eTrade 2003 Annual Report Download - page 117

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Table of Contents
Index to Financial Statements
Year Ended December 31, 2002
Brokerage
Banking
Total
Net revenues:
Commissions
$
294,791
$
—
$
294,791
Principal transactions
223,531
—
223,531
Interest income
182,103
767,587
949,690
Interest expense
(12,515
)
(548,659
)
(561,174
)
Gain on sales of originated loans
—
128,506
128,506
Gain on sales of loans held
-
for
-
sale and securities, net
—
80,256
80,256
Provision for loan losses
—
(
14,664
)
(14,664
)
Other revenues
174,263
50,665
224,928
Net revenues
862,173
463,691
1,325,864
Cost of services and operating expenses:
Cost of services
392,828
174,396
567,224
Selling and marketing
158,580
45,033
203,613
Technology development
46,072
9,640
55,712
General and administrative
126,891
83,754
210,645
Amortization of other intangibles
17,628
10,630
28,258
Acquisition
-
related expenses
10,763
710
11,473
Restructuring and other exit charges
14,814
1,705
16,519
Executive agreement
(16,561
)
(6,924
)
(23,485
)
Total cost of services and operating expenses
751,015
318,944
1,069,959
Operating income
$
111,158
$
144,747
$
255,905
Year Ended December 31, 2001
Brokerage
Banking
Total
Net revenues:
Commissions
$
377,704
$
—
$
377,704
Principal transactions
157,949
—
157,949
Interest income
305,581
859,042
1,164,623
Interest expense
(86,489
)
(691,806
)
(778,295
)
Gain on sales of originated loans
—
95,478
95,478
Gain on sales of loans held
-
for
-
sale and securities, net
—
70,104
70,104
Provision for loan losses
—
(
7,476
)
(7,476
)
Other revenues
156,690
38,587
195,277
Net revenues
911,435
363,929
1,275,364
Cost of services and operating expenses:
Cost of services
464,675
130,915
595,590
Selling and marketing
210,229
43,193
253,422
Technology development
83,478
5,239
88,717
General and administrative
152,005
84,348
236,353
Amortization of other intangibles
27,409
15,682
43,091
Acquisition
-
related expenses
11,059
115
11,174
Restructuring and other exit charges
141,854
60,911
202,765
Executive agreement
22,960
7,250
30,210
Total cost of services and operating expenses
1,113,669
347,653
1,461,322
Operating income (loss)
$
(202,234
)
$
16,276
$
(185,958
)