thinkorswim Group Inc. Reports Record 2008 Financial Results

Record New Accounts and Trading Volume Drive 164 Percent Rise in Full-Year Net Income


NEW YORK, March 4, 2009 (GLOBE NEWSWIRE) -- thinkorswim Group Inc. (Nasdaq:SWIM), a leading provider of online brokerage and investor education services, today announced financial results for the full year and fourth quarter ended December 31, 2008.

Full Year Highlights (year-over-year comparisons):


 -- Record revenues of $371.8 million, 53 percent of which were
    brokerage-based
 -- Record pre-tax income of $81.0 million, 22 percent of revenues
 -- Record net income of $59.4 million, or $0.87 per diluted share
 -- Non-GAAP Sales Transaction Volume ("STV") of $320.7 million, 62
    percent of which was brokerage-based
 -- Non-GAAP Adjusted EBITDA (before certain items) of $76.5 million,
    or 24 percent of STV
 -- Record new accounts opened of 108,850. Total accounts of 233,025,
    an increase of 88 percent
 -- Record funded accounts of 97,800 at year-end, an increase of 69
    percent
 -- Record average retail trades per day of 54,200, an increase of
    101 percent
 -- Record client assets of $3.0 billion, an increase of 17 percent

Fourth Quarter Highlights (quarterly year-over- year comparisons):


 -- Revenues of $85.8 million, 57 percent of which were
    brokerage-based
 -- Pre-tax income of $12.2 million, 14 percent of revenues
 -- Net income of $9.5 million, or $0.14 per diluted share
 -- Non-GAAP Sales Transaction Volume ("STV") of $76.6 million,
    64 percent of which was brokerage-based
 -- Non-GAAP Adjusted EBITDA (before certain items) of $15.7 million,
    or 21 percent of STV;  Pro forma non-GAAP Adjusted EBITDA (before
    certain items) of $19.4 million, or 25 percent of STV
 -- New accounts opened of 32,700, an increase of 44 percent
 -- New funded accounts of 12,175 during the quarter, an increase of
    10 percent
 -- Average retail trades per day of approximately 61,400, an
    increase of 47 percent
 -- Annualized brokerage revenue per funded account of $1,800
 -- Customer acquisition cost per new funded account of $440

"thinkorswim delivered strong performance in a highly volatile market, primarily driven by robust growth in new accounts and trading volume in our brokerage business. Full year revenue increased 17 percent from the prior year and reached a record $371.8 million for 2008, while non-GAAP Adjusted EBITDA was $76.5 million. These results reflect the continued appeal of thinkorswim's brokerage platform, our relevance to the needs of active traders, and our position as an industry leader," said Lee Barba, chairman and chief executive officer of thinkorswim.

Analysis of Fourth Quarter 2008 Results

(All comparisons are to the corresponding year-ago period unless otherwise indicated)

For the fourth quarter, brokerage revenue increased 18% to $48.9 million, driven by a 35% increase in transaction revenues (commissions and payment for order flow) offset by a 54% decrease in interest revenue. The increase in transaction revenue was primarily due to the 69% increase year-over-year in retail funded accounts and 47% year-over-year increase in retail DARTs. The net interest revenue decline was primarily due to the dramatic year-over-year decline in the average federal funds rate, partly offset by the 17% increase in client assets to $3.0 billion at year end, of which $1.5 billion is held in cash.

Fourth Quarter 2008 Pro Forma Results

Financial results for the quarter include approximately $3.7 million in brokerage, clearing and execution costs related to unusually large amounts of customer write-offs and trade errors, as well as approximately $1.0 million in other costs and expenses related to the proposed acquisition by TD AMERITRADE. Adjusting for these items, the Company had pro forma operating income of $19.6 million, net income of $13.2 million and earnings per diluted share of $0.20. Non-GAAP Adjusted EBITDA excluding these items was $19.4 million and 25% of STV.

