eTrade 2001 Annual Report Download - page 140
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share, and warrants to purchase 2.0 million shares of Wit common stock at $10.25 per share. The fair value of the shares and warrants
transferred to Wit was $16.5 million, which has been recorded as a reduction to other revenues, offsetting the recognition of $17.8
million in remaining deferred revenues relating to the termination of the Company’ s Strategic Alliance Agreement. Subsequent to
entering into the Termination Agreement, the Company sold its remaining investment in Wit, comprised of 2.3 million shares of Wit
common stock, to a related party at fair market value for cash of $3.8 million. The Company recognized a $19.8 million loss on its
investment in Wit, reflecting the difference between the fair value and the carrying value of the securities as of the date of these
transactions.
Other Investments
The Company has also made investments in non-public, venture capital-backed high technology companies with which it does business
and which provide Internet-based services. These investments represent less than 20% of the outstanding shares of these companies
and are accounted for under the cost method.
9.PROPERTY AND EQUIPMENT—NET
Property and equipment—net consists of the following (in thousands):
December31, 2001 September30, 2000
Equipment and transportation $ 194,542 $ 194,787
Software 245,693 157,753
Leasehold improvements 96,244 70,394
Land and buildings 32,688 36,452
Furniture and fixtures 10,098 10,230
579,265 469,616
Less accumulated depreciation and amortization (247,541 )
(135,354 )
Total property and equipment—net $ 331,724 $ 334,262
Included in property and equipment are gross capital leases of $45.1 million as of December 31, 2001 and $37.0 million as of
September 30, 2000. Total accumulated amortization of these leases as of December 31, 2001 was $29.5 million and $11.7 million as
of September 30, 2000.
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Table of Contents
10.OTHER ASSETS
Other assets consists of the following (in thousands):
2002. EDGAR Online, Inc.