0000096223-22-000037.txt : 20220928 0000096223-22-000037.hdr.sgml : 20220928 20220928162647 ACCESSION NUMBER: 0000096223-22-000037 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20220928 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220928 DATE AS OF CHANGE: 20220928 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Jefferies Financial Group Inc. CENTRAL INDEX KEY: 0000096223 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 132615557 STATE OF INCORPORATION: NY FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05721 FILM NUMBER: 221276400 BUSINESS ADDRESS: STREET 1: 520 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2124601900 MAIL ADDRESS: STREET 1: 520 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: LEUCADIA NATIONAL CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: TALCOTT NATIONAL CORP DATE OF NAME CHANGE: 19800603 8-K 1 jef-20220928.htm 8-K jef-20220928
0000096223false00000962232022-09-282022-09-2800000962232022-06-272022-06-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): September 28, 2022

JEFFERIES FINANCIAL GROUP INC.
(Exact name of registrant as specified in its charter)
New York
1-5721
13-2615557
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
520 Madison Avenue
New York,
New York
10022
(Address of Principal Executive Offices)
(Zip Code)
(212) 460-1900
Registrant's telephone number, including area code

(Former name or former address, if changed since last report)
______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock; Par Value $1.00 Per ShareJEFNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.




Item 2.02. Results of Operations and Financial Condition

On September 28, 2022, we issued a press release announcing financial results for the quarter and nine months ended August 31, 2022. A copy of the press release is attached hereto as Exhibit 99 and is incorporated herein by reference.

The information provided in this Item 2.02, including the exhibits hereto, is intended to be "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.
 

Item 9.01. Financial Statements and Exhibits

The following exhibits are furnished with this report:

Exhibit No.    Description

99    Press Release issued by Jefferies Financial Group Inc. - Quarter and nine months ended August 31, 2022

104    Cover Page Interactive Data File (embedded within the Inline XBRL document).





























SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




Date: September 28, 2022



JEFFERIES FINANCIAL GROUP INC.
By:/s/ Teresa S. Gendron
Name:Teresa S. Gendron
Title: Vice President and Chief Financial Officer





























 EX-99 2 jfgpressrelease8-31x22.htm EX-99 JEFFERIES FINANCIAL GROUP INC. Q3 2022 EARNINGS RELEASE Document

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FOR MORE INFORMATION
Jonathan Freedman 212.778.8913
For Immediate Release
Jefferies Financial Group Inc. (NYSE: JEF)
September 28, 2022
linejpega.jpg
Jefferies Announces Third Quarter 2022 Financial Results
Q3 Financial Highlights
•Net income attributable to common shareholders of $195 million, or $0.78 per diluted share; adjusted net income attributable to common shareholders1 of $275 million, or $1.10 per diluted share, after removing $80 million of expense related to a regulatory settlement in the quarter
•Annualized return on adjusted tangible equity of 10.0%2; adjusted annualized return on adjusted tangible equity of 14.0%3
•Total Investment Banking and Capital Markets and Asset Management net revenues of $1.12 billion
Ø Investment Banking net revenues of $682 million
Ø Combined Capital Markets net revenues of $452 million
Ø Asset Management net loss (before allocated net interest4) of $3 million
•Pre-tax gain on sale of Idaho Timber of $139 million
•Repurchased 4.3 million shares of common stock for $134.1 million, or an average price of $31.39 per share, including 0.6 million shares repurchased after quarter end through September 27, 2022; at August 31, 2022, we had 228.8 million shares outstanding and 256.2 million shares outstanding on a fully diluted basis5; our book value per share was $44.98 and tangible book value per fully diluted share6 was $33.81
•Since January 2018, Jefferies has repurchased 149.6 million shares of common stock7 for $3.5 billion, or an average price of $23.39 per share; Jefferies has returned to shareholders $4.8 billion since January 2018, or 48% of shareholders' equity and 63% of tangible shareholders' equity8 at the beginning of this effort
•Our Board of Directors has increased our share buyback authorization back to a total of $250 million

"Our third quarter results reflect the strength and momentum of our Firm, our team, our brand and our market position, despite the challenges of the current market environment. Investment Banking and Equities were very resilient, and we expect we have gained market share in those areas as we continue to support our clients through this volatile time. Moreover, we achieved solid Investment Banking and Capital Markets and Asset Management net revenues of over $1.12 billion despite unrealized markdowns in our mortgage inventory and leveraged finance commitments as the current environment has particularly impacted those asset classes. Our 14.0% adjusted annualized return on adjusted tangible equity3 is respectable and was achieved despite the significant dislocation in the new issue capital markets for much of this period.

"We are working very closely with our clients, so that we are able to support them further when economic and market conditions improve, and new issue activity opens up. Our backlog9 is consistent with last quarter's levels, but realization remains dependent on market conditions.

