Jefferies Financial Group Inc (JEF) 2008 Q1 法說會逐字稿

Welcome to the Jefferies 2008 first-quarter financial results conference call. A question-and-answer period will follow management's prepared remarks. (OPERATOR INSTRUCTIONS). As a reminder, this conference call is being recorded.

歡迎參加傑富瑞 2008 年第一季度財務業績電話會議。管理層準備好的評論之後將有一個問答時間。（操作員說明）。提醒一下，正在錄製此電話會議。

A press release containing Jefferies' 2008 first-quarter financial results was distributed via Business Wire before the market opened today and can be accessed at Jefferies' website, www.jefferies.com.

包含 Jefferies 2008 年第一季度財務業績的新聞稿在今天開市前通過美國商業資訊發布，可在 Jefferies 的網站 www.jefferies.com 上訪問。

Some of the comments made in this conference call may include forward-looking statements. These forward-looking statements may contain statements about management's current expectations, strategic objectives, growth opportunities, business and prospects. These forward-looking statements are not statements of historical fact and represent only Jefferies' beliefs as to future performance. They usually include the words continue, will, believe, should or other similar expressions. Actual results can differ materially from views projected in these forward-looking statements.

本次電話會議中的一些評論可能包括前瞻性陳述。這些前瞻性陳述可能包含有關管理層當前預期、戰略目標、增長機會、業務和前景的陳述。這些前瞻性陳述不是對歷史事實的陳述，僅代表傑富瑞對未來業績的看法。它們通常包括單詞 continue、will、believe、should 或其他類似的表達方式。實際結果可能與這些前瞻性陳述中預測的觀點存在重大差異。

Please refer to Jefferies' Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 29, 2008, and Jefferies' Forms 10-Qs and 8-Ks for a discussion of important factors that can cause actual results to differ materially from those projected in these forward-looking statements.

請參閱 Jefferies 於 2008 年 2 月 29 日提交給證券交易委員會的 10-K 表格年度報告，以及 Jefferies 的 10-Qs 和 8-Ks 表格，了解可能導致實際結果出現重大差異的重要因素的討論來自這些前瞻性陳述中的預測。

I would now like to introduce your host for today's conference, Mr. Richard Handler, Chairman and CEO of Jefferies. Mr. Handler, you may begin your conference.

我現在想介紹一下今天會議的主持人，先生。傑富瑞董事長兼首席執行官理查德漢德勒。先生。Handler，你可以開始你的會議了。

Good morning and thanks for joining our discussion of today's announcements. I am Rich Handler, Chairman and CEO of Jefferies, and with me on the call today are Brian Friedman, Chairman of our Executive Committee, and Peg Broadbent, our Chief Financial Officer.

早上好，感謝您加入我們對今天公告的討論。我是 Jefferies 的董事長兼首席執行官 Rich Handler，今天與我通話的還有我們的執行委員會主席 Brian Friedman 和我們的首席財務官 Peg Broadbent。

Obviously, this morning was significant for us in terms of news. We're very pleased with the financing we announced where we raised $434 million in equity and expanded and cemented our longstanding strategic relationship with Leucadia National. We have been partners in our High Yield business with Leucadia and their incredible management team for eight years, and we deeply respect their leaders as two of the most talented investors of our generation.

顯然，就新聞而言，今天早上對我們來說意義重大。我們對宣布的融資感到非常高興，我們籌集了 4.34 億美元的股權，並擴大並鞏固了我們與 Leucadia National 的長期戰略關係。八年來，我們一直是 Leucadia 及其出色的管理團隊的高收益業務合作夥伴，我們非常尊重他們的領導人，因為他們是我們這一代最有才華的兩位投資者。

Over the course of the past several years, we have assembled a balance sheet that others can only hope to replicate. We have raised long-term attractively priced debt, we have issued long-dated preferred stock, and we have avoided the pitfalls of subprime, CDOs and hung bridge financings.

在過去幾年的過程中，我們編制了一份其他人只能希望復制的資產負債表。我們籌集了價格具有吸引力的長期債務，我們發行了長期優先股，我們避免了次級債、CDO 和懸橋融資的陷阱。

We opened for business this morning with no bank borrowings outstanding, zero, and with strategic partners in a variety of our businesses to help us minimize our own risk. And perhaps more importantly, we have solid core operating businesses.

我們今天早上開業，沒有未償還的銀行借款，零，並與我們各種業務的戰略合作夥伴一起幫助我們最大限度地降低自己的風險。也許更重要的是，我們擁有穩固的核心運營業務。

So why did we just raise $434 million more of equity dollars? The first quarter of 2008 was the most brutal environment we have ever seen. The liquidity crisis and panic that has spread around the globe has devastated financial institutions everywhere.

那麼，為什麼我們只籌集了 4.34 億美元的股權呢？2008 年第一季度是我們所見過的最殘酷的環境。席捲全球的流動性危機和恐慌已經摧毀了各地的金融機構。

While we will shortly discuss our poor first-quarter results, it is important to note one simple fact. For the nine-month period of financial panic that resulted in hundreds of billions in losses around our industry, the nine-month cumulative net loss for Jefferies was only $46 million. Our shareholders' equity at the peak of our operating history on June 30, 2007, was $1.79 billion, and today, nine months of crises and panic later, it is $1.73 billion, down 3%.

雖然我們將很快討論我們糟糕的第一季度業績，但重要的是要注意一個簡單的事實。在導致整個行業損失數千億美元的金融恐慌的九個月期間，傑富瑞的九個月累計淨虧損僅為 4600 萬美元。我們的股東權益在 2007 年 6 月 30 日的經營歷史高峰期為 17.9 億美元，而在經歷了九個月的危機和恐慌之後的今天，為 17.3 億美元，下降了 3%。

This is before today's financing, which increases our shareholders' equity to $2.16 billion, or an increase in book value from $13.03 to $13.58 per share. Put another way, we just raised nearly 10 times the amount of shareholders' equity that we lost in the entire financial panic.

這是在今天的融資之前，這使我們的股東權益增加到 21.6 億美元，或賬面價值從每股 13.03 美元增加到 13.58 美元。換句話說，我們剛剛籌集了近 10 倍於我們在整個金融恐慌中損失的股東權益。

Our stock price is down, like everyone else's, but it is clear that our foundation is rock-solid. We believe the combination of the current environment, the changing competitive landscape and the robust nature of our unique platform more than ever provides an ideal opportunity to build a great trading and investment banking firm.

我們的股票價格下跌，就像其他人一樣，但很明顯我們的基礎是堅如磐石的。我們相信，當前環境、不斷變化的競爭格局以及我們獨特平台的強大性質相結合，比以往任何時候都更能提供一個理想的機會來建立一家偉大的交易和投資銀行公司。

This equity raise draws a line in the sand identifying Jefferies as one of the best-positioned and conservatively capitalized financial services firms operating today. We are seeing numerous opportunities to enhance and expand our platform. And now that we have expanded our permanent capital base and have the ideal strategic partner, we are positioned to drive the evolution of our firm.

此次股權融資劃定了一條界限，將 Jefferies 確定為當今運營的最佳定位和保守資本的金融服務公司之一。我們看到了許多增強和擴展我們平台的機會。現在，我們已經擴大了我們的永久資本基礎並擁有了理想的戰略合作夥伴，我們已經準備好推動我們公司的發展。

Specifically, we believe this capital can help us in our delivering enhanced results as we look at opportunities in mortgages, which we will talk about shortly, as well as the ongoing expansion of our international business, particularly in sales and trading. In addition, these additional resources will enable us to continue to build our prime brokerage, our senior lending arm of Jefferies Finance, our commodities platform, as well as other opportunities that will come to us in the form of talented individuals and groups of individuals seeking growth and opportunity.

具體來說，我們相信這筆資金可以幫助我們在尋找抵押貸款的機會（我們將在稍後討論）以及我們國際業務的持續擴張（特別是在銷售和貿易方面）時，幫助我們實現更好的業績。此外，這些額外資源將使我們能夠繼續建立我們的大宗經紀業務、Jefferies Finance 的高級貸款部門、我們的商品平台，以及其他以有才華的個人和個人團體的形式尋求的機會成長和機會。

It should be noted that concurrent with the strategic investment by Leucadia, Jefferies, for our 18th career Leucadia investment banking transaction, is financing Leucadia via a 10 million share block transaction. Leucadia is registering these shares, and we cannot comment further at this time.

