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
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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
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Total revenues 26,409 44,702 43,536 66,243 67,596 8,922 40,379
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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
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Total expenses 24,978 38,509 37,471 57,687 57,400 31,983 34,530
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Net income before taxes 1,431 6,193 6,065 8,556 10,196 (23,061) 5,849
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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
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Statistical Data:
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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
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Total AUM $ 859.5 $1,122.6 $1,000.0 $ 929.8 $ 878.8 $ 785.3 $ 812.2
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Employees 386 367 392 390 390 390 350
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Q-1 99 Q-4 98 Q-3 98 Q-2 98 Q-1 98
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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
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Total revenues 22,069 19,059 (21,509) 57,334 67,984
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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
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Total expenses 22,024 22,868 29,220 44,741 42,248
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Net income before taxes 45 (3,809) (50,729) 12,593 25,736
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Provision for income taxes 15,317 (5,160) (10,157)
Net income after taxes $ 45 $ (3,809) $(35,412) $ 7,433 $ 15,579
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Statistical Data:
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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
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Total AUM $ 672.9 $ 688.8 $ 723.5 $ 865.0 $ 854.2
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Employees 349 358 390 350 301
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Q-4 97 Q-3 97 Q-2 97 Q-1 97
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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
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Total revenues 121,217 68,233 37,641 29,044
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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
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Total expenses 87,910 50,685 33,621 26,782
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Net income before taxes 33,307 17,548 4,020 2,262
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Provision for income taxes (13,323) (7,019) (1,608) (905)
Net income after taxes $ 19,984 $10,529 $ 2,412 $ 1,357
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Statistical Data:
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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
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Total AUM $ 641.6 $ 414.1 $ 285.7 $ 227.9
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Employees 265 230 213 213
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