FOR MORE INFORMATION Jonathan Freedman 212.778.8973 |
1 Jefferies Financial Group |
(Dollars in thousands, except per share amounts) | |||||||||||||||||||||||||||||
Three Months Ended November 30, | Twelve Months Ended November 30, | ||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||||||||
Investment Banking and Capital Markets | $ | 1,613,362 | $ | 1,537,362 | 5% | $ | 6,796,631 | $ | 4,989,138 | 36% | |||||||||||||||||||
Asset Management | 42,798 | 88,977 | (52)% | 336,690 | 235,255 | 43% | |||||||||||||||||||||||
Merchant Banking | 152,794 | 231,852 | (34)% | 1,040,733 | 764,460 | 36% | |||||||||||||||||||||||
Corporate | 773 | 1,350 | (43)% | 3,042 | 13,258 | (77)% | |||||||||||||||||||||||
Consolidation Adjustments | (831) | 1,246 | (167)% | 8,233 | 8,763 | (6)% | |||||||||||||||||||||||
Total net revenues | $ | 1,808,896 | $ | 1,860,787 | (3)% | $ | 8,185,329 | $ | 6,010,874 | 36% | |||||||||||||||||||
Income before income taxes | $ | 425,565 | $ | 421,540 | 1% | $ | 2,254,105 | $ | 1,067,083 | 111% | |||||||||||||||||||
Net income attributable to common shareholders | $ | 324,913 | $ | 307,267 | 6% | $ | 1,667,403 | $ | 769,605 | 117% | |||||||||||||||||||
Diluted earnings per share | $ | 1.20 | $ | 1.11 | 8% | $ | 6.13 | $ | 2.65 | 131% | |||||||||||||||||||
Weighted average diluted shares | 270,743 | 277,342 | 271,501 | 290,490 | |||||||||||||||||||||||||
Annualized return on adjusted tangible equity1 | 16.5% | 17.5% | 24.5% | 11.7% |
Three months ended November 30, 2021 | Twelve months ended November 30, 2021 | |||||||
•Adjusted net income attributable to common shareholders2 of $369 million, or $1.36 per diluted share. •We repurchased 2.0 million shares for $88 million, or an average price of $42.91 per share. •Our Board of Directors has increased our share buyback authorization by $88 million back to a total of $250 million. | •Adjusted net income attributable to common shareholders2 was $1.71 billion, or $6.29 per diluted share. •We repurchased 8.5 million shares for $267 million, or an average price of $31.25 per share. We had 244 million shares outstanding and 274 million shares outstanding on a fully diluted basis6 at year end. Our book value per share was $43.33 and tangible book value per fully diluted share7 was $32.45 at year end. |
Investment Banking and Capital Markets | Investment Banking and Capital Markets | |||||||
•Investment Banking net revenues of $1.18 billion were driven by all-time record quarterly Advisory net revenues and stronger results in Equity and Debt Underwriting as compared with the prior year quarter. •Combined Capital Markets and Other net revenues of $438 million were 30% lower as compared to prior year quarter, primarily due to challenging market conditions for fixed income trading leading to lower volumes, as compared with the prior year quarter, which benefited from high levels of client activity due to more favorable market conditions. | •Record Investment Banking net revenues of $4.42 billion were driven by record Advisory net revenues, as well as record Equity and Debt Underwriting net revenues on more deals being completed and an increase in average transaction fees. •Combined Capital Markets and Other net revenues of $2.37 billion reflecting Equities net revenues driven by strong client activity and trading performance as a result of meaningful growth across all of our products and regions, and solid Fixed Income net revenues. |
2 Jefferies Financial Group |
Three months ended November 30, 2021 | Twelve months ended November 30, 2021 | |||||||
Asset Management | Asset Management | |||||||
•Asset Management net revenues reflects lower investment returns compared to the prior year quarter, partially offset by an increase in management, performance and similar fees and revenues. | •Record Asset Management revenues (before allocated net interest3) of $382 million were significantly higher than prior year revenues due to $121 million in management, performance and similar fees and revenues in the current year, an increase of 355% over the prior year. |
