(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 |
2 Jefferies Financial Group |
(Dollars in thousands, except per share amounts) | Three Months Ended May 31, | Six Months Ended May 31, | |||||||||||||||||||||||||||
2023 | 202214 | % Change | 2023 | 202214 | % Change | ||||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||
Investment Banking and Capital Markets | $ | 1,052,504 | $ | 1,105,174 | (5)% | $ | 2,259,795 | $ | 2,567,539 | (12)% | |||||||||||||||||||
Asset Management | (22,384) | 233,977 | N/M | 55,912 | 460,809 | (88)% | |||||||||||||||||||||||
Other | 7,490 | (1,081) | N/M | 5,395 | 2,564 | 110% | |||||||||||||||||||||||
Net revenues | 1,037,610 | 1,338,070 | (22)% | 2,321,102 | 3,030,912 | (23)% | |||||||||||||||||||||||
Net earnings before income taxes | 17,919 | 166,541 | (89)% | 175,937 | 558,873 | (69)% | |||||||||||||||||||||||
Income tax expense | 9,235 | 49,683 | (81)% | 37,929 | 114,040 | (67)% | |||||||||||||||||||||||
Net earnings | 8,684 | 116,858 | (93)% | 138,008 | 444,833 | (69)% | |||||||||||||||||||||||
Net earnings (losses) attributable to noncontrolling interests | (3,513) | 1,096 | N/M | (9,568) | 127 | N/M | |||||||||||||||||||||||
Net losses attributable to redeemable noncontrolling interests | (198) | (323) | (39)% | (454) | (896) | (49)% | |||||||||||||||||||||||
Preferred stock dividends | — | 2,071 | (100)% | 2,016 | 4,141 | (51)% | |||||||||||||||||||||||
Net earnings attributable to Jefferies Financial Group Inc. | $ | 12,395 | $ | 114,014 | (89)% | $ | 146,014 | $ | 441,461 | (67)% | |||||||||||||||||||
Net earnings attributable to Jefferies Financial Group Inc. | $ | 0.05 | $ | 0.46 | (89)% | $ | 0.60 | $ | 1.73 | (65)% | |||||||||||||||||||
Weighted average shares | 242,568 | 249,142 | 240,825 | 253,330 | |||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.05 | $ | 0.45 | (89)% | $ | 0.60 | $ | 1.70 | (65)% | |||||||||||||||||||
Weighted average diluted shares | 245,413 | 251,979 | 246,870 | 261,494 | |||||||||||||||||||||||||
Annualized return on adjusted tangible equity1 | 0.7% | 5.8% | 3.8% | 11.2% | |||||||||||||||||||||||||
Three Months Ended May 31, 2023 | Six Months Ended May 31, 2023 | |||||||
•Net earnings attributable to common shareholders of $12 million, or $0.05 per diluted share, including $72 million of pre-tax losses related to OpNet. •Repurchased 2.2 million shares of common stock for $67 million, at an average price of $30.88 per share, including 2.0 million shares of common stock in the open market for $61 million under our current Board of Directors authorization and 0.2 million shares of common stock for $6 million in connection with net-share settlements related to our equity compensation plans. •We had 231.4 million shares outstanding and 251.9 million shares outstanding on a fully diluted basis2 at May 31, 2023. Our book value per share was $41.90 and tangible book value per fully diluted share3 was $31.51 at May 31, 2023. •Our Board of Directors has increased our share buyback authorization back to a total of $250 million. •Effective tax rate of 51.5%. | •Net earnings attributable to common shareholders of $146 million, or $0.60 per diluted share, including $80 million of pre-tax losses related to OpNet. •Repurchased 4.7 million shares of common stock for $165 million, at an average price of $34.75 per share, including 2.0 million shares of common stock in the open market for $61 million under our current Board of Directors authorization and 2.7 million shares of common stock for $104 million in connection with net-share settlements related to our equity compensation plans. •Effective tax rate of 21.6%. |
