Raymond James-Institutional-Conference-2017

RAYMOND JAMES 38TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE MARCH 2017 1
AMTDRAYMOND JAMES
38TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE
STEVE BOYLE
EXECUTIVE VICE PRESIDENT & CFO
Orlando, FL
March 6, 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.

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
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.

Use of Non-GAAP Financial Measures
The Company utilized the non-GAAP calculation of net income excluding amortization of intangible assets, as an additional measure to aid in
understanding and analyzing the Company's financial results. Specifically, the Company believes that this non-GAAP measure provides useful
information by excluding an item that may not be indicative of the Company's core operating results and business outlook. The Company believes
that 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 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.

Overview

SENIOR MANAGEMENT
Tim Hockey – President and CEO
 32+ years in retail banking and wealth management
 Joined TD Ameritrade in January 2016 from TD Bank Group, where he most recently served as Group Head, Canadian Banking and
Wealth management, and as President and CEO of TD Canada Trust
 Over his 32-year career with TD, he held senior positions in a variety of areas including mutual funds, retail distribution, information
technology, core and small business, credit cards and personal lending.
Tom Bradley
President, Retail Distribution
 Nearly 30 years of experience
in the industry
 Former President, TD
Ameritrade Institutional
Tom Nally
President,
TD Ameritrade Institutional
 More than 20 years of
experience with Advisors
 Currently responsible for TD
Ameritrade Institutional Sales
Karen Ganzlin
EVP, Chief Human Resources
Officer
 Over 10 years with the firm
 Former SVP of HR in wealth
management for TD Bank
Steve Boyle
EVP, Chief Financial Officer
 Nearly 30 years in financial
services industry
 Former CFO of TD Bank
Prashant Bhatia
Managing Director, Corp. Strategy
& Business Development
 Over 20 years in financial
services industry
David Kimm
EVP, Chief Risk Officer
 Nearly 30 years in
financial services – 15 of
which included risk
management
Ellen Koplow
EVP, General Counsel & Corporate
Secretary
 Over 15 years with the firm
 Former managing principal at
Columbia, MD office of Miles &
Stockbridge, P.C.
Steve Quirk
EVP, Trader Group
 30-year trading career
beginning with Chicago
Board of Options
Exchange market maker
Vijay Sankaran
Chief Information Officer
 Prior to joining the firm was IT
Chief of Technology at Ford
Motor Company

$0
$100
$200
$300
$400
$500
$600
$700
$800 PHASE ONE (Joe R.)
1975-2001
Pioneering an Industry
Sep ‘01:
Client Assets: $26B
Market Cap: $1B
PHASE TWO (Joe M.)
2001-2008
Consolidating an Industry
Sep ‘08:
Client Assets: $278B
Market Cap: $10B
PHASE THREE (Fred T.)
2009-2016
Premier Asset Gathering
Sep ‘16:
Client Assets: $774B
Market Cap: $19B
S&P Credit Rating: A
PHASE FOUR
(Tim H.)
2017->
The Way
Forward
Jan ‘17:
Client Assets:
$815B
Market Cap:
$24B
Client Assets
pro-forma with
Scottrade: ~$1T
Total Client Assets $B
EVOLUTION OF TD AMERITRADE
Entering new phase in FY17 – headed to $1 Trillion in AUM
Sep ‘97 Jan ‘17

OUR STRATEGY
Deliver a Superior Client Experience
Scale Speed Simplicity Innovation
Core Objective
Execution Drivers
Strategic Goals
Lead in Trading Grow Client
Assets
Build out Advice
Solutions

