Jefferies Financial Group Inc. · NYSE:JEF
Jefferies Financial — Investor Day (October 2024)
80 slides from Jefferies Financial's investor day presentation, Oct 21, 2024
Slide 1: 2024 Investor Meeting
Exhibit 99.1 2024 Investor Meeting Jefferies Financial Group Inc. ST OCTOBER 21 , 2024
Slide 2: Important Disclosures
Important Disclosures Forward Looking Statements. Certain statements contained herein may constitute “forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and/or the Private Securities Litigation Reform Act of
Slide 3: 2024 Investor Meeting Agenda
2024 Investor Meeting Agenda 9:00 AM Jefferies Rich Handler, CEO Overview Brian Friedman, President 9:20 AM Financial Matt Larson, CFO Review 9:40 AM Investment John Miller, Global Head of Investment Banking Banking Raphael Bejarano, Global Head of Investment Banking Andrea Lee, Co-Head of Global In
Slide 4: Overview
Overview Rich Handler, CEO Brian Friedman, President
Slide 5: The Jefferies Difference
T H E J E F F E R I E S D I F F E R E N C E Relentless Differentiated A Flat and Nimble Client Focus Insights Operating Structure J E F F E R I E S I S A W O R L D L E A D I N G F U L L S E R V I C E I N V E S T M E N T B A N K I N G A N D C A P I T A L M A R K E T S F I R M 5
Slide 6: Jefferies Today
Jefferies Today Net Revenues $6.3B (3) LTM Q3’24 - Second Highest 5,926 21 Global Footprint (1) Employees Countries Investment Banking (4) Net Revenues $3.1B (3) LTM Q3’24 - Second Highest Capital Markets (4) Net Revenues $2.6B Leading Investment #6 #6 (3) LTM Q3’24 - Record (2) (2) Banking Capabili
Slide 7: Epic Period of Growth
Epic Period of Growth Our Growth is the Product of a Consistent Long-Term Strategy (1)(2) Investment Banking, Capital Markets and Total Select Asset Management Net Revenues ($ Billions) $5.9B +$2.7B $3.2B +82% 7 See pages 65-79 at the back of this presentation for endnotes.
Slide 8: By The Numbers: Jefferies Growth Since 2019
By The Numbers: Jefferies Growth Since 2019 NET REVENUES NET EARNINGS DIVIDEND PER SHARE +35% +61% +180% $6.3B $563M $1.40 (4) 2019 : 2019: $3.9B 2019: $0.50 LTM Q3’24 LTM Q3’24 $418M Annualized Q3’24 INVESTMENT BANKING CAPITAL MARKETS COUNTRIES OFFICES (1) (1) Net Revenues Net Revenues +85% +76% +6
Slide 9: Growth Outpacing the Market
Growth Outpacing the Market (4)(5) (4) (4) Core Investment Banking Net Revenues Equities Net Revenues Fixed Income Net Revenues (LTM vs. 2019) (LTM vs. 2019) (LTM vs. 2019) (1) (2) (3) (1) (2) (3) (1) (2) (3) Jefferies Peer Avg. Total Market Jefferies Peer Avg. Total Market Jefferies Peer Avg. Total
Slide 10: Improved Market Position
Improved Market Position Solidifying Our Market Share Across Core Products (3) (4) Core Investment Banking Market Share Cash Equities Market Share (LTM vs. 2019) (1H’24 vs. 2019) (1) (2) Jefferies Peer Avg +250bps +240bps +190bps +516bps +140bps Global Ex. China U.S. Pan Europe Asia Ex. China +260bp
Slide 11: Accelerating Our Momentum
Accelerating Our Momentum Positioned for another step-change… Peer Leading oday we are… Market Share Growth $563M In we were…. (2) Net Earnings $418M Increased Breadth & (7) Net Earnings Depth of Coverage 10% (3) Adjusted ROTE 5.9% (3) Adjusted ROTE Top 5 #6 (5) Global Subdued Market M&A & ECM #8 Se