3 Jefferies Financial Group |
Three Months Ended May 31, 2023 | Six Months Ended May 31, 2023 | |||||||
Investment Banking and Capital Markets | Investment Banking and Capital Markets | |||||||
•Investment Banking net revenues of $510 million with solid equity capital markets activity but lower advisory net revenues, consistent with a significant decline in global mergers and acquisitions volume. Equity and Debt underwriting net revenues were higher than the same quarter last year, with the increase in Equity underwriting net revenues, driven by a favorable equity market, being partially offset by a decrease in Debt underwriting net revenues, in line with dampened industry-wide deal activity. •Capital Markets net revenues of $543 million were higher compared to the prior year quarter, with Equities and Fixed Income net revenues increasing from the year-ago quarter primarily driven by improved market conditions. | •Investment Banking net revenues were $1.08 billion as fewer merger and acquisition transactions were completed and lower average fees were earned per completed transaction. Equity and Debt underwriting net revenues of $444 million were in line with a decline in industry activity amid continued market volatility and uncertainty. •Capital Markets net revenues of $1.18 billion were primarily driven by favorable results with Fixed Income's improvement attributable to more stable market conditions. |
Asset Management | Asset Management | |||||||
•Asset Management net revenues of negative $22 million were primarily due to losses from OpNet. Additionally, we sold our interests in Idaho Timber in the third quarter of 2022 and spun-off our interests in Vitesse Energy in the first quarter of 2023, and the results of those operations are no longer included in our results. | •Asset Management net revenues were $56 million and reflects the spin-off of our interests in Vitesse Energy in January 2023. |
4 Jefferies Financial Group |
5 Jefferies Financial Group |
(Amounts in Thousands) (Unaudited) | Quarter Ended | ||||||||||||||||
May 31, 2023 | February 28, 2023 | May 31, 202214 | |||||||||||||||
Net revenues by source: | |||||||||||||||||
Advisory | $ | 254,157 | $ | 297,178 | $ | 371,404 | |||||||||||
Equity underwriting | 148,429 | 125,445 | 122,435 | ||||||||||||||
Debt underwriting | 89,889 | 80,175 | 107,021 | ||||||||||||||
Total underwriting | 238,318 | 205,620 | 229,456 | ||||||||||||||
Other investment banking | 17,338 | 65,132 | 88,030 | ||||||||||||||
Total Investment Banking | 509,813 | 567,930 | 688,890 | ||||||||||||||
Equities | 283,316 | 308,661 | 254,807 | ||||||||||||||
Fixed income | 259,375 | 330,700 | 161,477 | ||||||||||||||
Total Capital Markets | 542,691 | 639,361 | 416,284 | ||||||||||||||
Total Investment Banking and Capital Markets Net revenues5 | 1,052,504 | 1,207,291 | 1,105,174 | ||||||||||||||
Asset management fees and revenues6 | 15,929 | 42,696 | 14,116 | ||||||||||||||
Investment return4 | 32,477 | 27,434 | 26,580 | ||||||||||||||
Merchant banking, inclusive of net interest | (62,558) | 11,608 | 205,425 | ||||||||||||||
Allocated net interest4 | (8,232) | (3,442) | (12,144) | ||||||||||||||
Total Asset Management Net revenues | (22,384) | 78,296 | 233,977 | ||||||||||||||
Other | 7,490 | (2,095) | (1,081) | ||||||||||||||
Total Net revenues by source | $ | 1,037,610 | $ | 1,283,492 | $ | 1,338,070 | |||||||||||
Non-interest expenses: | |||||||||||||||||
Compensation and benefits | $ | 575,868 | $ | 703,058 | $ | 579,578 | |||||||||||
Floor brokerage and clearing fees | 96,592 | 80,474 | 94,016 | ||||||||||||||
Underwriting costs | 13,169 | 13,207 | 13,191 | ||||||||||||||
