(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
Exhibit No. | Description | ||||
99 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
JEFFERIES FINANCIAL GROUP INC. | ||||||||
By: | /s/ Michael J. Sharp | |||||||
Name: | Michael J. Sharp | |||||||
Title: | Executive Vice President and General Counsel |
FOR MORE INFORMATION Jonathan Freedman 212.778.8913 |
1 Jefferies Financial Group |
(Dollars in thousands, except per share amounts) | Three Months Ended February 28, | |||||||||||||
2023 | 202214 | % Change | ||||||||||||
Net revenues: | ||||||||||||||
Investment Banking and Capital Markets | $ | 1,207,291 | $ | 1,462,365 | (17)% | |||||||||
Asset Management | 78,296 | 226,832 | (65)% | |||||||||||
Other | (2,095) | 3,645 | N/M | |||||||||||
Net revenues | 1,283,492 | 1,692,842 | (24)% | |||||||||||
Net earnings before income taxes | 158,018 | 392,332 | (60)% | |||||||||||
Income tax expense | 28,694 | 64,357 | (55)% | |||||||||||
Net earnings | 129,324 | 327,975 | (61)% | |||||||||||
Net loss attributable to noncontrolling interests | (6,055) | (969) | 525% | |||||||||||
Net loss attributable to redeemable noncontrolling interests | (256) | (573) | (55)% | |||||||||||
Preferred stock dividends | 2,016 | 2,070 | (3)% | |||||||||||
Net earnings attributable to Jefferies Financial Group Inc. | $ | 133,619 | $ | 327,447 | (59)% | |||||||||
Basic earnings per common share | $ | 0.56 | $ | 1.26 | (56)% | |||||||||
Weighted average shares | 239,101 | 257,552 | ||||||||||||
Diluted earnings per common share | $ | 0.54 | $ | 1.23 | (56)% | |||||||||
Weighted average diluted shares | 248,095 | 266,571 | ||||||||||||
Annualized return on adjusted tangible equity1 | 7.1% | 16.2% |
Three Months Ended February 28, 2023 | ||
•Net earnings attributable to common shareholders of $134 million, or $0.54 per diluted share. •Repurchased 2.6 million shares of common stock for $98 million, at an average price of $38.01 per share, in connection with net-share settlements related to our equity compensation plans. •We had 233.5 million shares outstanding and 253.8 million shares outstanding on a fully diluted basis3 at February 28, 2023. Our book value per share was $41.77 and tangible book value per fully diluted share4 was $31.51 at February 28, 2023. •Effective tax rate of 18.2%, lower than normal due to excess tax benefits from restricted stock unit conversions. |
Investment Banking and Capital Markets | ||
•Investment Banking net revenues were $568 million, as global mergers and acquisitions volume and deal value declined across most sectors. Our debt and equity underwriting net revenues were lower than the same quarter last year, consistent with a reduction in industry-wide deal activity. •Capital Markets net revenues of $639 million were significantly higher as compared to the prior year quarter. Equities and Fixed Income net revenues benefitted from a more stable trading environment than in the prior year period and a strong contribution from our international businesses. |
Asset Management | ||
•Asset Management net revenues reflect improved investment returns due to better overall performance across our strategies as compared to the prior year period. Management fees and revenues were modestly lower reflecting a more challenging trading environment in 2022, which impacted performance fees recognized during the first quarter of 2023 as compared to the recognition of 2021 performance in the prior year comparable quarter. •Revenues from our merchant banking activities have declined substantially primarily as a result of the sale of our interests in Idaho Timber in 2022 and the January spin-off of our interests in Vitesse, as the results of those activities are no longer included in our results. |