Slide 12: Potential Market Growth
Potential Market Growth (2) Global Market Fee Pools - M&A, ECM, LevFin S&P 500 (1) MARKET CAP $51 ($ Trillions) $40 $40 $36 $31 $27 $24 $23 $106 $20 $19 $19 $17 $13 $13 $13 $12 $12 $11 $11 $11 $10 $10 $10 $9 $8 JEF (2)(3) RANK 6 $69 $66 $65 $64 $51 $63 $63 (2)(3) $59 $58 $58 $58 $57 8 8 $55 $54 AVG
Slide 13: Our Opportunity
Our Opportunity Industry consolidation has Jefferies is more dynamic Addressable market been relentless and dramatic and capable than ever may grow substantially 13
Slide 14: Our Long-Term Growth Strategy Remains Consistent
Our Long-Term Growth Strategy Remains Consistent Innovative Leveraging Growing Market Recruit Best-in- Maintain Strong Solutions to Strategic Share Across Class Talent Capital Base and Serve our Partnerships Core Capabilities Risk Management Clients Driven Insightful High Touch We lead with Our stru
Slide 15: Financial Review
Financial t | Bay “TESEaBAERS Mie sMnBagee: ee Jefferies
Slide 16: Focused on Fundamentals
Focused on Fundamentals Executing Our Growth Strategy Creating & Delivering Shareholder Value Leveraging Our Strong Revenue Growth to Improve Building On Our Track Key Performance Metrics Record of Returning Capital to Shareholders Strong Capital Base Disciplined Expense & Risk Management Management
Slide 17: Executing Our Growth Strategy
Executing Our Growth Strategy Net Revenues $5.1B YTD Q3’24 $6.3B LTM Q3’24 p+45% vs. PY p+61% vs. 2019 Net Earnings $492M YTD Q3’24 $563M LTM Q3’24 p+156% vs. PY p+35% vs. 2019 (1) Adjusted ROTE 10% YTD Q3’24 10% YTD Q3’24 p+640bps vs. PY p+410bps vs. 2019 17 See pages 65-79 at the back of this pres
Slide 18: Returning Capital to Shareholders at Every Opportunity
Returning Capital to Shareholders at Every Opportunity $6.3B of Capital Returned to Shareholders since 2017 ✓ $3.8B of Buybacks since 2017 with an average of +$500M/year; $1,148M $510M $815M $269M $860M $169M $44M 159M shares at an average price of $24.03 (1) ✓ Dividend Increases in 6 of 7 Years $0.
Slide 19: Disciplined Expense Management
Disciplined Expense Management Focused Investment to Support Growth Over the Last 5 Years Non-Compensation Expenses as a Percentage of Net Revenues (1) ❖ Non-Comp Ratio has declined by 1,100bps since 2019 ❖ During this same period our peers, on average, have (2) seen this ratio grow by +250bps since
Slide 20: Equity Base Aligned With Core Businesses
Equity Base Aligned With Core Businesses (1) Wind-down of Non-Core Investments … …Contributing to a More Focused Equity Base (1) Non-Core Investments otal Shareholders’ Equity ($ Billions) (% of Total) HomeFed Core Book Value Other Investments $10.1 $10.0 $2.6 7% -19% $0.3 26% -73% 93% 74% $0.7 $0.5
Slide 21: Strong Capital Base
Strong Capital Base Revenue Growth Without Compromising Capital & Risk Management Discipline Level 3 Assets Owned as a % of Total Financial Instruments Owned 4.2% 3.8% 3.3% 3.2% 3.1% 2.9% Avg: 3.4% 7.7x 7.3x Avg: 6.6x 6.3x 6.3x 6.2x 5.9x 2019 2020 2021 2022 2023 Q3'24 21
Slide 22: Business Review
Business Review i] Lo 22] fs | Ft E i 1 SS om a “ ~/~ ge BY Pek. =a8, ee _ ge BABES? Jefferies
Slide 23: Business Review: Investment Banking
