eTrade 2005 Annual Report Download - page 35

Table of Contents
In addition to the items noted above, our success in the future will depend upon, among other things:
•
continuing our success in the acquisition, growth and retention of customers;
•
successful integration of the Harris
direct
and BrownCo acquisitions;
•
deepening customer acceptance of our investing, trading, cash management and lending products including E*TRADE
Complete;
•
disciplined expense control and improved operational efficiency;
•
maintaining strong overall asset quality; and
•
prudent risk and capital management.
Management focuses on several key metrics in evaluating the Company’s performance. These metrics are shown in the table and
discussed in the text below:
AsoforFortheYearEndedDecember31,
Variance
2005
2004
2003
2005vs.2004
Customer Activity Metrics
Retail client assets (in billions)
$
178.5
$
100.0
$
82.9
79
%
Daily average revenue trades
97,740
83,643
77,052
17
%
Average commission per trade
(1)
$
13.82
$
15.63
$
16.41
(12)
%
Customer cash and deposits (in billions)
$
28.8
$
18.7
$
19.0
54
%
Products per customer
(2)
2.1
1.9
1.7
11
%
Company Financial Metrics
Operating margin
(3)
38
%
33
%
14
%
5
%
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2006. EDGAR Online, Inc.