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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 February 28, 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 1-5721
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 March 31, 2022 was 239,505,138.
1


Jefferies Financial Group Inc. and Subsidiaries
Index to Quarterly Report on Form 10-Q
February 28, 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
February 28, 2022 and November 30, 2021
(Dollars in thousands, except par value)
(Unaudited)
 February 28,
2022
November 30, 2021
ASSETS
Cash and cash equivalents$8,500,782 $10,755,133 
Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations
838,092 1,015,107 
Financial instruments owned, at fair value (including securities pledged of $14,308,758 and $12,723,502)
21,632,936 19,828,670 
Loans to and investments in associated companies1,803,397 1,745,790 
Securities borrowed7,110,757 6,409,420 
Securities purchased under agreements to resell6,557,213 7,642,484 
Securities received as collateral, at fair value973 7,289 
Receivables8,275,377 7,839,240 
Property, equipment and leasehold improvements, net909,565 911,230 
Intangible assets, net and goodwill1,894,721 1,897,500 
Other assets2,512,638 2,352,247 
Total assets (1)$60,036,451 $60,404,110 
LIABILITIES  
Short-term borrowings$467,853 $221,863 
Financial instruments sold, not yet purchased, at fair value14,713,872 11,699,467 
Securities loaned1,808,896 1,525,721 
Securities sold under agreements to repurchase8,933,643 8,446,099 
Other secured financings3,553,232 4,487,224 
Obligation to return securities received as collateral, at fair value973 7,289 
Lease liabilities543,090 548,295 
Payables, expense accruals and other liabilities10,430,914 13,612,367 
Long-term debt8,896,032 9,125,745 
Total liabilities (1)49,348,505 49,674,070 
Commitments and contingencies
MEZZANINE EQUITY  
Redeemable noncontrolling interests14,027 25,400 
Mandatorily redeemable convertible preferred shares125,000 125,000 
EQUITY  
Common shares, par value $1 per share, authorized 600,000,000 shares; 240,168,818 and 243,541,431 shares issued and outstanding, after deducting 76,294,890 and 72,922,277 shares held in treasury
240,169 243,541 
Additional paid-in capital2,390,787 2,742,244 
Accumulated other comprehensive income (loss)(330,308)(372,143)
Retained earnings8,189,652 7,940,113 
Total Jefferies Financial Group Inc. shareholders' equity10,490,300 10,553,755 
Noncontrolling interests (1)58,619 25,885 
Total equity10,548,919 10,579,640 
Total$60,036,451 $60,404,110 
(1)    Total assets include assets related to variable interest entities of $1.27 billion and $1.05 billion at February 28, 2022 and November 30, 2021, respectively, Total liabilities include liabilities related to variable interest entities of $3.68 billion and $4.64 billion at February 28, 2022 and November 30, 2021, respectively, and Noncontrolling interests include noncontrolling interests related to variable interest entities of $32.5 million at February 28, 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 February 28, 2022 and 2021
(In thousands, except per share amounts)
(Unaudited)
For the Three Months Ended February 28,
 20222021
Revenues:
Commissions and other fees$229,316 $236,769 
Principal transactions249,155 919,901 
Investment banking945,048 1,003,612 
Interest income213,981 240,497 
Other305,300 302,809 
Total revenues
1,942,800 2,703,588 
Interest expense of Jefferies Group210,885 216,646 
Net revenues
1,731,915 2,486,942 
Expenses:  
Cost of sales95,671 95,559 
Compensation and benefits789,684 1,172,543 
Non-compensation expenses:
Floor brokerage and clearing fees83,961 76,416 
Selling, general and other expenses285,257 271,937 
Interest expense9,088 20,367 
Depreciation and amortization45,937 38,767 
Total non-compensation expenses424,243 407,487 
Total expenses
1,309,598 1,675,589 
Income before income taxes and loss related to associated companies422,317 811,353 
Loss related to associated companies(29,985)(10,568)
Income before income taxes
392,332 800,785 
Income tax provision64,357 218,236 
Net income327,975 582,549 
Net loss attributable to the noncontrolling interests969 743 
Net loss attributable to the redeemable noncontrolling interests573 769 
Preferred stock dividends(2,070)(1,626)
Net income attributable to Jefferies Financial Group Inc. common shareholders
$327,447 $582,435 
Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income$1.26 $2.17 
Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders:
Net income$1.23 $2.13 





