(State of Incorporation) | (Commission File Number) | (IRS Employer ID No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to rule 14d-2(b) under the Exchange Act 17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
StoneX Group Inc. | |||||||||||
(Registrant) | |||||||||||
December 9, 2020 | /s/ WILLIAM J. DUNAWAY | ||||||||||
(Date) | William J. Dunaway | ||||||||||
Chief Financial Officer |
StoneX Group Inc. Reports Fiscal 2020 Fourth Quarter Financial Results |
Three Months Ended September 30, | Year Ended September 30, | ||||||||||||||||||||||||||||||||||
(Unaudited) (in millions, except share and per share amounts) | 2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Sales of physical commodities | $ | 13,959.8 | $ | 11,005.7 | 27 | % | $ | 52,899.2 | $ | 31,830.3 | 66 | % | |||||||||||||||||||||||
Principal gains, net | 180.2 | 110.4 | 63 | % | 622.2 | 415.8 | 50 | % | |||||||||||||||||||||||||||
Commission and clearing fees | 103.7 | 90.3 | 15 | % | 403.6 | 372.4 | 8 | % | |||||||||||||||||||||||||||
Consulting, management and account fees | 20.4 | 20.7 | (1) | % | 83.7 | 79.6 | 5 | % | |||||||||||||||||||||||||||
Interest income | 20.8 | 52.5 | (60) | % | 130.9 | 198.9 | (34) | % | |||||||||||||||||||||||||||
Total revenues | 14,284.9 | 11,279.6 | 27 | % | 54,139.6 | 32,897.0 | 65 | % | |||||||||||||||||||||||||||
Cost of sales of physical commodities | 13,942.8 | 10,992.7 | 27 | % | 52,831.3 | 31,790.9 | 66 | % | |||||||||||||||||||||||||||
Operating revenues | 342.1 | 286.9 | 19 | % | 1,308.3 | 1,106.1 | 18 | % | |||||||||||||||||||||||||||
Transaction-based clearing expenses | 57.1 | 45.0 | 27 | % | 222.5 | 183.5 | 21 | % | |||||||||||||||||||||||||||
Introducing broker commissions | 34.0 | 27.7 | 23 | % | 113.8 | 114.7 | (1) | % | |||||||||||||||||||||||||||
Interest expense | 10.0 | 37.2 | (73) | % | 80.4 | 142.0 | (43) | % | |||||||||||||||||||||||||||
Interest expense on corporate funding | 14.8 | 3.6 | 311 | % | 23.6 | 12.7 | 86 | % | |||||||||||||||||||||||||||
Net operating revenues | 226.2 | 173.4 | 30 | % | 868.0 | 653.2 | 33 | % | |||||||||||||||||||||||||||
Compensation and other expenses: | |||||||||||||||||||||||||||||||||||
Variable compensation and benefits | 81.1 | 58.5 | 39 | % | 296.8 | 211.6 | 40 | % | |||||||||||||||||||||||||||
Fixed compensation and benefits | 64.4 | 46.7 | 38 | % | 221.9 | 181.5 | 22 | % | |||||||||||||||||||||||||||
Trading systems and market information | 12.9 | 10.3 | 25 | % | 46.3 | 38.8 | 19 | % | |||||||||||||||||||||||||||
Professional fees | 13.4 | 4.9 | 173 | % | 30.2 | 21.0 | 44 | % | |||||||||||||||||||||||||||
Non-trading technology and support | 9.6 | 5.1 | 88 | % | 28.4 | 20.1 | 41 | % | |||||||||||||||||||||||||||
Occupancy and equipment rental | 8.2 | 5.0 | 64 | % | 23.5 | 19.4 | 21 | % | |||||||||||||||||||||||||||
Selling and marketing | 6.1 | 1.1 | 455 | % | 12.2 | 5.2 | 135 | % | |||||||||||||||||||||||||||