"2022 is feeling like a transitional year in our business, but one in which we are making good progress in enhancing our market share. We continue to invest toward further growth, most notably in Investment Banking, guard our balance sheet and capital against the risk of the increased volatility, and prioritize our clients and our Jefferies' team. We believe this will yield a solid result for 2022, and set the stage for continued growth and success in 2023 and beyond."

Richard Handler, CEO, and Brian Friedman, President


1 Jefferies Financial Group

Quarterly Cash Dividend

The Jefferies Board of Directors declared a quarterly cash dividend equal to $0.30 per Jefferies common share, payable on November 29, 2022 to record holders of Jefferies common shares on November 14, 2022. We continue to work diligently to effect the spin-off to shareholders of our holdings in Vitesse Energy by the end of our fiscal year, subject to necessary regulatory reviews and rulings.

Financial Summary

(Dollars in thousands, except per share amounts)Three Months Ended
August 31,		Nine Months Ended
August 31,
20222021 (10)
% Change
20222021 (10)
% Change
Net revenues:
Investment Banking and Capital Markets$1,134,732 $1,672,943 (32)%$3,714,928 $5,259,301 (29)%
Asset Management(13,803)13,327 (204)%77,300 293,204 (74)%
Merchant Banking397,847 248,690 60%825,637 812,509 2%
Corporate6,192 955 548%8,756 2,269 286%
Consolidation Adjustments(78)3,069 (103)%(734)9,150 (108)%
  Net revenues$1,524,890 $1,938,984 (21)%$4,625,887 $6,376,433 (27)%
Income before income taxes$301,850$553,616(45)%$860,723$1,828,540(53)%
Net income attributable to common shareholders$195,459$407,459(52)%$636,920$1,342,490(53)%
Diluted earnings per share$0.78$1.50(48)%$2.48$4.93(50)%
Weighted average diluted shares251,239271,405258,083271,746
Annualized return on adjusted tangible equity2
10.0%21.4%11.0%26.1%
Adjusted annualized return on adjusted tangible equity3
14.0%N/A12.4%N/A

Highlights
Three months ended August 31, 2022Nine months ended August 31, 2022
•Net income attributable to common shareholders of $195 million, or $0.78 per diluted share; adjusted net income attributable to common shareholders1 of $275 million, or $1.10 per diluted share, after removing $80 million of expense related to a regulatory settlement in the quarter.
•Repurchased 4.3 million shares of common stock for $134.1 million, or an average price of $31.39 per share, including 0.6 million shares repurchased after quarter end through September 27, 2022.
•We had 228.8 million shares outstanding and 256.2 million shares outstanding on a fully diluted basis5 at August 31, 2022. Our book value per share was $44.98 and tangible book value per fully diluted share6 was $33.81 at August 31, 2022.
•Our Board of Directors has increased our share buyback authorization back to a total of $250 million.
•Effective tax rate of 35.1%, reflecting non-deductible $80 million regulatory settlement in the current quarter; adjusted effective tax rate11 of 27.7% without the cost of this settlement.

•Net income attributable to common shareholders of $637 million, or $2.48 per diluted share; adjusted net income attributable to common shareholders1 of $717 million, or $2.79 per diluted share, after removing $80 million of expense related to a regulatory settlement in the third quarter.
•Repurchased 22.3 million shares of common stock for $756.3 million, or an average price of $33.88 per share, including 0.6 million shares repurchased after quarter end through September 27, 2022; repurchases include 18.9 million shares of common stock in the open market for $634.0 million under our Board of Directors authorizations and 3.4 million shares of common stock for $122.2 million in connection with net-share settlements under our equity compensation plan.


2 Jefferies Financial Group
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Three months ended August 31, 2022Nine months ended August 31, 2022
Investment Banking and Capital Markets

Investment Banking and Capital Markets
•Investment Banking net revenues were $682 million, as our mergers and acquisitions net revenues remained strong. Our debt and equity underwriting net revenues were lower than the same quarter last year, consistent with a reduction in industry-wide deal activity.
•Combined Capital Markets net revenues of $452 million were slightly higher as compared to the prior year quarter. Equities net revenues benefited from higher commissions and trading revenues, as our business continues to expand within the context of a more normalized trading environment. Fixed Income net revenues reflect mark to market losses on certain mortgage inventory positions and a slowdown in securitization activity as a result of continued uncertainty in respect of inflation and interest rates.