需要注意的是，與 Leucadia 進行戰略投資的同時，Jefferies 在我們職業生涯的第 18 筆 Leucadia 投資銀行交易中，正在通過 1000 萬股大宗交易為 Leucadia 融資。Leucadia 正在註冊這些股票，我們目前無法進一步評論。

In light of today's news, we have accelerated the release of our first-quarter results, which, as with most others in our industry, reflect a period we would like to forget. As a result of difficult market conditions and the virtual closure of the capital markets, we recorded a net loss for quarter one of $61 million.

鑑於今天的消息，我們加快了第一季度業績的發布，與我們行業中的大多數其他公司一樣，這反映了我們希望忘記的一段時期。由於困難的市場條件和資本市場的虛擬關閉，我們在第一季度錄得 6100 萬美元的淨虧損。

The main reasons for this loss were a quarterly loss in Jefferies High Yield Trading of $51 million, equal to negative 6% of invested equity; a loss of $34 million on our invested capital in Jefferies Asset Management hedge funds; and investment banking revenues of only $99 million.

造成這一損失的主要原因是傑富瑞高收益交易的季度虧損 5100 萬美元，相當於投資股本的負 6%；我們在 Jefferies Asset Management 對沖基金的投資損失了 3400 萬美元；投資銀行業務收入僅為 9900 萬美元。

Our equity and fixed income and commodity businesses were solid. Even though we lost in aggregate $46 million over these past nine months, while our industry has watched hundreds of billions of dollars evaporate, it has not been easy for Jefferies. Each of our businesses has felt a tangential pain as every asset class seems to be fairly correlated in times of panic.

我們的股票、固定收益和大宗商品業務穩健。儘管在過去九個月中我們總共損失了 4600 萬美元，而我們的行業目睹了數千億美元的蒸發，但對傑富瑞來說並不容易。我們的每一項業務都感受到了切向的痛苦，因為在恐慌時期，每種資產類別似乎都相當相關。

This is why, despite our conservative balance sheet, we've been taking actions to minimize losses and restore ourselves to profitability as soon as possible. These actions include a painful decision to reduce our staff, primarily in our investment bank in the United States; reducing our trading risk; and proactively reducing the capital in our U.S. hedge fund asset management business.

這就是為什麼儘管我們的資產負債表保守，但我們一直在採取行動以盡量減少損失並儘快恢復盈利。這些行動包括裁員的痛苦決定，主要是在我們在美國的投資銀行；降低我們的交易風險；並主動減少我們在美國的資本對沖基金資產管理業務。

We have reduced our headcount from 2566 at year end to 2357 today, down 8% net. Our VAR, which averaged $8.1 million in 2007, has averaged $4.8 million in the first 14 business days of the second quarter. As of March 31, 2008, we had reduced our firm capital invested in our U.S. hedge fund platform from a peak of $412 million in 2007 to $250 million at the end of the first quarter. In the next few weeks, the aggregate exposure will be down to only $150 million.

我們已將員工人數從年底的 2566 人減少到今天的 2357 人，淨減少 8%。我們的 VAR 在 2007 年平均為 810 萬美元，在第二季度的前 14 個工作日內平均為 480 萬美元。截至 2008 年 3 月 31 日，我們減少了在美國投資的公司資本。對沖基金平台從 2007 年的峰值 4.12 億美元增加到第一季度末的 2.5 億美元。在接下來的幾週內，總風險敞口將降至僅 1.5 億美元。

We are treating today as yet another new beginning for our firm. We have had many of these rebirths during my 18-year tenure at Jefferies. These past months were extremely challenging, but we are stronger as a firm for embracing it head-on and in doing our absolute best despite a brutal perfect storm.

我們將今天視為我們公司的又一個新起點。在我在傑富瑞的 18 年任期內，我們經歷了許多這樣的重生。過去幾個月極具挑戰性，但作為一家公司，我們更加強大，可以正面擁抱它，並且儘管有一場殘酷的完美風暴，但我們會盡最大努力。

After April 1, our world seems to have somewhat settled down. We're pleased that each one of our operating businesses is experiencing a return to normalcy. We have made money for the first three weeks of April, and while the environment is far from robust, it is nice to get back to regular business. We do not know what the future holds, and we all know that the environment can change in a second, but we believe we are ideally positioned to build long-term value from our solid foundation.

4 月 1 日之後，我們的世界似乎有些安定下來。我們很高興我們的每一項運營業務都在恢復正常。我們在 4 月的前三週賺到了錢，雖然環境遠非強勁，但很高興能恢復正常營業。我們不知道未來會怎樣，我們都知道環境會在一秒鐘內發生變化，但我們相信我們處於理想的位置，可以從堅實的基礎上建立長期價值。

I would like to turn it over to Peg Broadbent to discuss our first-quarter result in greater detail.

我想把它交給 Peg Broadbent 來更詳細地討論我們的第一季度業績。

Thank you, Rich. We were negatively impacted in the first quarter in virtually all our businesses by the downward pressure on the financial markets, which existed throughout the first quarter. These market conditions gave rise to markdowns on inventory positions of $112 million, predominately in Jefferies High Yield Trading and in certain of our Asset Management hedge funds.

謝謝你，里奇。第一季度，我們幾乎所有業務都受到金融市場下行壓力的負面影響，這種壓力貫穿整個第一季度。這些市場狀況導致庫存頭寸減價 1.12 億美元，主要是 Jefferies High Yield Trading 和我們的某些資產管理對沖基金。

As to our individual trading platform revenue lines, equities revenues were $138 million as compared to $173 million in last year's first quarter, with last year's first quarter benefiting from some exceptional block trading opportunities. Fixed income and commodities revenues, excluding High Yield, were $34 million versus $46 million in last year's first quarter. And Jefferies High Yield Trading revenues were negative $52 million versus positive $10 million.

至於我們的個人交易平台收入線，股票收入為 1.38 億美元，而去年第一季度為 1.73 億美元，去年第一季度受益於一些特殊的大宗交易機會。不包括高收益的固定收益和商品收入為 3400 萬美元，而去年第一季度為 4600 萬美元。Jefferies High Yield Trading 的收入為負 5200 萬美元，而正數為 1000 萬美元。

It should be noted that as a result of the minority interest in Jefferies High Yield Trading, our net economic interest in this loss is only $18 million.

應該指出的是，由於 Jefferies High Yield Trading 的少數股權，我們在這一損失中的淨經濟利益僅為 1800 萬美元。

Investment banking revenues were $99 million as compared to $170 million in the first quarter of 2007, which is a decrease of 42%. Advisory revenues included in this amount were $70 million for the first quarter, down only 13% from 2007. Asset Management was a loss of $28 million as compared to revenues of $22 million in the first quarter of 2007. There are a number of things that impacted these results that Rich and Brian will address shortly.

投資銀行業務收入為 9900 萬美元，與 2007 年第一季度的 1.7 億美元相比下降了 42%。第一季度包含在這一數額中的諮詢收入為 7000 萬美元，僅比 2007 年下降 13%。資產管理公司虧損 2800 萬美元，而 2007 年第一季度的收入為 2200 萬美元。有很多事情會影響這些結果，Rich 和 Brian 將很快解決這些問題。

We continue to manage and improve the cost structure of the firm very aggressively. Since the beginning of the year, we have had gross staff reductions of more than 200 people. The cost of these reductions included in the first-quarter results were approximately $10 million, and we expect to incur over $15 million more for reductions we have already completed in the second quarter.

我們繼續非常積極地管理和改善公司的成本結構。自今年年初以來，我們總共裁減了 200 多人。第一季度業績中包含的這些削減成本約為 1000 萬美元，我們預計第二季度已經完成的削減成本將增加超過 1500 萬美元。

Compensation as a percentage of revenues is skewed by the write-off losses and onetime comp costs. Noncomp expenses, excluding interest expense, were $95 million for the first quarter versus $88 million for the same quarter last year. Noncomp expenses have been driven by higher technology costs, primarily to support growth in equity sales and trading.

補償佔收入的百分比受到核銷損失和一次性補償成本的影響。第一季度非補償費用（不包括利息費用）為 9500 萬美元，而去年同期為 8800 萬美元。非補償費用是由較高的技術成本推動的，主要是為了支持股票銷售和交易的增長。

Our average headcount was 2486 employees for the quarter ended March 31, 2008, up 10% versus the same period a year ago. We expect the reductions in headcount as well as other cost reduction efforts that we have undertaken should help reduce comp as well as noncomp costs going forward.