BUSINESS REVIEW Investment Banking
Slide 24: Investment Banking Net Revenues
Investment Banking Net Revenues +35% YOY Revenue Growth against 14% Lift in (2) Global Wallet Second Highest 12-Month Results Driven by material (1) Investment Banking Net Revenues Fee share accretion ($ Billions) $4.7 +82% Revenue Growth vs. 2019 against a flat wallet $3.1 $2.9 $2.6 $2.3 $1.7 2019
Slide 25: Fee Pool Contracted in 2022-2023; Recovery Apparent in 2024
Following All-Time High in 2021, Fee Pool Materially Contracted in 2022-2023 to Decade Trough; Recovery Apparent in 2024 (1) Global Market Fee Pools - M&A, ECM, LevFin ` Cycle DOWN UP DOWN RANGE BOUND UP DOWN UP CAGR -23% +30% +20% +36% -30% -26% 4% $106 JEF (1)(2) RANK $69 6 $66 $65 $64 $64 $63 $63
Slide 26: Growth in Fee Pools Lags Growth in Global Market Cap
Growth in Fee Pools Lags Growth in Global Market Cap; Upside Implied (1) (2) Fee Pool FTSE All-World Index ($ Billions) ($ Trillions) $100.5 $57.5 +1% +51% $57.2 $66.5 2019 LTM Q3'24 2019 Q3'24 26 See pages 65-79 at the back of this presentation for endnotes.
Slide 27: Invested During a Period of Market Dislocation
We Have Again Invested During a Period of Market Dislocation to Further Establish Ourselves as a Global Leader MD Headcount over the Past Five Years (1) +20 364 +45 +50 +35 +2 212 2019 2020 2022 2023 2024 TOTAL 2021 Key Statistics (2) otal Global Ds since… 150 Lateral Hires since 2020 New MD hires h
Slide 28: Aligned Investment with Areas of Greatest Opportunity
We Have Methodically Aligned Investment with the Areas of Greatest Opportunity (1) % of Global Wallet - ’ 31% 22% 16% 9% 9% 7% 6% IND TMT HC FIG CON ENG RGL % of Total Sector MD Hires 23% 23% 11% 26% 4% 7% 6% since 2020 28 See pages 65-79 at the back of this presentation for endnotes.
Slide 29: U.S. Remains Critically Important; Global Investment Targets
U.S. Remains Critically Important; Global Investment Targets Addressable Markets of Scale (1) % of Global Wallet - ’ The Americas = 61% 55% 25% 14% 4% 2% U.S. Canada LATAM EMEA APAC % of Total Lateral 44% 5% 1% 34% 16% (2) MD Hires Since 2020 29 See pages 65-79 at the back of this presentation for e
Slide 30: Investment in Talent Resulted in Continued Growth in Market Share
Investment in Talent has Resulted in Continued Growth in Market Share and Position LTM Global Rankings (1)(2) Advisory & ECM ($ Billions) LTM MULTIPLE 2019 MULTIPLE OF RANKING Δ RANK LTM REVENUE OF JEF REVENUE JEF REVENUE SINCE 2019 (2) t u 2.2x 4.1x 1 Goldman Sachs $5.0 (2) 2t u 2.0x 3.6x JP Morgan
Slide 31: Dealogic Global Market Share: Relative Performance
Dealogic Global Market Share: Relative Performance Evidences Consistent Strength Nine Months Ended August 31, 2024 Global Advisory, ECM & LevFin 10.2% 8.9% 6.0% 5.8% 4.2% 3.9% 3.6% 2.7% 2.6% 2.2% JPM GS BOFA MS CITI JEF BARC UBS CVP RBC 1.0% 0.4% 0.4% 0.2% 0.2% 0.1% VS. YTD 2023 -0.1% -0.2% -0.6% -0
Slide 32: Top Rank in Each of Our Key Products
We Have Taken Market Share and Now Rank in the Top 8 in (1)(2) Each of our Key Products Jefferies Global Leveraged Finance Jefferies Global M&A Market Share Jefferies Global ECM Market Share Single B Market Share 4.4% 3.4% 4.0% 4.0% 3.3% 3.1% 3.5% 3.3% 2.4% 2.8% 2.2% 2.0% 1.6% 1.6% 0.8% 0.7% 0.7% 0.