•Investment Banking net revenues of $2.37 billion were driven by record advisory net revenues, offset by lower net revenues in debt and equity underwriting.
•Combined Capital Markets net revenues of $1.35 billion were lower as compared to prior year period. Equities net revenues were impacted by market volatility and global instability, primarily in the first six months of the year. Fixed Income results were impacted by lower trading volumes, mark to market losses on certain mortgage inventory positions and a slowdown in securitization activity in the face of inflation concerns and interest rate uncertainty.
Asset Management

Asset Management
•Asset Management net revenues reflect an increase in underlying fee revenue, offset by modest investment losses reflective of the difficult trading environment as compared to the profit realized in the prior year quarter.

•Asset Management net revenues reflect higher asset management fees, offset by lower investment returns and lower revenues from strategic affiliates as compared to the prior year period.
Legacy Merchant Banking

Legacy Merchant Banking
•Merchant Banking results reflect the $139 million pre-tax gain on the sale of Idaho Timber and strong results at Vitesse, partially offset by a decline in the value of several of our investments in public companies. We continue to work toward the liquidation of our Merchant Banking portfolio.

•Merchant Banking results reflect strong results at Idaho Timber and Vitesse, as well as the gain on the sale of Idaho Timber, partially offset by a decline in the value of several of our investments in public companies.

* * * *

Amounts herein pertaining to August 31, 2022 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Quarterly Report on Form 10-Q with the Securities and Exchange Commission (“SEC”). More information on our results of operations for the three and nine months ended August 31, 2022 will be provided upon filing our Quarterly Report on Form 10-Q with the SEC, which we expect to file on or about October 7, 2022.

This press release contains certain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current views and include statements about our future and statements that are not historical facts. These forward-looking statements are usually preceded by the words “should,” “expect,” “intend,” “may,” “will,” "would," or similar expressions. Forward-looking statements may contain expectations regarding revenues, earnings, operations, and other results, and may include statements of future performance, plans, and objectives. Forward-looking statements may also include statements pertaining to our strategies for future development of our businesses and products. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors, including Risk Factors that could cause actual results to differ, perhaps materially, from those in our forward-looking statements is contained in reports we file with the SEC. You should read and interpret any forward-looking statement together with reports we file with the SEC. We undertake no obligation to update or revise any such forward-looking statement to reflect subsequent circumstances.
3 Jefferies Financial Group
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Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable or equal the corresponding indicated performance level(s).

Notes

1.Adjusted net income attributable to common shareholders (a non-GAAP financial measure) excludes the $80 million expense ($80 million, net of tax) related to a regulatory settlement in the current quarter. Refer to schedule on page 12 for reconciliation to U.S. GAAP amounts.

2.Return on adjusted tangible equity (a non-GAAP financial measure) is defined as Jefferies' annualized adjusted net income (a non-GAAP financial measure) divided by our beginning of period adjusted tangible shareholders' equity (a non-GAAP financial measure). Refer to schedule on page 12 for reconciliation to U.S. GAAP amounts.

3.Adjusted return on adjusted tangible equity (a non-GAAP financial measure) is defined as Jefferies' annualized adjusted net income excluding the net income impact of the $80 million of expense ($80 million, net of tax) related to a regulatory settlement in the current quarter (a non-GAAP financial measure) divided by our beginning of period adjusted tangible shareholders' equity (a non-GAAP financial measure). Refer to schedule on page 13 for reconciliation to U.S. GAAP amounts.

4.Allocated net interest represents an allocation to Asset Management of certain of our long-term debt interest expense, net of interest income on our Cash and cash equivalents and other sources of liquidity. Allocated net interest has been disaggregated to increase transparency and to make clearer actual Investment return. Refer to Selected Financial and Statistical Information on pages 8 to 10.

5.Shares outstanding on a fully diluted basis (a non-GAAP financial measure) is defined as Jefferies common shares outstanding plus restricted stock units, stock options, conversion of redeemable convertible preferred shares and other shares. Refer to schedule on page 14 for reconciliation to U.S. GAAP amounts.

6.Tangible book value per fully diluted share (a non-GAAP financial measure) is defined as adjusted tangible book value (a non-GAAP financial measure) divided by shares outstanding on a fully diluted basis (a non-GAAP financial measure). Refer to schedule on page 14 for reconciliation to U.S. GAAP amounts.

7.The 149.6 million common shares repurchased since January 2018 includes 145.5 million shares of common stock repurchased in the open market for $3.4 billion under our Board of Director authorizations and 4.1 million shares of common stock for $136.6 million repurchased in connection with net-share settlements under our equity compensation plan.

8.Tangible shareholders' equity (a non-GAAP financial measure), is defined as Jefferies Financial Group shareholders' equity less Intangible assets, net and goodwill. Refer to schedule on page 13 for reconciliation to U.S. GAAP amounts.

9.Backlog represents an estimate of our net revenues from expected future transactions. As an indicator of net revenues in a given period, it is subject to limitations. The time frame for the realization of revenues from these expected transactions varies and is influenced by factors we do not control. Transactions not included in the estimate may occur, and expected transactions may also be modified or cancelled.

