TD Ameritrade Holding 8K TD Ameritrade Delivers Record Asset Gathering | SEC 18 Apr 11

Exhibit 99.1


At the Company
Kim Hillyer		Jeff Goeser
Director, Communications		Director, Investor Relations and Finance
(402) 574-6523		(402) 597-8464
kim.hillyer@tdameritrade.com		jeffrey.goeser@tdameritrade.com

TD Ameritrade Delivers Record Asset Gathering

Record Net New Client Assets over $11 billion, 12% annualized growth rate
Record Average Client Trades per Day of 439,000
March Quarter Earnings per Share of $0.30

OMAHA, Neb., April 18, 2011—TD Ameritrade Holding Corporation (NASDAQ: AMTD) has released results for the second quarter of fiscal 2011. The Company continues to execute on its organic growth strategy, again delivering double-digit annualized net new client asset growth and record results in other key business metrics.

The Company’s results for the quarter ended March 31, 2011 include the following (year-over-year comparisons):⁽¹⁾

•

Net income of $172 million, or $0.30 per diluted share

•

Record net new client assets of $11.5 billion, an increase of 13 percent, an annualized growth rate of 12 percent of beginning client assets

•

Record average client trades per day of approximately 439,000, an increase of 16 percent

•

Record net revenues of $718 million, 49 percent of which were asset-based

•

Operating income of $283 million, or 39 percent of net revenues

•

Pre-tax income of $275 million, or 38 percent of net revenues

•

EBITDA of $324 million, or 45 percent of net revenues⁽²⁾

•

Record interest rate sensitive assets of $70 billion, an increase of 11 percent⁽³⁾

•

Record client assets of approximately $412 billion, an increase of 21 percent

“We continued our organic growth momentum by delivering another strong quarter, highlighted by record results in net new assets, trades per day, net revenues and total client assets,” said Fred Tomczyk, president and chief executive officer. “We remain focused on enhancing our client value proposition, which was recently recognized byBarron’sfor its appeal to both long-term investors and active traders. And, we will continue to strategically invest to enhance our value proposition and build our long-term earnings power.”

“TD Ameritrade has delivered double-digit organic net new asset growth in eight of the last 10 quarters,” said Bill Gerber, executive vice president and chief financial officer. “That bodes well for our future earnings power, as we have also reached a turning point with net yields from our insured deposit account

increasing for the first time in over three years. Our strong cash position enabled us to continue our buy-back program, which together with our dividend payments, have resulted in our returning 48 percent of our net income to shareholders year-to-date.”

Stock Repurchases

During the second quarter of fiscal 2011, TD Ameritrade repurchased 2.0 million shares of its common stock at an average price of $21.03 per share, for approximately $43 million. The Company has 24.8 million shares remaining on its existing stock repurchase authorization.

Quarterly Dividend

The Company also announced that it has declared a $0.05 per share quarterly cash dividend, which is payable on May 17, 2011 to all holders of record of common stock as of May 3, 2011.

Credit Rating Upgrade

On Feb. 25, 2011, Standard & Poor’s upgraded TD Ameritrade’s credit rating for the second time since 2008 to A- from BBB+. The Company also received its second ratings upgrade from Fitch Ratings to A- from BBB+ on April 15, 2011. Both ratings carry a “Stable” outlook.

“Our strong free cash flow, solid balance sheet and prospects for future earnings growth have led to two credit ratings upgrades in the midst of this continuing difficult economic environment,” Tomczyk continued.

Industry Recognition

TD Ameritrade was awarded an overall 4¹/2 out of 5 Stars and was named “Best for Options Traders” inBarron’s2011 Online Broker Survey. TD Ameritrade also received the highest rating, 4¹/2 out of 5 Stars, in the “Best for Long-term Investing” category, sharing that rating with only one other broker. TD Ameritrade was evaluated versus 23 other online brokers in eight total categories, including trade experience, trading technology, usability, range of offerings, research amenities, portfolio analysis and reporting, customer service and costs.