Slide 33: Global Leader in M&A in Each of Our Key Markets
We are Increasingly Establishing Ourselves as a Global Leader in M&A in (1)(2) Each of our Key Markets U.S. (53% of Total) EMEA (30% of Total) APAC - EX CHINA & JAPAN (6% of Total) 5.6% 2.9% 2.7% 4.6% 2.4% 1.9% 3.5% 3.0% 2.8% 1.5% 1.2% 1.6% 0.6% 0.6% 0.3% 0.0% 0.2% 0.2% 0.1% 0.0% 0.0% FY00 FY05 FY10
Slide 34: Leader in ECM in Every Region Globally
(1)(2) We are Establishing Ourselves as a Leader in ECM in Every Region Globally U.S. (46% of Total) EMEA (17% of Total) APAC - EX CHINA and JAPAN (11% of Total) 6.0% 5.4% 3.7% 4.7% 4.2% 3.5% 3.4% 3.0% 1.8% 2.3% 1.3% 1.3% 0.4% 0.3% 0.2% 0.1% 0.2% 0.1% 0.0% 0.1% 0.0% FY00 FY05 FY10 FY15 FY20 FY23 YTD
Slide 35: We Serve Global Franchise Clients on Their Most Important Transactions
We Serve Global Franchise Clients on Their Most Important Transactions Energy February 2024 Technology April 2024 Industrials March 2024 Consumer August 2024 Industrials October 2024 Pending M&A £4,254,000,000 $3,737,000,000 $3,600,000,000 $26,000,000,000 $18,250,000,000 Merger with Sale to Sale to
Slide 36: We Win by Growing and Attracting Great Talent
We Win by Growing and Attracting Great Talent at Jefferies Our Culture Our Global Footprint Our Underwriting and Capital Market Expertise We are flat, we are partners, We are able to deliver multi-billion With scaled teams across 21 and our firm is built to help countries, we have deep dollar financ
Slide 37: Business Review: Equities
BUSINESS REVIEW Equities Jefferies
Slide 38: Record Net Revenues
Record Net Revenues 8 % ’ growth vs. 2019 outpaced the peer average On pace to achieve record annual results (2) of 59% (1) Equities Net Revenues ($ Billions) Three of our four best quarters have been recorded in 2024 $1.4 $1.3 $1.1 $1.1 $1.1 $0.8 2019 2020 2021 2022 2023 LTM Q 3'2’ 4 38 See pages 6
Slide 39: Record Cash Equities Market Share
Record Cash Equities Market Share We have consistently grown revenue and improved market share across regions and products. Select Rankings US Electronic (4) Trading (1) (2) Regional Market Share Product Market Share #1 Global (5) Convertibles (3) Top 3 Share Gainer (3) 4.8% Top 3 Share Gainer 5.1%
Slide 40: Commitment to Research
Commitment to Research GLOBAL AMERICAS EMEA ASIA PACIFIC #5 in US Institutional Investor #6 in Europe Institutional Investor #3 in Asiamoney ~3,700 Stocks Under Coverage Most Improved Firm (2022 & 2023) Most Improved Firm (2023 & 2024) For the third straight year (1) #1 in Global Stock Coverage (1)
Slide 41: Three Pillars to Drive Strategic Growth: Growing and Globalizing
Three Pillars to Drive Strategic Growth Growing and Globalizing Existing Businesses (1) India Cash Grow Existing Businesses and Continue Globalizing the Franchise, while Deepening and 1 6.6% #8 Broadening our Client Footprint Our market-leading team has Market Share Ranking delivered material growth
Slide 42: Three Pillars: Expanding our Addressable Market
Three Pillars to Drive Strategic Growth Expanding our Addressable Market (1) Expanded TAM Grow Existing Businesses and Continue ~$50 - 60bn Globalizing the Franchise, while Deepening and Prime Services 1 Broadening our Client Footprint Enhanced Product Offering Significant Swaps Balance Growth Deriv
Slide 43: Three Pillars: Market Share and Revenue Momentum
Three Pillars to Drive Strategic Growth Market Share and Revenue Momentum (1)(2) Grow Existing Businesses and Continue Global Cash Market Share Globalizing the Franchise, while Deepening and 1 Our market share gains since 2019 represent ~$400M of commission growth Broadening our Client Footprint 202
Slide 44: Business Review: Fixed Income
BUSINESS REVIEW Fixed Income
Slide 45: Fixed Income Net Revenues
Fixed Income Net Revenues 67% ’ Second Highest 12-Month Results growth vs. 2019 outpaced the peer average of (1) Fixed Income Net Revenues (2) 35% ($ Billions) $1.34 $1.14 $1.09 $0.98 $0.80 $0.68 2019 2020 2021 2022 2023 LTM Q 3'2’ 4 45 See pages 65-79 at the back of this presentation for endnotes.