截至 2008 年 3 月 31 日的季度，我們的平均員工人數為 2486 人，與去年同期相比增長了 10%。我們預計裁員以及我們已採取的其他降低成本的努力將有助於減少未來的補償和非補償成本。

Our effective tax rate for the quarter was 38% as compared to 39% for the first quarter of 2007.

我們本季度的有效稅率為 38%，而 2007 年第一季度為 39%。

Now Brian will talk about investment banking and asset management.

現在布賴恩將談論投資銀行和資產管理。

As Peg indicated, investment banking recorded revenues of just over $99 million as compared to $170 million in the first quarter of 2007. Advisory revenues of $70 million in Q1 '08 are only 13% below the $80 million recorded in last year's first quarter. This business, particularly our sector-driven merger and acquisition practice, continued to operate at a good pace, with 36 closed M&A and advisory transactions totaling nearly $12 billion in value.

正如 Peg 指出的那樣，投資銀行業務的收入剛剛超過 9900 萬美元，而 2007 年第一季度為 1.7 億美元。08 年第一季度的諮詢收入為 7000 萬美元，僅比去年第一季度的 8000 萬美元低 13%。這項業務，尤其是我們以行業為導向的併購業務，繼續以良好的速度運營，完成了 36 宗併購和諮詢交易，總價值接近 120 億美元。

Capital markets revenues, on the other hand, were $29 million in the first quarter, down 67% from last year's Q1 of $90 million. Consistent with the rest of Wall Street, this business was extremely subdued for both equity issuance and leverage finance by the growth in middle-market companies that we tend to serve. We did complete 21 equity, convertible and debt transactions valued at nearly $5 billion during the quarter.

另一方面，第一季度資本市場收入為 2900 萬美元，比去年第一季度的 9000 萬美元下降了 67%。與華爾街其他公司一樣，由於我們傾向於服務的中間市場公司的增長，該業務在股票發行和槓桿融資方面都極為低迷。我們在本季度完成了價值近 50 億美元的 21 筆股權、可轉換債券和債務交易。

Jefferies Finance, our joint venture with MassMutual, continues to show a strong and liquid financial position. With the syndication market also quiet, we completed only three transactions during Q1, two of which were lead managed. The portfolio of mostly senior secured loans held up well, and Jefferies Finance remained profitable during the first quarter of 2008.

我們與 MassMutual 的合資企業 Jefferies Finance 繼續表現出強勁且流動性強的財務狀況。由於銀團市場也很平靜，我們在第一季度只完成了三筆交易，其中兩筆是鉛管理的。主要由高級擔保貸款組成的投資組合表現良好，傑富瑞金融在 2008 年第一季度保持盈利。

Looking forward, the quality of opportunities we're seeing is better than ever, and pricing, leverage and covenants have become significantly more attractive for lenders. We expect to continue to underwrite quality deals when we believe we can do so profitably.

展望未來，我們看到的機會質量比以往任何時候都要好，定價、槓桿和契約對貸方來說變得更具吸引力。當我們相信我們可以盈利時，我們希望繼續承保優質交易。

While our investment banking results are lower, we believe our unique market position will continue to strengthen. Competition, particularly from larger firms, may be lessening as their own challenges cause some of them to focus their businesses in other directions. Consolidation of competitors, most notably JPMorgan's acquisition of Bear Stearns, should benefit us in the long run.

雖然我們的投資銀行業績較低，但我們相信我們獨特的市場地位將繼續加強。競爭，尤其是來自大公司的競爭，可能正在減少，因為他們自身的挑戰導致他們中的一些人將業務重點轉向其他方向。從長遠來看，合併競爭對手，尤其是摩根大通收購貝爾斯登，應該會使我們受益。

Let me take one minute and discuss the recent news concerning our restructuring advisory group. We lost a handful of professionals from this group, including the former coheads, but we move forward with a group of over 20 dedicated professionals led by three very experienced managing directors. Over 40 Jefferies Investment Banking professionals are working together today on a broad range of recapitalization and restructuring assignments, and we expect this business to continue to be an active part of our overall investment banking platform.

讓我花一分鐘時間討論一下關於我們重組諮詢小組的最新消息。我們從這個團隊中失去了一些專業人士，包括前聯席主管，但我們繼續前進，由三位經驗豐富的董事總經理領導的 20 多名敬業的專業人士組成。今天，超過 40 名 Jefferies 投資銀行專業人士正在共同開展廣泛的資本重組和重組任務，我們預計這項業務將繼續成為我們整個投資銀行平台的積極組成部分。

We spoke at length and in detail on our last call about our U.S. hedge fund ceding platform and its recent results. While we are committed to this business and mindful of the current volatile and negative market conditions, we're focused on protecting our and our clients' capital. Since the middle of Q4, as Peg indicated, we've been working to reduce the amount of our capital at risk in our U.S. hedge funds as we reassess our strategy to assure we have a sustainable plan that will meet our objectives. This has led us to close several funds and reduce considerably our capital at risk.

我們在上次關於美國的電話會議上進行了詳細而詳細的交談。對沖基金分出平台及其近期成果。雖然我們致力於這項業務並註意到當前動盪和負面的市場狀況，但我們專注於保護我們和我們客戶的資本。正如 Peg 所指出的，自第四季度中期以來，我們一直在努力減少我們在美國的風險資本數量。對沖基金，因為我們重新評估我們的戰略，以確保我們有一個可持續的計劃來實現我們的目標。這導致我們關閉了幾隻基金並大大減少了我們的風險資本。

At the same time, we're pleased to report that as of April 1, Jefferies Asset Management is running a series of actively managed commodity investment strategies geared toward investors seeking broad-based exposure to commodities as an asset class.

同時，我們很高興地報告，截至 4 月 1 日，傑富瑞資產管理公司正在運行一系列積極管理的商品投資策略，面向尋求廣泛接觸商品作為資產類別的投資者。

Another strategy being developed is a discretionary commodity trading strategy intended to generate favorable absolute returns. Senior management in the commodity programs group includes some of the most experienced commodity professionals in the industry. These commodity asset management products will complement the passive commodity index products currently offered by Jefferies Financial Products, such as swaps, notes and other financial instruments linked to the major commodity indices, as well as to Jefferies' proprietary indices. These new products will allow Jefferies to continue its leading role of providing institutional investors with opportunities for investment and commodities as an asset class.

另一種正在開發的策略是一種可自由支配的商品交易策略，旨在產生有利的絕對回報。商品項目組的高級管理人員包括業內一些最有經驗的商品專業人士。這些商品資產管理產品將補充傑富瑞金融產品目前提供的被動商品指數產品，例如與主要商品指數以及傑富瑞專有指數相關的掉期、票據和其他金融工具。這些新產品將使 Jefferies 繼續其為機構投資者提供投資機會和將商品作為資產類別的領導作用。

Now I would like to turn it back to Rich.

現在我想把它轉回Rich。

Thanks, Brian. First, I'd like to make a few comments about our equity, fixed income and commodity, and high-yield and distressed trading businesses and their performance for the quarter.

謝謝，布賴恩。首先，我想對我們的股票、固定收益和大宗商品、高收益和不良交易業務及其本季度的表現發表一些評論。

Our equities business showed strength in an otherwise challenging period. Our equity revenues for Q1 were down from last year, primarily due to the absence of extraordinary block trading opportunities that benefited that quarter's results. Our customer equities business performed well, and we believe we're seeing benefits from the investments we've made in this core area of our firm over the past two years.

我們的股票業務在充滿挑戰的時期表現出強勁的實力。我們第一季度的股票收入比去年有所下降，主要是由於缺乏有利於該季度業績的特殊大宗交易機會。我們的客戶股票業務表現良好，我們相信我們從過去兩年在公司這一核心領域的投資中受益。

Our investment-grade fixed income business increased its revenues considerably during the first quarter of 2008 as it was well positioned to add value in and increasingly illiquid marketplace. We recently announced the expansion of this group's management team in response to the opportunities we're seeing in this area. In addition, we're in the process of expanding considerably our commitment to the sales and trading of mortgages to take advantage of the dislocations in this market and the availability of outstanding experienced talent.