Legacy Merchant Banking | Legacy Merchant Banking | |||||||
•Merchant Banking results reflect the normalization of the results of Idaho Timber and a decline in the value of several of our investments in public companies. | •Merchant Banking full year results reflect record revenue and pre-tax income from Idaho Timber and mark-to-market increases in the value of several of our investments in public and private companies. |
3 Jefferies Financial Group |
4 Jefferies Financial Group |
(In thousands, except per share amounts) (Unaudited) | |||||||||||||||||||||||
Three Months Ended November 30, | Twelve Months Ended November 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net revenues | $ | 1,808,896 | $ | 1,860,787 | $ | 8,185,329 | $ | 6,010,874 | |||||||||||||||
Income before income taxes and loss related to associated companies | $ | 458,714 | $ | 427,500 | $ | 2,348,524 | $ | 1,142,566 | |||||||||||||||
Loss related to associated companies | (33,149) | (5,960) | (94,419) | (75,483) | |||||||||||||||||||
Income before income taxes | 425,565 | 421,540 | 2,254,105 | 1,067,083 | |||||||||||||||||||
Income tax provision | 91,973 | 113,535 | 576,729 | 298,673 | |||||||||||||||||||
Net income | 333,592 | 308,005 | 1,677,376 | 768,410 | |||||||||||||||||||
Net (income) loss attributable to the noncontrolling interests | (6,586) | 238 | (3,850) | 5,271 | |||||||||||||||||||
Net (income) loss attributable to the redeemable noncontrolling interests | (245) | 428 | 826 | 1,558 | |||||||||||||||||||
Preferred stock dividends | (1,848) | (1,404) | (6,949) | (5,634) | |||||||||||||||||||
Net income attributable to common shareholders | $ | 324,913 | $ | 307,267 | $ | 1,667,403 | $ | 769,605 | |||||||||||||||
Basic earnings per common share attributable to Jefferies common shareholders: | |||||||||||||||||||||||
Net income | $ | 1.23 | $ | 1.12 | $ | 6.29 | $ | 2.68 | |||||||||||||||
Basic: weighted average shares | 261,637 | 272,901 | 263,595 | 285,693 | |||||||||||||||||||
Diluted earnings per common share attributable to Jefferies common shareholders: | |||||||||||||||||||||||
Net income | $ | 1.20 | $ | 1.11 | $ | 6.13 | $ | 2.65 | |||||||||||||||
Diluted: weighted average shares | 270,743 | 277,342 | 271,501 | 290,490 |
5 Jefferies Financial Group |
Investment Banking and Capital Markets | Asset Management | Merchant Banking | Corporate | Parent Company Interest | Consolidation Adjustments | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 1,613,362 | $ | 42,798 | $ | 152,794 | $ | 773 | $ | — | $ | (831) | $ | 1,808,896 | ||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 79,954 | — | — | — | 79,954 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | 684,294 | 22,802 | 31,424 | 6,576 | — | — | 745,096 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Floor brokerage and clearing fees | 68,809 | 10,843 | — | — | — | — | 79,652 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and other expenses | 300,211 | 15,294 | 41,259 | 5,299 | 26,004 | (379) | 387,688 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | — | 5,628 | — | 11,628 | — | 17,256 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 22,681 | 439 | 16,958 | 458 | — | — | 40,536 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-compensation expenses | 391,701 | 26,576 | 63,845 | 5,757 | 37,632 | (379) | 525,132 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 1,075,995 | 49,378 | 175,223 | 12,333 | 37,632 | (379) | 1,350,182 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes and loss related to associated companies | 537,367 | (6,580) | (22,429) | (11,560) | (37,632) | (452) | 458,714 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss related to associated companies | — | — | (33,149) | — | — | — | (33,149) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 537,367 | $ | (6,580) | $ | (55,578) | $ | (11,560) | $ | (37,632) | $ | (452) | 425,565 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income tax provision | 91,973 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 333,592 |