Travel and business development | 0.5 | 4.4 | (89) | % | 8.9 | 16.2 | (45) | % | |||||||||||||||||||||||||||
Communications | 2.2 | 1.7 | 29 | % | 7.0 | 6.6 | 6 | % | |||||||||||||||||||||||||||
Depreciation and amortization | 7.2 | 4.4 | 64 | % | 19.7 | 14.0 | 41 | % | |||||||||||||||||||||||||||
Bad debts, net of recovery and impairments | 12.5 | 1.0 | 1,150 | % | 18.7 | 2.5 | 648 | % | |||||||||||||||||||||||||||
Recovery of bad debt on physical coal | — | (10.0) | — | % | — | (12.4) | n/m | ||||||||||||||||||||||||||||
Other | 10.0 | 6.3 | 59 | % | 29.6 | 23.2 | 28 | % | |||||||||||||||||||||||||||
Total compensation and other expenses | 228.1 | 139.4 | 64 | % | 743.2 | 547.7 | 36 | % | |||||||||||||||||||||||||||
Gain on acquisitions | 81.8 | 0.1 | — | % | 81.9 | 5.5 | 1,389 | % | |||||||||||||||||||||||||||
Income before tax | 79.9 | 34.1 | 134 | % | 206.7 | 111.0 | 86 | % | |||||||||||||||||||||||||||
Income tax expense | 2.5 | 6.9 | (64) | % | 37.1 | 25.9 | 43 | % | |||||||||||||||||||||||||||
Net income | $ | 77.4 | $ | 27.2 | 185 | % | $ | 169.6 | $ | 85.1 | 99 | % | |||||||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||||||
Basic | $ | 4.00 | $ | 1.42 | 182 | % | $ | 8.78 | $ | 4.46 | 97 | % | |||||||||||||||||||||||
Diluted | $ | 3.90 | $ | 1.40 | 179 | % | $ | 8.61 | $ | 4.39 | 96 | % | |||||||||||||||||||||||
Weighted-average number of common shares outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 18,867,530 | 18,761,759 | 1 | % | 18,824,328 | 18,738,905 | — | % | |||||||||||||||||||||||||||
Diluted | 19,358,907 | 19,047,194 | 2 | % | 19,180,479 | 19,014,395 | 1 | % | |||||||||||||||||||||||||||
n/m = not meaningful to present as a percentage |
All $ amounts are U.S. dollar or U.S. dollar equivalents | Three Months Ended September 30, | Year Ended September 30, | |||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||
Operating Revenues (in millions): | |||||||||||||||||||||||||||||||||||
Listed derivatives | $ | 82.7 | $ | 74.3 | 11% | $ | 328.5 | $ | 317.1 | 4% | |||||||||||||||||||||||||
OTC derivatives | 22.8 | 25.3 | (10)% | 111.2 | 98.3 | 13% | |||||||||||||||||||||||||||||
Securities | 100.8 | 86.0 | 17% | 458.3 | 329.3 | 39% | |||||||||||||||||||||||||||||
FX / Contract For Difference (“CFD”) contracts | 48.7 | 5.9 | 725% | 66.9 | 21.8 | 207% | |||||||||||||||||||||||||||||
Global payments | 28.4 | 26.4 | 8% | 114.6 | 110.8 | 3% | |||||||||||||||||||||||||||||
Physical contracts | 39.1 | 25.3 | 55% | 122.4 | 74.0 | 65% | |||||||||||||||||||||||||||||
Interest / fees earned on client balances | 4.7 | 20.9 | (78)% | 42.7 | 83.9 | (49)% | |||||||||||||||||||||||||||||
Other | 14.5 | 21.2 | (32)% | 68.4 | 75.2 | (9)% | |||||||||||||||||||||||||||||
Corporate Unallocated | 3.1 | 7.3 | (58)% | 14.6 | 20.8 | (30)% | |||||||||||||||||||||||||||||
Eliminations | (2.7) | (5.7) | (53)% | (19.3) | (25.1) | (23)% | |||||||||||||||||||||||||||||
