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Профессиональный Документы
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Assets
Cash & equivalents
Cash & investments required to be segregated under
federal or other regulations
Brokerage receivable-net
Mortgage-backed securities
Loans receivable-net
Investments
Property & equipment-net
Goodwill & other intangibles
Other assets
Total assets
Shareowners' Equity
(275 million shares outstanding in 1999)
September
1999 1998
124,801 71,317
104,500 7,400
2,912,581 1,365,247
1,426,053 1,012,163
2,154,509 904,854
830,329 812,093
178,854 54,805
17,211 19,672
159,386 101,372
7,908,224 4,348,923
2,824,212 1,244,513
2,162,682 1,209,470
1,267,474 876,935
0 29,855
203,971 101,920
6,458,339 3,462,693
30,584 38,385
1,419,301 847,845
7,908,224 4,348,923
INC.
of Operations
shares amounts)
September
1999 1998
355,830 162,097
368,053 185,804
110,959 95,829
40,543 28,163
875,385 471,893
-215,452 -120,334
-2,783 -905
657,150 350,654
292,910 145,018
321,620 124,408
76,878 33,926
102,138 50,067
7,174 1,167
507,810 209,568
800,720 354,586
-143,570 -3,932
19,639 11,036
54,093 0
-8,838 531
-71 -1,098
64,823 10,469
-78,747 6,537
31,306 -1,873
-2,197 -1,362
-49,638 3,302
-469 0
-1,985 0
-52,092 3,302
222 2,352
-52,314 950
-0.19 0
-0.19 0
-0.20 0
-0.20 0
E TRADE GROUP, INC.
Reformulated Balance Sheets
(in $ thousands, except per-shares amounts
Operating liabilities
Brokerage payables
Banking deposits
Accounts payable, accrued & other liabilities
Total operating liabilities
Net Operating Assets
Financial liabilities
Borrowings by bank subsidiary
Subordinated notes
Company-obligated mandatorily redeemable
preferred securities
Total financial liabilities
Net Financial Assets
Shareowners' Equity
September
1999 1998
4,801 11,317
2,912,581 1,365,247
2,154,509 904,854
178,854 54,805
17,211 19,672
159,386 101,372
5,427,342 2,457,267
2,824,212 1,244,513
2,162,682 1,209,470
203,971 101,920
5,190,865 2,555,903
236,477 -98,636
120,000 60,000
104,500 7,400
1,426,053 1,012,163
830,329 812,093
2,360,882 1,831,656
1,267,474 876,935
0 29,855
30,584 38,385
1,298,058 945,175
1,062,824 886,481
1,299,301 787,845
20,000 (1999)
0,000 (1998)
E TRADE GROUP, INC.
Consolidated Statements of Operations
(in thousands, except per-shares amount
Net revenues
Transaction revenues
Global & institutional
Other
Provision for loan losses
Cost of services
Gross margin
Operating Expenses
Selling & marketing
Technology development
General & administrative
Merger-related expenses
Tax 38%
September
1999 1998
355,830 162,097
110,959 95,829
40,543 28,163
(2,783) (905)
504,549 285,184
292,910 145,018
211,639 140,166
321,620 124,408
76,878 33,926
102,138 50,067
7,174 1,167
507,810 209,568
(296,171) (69,402)
31,306 (1,873)
57,988 24,879
20,528 (417)
68,766 23,423
(364,937) (92,825)
54,093 0
(71) (1,098)
54,022 (1,098)
20,528 (417)
33,494 (681)
19,639 11,036
(8,838) 531
(469) 0
43,826 10,886
(321,111) (81,939)
368,053 185,804
(215,452) (120,334)
152,601 65,470
57,988 24,879
94,613 40,591
(2,197) (1,362)
(1,985) 0
222 2,352
90,209 36,877
(230,903) (45,061)
E TRADE GROUP, INC.
Ratio Analysis Report
OI (after tax)
Operating profit margin =
Sales
Gross margin
Gross profit margin =
Sales
Net (comprehensive)
= Comprehensive income
income profit margin
Sales
Expense
Expense ratio =
Sales
Sales
Growth rate in sales =
Sales t-1
Operating liabilities
Operating liability leverage =
Net operating assets
NOA
Capitalization ratio =
CSE
NFO
Financial leverage ratio =
Financial leverage ratio =
CSE
NOA
Growth in NOA =
NOA t-1
NFA
Growth in NFA =
NFA t-1
CSE
Growth in CSE =
CSE t-1
OI t (after tax)
RNOA t =
(NOA t + NOA t-1)/2
Comprehensive income t
ROCE t =
(CSE t + CSE t-1)/2
Sales
ATO =
NOA
-321,111
= -0.64
504,549
211,639
= 0.42
504,549
-364,937
= -0.72
504,549
-230,903 = -0.46
504,549
507,810
= 1.01
504,549
219,365
= 0.77
285,184
-239,173 = 2.92
-81,939
5,190,865
= 21.95
236,477
236,477
= 0.18
1,299,301
1,062,824
= 0.82
= 0.82
1,299,301
335,113
= 3.40
-98,636
176,343
= 0.20
886,481
511,456
= 0.65
787,845
-321,111
= -4.66
68,921
90,209
= 0.093
974,653
-230,903
= -0.22
1,043,573
504,549
= 2.13
236,477
-81,939
= -0.29
285,184
140,166
= 0.49
285,184
-92,825
= -0.33
285,184
-45,061 = -0.16
285,184
209,568
= 0.73
285,184
= #DIV/0!
= #DIV/0!
2,555,903
= -25.91
-98,636
-98,636
= -0.13
787,845
886,481
= 1.13
= 1.13
787,845
= #DIV/0!
= #DIV/0!
= #DIV/0!
#DIV/0!
=
= #DIV/0!
285,184
= -2.89
-98,636
- x = 0.00
E TRADE GROUP, INC.
Forecasting Analysis
=
Fiscal year:
2000
x 4.40 = 4,572,934
x 1.20 = 1,527,725
x -4.66 = -4,845,061
x 0.093 = 117,937
+ 117,937 = -4,727,123