Investment Banking and Capital Markets | Asset Management | Merchant Banking | Corporate | Parent Company Interest | Consolidation Adjustments | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 1,537,362 | $ | 88,977 | $ | 231,852 | $ | 1,350 | $ | — | $ | 1,246 | $ | 1,860,787 | ||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 102,717 | — | — | — | 102,717 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | 842,513 | 30,152 | 25,336 | 13,365 | — | — | 911,366 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Floor brokerage and clearing fees | 59,968 | 5,221 | — | — | — | — | 65,189 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and other expenses | 239,795 | 9,328 | 41,138 | 6,513 | — | (2,486) | 294,288 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | — | 6,972 | — | 13,672 | — | 20,644 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 21,012 | 471 | 16,735 | 865 | — | — | 39,083 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-compensation expenses | 320,775 | 15,020 | 64,845 | 7,378 | 13,672 | (2,486) | 419,204 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 1,163,288 | 45,172 | 192,898 | 20,743 | 13,672 | (2,486) | 1,433,287 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes and loss related to associated companies | 374,074 | 43,805 | 38,954 | (19,393) | (13,672) | 3,732 | 427,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss related to associated companies | — | — | (5,960) | — | — | — | (5,960) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 374,074 | $ | 43,805 | $ | 32,994 | $ | (19,393) | $ | (13,672) | $ | 3,732 | 421,540 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income tax provision | 113,535 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 308,005 |
6 Jefferies Financial Group |
Investment Banking and Capital Markets | Asset Management | Merchant Banking | Corporate | Parent Company Interest | Consolidation Adjustments | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 6,796,631 | $ | 336,690 | $ | 1,040,733 | $ | 3,042 | $ | — | $ | 8,233 | $ | 8,185,329 | ||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 470,870 | — | — | — | 470,870 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | 3,323,601 | 82,726 | 109,186 | 35,611 | — | — | 3,551,124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Floor brokerage and clearing fees | 266,035 | 35,825 | — | — | — | — | 301,860 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and other expenses | 1,024,617 | 48,913 | 160,337 | 19,253 | 26,004 | (677) | 1,278,447 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | — | 23,951 | — | 53,133 | — | 77,084 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 85,178 | 1,901 | 67,577 | 2,764 | — | — | 157,420 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-compensation expenses | 1,375,830 | 86,639 | 251,865 | 22,017 | 79,137 | (677) | 1,814,811 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 4,699,431 | 169,365 | 831,921 | 57,628 | 79,137 | (677) | 5,836,805 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes and loss related to associated companies | 2,097,200 | 167,325 | 208,812 | (54,586) | (79,137) | 8,910 | 2,348,524 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss related to associated companies | — | — | (94,419) | — | — | — | (94,419) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 2,097,200 | $ | 167,325 | $ | 114,393 | $ | (54,586) | $ | (79,137) | $ | 8,910 | 2,254,105 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income tax provision | 576,729 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 1,677,376 |