2 Jefferies Financial Group |
3 Jefferies Financial Group |
(Amounts in Thousands) (Unaudited) | Quarter Ended | ||||||||||||||||
February 28, 2023 | November 30, 2022 | February 28, 202214 | |||||||||||||||
Net revenues by source: | |||||||||||||||||
Advisory | $ | 297,178 | $ | 381,412 | $ | 543,769 | |||||||||||
Equity underwriting | 125,445 | 109,439 | 156,100 | ||||||||||||||
Debt underwriting | 80,175 | 61,731 | 245,178 | ||||||||||||||
Total underwriting | 205,620 | 171,170 | 401,278 | ||||||||||||||
Other investment banking | 65,132 | 15,892 | 37,470 | ||||||||||||||
Total Investment Banking | 567,930 | 568,474 | 982,517 | ||||||||||||||
Equities | 308,661 | 251,280 | 277,047 | ||||||||||||||
Fixed income | 330,700 | 226,680 | 202,801 | ||||||||||||||
Total Capital Markets | 639,361 | 477,960 | 479,848 | ||||||||||||||
Total Investment Banking and Capital Markets Net revenues5 | 1,207,291 | 1,046,434 | 1,462,365 | ||||||||||||||
Asset management fees and revenues6 | 39,097 | 13,440 | 44,502 | ||||||||||||||
Investment return2 | 31,033 | 156,613 | 8,889 | ||||||||||||||
Merchant banking | 11,608 | 231,805 | 185,791 | ||||||||||||||
Allocated net interest2 | (3,442) | (6,630) | (12,350) | ||||||||||||||
Total Asset Management Net revenues | 78,296 | 395,228 | 226,832 | ||||||||||||||
Other | (2,095) | (3,580) | 3,645 | ||||||||||||||
Total Net revenues by source | $ | 1,283,492 | $ | 1,438,082 | $ | 1,692,842 | |||||||||||
Non-interest expenses: | |||||||||||||||||
Compensation and benefits | $ | 703,058 | $ | 659,121 | $ | 790,752 | |||||||||||
Floor brokerage and clearing fees | 80,474 | 85,143 | 83,961 | ||||||||||||||
Underwriting costs | 13,207 | 9,076 | 8,128 | ||||||||||||||
Technology and communications | 113,385 | 114,957 | 107,016 | ||||||||||||||
Occupancy and equipment rental | 27,315 | 28,420 | 26,965 | ||||||||||||||
Business development | 36,838 | 42,610 | 26,872 | ||||||||||||||
Professional services | 62,161 | 71,042 | 52,741 | ||||||||||||||
Depreciation and amortization | 33,292 | 43,471 | 45,937 | ||||||||||||||
Cost of sales | 2,168 | 91,281 | 95,671 | ||||||||||||||
Other | 53,576 | 98,121 | 62,467 | ||||||||||||||
Total Non-interest expenses | $ | 1,125,474 | $ | 1,243,242 | $ | 1,300,510 | |||||||||||
4 Jefferies Financial Group |
(Unaudited) | Quarter Ended | ||||||||||||||||
February 28, 2023 | November 30, 2022 | February 28, 2022 | |||||||||||||||
Other Data: | |||||||||||||||||
Number of trading days | 60 | 63 | 61 | ||||||||||||||
Number of trading loss days7 | 3 | 3 | 8 | ||||||||||||||
Average VaR (in millions)8 | $ | 12.85 | $ | 10.62 | $ | 12.12 | |||||||||||
(Amounts in Millions, Except Other Data) (Unaudited) | Quarter Ended | ||||||||||||||||
February 28, 2023 | November 30, 2022 | February 28, 2022 | |||||||||||||||
Financial position9: | |||||||||||||||||
Total assets15 | $ | 52,033 | $ | 51,058 | $ | 55,467 | |||||||||||
Total assets less goodwill and intangible assets for the period15 | 50,160 | 49,182 | 53,572 | ||||||||||||||
Cash and cash equivalents | 7,509 | 9,703 | 8,501 | ||||||||||||||
Financial instruments owned15 | 21,083 | 18,666 | 19,581 | ||||||||||||||
Level 3 financial instruments owned10, 15 | 819 | 791 | 636 | ||||||||||||||
Goodwill and intangible assets | 1,873 | 1,876 | 1,895 | ||||||||||||||
