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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 May 31, 2019
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 every Interactive Data File required to be submitted 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 such files).    Yes      No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth 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  
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
4.850% Senior Notes Due 2027
JEF/27A
New York Stock Exchange
5.125% Senior Notes Due 2023
JEF/23
New York Stock Exchange
The Registrant is a wholly-owned subsidiary of Jefferies Financial Group Inc. 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
May 31, 2019
 
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)
 
May 31, 2019
 
November 30, 2018
ASSETS
 
 
 
Cash and cash equivalents ($1,129 and $1,096 at May 31, 2019 and November 30, 2018, respectively, related to consolidated VIEs)
$
4,213,201

 
$
5,145,886

Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations
543,429

 
707,960

Financial instruments owned, at fair value (including securities pledged of $12,176,602 and $13,059,802 at May 31, 2019 and November 30, 2018, respectively; and $353 and $380 at May 31, 2019 and November 30, 2018, respectively, related to consolidated VIEs)
16,095,884

 
16,399,526

Loans to and investments in related parties
950,856

 
997,524

Securities borrowed
7,713,886

 
6,538,212

Securities purchased under agreements to resell (includes $25,000 and $0 at fair value at May 31, 2019 and November 30, 2018, respectively)
4,027,332

 
2,785,758

Receivables:
 
 
 
Brokers, dealers and clearing organizations
3,895,056

 
3,218,984

Customers
1,788,170

 
2,017,090

Fees, interest and other
433,856

 
327,083

Premises and equipment
315,627

 
304,026

Goodwill
1,641,631

 
1,642,170

Other assets ($2 at both May 31, 2019 and November 30, 2018, related to consolidated VIEs)
1,198,653

 
1,084,554

Total assets
$
42,817,581

 
$
41,168,773

LIABILITIES AND EQUITY
 
 
 
Short-term borrowings
$
510,435

 
$
387,492

Financial instruments sold, not yet purchased, at fair value
10,113,390

 
9,478,944

Collateralized financings:
 
 
 
Securities loaned
2,327,805

 
1,838,688

Securities sold under agreements to repurchase
8,861,457

 
8,643,069

Other secured financings (includes $1,265,800 and $881,472 at May 31, 2019 and November 30, 2018, respectively, related to consolidated VIEs)
1,266,425

 
881,472

Payables:
 
 
 
Brokers, dealers and clearing organizations
2,465,693

 
2,448,059

Customers
3,138,108

 
3,176,727

Accrued expenses and other liabilities ($1,148 and $642 at May 31, 2019 and November 30, 2018, respectively, related to consolidated VIEs)
1,295,231

 
1,585,635

Long-term debt (includes $819,509 and $686,170 at fair value at May 31, 2019 and November 30, 2018, respectively)
6,659,912

 
6,546,283

Total liabilities
36,638,456

 
34,986,369

EQUITY
 
 
 
Member’s paid-in capital
6,354,613

 
6,376,662

Accumulated other comprehensive income (loss):
 
 
 
Currency translation adjustments
(192,034
)
 
(185,804
)
Changes in instrument specific credit risk
14,916

 
(5,728
)
Cash flow hedges

 
470

Additional minimum pension liability
(4,716
)
 
(4,761
)
Available-for-sale securities
33

 
(346
)
Total accumulated other comprehensive loss
(181,801
)
 
(196,169
)
Total Jefferies Group LLC member’s equity
6,172,812

 
6,180,493

Noncontrolling interests
6,313

 
1,911

Total equity
6,179,125

 
6,182,404

Total liabilities and equity
$
42,817,581

 
$
41,168,773

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 
 May 31,
 
Six Months Ended 
 May 31,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Commissions and other fees
$
159,773

 
$
158,104

 
$
307,099

 
$
306,006

Principal transactions
248,831

 
137,802

 
483,129

 
355,275

Investment banking
430,087

 
500,297

 
715,683

 
940,288

Asset management fees
4,550

 
6,016

 
11,219

 
10,946

Interest
418,451

 
307,327

 
779,426

 
565,143

Other
52,801

 
47,263

 
72,809

 
65,746

Total revenues
1,314,493

 
1,156,809

 
2,369,365

 
2,243,404

Interest expense
412,642

 
334,252

 
781,796

 
599,601

Net revenues
901,851

 
822,557

 
1,587,569

 
1,643,803

Non-interest expenses:
 
 
 
 
 
 
 
Compensation and benefits
477,885

 
444,094

 
849,570

 
899,727

Non-compensation expenses:
 
 
 
 
 
 
 
Floor brokerage and clearing fees
62,474

 
46,244

 
114,451

 
90,063

Technology and communications
81,645

 
76,381

 
160,815

 
145,458

Occupancy and equipment rental
29,748

 
24,993

 
58,287

 
49,584

Business development
36,349

 
42,393

 
66,904

 
84,500

Professional services
38,066

 
35,991

 
74,993

 
66,399

Underwriting costs
12,823

 
13,029

 
21,398

 
27,304

Other
7,723

 
17,567

 
23,428

 
36,165

Total non-compensation expenses
268,828

 
256,598

 
520,276

 
499,473

Total non-interest expenses
746,713

 
700,692

 
1,369,846

 
1,399,200

Earnings before income taxes
155,138

 
121,865

 
217,723

 
244,603

Income tax expense
45,319

 
23,857

 
61,539

 
207,414

Net earnings
109,819

 
98,008

 
156,184

 
37,189

Net earnings (loss) attributable to noncontrolling interests
(101
)
 
