Leucadia National: Jefferies Financial Group Announces 2020 Financial Results

The following excerpt is from the company's SEC filing.

All-Time Record Quarterly and Annual Results at Jefferies Group

Quarterly Cash Dividend Increase of 33% to $0.20 per Jefferies Common Share

Share Repurchase Authorization Increased to $250 million

New York, New York — January 4, 2021 — Jefferies Financial Group Inc. (NYSE: JEF) today announced its financial results for the three and twelve month periods ended November 30, 2020. In addition, the Jefferies Board of Directors declared a quarterly cash dividend equal to $0.20 per Jefferies common share payable on February 26, 2021 to record holders of Jefferies common shares on February 12, 2021. Th e Jefferies Board of Directors also increased the Company's stock buyback authorization by $193 million to a total of $250 million. We expect to file our Form 10-K on or about January 28, 2021.

Highlights for the three months ended November 30, 2020:

Jefferies Group LLC recorded record quarterly net revenues of $1,609 million, record pre-tax income of $406 million, record net earnings of $307 million and return on tangible equity of 26.2%

Record quarterly Investment Banking net revenues of $916 million, including record Equity Underwriting net revenues of $341 million, record Advisory net revenues of $357 million, and record Debt Underwriting net revenues of $209 million

Combined Capital Markets net revenues of $590 million; record quarterly Equities net revenues of $327 million and Fixed Income net revenues of $263 million

Asset Management revenues (before allocated net interest

) of $83 million

Merchant Banking recorded pre-tax income of $33 million, reflecting record quarterly results from Idaho Timber and mark-to-market increases in the value of several of our investments in public companies

Net income attributable to Jefferies Financial Group common shareholders was $307 million, or $1.11 per diluted share

We repurchased 9.5 million shares for $193 million, or an average price of $20.34 per share; 249.8 million shares were outstanding and 273.6 million shares were outstanding on a fully diluted basis

at November 30, 2020; Jefferies book value per share was $37.65 and tangible book value per fully diluted share

was $27.38 at the end of the fourth quarter

Jefferies Financial Group had parent company liquidity of $1.9 billion at November 30, 2020. Jefferies Group had a record liquidity buffer of $8.6 billion of cash and unencumbered liquid collateral at November 30, 2020, which represented 18% of its total balance sheet.

Highlights for the twelve months ended November 30, 2020:

Jefferies Group LLC recorded record twelve months net revenues of $5,197 million, record pre-tax income of $1,177 million, record net earnings of $875 million and return on tangible equity of 20.4%

Record twelve months Investment Banking net revenues of $2,398 million, including record Advisory net revenues of $1,054 million, record Equity Underwriting net revenues of $902 million and Debt Underwriting net revenues of $546 million

Record combined twelve months Capital Markets net revenues of $2,470 million, including record Equities net revenues of $1,129 million and record Fixed Income net revenues of $1,341 million

Record Asset Management revenues (before allocated net interest

) of $257 million

Merchant Banking pre-tax loss of $25 million, reflecting record performance from Idaho Timber, a positive contribution from Vitesse, and the previously reported gain of about $60 million from effective short-term hedges in the first quarter, more than offset by $145 million in previously reported non-cash charges in the first half of 2020 related to write-downs of our investments in WeWork, JETX and some of the real estate assets of HomeFed

Net income attributable to Jefferies Financial Group common shareholders of $770 million, or $2.65 per diluted share

Repurchases of 42.1 million shares for $813 million, or an average price of $19.29 per share; together with $161 million in dividends, an aggregate of $974 million was returned to shareholders in 2020; over the past three fiscal years, Jefferies has returned to shareholders nearly $3.4 billion

Rich Handler, our CEO, and Brian Friedman, our President, said:

"The results for our fourth quarter and full year 2020 are outstanding and testament to the relentless dedication and tireless effort of the entire Jefferies team. We gained market share and have established Jefferies at yet another higher level of achievement and potential. We are optimistic that our momentum and strength will be sustained in 2021."

Please refer to the Jefferies Financial Group Annual Letter from our CEO and President for broader perspective on 2020, as well as our strategy and outlook.

Amounts herein pertaining to November 30, 2020 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Annual Report on Form 10-K with the Securities and Exchange Commission ("SEC"). More information on our results of operations for the three and twelve month periods ended November 30, 2020 will be provided upon filing our Annual Report on Form 10-K with the SEC.

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements 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," 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 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.

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).