Investment Banking and Capital Markets | Asset Management | Merchant Banking | Corporate | Parent Company Interest | Consolidation Adjustments | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 4,989,138 | $ | 235,255 | $ | 764,460 | $ | 13,258 | $ | — | $ | 8,763 | $ | 6,010,874 | ||||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | — | — | 338,588 | — | — | — | 338,588 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | 2,735,080 | 89,527 | 77,072 | 39,184 | — | — | 2,940,863 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-compensation expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Floor brokerage and clearing fees | 241,083 | 25,509 | — | — | — | — | 266,592 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and other expenses | 810,753 | 46,045 | 199,128 | 26,197 | — | (3,167) | 1,078,956 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | — | 31,425 | — | 53,445 | — | 84,870 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 82,334 | 5,247 | 67,362 | 3,496 | — | — | 158,439 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-compensation expenses | 1,134,170 | 76,801 | 297,915 | 29,693 | 53,445 | (3,167) | 1,588,857 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 3,869,250 | 166,328 | 713,575 | 68,877 | 53,445 | (3,167) | 4,868,308 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes and loss related to associated companies | 1,119,888 | 68,927 | 50,885 | (55,619) | (53,445) | 11,930 | 1,142,566 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss related to associated companies | — | — | (75,483) | — | — | — | (75,483) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 1,119,888 | $ | 68,927 | $ | (24,598) | $ | (55,619) | $ | (53,445) | $ | 11,930 | 1,067,083 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income tax provision | 298,673 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 768,410 |
7 Jefferies Financial Group |
(Amounts in Thousands, Except Other Data) (Unaudited) | |||||||||||||||||
Quarter Ended | |||||||||||||||||
November 30, 2021 | August 31, 2021 | November 30, 2020 | |||||||||||||||
Investment Banking, Capital Markets and Asset Management Net Revenues: | |||||||||||||||||
Advisory | $ | 587,726 | $ | 583,887 | $ | 356,823 | |||||||||||
Equity underwriting | 370,636 | 367,460 | 340,561 | ||||||||||||||
Debt underwriting | 222,655 | 229,329 | 208,780 | ||||||||||||||
Total underwriting | 593,291 | 596,789 | 549,341 | ||||||||||||||
Other investment banking | (5,240) | (360) | 9,446 | ||||||||||||||
Total investment banking | 1,175,777 | 1,180,316 | 915,610 | ||||||||||||||
Equities | 290,380 | 236,532 | 327,314 | ||||||||||||||
Fixed income | 132,771 | 205,795 | 263,119 | ||||||||||||||
Total capital markets | 423,151 | 442,327 | 590,433 | ||||||||||||||
Other | 14,434 | 28,153 | 31,319 | ||||||||||||||
Total Investment Banking and Capital Markets Net Revenues (1) | 1,613,362 | 1,650,796 | 1,537,362 | ||||||||||||||
Asset management fees and revenues (2) | 13,065 | 18,869 | 6,936 | ||||||||||||||
Investment return (3) | 41,647 | 4,890 | 93,849 | ||||||||||||||
Allocated net interest (3) | (11,914) | (11,155) | (11,808) | ||||||||||||||
Total Asset Management Net Revenues | 42,798 | 12,604 | 88,977 | ||||||||||||||
Total Investment Banking, Capital Markets and Asset Management Net Revenues | $ | 1,656,160 | $ | 1,663,400 | $ | 1,626,339 | |||||||||||
Investment Banking, Capital Markets and Asset Management Non-compensation Expenses: | |||||||||||||||||
Floor brokerage and clearing fees | $ | 79,652 | $ | 68,982 | $ | 65,189 | |||||||||||
Underwriting costs | 26,932 | 21,474 | 36,551 | ||||||||||||||
Technology and communications | 101,523 | 93,801 | 86,639 | ||||||||||||||
Occupancy and equipment rental | 24,859 | 24,694 | 24,011 | ||||||||||||||
Business development | 42,386 | 24,380 | 21,651 | ||||||||||||||
Professional services | 54,758 | 49,298 | 42,490 | ||||||||||||||
Depreciation and amortization | 23,120 | 21,529 | 21,483 | ||||||||||||||
Other | 65,047 | 13,851 | 37,781 | ||||||||||||||
Total Investment Banking, Capital Markets and Asset Management Non-compensation Expenses | $ | 418,277 | $ | 318,009 | $ | 335,795 | |||||||||||
8 Jefferies Financial Group |
(Amounts in Thousands, Except Other Data) (Unaudited) | |||||||||||
Twelve Months Ended | |||||||||||
November 30, 2021 | November 30, 2020 | ||||||||||
Investment Banking, Capital Markets and Asset Management Net Revenues: | |||||||||||
Advisory | $ | 1,873,560 | $ | 1,053,500 | |||||||
Equity underwriting | 1,557,364 | 902,016 | |||||||||
Debt underwriting | 935,131 | 545,978 | |||||||||
Total underwriting | 2,492,495 | 1,447,994 | |||||||||