Technology and communications | 118,936 | 113,385 | 111,113 | ||||||||||||||
Occupancy and equipment rental | 24,395 | 27,315 | 26,027 | ||||||||||||||
Business development | 43,587 | 36,838 | 44,695 | ||||||||||||||
Professional services | 68,514 | 62,161 | 55,766 | ||||||||||||||
Depreciation and amortization | 25,310 | 33,292 | 40,307 | ||||||||||||||
Cost of sales | 2,362 | 2,168 | 130,449 | ||||||||||||||
Other | 50,958 | 53,576 | 76,387 | ||||||||||||||
Total Non-interest expenses | $ | 1,019,691 | $ | 1,125,474 | $ | 1,171,529 | |||||||||||
6 Jefferies Financial Group |
(Amounts in Thousands) (Unaudited) | Six Months Ended May 31, | ||||||||||
2023 | 202214 | ||||||||||
Net revenues by source: | |||||||||||
Advisory | $ | 551,335 | $ | 915,173 | |||||||
Equity underwriting | 273,874 | 278,535 | |||||||||
Debt underwriting | 170,064 | 352,199 | |||||||||
Total underwriting | 443,938 | 630,734 | |||||||||
Other investment banking | 82,470 | 125,500 | |||||||||
Total Investment Banking | 1,077,743 | 1,671,407 | |||||||||
Equities | 591,977 | 531,854 | |||||||||
Fixed income | 590,075 | 364,278 | |||||||||
Total Capital Markets | 1,182,052 | 896,132 | |||||||||
Total Investment Banking and Capital Markets Net revenues5 | 2,259,795 | 2,567,539 | |||||||||
Asset management fees and revenues6 | 58,625 | 58,618 | |||||||||
Investment return4 | 59,911 | 35,469 | |||||||||
Merchant banking | (50,950) | 391,216 | |||||||||
Allocated net interest4 | (11,674) | (24,494) | |||||||||
Total Asset Management Net revenues | 55,912 | 460,809 | |||||||||
Other | 5,395 | 2,564 | |||||||||
Total Net revenues by source | $ | 2,321,102 | $ | 3,030,912 | |||||||
Non-interest expenses: | |||||||||||
Compensation and benefits | $ | 1,278,926 | $ | 1,370,330 | |||||||
Floor brokerage and clearing fees | 177,066 | 177,977 | |||||||||
Underwriting costs | 26,376 | 21,319 | |||||||||
Technology and communications | 232,321 | 218,129 | |||||||||
Occupancy and equipment rental | 51,710 | 52,992 | |||||||||
Business development | 80,425 | 71,567 | |||||||||
Professional services | 130,675 | 108,508 | |||||||||
Depreciation and amortization | 58,602 | 86,244 | |||||||||
Cost of sales | 4,530 | 226,120 | |||||||||
Other | 104,534 | 138,853 | |||||||||
Total Non-interest expenses | $ | 2,145,165 | $ | 2,472,039 | |||||||
7 Jefferies Financial Group |
(Unaudited) | Quarter Ended | ||||||||||||||||
May 31, 2023 | February 28, 2023 | May 31, 2022 | |||||||||||||||
Other Data: | |||||||||||||||||
Number of trading days | 64 | 60 | 64 | ||||||||||||||
Number of trading loss days7 | 10 | 3 | 10 | ||||||||||||||
Average VaR (in millions)8 | $ | 15.14 | $ | 12.85 | $ | 11.84 | |||||||||||
Six Months Ended May 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Other Data: | |||||||||||||||||
Number of trading days | 124 | 125 | |||||||||||||||
Number of trading loss days7 | 13 | 18 | |||||||||||||||
Average VaR (in millions)8 | $ | 14.03 | $ | 11.98 |
(Amounts in Millions, Except Other Data) (Unaudited) | Quarter Ended | ||||||||||||||||
May 31, 2023 | February 28, 2023 | May 31, 202215 | |||||||||||||||
Financial position9: | |||||||||||||||||
Total assets | $ | 53,740 | $ | 52,033 | $ | 52,919 | |||||||||||
Total assets less goodwill and intangible assets for the period15 | 51,867 | 50,160 | 51,034 | ||||||||||||||
Cash and cash equivalents | 8,005 | 7,509 | 8,523 | ||||||||||||||
Financial instruments owned15 | 21,002 | 21,083 | 18,493 | ||||||||||||||
Level 3 financial instruments owned10, 15 | 860 | 819 | 730 | ||||||||||||||
Goodwill and intangible assets | 1,873 | 1,873 | 1,885 | ||||||||||||||