我們的投資級固定收益業務在 2008 年第一季度顯著增加了收入，因為它已經做好了在日益缺乏流動性的市場中增加價值的準備。我們最近宣布擴大該集團的管理團隊，以應對我們在該領域看到的機會。此外，我們正在顯著擴大我們對抵押貸款銷售和交易的承諾，以利用這個市場的混亂和優秀經驗豐富的人才的可用性。

We believe a lot of money can be made in the next several years by a platform focused on relationships and based on knowledge and ability. These are examples of the opportunities available to us in the current market.

我們相信，通過一個專注於人際關係、基於知識和能力的平台，在未來幾年內可以賺到很多錢。這些是我們在當前市場中可獲得的機會的例子。

Jefferies High Yield Trading had a disappointing first quarter of 2008 with a revenue loss of $52 million. About 70% of those losses were unrealized, and we are hopeful that they will reverse when the market strengthens. Additionally, it is worth noting that our High Yield results represent a negative 6% of equity that has been invested to date in the business.

Jefferies High Yield Trading 2008 年第一季度的收入損失為 5200 萬美元，令人失望。這些損失中約有 70% 沒有實現，我們希望當市場走強時它們會逆轉。此外，值得注意的是，我們的高收益結果代表了迄今為止投資於該業務的股權的負 6%。

We at Jefferies have been a meaningful leader in this business for 18 years, and as in prior downturns, our plan is to take advantage of opportunities as they are presented and create long-term value for our partners and the firm.

18 年來，Jefferies 一直是該行業的重要領導者，並且與之前的低迷時期一樣，我們的計劃是利用出現的機會，為我們的合作夥伴和公司創造長期價值。

Results are likely to continue to be lumpy, but with the depth of experience and commitment, we're confident in the Jefferies High Yield Trading team.

結果可能會繼續參差不齊，但憑藉豐富的經驗和承諾，我們對傑富瑞高收益交易團隊充滿信心。

Our firm is unique in its positioning and strategy. Our balance sheet is in excellent shape and strengthened further by today's equity raise, and our ability to add value to our increased client base has never been better. The $434 million investment by Leucadia is an affirmation of the quality of the firm we have built and the scope of the opportunity that lies ahead. This additional capital is intended to further solidify our position as a leader in control of our own destiny while operating in a financial world fraught with incredible danger and unparalleled opportunities.

我們公司的定位和戰略是獨一無二的。我們的資產負債表狀況良好，並通過今天的股權融資進一步加強，我們為增加的客戶群增加價值的能力從未像現在這樣好。Leucadia 的 4.34 億美元投資是對我們所建立公司的質量和未來機會範圍的肯定。這筆額外資金旨在進一步鞏固我們作為掌控自己命運的領導者的地位，同時在一個充滿難以置信的危險和無與倫比的機遇的金融世界中運營。

We made this move for one reason and one reason only -- we want to move forward and build a great firm in which our employees and shareholders can proudly participate.

我們做出這一舉動是出於一個原因，而且僅僅是一個原因——我們希望向前邁進並建立一家偉大的公司，讓我們的員工和股東可以自豪地參與其中。

Now I would be happy to take questions.

現在我很樂意回答問題。

(OPERATOR INSTRUCTIONS). James Ellman.

（操作員說明）。詹姆斯·埃爾曼。

A couple of quick questions. Could you give us some detail as to why the comp per employee was the second-highest ever in a difficult environment? Could you give us an idea of why the comp to employee might actually come down going forward?

幾個快速的問題。您能否詳細說明為什麼在困難的環境中每位員工的薪酬是有史以來第二高的？你能告訴我們為什麼對員工的補償實際上可能會下降嗎？

Sure. I think the best way to look at it is to take into account the trading loss number that Peg mentioned, which was 100 --

當然。我認為最好的看待它的方法是考慮 Peg 提到的交易損失數字，即 100——

And 12 million.

還有1200萬。

$112 million. So you might -- a way to look at our comp is to add that back to the net revenue reported, bringing you to a revenue number in the $310 million or so range. Then you have to take into account that, as Peg mentioned, there was severance cost of -- I think the number was $9 million, $10 million included in the number. Then you have to take into account the fact that there was a bit of comp associated with the businesses that lose money.

1.12億美元。因此，您可能會 - 查看我們的組合的一種方法是將其添加回報告的淨收入，使您的收入數字在 3.1 億美元左右。然後你必須考慮到，正如 Peg 提到的，遣散費是 900 萬美元，其中包括 1000 萬美元。然後你必須考慮到與虧損的企業相關的一些補償這一事實。

So it is very difficult to really come to a pro forma, but if you start making those adjustments and look at a normalized quarter, you will see the comp come much closer to historic levels and back toward a rational level for a business such as ours. The first quarter is obviously off the charts in terms of the way the results skewed.

因此，要真正進行備考是非常困難的，但是如果您開始進行這些調整併查看正常化的季度，您會發現薪酬更接近歷史水平，並回到我們這樣的企業的理性水平.就結果傾斜的方式而言，第一季度顯然超出了預期。

Okay, but why is compensation up year over year, even if we add back the severance?

好的，但是為什麼即使我們加回遣散費，補償也會逐年增加？

Because we added more employees last year, during the course of last year, and we're seeing the full impact of that during the course of the first quarter. In addition to that, the amortization of our restricted stock and our restricted stock units is slightly higher than it was in the same period last year.

因為我們在去年增加了更多的員工，在去年的過程中，我們在第一季度看到了它的全部影響。除此之外，我們的限制性股票和我們的限制性股票單位的攤銷比去年同期略高。

All right. And my second question has to do with your intangibles that you have on the balance sheet and goodwill. Considering that it has now been somewhat of a drawn-out period of difficulty in many of your markets, when is your next intangible test, and what might we be expecting in terms of any write-downs in that area?

好的。我的第二個問題與資產負債表上的無形資產和商譽有關。考慮到現在在你們的許多市場中都經歷了一段漫長的困難時期，你們的下一個無形測試是什麼時候？就該領域的任何減記而言，我們可以期待什麼？

We just actually completed a review of our intangibles and our goodwill and concluded that there was no need for any write-down at the consolidated level.

我們實際上剛剛完成了對我們的無形資產和商譽的審查，並得出結論認為沒有必要在合併層面進行任何減記。

So even though the markets and revenues -- or the markets are off, activity is down and revenue is significantly off, there is no need to change the goodwill assumptions?

因此，即使市場和收入——或者市場關閉，活動減少並且收入顯著下降，是否有必要改變商譽假設？

The vast majority of the goodwill relates to our acquired investment banking boutique businesses, and based upon results over the past periods and expected prospects, no.

絕大多數商譽與我們收購的投資銀行精品業務有關，根據過去期間的業績和預期前景，沒有。

All right, very good. Thanks for the time.

好的，非常好。謝謝你的時間。

Douglas Sipkin.

道格拉斯·西普金。

I guess I just wanted to follow up on the compensation question and try to attack it from a different angle. Just sort of looking at the compensation relative to just investment banking revenues, because I would imagine that is a place where there is probably a greater amount of salaries and some sort of guaranteed level, when I look at it as a percentage of revenues, compensation as a percentage of investment banking revenues, it was 262% this quarter versus, like, 134% last year this time.

我想我只是想跟進補償問題，並嘗試從不同的角度進行攻擊。只是看一下相對於投資銀行收入的薪酬，因為我認為這是一個可能有更多薪水和某種保證水平的地方，當我將其視為收入的百分比時，薪酬作為投資銀行收入的百分比，本季度為 262%，而去年同期為 134%。

So I'm just wondering, can you give us some color -- what is the percentage of sort of restricted stock/guaranteed expense as a percentage of the total? Because it just feels like with investment banking obviously in a challenging market, the weakest it has been in some time, that the comp would come down quite a bit more than it did. So I guess I am asking, what percentage of the comp pool is generated generally from investment banking?

所以我只是想知道，你能給我們一些顏色 - 限制性股票/保證費用佔總數的百分比是多少？因為感覺就像投資銀行業務顯然處於一個充滿挑戰的市場，這是一段時間以來最弱的市場，所以薪酬會比以前下降得更多。所以我想我在問，一般來說，有多少比例的補償資金來自投資銀行業務？

The answer to that, I think you're actually not seeing the mix of our businesses fully. Investment banking would have a higher compensation percentage in a period like this where its results are only $99 million versus $170 million. But if you look at our overall composition of employees and compensation, the biggest single fixed cost that we would have are the nonclient-facing employees. In other words, all of the support functions tend to flex the least, both in number of heads as well as their compensation from period to period.