4

 
283

 
3

Net earnings attributable to Jefferies Group LLC
$
109,920

 
$
98,004

 
$
155,901

 
$
37,186

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 
 May 31,
 
Six Months Ended 
 May 31,
 
2019
 
2018
 
2019

2018
Net earnings
$
109,819

 
$
98,008

 
$
156,184

 
$
37,189

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Currency translation and other adjustments (1)
(36,245
)
 
(61,188
)
 
(6,185
)
 
(45,169
)
Changes in instrument specific credit risk (2)
2,815

 
26,017

 
20,644

 
7,904

Cash flow hedges (3)
(219
)
 
251

 
(470
)
 
1,297

Unrealized gain on available-for-sale securities (4)
233

 

 
379

 

Total other comprehensive income (loss), net of tax (5)
(33,416
)
 
(34,920
)
 
14,368

 
(35,968
)
Comprehensive income
76,403

 
63,088

 
170,552

 
1,221

Net earnings (loss) attributable to noncontrolling interests
(101
)
 
4

 
283

 
3

Comprehensive income attributable to Jefferies Group LLC
$
76,504

 
$
63,084

 
$
170,269

 
$
1,218


(1)
The amounts during the three and six months ended May 31, 2019 include income tax benefits of $9.1 million and $1.7 million, respectively, related to the impact of certain discrete items related to tax planning for our non-U.S. subsidiaries in connection with the Tax Cuts and Jobs Act (the “Tax Act”). The amount during the six months ended May 31, 2018 includes $5.3 million related to the transfer of the German Pension Plan, which was reclassified to Compensation and benefits expenses within the Consolidated Statements of Earnings and ($0.8) million related to the Tax Act, which was reclassified to Member’s paid-in capital. The amounts during the three and six months ended May 31, 2018 include a gain of $20.5 million related to foreign currency gains, which was reclassified to Other revenues within the Consolidated Statements of Earnings.
(2)
The amounts include income tax expenses of approximately $1.0 million and $7.0 million for the three and six months ended May 31, 2019, respectively, and income tax expenses of approximately $8.8 million and $10.7 million for the three and six months ended May 31, 2018, respectively. The amounts during the three and six months ended May 31, 2019 also include gains of $0.2 million and $0.5 million, respectively, net of taxes of $0.1 million and $0.2 million, respectively, related to changes in instrument specific risk, which was reclassified to Principal transactions revenues within the Consolidated Statements of Earnings. The amounts during the three and six months ended May 31, 2018 also include a gain of $0.3 million related to changes in instrument specific risk, which was reclassified to Principal transactions revenues within the Consolidated Statements of Earnings. The amount during the six months ended May 31, 2018 includes ($6.5) million related to the Tax Act, which was reclassified to Member’s paid-in capital.
(3)
The amounts during the three and six months ended May 31, 2019 include income tax benefits of $0.1 million and $0.2 million, respectively. The cash flow hedge losses of $0.2 million and $0.5 million, respectively, were reclassified to Other revenues within the Consolidated Statement of Earnings due to the sale of all of our common shares of Epic Gas Ltd. (“Epic Gas”). Refer to Note 9, Investments for further information. The amounts during the three and six months ended May 31, 2018 include income tax expenses of $0.1 million and $0.7 million, respectively. The income tax expense during the six months ended May 31, 2018 includes ($0.2) million related to the Tax Act, which was reclassified to Member’s paid-in capital.
(4)
The amounts during the three and six months ended May 31, 2019 include income tax expenses of approximately $0.1 million and $0.2 million, respectively.
(5)
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)
 
Three Months Ended 
 May 31,
 
Six Months Ended 
 May 31,
 
2019
 
2018
 
2019
 
2018
Member’s paid-in capital:
 
 
 
 
 
 
 
Balance, beginning of period
$
6,299,653

 
$
5,635,812

 
$
6,376,662

 
$
5,895,601

Cumulative effect of the adoption of the new revenue standard, net of tax

 

 

 
(6,121
)
Net earnings attributable to Jefferies Group LLC
109,920

 
98,004

 
155,901

 
37,186

Distribution to Jefferies Financial Group Inc.
(54,960
)
 
(18,593
)
 
(177,950
)
 
(218,593
)
Tax Cuts and Jobs Act adjustment

 
405

 

 
7,555

Balance, end of period
$
6,354,613

 
$
5,715,628

 
$
6,354,613

 
$
5,715,628

Accumulated other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Balance, beginning of period
$
(148,385
)
 
$
(137,827
)
 
$
(196,169
)
 
$
(136,779
)
Currency adjustments and other
(36,245
)
 
(61,188
)
 
(6,185
)
 
(45,169
)
Changes in instrument specific credit risk
2,815

 
26,017

 
20,644

 
7,904

Cash flow hedges
(219
)
 
251

 
(470
)
 
1,297

Unrealized gain on available-for-sale securities
233

 

 
379

 

Balance, end of period
$
(181,801
)
 
$
(172,747
)
 
$
(181,801
)
 
$
(172,747
)
Total Jefferies Group LLC member’s equity
$
6,172,812

 
$
5,542,881

 
$
6,172,812

 
$
5,542,881

Noncontrolling interests:
 
 
 
 
 
 
 
Balance, beginning of period
$
5,914

 
$
736

 
$
1,911

 
$
737

Net earnings (loss) attributable to noncontrolling interests
(101
)
 
4

 
283

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