Total equity | 9,765 | 9,811 | 10,368 | ||||||||||||||
Total shareholders' equity | 9,696 | 9,755 | 10,300 | ||||||||||||||
Tangible shareholders' equity11 | 7,823 | 7,882 | 8,415 | ||||||||||||||
Other data and financial ratios: | |||||||||||||||||
Leverage ratio9, 12, 15 | 5.5 | 5.3 | 5.1 | ||||||||||||||
Tangible gross leverage ratio9, 13, 15 | 6.6 | 6.4 | 6.1 | ||||||||||||||
Number of employees, at period end | 5,335 | 5,401 | 5,619 |
Three Months Ended May 31, 2023 | Six Months Ended May 31, 2023 | |||||||||||||
Weighted average common shares outstanding | 232,842 | 230,193 | ||||||||||||
Weighted average shares of restricted stock with future service | (1,853) | (1,989) | ||||||||||||
Weighted average restricted stock units outstanding with no future service | 11,579 | 12,621 | ||||||||||||
Denominator for basic earnings per share | 242,568 | 240,825 | ||||||||||||
Stock options and other share based awards | 1,618 | 2,086 | ||||||||||||
Senior executive compensation plan restricted stock unit awards | 1,227 | 2,072 | ||||||||||||
Mandatorily redeemable convertible preferred shares | — | 1,887 | ||||||||||||
Denominator for diluted earnings per share | 245,413 | 246,870 |
8 Jefferies Financial Group |
9 Jefferies Financial Group |
Three Months Ended May 31, | Six Months Ended May 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net earnings attributable to Jefferies Financial Group Inc. (GAAP) | $ | 12,395 | $ | 114,014 | $ | 146,014 | $ | 441,461 | ||||||||||||||||||
Intangible amortization and impairment expense, net of tax | 1,193 | 1,739 | 3,220 | 4,781 | ||||||||||||||||||||||
Adjusted net earnings (non-GAAP) | $ | 13,588 | $ | 115,753 | $ | 149,234 | $ | 446,242 | ||||||||||||||||||
Annualized adjusted net earnings (non-GAAP) | $ | 54,352 | $ | 463,012 | $ | 298,468 | $ | 892,484 | ||||||||||||||||||
February 28, | November 30, | |||||||||||||||||||||||||
2023 | 2022 | 2022 | 2021 | |||||||||||||||||||||||
Shareholders' equity (GAAP) | $ | 9,755,243 | $ | 10,490,300 | $ | 10,232,845 | $ | 10,553,755 | ||||||||||||||||||
Less: Intangible assets, net and goodwill | (1,872,850) | (1,894,721) | (1,875,576) | (1,897,500) | ||||||||||||||||||||||
Less: Deferred tax asset | (486,012) | (382,741) | (387,862) | (327,547) | ||||||||||||||||||||||
Less: Weighted average impact of dividends and share repurchases | (70,895) | (162,339) | (195,393) | (378,907) | ||||||||||||||||||||||
Adjusted tangible shareholders' equity (non-GAAP) | $ | 7,325,486 | $ | 8,050,499 | $ | 7,774,014 | $ | 7,949,801 | ||||||||||||||||||
Annualized return on adjusted tangible equity (non-GAAP) | 0.7 | % | 5.8 | % | 3.8 | % | 11.2 | % | ||||||||||||||||||
10 Jefferies Financial Group |
May 31, 2023 | |||||||||||
Book value (GAAP) | $ | 9,695,654 | |||||||||
Stock options(1) | 115,161 | ||||||||||
Intangible assets, net and goodwill | (1,873,123) | ||||||||||
Adjusted tangible book value (non-GAAP) | $ | 7,937,692 | |||||||||
Common shares outstanding (GAAP) | 231,411 | ||||||||||
Restricted stock units ("RSUs") | 14,068 | ||||||||||
Stock options(1) | 5,075 | ||||||||||
Other | 1,335 | ||||||||||
Fully diluted shares outstanding (non-GAAP)(2) | 251,889 | ||||||||||
Book value per share outstanding | $ | 41.90 | |||||||||
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 May 31, 2023 of 5,074,740 multiplied by the weighted average exercise price of $22.69 on May 31, 2023. Stock options added to fully diluted shares are equal to the total stock options outstanding on May 31, 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. |
11 Jefferies Financial Group |
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