KEY METRICS
Building Earnings Power
IDA(1) Revenue ($M)
IDA Balance ($B) and Rate
Interest Rate Sensitive Assets ($B)(3)
$828
$804 $820 $839
$926
$500
$600
$700
$800
$900
$1,000
FY12 FY13 FY14 FY15 FY16
$59
$68 $73
$76
$84
1.37%
1.17%
1.11% 1.09% 1.09%
0.80%
1.00%
1.20%
1.40%
$40
$50
$60
$70
$80
$90
Avg. Bal. Rate
$63
$73 $75
$80
$90
$15
$17
$19
$22
$25
$5
$5
$6
$6
$4
$83
$96
$100
$108
$119
$0
$20
$40
$60
$80
$100
$120
Sep '12 Sep '13 Sep '14 Sep '15 Sep '16
(4)
Immediate
benefit with
Fed Funds
increases
Benefit over
time with
Yield Curve
due to
re-pricing of
laddered
investment
portfolio
Float
$29
IDA Interest Earning Assets Money Market Mutual Funds
Ending Balances
Fixed
$61
Float $5
Fixed
$58
Float
$16
Fixed
$57
Float
$18
Fixed
$57
Float
$21
Fixed
$59
Fed Funds(2) 0.17% 0.08% 0.13% 0.35% 0.66%
CAGR: 3%
CAGR: 9%
CAGR: 9%

2017 Goals

OUR 2017 GOALS
 Improve the client experience
 Build out advice solutions
 Grow client assets
 Lead in trading
 Increase speed to market
 Simplify and automate
 Deliver a superior associate experience
 Win together with TD Bank
Better begins here.

IMPROVE THE CLIENT EXPERIENCE
#1 in 5 major
categories
In Barron's 2016 Online
Broker Review we were
recognized as #1
Online Broker for Long-
Term Investing,
Usability, Research
Amenities, Portfolio
Analysis & Reports,
and Novices.
Win on client experience
“Easy to use website, customer
service was great to me and the
online learning courses you have
to offer.” Retail Client - January
2017
“When using the iRebal system, it
has saved me a lot of work and
time. I would give it a rating of
twenty out of ten.” Advisor –
December 2016
Named one of Fortune Magazine’s 2016
Most Admired Companies - February 2017
StockBrokers.com 2017 Online
Broker Review
• Ranked #1 Overall
• Recognized as #1 (Best in
Class) for Customer Service
• #1 for Trader Community
• Ranked #1 (Best in Class) for
Trading Platforms and Tools

$196
$250
$309
$334
$374
$405
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
FY12 FY13 FY14 FY15 FY16 FY17
Avg. Bal. ($B) $86 $113 $137 $156 $161 $178-$186(7)
BUILD OUT ADVICE SOLUTIONS
$430
Outlook Range ($M)(7)Investment Product Fees ($M)
$94(6)
 Dec Q ’16 update
 Balance growth offset by mix of lower
yielding products
 Advised average balances
(Essential+Selective+AdvisorDirect) up
10% year over year
 Fiscal 2017
 Continued growth of guidance products
 Introduction of Essential Portfolios
− Industry Award for #1 Goal Tracker and ranked
3rd overall in Stockholders.com first annual
Robo-Advisor Review (February 2017)
Investment Product Fees(5) 11%
of net revenue in Dec Q ‘16
CAGR: 18%

Client Assets ($B)
$41
$50
$53 $63
$60
$472
$556
$653 $667
$774
$0
$100
$200
$300
$400
$500
$600
$700
$800
11% 10% 10% 10% 9%
NNA
Growth
Rate
GROW CLIENT ASSETS
 Dec Q ’16 Update
 Dec Q ’16 $18.7B NNA(8)
10% growth rate(9)
 Retail
− Client engagement is strong
− Inflows, new business trends are good
− Net advocate scores trending up
 Institutional
− Growth from new and existing advisors
− Emphasis on automation and efficiency
− Interest in offering remains strong
 Fiscal 2017
 $55B-$85B NNA; 7%-11% growth rate(7)
 Evolution of LTI continuum
Strong start to the year, record Institutional quarter
Net New Client Assets ($B)
CAGR: 13%

LEAD IN TRADING
Best Dec quarter, 3rd best quarter overall
 Dec Q ’16 Update
 DARTS(10) up 11% year over year, up 10%
sequentially
 Derivatives(11) steady, 43% of DARTS
− Election Night: record Futures activity
 Mobile adoption continues:
− Record DARTS 99K
 Fiscal 2017
 Post-election re-engagement
 January – DARTS 521K
360
374
427
462 463
475
36%
39%
41%
43%
44%
20%
25%
30%
35%
40%
45%
325
375
425
475
525
FY12 FY13 FY14 FY15 FY16 FY17
472
505
487(6)
Avg. Client Trades per Day (K) Outlook Range (K)(7)
% Derivatives of Total Trades per Day
CAGR: 6%