Company Hosts Conference Call

TD Ameritrade will host its March Quarter conference call this morning, April 18, 2011, at 7:30 a.m. CDT. Participants may listen to the call by dialing 877-881-2595. Interested parties may listen to a replay of the call by dialing 800-642-1687 and the passcode 41563791. The Company will Webcast the conference live atwww.amtd.com and will make all accompanying materials available for participants to print prior to the call.

AMTD-E

About TD Ameritrade Holding Corporation

For more than 36 years, TD Ameritrade Holding Corporation (NASDAQ: AMTD) has been in the business of serving individual investors — either directly or through a network of independent registered investment advisors. Through its brokerage⁽⁴⁾ and education⁽⁵⁾ subsidiaries, TD Ameritrade combines innovative trading technology, easy-to-usetrading tools, investment services and education, and superior client service to create a market-leading financial services experience. Home toKiplinger’s#1 online broker⁽⁶⁾,Barron’s#1 online broker for “Options Traders”⁽⁷⁾,TD Ameritrade provides millions of retail investors, traders and independent registered investment advisors with the tools, service and support they need to help build confidence in today’s rapidly changing market environment. For more information and resources for journalists, please visit the TD Ameritradenewsroom atwww.amtd.com.

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, benefits of the thinkorswim acquisition, 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 general economic and political conditions, interest rates, market fluctuations and changes in client trading activity, increased competition, systems failures and capacity constraints, ability to service debt obligations, ability to realize the expected benefits from the thinkorswim acquisition, new laws and regulations effecting 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. 19, 2010 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.


¹		Please see the Glossary of Terms, located in “Investor” section ofwww.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 March 31, 2011.

⁴		TD Ameritrade, Inc., member FINRA (www.FINRA.org) /SIPC (www.SIPC.org) /NFA (www.nfa.futures.org), and TD Ameritrade Clearing, Inc., member FINRA/SIPC.

⁵		Investools, Inc. is an education subsidiary of TD Ameritrade Holding Corporation. Investools does not provide financial advice and is not in the business of transacting trades. Investools, Inc. and TD Ameritrade, Inc. are separate but affiliated companies that are not responsible for each other’s services or policies.

⁶		TD Ameritrade was ranked #1 and received an overall score of 5 stars (tied for first place with one other broker), in the Kiplinger’s Online Broker Ratings,Kiplinger’s Personal Finance, 02/2011. Fourteen brokers were rated in the categories: Costs, Web site usability, Investment choices, Customer service, and Research and tools.

⁷		TD Ameritrade was awarded an overall 4¹/2 out of 5 Stars and was named “Best for Option Traders” inBarron’s2011 Online Broker Survey, 03/2011. TD Ameritrade also received the highest rating, 4¹/2 out of 5 stars, in the “Best for Long-term Investing” category, sharing that rating with only one other broker. TD Ameritrade was evaluated versus 23 other online brokers in eight total categories, including trade experience, trading technology, usability, range of offerings, research amenities, portfolio analysis and reporting, customer service and education and costs.Barron’sis a registered trademark of Dow Jones & Company^© 2006-2011.

TD AMERITRADE HOLDING CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
In thousands, except per share amounts
(Unaudited)


	Quarter Ended									Six Months Ended
	Mar. 31, 2011			Dec. 31, 2010			Mar. 31, 2010			Mar. 31, 2011			Mar. 31, 2010
Revenues:
Transaction-based revenues:
Commissions and transaction fees	$	338,320		$	292,696		$	301,272		$	631,016		$	610,660

Asset-based revenues:
Interest revenue		122,804			116,820			101,412			239,624			202,652
Brokerage interest expense		(1,237	)		(1,292	)		(1,444	)		(2,528	)		(3,271	)