Proposed Acquisition by TD AMERITRADE Announced January 8, 2009

On January 8, 2009, thinkorswim Group Inc. and TD AMERITRADE (Nasdaq:AMTD) announced that they had entered into a definitive agreement for TD AMERITRADE to acquire thinkorswim in a cash and stock deal valued at that time at approximately $606 million.

Basis of Presentation

The Company has concluded that, in an effort to provide a better understanding of its operations, the level of detail presented on the face of the Statements of Operations should be modified from the "Analysis by Function of expense" approach, to the "Analysis by Nature of Expense" approach. In the Company's opinion, this new methodology will provide greater transparency of management direction while fairly presenting its results of operations.

About thinkorswim Group Inc. (Nasdaq:SWIM)

thinkorswim Group Inc. (www.thinkorswim.com) offers market-leading online brokerage, investor education and related financial products and services for self-directed investors and active traders. thinkorswim, Inc., our award-winning online brokerage division, provides a suite of trading platforms serving self-directed and institutional traders and money managers. thinkorswim platforms have easy-to-use interfaces, sophisticated analytical and research tools, and fast and efficient order execution for even the most complex trading strategies. thinkorswim customers trade a broad range of products including stock and stock options, index options, futures and futures options, forex, mutual funds and fixed income. Investools' Education Group, a subsidiary of thinkorswim Group Inc., offers a full range of investor education products and services that provide lifelong learning in a variety of interactive delivery formats. Investools' graduates can then apply what they've learned by trading with thinkorswim's online brokerage platforms.

The thinkorswim Group Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5555

Additional Information and Where to Find It

In connection with the proposed acquisition, TD AMERITRADE filed with the Securities and Exchange Commission (the "SEC"), a Registration Statement on Form S-4 that includes a proxy statement of thinkorswim, which also constitutes a prospectus of TD AMERITRADE. thinkorswim will mail the proxy statement/prospectus to its stockholders after the foregoing registration statement is declared effective by the SEC. TD AMERITRADE and thinkorswim urge investors and security holders to read the proxy statement/prospectus regarding the proposed acquisition because it contains important information. You may obtain a free copy of the proxy statement/prospectus and other related documents filed by thinkorswim and TD AMERITRADE with the SEC at the SEC's website at www.sec.gov. The proxy statement/prospectus (when the registration statement in which it is included is declared effective) and the other documents may also be obtained for free by accessing thinkorswim's website at www.thinkorswim.com by clicking on the link for "Investors", then clicking on the link for "Financial Reports" and then clicking on the link for "SEC Filings" or by accessing TD AMERITRADE's website at www.amtd.com and clicking on the "Investor Relations" link and then clicking on the link for "SEC Filings".

Participants in this Transaction

thinkorswim, TD AMERITRADE and their respective directors, executive officers and certain other members of management and employees may be soliciting proxies from thinkorswim stockholders in favor of the acquisition. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of thinkorswim stockholders in connection with the proposed acquisition is set forth in the proxy statement/prospectus filed with the SEC by TD AMERITRADE. You can find information about thinkorswim's executive officers and directors in thinkorswim's definitive proxy statement filed with the SEC on April 29, 2008. You can find information about TD AMERITRADE's executive officers and directors in their definitive proxy statement filed with the SEC on January 6, 2009. You can obtain free copies of these documents from thinkorswim or TD AMERITRADE using the contact information above.

Safe Harbor

This press release may contain forward-looking statements. Such forward-looking statements may be identified by words such as "believe," "intend," "expect," "may," "could," "would," "will," "should," "plan," or similar statements. All forward-looking statements are based largely on current expectations, beliefs and assumptions concerning future events that are subject to substantial risks and uncertainties. These risks and uncertainties include, but are not limited to: general changes in economic conditions and changes in conditions affecting the financial services industry specifically, regulatory developments that affect the way we market or sell our products and services, our inability to protect our proprietary technology, our ability to sell existing products and services in both new and existing markets, and other factors which are more fully described in thinkorswim Group Inc.'s filings with the SEC. Should one or more of these risks or uncertainties materialize, actual results may vary in material aspects from those currently anticipated. The forward-looking statements made in this press release relate only to events as of the date of this release. We undertake no ongoing obligation to update these statements.


