Goldman Sachs 2000 Annual Report Download - page 77

Selected Financial Data
As of or for Year Ended November
($ and share amounts in millions, except per share amounts) 2000(5) 1999(6) 1998 1997 1996
Income Statement Data
Total revenues $ 33,000 $ 25,363 $ 22,478 $ 20,433 $ 17,289
Interest expense 16,410 12,018 13,958 12,986 11,160
Net revenues 16,590 13,345 8,520 7,447 6,129
Compensation and benefits(1) 7,773 6,459 3,838 3,097 2,421
Nonrecurring employee initial public offering and
acquisition awards 290 2,257———
Amortization of employee initial public offering and
acquisition awards 428 268———
Other operating expenses 3,079 2,369 1,761 1,336 1,102
Pre-tax earnings(1) $ 5,020 $ 1,992 $ 2,921 $ 3,014 $ 2,606
Balance Sheet Data
Total assets $289,760 $250,491 $217,380 $178,401 $152,046
Long-term borrowings 31,395 20,952 19,906 15,667 12,376
Total liabilities 273,230 240,346 210,996 171,864 145,753
Shareholders’ equity 16,530 10,145———
Partners’ capital —— 6,310 6,107 5,309
Common Share Data
Earnings per share—basic $6.33$5.69———
Earnings per share—diluted 6.00 5.57———
Dividends paid per share 0.48 0.24———
Book value per share 32.18 20.94———
Average common shares outstanding—basic 484.6 475.9———
Average common shares outstanding—diluted 511.5 485.8———
Pro Forma Data (unaudited)(2)
Pro forma net earnings —$ 2,550———
Pro forma diluted earnings per share —5.27———
Pro forma diluted shares —483.9———
Selected Data (unaudited)
Employees
United States 14,755 9,746 8,349 6,879 5,818
International 7,872 5,615 4,684 3,743 3,159
Total employees(3) 22,627)
(7) 15,361 13,033 10,622 8,977
Assets under supervision(4)
Assets under management $293,842 $258,045 $194,821 $135,929 $ 94,599
Other client assets 197,876 227,424 142,018 102,033 76,892
Total assets under supervision $491,718 $485,469 $336,839 $237,962 $171,491
(1) As a partnership, payments for services rendered by profit participating limited partners were accounted for as distributions of partners’ capital
rather than as compensation and benefits expense. As a result, pre-tax earnings in 1998, 1997 and 1996 are not comparable with 2000 or 1999.
(2) On May 7, 1999, the firm converted from a partnership to a corporation and completed its initial public offering. Pro forma results reflect the results
of Goldman Sachs as if its conversion to corporate form and related transactions had taken place at the beginning of 1999. For more detailed
information concerning pro forma results, see “Management’s Discussion and Analysis—Results of Operations— Overview.”
(3) Excludes employees of Goldman Sachs’ property management subsidiaries. Substantially all of the costs of these employees are reimbursed
to Goldman Sachs by the real estate investment funds to which these subsidiaries provide property management services.
(4) Substantially all assets under supervision are valued as of calendar month-end.
(5) In 2000, pre-tax earnings included a charge of $290 million ($180 million after taxes) related to the firm’s combination with SLK. Excluding this
charge, diluted earnings per share were $6.35.
(6) In 1999, pre-tax earnings were reduced by nonrecurring expenses of $2.26 billion associated with the conversion to corporate form and the
charitable contribution to The Goldman Sachs Foundation of $200 million made at the time of the initial public offering.
(7) Includes 2,600 employees related to the combination with SLK.
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