This summary is based on the third quarter fiscal 2007 earnings call conducted by TD Ameritrade Holding Corporation (AMTD: chart) on July 19, 2007.

Management:

CEO: Joe Moglia
SVP, CFO: Bill Gerber
MD, IR, Communications and Public Affairs: Bill Murray

Key Investors Issues

- EPS were 26 cents a share compared to 23 cents a share last year.
- Net income was $158.7 million compared to $139.8 billion a year ago.
- Net revenues rose to $541.8 million, from $540.3 million last year.

Third Quarter Highlights

Revenue stream remains stable as asset-based revenues still account for approximately 61% of total revenues.

- Net revenue was $542 million, up from last year.
- Transaction revenue of $198 million decreased $15 million, mostly due to 8,000 lower trades per day, and the pricing change to $9.99 which occurred May 1, 2006.

EBITDA is $304 million, 56% of net revenues.

- Debt-to-EBITDA ratio today is down to 1.2, it had been 1.8. The amount of debts that the company has outstanding is at $1.5 billion. It had been $2.2 billion and the company bought back almost $50 million of its own stock.
- Annualized ROE comes in at 33%.

Earning were 26 cents per share, 2 cents per share better than midpoint.

That is offset by a penny, by if you recall $100 million in incremental investments that the company is making as far as client segmentation strategy goes. With $10 million further ahead on that, than what anticipated, so that would offset by a penny, therefore the midpoint of the range gets raised to $1.01 for the rest of 2007.

- Average per day came in at about 245,000.
- Average investable assets are $31.5 billion, up above 13% from a year ago.

The net interest margin the company is working for is over 3.5%.

- It is down from where the company was about a year ago at 3.88%. That is primarily because of security''s lending business.
- Client assets were $297 billion, up 16% from a year ago, cash and money market fund $43 billion.
- New accounts came in at the 152,000. The TD Ameritrade is actually opening up accounts to add at a faster rate than what Ameritrade did and TD Waterhouse did independently add it up to get it. Net new accounts were 91,000, and qualified accounts came in at 3,276,000.

In the long-term investor spot, the company is rolling out cash management offerings, more long-term products, bond, bond ladders, a bond wizard will be coming out soon.

The ability to be able to do bonds online, a formula robust easy to use mutual fund, mutual fund process and offering, portfolio allocation service.

- Pre tax margin and return on equity continues to be a leader and not only in the industry but in the entire United States, finishing the quarter at 47% and 33% respectively.
- Trading activity was 245,000 trades per day, or 3.9% activity rate versus last year''s activity rate of 4.1%, or 253,000 trades per day.

Average commission per trade came in at $12.82 down 57 cents per share versus 2006.

The price change to $9.99 was the largest factor of this decrease, along with the lower priced fixed income products and higher promotional trades negatively impacted the rate.