INCREASE SPEED TO MARKET; SIMPLIFY AND AUTOMATE
Initiatives update
 New for clients:
 Essential Portfolios
 Amazon Alexa Skill
 Veo One®
 Earnings analysis tools in thinkorswim®
 Core strategic initiatives:
 “TD Ameritrade Investment Management” rollout
 Scottrade integration planning
 DOL Fiduciary Rule
 Enhancing the client experience

DELIVER A SUPERIOR ASSOCIATE EXPERIENCE
AWARDED FEBRUARY 2017

WIN TOGETHER WITH TD BANK
TD Owns ~ 42%(6) of TD Ameritrade
 Stockholders’ agreement amended and extended to 2021
 Insured deposit account(1) agreement
 Next 5-year term commences July 2018
 Money market mutual funds provided by TD Asset Management
 Cross-selling to TD Bank customers
 Access to U.S. markets for TD Waterhouse Canada/UK clients

Scottrade
Acquisition

• Immediately enhances our scale and accelerates our growth
• Extends our leadership position in trading (~600K in pro forma DARTs(10))
• Significantly grows our client base by adding over 2M clients with 3M+ funded accounts(12)
• Expected to generate double digit accretion post-conversion
• Expected to achieve double digit ROIC/IRR post-conversion
• Ability to monetize $36B+(12) in incremental client cash balances
• Significantly expands our geographic footprint through an established branch network
• Enhances our asset gathering capabilities
• Enhances our presence in markets where Scottrade is strong
• Operating leverage in existing model will enable us to generate significant synergies
• Cost savings related to technology, operations/back office, and advertising
 Approximately $450M anticipated in annual cost saves; realized in full by Year 2(13)
• Potential for meaningful additional opportunity, primarily through growing share of wallet (e.g., mobile, derivatives(11),
fixed income, and investment advice)
 $300M+ long-term opportunity
• Robust pro forma cash flow profile; enhanced by meaningful tax benefits
• Modest combined leverage at closing (at or below pre-acquisition levels after synergies)
• Track record of successful acquisitions
• History of integrating acquisitions, realizing synergies, and driving shareholder returns
COMPELLING COMBINATION OF LEADING FIRMS
Enhanced Scale
Financially Attractive
Expanded Footprint and
Client Reach
Significant Synergies
Strong Cash Flow and
Operating Leverage
Proven Consolidator

Client Assets
Funded Accounts(15)
DARTS(10)
Revenue / Trade(16)
Client Cash
Margin Balances
Derivatives(11)
7.0M 3.1M
$774B $170B
463K 137K
$11.76 $10.10
44% 11%
$113.3B $35.7B
$11.8B $2.5B
Branches ~100 ~500
10.1M
$944B
600K
$11.38
36%
$149.0B
$14.3B
~450
ENHANCINGOUR SCALEANDACCELERATINGOUR GROWTH
Meaningful lift across key operating metrics(12) will drive scale, efficiencies and growth(14)
Combined

COMBINATION WILL SIGNIFICANTLY GROW BRANCH PRESENCE
Anticipate that our
physical footprint will
expand to ~450
branches;
accelerates TD
Ameritrade’s asset
gathering strategy
Combined Footprint
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Scottrade
TD Ameritrade

OUR STRATEGY
Deliver a Superior Client Experience
Scale Speed Simplicity Innovation
Core Objective
Execution Drivers
Strategic Goals
Lead in Trading Grow Client
Assets
Build out Advice
Solutions

Appendix

$125B
5% YOY
7% YOY
$797B
$0.41
$859MRECORD NET REVENUES
$18.7BNET NEW CLIENT ASSETS(8)
6% YOY
11% YOY
AVERAGE CLIENT TRADES PER DAY
487K
15% YOY
RECORD CLIENT ASSETS
14% YOY
RECORD INTEREST
RATE SENSITIVE ASSETS(18)
11% YOY
$174B
INVESTMENT BALANCES(17)
FEE-BASED
All key metrics up
year over year
DEC QFiscal 2017
ANNUALIZED
GROWTH RATE(9)
10%
EPS

