varies significantly from period to period based on market conditions and generally relates to the acquisition of future revenues through new accounts rather than current revenues from existing accounts. Operating expenses excluding advertising should be considered in addition to, rather than as a substitute for, total operating expenses.



23

October 27, 2015

Fiscal 2015

td ameritrade september quarter/full year...

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