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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, 2022
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 001-5721
JEFFERIES FINANCIAL GROUP INC.
(Exact name of registrant as specified in its Charter)
New York13-2615557
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
520 Madison AvenueNew York,New York10022
(Address of principal executive offices)(Zip Code)
(212) 460-1900
(Registrant's telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)
______________________
Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)

Name of each exchange on which registered
 Common Shares, par value $1 per shareJEFNew York Stock Exchange
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, a 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. (Check one):
Large accelerated filerAccelerated 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 number of shares outstanding of each of the issuer's classes of common stock at September 29, 2022 was 228,990,088.
1


Jefferies Financial Group Inc. and Subsidiaries
Index to Quarterly Report on Form 10-Q
August 31, 2022
PART I. FINANCIAL INFORMATION
Page
PART II. OTHER INFORMATION
2

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES
Consolidated Statements of Financial Condition
August 31, 2022 and November 30, 2021
(Dollars in thousands, except par value)
(Unaudited)
 August 31,
2022
November 30, 2021
ASSETS
Cash and cash equivalents$9,477,540 $10,755,133 
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations
984,252 1,015,107 
Financial instruments owned, at fair value (including securities pledged of $13,724,325 and $12,723,502)
20,249,284 19,828,670 
Loans to and investments in associated companies1,753,323 1,745,790 
Securities borrowed6,607,954 6,409,420 
Securities purchased under agreements to resell4,107,389 7,642,484 
Securities received as collateral, at fair value149,586 7,289 
Receivables6,698,626 7,839,240 
Property, equipment and leasehold improvements, net912,842 911,230 
Intangible assets, net and goodwill1,874,435 1,897,500 
Other assets2,414,580 2,352,247 
Total assets (1)$55,229,811 $60,404,110 
LIABILITIES  
Short-term borrowings$564,239 $221,863 
Financial instruments sold, not yet purchased, at fair value11,548,070 11,699,467 
Securities loaned1,315,409 1,525,721 
Securities sold under agreements to repurchase7,564,342 8,446,099 
Other secured financings2,154,491 4,487,224 
Obligation to return securities received as collateral, at fair value149,586 7,289 
Lease liabilities542,028 548,295 
Payables, expense accruals and other liabilities12,257,426 13,612,367 
Long-term debt8,635,466 9,125,745 
Total liabilities (1)44,731,057 49,674,070 
Commitments and contingencies
MEZZANINE EQUITY  
Redeemable noncontrolling interests13,378 25,400 
Mandatorily redeemable convertible preferred shares125,000 125,000 
EQUITY  
Common shares, par value $1 per share, authorized 600,000,000 shares; 228,807,229 and 243,541,431 shares issued and outstanding, after deducting 87,656,479 and 72,922,277 shares held in treasury
228,807 243,541 
Additional paid-in capital2,063,460 2,742,244 
Accumulated other comprehensive income (loss)(350,370)(372,143)
Retained earnings8,350,634 7,940,113 
Total Jefferies Financial Group Inc. shareholders' equity10,292,531 10,553,755 
Noncontrolling interests (1)67,845 25,885 
Total equity10,360,376 10,579,640 
Total$55,229,811 $60,404,110 
(1)    Total assets include assets related to variable interest entities of $951.0 million and $1.05 billion at August 31, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $2.19 billion and $4.64 billion at August 31, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $34.6 million at August 31, 2022. See Note 7 for additional information related to variable interest entities.

See notes to interim consolidated financial statements.
3

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES
Consolidated Statements of Operations
For the periods ended August 31, 2022 and 2021
(In thousands, except per share amounts)
(Unaudited)
For the Three Months Ended August 31,For the Nine Months Ended August 31,
 2022202120222021
Revenues:
Commissions and other fees$221,397 $214,363 $705,419 $673,756 
Principal transactions200,889 232,110 654,633 1,513,034 
Investment banking709,334 1,180,620 2,255,241 3,184,932 
Interest income318,216 220,278 776,896 691,223 
Other387,091 293,223 1,005,685 947,566 
Total revenues
1,836,927 2,140,594 5,397,874 7,010,511 
Interest expense of Jefferies Group312,037 201,610 771,987 634,078 
Net revenues
1,524,890 1,938,984 4,625,887 6,376,433 
Expenses:    
Cost of sales123,436 151,510 349,556 390,916 
Compensation and benefits558,462 802,243 1,926,623 2,806,028