Net interest revenue		121,567			115,528			99,968			237,096			199,381

Insured deposit account fees		187,471			178,471			169,963			365,942			325,295
Investment product fees		40,440			40,697			30,349			81,137			59,769

Total asset-based revenues		349,478			334,696			300,280			684,175			584,445

Other revenues		30,430			28,798			33,882			59,228			64,947


Net revenues		718,228			656,190			635,434			1,374,419			1,260,052


Operating expenses:
Employee compensation and benefits		169,662			162,406			164,876			332,069			311,515
Clearing and execution costs		25,119			23,799			24,131			48,918			46,035
Communications		27,811			26,914			24,641			54,725			49,300
Occupancy and equipment costs		33,153			35,191			33,843			68,344			68,733
Depreciation and amortization		16,579			16,136			13,463			32,715			27,073
Amortization of acquired intangible assets		24,073			24,591			25,024			48,664			50,603
Professional services		40,059			40,316			31,465			80,376			65,172
Advertising		81,400			74,583			71,570			155,983			136,763
Gains on money market funds and client guarantees		—			—			(1,936	)		—			(1,936	)
Other		17,456			18,167			20,892			35,623			38,926

Total operating expenses		435,312			422,103			407,969			857,417			792,184


Operating income		282,916			234,087			227,465			517,002			467,868

Other expense:
Interest on borrowings		7,486			10,825			10,937			18,310			22,567
Loss on debt refinancing		—			—			—			—			8,392

Total other expense		7,486			10,825			10,937			18,310			30,959


Pre-tax income		275,430			223,262			216,528			498,692			436,909

Provision for income taxes		103,762			78,223			53,976			181,985			138,119


Net income	$	171,668		$	145,039		$	162,552		$	316,707		$	298,790


Earnings per share — basic	$	0.30		$	0.25		$	0.28		$	0.55		$	0.51
Earnings per share — diluted	$	0.30		$	0.25		$	0.27		$	0.55		$	0.50

Weighted average shares outstanding — basic		573,305			575,485			589,618			574,407			588,721
Weighted average shares outstanding — diluted		579,459			581,243			596,390			580,360			596,008

Dividends declared per share	$	0.05		$	0.05		$	—		$	0.10		$	—

TD AMERITRADE HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
In thousands
(Unaudited)


	Mar. 31, 2011		Sept. 30, 2010
Assets:
Cash and cash equivalents	$	1,081,138	$	741,492
Short-term investments		3,598		3,592
Segregated cash and investments		—		994,026
Broker/dealer receivables		1,049,713		1,207,723
Client receivables		9,343,998		7,391,432
Goodwill and intangible assets		3,539,803		3,591,272
Other		738,946		797,381

Total assets	$	15,757,196	$	14,726,918


Liabilities and stockholders’ equity:

Liabilities:
Broker/dealer payables	$	2,116,335	$	1,934,315
Client payables		7,210,407		6,810,391
Long-term debt		1,279,110		1,302,269
Other		1,020,031		908,064

Total liabilities		11,625,883		10,955,039

Stockholders’ equity		4,131,313		3,771,879


Total liabilities and stockholders’ equity	$	15,757,196	$	14,726,918

TD AMERITRADE HOLDING CORPORATION
SELECTED OPERATING DATA
(Unaudited)


	Quarter Ended									Six Months Ended
	Mar. 31, 2011			Dec. 31, 2010			Mar. 31, 2010			Mar. 31, 2011			Mar. 31, 2010
Key Metrics:
Net new assets (in billions)	$	11.5		$	9.7		$	10.2		$	21.2		$	18.9
Net new asset growth rate (annualized)		12	%		11	%		13	%		12	%		13	%
Average client trades per day		439,158			371,916			378,714			405,135			378,636