Slide 46: Consistency of Performance
Consistency of Performance (1) Fixed Income Net Revenues ($ Millions) $1,136 $1,055 Record Best $1,341 in 2020 $628 2016-2019 2020-2023 LTM Q3'24 Average Average 46 See pages 65-79 at the back of this presentation for endnotes.
Slide 47: Consistency of Performance
Consistency of Performance (1) Fixed Income Net Revenues ($ Millions) $1,136 $1,055 Record Best $1,341 in 2020 $628 EMEA 2016-2019 2020-2023 LTM Q3'24 Average Average 47 See pages 65-79 at the back of this presentation for endnotes.
Slide 48: Consistency of Strategy Leading to Consistency of Performance
Consistency of Strategy Leading to Consistency of Performance Origination Commitment to Culture of Idea-driven and businesses that long term, collaboration solutions-oriented are synergistic sustainable client across our global approach with Investment partnerships businesses Banking (1) Net Positiv
Slide 49: Ongoing Commitment to Being Partner of Choice
Ongoing Commitment to Being “Partner of Choice” Deepening Client Relationships Market Penetration (1) Top 100 Global Fixed Income Clients Top 3 Dealer Relationships 2023 Client Revenues á 2.4x vs. 2019 U.S. EM Credit Top 3 U.S. Distressed Top 5 U.S. High Yield Bonds U.S. Par Loans E.U. EM Credit Top
Slide 50: Idea-Driven & Solutions-Oriented Approach
Idea-Driven & Solutions-Oriented Approach Best-in-Class Service Focus on Quality Share vs. Market Share ~65 (1) (2) Overall Service Quality Best at Providing Trade Ideas Dedicated Desk Strategists and Economists covering over 120 unique 2015 2019 2023 2023 sectors and countries globally th nd st st
Slide 51: Broad Synergies with Investment Banking
Broad Synergies with Investment Banking (1) Trade Volume á 2.7x U.S. High Yield #5 6.9% since 2019 Ranking Market Share (2) Global CLO +7 spots +352bps since 2019 since 2019 á 1.7x U.S. Loans since 2019 (1) 28 $7.8B Distribution Volume # of Deals Notional (3) US ABS +17 deals +$6.1 billion á 3.3x Mu
Slide 52: Strong Collaboration Across Our Global Businesses
Strong Collaboration Across Our Global Businesses Growth in International Fixed International Fixed Income Client Expanding Our Income Sales, Trading and Strategy Revenues since 2019 á 41%á 2.4x professionals across ~15 office Global Footprint locations around the globe since 2019 (1) Dealer in High
Slide 53: Our Competitive Edge
Our Competitive Edge “Partner of Choice” Exceptional Talent for clients Realize higher Flat Structure quality share Durability of Culture of Discipline revenues 53
Slide 54: Business Review: Asset Management
BUSINESS REVIEW Asset Management
Slide 55: Leucadia Asset Management – Overview
Leucadia Asset Management – Overview Our alternative asset management platform offers an innovative range of investment strategies to predominantly institutional clients through directly owned and affiliated managers • Platform constructed to achieve an efficient use of capital • We are committed to
Slide 56: Strategy in Action
Strategy in Action • Growth in fee participation “acquired” via Limited Partner investments has yielded positive results despite volatile markets • In the last twelve months, achieved management fees of $56 million, built through provision of strategic seed and acceleration capital Since 2019, Jeffe
Slide 57: Fee Growth
Fee Growth • Long term goal is stability and growth of fee revenue, as evidenced by increased management fee revenue • In the last twelve months, $59 million of the $108 million total fees are from revenue share participation, which are associated with low direct costs +333% $108 +140% +3130% $56 $5