10.In the first quarter of 2022, we transferred certain Merchant Banking net assets to our Investment Banking and Capital Markets and Asset Management segments. Prior year amounts have been reclassified to conform to current segment disclosure.

11.Adjusted effective tax rate (a non-GAAP financial measure) excludes the $80 million expense related to a regulatory settlement in the current quarter. Refer to schedule on page 14 for reconciliation to U.S. GAAP amounts.
4 Jefferies Financial Group
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Summary
(In thousands, except per share amounts) (Unaudited)
Three Months Ended
August 31,
Nine Months Ended
August 31,
2022202120222021
Net revenues$1,524,890 $1,938,984 $4,625,887 $6,376,433 
Income before income taxes and loss related to associated companies
$306,677 $580,792 $917,235 $1,889,810 
Loss related to associated companies(4,827)(27,176)(56,512)(61,270)
Income before income taxes
301,850 553,616 860,723 1,828,540 
Income tax provision105,909 145,700 219,949 484,756 
Net income195,941 407,916 640,774 1,343,784 
Net loss attributable to the noncontrolling interests
1,243 1,324 1,116 2,736 
Net loss attributable to the redeemable noncontrolling interests
345 68 1,241 1,071 
Preferred stock dividends(2,070)(1,849)(6,211)(5,101)
Net income attributable to common shareholders
$195,459 $407,459 $636,920 $1,342,490 
Basic earnings per common share attributable to Jefferies common shareholders:
Net income
$0.80 $1.54 $2.54 $5.05 
       Basic: weighted average shares
243,853 263,087 250,168 264,248 
Diluted earnings per common share attributable to Jefferies common shareholders:
Net income
$0.78 $1.50 $2.48 $4.93 
       Diluted: weighted average shares
251,239 271,405 258,083 271,746 


5 Jefferies Financial Group
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A summary of results for the three months ended August 31, 2022 is as follows (in thousands):
Investment
Banking and
Capital
Markets		Asset ManagementMerchant BankingCorporateParent Company InterestConsolidation AdjustmentsTotal
Net revenues
$1,134,732 $(13,803)$397,847 $6,192 $— $(78)$1,524,890 
Expenses:
Cost of sales— — 123,436 — — — 123,436 
Compensation and benefits521,214 12,808 10,584 13,856 — — 558,462 
Non-compensation expenses:
Floor brokerage and clearing fees79,727 4,959 — — — — 84,686 
Selling, general and other expenses
343,648 11,662 37,651 5,339 — (78)398,222 
Interest expense— — 1,223 — 8,997 — 10,220 
Depreciation and amortization
23,366 401 18,997 423 — — 43,187 
Total non-compensation expenses446,741 17,022 57,871 5,762 8,997 (78)536,315 
Total expenses
967,955 29,830 191,891 19,618 8,997 (78)1,218,213 
Income (loss) before income taxes and loss related to associated companies
166,777 (43,633)205,956 (13,426)(8,997)— 306,677 
Loss related to associated companies
— — (4,827)— — — (4,827)
Income (loss) before income taxes
$166,777 $(43,633)$201,129 $(13,426)$(8,997)$— 301,850 
Income tax provision
105,909 
Net income
$195,941 

A summary of results for the three months ended August 31, 2021 is as follows (in thousands):
Investment
Banking and
Capital
Markets (1)		Asset Management (1)Merchant Banking (1)CorporateParent Company InterestConsolidation Adjustments (1)Total
Net revenues
$1,672,943 $13,327 $248,690 $955 $— $3,069 $1,938,984 
Expenses:
Cost of sales— — 151,510 — — — 151,510 
Compensation and benefits
762,725 15,468 17,584 6,466 — — 802,243 
Non-compensation expenses:
Floor brokerage and clearing fees64,441 4,541 — — — — 68,982 
Selling, general and other expenses
222,357 10,719 39,849 4,375 — (38)277,262 
Interest expense4,982 — 762 — 13,774 — 19,518 
Depreciation and amortization
21,065 494 16,554 564 — — 38,677 
Total non-compensation expenses312,845 15,754 57,165 4,939 13,774 (38)404,439 
Total expenses
1,075,570 31,222 226,259 11,405 13,774 (38)1,358,192 
Income (loss) before income taxes and loss related to associated companies
597,373 (17,895)22,431 (10,450)(13,774)3,107 580,792 
Loss related to associated companies
— — (27,176)— — — (27,176)
Income (loss) before income taxes
$597,373 $(17,895)$(4,745)$(10,450)$(13,774)$3,107 553,616 
Income tax provision
145,700 
Net income
$407,916 

(1) In the first quarter of 2022, we transferred certain Merchant Banking net assets to our Investment Banking and Capital Markets and Asset Management segments. Prior year amounts have been reclassified to conform to current segment disclosure.