Other investment banking | 57,196 | (103,330) | |||||||||
Total investment banking | 4,423,251 | 2,398,164 | |||||||||
Equities | 1,300,877 | 1,128,910 | |||||||||
Fixed income | 959,122 | 1,340,792 | |||||||||
Total capital markets | 2,259,999 | 2,469,702 | |||||||||
Other | 113,381 | 121,272 | |||||||||
Total Investment Banking and Capital Markets Net Revenues (1) | 6,796,631 | 4,989,138 | |||||||||
Asset management fees and revenues (2) | 120,733 | 26,539 | |||||||||
Investment return (3) | 260,864 | 257,200 | |||||||||
Allocated net interest (3) | (44,907) | (48,484) | |||||||||
Total Asset Management Net Revenues | 336,690 | 235,255 | |||||||||
Total Investment Banking, Capital Markets and Asset Management Net Revenues | $ | 7,133,321 | $ | 5,224,393 | |||||||
Investment Banking, Capital Markets and Asset Management Non-compensation Expenses: | |||||||||||
Floor brokerage and clearing fees | $ | 301,860 | $ | 266,592 | |||||||
Underwriting costs | 117,572 | 95,636 | |||||||||
Technology and communications | 382,502 | 334,322 | |||||||||
Occupancy and equipment rental | 101,900 | 91,442 | |||||||||
Business development | 111,796 | 67,807 | |||||||||
Professional services | 196,467 | 159,045 | |||||||||
Depreciation and amortization | 87,079 | 87,581 | |||||||||
Other | 163,293 | 108,546 | |||||||||
Total Investment Banking, Capital Markets and Asset Management Non-compensation Expenses | $ | 1,462,469 | $ | 1,210,971 | |||||||
9 Jefferies Financial Group |
(Amounts in Thousands, Except Other Data) (Unaudited) | |||||||||||||||||
Quarter Ended | |||||||||||||||||
November 30, 2021 | August 31, 2021 | November 30, 2020 | |||||||||||||||
Other Data: | |||||||||||||||||
Number of trading days | 63 | 65 | 63 | ||||||||||||||
Number of trading loss days (4) | 11 | 20 | 3 | ||||||||||||||
Average VaR (in millions) (5) | $ | 10.14 | $ | 12.69 | $ | 14.92 | |||||||||||
Twelve Months Ended | |||||||||||||||||
November 30, 2021 | November 30, 2020 | ||||||||||||||||
Other Data: | |||||||||||||||||
Number of trading days | 252 | 252 | |||||||||||||||
Number of trading loss days (4) | 60 | 26 | |||||||||||||||
Average VaR (in millions) (5) | $ | 13.63 | $ | 10.51 |
10 Jefferies Financial Group |
(Amounts in Millions, Except Other Data) (Unaudited) | |||||||||||||||||
Quarter Ended | |||||||||||||||||
November 30, 2021 | August 31, 2021 | November 30, 2020 | |||||||||||||||
Financial position (1): | |||||||||||||||||
Total assets | $ | 60,404 | $ | 58,037 | $ | 53,118 | |||||||||||
Total assets less goodwill and intangible assets for the period | $ | 58,506 | $ | 56,132 | $ | 51,205 | |||||||||||
Cash and cash equivalents | $ | 10,755 | $ | 9,481 | $ | 9,055 | |||||||||||
Financial instruments owned | $ | 19,829 | $ | 19,735 | $ | 18,125 | |||||||||||
Level 3 financial instruments owned (2) | $ | 579 | $ | 671 | $ | 651 | |||||||||||
Goodwill and intangible assets | $ | 1,898 | $ | 1,905 | $ | 1,913 | |||||||||||
Total equity | $ | 10,580 | $ | 10,401 | $ | 9,439 | |||||||||||
Total shareholders' equity | $ | 10,554 | $ | 10,382 | $ | 9,404 | |||||||||||
Tangible equity (3) | $ | 8,656 | $ | 8,477 | $ | 7,490 | |||||||||||
Other data and financial ratios: | |||||||||||||||||
Leverage ratio (1) (4) | 5.7 | 5.6 | 5.6 | ||||||||||||||
Tangible gross leverage ratio (1) (5) | 6.8 | 6.6 | 6.8 | ||||||||||||||
Number of employees, at period end | 5,556 | 5,493 | 4,945 |
11 Jefferies Financial Group |
Three Months Ended November 30, 2021 | Twelve Months Ended November 30, 2021 | |||||||||||||
Net income attributable to common shareholders (GAAP) | $ | 324,913 | $ | 1,667,403 | ||||||||||
Net income impact for calling Jefferies Group 2023 Notes | 25,016 | 25,016 | ||||||||||||
Net income impact for repurchasing Jefferies Financial Group 2023 Notes | 19,251 | 19,251 | ||||||||||||
Adjusted net income attributable to common shareholders (non-GAAP) | $ | 369,180 | $ | 1,711,670 | ||||||||||
Jefferies Financial Group diluted earnings per share (GAAP) | $ | 1.20 | $ | 6.13 | ||||||||||
Diluted earnings per share impact for calling Jefferies Group 2023 Notes | 0.09 | 0.09 | ||||||||||||