For further information, please contact:

Teresa S. Gendron

Chief Financial Officer

Tel. (212) 460-1932

Matt Larson

Tel. (212) 284-2338

Return on tangible equity (a non-GAAP financial measure) equals our three months ended November 30, 2020 annualized net earnings attributable to Jefferies Group LLC divided by our tangible Jefferies Group LLC member's equity (a non-GAAP financial measure) of $4,682 million at August 31, 2020. Tangible Jefferies Group LLC member's equity at August 31, 2020 equals Jefferies Group LLC member's equity of $6,488 million less goodwill and identifiable intangibles assets of $1,806 million.

Allocated net interest represents the allocation of a ratable portion of Jefferies Group LLC's long-term debt interest expense to Jefferies Group LLC's Asset Management reportable segment, net of interest income on Jefferies Group LLC's Cash and cash equivalents and other sources of liquidity, which allocation is consistent with Jefferies Group LLC's policy of allocating such items to all its business lines. Refer to Jefferies Group LLC's summary of Net Revenues by Source on pages 9 and 10.

Shares outstanding on a fully diluted basis, a non-GAAP measure, is defined as Jefferies Financial Group's common shares outstanding plus restricted stock units and other shares. Refer to schedule on page 14 for reconciliation to U.S. GAAP amounts.

Tangible book value per fully diluted share, a non-GAAP measure, is defined as Tangible book value divided by shares outstanding on a fully diluted basis. Tangible book value, a non-GAAP measure, is defined as Jefferies Financial Group shareholders' equity (book value) less Intangible assets, net and goodwill. Shares outstanding on a fully diluted basis, a non-GAAP measure, is defined as Jefferies Financial Group's common shares outstanding plus restricted stock units and other shares. Refer to schedule on page 14 for reconciliation to U.S. GAAP amounts.

Return on tangible equity (a non-GAAP financial measure) equals our twelve months ended November 30, 2020 net earnings attributable to Jefferies Group LLC divided by our tangible Jefferies Group LLC member's equity (a non-GAAP financial measure) of $4,311 million at November 30, 2019. Tangible Jefferies Group LLC member's equity at November 30, 2019 equals Jefferies Group LLC member's equity of $6,125 million less goodwill and identifiable intangibles assets of $1,814 million.

Summary for Jefferies Financial Group Inc. and Subsidiaries

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended

Twelve Months Ended

Net revenues

1,860,787 

1,106,098 

6,010,874 

3,892,976 

Income before income taxes and income (loss) related to associated companies

427,500 

151,320 

1,142,566 

275,613 

Income (loss) related to associated companies

(5,960)

81,229 

(75,483)

202,995 

421,540 

232,549 

1,067,083 

478,608 

Income tax provision (benefit)

113,535 

38,671 

298,673 

(483,955)

308,005 

193,878 

768,410 

962,563 

Net loss attributable to the noncontrolling interests

2,606 

5,271 

1,847 

Net loss attributable to the redeemable noncontrolling interests

1,558 

Preferred stock dividends

(1,404)

(1,276)

(5,634)

(5,103)

Net income attributable to Jefferies Financial Group Inc. common shareholders

307,267 

195,541 

769,605 

959,593 

Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:

Number of shares in calculation

272,901 

310,266 

285,693 

310,694 

Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:

277,342 

316,566 

290,490 

317,032 

A summary of results for the three months ended November 30, 2020 is as follows (in thousands):

Investment Banking and Capital Markets (1)

Asset Management (1)

Merchant Banking (1)

Corporate

Parent Company Interest

Consolidation Adjustments

1,537,362 

88,977 

231,852 

1,350 

1,246 

Expenses:

Compensation and benefits

842,513 

30,152 

25,336 

13,365 

911,366 

Cost of sales (2)

59,968 

5,221 

102,717 

167,906 

Interest expense

6,972 

13,672 

20,644 

Depreciation and amortization

21,012 

16,735 

39,083 

Selling, general and other expenses

239,795 

9,328 

41,138 

6,513 

(2,486)

294,288 

Total expenses

1,163,288 

45,172 

192,898 

20,743 

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 

Loss related to associated companies

32,994 

A summary of results for the three months ended November 30, 2019 is as follows (in thousands):

761,104 

(10,554)

343,388 

10,699 

1,461 

409,899 

14,556 

17,129 

16,273 

457,857 

53,713 

6,314 

86,532 

146,559 

8,750 

17,358 

20,877 

19,901 

42,271 

213,457 

11,010 

51,557 

14,963 

290,733 

697,946 

32,450 

183,727 

32,159 

954,778 

Income (loss) before income taxes and income (loss) related to associated companies

63,158 

(43,004)

159,661 

(21,460)

(8,750)

1,715 

81,294 

(43,137)

240,955 

1,783 

(1)    We now present Asset Management as a separate reporting segment. Prior year amounts have been reclassified to conform to current segment disclosure.