6 Jefferies Financial Group
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A summary of results for the nine months ended August 31, 2022 is as follows (in thousands):
Investment
Banking and
Capital
Markets		Asset ManagementMerchant BankingCorporateParent Company InterestConsolidation AdjustmentsTotal
Net revenues
$3,714,928 $77,300 $825,637 $8,756 $— $(734)$4,625,887 
Expenses:
Cost of sales— — 349,556 — — — 349,556 
Compensation and benefits1,768,350 43,560 89,226 25,487 — — 1,926,623 
Non-compensation expenses:
Floor brokerage and clearing fees237,140 25,523 — — — — 262,663 
Selling, general and other expenses
864,026 33,638 97,155 17,319 — (378)1,011,760 
Interest expense— — 2,846 — 25,773 — 28,619 
Depreciation and amortization
69,687 1,230 57,248 1,266 — — 129,431 
Total non-compensation expenses1,170,853 60,391 157,249 18,585 25,773 (378)1,432,473 
Total expenses
2,939,203 103,951 596,031 44,072 25,773 (378)3,708,652 
Income (loss) before income taxes and loss related to associated companies
775,725 (26,651)229,606 (35,316)(25,773)(356)917,235 
Loss related to associated companies
— — (56,512)— — — (56,512)
Income (loss) before income taxes
$775,725 $(26,651)$173,094 $(35,316)$(25,773)$(356)860,723 
Income tax provision
219,949 
Net income
$640,774 

A summary of results for the nine months ended August 31, 2021 is as follows (in thousands):
Investment
Banking and
Capital
Markets (1)		Asset Management (1)Merchant Banking (1)CorporateParent Company InterestConsolidation Adjustments (1)Total
Net revenues
$5,259,301 $293,204 $812,509 $2,269 $— $9,150 $6,376,433 
Expenses:
Cost of sales— — 390,916 — — — 390,916 
Compensation and benefits
2,650,704 59,924 66,365 29,035 — — 2,806,028 
Non-compensation expenses:
Floor brokerage and clearing fees197,226 24,982 — — — — 222,208 
Selling, general and other expenses
744,366 33,651 99,000 13,954 — (212)890,759 
Interest expense15,806 — 2,517 — 41,505 — 59,828 
Depreciation and amortization
62,580 1,462 50,536 2,306 — — 116,884 
Total non-compensation expenses1,019,978 60,095 152,053 16,260 41,505 (212)1,289,679 
Total expenses
3,670,682 120,019 609,334 45,295 41,505 (212)4,486,623 
Income (loss) before income taxes and loss related to associated companies
1,588,619 173,185 203,175 (43,026)(41,505)9,362 1,889,810 
Loss related to associated companies
— — (61,270)— — — (61,270)
Income (loss) before income taxes
$1,588,619 $173,185 $141,905 $(43,026)$(41,505)$9,362 1,828,540 
Income tax provision
484,756 
Net income
$1,343,784 

(1) In the first quarter of 2022, we transferred certain Merchant Banking net assets to our Investment Banking and Capital Markets and Asset Management segments. Prior year amounts have been reclassified to conform to current segment disclosure.