$ | 342.1 | $ | 286.9 | 19% | $ | 1,308.3 | $ | 1,106.1 | 18% | ||||||||||||||||||||||||||
Volumes and Other Select Data (all $ amounts are U.S. dollar or U.S. dollar equivalents): | |||||||||||||||||||||||||||||||||||
Listed derivatives (contracts, 000’s) | 35,353 | 30,545 | 16% | 154,652 | 128,898 | 20% | |||||||||||||||||||||||||||||
Listed derivatives, average rate per contract (1) | $ | 2.24 | $ | 2.20 | 2% | $ | 1.98 | $ | 2.17 | (9)% | |||||||||||||||||||||||||
Average client equity - listed derivatives (millions) | $ | 3,331 | $ | 2,094 | 59% | $ | 2,765 | $ | 2,073 | 33% | |||||||||||||||||||||||||
Over-the-counter (“OTC”) derivatives (contracts, 000’s) | 475 | 461 | 3% | 2,113 | 1,772 | 19% | |||||||||||||||||||||||||||||
OTC derivatives, average rate per contract | $ | 47.34 | $ | 54.42 | (13)% | $ | 52.19 | $ | 55.19 | (5)% | |||||||||||||||||||||||||
Securities average daily volume (“ADV”) (millions) | $ | 1,681 | $ | 1,329 | 26% | $ | 1,729 | $ | 1,440 | 20% | |||||||||||||||||||||||||
Securities rate per million (“RPM”) (2) | $ | 727 | $ | 772 | (6)% | $ | 845 | $ | 685 | 23% | |||||||||||||||||||||||||
Average money market / FDIC sweep client balances (millions) | $ | 1,320 | $ | 850 | 55% | $ | 1,130 | $ | 791 | 43% | |||||||||||||||||||||||||
FX / CFD contracts ADV (millions) (3) | $ | 9,586 | $ | 1,497 | 540% | $ | 9,679 | $ | 1,361 | 611% | |||||||||||||||||||||||||
FX / CFD contracts RPM | $ | 111 | $ | 66 | 68% | $ | 97 | $ | 57 | 70% | |||||||||||||||||||||||||
Global Payments ADV (millions) | $ | 42 | $ | 44 | (5)% | $ | 45 | $ | 45 | —% | |||||||||||||||||||||||||
Global Payments RPM | $ | 10,524 | $ | 9,466 | 11% | $ | 10,092 | $ | 9,805 | 3% |
(1) | Give-up fees as well as cash and voice brokerage revenues are excluded from the calculation of listed derivatives, average rate per contract. | |||||||||||||
(2) | Interest income related to securities lending is excluded from the calculation of Securities RPM. | |||||||||||||
(3) | The ADV for the three months and year ended September 30, 2020 is reflective of the ADV of post-acquisition of Gain, and is calculated based on 43 trading days with the activities of Gain, acquired effective August 1, 2020, which is shown in our Retail segment, along with our pre-existing FX activities, which is shown in our Institutional segment, and had trading days of 66 and 260 during the current quarter and current fiscal year, respectively. |
Three Months Ended September 30, | Year Ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Gain on acquisitions: | |||||||||||||||||||||||
Attributable to tangible assets acquired | $ | 46.1 | $ | 0.1 | 46.2 | 5.5 | |||||||||||||||||
Attributable to intangible assets acquired: | |||||||||||||||||||||||
Proprietary software | 22.2 | — | 22.2 | — | |||||||||||||||||||
Customer relationships | 9.9 | — | 9.9 | — | |||||||||||||||||||
Trade names | 3.6 | — | 3.6 | — | |||||||||||||||||||
35.7 | — | 35.7 | — | ||||||||||||||||||||