答案是，我認為您實際上並沒有完全看到我們的業務組合。在這樣的時期，投資銀行的薪酬比例將更高，其結果僅為 9900 萬美元，而後者為 1.7 億美元。但是，如果您查看我們的員工和薪酬的整體構成，我們將擁有的最大單一固定成本是非面向客戶的員工。換句話說，所有的支持功能往往在頭數和不同時期的補償方面都發生了最少的變化。

There is going to be the greatest directs flex in our trading businesses so long as they are successful. There will obviously be no flexibility in trading businesses that are not successful to the extent that the fixed costs are not covered. Investment banking would fall between the two. There is some amount of flexibility, some amount of fixed costs, but it is fair to say that investment banking's compensation is a minority portion of our total compensation. I think that is about as far as we would be willing to go in starting to break it up, but it is not a singular driver by any measure.

只要他們成功，我們的貿易業務就會有最大的直接彈性。在不包括固定成本的範圍內，交易不成功的業務顯然沒有靈活性。投資銀行業務將介於兩者之間。有一定的靈活性，有一定的固定成本，但公平地說，投資銀行的薪酬只占我們總薪酬的一小部分。我認為這大約是我們願意開始打破它的程度，但無論如何它都不是一個單一的驅動因素。

So it is not the biggest contributor to the comp pool on average? Meaning, I guess, when I look at banking traits --

所以平均而言，它不是補償池的最大貢獻者嗎？意思是，我猜，當我看到銀行業的特徵時——

It is not an overwhelming contributor -- the comp pool is a better way. In a single period, it may be the largest piece of the comp pool, but there are many pieces.

它不是一個壓倒性的貢獻者——補償池是一種更好的方式。在單個週期內，它可能是comp pool中最大的一塊，但也有很多塊。

Okay, perfect. That is helpful. And then you mentioned bringing down the equity in the Asset Management segment. Can you first tell us what it was at the end of the quarter? I know you guys threw out some numbers. Is that -- am I to take that to mean that's what it was at the end of the quarter? I think it was --

好的，完美。這很有幫助。然後你提到降低資產管理部門的股權。您能先告訴我們本季度末的情況嗎？我知道你們扔了一些數字。那是 - 我是否認為這就是本季度末的情況？我認為是——

At the end of the quarter, what we said is it was down to $250 million, and we say that it will be down to $150 million shortly.

在本季度末，我們說它下降到了 2.5 億美元，我們說它很快就會下降到 1.5 億美元。

Now, did that drop --

現在，有沒有下降——

And it was over $400 million in the fourth quarter.

第四季度超過 4 億美元。

Right. Did that drive some of the losses in the investment income segment, or is it really just a function of just the markets? Did the process of unwinding that trigger recognition of losses, or is it just the markets were bad?

正確的。這是否導致了投資收入部分的一些損失，或者它真的只是市場的一個功能？平倉過程是否觸發了對損失的確認，還是只是市場不好？

It is hard to really differentiate, because there are very few bids regardless. But we made the decision to close several funds and turn it into cash. So the answer to both of your questions is yes, it was a combination of the two.

很難真正區分，因為無論如何出價都很少。但我們決定關閉幾隻基金並將其變成現金。所以你的兩個問題的答案都是肯定的，它是兩者的結合。

And then just a point of a clarification, and I apologize -- I'm just not clear from the press release who gets the $100 million in cash. Is that you or is that Leucadia?

然後只是澄清一點，我很抱歉——我只是從新聞稿中不清楚誰獲得了 1 億美元的現金。是你還是那個 Leucadia？

That goes to Leucadia.

那去Leucadia。

To Leucadia, great. And then just wondering if you could give us like a pro forma weighted shares -- I guess it would be, like, 160 million, in that range? 160 million for the share offering?

到 Leucadia，太好了。然後只是想知道你是否可以像備考加權股票一樣給我們 - 我想在那個範圍內會是 1.6 億股？1.6億用於股票發行？

I believe we had 133 million primary shares beforehand, and this will give you another 26 additional million shares, so that would be your math.

我相信我們事先有 1.33 億股主要股，這將給你另外 2600 萬股，所以這就是你的數學。

About 150 million or 160 million, great.

大約1.5億或1.6億，太棒了。

That's on a primary basis. Obviously, this was a loss quarter, so therefore, dilution does not come into account.

這是基本的。顯然，這是一個虧損季度，因此不考慮稀釋。

The number of shares that we had outstanding at the end of March was about 133 million. We obviously have issued 26 million more. So that 26.5 million more, that takes us to 159 million. The basis of the earnings-per-share calculation was on an average share count throughout the period.

截至 3 月底，我們已發行的股票數量約為 1.33 億股。我們顯然已經發行了 2600 萬張。所以增加了 2650 萬，這使我們達到了 1.59 億。每股收益計算的基礎是整個期間的平均股數。

Okay. No, I'm just trying to get a rough idea of the number. Thanks.

好的。不，我只是想大致了解一下這個數字。謝謝。

[Aaron Kiddell].

[亞倫基德爾]。

Can you just explain the basic and diluted share count again and then why the average -- the basic shares for the quarter is 142 million?

您能否再次解釋一下基本和稀釋後的股票數量，然後為什麼平均 - 本季度的基本股票為 1.42 億股？

Yes. We are obliged under U.S. GAAP to publish the most conservative earnings-per-share figure. And on that basis, the denominator that we use is the basic share count and excludes the unvested portion of our restricted stock units and restricted stock, amongst other things, in which case if we had included that, the average share count would be more like 150 million-odd, which would have actually reduced our earnings-per-share loss from $0.43 to $0.40. So I hope that clarifies it.

是的。我們有義務根據美國GAAP 公佈最保守的每股收益數據。在此基礎上，我們使用的分母是基本股數，不包括我們的限制性股票單位和限制性股票的未歸屬部分，在這種情況下，如果我們將其包括在內，平均股數將更像1.5 億多，這實際上會使我們的每股收益損失從 0.43 美元減少到 0.40 美元。所以我希望能澄清它。

Okay, I understand. And then another dumb question, and I apologize. But basically, the price per share to Leucadia is $16.31, $433.6 million divided by 26.6 million? Is that -- there's nothing more complicated than that?

好，我懂了。然後是另一個愚蠢的問題，我道歉。但基本上，Leucadia 的每股價格是 16.31 美元，4.336 億美元除以 2660 萬美元？是不是——沒有比這更複雜的了？

That is correct.

那是對的。

David Trone.

大衛·特隆。

Back to the share count, the end-of-period pro forma would be 159.3 million, right? So that gives you a book of [1359] pro forma?

回到股票數量，期末備考將是 1.593 億股，對吧？所以這給了你一本[1359]形式的書？

Correct, yes.

正確，是的。

So then, since you have been lossmaking the last two quarters, we haven't really seen the differential with fully diluted -- the additional shares, and I know you had a lot of employee forfeitures, so I don't want to necessarily go back to the third quarter. So could you give us that differential?

那麼，既然你在過去兩個季度一直在虧損，我們還沒有真正看到完全稀釋後的差異——額外的股份，而且我知道你有很多員工沒收，所以我不想去回到第三季度。那麼你能給我們這個差異嗎？

The differential in terms of the denominator used for earnings per share --

用於每股收益的分母的差異——

No, I'm saying if you had disclosed a fully diluted share count, what was the differential, so that we can get to a pro forma fully diluted share count?

不，我是說如果您披露了完全稀釋的股份數量，差異是多少，以便我們可以得到備考的完全稀釋的股份數量？

About 151 million. (multiple speakers). I beg your pardon?

約1.51億。（多個揚聲器）。請再說一遍？

So the differential between 132.7 million, you would add 9 million to get to fully diluted?

那麼1.327億之間的差額，你會加900萬才能完全攤薄嗎？

No, I would add 19 million to get to 151 million on a fully diluted basis. That 151 million excludes the recent offering.

不，我會加上 1900 萬，在完全稀釋的基礎上達到 1.51 億。這 1.51 億不包括最近的發行。

Okay, so it was 19 million. So 19 million, so then that means right now, fully diluted would be 159.3 million plus 19 million, so -- okay.