7 Jefferies Financial Group
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Selected Financial and Statistical Information
(Amounts in Thousands, Except Other Data) (Unaudited)
Quarter Ended
August 31,
2022
May 31,
2022
August 31
2021 (1)
Investment Banking, Capital Markets and Asset Management Net Revenues:
Advisory$486,762 $371,760$583,887
Equity underwriting150,972 122,435367,460
Debt underwriting76,943 107,020229,273
Total underwriting227,915 229,455596,733
Other investment banking (2)(32,877)85,74642,997
Total investment banking
681,800 686,9611,223,617
Equities277,448 254,807236,532
Fixed income174,618 161,478205,795
Total capital markets
452,066 416,285442,327
Other (2)
866 (4,868)6,999
Total Investment Banking and Capital Markets Net Revenues (3)
1,134,732 1,098,3781,672,943
Asset management fees and revenues (4)17,069 14,11618,869
Investment return (5)(19,671)30,6375,613
Allocated net interest (5)
(11,201)(13,606)(11,155)
Total Asset Management Net Revenues
(13,803)31,14713,327
Total Investment Banking, Capital Markets and Asset Management Net Revenues$1,120,929 $1,129,525$1,686,270
Investment Banking, Capital Markets and Asset Management Non-compensation Expenses:
Floor brokerage and clearing fees$84,686 $94,016$68,982
Underwriting costs11,672 13,19121,474
Technology and communications108,256 108,63093,808
Occupancy and equipment rental24,944 24,56124,961
Business development36,658 47,88024,380
Professional services55,231 52,19249,543
Depreciation and amortization
23,767 23,23321,559
Other118,549 43,11023,892
Total Investment Banking, Capital Markets and Asset Management Non-compensation Expenses
$463,763 $406,813$328,599
Investment Banking, Capital Markets and Asset Management Compensation and Benefits Expenses:
Compensation and benefits$534,022 $533,676$778,193
Compensation and benefits expenses as a percentage of net revenues47.6 %47.2%46.1%
8 Jefferies Financial Group
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(Amounts in Thousands, Except Other Data) (Unaudited)
Nine Months Ended May 31,
20222021 (1)
Investment Banking, Capital Markets and Asset Management Net Revenues:
Advisory$1,402,291$1,285,834
Equity underwriting429,5071,186,728
Debt underwriting429,142712,370
Total underwriting858,6491,899,098
Other investment banking (2)111,003208,480
Total investment banking
2,371,9433,393,412
Equities809,3021,010,497
Fixed income538,896826,351
Total capital markets
1,348,1981,836,848
Other (2)
(5,213)29,041
Total Investment Banking and Capital Markets Net Revenues (3)
3,714,9285,259,301
Asset management fees and revenues (4)75,687107,668
Investment return (5)40,496218,529
Allocated net interest (5)
(38,883)(32,993)
Total Asset Management Net Revenues
77,300293,204
Total Investment Banking, Capital Markets and Asset Management Net Revenues$3,792,228$5,552,505
Investment Banking, Capital Markets and Asset Management Non-compensation Expenses:
Floor brokerage and clearing fees$262,663$222,208
Underwriting costs32,99190,641
Technology and communications321,441281,032
Occupancy and equipment rental74,75577,515
Business development108,91469,410
Professional services158,541142,419
Depreciation and amortization
70,91764,042
Other201,022132,806
Total Investment Banking, Capital Markets and Asset Management Non-compensation Expenses
$1,231,244$1,080,073
Investment Banking, Capital Markets and Asset Management Compensation and Benefits Expenses:
Compensation and benefits$1,811,910$2,710,628
Compensation and benefits expenses as a percentage of net revenues47.8%48.8%
9 Jefferies Financial Group
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(Amounts in Thousands, Except Other Data) (Unaudited)
Quarter Ended
August 31,
2022
May 31,
2022
August 31
2021 (1)
Other Data:
Number of trading days646465
Number of trading loss days (6)91020
Average VaR (in millions) (7)
$9.6$11.84$12.69
Nine Months Ended August 31,
20222021 (1)
Other Data:
Number of trading days189189
Number of trading loss days (6)2749
Average VaR (in millions) (7)
$11.18$14.79
(1)In the first quarter of 2022, we transferred certain Merchant Banking net assets to our Investment Banking and Capital Markets and Asset Management segments. Previously reported results are presented on a comparable basis.
(2)In the first quarter of 2022, we also made a change to present our share of the net earnings of Berkadia Commercial Mortgage Holding LLC within Investment banking net revenues, which was previously presented within our Other business category. Previously reported results are presented on a comparable basis.
(3)Allocated net interest is not separately disaggregated for Investment Banking and Capital Markets. This presentation is aligned to our Investment Banking and Capital Markets internal performance measurement.
(4)Includes management and performance fees from funds and accounts managed by us as well as our share of fees received by affiliated asset management companies with which we have revenue and profit share arrangements, as well as earnings on our ownership interest in affiliated asset managers.
(5)Allocated net interest represents an allocation to Asset Management of certain of our long-term debt interest expense, net of interest income on our Cash and cash equivalents and other sources of liquidity. Allocated net interest has been disaggregated to increase transparency and to make clearer actual Investment return. We believe that aggregating Investment return and Allocated net interest would obscure the Investment return by including an amount that is unique to our credit spreads, debt maturity profile, capital structure, liquidity risks and allocation methods.
(6)Number of trading loss days is calculated based on trading activities in our Investment Banking and Capital Markets and Asset Management business segments.
(7)VaR estimates the potential loss in value of trading positions in our Investment Banking and Capital Markets and Asset Management business segments due to adverse market movements over a one-day time horizon with a 95% confidence level. For a further discussion of the calculation of VaR, see "Value-at-Risk" in Part II, Item 7A "Quantitative and Qualitative Disclosures About Market Risk" in our Annual Report on Form 10-K for the year ended November 30, 2021.