Total gain on acquisitions | $ | 81.8 | $ | 0.1 | $ | 81.9 | $ | 5.5 |
Three Months Ended September 30, | Year Ended September 30, | ||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Investment banking | $ | 3.3 | $ | — | 5.2 | — | |||||||||||||||||
Financing fees | 4.4 | — | 4.4 | — | |||||||||||||||||||
Trade system impairment | 5.7 | — | 5.7 | — | |||||||||||||||||||
$ | 13.4 | $ | — | $ | 15.3 | $ | — |
Three Months Ended September 30, | Year Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | % of Total | 2019 | % of Total | 2020 | % of Total | 2019 | % of Total | |||||||||||||||||||||||||||||||||||||||
Variable compensation and benefits | $ | 81.1 | 25 | % | $ | 58.5 | 28 | % | $ | 296.8 | 27 | % | $ | 211.6 | 25 | % | |||||||||||||||||||||||||||||||
Transaction-based clearing expenses | 57.1 | 18 | % | 45.0 | 21 | % | 222.5 | 21 | % | 183.5 | 22 | % | |||||||||||||||||||||||||||||||||||
Introducing broker commissions | 34.0 | 11 | % | 27.7 | 13 | % | 113.8 | 11 | % | 114.7 | 14 | % | |||||||||||||||||||||||||||||||||||
Total variable expenses | 172.2 | 54 | % | 131.2 | 62 | % | 633.1 | 59 | % | 509.8 | 61 | % | |||||||||||||||||||||||||||||||||||
Fixed compensation and benefits | 64.4 | 20 | % | 46.7 | 22 | % | 221.9 | 20 | % | 181.5 | 21 | % | |||||||||||||||||||||||||||||||||||
Other fixed expenses | 70.1 | 22 | % | 43.2 | 21 | % | 205.8 | 19 | % | 164.5 | 18 | % | |||||||||||||||||||||||||||||||||||
Bad debts, net of recovery and impairment | 12.5 | 4 | % | 1.0 | — | % | 18.7 | 2 | % | 2.5 | — | % | |||||||||||||||||||||||||||||||||||
Recovery of bad debt on physical coal | — | — | % | (10.0) | (5) | % | — | — | % | (12.4) | — | % | |||||||||||||||||||||||||||||||||||
Total non-variable expenses | 147.0 | 46 | % | 80.9 | 38 | % | 446.4 | 41 | % | 336.1 | 39 | % | |||||||||||||||||||||||||||||||||||
Total non-interest expenses | $ | 319.2 | 100 | % | $ | 212.1 | 100 | % | $ | 1,079.5 | 100 | % | $ | 845.9 | 100 | % |
(Unaudited) (in millions, except for share and per share amounts) | September 30, 2020 | September 30, 2019 | |||||||||
Summary asset information: | |||||||||||
Cash and cash equivalents | $ | 952.6 | $ | 471.3 | |||||||
Cash, securities and other assets segregated under federal and other regulations | $ | 1,920.2 | $ | 1,049.9 | |||||||
Securities purchased under agreements to resell | $ | 1,696.2 | $ | 1,424.5 | |||||||
Securities borrowed | $ | 1,440.0 | $ | 1,423.2 | |||||||
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | $ | 3,629.9 | $ | 2,540.5 | |||||||
Receivables from clients, net and notes receivable, net | $ | 413.1 | $ | 425.2 | |||||||
Financial instruments owned, at fair value | $ | 2,727.7 | $ | 2,175.2 | |||||||
Physical commodities inventory, net | $ | 281.1 | $ | 229.3 | |||||||
Property and equipment, net | $ | 62.1 | $ | 43.9 | |||||||
Operating right of use assets | $ | 101.5 | $ | — | |||||||
Goodwill and intangible assets, net | $ | 109.5 | $ | 67.9 | |||||||