Profitability Metrics:
Operating margin		39.4	%		35.7	%		35.8	%		37.6	%		37.1	%
Pre-tax margin		38.3	%		34.0	%		34.1	%		36.3	%		34.7	%
Return on client assets (annualized)		0.28	%		0.24	%		0.27	%		0.26	%		0.28	%
Return on average stockholders’ equity (annualized)		16.8	%		15.0	%		17.2	%		16.0	%		16.1	%
EBITDA⁽¹⁾ as a percentage of net revenues		45.1	%		41.9	%		41.9	%		43.5	%		42.6	%

Debt and Liquidity Metrics:
Interest on borrowings (in millions)	$	7.5		$	10.8		$	10.9		$	18.3		$	22.6
Average debt outstanding (in billions)	$	1.3		$	1.3		$	1.3		$	1.3		$	1.3
Leverage ratio (average debt/annualized EBITDA⁽¹⁾)		1.0			1.2			1.2			1.1			1.2
Interest coverage ratio (EBITDA⁽¹⁾/interest on borrowings)		43.2			25.4			24.3			32.7			23.8
Liquid assets — management target⁽¹⁾ (in billions)	$	0.8		$	0.8		$	0.7		$	0.8		$	0.7
Liquid assets — regulatory threshold⁽¹⁾ (in billions)	$	1.3		$	1.3		$	1.2		$	1.3		$	1.2
Cash and cash equivalents (in billions)	$	1.1		$	0.9		$	0.8		$	1.1		$	0.8

Transaction-Based Revenue Metrics:
Total trades (in millions)		27.2			23.6			23.1			50.8			47.0
Average commissions and transaction fees per trade⁽²⁾	$	12.42		$	12.39		$	13.04		$	12.41		$	13.01
Average client trades per total account (annualized)		13.7			11.8			12.3			12.7			12.4
Average client trades per funded account (annualized)		20.1			17.2			17.8			18.6			17.8
Activity rate — total accounts		5.4	%		4.7	%		4.9	%		5.0	%		4.9	%
Activity rate — funded accounts		8.0	%		6.8	%		7.1	%		7.4	%		7.1	%
Trading days		62.0			63.5			61.0			125.5			124.0

Spread-Based Asset Metrics:
Average interest-earning assets (excluding conduit business) (in billions)	$	13.6		$	13.0		$	13.0		$	13.3		$	14.3
Average insured deposit account balances (in billions)		46.8			44.7			39.3			45.8			35.9

Average spread-based balance (in billions)	$	60.4		$	57.7		$	52.3		$	59.1		$	50.2

Net interest revenue (excluding conduit business) (in millions)	$	121.5		$	115.4		$	99.7		$	236.9		$	199.0
Insured deposit account fee revenue (in millions)		187.5			178.5			170.0			365.9			325.3

Spread-based revenue (in millions)	$	309.0		$	293.9		$	269.7		$	602.8		$	524.3

Avg. annualized yield — interest-earning assets (excluding conduit business)		3.56	%		3.48	%		3.08	%		3.52	%		2.76	%
Avg. annualized yield — insured deposit account fees		1.60	%		1.56	%		1.73	%		1.58	%		1.79	%
Net interest margin (NIM)		2.04	%		1.99	%		2.06	%		2.02	%		2.07	%

Interest days		90			92			90			182			182

Fee-Based Investment Metrics:
Money market mutual fund fees:
Average balance (in billions)	$	8.8		$	8.8		$	9.5		$	8.8		$	10.7
Average annualized yield		0.10	%		0.16	%		0.05	%		0.13	%		0.07	%

Fee revenue (in millions)	$	2.3		$	3.6		$	1.2		$	5.9		$	4.0

Other fee-based investment balances:
Average balance (in billions)	$	69.5		$	63.9		$	50.0		$	66.7		$	48.3
Average annualized yield		0.22	%		0.23	%		0.23	%		0.22	%		0.23	%