                THINKORSWIM GROUP INC. AND SUBSIDIARIES
                 Consolidated Statements of Operations
               (in thousands, except per share amounts)
                              (unaudited)

                                     Three Months Ended
                         --------------------------------------------
                         Dec. 31,    Sept. 30,   June 30,    March 31,
                           2008        2008        2008        2008
                         --------    --------    --------    --------

 Revenue
   Commissions           $ 35,216    $ 39,290    $ 33,126    $ 26,258
   Interest & dividends     3,659       7,109       6,198       7,668
   Payment for order flow   7,386       8,451       7,869       6,574
   Other brokerage
    related revenue         2,594       2,140       1,764       1,966
                         --------    --------    --------    --------
     Total brokerage
      revenue              48,855      56,990      48,957      42,466

   Education revenue       36,904      41,075      48,034      48,524
                         --------    --------    --------    --------
   Net revenues            85,759      98,065      96,991      90,990
                         --------    --------    --------    --------

 Costs and expenses
   Compensation and
    benefits               19,411      19,955      22,545      22,057
   Brokerage, clearing
    and execution costs    13,000      11,950       7,962       7,570
   Marketing                7,058       8,599      10,164      13,359
   Partner commissions      9,075       4,954       6,795       6,530
   Events, travel and
    venue                   4,818       5,810       4,501       6,268
   Technology and
    telecommunications      6,338       5,780       6,220       6,246
   Depreciation and
    amortization            6,121       6,198       6,033       5,908
   Other                    5,003       5,605       5,382       5,336
                         --------    --------    --------    --------
     Total costs and
      expenses             70,824      68,851      69,602      73,274
                         --------    --------    --------    --------
     Income from
      operations           14,935      29,214      27,389      17,716

 Other income (expense)
   Interest expense, net   (2,916)     (2,140)       (264)     (4,190)
   Interest income            220         384         272         455
   Other                      (89)        (13)         --          14
                         --------    --------    --------    --------
     Other income
      (expense)            (2,785)     (1,769)          8      (3,721)
                         --------    --------    --------    --------
 Net income before
  income taxes             12,150      27,445      27,397      13,995
   Income tax provision     2,606       7,806       8,754       2,468
                         --------    --------    --------    --------

 Net income              $  9,544    $ 19,639    $ 18,643    $ 11,527
                         ========    ========    ========    ========

 Net income per common
  share:
   Basic                 $   0.14    $   0.30    $   0.28    $   0.18
                         ========    ========    ========    ========
   Diluted               $   0.14    $   0.29    $   0.27    $   0.17
                         ========    ========    ========    ========
 Weighted average common
  shares outstanding:
   Basic                   66,500      66,406      66,043      65,846
                         ========    ========    ========    ========
   Diluted                 68,283      68,531      68,754      68,860
                         ========    ========    ========    ========



                THINKORSWIM GROUP INC. AND SUBSIDIARIES
                 Consolidated Statements of Operations
               (in thousands, except per share amounts)
                              (unaudited)

                          Three Months Ended          Year Ended
                             December 31,            December 31,
                         --------------------    --------------------
                           2008        2007        2008        2007
                         --------    --------    --------    --------
 Revenue
   Commissions           $ 35,216    $ 25,310    $133,890    $ 67,734
   Interest & dividends     3,659       7,985      24,634      20,961
   Payment for order flow   7,386       6,186      30,280      16,293
   Other brokerage
    related revenue         2,594       1,960       8,464       5,894
                         --------    --------    --------    --------
     Total brokerage
      revenue              48,855      41,441     197,268     110,882

   Education revenue       36,904      52,634     174,537     207,127
                         --------    --------    --------    --------
   Net revenues            85,759      94,075     371,805     318,009
                         --------    --------    --------    --------