See notes to interim consolidated financial statements.
4

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Loss)
For the periods ended February 28, 2022 and 2021
(In thousands)
(Unaudited)

For the Three Months Ended February 28,
20222021
Net income$327,975 $582,549 
Other comprehensive income (loss):  
Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $(56) and $(19)
(173)(60)
Less: reclassification adjustment for net (gains) losses included in net income, net of income tax provision (benefit) of $0 and $0
  
Net change in unrealized holding gains (losses) on investments, net of income tax provision (benefit) of $(56) and $(19)
(173)(60)
Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $(185) and $3,253
(16)11,083 
Less: reclassification adjustment for foreign exchange (gains) losses included in net income, net of income tax provision (benefit) of $0 and $0
  
Net change in unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $(185) and $3,253
(16)11,083 
Net unrealized gains (losses) on instrument-specific credit risk arising during the period, net of income tax provision (benefit) of $13,226 and $(22,182)
41,412 (69,214)
Less: reclassification adjustment for instrument-specific credit risk (gains) losses included in net income, net of income tax provision (benefit) of $(7) and $71
22 (222)
Net change in unrealized instrument-specific credit risk gains (losses), net of income tax provision (benefit) of $13,233 and $(22,253)
41,434 (69,436)
Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $0 and $0
  
Reclassification adjustment for pension (gains) losses included in net income, net of income tax provision (benefit) of $(208) and $(261)
590 786 
Net change in pension liability, net of income tax provision (benefit) of $208 and $261
590 786 
Other comprehensive income (loss), net of income taxes
41,835 (57,627)
Comprehensive income 369,810 524,922 
Comprehensive loss attributable to the noncontrolling interests969 743 
Comprehensive loss attributable to the redeemable noncontrolling interests573 769 
Preferred stock dividends(2,070)(1,626)
Comprehensive income attributable to Jefferies Financial Group Inc. common shareholders
$369,282 $524,808 














See notes to interim consolidated financial statements.
5

JEFFERIES FINANCIAL GROUP INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the three months ended February 28, 2022 and 2021
(In thousands)
(Unaudited)

For the Three Months Ended February 28,
 20222021
Net cash flows from operating activities:
Net income $327,975 $582,549 
Adjustments to reconcile net income to net cash used for operations:  
Deferred income tax provision (benefit)(67,271)9,149 
Depreciation and amortization 47,404 42,333 
Share-based compensation9,746 20,678 
Provision for doubtful accounts9,001 3,267 
Income related to associated companies(28,033)(77,338)
Distributions from associated companies9,496 19,345 
Net change in:
Securities deposited with clearing and depository organizations
 (84,307)
Financial instruments owned, at fair value
(1,725,630)(957,696)
Securities borrowed
(701,961)(211,177)
Securities purchased under agreements to resell
1,084,266 (1,576,329)
Receivables from brokers, dealers and clearing organizations
(199,295)(581,609)
Receivables from customers of securities operations
(280,577)(575,823)
Other receivables
45,477 (101,570)
Other assets
(146,140)(45,883)
Financial instruments sold, not yet purchased, at fair value
3,016,048 2,339,208 
Securities loaned
283,598 704,075 
Securities sold under agreements to repurchase
488,456 (1,114,857)
Payables to brokers, dealers and clearing organizations
(1,179,607)768,358 
Payables to customers of securities operations
(440,484)(161,557)
Lease liabilities(21,399)(12,811)
Trade payables, expense accruals and other liabilities(1,601,209)(387,334)
Other(145,189)(96,609)
Net cash used for operating activities (1,215,328)(1,495,938)
Net cash flows from investing activities:  
Acquisitions of property, equipment and leasehold improvements, and other assets(27,630)(24,243)
Advances on notes, loans and other receivables(134,852)(137,527)
Collections on notes, loans and other receivables99,306 74,573 
Loans to and investment