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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 

FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended August 31, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 1-14947
 
JEFFERIES GROUP LLC
(Exact name of registrant as specified in its charter)
 
 
Delaware
 
95-4719745
 
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
520 Madison Avenue,
 New York,
New York
 
10022
 
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (212) 284-2550
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
Accelerated filer
 
 
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
4.850% Senior Notes Due 2027
JEF/27A
New York Stock Exchange
5.125% Senior Notes Due 2023
JEF/23
New York Stock Exchange
The Registrant is a wholly-owned subsidiary of Jefferies Financial Group Inc. and meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with a reduced disclosure format as permitted by Instruction H(2).
 



Table of Contents

JEFFERIES GROUP LLC
INDEX TO QUARTERLY REPORT ON FORM 10-Q
August 31, 2019
 
Page
 
 
 


1



Table of Contents

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
JEFFERIES GROUP LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
(In thousands)
 
August 31, 2019
 
November 30, 2018
ASSETS
 
 
 
Cash and cash equivalents ($1,151 and $1,096 at August 31, 2019 and November 30, 2018, respectively, related to consolidated VIEs)
$
4,665,490

 
$
5,145,886

Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations
658,335

 
707,960

Financial instruments owned, at fair value (including securities pledged of $12,087,982 and $13,059,802 at August 31, 2019 and November 30, 2018, respectively; and $339 and $380 at August 31, 2019 and November 30, 2018, respectively, related to consolidated VIEs)
16,370,912

 
16,399,526

Loans to and investments in related parties
943,174

 
997,524

Securities borrowed
7,895,149

 
6,538,212

Securities purchased under agreements to resell (includes $25,000 and $0 at fair value at August 31, 2019 and November 30, 2018, respectively)
4,499,995

 
2,785,758

Receivables:
 
 
 
Brokers, dealers and clearing organizations
2,927,789

 
3,218,984

Customers
1,686,214

 
2,017,090

Fees, interest and other
350,663

 
327,083

Premises and equipment
323,510

 
304,026

Goodwill
1,638,574

 
1,642,170

Other assets ($2 at both August 31, 2019 and November 30, 2018, related to consolidated VIEs)
1,133,783

 
1,084,554

Total assets
$
43,093,588

 
$
41,168,773

LIABILITIES AND EQUITY
 
 
 
Short-term borrowings
$
518,914

 
$
387,492

Financial instruments sold, not yet purchased, at fair value
10,296,315

 
9,478,944

Collateralized financings:
 
 
 
Securities loaned
2,182,865

 
1,838,688

Securities sold under agreements to repurchase
8,236,981

 
8,643,069

Other secured financings (includes $1,820,800 and $881,472 at August 31, 2019 and November 30, 2018, respectively, related to consolidated VIEs)
1,821,425

 
881,472

Payables:
 
 
 
Brokers, dealers and clearing organizations
2,253,033

 
2,448,059

Customers
3,599,564

 
3,176,727

Accrued expenses and other liabilities ($1,306 and $642 at August 31, 2019 and November 30, 2018, respectively, related to consolidated VIEs)
1,227,798

 
1,585,635

Long-term debt (includes $1,014,509 and $686,170 at fair value at August 31, 2019 and November 30, 2018, respectively)
6,767,163

 
6,546,283

Total liabilities
36,904,058

 
34,986,369

EQUITY
 
 
 
Member’s paid-in capital
6,387,097

 
6,376,662

Accumulated other comprehensive income (loss):
 
 
 
Currency translation adjustments
(220,080
)
 
(185,804
)
Changes in instrument specific credit risk
20,805

 
(5,728
)
Cash flow hedges

 
470

Additional minimum pension liability
(4,693
)
 
(4,761
)
Available-for-sale securities
231

 
(346
)
Total accumulated other comprehensive loss
(203,737
)
 
(196,169
)
Total Jefferies Group LLC member’s equity
6,183,360

 
6,180,493

Noncontrolling interests
6,170

 
1,911

Total equity
6,189,530

 
6,182,404

Total liabilities and equity
$
43,093,588

 
$
41,168,773

See accompanying notes to consolidated financial statements.

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Table of Contents

JEFFERIES GROUP LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(In thousands)
 
Three Months Ended 
 August 31,
 
Nine Months Ended 
 August 31,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Commissions and other fees
$
171,003

 
$
162,700

 
$
493,843

 
$
482,194

Principal transactions
148,873

 
143,308

 
632,002

 
498,583

Investment banking
412,533

 
465,326

 
1,128,216

 
1,405,614

Asset management fees
3,340

 
5,184

 
14,559

 
16,130

Interest
383,596

 
305,347

 
1,163,022

 
870,490

Other
22,286

 
6,420

 
79,354

 
58,678

Total revenues
1,141,631

 
1,088,285

 
3,510,996

 
3,331,689

Interest expense
364,472

 
310,670

 
1,146,268

 
910,271

Net revenues
777,159

 
777,615

 
2,364,728

 
2,421,418

Non-interest expenses:
 
 
 
 
 
 
 
Compensation and benefits
411,936

 
428,033

 
1,261,506

 
1,327,760

Non-compensation expenses:
 
 
 
 
 
 
 
Floor brokerage and clearing fees
54,247

 
45,745

 
168,698

 
135,808

Technology and communications
86,649

 
76,877

 
247,464

 
222,335

Occupancy and equipment rental
29,300

 
25,559

 
87,587

 
75,143

Business development
36,526

 
39,733

 
103,430

 
124,233

Professional services
42,379

 
35,316

 
117,372

 
101,715

Underwriting costs
14,647

 
20,528

 
36,045

 
47,832

Other
18,400

 
18,723

 
41,828

 
54,888

Total non-compensation expenses
282,148

 
262,481

 
802,424

 
761,954

Total non-interest expenses
694,084

 
690,514

 
2,063,930

 
2,089,714

Earnings before income taxes
83,075

 
87,101

 
300,798

 
331,704

Income tax expense
18,250

 
26,923

 
79,789

 
234,337

Net earnings
64,825

 
60,178

 
221,009

 
97,367

Net earnings (loss) attributable to noncontrolling interests
(143
)
 
(4
)
 
140

 
(1
)
Net earnings attributable to Jefferies Group LLC
$
64,968

 
$
60,182

 
$
220,869

 
$
97,368

See accompanying notes to consolidated financial statements.

