Jefferies Financial Group (JEF) Q4 FY2023 earnings: revenue $1.2 billion, down 16.7% on the year

Jefferies Financial Group Inc. (JEF) reported revenue of $1.2 billion for Q4 FY2023, the quarter ended 30 November 2023, down 16.7% on the same quarter a year earlier. Net income was $65 million, down 53.9% on the year, and diluted earnings per share $0.29. The figures are the company's own, from the 10-K it filed with the SEC on 26 January 2024.

Revenue$1.2 billiondown 16.7%

Net income$65 milliondown 53.9%

Diluted EPS$0.29

QuarterQ4 FY2023ended 30 November 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,197	1,182	n/a	n/a
Cost of revenue	23.3	1.6	n/a	n/a
Gross profit	1,174	1,180	n/a	n/a
Gross margin	98.1%	99.9%	n/a
Interest expense	772	859	n/a	n/a
Pre-tax income	87.3	91.1	n/a	n/a
Income tax	16.8	37.1	n/a	n/a
Effective tax rate	19.3%	40.8%	n/a
Net income	64.6	57.7	n/a	n/a
Net margin	5.4%	4.9%	n/a
Diluted EPS	$0.29	$0.22	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	-43.7	-488	n/a	n/a
Capital expenditure	n/a	30.0	n/a	n/a
Free cash flow	n/a	-518	n/a	n/a
Free cash flow margin	n/a	-43.8%	n/a
Cash from investing	244	-139	n/a	n/a
Cash from financing	42.2	1,242	n/a	n/a
Depreciation and amortisation	28.3	25.3	n/a	n/a
Share-based compensation	9.9	75.0	n/a	n/a
Buybacks	4.1	0.3	n/a	n/a
Dividends paid	70.0	69.9	n/a	n/a
Dividend per share	$0.30	$0.30	n/a	n/a
Diluted shares, weighted	237m	232m	n/a	n/a
Shares outstanding at period end	211m	210m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	9,710	9,699	n/a	n/a
Non-controlling interest	92.3	66.3	n/a	n/a
Redeemable equity	0.4	0.4	n/a	n/a
Short-term borrowings	990	925	n/a	n/a
Debt	9,699	9,462	n/a	n/a
Other liabilities	37,414	35,892	n/a	n/a
Total liabilities and equity	57,905	56,045	n/a	n/a
Goodwill	1,848	1,739	n/a	n/a
Intangible assets	197	133	n/a	n/a
Securities borrowed	7,192	6,681	n/a	n/a
Cash and equivalents	8,526	8,817	n/a	n/a
Other assets	40,142	38,674	n/a	n/a
Total assets	57,905	56,045	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,182	1,197	1,738	1,656	1,684	1,957	1,593	1,634	2,047	2,069	2,017	2,206
Cost of revenue	1.6	23.3	34.7	37.5	37.4	96.8	41.6	43.0	34.4	72.0	29.9	31.3
Gross profit	1,180	1,174	1,704	1,619	1,646	1,860	1,551	1,591	2,013	1,997	1,987	2,175
Gross margin	100%	98%	98%	98%	98%	95%	97%	97%	98%	97%	99%	99%
Interest expense	859	772	814	860	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	91.1	87.3	220	228	253	305	151	135	332	253	212	316
Tax rate	41%	19%	25%	32%	31%	28%	9%	32%	27%	15%	25%	21%
Net income	57.7	64.6	150	146	167	207	128	88.0	224	191	159	250
Net margin	5%	5%	9%	9%	10%	11%	8%	5%	11%	9%	8%	11%
Diluted EPS	$0.22	$0.29	$0.66	$0.64	$0.75	$0.94	$0.57	$0.40	$1.01	$0.85	$0.70	n/a
Operating cash flow	-488	-43.7	n/a	n/a	n/a	n/a	-2,665	-978	n/a	n/a	-1,737	1,599
Capital expenditure	30.0	n/a	96.2	48.6	35.8	69.9	49.6	43.7	58.2	56.0	64.9	48.0
Free cash flow	-518	n/a	n/a	n/a	n/a	n/a	-2,715	-1,022	n/a	n/a	-1,802	1,551
Buybacks	0.3	4.1	43.0	0.9	0.3	0.0	56.3	1.2	0.9	0.0	174	197
Dividends paid	69.9	70.0	69.9	69.9	81.6	81.6	92.7	94.3	93.5	93.5	92.8	91.8
Shares outstanding	210m	211m	212m	212m	205m	206m	206m	206m	206m	206m	204m	203m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 November 2023, filed 26 January 2024, accession 0000096223-24-000006: the filing on EDGAR. All of Jefferies Financial Group Inc.'s filings: EDGAR company page.

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