UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 25, 2005

Ameritrade Holding Corporation

(Exact name of registrant as specified in its charter)

TD>

					3,689,000				3,487,000				3,520,000				3,171,000
Total accounts (end of period)			3,717,000				3,520,000				3,717,000				3,520,000
Percentage increase (decrease) during period			1	%			1	%			6	%			11	%
Client assets (beginning of period, in billions)		$	78.8			$	71.5			$	68.8			$	54.8
Client assets (end of period, in billions)		$	83.3			$	68.8			$	83.3			$	68.8
Percentage increase (decrease) during period			6	%			(4	%)			21	%			26	%

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

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

		Quarter Ended																Fiscal Year Ended
		Sept. 30, 2005								Sept. 24, 2004								Sept. 30, 2005								Sept. 24, 2004
		$				% of Rev.				$				% of Rev.				$				% of Rev.				$				% of Rev.
Operating Margin (1)
Operating margin		$	178,249				65.0	%		$	115,672				61.9	%		$	637,061				63.5	%		$	542,687				61.7	%
Less:
Advertising			(20,005	)			(7.3	%)			(19,950	)			(10.7	%)			(92,312	)			(9.2	%)			(100,364	)			(11.4	%)
Gain/(loss) on disposal of property			208				0.1	%			(1,741	)			(0.9	%)			428				0.0	%			(1,166	)			(0.1	%)
Pre-tax income		$	158,452				57.8	%		$	93,981				50.3	%		$	545,177				54.3	%		$	441,157				50.1	%
EBITDA (2)
EBITDA		$	165,779				60.4	%		$	100,369				53.7	%		$	571,552				57.0	%		$	466,962				53.1	%
Less:
Depreciation and amortization			(6,864	)			(2.5	%)			(5,766	)			(3.1	%)			(24,408	)			(2.4	%)			(23,224	)			(2.6	%)
Interest on borrowings			(463	)			(0.2	%)			(622	)			(0.3	%)			(1,967	)			(0.2	%)			(2,581	)			(0.3	%)
				&nbs
Delaware (State or other jurisdiction of incorporation)		0-49992 (Commission File Number)		82-0543156 (I.R.S. Employer Identification No.)

4211 South 102nd Street Omaha, Nebraska (Address of principal executive offices)		68127 (Zip Code)

Registrant’s telephone number, including area code: (402) 331-7856

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
ý		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.02   Results of Operations and Financial Condition and
Item 8.01   Other Events

On October 25, 2005, the Registrant released its financial results for its fourth fiscal quarter and fiscal year ended September 30, 2005. A copy of the news release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01   Financial Statements and Exhibits

(c)        Exhibits

99.1      News Release issued by the Registrant on October 25, 2005

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.