Slide 58: Performance Profile
Performance Profile (1) CS MULTI-STRAT Total Select Asset Management Revenue LAM (2019 vs LTM Q3’24) HEDGE FUND INDEX $ Millions (9 month) YTD Aug’24 5.1% 5.9% LTM Q3’24 9.3% 6.8% $381 3-Year Total Return 31.9% 18.0% Total Investment Return $282 $283 (2019 vs LTM Q3’24) $ Millions $248 $246 $260 $25
Slide 59: Capital Efficiency
Capital Efficiency • We look to recycle capital to support new strategies • Optimizing stable cash utilization, while broadening diversification, mitigates risk dependency on investment return (1) Recycled Capital (2019 to Q3’24) $ Billions 59 See pages 65-79 at the back of this presentation for end
Slide 60: Capital Raising Update
Capital Raising Update (1) • Global Marketing & Investor Relations team includes 26 professionals (~2x from 2019) Aggregate NAV-Equivalent AUM (2019 vs Q3’24) $25 $ Billions • LAM Team has raised ~$1.7B in ’ despite a challenging capital raising environment • Significant commitments into Point Bonit
Slide 61: Our Platforms and Strategies
Our Platforms and Strategies (1) ($ Billions) Strategy AUM Invested Description (2) Multi $2.2 2020 Asia-focused multi-manager platform investing across equities, credit, fixed income/rates, and FX (2) Equities $1.9 2019 Market-neutral equity platform focused on fundamental and tactical strategies g
Slide 62: Opportunities Ahead
Opportunities Ahead
Slide 63: Opportunities Ahead
Opportunities Ahead • Reversion to “Normal” • Investment Banking Market Development • Expanding via New Capabilities Growth in Addressable Markets • Enhanced Capabilities Driving Growth In Our Market Position • Breadth & Intensity of Coverage • Truly Global Differentiated in Brand and Execution • Le
Slide 64: Appendix
Appendix
Slide 65: Endnotes
Endnotes These notes refer to page 6 (1) As of 8/31/24, excluding Tessellis and Stratos (2) Source: Dealogic YTD as of 8/31/2024 (3) Since 2019 (4) Revenues are presented net of allocations of interest income and interest expense. During the third quarter ended August 31, 2023, we refined our alloca
Slide 66: Endnotes
Endnotes These notes refer to page 9 (1) Jefferies data reflects LTM Q3’24 results (2) Source: Peer data is based on LTM Q3’24 results compiled by Jefferies and derived from publicly available company filings, including Form 10-Qs and 10-Ks, earnings releases and supplements. Peers include Bank of A
Slide 67: Endnotes
Endnotes These notes refer to page 11 (1) Net Revenues includes the sum of Total Investment Banking + Total Capital Markets + Total Select Asset Management. (Total Select Asset Management is a non-GAAP measure. See Appendix for Non-GAAP reconciliation.) (2) For the period ended LTM Q3’24 (3) YTD Q3’
Slide 68: Endnotes
Endnotes These notes refer to page 19 (1) Non-Comp Ratio = Non-Compensation Expenses/Net Revenues (2) Source: Peer data is based on LTM Q3’24 results compiled by Jefferies and derived from publicly available company filings, including Form 10-Qs and 10-Ks, earnings releases and supplements. Peers in
Slide 69: Endnotes
Endnotes These notes refer to page 27 (1) Headcount as of 8/29/24 (2) Lateral hires include sector, product and regional MDs. Open lateral roles excluded (3) MD hires with less than 3 years reflects hires and promotions from September 1, 2021 through all known activity through November 30, 2024 Thes
Slide 70: Endnotes
