EX-99 4 f03-03_208kexh992.txt EXHIBIT 99.2 SELECTED STATISTICAL INFORMATION Exhibit 99.2 LEHMAN BROTHERS HOLDINGS INC. SELECTED STATISTICAL INFORMATION (Preliminary and Unaudited) (Dollars in millions, except per share data)
Quarters Ended ------------------------------------------- 2/28/03 11/30/02 8/31/02 5/31/02 2/28/02 ------------------------------------------- Income Statement Net Revenues $1,711 $1,539 $1,347 $1,663 $1,606 Non-Interest Expenses: Compensation and Benefits 873 785 687 848 819 Nonpersonnel Expenses 401 400 391 379 347 September 11, 2001 related (recoveries)/expenses, net - (108) - - - Other real estate reconfiguration charge - 128 - - - Regulatory settlement - 80 - - - Net Income (a) 301 187 194 296 298 Net Income Applicable to Common Stock 290 176 183 285 262 Earnings per Common Share (b) Basic $1.20 $0.72 $0.74 $1.16 $1.07 Diluted $1.15 $0.69 $0.70 $1.08 $0.99 Financial Ratios (%) Return on Common Equity (annualized) (c) 13.9% 8.6% 8.9% 14.1% 13.4% Return on Common Equity (annualized, excluding special preferred dividends, where applicable) (d) 13.9% 8.6% 8.9% 14.1% 14.6% Pretax Operating Margin (e) 25.6% 16.5% 20.0% 26.2% 27.4% Compensation & Benefits/Net Revenues 51.0% 51.0% 51.0% 51.0% 51.0% Effective Tax Rate (f) 28.0% 20.7% 22.6% 29.0% 29.0% Financial Condition Total Assets $271,000 $260,336 $265,213 $267,787 $260,061 Total Assets Excluding Matched Book (g) 176,000 165,995 159,879 173,671 168,850 Securities Purchased Under Agreements to Resell 95,000 94,341 105,334 94,116 91,211 Long-Term Debt 41,408 38,678 38,911 36,643 37,985 Preferred Securities Subject to Mandatory Redemption 710 710 710 710 710 Common Stockholders' Equity 8,457 8,242 8,209 8,206 7,948 Total Stockholders' Equity 9,157 8,942 8,909 8,906 8,648 Total Stockholders' Equity plus Preferred Securities Subject to Mandatory Redemption (h) 9,867 9,652 9,619 9,616 9,358 Total Capital (i) 51,275 48,330 48,530 46,259 47,343 Leverage (j) 29.6x 29.1x 29.8x 30.1x 30.1x Net Leverage (g), (h), (k) 17.8x 17.2x 16.6x 18.1x 18.0x Book Value per Common Share (l) 35.03 34.15 33.49 33.22 32.47 Other Data (#s) Employees 12,083 12,343 12,980 12,694 12,851 Common Stock Outstanding (in millions) 241.5 231.1 239.0 243.6 244.2 Weighted Average Shares (in millions) Basic 241.8 243.9 246.7 245.8 245.3 Diluted 253.0 255.1 261.0 263.5 265.2
(a) Fourth quarter 2002 net income includes a $108 million pre-tax gain ($60 million after tax) from September 11th related (recoveries)/expenses, net, a $128 million pre-tax charge ($82 million after tax) related to the reconfiguration of certain of the Firm's global real estate and a pre-tax charge of $80 million ($56 million after tax) related to the Firm's regulatory settlement. (b) For the quarter ended November 30, 2002 basic EPS was reduced by $0.32, and fully diluted EPS was reduced by $0.31, respectively, as a result of the September 11th related recovery, the other real estate charge and the regulatory settlement charge. (c) For the quarter ended November 30, 2002, the Company's return on common equity was reduced by 3.7% as a result of the September 11th related recovery, the other real estate charge and the regulatory settlement charge. (d) Return on common equity was calculated using net income before adjusting for special preferred dividends of $25 million in the first quarter of 2002. These dividends were excluded on an adjusted basis, as they will no longer be recurring. (e) Pre-tax operating margin for the quarter ended November 30, 2002 was reduced by approximately 6.5% as a result of the September 11th related recovery, the other real estate charge and the regulatory settlement charge. (f) The effective tax rate for the quarter ended November 30, 2002 decreased by approximately 0.5% as a result of the September 11th related recovery, the other real estate charge and the regulatory settlement charge. (g) Matched book represents securities purchased under agreements to resell ("reverse repos") to the extent such balance is less than securities sold under agreements to repurchase. Several rating agencies consider such reverse repos to be a proxy for matched book assets, as such assets are considered to have a low risk profile, and exclude such amounts in the calculation of leverage. Accordingly, the Company believes the ratio of total assets excluding matched book to total stockholders' equity and preferred securities subject to mandatory redemption is useful to investors as a more meaningful measure of the Company's leverage. (h) The Company believes total stockholders' equity plus preferred securities subject to mandatory redemption to be a more meaningful measure of the Company's equity for purposes of calculating net leverage. (i) Total capital includes long-term debt, total stockholders' equity and preferred securities subject to mandatory redemption. The Company believes total capital is useful to investors as a measure of the Company's financial strength. (j) Leverage is defined as total assets divided by total stockholders' equity. (k) Net leverage is defined as total assets excluding matched book divided by total stockholders' equity and preferred securities subject to mandatory redemption. (l) The book value per common share calculation includes restricted stock units granted under Lehman Stock Award Programs, which are included in stockholders' equity.