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Table of Contents

JEFFERIES GROUP LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In thousands)
 
Three Months Ended 
 August 31,
 
Nine Months Ended 
 August 31,
 
2019
 
2018
 
2019

2018
Net earnings
$
64,825

 
$
60,178

 
$
221,009

 
$
97,367

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Currency translation adjustments and other (1)
(28,023
)
 
(26,050
)
 
(34,208
)
 
(71,219
)
Changes in instrument specific credit risk (2)
5,889

 
1,067

 
26,533

 
8,971

Cash flow hedges (3)

 
85

 
(470
)
 
1,382

Unrealized gain on available-for-sale securities (4)
198

 

 
577

 

Total other comprehensive loss, net of tax (5)
(21,936
)
 
(24,898
)
 
(7,568
)
 
(60,866
)
Comprehensive income
42,889

 
35,280

 
213,441

 
36,501

Net earnings (loss) attributable to noncontrolling interests
(143
)
 
(4
)
 
140

 
(1
)
Comprehensive income attributable to Jefferies Group LLC
$
43,032

 
$
35,284

 
$
213,301

 
$
36,502


(1)
The amounts during the three and nine months ended August 31, 2019 include income tax benefits of $8.9 million and $10.6 million respectively, compared with $2.8 million in both the three and nine months ended August 31, 2018, related to the impact of certain discrete items related to tax planning for our non-U.S. subsidiaries in connection with the Tax Cuts and Jobs Act (the “Tax Act”). The amount during the nine months ended August 31, 2018 includes $5.3 million related to the transfer of the German Pension Plan, which was reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings and ($0.8) million related to the Tax Act, which was reclassified to Member’s paid-in capital and a gain of $20.5 million related to foreign currency gains, which was reclassified to Other revenues within the Consolidated Statements of Earnings.
(2)
The amounts include income tax expenses of approximately $2.0 million and $9.0 million for the three and nine months ended August 31, 2019, respectively, and income tax expenses of approximately $0.3 million and $11.0 million for the three and nine months ended August 31, 2018, respectively. The amount during the nine months ended August 31, 2019 also includes gains of $0.5 million, net of taxes of $0.2 million, related to changes in instrument specific risk, which was reclassified to Principal transactions revenues within the Consolidated Statements of Earnings. The amounts during the three and nine months ended August 31, 2018 also include gains of $0.1 million and $0.4 million, net of taxes of $0.1 million, respectively, related to changes in instrument specific risk, which was reclassified to Principal transactions revenues within the Consolidated Statements of Earnings. The amount during the nine months ended August 31, 2018 includes ($6.5) million related to the Tax Act, which was reclassified to Member’s paid-in capital.
(3)
The amount during the nine months ended August 31, 2019 includes income tax benefits of $0.2 million. The cash flow hedge loss of $0.5 million during the nine months ended August 31, 2019 was reclassified to Other revenues within the Consolidated Statement of Earnings due to the sale of all of our common shares of Epic Gas Ltd. (“Epic Gas”). Refer to Note 9, Investments for further information. The amount during the nine months ended August 31, 2018 includes income tax expenses of $0.7 million. The amount during the nine months ended August 31, 2018 also includes ($0.2) million related to the Tax Act, which was reclassified to Member’s paid-in capital.
(4)
The amount during the nine months ended August 31, 2019 includes income tax expense of approximately $0.2 million.
(5)
None of the components of other comprehensive loss are attributable to noncontrolling interests.
See accompanying notes to consolidated financial statements.

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Table of Contents

JEFFERIES GROUP LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(In thousands)
 
Three Months Ended 
 August 31,
 
Nine Months Ended 
 August 31,
 
2019
 
2018
 
2019
 
2018
Member’s paid-in capital:
 
 
 
 
 
 
 
Balance, beginning of period
$
6,354,613

 
$
5,715,628

 
$
6,376,662

 
$
5,895,601

Cumulative effect of the adoption of the new revenue standard, net of tax

 

 

 
(6,121
)
Net earnings attributable to Jefferies Group LLC
64,968

 
60,182

 
220,869

 
97,368

Distributions to Jefferies Financial Group Inc.
(32,484
)
 
(30,091
)
 
(210,434
)
 
(248,684
)
Tax Cuts and Jobs Act adjustment

 

 

 
7,555

Balance, end of period
$
6,387,097

 
$
5,745,719

 
$
6,387,097

 
$
5,745,719

Accumulated other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Balance, beginning of period
$
(181,801
)
 
$
(172,747
)
 
$
(196,169
)
 
$
(136,779
)
Currency translation adjustments and other
(28,023
)
 
(26,050
)
 
(34,208
)
 
(71,219
)
Changes in instrument specific credit risk
5,889

 
1,067

 
26,533

 
8,971

Cash flow hedges

 
85

 
(470
)
 
1,382

Unrealized gain on available-for-sale securities
198

 

 
577

 

Balance, end of period
$
(203,737
)
 
$
(197,645
)
 
$
(203,737
)
 
$
(197,645
)
Total Jefferies Group LLC member’s equity
$
6,183,360

 
$
5,548,074

 
$