10 Jefferies Financial Group
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Financial Data and Metrics
(Amounts in Millions, Except Other Data) (Unaudited)
Quarter Ended
August 31,
2022
May 31,
2022
August 31
2021 (1)
Financial position (1):
Total assets$55,230 $57,214 $58,037 
Total assets less goodwill and intangible assets for the period$53,355 $55,329 $56,132 
Cash and cash equivalents$9,478 $8,523 $9,481 
Financial instruments owned$20,249 $20,248 $19,735 
Level 3 financial instruments owned (2)$764 $740 $671 
Goodwill and intangible assets$1,874 $1,885 $1,905 
Total equity$10,360 $10,368 $10,401 
Total shareholders' equity$10,293 $10,300 $10,382 
Tangible equity (3)$8,418 $8,415 $8,477 
Other data and financial ratios:
Leverage ratio (1) (4)5.3 5.5 5.6 
Tangible gross leverage ratio (1) (5)6.3 6.6 6.6 
Number of employees, at period end5,347 5,619 5,493 

(1)Amounts pertaining to August 31, 2022 represent a preliminary estimate as of the date of this earnings release and may be revised in our Quarterly Report on Form 10-Q for the three and nine months ended August 31, 2022.
(2)Level 3 financial instruments represent those financial instruments classified as such under Accounting Standards Codification 820, accounted for at fair value and included within Financial instruments owned.
(3)Tangible equity (a non-GAAP financial measure) represents total Jefferies shareholders' equity less goodwill and identifiable intangible assets. We believe that tangible equity is meaningful for valuation purposes, as financial companies are often measured as a multiple of tangible equity, making these ratios meaningful for investors.
(4)Leverage ratio equals total assets divided by total equity.
(5)Tangible gross leverage ratio (a non-GAAP financial measure) equals total assets less goodwill and identifiable intangible assets divided by tangible equity. The tangible gross leverage ratio is used by rating agencies in assessing our leverage ratio.

Components of Denominator for Earnings Per Share

The denominators used to calculate basic and diluted earnings per share are as follows (in thousands):

Three Months Ended August 31, 2022Nine Months Ended August 31, 2022
Weighted average common shares outstanding230,988 236,546 
Weighted average shares of restricted stock with future service(710)(1,075)
Weighted average restricted stock units outstanding with no future service13,575 14,697 
  Denominator for basic earnings per share243,853 250,168 
Stock options and other share based awards1,171 1,485 
Senior executive compensation plan restricted stock unit awards1,774 1,989 
Mandatorily redeemable convertible preferred shares 4,441 4,441 
  Denominator for diluted earnings per share251,239 258,083 
11 Jefferies Financial Group
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Non-GAAP Reconciliations
The following tables reconcile our non-GAAP measures to their respective U.S. GAAP measures. Management believes such non-GAAP measures are useful to investors as they allow them to view our results through the eyes of management, while facilitating a comparison across historical periods. These measures should not be considered a substitute for, or superior to, measures prepared in accordance with U.S. GAAP.

Net Income Attributable to Common Shareholders and Earnings Per Share GAAP Reconciliation
Reconciliation of Jefferies net income attributable to common shareholders to adjusted net income attributable to common shareholders and diluted earnings per share to adjusted diluted earnings per share (in thousands, except per share amounts):
Three Months Ended August 31, 2022Nine Months Ended August 31, 2022
Net income attributable to common shareholders (GAAP)$195,459 $636,920 
Net income impact for regulatory settlement80,000 80,000 
Adjusted net income attributable to common shareholders (non-GAAP)$275,459 $716,920 
Jefferies Financial Group diluted earnings per share (GAAP)$0.78 $2.48 
Diluted earnings per share impact for regulatory settlement0.32 0.31 
Adjusted Jefferies Financial Group diluted earnings per share (non-GAAP)$1.10 $2.79 


Return on Adjusted Tangible Equity Reconciliation
The table below reconciles our Net income attributable to common shareholders to adjusted net income and our Shareholders' equity to adjusted tangible shareholders' equity (in thousands):
Three Months Ended August 31,Nine Months Ended August 31,
2022
2021
2022
2021
Net income attributable to common shareholders (GAAP)
$195,459 $407,459 $636,920 $1,342,490 
Intangible amortization and impairment expense, net of tax1,638 2,618 6,350 7,869 
Adjusted net income (non-GAAP)$197,097 $410,077 $643,270 $1,350,359 
Annualized adjusted net income (non-GAAP)$788,388 $1,640,308 $857,693 $1,800,479 
May 31,November 30,
2022202120212020
Shareholders' equity (GAAP)$10,300,177 $10,072,634 $10,553,755 $9,403,893 
Less: Intangible assets, net and goodwill(1,885,043)(1,912,480)(1,897,500)(1,913,467)
Less: Deferred tax asset(401,268)(452,467)(327,547)(393,687)
Less: Weighted average quarter-to-date or year-to-date impact of cash dividends and share repurchases
(93,106)(56,862)(539,674)(189,771)
Adjusted tangible shareholders' equity (non-GAAP)$7,920,760 $7,650,825 $7,789,034 $6,906,968 
Return on adjusted tangible equity10.0 %21.4 %11.0 %26.1 %


