EX-99.2 3 0003.txt FINANCIAL & STATISTICAL SUPPLEMENT
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. Financial & Statistical Supplement - Operating Results (unaudited) (Dollars in thousands, except per share data) Q-4 00 Q-3 00 Q-2 00 Q-1 00 Q-4 99 Q-3 99 Q-2 99 ------ ------ ------ ------ ------ ------ ------ Revenues Investment Banking: Underwriting $ 4,447 $ 4,928 $ 1,205 $ 10,506 $ 6,200 $ 4,026 $ 9,245 Corporate finance 9,209 7,264 8,741 6,190 11,820 2,024 5,820 Investment gains - 1,453 - - 1,690 15 2,148 Institutional Brokerage: Listed and agency 6,511 4,989 4,627 5,676 5,048 3,372 3,749 Principal (OTC) 5,792 7,019 12,788 6,001 4,472 4,721 6,804 Asset management: Base management fees 2,835 2,504 2,206 2,174 2,379 2,714 2,052 Incentive allocations (7,747) 7,751 7,849 36,603 35,298 62 470 Net investment income 3,026 5,780 3,768 (2,900) (1,870) (10,572) 6,985 Interest, dividends and other 2,336 3,014 2,352 1,993 2,559 2,560 3,106 -------- -------- -------- -------- -------- -------- -------- Total revenues 26,409 44,702 43,536 66,243 67,596 8,922 40,379 -------- -------- -------- -------- -------- -------- -------- Expenses Compensation and benefits 13,527 24,809 25,209 46,223 45,759 16,318 22,109 Business development 3,515 4,755 3,261 3,057 3,780 8,002 4,590 Professional services 732 1,219 1,130 1,560 1,638 1,660 1,318 Interest 700 424 319 222 163 159 494 Brokerage and clearing 1,618 1,483 1,539 1,567 1,386 1,098 1,195 Communications 1,337 1,300 1,267 1,181 1,240 1,246 913 Occupancy & equipment 2,191 2,657 2,373 2,323 1,952 1,738 1,422 Other 1,358 1,862 2,373 1,554 1,482 1,762 2,489 -------- -------- -------- -------- -------- -------- -------- Total expenses 24,978 38,509 37,471 57,687 57,400 31,983 34,530 -------- -------- -------- -------- -------- -------- -------- Net income before taxes 1,431 6,193 6,065 8,556 10,196 (23,061) 5,849 -------- -------- -------- -------- -------- -------- -------- Provision for income taxes (1,239) (785) (2,139) Net income after taxes $ 1,431 $ 4,954 $ 5,280 $ 6,417 $ 10,196 $(23,061) $ 5,849 ======== ======== ======== ======== ======== ======== ======== Statistical Data: ----------------- Basic & diluted EPS (actual) $ 0.03 $ 0.10 $ 0.11 $ 0.13 $ 0.21 $ (0.47) $ 0.12 EPS (pro-forma) (1) $ - $ - $ - $ - $ - $ - $ - Book value per share $ 4.34 $ 4.30 $ 4.14 $ 4.03 $ 3.86 $ 3.50 $ 3.84 Shares outstanding (in thousands) 49,380 49,282 49,204 49,096 48,961 48,882 48,882 Compensation and benefits as a % revenue 51.2% 55.5% 57.9% 69.8% 67.7% 182.9% 54.8% Net income before taxes as a % revenue 5.4% 13.9% 13.9% 12.9% 15.1% -258.5% 14.5% ROE (annualized) 2.7% 9.5% 10.5% 13.3% 22.7% -51.4% 12.8% Total shareholders' equity $214,556 $211,794 $203,637 $198,063 $188,969 $170,922 $187,852 Assets Under Management ("AUM") (amounts in millions) Managed accounts $ 133.6 $ 136.9 $ 131.9 $ 114.6 $ 180.2 $ 200.5 $ 212.5 Hedge & offshore funds 149.7 135.1 114.3 98.8 151.6 177.1 212.4 Mutual Funds 119.0 93.1 56.4 54.7 66.1 78.1 91.6 Private equity & venture capital 457.2 757.5 697.4 661.7 480.9 329.6 295.7 -------- -------- -------- -------- -------- -------- -------- Total AUM $ 859.5 $1,122.6 $1,000.0 $ 929.8 $ 878.8 $ 785.3 $ 812.2 ======== ======== ======== ======== ======== ======== ======== Employees 386 367 392 390 390 390 350 ======== ======== ======== ======== ======== ======== ======== Q-1 99 Q-4 98 Q-3 98 Q-2 98 Q-1 98 ------ ------ ------ ------ ------ Revenues Investment Banking: Underwriting $ 3,171 $ 2,728 $ 4,040 $ 16,313 $ 47,710 Corporate finance 2,877 3,663 4,417 29,615 3,661 Investment gains - - - - - Institutional Brokerage: Listed and agency 2,819 3,402 3,862 4,336 3,708 Principal (OTC) 6,061 1,295 (31,923) (677) 3,113 Asset management: Base management fees 2,264 2,110 2,105 1,810 1,531 Incentive allocations 73 1,693 14 496 1,638 Net investment income 2,261 775 (7,480) (242) 3,004 Interest, dividends and other 2,543 3,393 3,456 5,683 3,619 -------- -------- -------- -------- -------- Total revenues 