EX-99 4 f03-06_198kexh992.txt EXHIBIT 99.2 SELECTED STATISTICAL INFORMATION LEHMAN BROTHERS HOLDINGS INC. Exhibit 99.2 SELECTED STATISTICAL INFORMATION (Preliminary and Unaudited) (Dollars in millions, except per share data)
Quarters Ended ---------------------------------------------------------- 5/31/03 2/28/03 11/30/02 8/31/02 5/31/02 ---------------------------------------------------------- Income Statement Net Revenues $2,291 $1,711 $1,539 $1,347 $1,663 Non-Interest Expenses: Compensation and Benefits 1,168 873 785 687 848 Nonpersonnel Expenses 418 401 400 391 379 September 11, 2001, related (recoveries)/expenses, net - - (108) - - Other real estate reconfiguration charges 77 - 128 - - Regulatory settlement - - 80 - - Net Income (a) 437 301 187 194 296 Net Income Applicable to Common Stock 426 290 176 183 285 Earnings per Common Share (b) Basic $1.76 $1.20 $0.72 $0.74 $1.16 Diluted $1.67 $1.15 $0.69 $0.70 $1.08 Financial Ratios (%) Return on Common Equity (annualized) (c) 19.6% 13.9% 8.6% 8.9% 14.1% Pretax Margin (d) 27.4% 25.6% 16.5% 20.0% 26.2% Compensation & Benefits/Net Revenues 51.0% 51.0% 51.0% 51.0% 51.0% Effective Tax Rate (e) 27.5% 28.0% 20.7% 22.6% 29.0% Financial Condition Total Assets $304,000 $268,293 $260,336 $265,213 $267,787 Total Assets Excluding Matched Book (f) 191,000 174,096 165,995 159,879 173,671 Securities Purchased Under Agreements to Resell 113,000 94,197 94,341 105,334 94,116 Long-Term Debt 43,530 41,247 38,678 38,911 36,643 Trust Issued Securities Subject to Mandatory Redemption(g) 1,010 710 710 710 710 Common Stockholders' Equity 8,935 8,457 8,242 8,209 8,206 Total Stockholders' Equity 9,635 9,157 8,942 8,909 8,906 Total Stockholders' Equity plus Trust Issued Securities Subject to Mandatory Redemption(h) 10,645 9,867 9,652 9,619 9,616 Total Capital (i) 54,175 51,114 48,330 48,530 46,259 Total Leverage (j) 31.6x 29.3x 29.1x 29.8x 30.1x Adjusted Leverage (h), (k) 28.6x 27.2x 27.0x 27.6x 27.8x Net Leverage (f), (h), (l) 17.9x 17.6x 17.2x 16.6x 18.1x Book Value per Common Share (m) 36.77 35.03 34.15 33.49 33.22 Other Data (#s) Employees 13,247 12,083 12,343 12,980 12,694 Common Stock Outstanding (in millions) 242.4 241.5 231.1 239.0 243.6 Weighted Average Shares (in millions) Basic 242.3 241.8 243.9 246.7 245.8 Diluted 255.8 253.0 255.1 261.0 263.5
(a) For the quarter ended May 31, 2003 net income includes a $77 million pre-tax charge ($45 million after tax) related to certain of the firm's real estate. 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 May 31, 2003 basic EPS was reduced $0.19, and fully diluted EPS was reduced $0.17, respectively, as a result of the real estate charge. 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 May 31, 2003, the Company's return on common equity was reduced by 2.1% as a result of the real estate charge. 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) Pre-tax margin for the quarter ended May 31, 2003 was reduced by approximately 3.4% as a result of the real estate charge. Pre-tax 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. (e) The effective tax rate for the quarter ended May 31, 2003 decreased by approximately 1.5% as a result of the real estate charge. 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. (f) 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. Certain 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 trust issued securities subject to mandatory redemption is useful to investors as a more meaningful measure of the Company's leverage. (g) Trust issued securities subject to mandatory redemption includes $710 million of trust preferred securities subject to mandatory redemption and $300 million of debt collateralizing trust preferred securities subject to mandatory redemption. (h) The Company believes total stockholders' equity plus trust issued securities subject to mandatory redemption to be a more meaningful measure of the Company's equity for purposes of calculating net leverage and adjusted 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) Total Leverage is defined as total assets divided by total stockholders' equity. (k) Adjusted leverage is defined as total assets divided by total stockholders' equity plus trust issued securities subject to mandatory redemption. (l) Net leverage is defined as total assets excluding matched book divided by total stockholders' equity plus trust issued securities subject to mandatory redemption. (m) The book value per common share calculation includes restricted stock units granted under Lehman Stock Award Programs, which are included in total stockholders' equity.