Endnotes These notes refer to page 33 (1) Source: Dealogic. YTD as of 8/31/24 (2) Regions do not sum to global total due to exclusion of Canada, LATAM, Caribbeans, China and Japan These notes refer to page 34 (1) Source: Dealogic. YTD as of 8/31/24 (2) Regions do not sum to global total due to exclu
Slide 71: Endnotes
Endnotes These notes refer to page 40 (1) Source: Starmine Stock coverage ranks These notes refer to page 41 (1) India Cash market share and rank represents 1H24, sourced from a third-party market survey (2) Continental Europe Client market share and rank represents 1H24, sourced from a third-party
Slide 72: Endnotes
Endnotes These notes refer to page 46 (1) Revenues are presented net of allocations of interest income and interest expense. During the third quarter ended August 31, 2023, we refined our allocated net interest methodology to better reflect net interest expense across our business units based on use
Slide 73: Endnotes
Endnotes These notes refer to page 51 (1) Internal metrics based on notional trade volume for High Yield and Loans and notional distribution volume for Municipal New Issue. 2024 YTD Annualized as of 8/31/2024 (2) Source: Bloomberg Global CLO Rank and Market Share by deal count. YTD as of 8/31/2024 (
Slide 74: Endnotes
Endnotes These notes refer to page 60 (1) AUM includes aggregate NAV and NAV-equivalent assets under management held by us and our affiliated asset managers as of each period end These notes refer to page 61 (1) AUM includes aggregate NAV and NAV-equivalent assets under management held by us and our
Slide 75: Reconciliation of Adjusted Net Earnings
Reconciliation of Adjusted Net Earnings (non-GAAP financial measure) ($ Thousands) 2019 Net Earnings (GAAP) $962,563 Tax Benefit associated with sale of our Available for Sale (544,583) (1) Portfolio Adjusted Net Earnings (non-GAAP) $417,980 Note: The above table reconciles certain Jefferies Financi
Slide 76: Reconciliation of Annualized Return on Adjusted Tangible Shareholders' Equity
Reconciliation of Annualized return on adjusted tangible shareholders’ equity (non-GAAP financial measure) ($ Thousands) Fiscal Year Ended Nine Months Ended Nine Months Ended 2019 August 31, 2023 August 31, 2024 Net earnings attributable to common shareholders (GAAP) $959,593 $197,433 $462,719 Intan
Slide 77: Reconciliation of Core Investment Banking Revenues
Reconciliation of Core Investment Banking Revenues (non-GAAP financial measure) ($ Billions) (2) 2019 LTM 8/31/2024 Total Investment Banking Revenues (GAAP) $1.7 $3.1 (3) (3) Other Investment Banking Revenues $0.1 $0.2 (1) (4) Core Investment Banking Revenues (non GAAP) $1.5 $2.9 Note: The above tab
Slide 78: Reconciliation of Tangible Assets, Tangible Equity and Tangible Gross Leverage Ratio
Reconciliation of Tangible Assets, Tangible Equity and Tangible Gross Leverage Ratio (non-GAAP financial measures) ($ Billions except Leverage Ratio) As Of 2019 2020 2021 2022 2023 8/31/2024 Total Assets (GAAP) $49.5 $49.8 $56.1 $51.1 $57.9 $63.3 Less: Intangible assets, net and goodwill 1.9 1.9 1.9
Slide 79: Reconciliation of Total Select Asset Management Revenues
Reconciliation of Total Select Asset Management Revenues (non-GAAP financial measure) ($ Millions) 2019 2020 2021 2022 2023 LTM 8/31/2024 Asset management fees and revenues (GAAP) $25 $27 $121 $89 $94 $108 Investment return (GAAP) $102 $256 $260 $157 $154 $173 Total Select Asset Management Revenues
Slide 80: Jefferies
Jefferies
Jefferies Financial Group — Investor Day (October 2024) on 6ix