Jefferies Financial Group Inc
For the period ended May 31, 2024. Filed Jul 9, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
May 31, 2024 · Filed Jul 9, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows (Unaudited)
Consolidated Statements of Cash Flows
| Six Months Ended May 31, | ||
|---|---|---|
| $ in thousands | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net earnings | $311,079 | $138,008 |
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Depreciation and amortization | 93,722 | 59,451 |
| Share-based compensation | 34,572 | 24,218 |
| Net bad debt expense | 46,593 | 28,592 |
| Loss (income) on investments and loans to related parties | (37,202) | 151,788 |
| Distributions received on investments in related parties | 874 | 1,297 |
| Gain on sale of subsidiary and investment in related parties | (56,174) | — |
| Other adjustments | 147,851 | 61,546 |
| Net change in assets and liabilities: | ||
| Securities deposited with clearing and depository organizations | — | (155,508) |
| Receivables: | ||
| Brokers, dealers and clearing organizations | (722,293) | 127,320 |
| Customers | (594,067) | 40,917 |
| Fees, interest and other | (114,271) | 14,711 |
| Securities borrowed | 48,414 | (1,323,220) |
| Financial instruments owned | (937,418) | (2,328,090) |
| Securities purchased under agreements to resell | (799,421) | (888,808) |
| Other assets | (539,351) | (788,424) |
| Payables: | ||
| Brokers, dealers and clearing organizations | 601,124 | 924,482 |
| Customers | (119,505) | 419,316 |
| Securities loaned | 405,066 | (146,260) |
| Financial instruments sold, not yet purchased | 680,922 | 673,369 |
| Securities sold under agreements to repurchase | 122,236 | 2,054,131 |
| Lease liabilities | (38,778) | (17,692) |
| Accrued expenses and other liabilities | 285,980 | (472,814) |
| Net cash used in operating activities from continuing operations | (1,180,047) | (1,401,670) |
| Net cash used in operating activities from discontinued operations | (90,174) | — |
| Cash flows from investing activities: | ||
| Contributions to investments in and loans to related parties | (62,543) | (55,536) |
| Capital distributions from investments and repayments of loans from related parties | 7,941 | 17,788 |
| Originations and purchases of automobile loans, notes and other receivables | (89,540) | (206,062) |
| Principal collections of automobile loans, notes and other receivables | 83,268 | 176,727 |
| Net payments on premises and equipment | (144,857) | (50,214) |
| Proceeds from sales of subsidiary and investment in related parties, net of cash of operations sold | 95,276 | — |
| Net cash used in investing activities from continuing operations | (110,455) | (117,297) |
Continued on next page.
| 6 | Jefferies Financial Group Inc. |
Consolidated Statements of Cash Flows(continued)
| Six Months Ended May 31, | ||
|---|---|---|
| $ in thousands | 2024 | 2023 |
| Cash flows from financing activities: | ||
| Proceeds from short-term borrowings | 2,113,633 | 2,500,000 |
| Payments on short-term borrowings | (1,495,796) | (2,183,800) |
| Proceeds from issuance of long-term debt, net of issuance costs | 3,527,009 | 294,863 |
| Repayment of long-term debt | (726,019) | (287,240) |
| Purchase of common shares for treasury | (43,979) | (164,992) |
| Dividends paid to common and preferred shareholders | (139,823) | (138,698) |
| Net proceeds from (payments on) other secured financings | 240,898 | (252,402) |
| Net change in bank overdrafts | 17,754 | 2,308 |
| Proceeds from contributions of noncontrolling interests | 9,321 | — |
| Payments on distributions to noncontrolling interests | (10,689) | — |
| Other | 6,984 | 5,451 |
| Net cash provided by (used in) financing activities from continuing operations | 3,499,293 | (224,510) |
| Net cash provided by financing activities from discontinued operations | 4,384 | — |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,513) | 2,657 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 2,121,488 | (1,740,820) |
| Net decrease in cash, cash equivalents and restricted cash classified within assets held for sale | (13,224) | — |
| Cash, cash equivalents and restricted cash at beginning of period | 9,830,758 | 10,707,244 |
| Cash, cash equivalents and restricted cash at end of period | $11,939,022 | $8,966,424 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid during the period for | ||
| Interest | $1,579,458 | $841,572 |
| Income taxes, net | 88,988 | 123,310 |
Noncash investing activities:
During the six months ended May 31, 2024, we had a stock distribution of $0.6 million from one of our equity method investments.
During the six months ended May 31, 2023, we had acquisition related activity attributable to Vitesse Oil, LLC of $30.6 million.
Noncash financing activities:
During the six months ended May 31, 2023, we had non-cash financing activities of:
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. during the six months ended May 31, 2023.
Preferred shares of $125.0 million were converted into common shares during the six months ended May 31, 2023.
Cash, cash equivalents and restricted cash by category in our Consolidated Statements of Financial Condition (in thousands):
| May 31, 2024 | November 30, 2023 | |
|---|---|---|
| Cash and cash equivalents | $10,841,622 | $8,526,363 |
| Cash on deposit for regulatory purposes with clearing and depository organizations | 1,097,400 | 1,304,395 |
| Total cash, cash equivalents and restricted cash | $11,939,022 | $9,830,758 |
| May 2024 Form 10-Q | 7 |
|---|
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.