Quarterly Financial Information (Unaudited)

The Company has set forth certain quarterly unaudited financial data for the past two years in the tables below:



	For the 2018 Fiscal Quarter Ended
(in millions, except per share amounts)	September 30⁽¹⁾		June 30		March 31		December 31
Total revenues	$	6,078.8	$	7,118.3	$	6,507.0	$	7,918.6
Cost of sales of physical commodities	5,835.6		6,858.5		6,246.8		7,706.0
Operating revenues	243.2		259.8		260.2		212.6
Transaction-based clearing expenses	43.1		49.0		50.7		36.9
Introducing broker commissions	32.4		34.1		36.2		31.1
Interest expense	25.3		22.1		19.0		14.3
Net operating revenues	142.4		154.6		154.3		130.3
Compensation and benefits	85.4		86.9		88.2		77.2
Bad debts	1.2		1.6		0.2		0.1
Bad debt on physical coal ⁽¹⁾	—		—		—		1.0
Other expenses	35.3		35.2		36.4		33.4
Total compensation and other expenses	121.9		123.7		124.8		111.7
Other gain	—		2.0		—		—
Income before tax	20.5		32.9		29.5		18.6
Income tax expense	4.8		8.9		6.8		25.5
Net income (loss)	$	15.7	$	24.0	$	22.7	$	(6.9	)
Net basic earnings (loss) per share	$	0.83	$	1.27	$	1.20	$	(0.37	)
Net diluted earnings (loss) per share	$	0.81	$	1.25	$	1.18	$	(0.37	)



	For the 2017 Fiscal Quarter Ended
(in millions, except per share amounts)	September 30			June 30		March 31		December 31
Total revenues	$	12,382.5		$	5,505.9	$	5,460.8	$	6,074.4
Cost of sales of physical commodities	12,177.4			5,308.3		5,265.0		5,888.9
Operating revenues	205.1			197.6		195.8		185.5
Transaction-based clearing expenses	35.1			33.9		33.7		33.6
Introducing broker commissions	26.9			29.2		28.2		28.7
Interest expense	12.0			11.2		10.0		8.9
Net operating revenues	131.1			123.3		123.9		114.3
Compensation and benefits	73.0			75.5		76.6		70.6
Bad debts	0.4			0.1		1.3		2.5
Bad debt on physical coal ⁽¹⁾	47.0			—		—		—
Other expenses	33.2			32.7		31.7		32.8
Total compensation and other expenses	153.6			108.3		109.6		105.9
Income before tax	(22.5		)	15.0		14.3		8.4
Income tax expense	1.1			2.3		3.3		2.1
Net income	$	(23.6	)	$	12.7	$	11.0	$	6.3
Net basic (loss) earnings per share	$	(1.27	)	$	0.67	$	0.58	$	0.34
Net diluted (loss) earnings per share	$	(1.27	)	$	0.66	$	0.58	$	0.34

⁽¹⁾ During the first quarter of fiscal 2018 and the fourth quarter of fiscal 2017, the Company recorded charges to earnings of $1.0 million and $47.0 million, respectively, to record an allowance for doubtful accounts related to a bad debt incurred in the physical coal business conducted solely in INTL Asia Pte. Ltd., with a coal supplier, as further discussed in Note 17.