(2)    Includes Floor brokerage and clearing fees.

A summary of results for the twelve months ended November 30, 2020 is as follows (in thousands):

4,989,138 

235,255 

764,460 

13,258 

8,763 

2,735,080 

89,527 

77,072 

39,184 

2,940,863 

241,083 

25,509 

338,588 

605,180 

31,425 

53,445 

84,870 

82,334 

5,247 

67,362 

3,496 

158,439 

810,753 

46,045 

199,128 

26,197 

(3,167)

1,078,956 

3,869,250 

166,328 

713,575 

68,877 

4,868,308 

1,119,888 

68,927 

50,885 

(55,619)

(53,445)

11,930 

(24,598)

A summary of results for the twelve months ended November 30, 2019 is as follows (in thousands):

3,035,988 

84,894 

735,213 

32,833 

4,048 

1,641,814 

63,305 

61,767 

58,005 

1,824,891 

202,425 

20,715 

319,641 

542,781 

34,129 

53,048 

87,177 

77,549 

2,042 

69,805 

3,475 

152,871 

767,150 

40,432 

162,832 

39,820 

1,009,643 

2,688,938 

126,494 

648,174 

101,300 

3,617,363 

Income (loss) before income taxes and income related to associated companies

347,050 

(41,600)

87,039 

(68,467)

(53,048)

4,639 

Income related to associated companies

202,453 

(41,126)

289,492 

4,707 

Income tax benefit

The following financial tables provide information for the results of Jefferies Group LLC and should be read in conjunction with Jefferies Group LLC's Annual Report on Form 10-K for the year ended November 30, 2019. Amounts herein pertaining to November 30, 2020 represent a preliminary estimate as of the date of this earnings release and may be revised in Jefferies Group LLC's Annual Report on Form 10-K for the year ended November 30, 2020.

Jefferies Group LLC and Subsidiaries

Consolidated Statements of Earnings

(Amounts in Thousands)

Quarter Ended

Revenues:

Commissions and other fees

196,143 

204,313 

182,466 

Principal transactions

467,163 

560,665 

137,256 

Investment banking

906,164 

615,837 

400,513 

Asset management fees and revenues

5,626 

6,772 

3,935 

191,646 

195,960 

333,507 

Other

43,652 

11,526 

15,859 

Total revenues

1,810,394 

1,595,073 

1,073,536 

201,424 

211,629 

325,734 

1,608,970 

1,383,444 

747,802 

Non-interest expenses:

860,243 

725,555 

422,548 

Non-compensation expenses:

65,189 

66,744 

58,773 

Technology and communications

99,417 

102,635 

87,931 

Occupancy and equipment rental

28,229 

27,053 

31,885 

Business development

21,650 

7,637 

34,728 

Professional services

52,056 

41,173 

45,296 

Underwriting costs

36,551 

29,071 

14,617 

39,828 

20,175 

28,153 

Total non-compensation expenses

342,920 

294,488 

301,383 

Total non-interest expenses

1,203,163 

1,020,043 

723,931 

Earnings before income taxes

405,807 

363,401 

23,871 

Income tax expense

98,893 

95,870 

Net earnings

306,914 

267,531 

23,376 

Net loss attributable to noncontrolling interests

(1,784)

Net earnings attributable to Jefferies Group LLC

307,114 

268,062 

25,160 

Pre-tax operating margin

Effective tax rate

823,258 

676,309 

1,867,013 

769,258 

2,501,494 

1,528,729 

28,694 

20,285 

894,215 

1,496,529 

37,632 

93,422 

6,152,306 

4,584,532 

954,829 

1,472,002 

5,197,477 

3,112,530 

2,792,575 

1,684,054 

270,132 

227,471 

386,830 

335,395 

107,180 

119,472 

67,603 

138,158 

179,888 

162,668 

95,636 

50,662 

120,179 

69,981 

1,227,448 

1,103,807 

4,020,023 

2,787,861 

1,177,454 

324,669 

302,748 

80,284 

874,706 

244,385 

(4,597)

(1,644)

879,303 

246,029 

Selected Statistical Information

(Amounts in Thousands, Except Other Data)

Net Revenues by Source:

356,823 

171,438 

195,035 

Equity underwriting

340,561 

305,380 

105,119 

Debt underwriting

208,780 

139,019 

100,359 

Total underwriting

549,341 

444,399 

205,478 

Other investment banking

9,446 

(27,013)

(7,501)

Total investment banking

915,610 

588,824 

393,012 

327,314 

318,824 

200,128 

Fixed income

263,119 

336,347 

163,016 

Total capital markets

590,433 

655,171 

363,144 

31,319 

30,120 

4,948 

Total Investment Banking and Capital Markets (1) (2)

1,274,115 

Investment return (3) (4)

77,790 

115,556 

(7,637)

Allocated net interest (3) (5)

(11,808)

(12,999)

(9,600)

Total Asset Management

71,608 

109,329 

(13,302)

Other Data:

Number of trading days

Number of trading loss days

Average firmwide VaR (in millions) (6)

14.92 

10.46 

Includes net interest revenues of $6.9 million, $3.3 million and $22.6 million for the quarters ended November 30, 2020, August 31, 2020 and November 30, 2019, respectively.

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.

Net revenues attributed to the Investment return in Jefferies Group LLC Asset Management have been disaggregated to separately present Investment return and Allocated net interest (see footnote 5 below). This disaggregation is intended 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 Jefferies Group LLC's credit spreads, debt maturity profile, capital structure, liquidity risks and allocation methods.

Includes net interest expense of $4.9 million, $6.0 million and $5.2 million for the quarters ended November 30, 2020, August 31, 2020 and November 30, 2019, respectively.

Allocated net interest represents the allocation of Jefferies Group LLC's long-term debt interest expense to Jefferies Group LLC's Asset Management, net of interest income on Jefferies Group LLC's Cash and cash equivalents and other sources of liquidity (refer to page 11).

VaR estimates the potential loss in value of Jefferies Group LLC's trading positions 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 7 "Management's Discussion and Analysis" in Jefferies Group LLC's Annual Report on Form 10-K for the year ended November 30, 2019.

1,053,500 

767,421 

902,016 

361,972 

545,978 

407,336 

1,447,994 

769,308 

(103,330)

(14,617)

2,398,164 

1,522,112 

1,128,910 

773,979 

1,340,792 

681,362 

2,469,702 

1,455,341 

121,272 

58,535 

228,129 

96,805 

(48,484)

(40,548)

208,339 

76,542 

10.51 

Includes net interest revenues of $12.3 million and $74.0 million for the twelve months ended November 30, 2020 and 2019, respectively.

Includes net interest expenses of $24.5 million and $8.9 million for the twelve months ended November 30, 2020 and 2019, respectively.

Financial Highlights

(Amounts in Millions, Except Where Noted)

Financial position:

Total assets (1)

47,752 

46,660 

43,516 

Average total assets for the period (1)

56,503 

54,654 

52,539 

Average total assets less goodwill and intangible assets for the period (1)

54,807 

52,965 

50,727 

Cash and cash equivalents (1)

7,112 

6,750 

5,568 

Cash and cash equivalents and other sources of liquidity (1) (2)

8,605 

8,089 

6,918 

Cash and cash equivalents and other sources of liquidity - % total assets (1) (2)

Cash and cash equivalents and other sources of liquidity - % total assets less goodwill and intangible assets (1) (2)

Financial instruments owned (1)

17,686 

17,556 

16,363 

Goodwill and intangible assets (1)

1,805 

Right-of-use assets (1) (3)

Total equity (including noncontrolling interests) (1)

6,366 

6,504 

6,130 

Total Jefferies Group LLC member's equity (1)

6,349 

6,125 

Tangible Jefferies Group LLC member's equity (1) (4)

4,543 

4,311 

Level 3 financial instruments:

Level 3 financial instruments owned (1) (5)

Level 3 financial instruments owned - % total assets (1) (5)

Level 3 financial instruments owned - % total financial instruments (1) (5)

Level 3 financial instruments owned - % tangible Jefferies Group LLC member's equity (1) (5)

Other data and financial ratios:

Total long-term capital (1) (6)

13,022 

12,492 

12,343 

Leverage ratio (1) (7)

Tangible gross leverage ratio (1) (8)

Adjusted tangible gross leverage ratio (1) (3) (9)

Number of trading loss days

Average firmwide VaR (10)

Number of employees, at period end

3,922 

3,893 

3,815 

N/A — Not Applicable

Financial Highlights - Footnotes

Amounts pertaining to November 30, 2020 represent a preliminary estimate as of the date of this earnings release and may be revised in Jefferies Group LLC's Annual Report on Form 10-K for the fiscal year ended November 30, 2020.

