eTrade 2002 Annual Report Download - page 93

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Table of Contents
Index to Financial Statements
E*TRADE GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
YearEnded
December31, 2002 YearEnded
December31, 2001 ThreeMonths Ended
December 31, 2000 YearEnded
September30, 2000
Brokerage Revenues:
Commissions $ 301,778 $ 377,704 $ 136,596 $ 675,791
Principal transactions 216,544 157,949 32,117 146,995
Other brokerage-related revenues 178,744 156,690 46,665 164,006
Brokerage interest income 182,103 305,581 130,365 463,590
Brokerage interest expense (12,515 )
(86,489 )
(65,654 )
(222,553 )
Net brokerage revenues 866,654 911,435 280,089 1,227,829
Banking Revenues:
Gain on sales of originated loans 128,506 95,478 — —
Gain on sales of loans held-for-sale and securities, net 83,953 75,836 7,583 8,491
Other banking-related revenues 46,184 38,587 8,181 17,543
Banking interest income 763,890 854,290 207,525 496,768
Banking interest expense (548,659 )
(692,786 )
(167,965 )
(378,310 )
Provision for loan losses (14,664 )
(7,476 )
(1,647 )
(4,003 )
Net banking revenues 459,210 363,929 53,677 140,489
Total net revenues 1,325,864 1,275,364 333,766 1,368,318
Cost of services 567,224 595,590 133,260 515,571
Operating expenses:
Selling and marketing 203,613 253,422 97,940 521,532
Technology development 55,712 88,717 29,161 142,914
General and administrative 210,646 236,353 57,901 209,436
Amortization of goodwill and other intangibles 28,258 43,091 7,811 22,764
Acquisition-related expenses 11,473 11,174 784 36,427
Facility restructuring and other exit charges 16,519 202,765 — —
Executive agreement and loan settlement (23,485 )
30,210 — —
Total operating expenses 502,736 865,732 193,597 933,073
Total cost of services and operating expenses 1,069,960 1,461,322 326,857 1,448,644
Operating income (loss) 255,904 (185,958 )
6,909 (80,326 )
Non-operating income (expense):
Corporate interest income 12,655 22,179 7,061 17,220
Corporate interest expense (47,740 )
(52,862 )
(11,211 )
(29,535 )
Gain (loss) on investments (18,507 )
(49,812 )
3,582 211,149
2003. EDGAR Online, Inc.