eTrade 2000 Annual Report Download - page 67

Liabilities:
Brokerage payables $ 6,055,530 $ 2,911,678
Banking deposits 4,721,801 2,162,682
Borrowings by bank subsidiary 3,531,000 1,267,474
Convertible subordinated notes 650,000 —
Accounts payable, accrued and other liabilities 470,742 207,961
Total liabilities 15,429,073 6,549,795
Company-obligated mandatorily redeemable preferred capital securities of
subsidiary trusts holding solely junior subordinated debentures of the Company
and other mandatorily redeemable preferred securities (redemption value
$32,400)
31,531 30,584
Commitments and contingencies
Shareowners’ equity:
Preferred stock, shares authorized: 1,000,000; issued and outstanding: none at
September 30, 2000 and 1999
— —
Shares exchangeable into common stock, $.01 par value, shares authorized:
10,644,223; issued and outstanding: 5,619,543 at September 30, 2000 and
8,709,280 at September 30, 1999
56 87
Common stock, $.01 par value, shares authorized: 600,000,000; issued and
outstanding: 304,504,764 at September 30 2000 and 275,145,791 at
September 30, 1999
3,045 2,751
Additional paid-in capital 1,814,581 1,320,338
Unearned ESOP shares (1,560 ) (2,122 )
Shareowners’ notes receivable (19,103 ) (1,092 )
Accumulated deficit (6,908 ) (26,060 )
Accumulated other comprehensive income 66,722 157,893
Total shareowners’ equity 1,856,833 1,451,795
Total liabilities and shareowners’ equity $ 17,317,437 $ 8,032,174
See notes to consolidated financial statements
73
E*TRADE GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Years Ended September 30,
2000 1999 1998
Revenues:
Transaction revenues $ 739,078 $ 355,830 $ 162,097
Interest income 960,358 369,074 186,123
Global and institutional 166,061 124,233 105,851
Other 107,686 40,546 28,173
Gross revenues 1,973,183 889,683 482,244
Interest expense (600,862 ) (215,452 ) (120,334 )
Provision for loan losses (4,003 ) (2,783 ) (905 )
Net revenues 1,368,318 671,448 361,005
Cost of services 515,571 302,342 151,329
Operating expenses:
Selling and marketing 521,532 325,449 126,141
Technology development 142,914 79,935 36,203
General and administrative 209,436 102,826 51,346
Amortization of goodwill and other intangibles 22,764 2,915 2,480
Acquisition-related expenses 36,427 7,174 1,167
Total operating expenses 933,073 518,299 217,337
Total cost of services and operating expenses 1,448,644 820,641 368,666
Operating loss (80,326 ) (149,193 ) (7,661 )
2002. EDGAR Online, Inc.