好的，所以是 1900 萬。所以 1900 萬，所以這意味著現在，完全稀釋後將是 1.593 億加上 1900 萬，所以 - 好吧。

Yes.

是的。

So then your shareholder equity is $2.164 billion or something like that. What is tangible?

那麼你的股東權益是21.64億美元或類似的東西。什麼是有形的？

Tangible book at the end of the quarter was $10.44 on a non-pro forma basis.

本季度末的有形賬面為非備考基礎上的 10.44 美元。

That will be without the impact of the 26 million shares.

這將沒有2600萬股的影響。

With the impact it is $11.42.

加上影響，它是 11.42 美元。

$11.42.

11.42 美元。

Tangible.

有形。

Okay, great. Thanks a lot. I appreciate it.

好，太棒了。非常感謝。我很感激。

James Ellman.

詹姆斯·埃爾曼。

In terms of the structure of the deal with Leucadia, why did it have to be relatively complicated? Why was it not a more simple deal, and why is this $100 million in the calculation?

在與Leucadia的交易結構上，為什麼要相對複雜一些？為什麼這不是一個更簡單的交易，為什麼要計算這 1 億美元？

I think you have to ask Leucadia. They drove some of the terms of the transaction, and this is the transaction they wanted to do.

我想你得問問Leucadia。他們推動了交易的一些條款，這就是他們想做的交易。

Okay. And what is the tangible book value pro forma?

好的。什麼是有形賬面價值形式？

We just gave that. It was, pro forma, it was $11.42.

我們只是給了那個。它是，備考，它是 11.42 美元。

All right. And finally, have you talked to the rating agencies about this transaction?

好的。最後，您是否與評級機構談過這筆交易？

Yes, we have.

是的我們有。

And the quarterly results?

季度業績呢？

Yes, we have.

是的我們有。

Ryan O'Connell.

瑞恩奧康奈爾。

Technical problem, unfortunately -- I missed some your comments at the beginning. So going back to Jefferies, in the press release it says that Jefferies will not -- Leucadia won't buy more than 30% of your outstanding shares. Could you talk a little bit more about that and what you think Leucadia's intentions are over time?

不幸的是，技術問題 - 我在開始時錯過了您的一些評論。回到傑富瑞，在新聞稿中說傑富瑞不會——Leucadia 不會購買超過 30% 的流通股。你能多談談這個問題嗎？隨著時間的推移，你認為 Leucadia 的意圖是什麼？

I think you really have to ask Leucadia. I think the filing speaks for itself, but that is a question best directed to them.

我想你真的要問Leucadia。我認為該文件不言自明，但這是一個最好針對他們的問題。

Thank you.

謝謝你。

Sorry.

對不起。

Adam Friedman.

亞當弗里德曼。

It is K.C. Ambrecht from Millennium. So a few questions. Again, I'm just really confused about the structure of what you guys are doing today. Just from 10,000 feet, how does Jefferies giving Leucadia $100 million help Jefferies' balance sheet?

這是K.C.來自千禧年的安布雷希特。所以有幾個問題。再說一次，我真的很困惑你們今天所做的事情的結構。僅從 10,000 英尺，Jefferies 向 Leucadia 提供 1 億美元如何幫助 Jefferies 的資產負債表？

I think you need to look at the transaction in aggregate and see at the end of the day, with the funds going back and forth, net-net, how does it help Jefferies? And I think there's value in stock from Leucadia, and we have value in stock in Jefferies, and the differential was $100 million in cash. But the aggregate transaction I think is hugely positive for Jefferies. And having the fact that we have a strategic partner, and Joe and Ian heavily involved, is just gravy.

我認為您需要綜合查看交易，並在一天結束時看到，資金來回走動，net-net，它對 Jefferies 有什麼幫助？而且我認為 Leucadia 的股票有價值，我們有 Jefferies 的股票價值，差額是 1 億美元的現金。但我認為總交易對傑富瑞來說是非常積極的。事實上，我們有一個戰略合作夥伴，喬和伊恩都積極參與其中，這只是肉汁。

Why didn't they just issue less stock to you guys instead of you guys giving them $100 million dollars in cash?

為什麼他們不只是向你們發行更少的股票，而不是你們給他們 1 億美元的現金？

You are going to have to talk to them. This is the transaction, how they wanted to structure it. We agreed with it. We think that --

你將不得不與他們交談。這就是交易，他們想如何構建它。我們同意了。我們認為——

Who signed this deal? Do you need the equity or does Leucadia need the cash? I just don't understand the spirit of this deal.

這筆交易是誰籤的？您需要股權還是 Leucadia 需要現金？我只是不明白這筆交易的精神。

I don't think either is the case. This is a transaction with two companies trying to make money working as partners, and that is the foundation of this transaction.

我認為兩者都不是。這是兩家公司試圖通過合作賺錢的交易，這也是交易的基礎。

So aside from the Company, Jefferies, losing $0.45 today, this deal -- it's like two separate incidents?

所以除了公司，傑富瑞今天損失了 0.45 美元，這筆交易 - 就像兩個獨立的事件？

Yes.

是的。

So this deal could have happened in three weeks, or three weeks ago?

所以這筆交易可能在三週內或三週前發生？

Yes.

是的。

Okay.

好的。

They do not relate. Basically, we're releasing our numbers, and we're announcing (multiple speakers)

它們不相關。基本上，我們正在發布我們的數字，我們正在宣布（多位發言人）

It's just, it's a very complicated deal. I mean, Lehman goes out and raises $4 billion overnight. You guys are, like, issuing equity and buying equity and $ 100 million in cash. It's just kind of hard to get our arms around it. That is why there's so many questions on it, obviously.

只是，這是一個非常複雜的交易。我的意思是，雷曼兄弟在一夜之間籌集了 40 億美元。你們就像發行股票、購買股票和 1 億美元現金一樣。我們很難抓住它。顯然，這就是為什麼有這麼多問題的原因。

I apologize for the complexity, but we believe this is in our best interest, and I believe Leucadia believes it is in their best interest. So that's all I can really comment.

我為複雜性道歉，但我們相信這符合我們的最大利益，我相信 Leucadia 相信這符合他們的最大利益。所以這就是我真正能評論的。

Okay. And then on the comp leverage ratio, how much leverage does Jefferies have if revenues remain depressed? Like, if we -- so you did $200 million in revenues this quarter, right? Right around there?

好的。然後在comp槓桿率方面，如果收入仍然低迷，傑富瑞有多少槓桿？就像，如果我們 - 所以你本季度的收入達到了 2 億美元，對吧？就在附近？

A little over $200 (multiple speakers).

200 多美元（多個揚聲器）。

What?

什麼？

Go ahead, please.

請繼續。

So $201 million of revenues. Call it $200 million. If revenues snap back to, say, like, $250 million versus your historical run rates in the 3s, what does that imply for a comp ratio going forward?

因此，收入為 2.01 億美元。稱之為2億美元。如果收入回升至 2.5 億美元，而你在 3 年代的歷史運行率，這對未來的薪酬比率意味著什麼？

It probably implies a comp rate of around 80%.

這可能意味著大約 80% 的補償率。

It depends on the mix of revenue, but we are not sizing our team today nor building our business model around a $250 million quarterly run rate. Again, if you look at the --

這取決於收入的組合，但我們今天沒有調整我們的團隊規模，也沒有建立我們的商業模式，大約 2.5 億美元的季度運行率。同樣，如果你看一下——

What kind of a quarterly run rate do you need?

您需要什麼樣的季度運行率？

Well, if you look at the first quarter and you assume that the losses were very much of the moment in terms of the first quarter was exceptional in the nature of the trading environment, and if you added back all the trading losses, which would still mean that we would be making no revenue in Asset Management, we would be making negligible revenue in High Yield, and that is despite having a lot of capital in those two businesses, so assuming we were still making no return on capital, our revenue would be over $300 million.

好吧，如果您查看第一季度，並且您認為第一季度的損失非常大，在交易環境的性質上是特殊的，如果您將所有交易損失加回，這仍然會意味著我們在資產管理方面沒有收入，我們在高收益方面的收入可以忽略不計，儘管這兩項業務有大量資本，所以假設我們仍然沒有資本回報，我們的收入將超過3億美元。

As you get into the $300 million, we cross the breakeven point. So if you think about our business, we are sized not necessarily for the higher levels of revenue we were achieving in the first half of '07, but we are definitely not sized today to run a $200 million quarterly business.