Diluted earnings per share impact for repurchasing Jefferies Financial Group 2023 Notes | 0.07 | 0.07 | ||||||||||||
Adjusted Jefferies Financial Group diluted earnings per share (non-GAAP) | $ | 1.36 | $ | 6.29 |
Three Months Ended November 30, 2021 | Three Months Ended November 30, 2020 | Twelve Months Ended November 30, 2021 | Twelve Months Ended November 30, 2020 | ||||||||||||||||||||||||||
Net income attributable to common shareholders (GAAP) | $ | 324,913 | $ | 307,267 | $ | 1,667,403 | $ | 769,605 | |||||||||||||||||||||
Intangible amortization and impairment expense, net of tax | 2,773 | 2,814 | 10,649 | 11,370 | |||||||||||||||||||||||||
Adjusted net income (non-GAAP) | $ | 327,686 | $ | 310,081 | $ | 1,678,052 | $ | 780,975 | |||||||||||||||||||||
Annualized adjusted net income (non-GAAP) | $ | 1,310,744 | $ | 1,240,324 | $ | 1,678,052 | $ | 780,975 | |||||||||||||||||||||
August 31, 2021 | August 31, 2020 | November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||||||
Shareholders' equity (GAAP) | $ | 10,381,883 | $ | 9,410,665 | $ | 9,403,893 | $ | 9,579,705 | |||||||||||||||||||||
Less: Intangible assets, net and goodwill | (1,905,163) | (1,914,542) | (1,913,467) | (1,922,934) | |||||||||||||||||||||||||
Less: Deferred tax asset | (479,016) | (312,600) | (393,687) | (462,468) | |||||||||||||||||||||||||
Less: Weighted average quarter-to-date or year-to-date impact of cash dividends and share repurchases | (62,644) | (111,613) | (243,003) | (545,398) | |||||||||||||||||||||||||
Adjusted tangible shareholders' equity (non-GAAP) | $ | 7,935,060 | $ | 7,071,910 | $ | 6,853,736 | $ | 6,648,905 | |||||||||||||||||||||
Return on adjusted tangible equity | 16.5 | % | 17.5 | % | 24.5 | % | 11.7 | % |
12 Jefferies Financial Group |
Three Months Ended November 30, 2021 | |||||||||||
Net income attributable to common shareholders (GAAP) | $ | 324,913 | |||||||||
Intangible amortization and impairment expense, net of tax | 2,773 | ||||||||||
Net income impact for calling Jefferies Group 2023 Notes | 25,016 | ||||||||||
Net income impact for repurchasing Jefferies Financial Group 2023 Notes | 19,251 | ||||||||||
Adjusted net income excluding debt repurchase expense (non-GAAP) | $ | 371,953 | |||||||||
Annualized adjusted net income excluding debt repurchase expense (non-GAAP) | $ | 1,487,812 | |||||||||
August 31, 2021 | |||||||||||
Shareholders' equity (GAAP) | $ | 10,381,883 | |||||||||
Less: Intangible assets, net and goodwill | (1,905,163) | ||||||||||
Less: Deferred tax asset | (479,016) | ||||||||||
Less: Weighted average quarter-to-date impact of cash dividends and share repurchases | (62,644) | ||||||||||
Adjusted tangible shareholders' equity (non-GAAP) | $ | 7,935,060 | |||||||||
Adjusted return on adjusted tangible equity | 18.7 | % |
13 Jefferies Financial Group |
November 30, 2021 | ||||||||||||||
Book value (GAAP) | $ | 10,553,755 | ||||||||||||
Redeemable convertible preferred shares converted to common shares (1) | 125,000 | |||||||||||||
Stock options (2) | 121,085 | |||||||||||||
Intangible assets, net and goodwill | (1,897,500) | |||||||||||||
Adjusted tangible book value (non-GAAP) | $ | 8,902,340 | ||||||||||||
Common shares outstanding (GAAP) | 243,541 | |||||||||||||
Restricted stock units ("RSUs") | 20,108 | |||||||||||||
Redeemable convertible preferred shares converted to common shares (1) | 4,441 | |||||||||||||
Stock options (2) | 5,109 | |||||||||||||
Other | 1,126 | |||||||||||||
Fully diluted shares outstanding (non-GAAP) (3) | 274,325 | |||||||||||||
Book value per share outstanding | $ | 43.33 | ||||||||||||
Tangible book value per fully diluted share outstanding | $ | 32.45 | ||||||||||||
(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 November 30, 2021 of 5,109,000 multiplied by the weighted average exercise price of $23.70 on November 30, 2021. Stock options added to fully diluted shares are equal to the total stock options outstanding on November 30, 2021. | |||||||||||||
(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. |
14 Jefferies Financial Group |