Fee revenue (in millions)	$	38.1		$	37.1		$	29.1		$	75.2		$	55.8

Average fee-based investment balances (in billions)	$	78.3		$	72.7		$	59.5		$	75.5		$	59.0
Average annualized yield		0.21	%		0.22	%		0.20	%		0.21	%		0.20	%

Investment product fee revenue (in millions)	$	40.4		$	40.7		$	30.3		$	81.1		$	59.8


Client Account and Client Asset Metrics:
Total accounts (beginning of period)		8,037,000			7,946,000			7,675,000			7,946,000			7,563,000
New accounts opened		176,000			164,000			187,000			340,000			367,000
Accounts closed		(75,000	)		(73,000	)		(74,000	)		(148,000	)		(142,000	)

Total accounts (end of period)		8,138,000			8,037,000			7,788,000			8,138,000			7,788,000

Percentage change during period		1	%		1	%		1	%		2	%		3	%

Funded accounts (beginning of period)		5,491,000			5,455,000			5,327,000			5,455,000			5,279,000
Funded accounts (end of period)		5,547,000			5,491,000			5,379,000			5,547,000			5,379,000
Percentage change during period		1	%		1	%		1	%		2	%		2	%

Client assets (beginning of period, in billions)	$	386.4		$	354.8		$	318.6		$	354.8		$	302.0
Client assets (end of period, in billions)	$	412.3		$	386.4		$	341.5		$	412.3		$	341.5
Percentage change during period		7	%		9	%		7	%		16	%		13	%


⁽¹⁾		See attached reconciliation of non-GAAP financial measures.

⁽²⁾		Average commissions and transaction fees per trade excludes thinkorswim active trader and TD Waterhouse UK businesses.

NOTE: See Glossary of Terms on the Company’s web site 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, 2011			Dec. 31, 2010			Mar. 31, 2010			Mar. 31, 2011			Mar. 31, 2010
Net Interest Revenue (excluding Conduit Business):
Segregated cash:
Average balance (in billions)	$	3.0		$	3.3		$	4.5		$	3.1		$	6.2
Average annualized yield		0.10	%		0.13	%		0.12	%		0.11	%		0.13	%

Interest revenue (in millions)	$	0.7		$	1.1		$	1.4		$	1.8		$	4.1


Client margin balances:
Average balance (in billions)	$	8.9		$	8.1		$	6.8		$	8.6		$	6.4
Average annualized yield		4.42	%		4.47	%		4.64	%		4.44	%		4.72	%

Interest revenue (in millions)	$	99.1		$	92.8		$	78.3		$	191.8		$	153.0


Securities borrowing/lending (excluding conduit business):
Average securities borrowing balance (in billions)	$	0.5		$	0.5		$	0.5		$	0.5		$	0.7
Average securities lending balance (in billions)	$	1.6		$	1.6		$	1.7		$	1.6		$	1.7

Interest revenue (in millions)	$	22.6		$	22.3		$	20.9		$	44.9		$	43.9
Interest expense (in millions)		(0.3	)		(0.5	)		(0.4	)		(0.8	)		(0.7	)

Net interest revenue (expense) — securities borrowing/lending (excluding conduit business) (in millions)	$	22.3		$	21.8		$	20.5		$	44.1		$	43.2


Other cash and interest-earning investments:
Average balance (in billions)	$	1.2		$	1.1		$	1.2		$	1.1		$	1.0
Average annualized yield (cost)		(0.06	%)		0.09	%		0.06	%		0.01	%		0.09	%

Interest revenue (expense) — net (in millions)	$	(0.2	)	$	0.2		$	0.2		$	0.1		$	0.5


Client credit balances:
Average balance (in billions)	$	8.5		$	8.0		$	8.1		$	8.2		$	9.5
Average annualized cost		0.02	%		0.03	%		0.03	%		0.02	%		0.04	%

Interest expense (in millions)	$	(0.4	)	$	(0.5	)	$	(0.7	)	$	(0.9	)	$	(1.8	)