當你進入 3 億美元時，我們就跨過了盈虧平衡點。因此，如果您考慮一下我們的業務，我們的規模不一定是針對我們在 07 年上半年實現的更高水平的收入，但我們今天的規模絕對不足以運營 2 億美元的季度業務。

We have taken risk dollars out of the equation because the environment is too choppy. We have made painful headcount reductions and we're trying to position ourselves as best we can to make money at a lower threshold of revenue and at the same time shoring up a balance sheet which is already pristine to take advantage of a lot of opportunities that we're seeing. We're basically navigating in a very tough period of time, and we're doing it from strength.

由於環境過於動盪，我們已將風險資金排除在外。我們已經進行了痛苦的裁員，我們正努力將自己定位在盡可能低的收入門檻上賺錢，同時支撐一個已經很原始的資產負債表，以利用很多機會我們看到了。我們基本上是在一段非常艱難的時期中航行，而且我們是靠實力做到的。

Okay, because the comp ratio, I mean, last quarter it was at 81% and now it is at 130%. And it just seems like if we don't get back to a $300 million quarterly run rate in revenues, you guys could continue to have problems.

好的，因為我的意思是，上個季度的薪酬比率是 81%，現在是 130%。看起來如果我們不能恢復到 3 億美元的季度收入運行率，你們可能會繼續遇到問題。

There is no question if the next three months are like March, we're all going to have problems. The good news is our balance sheet is completely bulletproof, and we're going to weather the storm. I don't think the world is coming to an end.

毫無疑問，如果接下來的三個月像三月一樣，我們都會遇到問題。好消息是我們的資產負債表完全防彈，我們將度過難關。我不認為世界即將結束。

As Rich said earlier, April to date is performing reasonably and profitably.

正如 Rich 早些時候所說，迄今為止，4 月份的表現合理且有利可圖。

Okay. And then my last question -- Lehman Brothers has been pretty vocal and visible in talking about deleveraging on a gross basis. So they're trying to get down to 14 times. What is your gross leverage today?

好的。然後是我的最後一個問題——雷曼兄弟在談論總體去槓桿化方面非常直言不諱。所以他們試圖減少到 14 次。你今天的總槓桿是多少？

Our gross leverage today is about 14 times.

我們今天的總槓桿約為 14 倍。

And that is on a debt to equity of -- it was one-to-one before this transaction, which I believe Lehman might be closer to five-to-one. And post this transaction, we're better than one-to-one.

這是基於債務對股權的 - 在此次交易之前是一對一的，我相信雷曼可能更接近五對一。並發布此交易，我們比一對一更好。

And our mix of assets is dramatically more toward matched book assets, I think, than most others.

我認為，與大多數其他資產相比，我們的資產組合更傾向於匹配賬面資產。

And then if you take it one step forward, you look at our level 3 assets, it is not even the same universe. So our balance sheet is a very different balance sheet than the larger players.

然後，如果您向前邁出一步，您會看到我們的 3 級資產，它甚至不是同一個宇宙。因此，我們的資產負債表與大型參與者的資產負債表非常不同。

It is also worth mentioning that our adjusted leverage is only about 7.5 times compared to 20 times, which is the Street average, as far as we've observed.

還值得一提的是，據我們觀察，我們調整後的槓桿率僅為 7.5 倍左右，而 20 倍是華爾街的平均水平。

Okay. Good luck. Thanks.

好的。祝你好運。謝謝。

Anthony Pope, NISA.

安東尼波普，NISA。

Gentlemen, thank you for having the call today. A couple of quick questions from the bondholders' side of the equation here, if you don't mind. First of all, I know you did mention that you'd spoken to the ratings agency, and obviously you've just addressed a couple of points regarding the leverage numbers at which you were running.

先生們，謝謝你們今天的來電。如果你不介意的話，這裡有幾個債券持有人提出的快速問題。首先，我知道你確實提到你已經和評級機構談過了，顯然你剛剛談到了關於你運行的槓桿數字的幾點。

Two questions for you, please. Number one, looking to get a sense again of what your target ratings are going forward. And number two if you could comment in a little bit more detail from your perspective, I know the question was asked earlier, what did you think Leucadia's intentions for this investment were. From your perspective, with a 30% cap, with dollars flowing out initially, can you comment in terms of how you view this as liquidity-enhancing? In other words, what rights and options do you have with that Leucadia stake in terms of monetization? And additionally, given the 30% cap, what are your intentions in terms of maintenance of ratings and maintenance of balance sheet? Thank you very much.

請教你兩個問題。第一，希望再次了解您的目標收視率的進展情況。第二，如果你能從你的角度更詳細地發表評論，我知道之前有人問過這個問題，你認為 Leucadia 對這項投資的意圖是什麼。從您的角度來看，有 30% 的上限，美元最初流出，您能否就您如何看待這增強流動性發表評論？換句話說，就貨幣化而言，您對 Leucadia 的股份有哪些權利和選擇？此外，鑑於 30% 的上限，您在維持評級和維持資產負債表方面的意圖是什麼？非常感謝。

Sure. Look, first and foremost, I'd suggest you call each of the three rating agencies. We are a rating agency-friendly company. We believe in our bondholders. We believe that our bondholders are the ones who give us the foundation to build our operating businesses and get returns for our shareholders. And you should speak to the rating agencies who are entirely up to speed with everything going on in the Company on a real-time basis. I think they would share this perception of how we run our Company.

當然。看，首先，我建議你打電話給三個評級機構。我們是一家評級機構友好型公司。我們相信我們的債券持有人。我們相信，我們的債券持有人是我們建立經營業務並為股東獲得回報的基礎。您應該與能夠實時了解公司所有情況的評級機構交談。我認為他們會分享我們如何運營公司的這種看法。

In terms of the -- we have never had a target rating, with the exception of always trying to improve it. And we have been working for the last 10 years, starting at BBB-, getting ourselves to BBB+. And we have stated publicly that our goal is to constantly improve our credit rating.

就--我們從來沒有一個目標評級，除了總是試圖提高它。在過去的 10 年裡，我們一直在努力，從 BBB- 開始，一直到 BBB+。我們已經公開表示，我們的目標是不斷提高我們的信用評級。

If you look at this transaction, I believe when you talk to the rating agencies, the initial response we have had so far is they view this as a way to protect an already conservative balance sheet, and they view this positively. They are aware of our quarterly numbers. They are what they are. The reality is, that is how we did during a horrendous first quarter. But I believe that what we have done here is really secured our firm as one of the strongest and best-capitalized, from the ratio perspective, financial services firm around, and we want to continue to do that for the bondholders.

如果您查看這筆交易，我相信當您與評級機構交談時，我們迄今為止的初步反應是，他們認為這是保護已經保守的資產負債表的一種方式，他們對此持積極態度。他們知道我們的季度數字。他們就是他們。現實情況是，這就是我們在可怕的第一季度所做的事情。但我相信，從比率的角度來看，我們在這裡所做的確實確保了我們公司成為最強大和資本金最雄厚的金融服務公司之一，我們希望繼續為債券持有人這樣做。

Jason Stankowski, Castle Peak.

傑森斯坦科夫斯基，青山。

I was just wondering, what type of analysis did you do to come to a value of the Leucadia stock that you were willing, I guess, to come up with, or did you just take the last sale in your thought process as you analyzed the deal that they, as you've kind of said, came up with a structure of?

我只是想知道，你做了什麼類型的分析來得出你願意提出的 Leucadia 股票的價值，我猜，或者你在分析正如你所說的那樣，他們想出了一個結構？

We're not strangers to Leucadia's stock. We have done, I think, every single transaction based on the last 22 years we have done. They are a very important banking client of ours. We know their track record. A number of assets that they have on their balance sheet are assets and investments that we've brought to them. We've done a lot of work with Leucadia, and they, on the other hand, know a lot about Jefferies. So I think you could assume that Leucadia nor Jefferies does anything without due diligence, and the valuations were ones that were based on mutual negotiation.

