Jefferies Financial Group Inc
For the period ended Nov 30, 2023. Filed Jan 26, 2024.
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FY2023 · Filed Jan 26, 2024
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended November 30, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net earnings | $262,388 | $781,710 | $1,677,376 |
| Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 113,473 | 189,343 | 144,255 |
| Deferred income taxes | 10,462 | (70,396) | 96,890 |
| Share-based compensation | 45,360 | 43,919 | 78,160 |
| Net bad debt expense | 67,009 | 46,846 | 55,876 |
| (Income) losses on investments in and loans to related parties | 192,197 | 36,287 | (149,885) |
| Distributions received on investments in related parties | 58,336 | 82,161 | 110,963 |
| Gain on sale of subsidiaries and investments in related parties | — | (319,041) | — |
| Other adjustments | (99,784) | (601,303) | (89,004) |
| Net change in assets and liabilities: | |||
| Securities deposited with clearing and depository organizations | (110,198) | — | 34,237 |
| Receivables: | |||
| Brokers, dealers and clearing organizations | (436,029) | 631,672 | (136,614) |
| Customers | (480,487) | 384,097 | (329,026) |
| Fees, interest and other | (103,870) | 200,672 | (28,340) |
| Securities borrowed | (1,307,125) | 548,567 | 520,455 |
| Financial instruments owned | (2,843,554) | (773,523) | (1,314,603) |
| Securities purchased under agreements to resell | (1,263,278) | 3,047,353 | (2,552,607) |
| Other assets | (551,926) | (230,722) | (225,916) |
| Payables: | |||
| Brokers, dealers and clearing organizations | 1,054,135 | (1,288,912) | 2,173,266 |
| Customers | 83,181 | (882,576) | 210,055 |
| Securities loaned | 431,423 | (139,557) | (282,403) |
| Financial instruments sold, not yet purchased | (8,894) | 1,875,957 | 992,199 |
| Securities sold under agreements to repurchase | 3,324,482 | (952,584) | 133,423 |
| Lease liabilities | (52,129) | (89,689) | (64,377) |
| Accrued expenses and other liabilities | (318,798) | (715,434) | 527,910 |
| Net cash provided by (used in) operating activities | (1,933,626) | 1,804,847 | 1,582,290 |
| Cash flows from investing activities: | |||
| Contributions to investments in and loans to related parties | (251,751) | (351,645) | (2,339,447) |
| Capital distributions from investments and repayments of loans from related parties | 116,750 | 286,578 | 2,310,186 |
| Originations and purchases of automobile loans, notes and other receivables | (441,583) | (527,929) | (611,486) |
| Principal collections of automobile loans, notes and other receivables | 350,348 | 434,487 | 394,387 |
| Net payments on premises and equipment, and other assets | (1,155) | (224,301) | (165,605) |
| Net cash acquired in business acquisitions | 215,187 | — | — |
| Proceeds from sales of subsidiaries and investments in related parties, net of expenses and cash of operations sold | — | 333,149 | — |
| Deconsolidation of asset management entity | — | (23,107) | — |
| Proceeds from sales and maturities of investments and loan receivables | — | 3,588 | 3,274 |
| Other | — | 8,641 | (1,174) |
| Net cash used in investing activities | (12,204) | (60,539) | (409,865) |
Continued on next page.
CONSOLIDATED STATEMENTS OF CASH FLOWS – CONTINUED
| Year Ended November 30, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from financing activities: | |||
| Proceeds from short-term borrowings | $5,413,000 | $3,659,098 | $1,005,000 |
| Payments on short-term borrowings | (5,010,868) | (3,338,000) | (1,556,090) |
| Proceeds from issuance of long-term debt, net of issuance costs | 2,209,672 | 1,198,565 | 2,488,493 |
| Repayment of long-term debt | (1,282,369) | (824,894) | (1,646,224) |
| Proceeds from conversion of common to preferred shares | 31,500 | — | — |
| Purchase of common shares for treasury | (169,402) | (859,593) | (269,400) |
| Dividends paid to common and preferred shareholders | (278,595) | (280,104) | (222,798) |
| Net proceeds from (payments on) other secured financings | 89,073 | (2,448,731) | 1,197,231 |
| Net change in bank overdrafts | 52,054 | (14,569) | 8,216 |
| Proceeds from contributions of noncontrolling interests | — | 64,880 | 4,325 |
| Payments on distributions to noncontrolling interests | — | (2,629) | (16,263) |
| Other | 6,059 | 2,752 | 1,804 |
| Net cash provided by (used in) financing activities | 1,060,124 | (2,843,225) | 994,294 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 54,911 | (22,143) | (3,387) |
| Change in cash and cash equivalents and restricted cash reclassified from (to) assets held for sale | (45,691) | — | — |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (830,795) | (1,121,060) | 2,163,332 |
| Cash, cash equivalents and restricted cash at beginning of period | 10,707,244 | 11,828,304 | 9,664,972 |
| Cash, cash equivalents and restricted cash at end of period | $9,830,758 | $10,707,244 | $11,828,304 |
| Supplemental disclosures of cash flow information | |||
| Cash paid during the period for: | |||
| Interest | $2,348,061 | $1,164,093 | $936,272 |
| Income taxes, net | 159,359 | 214,066 | 727,126 |
Noncash investing activities:
During the year ended November 30, 2023, we had non-cash investing activities of $30.6 million related to the acquisition of Vitesse Oil, LLC.
During the year ended November 30, 2022, we sold our interest in the Oak Hill investment management company. Noncash investing activities related to the sale were a receivable of $215.9 million.
Refer to Note 4, Business Acquisitions for the noncash effects of our consolidations of Stratos and OpNet.
Refer to Note 5, Assets Held for Sale for the noncash effects of Foursight and OpNet.
Noncash financing activities:
During the year ended November 30, 2023, we had the following non-cash financing activities:
Capital distributions of $527.0 million and $31.4 million to our shareholders and noncontrolling interest holders, respectively, related to the spin-off of Vitesse Energy, Inc.
Preferred shares of $125.0 million were converted to common shares.
The following presents our cash, cash equivalents and restricted cash by category within the Consolidated Statements of Financial Condition (in thousands):
| November 30, | ||
|---|---|---|
| 2023 | 2022 | |
| Cash and cash equivalents | $8,526,363 | $9,703,109 |
| Cash and securities segregated and on deposit for regulatory purposes with clearing and depository organizations | 1,304,395 | 957,302 |
| Other assets | — | 46,833 |
| Total cash, cash equivalents and restricted cash | $9,830,758 | $10,707,244 |
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