22,069 19,059 (21,509) 57,334 67,984 -------- -------- -------- -------- -------- Expenses Compensation and benefits 14,238 14,487 10,870 28,899 28,343 Business development 2,253 2,183 6,212 5,276 4,274 Professional services 341 1,827 4,026 2,983 2,532 Interest 507 247 1,553 1,468 1,659 Brokerage and clearing 1,014 482 1,603 1,649 1,343 Communications 924 1,055 834 877 826 Occupancy & equipment 1,562 1,279 1,284 900 764 Other 1,185 1,308 2,838 2,689 2,507 -------- -------- -------- -------- -------- Total expenses 22,024 22,868 29,220 44,741 42,248 -------- -------- -------- -------- -------- Net income before taxes 45 (3,809) (50,729) 12,593 25,736 -------- -------- -------- -------- -------- Provision for income taxes 15,317 (5,160) (10,157) Net income after taxes $ 45 $ (3,809) $(35,412) $ 7,433 $ 15,579 ======== ======== ======== ======== ======== Statistical Data: ----------------- Basic & diluted EPS (actual) $ - $ (0.08) $ (0.71) $ 0.15 $ 0.31 EPS (pro-forma) (1) $ - $ - $ - $ - $ - Book value per share $ 3.63 $ 3.81 $ 3.91 $ 4.99 $ 4.84 Shares outstanding (in thousands) 48,733 49,119 49,496 50,029 50,029 Compensation and benefits as a % revenue 64.5% 76.0% -50.5% 50.4% 41.7% Net income before taxes as a % revenue 0.2% -20.0% -235.9% 22.0% 37.9% ROE (annualized) 0.1% -8.0% -63.9% 12.1% 26.6% Total shareholders' equity $176,876 $186,902 $193,433 $249,659 $242,225 Assets Under Management ("AUM") (amounts in millions) Managed accounts $ 229.4 $ 224.4 $ 226.7 $ 258.1 $ 277.2 Hedge & offshore funds 194.7 189.6 213.2 282.4 257.7 Mutual Funds 95.9 118.6 125.0 177.4 179.6 Private equity & venture capital 152.9 156.2 158.6 147.1 139.7 -------- -------- -------- -------- -------- Total AUM $ 672.9 $ 688.8 $ 723.5 $ 865.0 $ 854.2 ======== ======== ======== ======== ======== Employees 349 358 390 350 301 ======== ======== ======== ======== ======== Q-4 97 Q-3 97 Q-2 97 Q-1 97 ------ ------ ------ ------ Revenues Investment Banking: Underwriting $ 75,414 $24,489 $29,424 $13,179 Corporate finance 22,032 29,065 769 8,783 Investment gains - - - - Institutional Brokerage: Listed and agency 4,497 3,355 1,740 2,803 Principal (OTC) 4,652 6,520 2,914 2,560 Asset management: Base management fees 1,266 758 610 522 Incentive allocations 11,318 539 462 291 Net investment income 154 2,139 805 130 Interest, dividends and other 1,884 1,368 917 776 -------- ------- ------- ------- Total revenues 121,217 68,233 37,641 29,044 -------- ------- ------- ------- Expenses Compensation and benefits 71,819 40,595 24,848 19,695 Business development 5,321 3,095 2,823 2,100 Professional services 3,690 2,546 1,546 1,285 Interest 1,469 571 1,006 724 Brokerage and clearing 1,823 1,224 897 1,017 Communications 790 540 559 436 Occupancy & equipment 704 747 679 508 Other 2,294 1,367 1,263 1,017 -------- ------- ------- ------- Total expenses 87,910 50,685 33,621 26,782 -------- ------- ------- ------- Net income before taxes 33,307 17,548 4,020 2,262 -------- ------- ------- ------- Provision for income taxes (13,323) (7,019) (1,608) (905) Net income after taxes $ 19,984 $10,529 $ 2,412 $ 1,357 ======== ======= ======= ======= Statistical Data: ----------------- Basic & diluted EPS (actual) $ 0.87 $ 0.44 $ 0.10 $ 0.06 EPS (pro-forma) (1) $ 0.49 $ 0.26 $ 0.06 $ 0.03 Book value per share $ 4.53 $ 1.45 $ 1.14 $ 1.21 Shares outstanding (in thousands) 50,029 40,029 40,029 40,029 Compensation and benefits as a % revenue 59.2% 59.5% 66.0% 67.8% Net income before taxes as a % revenue 27.5% 25.7% 10.7% 7.8% ROE (annualized) 56.1% 81.3% 20.6% 11.1% Total shareholders' equity $226,646 $58,118 $45,467 $48,364 Assets Under Management ("AUM") (amounts in millions) Managed accounts $ 245.6 $ 56.5 $ 51.0 $ 50.0 Hedge & offshore funds 221.1 250.0 194.0 160.8 Mutual Funds 115.3 55.1 30.1 10.4 Private equity & venture capital 59.6 52.5 10.6 6.7 -------- ------- ------- ------- Total AUM $ 641.6 $ 414.1 $ 285.7 $ 227.9 ======== ======= ======= ======= Employees 265 230 213 213 ======== ======= ======= =======