 Costs and expenses
   Compensation and
    benefits               19,411      23,164      83,968      95,743
   Brokerage, clearing
    and execution costs    13,000       6,351      40,482      16,052
   Marketing                7,058      13,388      39,180      51,832
   Partner commissions      9,075       8,649      27,354      35,542
   Events, travel and
    venue                   4,818       6,355      21,397      28,566
   Technology and
    telecommunications      6,338       4,987      24,584      18,565
   Depreciation and
    amortization            6,121       5,419      24,260      19,601
   Other                    5,003       5,155      21,326      19,339
                         --------    --------    --------    --------
     Total costs and
      expenses             70,824      73,468     282,551     285,240
                         --------    --------    --------    --------

     Income from
      operations           14,935      20,607      89,254      32,769

 Other income (expense)
   Interest expense, net   (2,916)     (3,378)     (9,510)    (11,059)
   Interest income            220         574       1,331       1,868
   Other                      (89)          5         (88)          7
                         --------    --------    --------    --------
     Other expense         (2,785)     (2,799)     (8,267)     (9,184)
                         --------    --------    --------    --------

 Net income before
  income taxes             12,150      17,808      80,987      23,585
   Income tax provision     2,606          --      21,634       1,150
                         --------    --------    --------    --------

 Net income              $  9,544    $ 17,808    $ 59,353    $ 22,435
                         ========    ========    ========    ========

 Net income per common
  share:
   Basic                 $   0.14    $   0.27    $   0.90    $   0.36
                         ========    ========    ========    ========
   Diluted               $   0.14    $   0.26    $   0.87    $   0.34
                         ========    ========    ========    ========

 Weighted average common
  shares outstanding:
   Basic                   66,500      65,510      66,202      62,942
                         ========    ========    ========    ========
   Diluted                 66,283      68,497      68,485      65,790
                         ========    ========    ========    ========



                THINKORSWIM GROUP INC. AND SUBSIDIARIES
                      Consolidated Balance Sheets
                            (in thousands)
                              (unaudited)

                                                 Dec. 31,    Dec. 31,
                                                   2008        2007
                                                 --------    --------
 ASSETS
 Current assets:
   Cash and cash equivalents                     $ 82,560    $ 61,579
   Marketable securities                               --       1,501
   Accounts receivable, net of allowance
    ($150 and $198, respectively)                   4,980      11,131
   Receivable from clearing brokers                 5,738       5,503
   Income tax receivable                            3,207          --
   Deferred tax asset                              16,972      13,496
   Other current assets                             9,179       9,622
                                                 --------    --------
     Total current assets                         122,636     102,832

 Long-term restricted cash                            373         389
 Goodwill                                         209,546     208,776
 Intangible assets, net of accumulated
  amortization ($32,278 and $17,330,
  respectively)                                   117,639     132,587
 Software development cost, net of accumulated
  amortization ($8,470 and $3,363, respectively)   26,198      26,939
 Furniture and equipment, net of accumulated
  depreciation ($12,931 and $8,726, respectively)   6,259       8,007
 Other long-term assets                            25,557      29,800
                                                 --------    --------

     Total assets                                $508,208    $509,330
                                                 ========    ========

 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
   Current portion of deferred revenue           $ 80,391    $124,486
   Other current liabilities                       19,889      17,825
   Accounts payable                                 4,196       8,896
   Accrued payroll                                  9,463      13,278
   Accrued tax liabilities                          6,019       7,544
   Current portion of capitalized lease
    obligations                                       235         212
   Current portion of notes payable                30,000      17,500
                                                 --------    --------
     Total current liabilities                    150,193     189,741

   Long-term portion of deferred revenue           30,392      37,384
   Long-term portion of capitalized lease
    obligations                                       104         330
   Long-term portion of notes payable              64,400     100,000
   Income tax payable                               2,096          --
   Deferred tax liabilities                        30,555      18,487
   Other long-term accrued liabilities              2,579       1,493
                                                 --------    --------
     Total liabilities                            280,319     347,435

 Stockholders' equity:
   Common stock $0.01 par value (66,500 and
    65,655 shares issued and outstanding,
    respectively)                                     665         656
   Additional paid-in capital                     337,805     331,006
   Accumulated other comprehensive (loss)
    income                                           (147)         20
   Accumulated deficit                           (110,434)   (169,787)
                                                 --------    --------
     Total stockholders' equity                   227,889     161,895
                                                 --------    --------

     Total liabilities and stockholders' equity  $508,208    $509,330
                                                 ========    ========



                THINKORSWIM GROUP INC. AND SUBSIDIARIES
                 Consolidated Statements of Cash Flows
                            (in thousands)
                              (unaudited)

                          Three Months Ended          Year Ended
                             December 31,            December 31,
                         --------------------    --------------------
                           2008        2007        2008        2007
                         --------    --------    --------    --------
 Cash flows from
  operating activities:
 Net income              $  9,544    $ 17,808    $ 59,353    $ 22,435
   Reconciling
    adjustments:
     Depreciation and
      amortization          6,121       5,419      24,260      19,601
     Deferred taxes           657        (136)      9,956          37
     Stock compensation
      expense               1,960       1,934       8,252      15,325
     Amortization of
      exclusivity rights      311         293       1,226       1,172
     Contingent shares
      in connection with
      exclusivity rights
      and intellectual
      property acquired        --       1,359          --       3,550
     Amortization of
      debt issue costs        240         275       1,044       1,043
     Change in fair
      value of interest
      rate swap, included
      in interest expense   1,155         999       1,086       1,478
     Provision for
      (recovery of) sales
      return reserve          (93)        471       1,032       1,363
     Provision for (gain)
      on lease termination     --         (31)         --         105
     Provision for bad
      debt expense              3          70           3         313
     Provision for
      (recovery of)
      inventory reserve        --         (68)         --           2
     (Gain) Loss on sale
      of assets                (3)         (3)          1          19
     Gain on marketable
      securities               --          (4)         (7)         --
     Changes in operating
      assets and
      liabilities, net
      of the effect of
      acquired businesses:
       Accounts
        receivable          2,489       7,776       6,148      (3,641)
       Receivable from
        clearing brokers    6,373       4,959        (235)     (1,155)
       Income tax
        receivable         (2,403)        (62)     (3,207)         --
       Other assets         3,163      (5,492)        100         127
       Accounts payable    (7,356)     (4,942)     (5,181)     (7,287)
       Deferred revenue    (9,179)     (5,497)    (51,087)      2,295
       Accrued payroll     (1,625)         81      (3,815)      4,758
       Other liabilities      284      (1,903)      2,639      (7,750)
       Accrued tax
        liabilities         1,953        (498)        812        (668)
                         --------    --------    --------    --------
         Net cash
          provided by
          operating
          activities       13,594      22,808      52,380      53,122
                         --------    --------    --------    --------

 Cash flows from
  investing activities:
   Proceeds from the
    sale or maturity of
    marketable securities      --       1,300       1,501      20,641
   Proceeds from the
    sale of equipment          --           5          --          30
   Payments for
    capitalized software
    development costs        (918)     (4,888)     (6,040)    (16,357)
   Purchases of furniture
    and equipment            (450)       (648)     (2,105)     (3,750)
   Cash held in escrow        130         102       1,188      (8,298)
   Cash paid in business
    acquisitions, net of
    cash received            (130)     (1,040)     (1,188)   (150,387)
                         --------    --------    --------    --------
         Net cash used
          in investing
          activities       (1,368)     (5,169)     (6,644)   (158,121)
                         --------    --------    --------    --------

 Cash flows from
  financing activities:
   Payments on capital
    leases                    (56)        (51)       (203)       (190)
   Payments on notes
    payable                (2,500)     (2,500)    (23,100)     (7,500)
   Changes in restricted
    cash                       --          (4)         16         (12)
   Proceeds from notes
    payable                    --          --          --     125,000
   Payment of debt
    issuance costs             --          --          --      (4,539)
   Disqualifying
    dispositions in
    exercise of stock
    options                    75          --          75          --
   Minimum tax
    withholding on
    restricted stock
    awards                     (4)         --        (434)         --
   Repurchase of stock         --          --      (1,455)         --
   Proceeds from exercise
    of stock options            2         221         506         882
                         --------    --------    --------    --------
         Net cash (used
          in) provided by
          financing
          activities       (2,483)     (2,334)    (24,595)    113,641
                         --------    --------    --------    --------

 Effect of exchange rates
  on cash and cash
  equivalents                (135)        (13)       (160)         14
                         --------    --------    --------    --------

 Increase in cash and
  cash equivalents          9,608      15,292      20,981       8,656
 Cash and cash
  equivalents:
   Beginning of period     72,952      46,287      61,579      52,923
                         --------    --------    --------    --------

   End of period           82,560      61,579      82,560      61,579
                         ========    ========    ========    ========



               THINKORSWIM GROUP INC. AND SUBSIDIARIES
                          Financial Summary
                             (unaudited)

Reconciliation of Non-GAAP Information

The following table provides a reconciliation of GAAP Net Income to non-GAAP Adjusted EBITDA for the periods presented. The Company believes Adjusted EBITDA is an important measure of operating performance given the impact of accounting for deferred revenue and certain other costs.


 in (millions)                Three Months Ended        Years Ended
                          Dec. 31, Sept. 30, Dec.31, Dec. 31, Dec. 31,
                            2008     2008     2007     2008     2007*
                           ------   ------   ------   ------   ------

 Net income                $  9.5   $ 19.6   $ 17.8   $ 59.4   $ 16.9
   Depreciation and
    amortization              6.7      6.8      7.2     26.5     25.7
   Stock compensation
    expense                   2.0      2.0      1.9      8.3     15.3
   Special charges,
    including deal related    1.4      1.1       --      3.6     11.7
   Interest expense, net      2.7      1.8      2.8      8.2      9.1
   Income tax provision       2.6      7.8       --     21.6      1.1
 Net change in deferred
  revenue                    (9.2)   (16.3)    (5.5)   (51.1)     3.5
                           ------   ------   ------   ------   ------
   Adjusted EBITDA ($)       15.7     22.8     24.2     76.5     83.3
                           ------   ------   ------   ------   ------
   Adjusted EBITDA (as a
    % of STV)                20.5%    27.9%    27.3%    23.9%    25.1%
                           ------   ------   ------   ------   ------

The following table provides a breakout of Revenue on an unaudited basis for all periods presented and a reconciliation of non-GAAP Sales Transaction Volume ("STV") to GAAP Revenue. STV represents sales in a particular period before the effects of deferred revenue recognition from prior periods and the deferral of current period sales. The Company believes STV is an important measure of business volume in the Investor Education segment.


 in (000s)                Three Months Ended          Years Ended
                     Dec. 31,  Sept. 30, Dec. 31,  Dec. 31,  Dec. 31,
                       2008      2008      2007      2008      2007*
                     --------  --------  --------  --------  --------
 Brokerage Services
   Commissions       $ 35,216  $ 39,290  $ 25,310  $133,890  $ 74,530
   Interest &
    dividends           3,659     7,109     7,985    24,634    22,958
   Payment for
    order flow          7,386     8,451     6,186    30,280    17,114
   Other revenue        2,594     2,140     1,960     8,464     6,667
                     --------  --------  --------  --------  --------
 Total brokerage
  services revenue     48,855    56,990    41,441   197,268   121,269
                     --------  --------  --------  --------  --------

 Investor Education
   Sales transaction
    volume             27,725    24,824    47,137   123,450   210,398
                     --------  --------  --------  --------  --------
 Total sales
  transaction volume   76,580    81,814    88,578   320,718   331,667
 Change in deferred
  revenue               9,179    16,251     5,497    51,087    (3,528)
                     --------  --------  --------  --------  --------
 Revenue               85,759    98,065    94,075   371,805   328,139
                     ========  ========  ========  ========  ========

 * The Company's SEC filings for 2007 reflect Investools' merger with
   thinkorswim Holdings, Inc. on February 15, 2007. However, for
   comparative purposes, the year ended December 31, 2007 have
   included results of operations as if the merger occurred on
   January 1, 2007 (pro-forma). The Company believes that given the
   size of the merger, comparing actual to actual would not be the
   most representative way to explain our operating results.

Segment Information

The following table provides information on an unaudited basis concerning thinkorswim Group Inc.'s operations by reportable segment for the periods presented. The Company's SEC filings and the table below reflects consolidated results following the Company's merger with thinkorswim Holdings, Inc., on February 15, 2007 and the Company's stand-alone results through February 14, 2007.


 in (000s)                Three Months Ended          Years Ended
                             December 31,            December 31,
                         --------------------    --------------------
                           2008        2007        2008        2007
                         --------    --------    --------    --------
 Revenue
 -------
 Brokerage Services      $ 48,855    $ 41,441    $197,268    $110,882
 Investor Education        36,904      52,634     174,537     207,127
                         --------    --------    --------    --------
   Revenue                 85,759      94,075     371,805     318,009
                         --------    --------    --------    --------

 Income (Loss) from
  Operations
 ------------------
 Brokerage Services      $ 15,466    $ 18,627    $ 82,361    $ 42,598
 Investor Education          (531)      1,980       6,893      (9,829)
                         --------    --------    --------    --------
   Income from
    operations             14,935      20,607      89,254      32,769
                         --------    --------    --------    --------



                THINKORSWIM GROUP INC. AND SUBSIDIARIES
               Operating Metrics thru December 31, 2008

                      Three Months Ended             Year Ended
                          December 31,              December 31,
                   ------------------------  ------------------------
 thinkorswim Inc.     2008         2007         2008         2007
 ----------------  -----------  -----------  -----------  -----------
   Trading Days           63.0         63.0        251.5        249.5

   New Retail
    Accounts
    Opened(1)           32,700       22,675      108,850       75,875
   New Funded
    Retail Accounts     12,175       11,075       45,200       38,325
   Period-End
    Funded Retail
    Accounts            97,800       57,775       97,800       57,775

   Retail DARTs(2)      61,400       41,900       54,200       27,000
   Active Trader
    DARTs(3)           118,300       20,400       78,400       23,300
                   -----------  -----------  -----------  -----------
   Total DARTs         179,700       62,300      132,600       50,300

   Total Trades     11,325,000    3,926,000   33,361,000   12,552,000

   Ending Client
    Assets ($MM)   $     3,020  $     2,580  $     3,020  $     2,580
   Average Client
    Equity/Retail
    Account        $    30,900  $    44,900  $    30,900  $    44,900
   Retail
    Commission
    Per Trade      $      8.41  $      9.01  $      8.41   $     9.01

 Investor Education
  Group
 ------------------
   Total Paid
    Graduates(4)        18,330       12,260       47,890       43,090
   Ending Cumulative
    Graduates(5)       398,000      337,000      398,000      337,000
   Ending Active
    Subscribers(6)      97,600      102,800       97,600      102,800

   Upsell Rate(7)           25%          40%          32%          42%
                   -----------  -----------  -----------  -----------
     PHD program            10%          16%          10%          19%
     Masters program        14%          20%          14%          24%
     Associates
      program               34%          31%          36%          30%
     Apprentice             34%           0%          14%           0%
     Trading rooms           8%          33%          26%          27%

 --------------------------------------------------------------------

 (1) Accounts opened are accounts that have initiated the application
     process with the intent to fund.
 (2) Retail DARTs are trades executed using the retail thinkorswim
     platform.
 (3) Active Trader DARTs are trades executed using an active trader
     platform such as thinkpipes.
 (4) Includes students who graduated from both the Foundation Course
     and the Currency Trader Course.
 (5) Cumulative graduates include graduates and their guest attendees
     at workshops.
 (6) Active Subscribers include subscribers to Investools Online,
     prophet.net, and Investools FX.
 (7) This table illustrates the workshop upsell rates during the
     periods indicated. Workshop upsell rates are the sales that take
     place at the workshops of advanced product sales. Upsell rates
     do not include sales from the Company's other sales operations.


            

Mot-clé


Coordonnées