FISCAL 2017 OUTLOOK RANGE(7)
Financial Macro Assumptions Key Metrics
High
$1.80 EPS 10% Market Growth NNA(8) $85B / 11%(9)
42% Pre-Tax
Margin
Increasing Fed Funds
Increasing Yield Curve
TPD 505K
Operating expense growth of 3%
NIM(19) 1.38% / IDA(1) 1.00%
Low
$1.50 EPS 0% Market Growth NNA $55B / 7%
38% Pre-Tax
Margin
No change in Fed Funds,
declining Yield Curve
TPD 475K
Operating expense growth of (1%) NIM 1.27% / IDA 0.95%

SENSITIVITY
Estimated annual impact to EPS
 3K average client trades per day = $0.01
 $3.8B fee-based assets(20) = $0.01
 $0.6B spread-based assets(21) = $0.01
 +25bps interest rate move = +$0.08-$0.10(22)

$0.6
$0.7
$0.8
$0.9 $0.9
$0.2
$0.3
$0.5
$0.7
$0.7 $0.7
$0.1
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
FY12 FY13 FY14 FY15 FY16 FYTD17
Net Income excl. Amort. of Intangibles ($B) Returned/Deployed ($B)
GOOD STEWARDS OF SHAREHOLDER CAPITAL
Strong Cash Generation and Strong Financial Position
79%64% 87%
 S&P “A”, Moody’s “A3” (under
review for upgrade)
 Fiscal 2016
 Paid $0.68 per share in cash
dividends ($362M)
 Repurchased 12.0M shares ($352M)
 Fiscal 2017
 Targeting 40%(7) of net income
excluding amortization of intangible
assets
− Recurring dividend ~ 40%
− No share repurchases
 Increased quarterly cash dividend by
6% to $0.18/share
80%51% 42%
(23) (24)
(6)

AVERAGE TRADES PER DAY
Thirteen quarter average 454
414
492
401 403
457
477
434
479
438
509
462
444
487
350
375
400
425
450
475
500
525
Dec Q '13Mar Q '14 Jun Q '14 Sep Q '14Dec Q '14Mar Q '15 Jun Q '15 Sep Q '15Dec Q '15Mar Q '16 Jun Q '16 Sep Q '16Dec Q '16
13 Qtr. Avg. TPDAvg. Trades Per Day (K)
454
FY17 Outlook Range(7):
Avg. Trades Per Day (K): 475-505

$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
$102.6
$106.0 $106.6
$110.5
$115.7
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%
14.4%
14.8%
15.4%
14.7% 14.6%
14.9%
10%
15%
20%
25%
$60
$65
$70
$75
$80
$85
$90
$95
$100
$105
$110
$115
$120
Dec Q
'11
Mar Q
'12
Jun Q
'12
Sep Q
'12
Dec Q
'12
Mar Q
'13
Jun Q
'13
Sep Q
'13
Dec Q
'13
Mar Q
'14
Jun Q
'14
Sep Q
'14
Dec Q
'14
Mar Q
'15
Jun Q
'15
Sep Q
'15
Dec Q
'15
Mar Q
'16
Jun Q
'16
Sep Q
'16
Dec Q
'16
CASH AS % OF CLIENT ASSETS
Range 13-19%
Avg. Client Cash as % of Avg. Client AssetsAvg. Client Cash ($B)

Fed Funds
LIBOR/SWAP YIELD CURVE(25)
2 Year Swap
5 Year Swap
7 Year Swap
Nine quarter trend
0.13
0.35 0.37
0.41
0.66
0.69
0.86
0.97
0.41 0.41
0.41 0.44
0.40 0.60
0.74
0.86
1.11
0.00
0.20
0.40
0.60
0.80
1.00
1.20
Sep Q '15 Dec Q '15 Mar Q '16 Jun Q '16 Sep Q '16 Dec Q '16 Mar Q '17 Jun Q '17 Sep Q '17
Forwards GI Low GI Base
0.75
1.18
0.84
0.73
1.46
1.57
1.68
1.78
1.14
1.30
1.43
1.51
1.01
1.26
1.40
1.59
1.77
0.50
0.70
0.90
1.10
1.30
1.50
1.70
1.90
1.38
1.74
1.17
0.98
1.98
2.01 2.08
2.14
1.21 1.19
1.27
1.50
1.18
1.46
1.61
1.82
2.02
0.80
1.00
1.20
1.40
1.60
1.80
2.00
2.20
2.40
1.70
1.95
1.39
1.15
2.16 2.18
2.24
2.30
1.27 1.26
1.33
1.52
1.30
1.57
1.73
1.94
2.12
0.90
1.10
1.30
1.50
1.70
1.90
2.10
2.30
2.50
GI Rate assumptions at beginning of fiscal year - September ‘16 published rates. Forwards as of 2/23/2017

