| In millions, except per share items | Dec-31-04 | Dec-31-03 | Dec-31-02 |
| | 10-K | 10-K | 10-K |
| Revenues: |
| Transaction Execution Services | 495.8 | 414.3 | 317.4 |
| Agency Brokerage Services | 51.5 | 49.2 | 40.0 |
| Total revenues | 541.3 | 458.3 | 357.4 |
| Revenue growth [+] | 18.1% | 28.2% | |
| Transaction Execution Services | 19.7% | 30.5% | |
| Agency Brokerage Services | 4.6% | 22.8% | |
| Cost of goods sold | 330.2 | 333.6 | 287.5 |
| Gross profit | 211.1 | 124.7 | 69.9 |
| Gross margin | 39.0% | 27.2% | 19.6% |
| Selling, general and administrative [+] | 111.4 | 93.4 | 86.5 |
| Sales and marketing | 20.3 | 8.3 | 19.1 |
| General and administrative [+] | 86.5 | 81.0 | 64.7 |
| General and administrative expenses | 12.6 | 11.7 | 9.2 |
| Professional fees | 11.5 | 8.6 | 7.5 |
| Telecommunications expense | 19.6 | 20.7 | 23.7 |
| Other selling, general and administrative | 4.6 | 4.2 | 2.7 |
| EBITDA [+] | 99.7 | 31.4 | -16.6 |
| EBITDA growth | 217.8% | -288.5% | |
| EBITDA margin | 18.4% | 6.8% | -4.7% |
| Depreciation | 25.1 | 29.4 | 17.7 |
| EBITA | 74.6 | 1.9 | -34.3 |
| EBITA margin | 13.8% | 0.4% | -9.6% |
| Amortization of intangibles | 1.6 | 1.1 | |
| EBIT [+] | 73.0 | 0.8 | -34.3 |
| EBIT growth | 8663.4% | -102.4% | |
| EBIT margin | 13.5% | 0.2% | -9.6% |
| Other income (expense), net | 2.9 | 0.9 | -1.3 |
| Pre-tax income | 75.9 | 1.8 | -35.6 |
| Income taxes | 7.0 | 0.0 | 0.0 |
| Tax rate | 9.2% | 0.0% | 0.0% |
| Net income | 59.3 | 1.8 | 0.0 |
| Net margin | 11.0% | 0.4% | 0.0% |
| |
| Basic EPS [+] | $1.47 | $0.05 | ($1.14) |
| Growth | 2902.8% | -104.3% | |
| Diluted EPS [+] | $1.38 | $0.05 | ($1.14) |
| Growth | 2783.1% | -104.2% | |
| |
| Shares outstanding (basic) [+] | 40.3 | 36.2 | 0.0 |
| Growth | 11.4% | 115744.6% | |
| Shares outstanding (diluted) [+] | 42.9 | 37.0 | 0.0 |
| Growth | 16.0% | 118342.1% | |
| |
| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |