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Section 1: 10-Q (10-Q)

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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 

FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended August 31, 2017
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 1-14947
 
JEFFERIES GROUP LLC
(Exact name of registrant as specified in its charter)
 
Delaware
95-4719745
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
 
 
520 Madison Avenue, New York, New York
10022
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (212) 284-2550
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  
The Registrant is a wholly-owned subsidiary of Leucadia National Corporation and meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and is therefore filing this Form 10-Q with a reduced disclosure format as permitted by Instruction H(2).
 



Table of Contents

JEFFERIES GROUP LLC
INDEX TO QUARTERLY REPORT ON FORM 10-Q
August 31, 2017
 
Page
 
 
 


1

Table of Contents

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
JEFFERIES GROUP LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
(In thousands)
 
August 31, 2017
 
November 30, 2016
ASSETS
 
 
 
Cash and cash equivalents ($6,242 and $16,805 at August 31, 2017 and November 30, 2016, respectively, related to consolidated VIEs)
$
4,806,724

 
$
3,529,069

Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations
903,744

 
857,337

Financial instruments owned, at fair value, (including securities pledged of $10,257,188 and $9,706,881 at August 31, 2017 and November 30, 2016, respectively; and $44,862 and $87,153 at August 31, 2017 and November 30, 2016, respectively, related to consolidated VIEs)
14,036,679

 
13,809,512

Investments in managed funds
169,926

 
186,508

Loans to and investments in related parties
897,604

 
653,872

Securities borrowed
7,758,532

 
7,743,562

Securities purchased under agreements to resell
3,371,435

 
3,862,488

Receivables:
 
 
 
Brokers, dealers and clearing organizations
2,565,581

 
2,009,163

Customers
1,291,537

 
843,114

Fees, interest and other ($245 and $1,547 at August 31, 2017 and November 30, 2016, respectively, related to consolidated VIEs)
344,190

 
310,894

Premises and equipment
290,871

 
265,553

Goodwill
1,643,398

 
1,640,653

Other assets ($3 and $0 at August 31, 2017 and November 30, 2016, respectively, related to consolidated VIEs)
1,278,200

 
1,229,551

Total assets
$
39,358,421

 
$
36,941,276

LIABILITIES AND EQUITY
 
 
 
Short-term borrowings (includes $4,281 and $0 at fair value at August 31, 2017 and November 30, 2016, respectively)
$
417,122

 
$
525,842

Financial instruments sold, not yet purchased, at fair value
8,460,500

 
8,359,202

Collateralized financings:
 
 
 
Securities loaned
2,763,253

 
2,819,132

Securities sold under agreements to repurchase
8,473,419

 
6,791,676

Other secured financings (includes $0 and $41,768 at fair value at August 31, 2017 and November 30, 2016, respectively; and $541,500 and $755,544 at August 31, 2017 and November 30, 2016, respectively, related to consolidated VIEs)
552,540

 
755,576

Payables:
 
 
 
Brokers, dealers and clearing organizations
2,647,970

 
3,290,404

Customers
2,459,686

 
2,297,292

Accrued expenses and other liabilities ($800 and $735 at August 31, 2017 and November 30, 2016, respectively, related to consolidated VIEs)
1,479,287

 
1,248,200

Long-term debt (includes $553,870 and $248,856 at fair value at August 31, 2017 and November 30, 2016, respectively)
6,449,685

 
5,483,355

Total liabilities
33,703,462

 
31,570,679

EQUITY
 
 
 
Member’s paid-in capital
5,805,688

 
5,538,103

Accumulated other comprehensive loss:
 
 
 
Currency translation adjustments
(125,383
)
 
(152,305
)
Changes in instrument specific credit risk
(15,364
)
 
(6,494
)
Cash flow hedges
(1,585
)
 

Additional minimum pension liability
(9,098
)
 
(9,358
)
Total accumulated other comprehensive loss
(151,430
)
 
(168,157
)
Total Jefferies Group LLC member’s equity
5,654,258

 
5,369,946

Noncontrolling interests
701

 
651

Total equity
5,654,959

 
5,370,597

Total liabilities and equity
$
39,358,421

 
$
36,941,276

See accompanying notes to consolidated financial statements.

2

Table of Contents

JEFFERIES GROUP LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(In thousands)
 
Three Months Ended 
 August 31,
 
Nine Months Ended 
 August 31,
 
2017
 
2016
 
2017
 
2016
Revenues:
 
 
 
 
 
 
 
Commissions and other fees
$
139,082

 
$
152,044

 
$
437,547

 
$
454,025

Principal transactions
185,215

 
167,483

 
693,242

 
382,290

Investment banking
475,702

 
294,930

 
1,235,586

 
778,906

Asset management fees and investment income from managed funds
5,465

 
15,877

 
11,694

 
29,743

Interest
230,496

 
213,716

 
660,323

 
655,836

Other
12,371

 
19,791

 
58,691

 
(6,937
)
Total revenues
1,048,331

 
863,841

 
3,097,083

 
2,293,863

Interest expense
247,639

 
209,391

 
721,584

 
621,018

Net revenues
800,692

 
654,450

 
2,375,499

 
1,672,845

Non-interest expenses:
 
 
 
 
 
 
 
Compensation and benefits
462,933

 
376,438

 
1,373,627

 
1,141,497

Non-compensation expenses:
 
 
 
 
 
 
 
Floor brokerage and clearing fees
44,869

 
40,189

 
138,221

 
124,259

Technology and communications
72,440

 
64,512

 
205,425

 
196,000

Occupancy and equipment rental
27,736

 
24,987

 
77,145

 
74,498

Business development
23,125

 
20,259

 
72,223

 
67,700

Professional services
25,007

 
29,761

 
83,544

 
82,799

Other
22,318

 
17,582

 
62,670

 
52,649

Total non-compensation expenses
215,495

 
197,290

 
639,228

 
597,905

Total non-interest expenses
678,428

 
573,728

 
2,012,855

 
1,739,402

Earnings (loss) before income taxes
122,264

 
80,722

 
362,644

 
(66,557
)
Income tax expense
38,439

 
39,564

 
95,009

 
5,112

Net earnings (loss)
83,825

 
41,158

 
267,635

 
(71,669
)
Net earnings (loss) attributable to noncontrolling interests
10

 
(11
)
 
50

 
77

Net earnings (loss) attributable to Jefferies Group LLC
$
83,815

 
$
41,169

 
$
267,585

 
$
(71,746
)
See accompanying notes to consolidated financial statements.

3

Table of Contents

JEFFERIES GROUP LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In thousands)
 
Three Months Ended 
 August 31,
 
Nine Months Ended 
 August 31,
 
2017
 
2016
 
2017
 
2016
Net earnings (loss)
$
83,825

 
$
41,158

 
$
267,635

 
$
(71,669
)
Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Currency translation and other adjustments
3,830

 
(55,945
)
 
27,182

 
(79,804
)
Changes in instrument specific credit risk (1)
3,508

 
(2,466
)
 
(8,870
)
 
(4,771
)
Cash flow hedges
(1,585
)
 

 
(1,585
)
 

Total other comprehensive income (loss), net of tax (2)
5,753

 
(58,411
)
 
16,727

 
(84,575
)
Comprehensive income (loss)
89,578

 
(17,253
)
 
284,362

 
(156,244
)
Net earnings (loss) attributable to noncontrolling interests
10

 
(11
)
 
50

 
77

Comprehensive income (loss) attributable to Jefferies Group LLC
$
89,568

 
$
(17,242
)
 
$
284,312

 
$
(156,321
)

(1)
Includes income tax expense of approximately $2.1 million and income tax benefit of approximately $5.3 million for the three and nine months ended August 31, 2017, respectively, and income tax benefit of approximately $1.6 million and $3.1 million for the three and nine months ended August 31, 2016, respectively.
(2)
None of the components of other comprehensive income (loss) are attributable to noncontrolling interests.
See accompanying notes to consolidated financial statements.

4

Table of Contents

JEFFERIES GROUP LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(In thousands)
 
Nine Months Ended 
 August 31, 2017
 
Year Ended 
 November 30, 2016
Member’s paid-in capital:
 
 
 
Balance, beginning of period
$
5,538,103

 
$
5,526,855

Net earnings attributable to Jefferies Group LLC
267,585

 
15,434

Tax detriment for issuance of share-based awards

 
(4,186
)
Balance, end of period
$
5,805,688

 
$
5,538,103

Accumulated other comprehensive income (loss) (1) (2):
 
 
 
Balance, beginning of period
$
(168,157
)
 
$
(44,946
)
Currency adjustments
26,922

 
(115,494
)
Changes in instrument specific credit risk, net of tax
(8,870
)
 
(6,494
)
Cash flow hedges
(1,585
)
 

Pension adjustments, net of tax
260

 
(1,223
)
Balance, end of period
(151,430
)
 
(168,157
)
Total Jefferies Group LLC member’s equity
$
5,654,258

 
$
5,369,946

Noncontrolling interests:
 
 
 
Balance, beginning of period
$
651

 
$
27,468

Net earnings (loss) attributable to noncontrolling interests
50

 
(28
)
Contributions

 
9,390

Distributions

 
(563
)
Deconsolidation of asset management company

 
(35,616
)
Balance, end of period
$
701

 
$
651

Total equity
$
5,654,959

 
$
5,370,597


(1)
The components of other comprehensive income (loss) are attributable to Jefferies Group LLC. None of the components of other comprehensive income (loss) are attributable to noncontrolling interests.
(2)
There were no material reclassifications out of Accumulated other comprehensive income (loss) during the nine months ended August 31, 2017 and the year ended November 30, 2016.
See accompanying notes to consolidated financial statements.

5

Table of Contents

JEFFERIES GROUP LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
 
Nine Months Ended 
 August 31,
 
2017
 
2016
Cash flows from operating activities:
 
 
 
Net earnings (loss)
$
267,635

 
$
(71,669
)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
 
 
 
Depreciation and amortization
1,820

 
(2,888
)
(Income) loss on loans to and investments in related parties
(65,323
)
 
15,862

Distributions received on investments in related parties
8,021

 
11,187

Other adjustments
91,313

 
13,359

Net change in assets and liabilities:
 
 
 
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations
(45,746
)
 
(277,019
)
Receivables:
 
 
 
Brokers, dealers and clearing organizations
(546,424
)
 
(392,632
)
Customers
(448,494
)
 
341,930

Fees, interest and other
(31,877
)
 
(35,514
)
Securities borrowed

 
(1,510,588
)
Financial instruments owned
(176,662
)
 
2,079,134

Investments in managed funds
16,582

 
(132,941
)
Securities purchased under agreements to resell
524,937

 
(248,931
)
Other assets
(50,147
)
 
(236,907
)
Payables:
 
 
 
Brokers, dealers and clearing organizations
(652,668
)
 
781,782

Customers
162,387

 
(31,159
)
Securities loaned
(68,310
)
 
(22,326
)
Financial instruments sold, not yet purchased
50,267

 
1,269,261

Securities sold under agreements to repurchase
1,668,725

 
(1,824,027
)
Accrued expenses and other liabilities
209,756

 
68,024

Net cash provided by (used in) operating activities
915,792

 
(206,062
)
Cash flows from investing activities:
 
 
 
Contributions to loans to and investments in related parties
(2,916,204
)
 
(343,835
)
Distributions from loans to and investments in related parties
2,729,276

 
485,620

Net payments on premises and equipment
(53,595
)
 
(51,001
)
Payment on purchase of aircraft

 
(27,500
)
Proceeds from sale of aircraft

 
29,450

Deconsolidation of asset management entity

 
(39
)
Cash received from contingent consideration
1,342

 
1,211

Net cash provided by (used in) investing activities
(239,181
)
 
93,906

Continued on next page.

6

Table of Contents

JEFFERIES GROUP LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS – CONTINUED (UNAUDITED)
(In thousands)
 
Nine Months Ended 
 August 31,
 
2017
 
2016
Cash flows from financing activities:
 
 
 
Proceeds from short-term borrowings
25,784,561

 
8,350,534

Payments on short-term borrowings
(25,887,517
)
 
(8,229,669
)
Net payments on other secured financings
(203,036
)
 
(156,602
)
Proceeds from issuance of long-term debt, net of issuance costs
1,030,027

 
239,779

Repayment of long-term debt
(121,957
)
 
(373,246
)
Net change in bank overdrafts
(5,764
)
 
(56,126
)
Net proceeds from noncontrolling interests

 
3,937

Net cash provided by (used in) financing activities
596,314

 
(221,393
)
Effect of exchange rate changes on cash and cash equivalents
4,730

 
(17,471
)
Net increase (decrease) in cash and cash equivalents
1,277,655

 
(351,020
)
Cash and cash equivalents at beginning of period
3,529,069

 
3,510,163

Cash and cash equivalents at end of period
$
4,806,724

 
$
3,159,143

 
 
 
 
Supplemental disclosures of cash flow information:
 
 
 
Cash paid (received) during the period for
 
 
 
Interest
$
777,969

 
$
675,896

Income taxes, net
3,329

 
(8,011
)
See accompanying notes to consolidated financial statements.

7

Table of Contents

JEFFERIES GROUP LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Index
Note
Page

8

Table of Contents
JEFFERIES GROUP LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)

Note 1. Organization and Basis of Presentation
Organization
Jefferies Group LLC and its subsidiaries operate as a global full service, integrated securities and investment banking firm. The accompanying Consolidated Financial Statements represent the accounts of Jefferies Group LLC and all our subsidiaries (together “we” or “us”). The subsidiaries of Jefferies Group LLC include Jefferies LLC (“Jefferies”), Jefferies Execution Services, Inc. (“Jefferies Execution”), Jefferies International Limited, Jefferies Hong Kong Limited, Jefferies Financial Services, Inc., Jefferies Funding LLC, Jefferies Leveraged Credit Products, LLC and all other entities in which we have a controlling financial interest or are the primary beneficiary. On April 9, 2015, we entered into an agreement to transfer certain of the client activities of our Futures business to Société Générale S.A. and initiated a plan to substantially exit the remaining aspects of our Futures business. During the second quarter of 2016, we completed the exit of the Futures business. For further information on the exit of the Futures business, refer to Note 19, Exit Costs.
Jefferies Group LLC is an indirect wholly owned subsidiary of Leucadia National Corporation (“Leucadia”). Leucadia does not guarantee any of our outstanding debt securities. Our 3.875% Convertible Senior Debentures due 2029 are convertible into Leucadia common shares (see Note 12, Long-Term Debt, for further details). Jefferies Group LLC is a Securities and Exchange Commission (“SEC”) reporting company, filing annual, quarterly and periodic financial reports. Richard Handler, our Chief Executive Officer and Chairman, is the Chief Executive Officer of Leucadia, as well as a Director of Leucadia. Brian P. Friedman, our Chairman of the Executive Committee, is Leucadia’s President and a Director of Leucadia.
We operate in two reportable business segments, Capital Markets and Asset Management. For further information on our reportable business segments, refer to Note 17, Segment Reporting.
Basis of Presentation
The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended November 30, 2016. Certain footnote disclosures included in our Annual Report on Form 10-K for the year ended November 30, 2016 have been condensed or omitted from the consolidated financial statements as they are not required for interim reporting under U.S. GAAP. The Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results presented in the Consolidated Financial Statements for interim periods are not necessarily indicative of the results for the entire year.
We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. The most important of these estimates and assumptions relate to fair value measurements, compensation and benefits, goodwill and intangible assets, the ability to realize certain deferred tax assets and the recognition and measurement of uncertain tax positions. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.
Consolidation
Our policy is to consolidate all entities that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate entities that meet the definition of a variable interest entity (“VIE”) for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. For consolidated entities that are less than wholly owned, the third-party’s holding of equity interest is presented as Noncontrolling interests in our Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity. The portion of net earnings attributable to the noncontrolling interests is presented as Net earnings to noncontrolling interests in our Consolidated Statements of Earnings.
In situations in which we have significant influence, but not control, of an entity that does not qualify as a VIE, we apply either the equity method of accounting or fair value accounting pursuant to the fair value option election under U.S. GAAP, with our portion of net earnings or gains and losses recorded within Other revenues or Principal transaction revenues, respectively. We also have formed nonconsolidated investment vehicles with third-party investors that are typically organized as partnerships or limited liability companies and are carried at fair value. We act as general partner or managing member for these investment vehicles and have generally provided the third-party investors with termination or “kick-out” rights.
Intercompany accounts and transactions are eliminated in consolidation.

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Table of Contents
JEFFERIES GROUP LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)

Note 2. Summary of Significant Accounting Policies
For a detailed discussion about the Company’s significant accounting policies, see Note 2, Summary of Significant Accounting Policies, in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2016. During the nine months ended August 31, 2017, other than the following, there were no significant updates made to the Company’s significant accounting policies. The accounting policy updates are attributable to the implementation of hedge accounting in connection with an interest rate swap entered into during the nine months ended August 31, 2017 and the adoption of the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) on December 1, 2016.
Principal Transactions Revenues
Financial instruments owned and Financial instruments sold, but not yet purchased (all of which are recorded on a trade-date basis) are carried at fair value with gains and losses reflected in Principal transaction revenues in our Consolidated Statements of Earnings, except for derivatives accounted for as hedges (see “Hedge Accounting” section herein and Note 5, Derivative Financial Instruments). Fees received on loans carried at fair value are also recorded within Principal transaction revenues.
Hedge Accounting
Hedge accounting is applied using interest rate swaps designated as fair value hedges of changes in the benchmark interest rate of fixed rate senior long-term debt. The interest rate swaps are included as derivative contracts in Financial instruments owned and Financial instruments sold, not yet purchased in our Consolidated Statements of Financial Position. We use regression analysis to perform ongoing prospective and retrospective assessments of the effectiveness of these hedging relationships. A hedging relationship is deemed effective if the change in fair value of the interest rate swap and the change in the fair value of the long-term debt due to changes in the benchmark interest rate offset within a range of 80% - 125%. The impact of valuation adjustments related to our own credit spreads and counterparty credit spreads are included in the assessment of effectiveness.