Average interest-earning assets (excluding conduit business) (in billions)	$	13.6		$	13.0		$	13.0		$	13.3		$	14.3
Average annualized yield (excluding conduit business)		3.56	%		3.48	%		3.08	%		3.52	%		2.76	%

Net interest revenue (excluding conduit business) (in millions)	$	121.5		$	115.4		$	99.7		$	236.9		$	199.0


Conduit Business:
Average balance (in billions)	$	0.3		$	0.3		$	0.5		$	0.3		$	0.5

Securities borrowing — conduit business:
Average annualized yield		0.24	%		0.28	%		0.32	%		0.26	%		0.33	%

Interest revenue (in millions)	$	0.2		$	0.2		$	0.5		$	0.4		$	0.9

													��
Securities lending — conduit business:
Average annualized cost		0.16	%		0.13	%		0.17	%		0.14	%		0.20	%

Interest expense (in millions)	$	(0.1	)	$	(0.1	)	$	(0.2	)	$	(0.2	)	$	(0.5	)


Average interest-earning assets — conduit business (in billions)	$	0.3		$	0.3		$	0.5		$	0.3		$	0.5
Average annualized yield — conduit business		0.08	%		0.15	%		0.15	%		0.12	%		0.14	%

Net interest revenue — conduit business (in millions)	$	0.1		$	0.1		$	0.3		$	0.2		$	0.4


Net Interest Revenue (total):
Average interest-earning assets (excluding conduit business) (in billions)	$	13.6		$	13.0		$	13.0		$	13.3		$	14.3
Average interest-earning assets — conduit business (in billions)		0.3			0.3			0.5			0.3			0.5

Average interest-earning assets — total (in billions)	$	13.9		$	13.3		$	13.5		$	13.6		$	14.8


Average annualized yield — total		3.49	%		3.39	%		2.96	%		3.44	%		2.66	%

Net interest revenue (excluding conduit business) (in millions)	$	121.5		$	115.4		$	99.7		$	236.9		$	199.0
Net interest revenue — conduit business (in millions)		0.1			0.1			0.3			0.2			0.4

Net interest revenue — total (in millions)	$	121.6		$	115.5		$	100.0		$	237.1		$	199.4

NOTE: See Glossary of Terms on the Company’s web site at www.amtd.com for definitions of the above metrics.

TD AMERITRADE HOLDING CORPORATION
RECONCILIATION OF FINANCIAL MEASURES
In thousands, except percentages
(Unaudited)


	Quarter Ended																		Six Months Ended
	Mar. 31, 2011						Dec. 31, 2010						Mar. 31, 2010						Mar. 31, 2011						Mar. 31, 2010
	$			% of Net Rev.			$			% of Net Rev.			$			% of Net Rev.			$			% of Net Rev.			$			% of Net Rev.
EBITDA (1)
EBITDA	$	323,568			45.1	%	$	274,814			41.9	%	$	265,952			41.9	%	$	598,381			43.5	%	$	537,152			42.6	%
Less:
Depreciation and amortization		(16,579	)		(2.3	%)		(16,136	)		(2.5	%)		(13,463	)		(2.1	%)		(32,715	)		(2.4	%)		(27,073	)		(2.1	%)
Amortization of acquired intangible assets		(24,073	)		(3.4	%)		(24,591	)		(3.7	%)		(25,024	)		(3.9	%)		(48,664	)		(3.5	%)		(50,603	)		(4.0	%)
Interest on borrowings		(7,486	)		(1.0	%)		(10,825	)		(1.6	%)		(10,937	)		(1.7	%)		(18,310	)		(1.3	%)		(22,567	)		(1.8	%)
Provision for income taxes		(103,762	)		(14.4	%)		(78,223	)		(11.9	%)		(53,976	)		(8.5	%)		(181,985	)		(13.2	%)		(138,119	)		(11.0	%)