我們對 Leucadia 的股票並不陌生。我認為，基於過去 22 年我們所做的每一筆交易，我們都完成了。他們是我們非常重要的銀行客戶。我們知道他們的業績記錄。他們在資產負債表上擁有的許多資產是我們帶給他們的資產和投資。我們與 Leucadia 進行了很多合作，另一方面，他們對 Jefferies 了解很多。所以我認為你可以假設 Leucadia 和 Jefferies 在沒有盡職調查的情況下做任何事情，而估值是基於相互協商的估值。

And I guess after that, you don't have the cash -- you still own the stock at this point?

我想在那之後，你就沒有現金了——你現在還持有股票嗎？

At this point, in registration, I can't comment on anything about the registration. My general counsel is looking at me telling me I can't say a thing.

在這一點上，在註冊中，我無法評論有關註冊的任何內容。我的總法律顧問看著我，告訴我我不能說什麼。

Steve Stelmach, FBR.

史蒂夫 Stelmach，FBR。

Most of my questions have actually been answered, but just real quickly, a follow-up to that $300 million breakeven number that you mentioned. How many quarters does revenue have to fall below that breakeven number before you guys sort of begin to rethink expenses and the run rate breakeven for the Company?

我的大部分問題實際上都得到了回答，但很快，你提到的 3 億美元盈虧平衡數字的後續行動。在你們開始重新考慮公司的費用和運行率盈虧平衡之前，收入必須低於盈虧平衡數字多少個季度？

We have already been rethinking and adjusting ourselves and making some of the painful decisions. We started it at the beginning of last summer, and we are realists. We are in this business to make money, not to minimize losses, and we're trying to adjust our business to make money regardless of the environment. But by the same token, we've built a great franchise and a great platform, and we don't believe this panic is going to last forever. So we're trying to walk that fine line between properly sizing the platform, but making sure that when the environment stabilizes, we can go back to making a lot of money.

我們已經在重新思考和調整自己，做出一些痛苦的決定。我們是在去年夏天開始的，我們是現實主義者。我們從事這項業務是為了賺錢，而不是為了盡量減少損失，我們正在努力調整我們的業務以賺錢，無論環境如何。但出於同樣的原因，我們已經建立了一個偉大的特許經營權和一個偉大的平台，我們不相信這種恐慌會永遠持續下去。所以我們試圖在適當調整平台大小之間走這條細線，但要確保當環境穩定時，我們可以重新賺很多錢。

Okay. So when you mention the $300 million, it is more of a go-forward number in terms of your expectations rather than historical numbers?

好的。所以當你提到 3 億美元時，就你的預期而言，它更像是一個前進的數字，而不是歷史數字？

It is also based on business mix. There's a lot that goes into it. Some businesses are more profitable, but in aggregate, it is safe to say we're constantly trying to reduce our breakeven as much as possible, keep our costs as variable as possible and keep our franchise as strong as possible. And that is basically what we're doing.

它也基於業務組合。有很多內容。有些企業的利潤更高，但總的來說，可以肯定地說，我們一直在努力盡可能地降低盈虧平衡，盡可能地保持成本可變，並儘可能地保持我們的特許經營權。這基本上就是我們正在做的事情。

Okay. And then just lastly on Leucadia, maybe you may not be able to answer this, but once shares are registered, are there any restrictions on your ability to sell those shares?

好的。最後在 Leucadia 上，您可能無法回答這個問題，但是一旦股票被註冊，您出售這些股票的能力是否有任何限制？

There are no restrictions.

沒有限制。

Okay, great. Thank you very much.

好，太棒了。非常感謝。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Thank you, operator.

謝謝你，接線員。

Lauren Smith, KBW.

勞倫史密斯，KBW。

Just a couple cleanup questions, I guess. Could you give us, please, the mix of investment banking between underwriting and M&A?

我猜只是幾個清理問題。請您給我們介紹一下承銷和併購之間的投資銀行業務組合嗎？

Yes. What we indicated was that of the $99 million, approximately $70 million was advisory and $29 million was cap markets.

是的。我們指出的是，在 9900 萬美元中，大約 7000 萬美元是諮詢性的，2900 萬美元是資本市場。

Okay, great. And I just wanted to clarify two other things. You said 70% was unrealized of that $52 million?

好，太棒了。我只是想澄清另外兩件事。你說這 5200 萬美元中有 70% 沒有實現？

That is correct.

那是對的。

And also, just another clarification -- $15 million of additional comp is what you are expecting in Q2 related to the headcount reductions that you have already executed on, correct?

此外，還有一個澄清 - 1500 萬美元的額外補償是您在第二季度與您已經執行的裁員相關的預期，對嗎？

Exactly.

確切地。

Okay. Did you guys buy back any stock this quarter, and if so, how much?

好的。你們這個季度有沒有回購任何股票，如果有，多少錢？

Nothing material.

沒什麼材料。

And then I guess just lastly, is there anything on the noncomp side, are there any levers there? It came down Q on Q, it's up year on year, but is this a fairly good run rate, or are you looking internally, or are there things you can do on that front?

然後我想最後，在 noncomp 方面有什麼東西嗎，那裡有什麼槓桿嗎？它在 Q 上下降了 Q，同比上升，但這是一個相當好的運行率，還是你在內部尋找，或者在這方面你可以做些什麼？

We're constantly looking, but these are really operating expenses, some of which, like facilities costs, don't really change from period to period. Some of it, like travel and promotional and marketing costs and conference costs, will vary from period to period. We're clearly watching them closer than ever, which does account for why they are down a bit. And this is probably a reasonable range, although there's some potential to tighten a little bit more.

我們一直在尋找，但這些確實是運營費用，其中一些，如設施成本，在不同時期之間並沒有真正的變化。其中一些，如差旅、促銷和營銷成本以及會議成本，會因時期而異。我們顯然比以往任何時候都更密切地關注他們，這確實解釋了他們為什麼會有所下降。這可能是一個合理的範圍，儘管有可能進一步收緊一點。

Perfect. Thanks very much.

完美的。非常感謝。

[James Smith, DCAP].

[詹姆斯史密斯，DCAP]。

Thanks for taking my question. So the question is, I'm kind of wondering how you view Leucadia's shares at this point. Obviously, you can't be very clear in terms of whether you value this as a strategic investment over the long term, or if potentially things start to go south in the macroeconomy and Jefferies faces tougher times, whether these shares would just be a source of capital.

感謝您提出我的問題。所以問題是，我有點想知道你現在如何看待 Leucadia 的股票。顯然，您不能非常清楚您是否將其視為長期戰略投資，或者如果宏觀經濟可能開始向南而傑富瑞面臨更艱難的時期，這些股票是否只是一個來源的資本。

So, anyway, since you guys have been partners for a long time, how do you view Leucadia's shares? It's kind of a holding company with a lot of holdings that don't seem to be particularly attractive right now, whether it be real estate investments or Americredit -- seems to be large question marks in their portfolio. And I'm wondering overall how you view your ownership of shares in them right now?

那麼，不管怎樣，既然你們都是合夥人，那麼你們怎麼看Leucadia的股票呢？這是一家控股公司，擁有很多目前似乎並不特別有吸引力的控股公司，無論是房地產投資還是美國信貸——似乎在他們的投資組合中都是一個很大的問號。我想知道你現在如何看待你在他們中的股份所有權？

I can't comment on Leucadia other than to say I've got a lot of respect for their ability to find undervalued assets.

我無法對 Leucadia 發表評論，只能說我非常尊重他們發現被低估資產的能力。

Okay. And there's nothing you can say in terms of intentions of the holding, in terms of how long you are intending to --

好的。就持有的意圖而言，就您打算多長時間而言，您無話可說-

There is a pending registration statement. I cannot comment on any of this other than to say that we are happy to be partners with the folks at Leucadia. I'm sorry, but there's nothing I can say. Thank you.

有一個未決的註冊聲明。除了說我們很高興與 Leucadia 的人們成為合作夥伴之外，我無法對此發表任何評論。對不起，但我無話可說。謝謝你。

There are no further questions at this time. I will now turn the call back over to the speaker. Please continue with your presentation or any closing remarks.

目前沒有其他問題。我現在將把電話轉回給揚聲器。請繼續您的演講或任何結束語。

Basically, with today's announcements, we're very excited to be moving forward into the second quarter. As always, thank you, everybody, for your support. Have a good day.

基本上，有了今天的公告，我們很高興能夠進入第二季度。一如既往，謝謝大家的支持。祝你有美好的一天。

Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line.

女士們先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開您的線路。