At November 30, 2020, other sources of liquidity include high quality sovereign government securities and reverse repurchase agreements collateralized by U.S. government securities and other high quality sovereign government securities of $1,180 million, in aggregate, and $313 million, being the estimated amount of additional secured financing that could be reasonably expected to be obtained from Jefferies Group LLC's financial instruments that are currently not pledged after considering reasonable financing haircuts. The corresponding amounts included in other sources of liquidity at August 31, 2020 were $1,123 million and $216 million, respectively, and at November 30, 2019, were $973 million and $377 million, respectively.

Jefferies Group LLC adopted the new lease standard on December 1, 2019 using a modified retrospective transition approach. Accordingly, reported financial information for historical comparable periods is not revised and continues to be reported under the accounting standards in effect during those historical periods. We elected not to reassess whether existing contracts are or contain leases, or the lease classification and initial direct costs of existing leases upon transition. At transition on December 1, 2019, the adoption of this standard resulted in the recognition of right-of-use assets of $520 million, reflected in Premises and equipment in Jefferies Group LLC's Consolidated Statement of Financial Condition.

Tangible Jefferies Group LLC member's equity (a non-GAAP financial measure) represents total Jefferies Group LLC member's equity less goodwill and identifiable intangible assets. We believe that tangible Jefferies Group LLC member's equity is meaningful for valuation purposes, as financial companies are often measured as a multiple of tangible equity, making these ratios meaningful for investors.

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.

At November 30, 2020, August 31, 2020 and November 30, 2019, total long-term capital includes Jefferies Group LLC's long-term debt of $6,656 million, $5,987 million and $6,214 million, respectively, and total equity. Long-term debt included in total long-term capital is reduced by amounts outstanding under the revolving credit facility, amounts from secured term loans and the amount of debt maturing in less than one year, as applicable.

Leverage ratio equals total assets divided by total equity.

Tangible gross leverage ratio (a non-GAAP financial measure) equals total assets less goodwill and identifiable intangible assets divided by tangible Jefferies Group LLC member's equity. The tangible gross leverage ratio is used by rating agencies in assessing Jefferies Group LLC's leverage ratio.

Adjusted tangible gross leverage ratio (a non-GAAP financial measure) equals total assets less goodwill and identifiable intangible assets and right-of-use assets divided by tangible Jefferies Group LLC member's equity less right-of-use assets.

Merchant Banking Net Asset Overview

The table below presents estimated fair values of our largest Merchant Banking investments. We anticipate discontinuing this disclosure going forward as we believe the wind down of the portfolio diminishes the value of this information, which requires meaningful management time and expenditure to produce. We will continue to discuss developments at the portfolio companies as they arise.

As of November 30, 2020

($ Millions)

(Unaudited) Book Value

Estimated Fair Value (2)

Basis for Fair Value Estimate

Linkem

Income approach and market comparable method

Real estate assets (1)

Various

Oil and Gas (Vitesse and JETX)

Income approach, market comparable and market

transaction method

Investments in Public Companies

Mark-to-market (same for GAAP book value)

   Total Portfolio

1,940 

2,659 

(1) Primarily HomeFed

(2) The following table reconciles financial results reported in accordance with U.S. GAAP to non-GAAP financial results. The table above contains non-GAAP financial information to aid investors in viewing our businesses and investments through the eyes of management while facilitating a comparison across historical periods. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, reported results prepared in accordance with U.S. GAAP.

Reconciliation of Book Value of Merchant Banking Investments to Estimated Fair Value

Fair Value Adjustments

(GAAP)

(Non-GAAP)

Non-GAAP Reconciliation

The following table reconciles Jefferies Financial Group 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.

Jefferies Financial Group Book Value and Shares Outstanding GAAP Reconciliation

The table below reconciles our book value to tangible book value and our common shares outstanding to fully diluted shares outstanding (in thousands, except per share amounts):

As Reported, November 30, 2020

Book value (GAAP)

9,403,893 

Less: Intangibles assets, net and goodwill

(1,913,467)

Tangible book value (non-GAAP)

7,490,426 

Common shares outstanding (GAAP)

249,751 

Restricted stock units ("RSUs")

22,753 

1,115 

Fully diluted shares outstanding (non-GAAP) (1)

273,619 

Book value per share outstanding

37.65 

Tangible book value per fully diluted share outstanding

27.38 

(1) Fully diluted shares outstanding exclude preferred shares as they are antidilutive. Fully diluted shares outstanding include vested RSUs as well as the target number of RSUs issuable under the senior executive compensation plans.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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