Net income	$	171,668			23.9	%	$	145,039			22.1	%	$	162,552			25.6	%	$	316,707			23.0	%	$	298,790			23.7	%


	As of
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
	2011			2010			2010			2010			2010
Liquid Assets — Management Target (2)
Liquid assets — management target	$	750,554		$	759,970		$	561,361		$	660,775		$	727,245
Plus: Broker-dealer cash and cash equivalents		626,725			459,728			426,618			510,593			443,329
Trust company cash and cash equivalents		70,701			60,632			50,937			51,488			82,331
Investment advisory cash and cash equivalents		36,964			32,178			28,944			26,946			23,401

Less: Corporate short-term investments		—			—			—			(739	)		—
Excess broker-dealer regulatory net capital		(403,806	)		(419,125	)		(326,368	)		(532,600	)		(442,726	)

Cash and cash equivalents	$	1,081,138		$	893,383		$	741,492		$	716,463		$	833,580


	As of
	Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
	2011			2010			2010			2010			2010
Liquid Assets — Regulatory Threshold (2)
Liquid assets — regulatory threshold	$	1,336,535		$	1,293,100		$	1,076,256		$	1,157,356		$	1,197,979
Plus: Broker-dealer cash and cash equivalents		626,725			459,728			426,618			510,593			443,329
Trust company cash and cash equivalents		70,701			60,632			50,937			51,488			82,331
Investment advisory cash and cash equivalents		36,964			32,178			28,944			26,946			23,401

Less: Corporate short-term investments		—			—			—			(739	)		—
Excess trust company Tier 1 capital		(9,379	)		(12,039	)		(12,284	)		(12,637	)		(3,120	)
Excess broker-dealer regulatory net capital		(980,408	)		(940,216	)		(828,979	)		(1,016,544	)		(910,340	)

Cash and cash equivalents	$	1,081,138		$	893,383		$	741,492		$	716,463		$	833,580

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, pre-tax income, net income and cash flows from operating activities.

(2)		Our liquid assets metrics are considered non-GAAP financial measures as defined by SEC Regulation G. We include the excess capital of our broker-dealer and trust company subsidiaries in the calculation of our liquid assets metrics, rather than simply including broker-dealer and trust company cash and cash equivalents, because capital requirements may limit the amount of cash available for dividend from the broker-dealer and trust company subsidiaries to the parent company. Excess capital, as defined below, is generally available for dividend from the broker-dealer and trust company subsidiaries to the parent company. We consider our liquid assets metrics to be important measures of our liquidity and of our ability to fund corporate investing and financing activities. The liquid assets metrics should be considered as supplemental measures of liquidity, rather than as substitutes for cash and cash equivalents.

		We define liquid assets — management target as the sum of (a) corporate cash and cash equivalents, (b) corporate short-term investments and (c) regulatory net capital of (i) our clearing broker-dealer subsidiary in excess of 10% of aggregate debit items and (ii) our introducing broker-dealer subsidiaries in excess of a minimum operational target established by management ($50 million in the case of our primary introducing broker-dealer, TD Ameritrade, Inc.). We consider liquid assets — management target to be a measure that reflects our liquidity that would be readily available for corporate investing or financing activities under normal operating circumstances.

		We define liquid assets — regulatory threshold as the sum of (a) corporate cash and cash equivalents, (b) corporate short-term investments, (c) regulatory net capital of (i) our clearing broker-dealer subsidiary in excess of 5% of aggregate debit items and (ii) our introducing broker-dealer subsidiaries in excess of 120% of the minimum dollar net capital requirement or in excess of 8 1/3% of aggregate indebtedness and (d) Tier 1 capital of our trust company in excess of the minimum dollar requirement. We consider liquid assets — regulatory threshold to be a measure that reflects our liquidity that would be available for corporate investing or financing activities under unusual operating circumstances.

TD Ameritrade Holding 8-KTD Ameritrade Delivers Record Asset Gathering