12 Jefferies Financial Group
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Adjusted Return on Adjusted Tangible Equity Reconciliation

The table below reconciles our Net income attributable to common shareholders to adjusted net income excluding regulatory settlement expense and our Shareholders' equity to adjusted tangible shareholders' equity (in thousands):
Three Months Ended August 31, 2022Nine Months Ended August 31, 2022
Net income attributable to common shareholders (GAAP)
$195,459 $636,920 
Intangible amortization and impairment expense, net of tax1,638 6,350 
Net income impact for regulatory settlement80,000 80,000 
Adjusted net income excluding regulatory settlement (non-GAAP)$277,097 $723,270 
Annualized adjusted net income excluding regulatory settlement (non-GAAP)$1,108,388 $964,360 
May 31, 2022November 30, 2021
Shareholders' equity (GAAP)$10,300,177 $10,553,755 
Less: Intangible assets, net and goodwill(1,885,043)(1,897,500)
Less: Deferred tax asset(401,268)(327,547)
Less: Weighted average quarter-to-date or year-to-date impact of cash dividends and share repurchases
(93,106)(539,674)
Adjusted tangible shareholders' equity (non-GAAP)$7,920,760 $7,789,034 
Adjusted return on adjusted tangible equity14.0 %12.4 %

Jefferies Shareholders' Equity GAAP Reconciliation

At the beginning of the press release, we disclose how much we have returned to shareholders through buybacks and dividends since the beginning of 2018 and what percentage that is of shareholders' equity and tangible shareholders' equity at the beginning of 2018. The table below reconciles our shareholders' equity to tangible shareholders' equity at the beginning of 2018 (in thousands):
December 31, 2017
Shareholders' equity (GAAP)$10,105,957 
Intangible assets, net and goodwill(2,463,180)
Tangible shareholders' equity (non-GAAP)$7,642,777 



13 Jefferies Financial Group
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Jefferies Book Value and Shares Outstanding GAAP Reconciliation

The table below reconciles our book value (shareholders' equity) to adjusted tangible book value and our common shares outstanding to fully diluted shares outstanding (in thousands, except per share amounts):
August 31, 2022
Book value (GAAP)$10,292,531 
Redeemable convertible preferred shares convertible to common shares (1)125,000 
Stock options (2)119,384 
Intangible assets, net and goodwill(1,874,435)
Adjusted tangible book value (non-GAAP)$8,662,480 
Common shares outstanding (GAAP)228,807 
Restricted stock units ("RSUs")16,792 
Redeemable convertible preferred shares converted to common shares (1)4,441 
Stock options (2)5,027 
Other1,155 
Fully diluted shares outstanding (non-GAAP) (3)256,222 
Book value per share outstanding$44.98 
Tangible book value per fully diluted share outstanding$33.81 
(1)Redeemable convertible preferred shares added to book value and fully diluted shares assume that the redeemable convertible preferred shares are converted to common shares.
(2)Stock options added to book value are equal to the total number of stock options outstanding as of August 31, 2022 of 5,026,532 multiplied by the weighted average exercise price of $23.75 on August 31, 2022. Stock options added to fully diluted shares are equal to the total stock options outstanding on August 31, 2022.
(3)
Fully diluted shares outstanding include vested and unvested RSUs as well as the target number of RSUs issuable under the senior executive compensation plans. Fully diluted shares outstanding also include all stock options and the additional common shares if our redeemable convertible preferred shares were converted to common shares.


Effective Tax Rate GAAP Reconciliation

The table below reconciles our effective tax rate to adjusted effective tax rate:

Three Months Ended August 31, 2022
Effective tax rate (GAAP)35.1 %
Effective tax rate impact for regulatory settlement(7.4)%
Adjusted effective tax rate (non-GAAP)27.7 %
14 Jefferies Financial Group
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Cover
Sep. 28, 2022
Jun. 27, 2022
Cover [Abstract]    
Document Period End Date Sep. 28, 2022  
Document Type 8-K  
Entity Registrant Name JEFFERIES FINANCIAL GROUP INC.  
Entity File Number 1-5721  
Entity Incorporation, State or Country Code NY  
Entity Tax Identification Number 13-2615557  
Entity Address, Address Line One 520 Madison Avenue  
Entity Address, City or Town New York,  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10022  
City Area Code 212  
Local Phone Number 460-1900  
Written Communications false  
Soliciting Material false  
Pre-commencement Tender Offer false  
Pre-commencement Issuer Tender Offer false  
Title of 12(b) Security   Common Stock; Par Value $1.00 Per Share
Trading Symbol   JEF
Security Exchange Name   NYSE
Entity Emerging Growth Company false  
Entity Central Index Key 0000096223  
Amendment Flag false  

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