Total equity | 9,811 | 10,295 | 10,549 | ||||||||||||||
Total shareholders' equity | 9,755 | 10,233 | 10,490 | ||||||||||||||
Tangible shareholders' equity11 | 7,882 | 8,357 | 8,595 | ||||||||||||||
Other data and financial ratios: | |||||||||||||||||
Leverage ratio9, 12, 15 | 5.3 | 5.0 | 5.3 | ||||||||||||||
Tangible gross leverage ratio9, 13, 15 | 6.4 | 5.9 | 6.2 | ||||||||||||||
Number of employees, at period end | 5,401 | 5,381 | 5,625 |
Three Months Ended February 28, 2023 | ||||||||
Weighted average common shares outstanding | 227,543 | |||||||
Weighted average shares of restricted stock with future service | (2,128) | |||||||
Weighted average restricted stock units outstanding with no future service | 13,686 | |||||||
Denominator for basic earnings per share | 239,101 | |||||||
Stock options and other share based awards | 2,303 | |||||||
Senior executive compensation plan restricted stock unit awards | 2,917 | |||||||
Mandatorily redeemable convertible preferred shares | 3,774 | |||||||
Denominator for diluted earnings per share | 248,095 |
5 Jefferies Financial Group |
6 Jefferies Financial Group |
Three Months Ended February 28, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net earnings attributable to Jefferies Financial Group Inc. (GAAP) | $ | 133,619 | $ | 327,447 | ||||||||||
Intangible amortization and impairment expense, net of tax | 2,027 | 2,949 | ||||||||||||
Adjusted net earnings (non-GAAP) | $ | 135,646 | $ | 330,396 | ||||||||||
Annualized adjusted net earnings (non-GAAP) | $ | 542,584 | $ | 1,321,584 | ||||||||||
November 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Shareholders' equity (GAAP) | $ | 10,232,846 | $ | 10,553,755 | ||||||||||
Less: Intangible assets, net and goodwill | (1,875,576) | (1,897,500) | ||||||||||||
Less: Deferred tax asset | (387,862) | (327,547) | ||||||||||||
Less: Weighted average impact of dividends and share repurchases | (327,445) | (154,005) | ||||||||||||
Adjusted tangible shareholders' equity (non-GAAP) | $ | 7,641,963 | $ | 8,174,703 | ||||||||||
Annualized return on adjusted tangible equity (non-GAAP) | 7.1 | % | 16.2 | % |
7 Jefferies Financial Group |
February 28, 2023 | |||||||||||
Book value (GAAP) | $ | 9,755,244 | |||||||||
Stock options(1) | 115,161 | ||||||||||
Intangible assets, net and goodwill | (1,872,850) | ||||||||||
Adjusted tangible book value (non-GAAP) | $ | 7,997,555 | |||||||||
Common shares outstanding (GAAP) | 233,528 | ||||||||||
Restricted stock units ("RSUs") | 13,931 | ||||||||||
Stock options(1) | 5,075 | ||||||||||
Other | 1,290 | ||||||||||
Fully diluted shares outstanding (non-GAAP)(2) | 253,824 | ||||||||||
Book value per share outstanding | $ | 41.77 | |||||||||
Tangible book value per fully diluted share outstanding (non-GAAP) | $ | 31.51 | |||||||||
(1) | Stock options added to book value are equal to the total number of stock options outstanding as of February 28, 2023 of 5,074,740 multiplied by the weighted average exercise price of $22.69 on February 28, 2023. Stock options added to fully diluted shares are equal to the total stock options outstanding on February 28, 2023. | ||||||||||
(2) | Fully diluted shares outstanding include vested and unvested RSUs as well as the target number of RSUs issuable under the senior executive compensation plans until the performance period is complete. Fully diluted shares outstanding also include all stock options. |
8 Jefferies Financial Group |
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