Investor
Relations
Contact
Website:
 Investor Relations: http://www.amtd.com/investor-relations
Phone:
 Jeff Goeser: 402-597-8464
Email:
 Jeffrey.Goeser@tdameritrade.com

APPENDIX…FOOTNOTES
1. Client cash is held in FDIC-insured deposit accounts 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. Source: Board of Governors of the Federal Reserve website
Daily Fed Funds Effective Rate (end of period).
3. Interest rate sensitive assets consist of spread-based assets
and money market mutual funds. Ending balances as of Sep.
30, 2016.
4. Ending balances as of Sep. 30, 2016 consisted of $11.8B in
client margin balances, $9.3B in segregated cash, and $3.7B
in other balances.
5. Market-based plus money market mutual fund revenue.
6. As of December 31, 2016
7. FY17 forecast per 10/24/16 outlook statement.
8. 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.
9. NNA growth rate is annualized net new assets as a % of client
assets as of the beginning of the period.
10. Total revenue trades divided by the number of trading days in the
period. This metric is also known as average client trades per day.
11. Derivatives include options, futures and foreign exchange trades.
12. As of September 30, 2016.
13. $450M in annual cost saves is based on addressable operating
expense base of $750M (excluding depreciation & amortization and
corporate debt interest expense) for 12 month period ending
September 30, 2016.
14. May be some overlap due to common clients

APPENDIX…FOOTNOTES
15. All open client accounts with a total liquidation value greater than
zero, except clearing accounts.
16. Revenue per trade includes commissions and order routing
revenue.
17. Market fee-based investment balances plus money market mutual
funds. Ending balances as of Dec. 31, 2016.
18. Interest rate sensitive assets consist of spread-based assets and
money market mutual funds. Ending balances as of Dec. 31, 2016.
19. NIM (net interest margin) is a measure of the net yield on our
average spread-based assets.
20. Client assets invested in money market funds, other mutual funds
and Company programs such as AdvisorDirect and TDA
Investment Management, on which we earn fee revenues.
21. 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.
22. Impact on spread-based and money market mutual fund revenues
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. Over 90% of the benefit in year one is
attributable to short-term rates. Model updated as of 10/24/16.
23. See attached reconciliation of non-GAAP financial measures.
24. Cash used for M&A, debt repayments, share repurchases, and
dividends divided by net income. Excludes shares repurchased for
payroll taxes on equity award distributions.
25. Source: Bloomberg end of period rates.

Reconciliation of
Non-GAAP
Financial Measures

Quarter
Ended
Dec. 31, 2016 2016 2015 2014 2013 2012
Net income - GAAP 216$ 842$ 813$ 787$ 675$ 586$
Adjustments:
Amortization of acquired intangible assets 19 86 90 90 91 92
Income tax effect of above adjustment (7) (33) (35) (35) (35) (35)
Net income excluding amortization of intangible assets - non-GAAP 228$ 895$ 868$ 842$ 731$ 643$
Note: The term "GAAP" in the following explanations refers to generally accepted accounting principles in the United States.
(1)
TD AMERITRADE HOLDING CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURE
Dollars in millions
(Unaudited)
Net income excluding amortization of intangible assets is a non-GAAP financial measure 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 excluding amortization of intangible assets an important
measure 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 excluding amortization of intangible assets should be considered in addition to, rather than as a substitute for, GAAP net income.
Net Income Excluding Amortization of Intangible Assets (1)
September 30,
Fiscal Year Ended

AMTDRAYMOND JAMES
38TH ANNUAL INSTITUTIONAL INVESTORS CONFERENCE
STEVE BOYLE
EXECUTIVE VICE PRESIDENT & CFO
Orlando, FL
March 6, 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.

Raymond James-Institutional-Conference-2017

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