Jefferies Financial Group Inc. (NYSE: JEF):
Q4 Financial Highlights
- Net earnings attributable to common shareholders of $66
million, or $0.29 per diluted common share
- Annualized return on adjusted tangible equity1 of 3.8%
- Net revenues of $1.20 billion
- Investment Banking net revenues of $577 million
- Capital Markets net revenues of $481 million
- Asset Management net revenues (before allocated net interest4)
of $155 million
- Please refer to the just-released Jefferies Financial Group
Annual Letter from our CEO and President for broader perspective on
2023, as well as our strategy and outlook
- At November 30, 2023, we had 210.6 million common shares
outstanding and 252.4 million shares outstanding on a fully diluted
basis2. Our book value per common share was $46.10 and tangible
book value per fully diluted share3 was $30.82 at November 30,
2023
- Our Board of Directors has increased our share buyback
authorization back to a total of $250 million
"2023 was a transition year in the economy,
in capital markets, in our industry and at Jefferies. It was
accompanied by the challenges and sadness of geopolitical turmoil.
In the face of this, Jefferies performed reasonably well and eked
out a modest return on equity during what we believe to be the
bottom of the current cycle.
"For Jefferies, the pain of this transition
was felt primarily in Investment Banking, where curtailed new
capital markets issuance was compounded by a dampening of merger
and acquisition activity among our corporate and sponsor clients.
Fortunately, our Equities, Fixed Income and Asset Management
businesses performed well despite uncertainty, turmoil and
volatility.
"We are hopeful that 2023's results will
represent a trough year and, as such, it wasn't too bad. Our total
net revenues of $4.7 billion and net income attributable to common
shareholders of $263 million, or a 3.7% return on tangible equity,
are an acceptable showing at the bottom of the cycle, even though
they are far from our goals or long-term expectations. Our
Investment Banking net revenues were $2.3 billion, and our Equities
and Fixed Income revenues were $2.2 billion, while our Asset
Management and Other net revenues totaled about $200 million. These
results pale in comparison to the heady period of 2020-21 that
represented the height of free money and strong stimulus. We did
remind everyone at the time that those results were unique and
reflected that passing moment, rather than our new run rate.
However, if you go back to 2019, which is more indicative of the
last "normal" year in our industry, our current results compare
strongly with Investment Banking net revenues of $1.6 billion in
2019 and Equities and Fixed Income net revenues of $1.5
billion.
"Our goal (not guidance) is for our
investments and progress of the last several years to position us
to eventually achieve the level of results we achieved during the
unique period of free money and strong stimulus, but on a durable
basis, without relying on excessive "froth" in the system. We have
our work cut out to achieve this, but that is the direction and
objective we are all driving toward.
"Returning capital to shareholders remains
one of our overriding priorities. In 2023, we returned an aggregate
of $986 million to common shareholders in the form of $816 million
in dividends (inclusive of the Vitesse spin-off) and the repurchase
of 5 million shares for a total of $169 million, or $34.66 per
share repurchased.
"We have returned $6 billion in total capital
to shareholders over the last six years, representing over 78% of
tangible book value at January 1, 2018. 252 million fully diluted
shares remain outstanding today versus 373 million six years
ago.
"We are appreciative of our recent upgrade to
BBB+ by Fitch and will constantly strive to improve in this
important fundamental measure with the three major ratings
agencies.
"With the ongoing wind down of our legacy
merchant banking portfolio, as well as our expectation of better
results over the next several years, we expect Jefferies to
continue to return capital to shareholders through cash dividends
and share repurchases.
"While we made some profit and were vigilant
on our risk during this complicated year, we are most proud of our
team, who focused on our clients and enabled us to aggressively and
strategically expand our capabilities. We are able to play strong
offense in downturns because we have had a multi-decade consistent
strategy and a culture that encourages this contrarian approach. It
is one thing to make it through a transition year(s) intact. It is
entirely another to come through such a period with a significantly
enhanced market position, broader geographic reach, a credit rating
upgrade, enhanced human capital, and an even stronger brand—all of
which Jefferies achieved in 2023.
"We have pursued our investment in talent on
a global basis, as we have expanded throughout Europe,
Asia-Pacific, South America, Canada, and the Middle East, as well
as in the United States. While our recruiting efforts have largely
been in Investment Banking, we have also hired incremental talent
in Equities, Fixed Income, Research, Alternative Asset Management
and Support.
"Specifically, over the last three years, we
have added from other firms and through internal promotion 182
Investment Banking Managing Directors, bringing our total senior
team to 344 MDs as of December 1, 2023 (and 364 today), which over
the three years is up 61% overall, 48% in the Americas, 78% in
Europe and the Middle East, and 150% in Asia-Pacific.
"We certainly do not want to jinx ourselves,
and we never provide guidance given the complicated world in which
we operate, but the two of us could not be more excited to enter
2024 to experience what we can accomplish as a global team. In our
combined 55+ years at Jefferies, we have never seen our Firm better
positioned, and we have a straightforward path for our unique
global franchise to deliver excellent long-term total returns to
our shareholders, with lower-risk Investment Banking revenue
driving our growth, a diversified sales, trading and research
platform serving our clients and the foundation of a strong
alternative asset management business. Critically important, our
front-office effort is complemented by a solid and experienced
Support team. It is impossible to estimate with clarity when our
opportunity will fully normalize, but it always does, and we are
ready! Given the Fed’s statement in December, it may even be sooner
than we had expected."
Richard Handler, CEO, and Brian Friedman,
President
Quarterly Cash Dividend
The Jefferies Board of Directors declared a quarterly cash
dividend equal to $0.30 per Jefferies common share, payable on
February 27, 2024 to record holders of Jefferies common shares on
February 16, 2024.
Financial Summary
(Dollars in thousands, except per share
amounts)
Three Months Ended
November 30,
Twelve Months Ended
November 30,
2023
202214, 15
% Change
2023
202214, 15
% Change
Net revenues:
Investment Banking and Capital Markets
$
1,057,997
$
1,052,594
1
%
$
4,504,379
$
4,741,261
(5
)
Asset Management
140,646
389,068
(64
)%
188,345
1,243,491
(85
)%
Other
(1,437
)
(3,580
)
(60
)%
7,693
(5,914
)
N/M
Net revenues
1,197,206
1,438,082
(17
)%
4,700,417
5,978,838
(21
)%
Net earnings before income taxes
87,261
194,840
(55
)%
354,269
1,055,562
(66
)%
Income tax expense
16,828
53,903
(69
)%
91,881
273,852
(66
)%
Net earnings
70,433
140,937
(50
)%
262,388
781,710
(66
)%
Net losses attributable to noncontrolling
interests
(1,506
)
(1,280
)
18
%
(14,846
)
(2,397
)
519
%
Net losses attributable to redeemable
noncontrolling interests
—
(101
)
(100
)%
(454
)
(1,342
)
(66
)%
Preferred stock dividends
6,300
2,070
204
%
14,616
8,281
77
%
Net earnings attributable to Jefferies
Financial Group Inc. common shareholders
$
65,639
$
140,248
(53
)%
$
263,072
$
777,168
(66
)%
Earnings per common share:
Basic
$
0.30
$
0.58
(48
)%
$
1.12
$
3.13
(64
)%
Diluted
$
0.29
$
0.57
(49
)%
$
1.10
$
3.06
(64
)%
Weighted average common shares
220,441
239,312
232,609
247,378
Weighted average diluted common shares
224,584
248,338
236,620
255,571
Annualized return on adjusted tangible
equity1
3.8
%
7.2
%
3.7
%
10.3
%
N/M — Not Meaningful
Highlights
Three Months Ended November 30,
2023
Twelve Months Ended November 30,
2023
- Net earnings attributable to common shareholders of $66
million, or $0.29 per diluted share.
- We had 210.6 million shares outstanding and 252.4 million
shares outstanding on a fully diluted basis2 at November 30, 2023.
Our book value per common share was $46.10 and tangible book value
per fully diluted share3 was $30.82 at November 30, 2023.
- Our Board of Directors has increased our share buyback
authorization back to a total of $250 million.
- Effective tax rate of 19.3%.
- Net earnings attributable to common shareholders of $263.1
million, or $1.10 per diluted share.
- Repurchased 4.9 million shares of common stock for $169
million, at an average price of $34.66 per share, including 2.1
million shares of common stock in the open market for $65 million
under our current Board of Directors authorization and 2.8 million
shares of common stock for $104 million in connection with
net-share settlements related to our equity compensation
plans.
- Effective tax rate of 25.9%.
Investment Banking and Capital
Markets
Investment Banking and Capital
Markets
- Investment Banking net revenues of $577 million were modestly
higher than the prior year period driven by solid performance in
equity and debt underwriting offset by weakness in Advisory.
- Underwriting net revenues of $262 million increased from the
same quarter last year as equity markets had periods of strength
and inflationary and interest rate concerns stabilized leading to a
more active market. Advisory net revenues were lower than the same
quarter last year consistent with a decline in global mergers and
acquisitions volume.
- Capital Markets net revenues of $481 million were slightly
lower compared to the prior year quarter primarily due to a decline
in Fixed Income net revenues largely offset by stronger performance
in Equities attributable to more favorable trading opportunities
and increased volumes.
- Investment Banking net revenues were $2.29 billion as fewer
merger and acquisition transactions were completed and lower
average fees were earned per completed transaction.
- Advisory net revenues of $1.20 billion and equity and debt
underwriting net revenues of $970 million were lower than last year
consistent with a decline in industry-wide activity.
- Capital Markets net revenues of $2.22 billion were higher
compared to the prior year period primarily driven by favorable
results on stronger Fixed Income's performance attributable to more
stable market conditions. In addition, losses in our CMBS business
were meaningfully reduced from the prior year as interest rates
were more stable relative to the rapid rise in rates in the prior
year. Equities net revenues were higher based on stronger results
in our convertibles, U.S. cash equity and equity ETF businesses,
partially offset by lower securities finance net revenues.
Asset Management
Asset Management
- Asset Management net revenues of $141 million were
significantly lower than the prior year period driven by a
substantial decline from merchant banking net revenues largely
attributable to the spin-off of Vitesse Energy in January 2023, as
the results of those operations are no longer included in our
results. Investment return net revenues were solid driven by
improved performance across multiple investment strategies and
funds. Additionally, Investment return net revenues for the prior
year period includes a gain of $175.1 million related to the sale
of our interests in Oak Hill.
- Asset Management net revenues were $188 million, significantly
lower than the period year period as the result of operations of
Idaho Timber and Vitesse Energy are no longer included in the full
period's results with their sale and spin-off, respectively, in
August 2022 and January 2023. Investment return net revenues were
solid driven by improved performance across multiple investment
strategies and funds. Additionally, Investment return net revenues
for the prior year period includes a meaningful gain on sale of
$175.1 million related to the divestiture of Oak Hill which was not
repeated in 2023.
* * * *
Amounts herein pertaining to November 30, 2023 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 year ended November 30, 2023 will be
provided upon filing our Annual Report on Form 10-K with the SEC,
which we expect to file on or about January 26, 2024.
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.
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).
Selected Financial Information
(Amounts in Thousands) (Unaudited)
Quarter Ended
November 30, 2023
August 31,
202315
November 30,
202214, 15
Net revenues by source:
Advisory
$
312,310
$
335,271
$
381,411
Equity underwriting
132,158
154,211
109,440
Debt underwriting
129,436
110,708
61,731
Total underwriting
261,594
264,919
171,171
Other investment banking
2,842
44,453
9,994
Total Investment Banking
576,746
644,643
562,576
Equities
271,477
268,015
249,212
Fixed income
209,774
255,573
240,806
Total Capital Markets
481,251
523,588
490,018
Total Investment Banking and Capital
Markets Net revenues5
1,057,997
1,168,231
1,052,594
Asset management fees and revenues6
18,695
16,358
13,440
Investment return4
62,892
31,658
156,613
Merchant banking, inclusive of net
interest
73,627
(25,145
)
230,974
Allocated net interest4
(14,568
)
(12,728
)
(11,959
)
Total Asset Management Net
revenues
140,646
10,143
389,068
Other
(1,437
)
3,735
(3,580
)
Total Net revenues by source
$
1,197,206
$
1,182,109
$
1,438,082
Non-interest expenses:
Compensation and benefits
$
612,287
$
644,059
$
659,121
Floor brokerage and clearing fees
98,410
91,226
85,143
Underwriting costs
19,829
14,877
9,076
Technology and communications
122,128
122,579
114,957
Occupancy and equipment rental
26,630
27,711
28,420
Business development
55,649
41,467
42,610
Professional services
70,875
64,897
71,042
Depreciation and amortization
28,311
25,288
43,471
Cost of sales
23,287
1,618
91,281
Other
52,539
57,316
98,121
Total Non-interest expenses
$
1,109,945
$
1,091,038
$
1,243,242
(Amounts in Thousands) (Unaudited)
Twelve Months Ended November
30,
2023
202214, 15
Net revenues by source:
Advisory
$
1,198,916
$
1,778,003
Equity underwriting
560,243
538,947
Debt underwriting
410,208
490,873
Total underwriting
970,451
1,029,820
Other investment banking
118,799
78,882
Total Investment Banking
2,288,166
2,886,705
Equities
1,123,477
1,054,064
Fixed income
1,092,736
800,492
Total Capital Markets
2,216,213
1,854,556
Total Investment Banking and Capital
Markets Net revenues5
4,504,379
4,741,261
Asset management fees and revenues6
93,678
89,127
Investment return4
154,461
156,594
Merchant banking, inclusive of net
interest
(10,275
)
1,052,199
Allocated net interest4
(49,519
)
(54,429
)
Total Asset Management Net
revenues
188,345
1,243,491
Other
7,693
(5,914
)
Total Net revenues by source
$
4,700,417
$
5,978,838
Non-interest expenses:
Compensation and benefits
$
2,535,272
$
2,589,044
Floor brokerage and clearing fees
366,702
347,805
Underwriting costs
61,082
42,067
Technology and communications
477,028
444,011
Occupancy and equipment rental
106,051
108,001
Business development
177,541
150,500
Professional services
266,447
240,978
Depreciation and amortization
112,201
172,902
Cost of sales
29,435
440,837
Other
214,389
387,131
Total Non-interest expenses
$
4,346,148
$
4,923,276
Financial Data and Metrics
(Unaudited)
Quarter Ended
November 30,
2023
August 31,
2023
November 30,
2022
Other Data:
Number of trading days
63
64
63
Number of trading loss days7
7
6
3
Average VaR (in millions)8
$
12.36
$
13.87
$
10.62
Twelve Months Ended November
30,
2023
2022
Other Data:
Number of trading days
251
252
Number of trading loss days7
26
30
Average VaR (in millions)8
$
13.57
$
11.04
(Amounts in Millions, Except Other
Data) (Unaudited)
Quarter Ended
November 30,
2023
August 31,
2023
November 30,
2022
Financial position9:
Total assets
$
57,905
$
56,045
$
51,058
Total assets less goodwill and intangible
assets for the period
55,860
54,173
49,182
Cash and cash equivalents
8,526
8,817
9,703
Financial instruments owned
21,747
22,805
18,666
Level 3 financial instruments owned10
681
918
791
Goodwill and intangible assets
2,045
1,872
1,876
Total equity
9,802
9,765
10,295
Total shareholders' equity
9,710
9,699
10,233
Tangible shareholders' equity11
7,665
7,827
8,357
Other data and financial
ratios:
Leverage ratio9, 12
5.9
5.7
5.0
Tangible gross leverage ratio9, 13
7.3
6.9
5.9
Number of employees, at period end16
7,564
5,505
5,381
Number of employees excluding OpNet and
Stratos, at period end
5,661
5,505
5,381
Components of Numerators and Denominators for Earnings Per
Common Share
The numerators and denominators used to calculate basic and
diluted earnings per common share are as follows (in
thousands):
Three Months Ended
November 30, 2023
Twelve Months Ended
November 30, 2023
Numerator for earnings per common
share:
Net earnings attributable to Jefferies
Financial Group Inc.
$
71,938
$
275,672
Allocation of earnings to participating
securities
(6,389
)
(14,729
)
Net earnings attributable to Jefferies
Financial Group Inc. common shareholders for basic earnings per
share
65,549
260,943
Net earnings attributable to Jefferies
Financial Group Inc. common shareholders for diluted earnings per
share
65,549
260,943
Denominator for earnings per common
share:
Weighted average common shares
outstanding
210,505
222,325
Weighted average shares of restricted
stock outstanding with future service required
(1,907
)
(1,920
)
Weighted average restricted stock units
outstanding with no future service required
11,843
12,204
Denominator for basic earnings per
common share – weighted average shares
220,441
232,609
Stock options and other share-based
awards
2,224
2,085
Senior executive compensation plan
restricted stock unit awards
1,919
1,926
Denominator for diluted earnings per
common share
224,584
236,620
Earnings per common share:
Basic
$
0.30
$
1.12
Diluted
$
0.29
$
1.10
Notes
- Annualized return on adjusted tangible equity (a non-GAAP
financial measure) is defined as annualized adjusted net earnings
(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 11
for a reconciliation to U.S. GAAP amounts.
- Common shares outstanding on a fully diluted basis (a non-GAAP
financial measure) is defined as common shares outstanding plus
restricted stock units, stock options and other shares. Refer to
schedule on page 12 for a
reconciliation to U.S. GAAP amounts.
- Tangible book value per fully diluted common share (a non-GAAP
financial measure) is defined as adjusted tangible book value (a
non-GAAP financial measure) divided by common shares outstanding on
a fully diluted basis (a non-GAAP financial measure). Refer to
schedule on page 12 for a
reconciliation to U.S. GAAP amounts.
- 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 present direct Asset Management
revenues. We believe that aggregating Allocated net interest would
obscure the revenue results by including an amount that is unique
to our credit spreads, debt maturity profile, capital structure,
liquidity risks and allocation methods. Refer to Selected Financial
Information on page 6 .
- 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.
- Asset management fees and revenues include 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.
- Number of trading loss days is calculated based on trading
activities in our Investment Banking and Capital Markets and Asset
Management business segments, excluding merchant banking.
- VaR estimates the potential loss in value of 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 7A "Quantitative and
Qualitative Disclosures About Market Risk" in our Annual Report on
Form 10-K for the year ended November 30, 2023.
- Amounts pertaining to November 30, 2023 represent a preliminary
estimate as of the date of this earnings release and may be revised
in our Annual Report on Form 10-K for the year ended November 30,
2023.
- 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.
- Tangible shareholders' equity (a non-GAAP financial measure) is
defined as shareholders' equity less Intangible assets and
goodwill. 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.
- Leverage ratio equals total assets divided by total
equity.
- Tangible gross leverage ratio (a non-GAAP financial measure)
equals total assets less goodwill and intangible assets divided by
tangible equity. The tangible gross leverage ratio is used by
rating agencies in assessing our leverage ratio.
- On November 1, 2022, we completed our merger with Jefferies
Group LLC. In connection with the merger, we transferred our legacy
merchant banking investments to our Investment Banking and Capital
Markets or Asset Management segment and reorganized the
presentation of our segments and Net revenues to align with the way
we are now managing our business. In addition, we have reclassified
the presentation of certain line items within our Net revenues by
source to streamline our financial statements to better align the
presentation of our firm with the strategy of building our
investment banking and capital markets and asset management
businesses as we continue to reduce our legacy merchant banking
portfolio. Historical periods have been recast to conform to these
reclassification and presentation changes.
- During the third quarter of 2023, we refined our allocated net
interest methodology to better reflect net interest expense across
our business units based on use of capital. As a result, the
presentation of Net revenues and Net revenues by source for
historical periods have been recast to conform with the revised
methodology.
- Number of employees at November 30, 2023 include OpNet S.p.A
("OpNet") and Stratos Group International, LLC ("Stratos")
(formerly FXCM Group, LLC), which were consolidated during the
fourth quarter of 2023.
Non-GAAP Reconciliations
The following tables reconcile our non-GAAP financial measures
to their respective U.S. GAAP financial measures. Management
believes such non-GAAP financial 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.
Annualized Return on Adjusted Tangible Equity
Reconciliation
The table below reconciles our Net earnings attributable to
common shareholders to adjusted net earnings and our Shareholders'
equity to adjusted tangible shareholders' equity (in
thousands):
Three Months Ended
November 30,
Twelve Months Ended
November 30,
2023
2022
2023
2022
Net earnings attributable to Jefferies
Financial Group Inc. common shareholders (GAAP)
$
65,639
$
140,248
$
263,072
$
777,168
Intangible amortization and impairment
expense, net of tax
1,939
1,742
6,638
8,100
Adjusted net earnings
(non-GAAP)
$
67,578
$
141,990
$
269,710
$
785,268
Annualized adjusted net earnings
(non-GAAP)
$
270,312
$
567,960
$
269,710
$
785,268
August 31,
November 30,
2023
2022
2022
2021
Shareholders' equity (GAAP)
$
9,698,847
$
10,292,531
$
10,232,845
$
10,553,755
Less: Intangible assets, net and
goodwill
(1,872,144
)
(1,874,435
)
(1,875,576
)
(1,897,500
)
Less: Deferred tax asset
(573,630
)
(398,397
)
(387,862
)
(327,547
)
Less: Weighted average impact of dividends
and share repurchases
(50,727
)
(115,869
)
(732,517
)
(670,949
)
Adjusted tangible shareholders' equity
(non-GAAP)
$
7,202,346
$
7,903,830
$
7,236,890
$
7,657,759
Annualized return on adjusted tangible
equity (non-GAAP)
3.8
%
7.2
%
3.7
%
10.3
%
Adjusted Tangible Book Value and Fully Diluted 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):
November 30, 2023
Book value (GAAP)
$
9,709,827
Stock options(1)
114,939
Intangible assets, net and goodwill
(2,044,776
)
Adjusted tangible book value
(non-GAAP)
$
7,779,990
Common shares outstanding (GAAP)
210,627
Preferred shares
21,000
Restricted stock units ("RSUs")
14,352
Stock options(1)
5,065
Other
1,365
Fully diluted shares outstanding
(non-GAAP)(2)
252,409
Book value per common share
outstanding
$
46.10
Tangible book value per fully diluted
share outstanding (non-GAAP)
$
30.82
(1)
Stock options added to book value are
equal to the total number of stock options outstanding as of
November 30, 2023 of 5.1 million multiplied by the weighted
average exercise price of $22.69 on November 30, 2023. Stock
options added to fully diluted shares are equal to the total stock
options outstanding on November 30, 2023.
(2)
Fully diluted shares outstanding include
vested and unvested RSUs as well as the target number of RSUs
issuable under the senior executive compensation plans until the
performance period is complete. Fully diluted shares outstanding
also include all stock options and the impact of mandatorily
convertible preferred shares if-converted to common shares.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240108520874/en/
Jonathan Freedman 212.778.8913
Jefferies Financial (NYSE:JEF)
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