Other | $ | 141.0 | $ | 85.2 | |||||||
Summary liability and stockholders’ equity information: | |||||||||||
Accounts payable and other accrued liabilities | $ | 272.6 | $ | 157.5 | |||||||
Operating lease liabilities | $ | 118.7 | $ | — | |||||||
Payables to clients | $ | 5,689.0 | $ | 3,589.5 | |||||||
Payables to broker-dealers, clearing organizations and counterparties | $ | 537.5 | $ | 266.2 | |||||||
Payables to lenders under loans | $ | 268.1 | $ | 202.3 | |||||||
Senior secured borrowings, net | $ | 515.5 | $ | 167.6 | |||||||
Income taxes payable | $ | 22.6 | $ | 10.4 | |||||||
Securities sold under agreements to repurchase | $ | 3,155.5 | $ | 2,773.7 | |||||||
Securities loaned | $ | 1,441.9 | $ | 1,459.9 | |||||||
Financial instruments sold, not yet purchased, at fair value | $ | 686.0 | $ | 714.8 | |||||||
Stockholders’ equity | $ | 767.5 | $ | 594.2 | |||||||
Common stock outstanding - shares | 19,376,594 | 19,075,360 | |||||||||
Net asset value per share | $ | 39.61 | $ | 31.15 | |||||||
Three Months Ended September 30, | Year Ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||||||
Segment operating revenues represented by: | |||||||||||||||||||||||||||||||||||
Commercial | $ | 107.8 | $ | 105.1 | 3 | % | $ | 431.5 | $ | 404.4 | 7 | % | |||||||||||||||||||||||
Institutional | 136.2 | 133.0 | 2 | % | 624.1 | 515.0 | 21 | % | |||||||||||||||||||||||||||
Retail | 68.5 | 20.4 | 236 | % | 140.0 | 78.2 | 79 | % | |||||||||||||||||||||||||||
Global Payments | 29.2 | 26.8 | 9 | % | 117.4 | 112.8 | 4 | % | |||||||||||||||||||||||||||
Corporate Unallocated | 3.1 | 7.3 | (58) | % | 14.6 | 20.8 | (30) | % | |||||||||||||||||||||||||||
Eliminations | (2.7) | (5.7) | (53) | % | (19.3) | (25.1) | (23) | % | |||||||||||||||||||||||||||
Operating revenues | $ | 342.1 | $ | 286.9 | 19 | % | $ | 1,308.3 | $ | 1,106.1 | 18 | % |
Three Months Ended September 30, | Year Ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||||||
Segment income represented by: | |||||||||||||||||||||||||||||||||||
Commercial | $ | 34.3 | $ | 48.7 | (30) | % | $ | 141.9 | $ | 144.6 | (2) | % | |||||||||||||||||||||||
Institutional | 22.4 | 21.5 | 4 | % | 152.9 | 88.6 | 73 | % | |||||||||||||||||||||||||||
Retail | 18.0 | 2.5 | 620 | % | 31.7 | 6.4 | 395 | % | |||||||||||||||||||||||||||
Global Payments | 16.6 | 14.7 | 13 | % | 68.6 | 66.1 | 4 | % | |||||||||||||||||||||||||||
Total segment income | $ | 91.3 | $ | 87.4 | 4 | % | $ | 395.1 | $ | 305.7 | 29 | % | |||||||||||||||||||||||
Reconciliation of segment income to income before tax: | |||||||||||||||||||||||||||||||||||
Segment income | $ | 91.3 | $ | 87.4 | 4 | % | $ | 395.1 | $ | 305.7 | 29 | % | |||||||||||||||||||||||
Net costs not allocated to operating segments | (93.2) | (53.4) | 75 | % | (270.3) | (200.2) | 35 | % | |||||||||||||||||||||||||||
Other gain | 81.8 | 0.1 | 81,700 | % | 81.9 | 5.5 | 1,389 | % | |||||||||||||||||||||||||||
Income before tax | $ | 79.9 | $ | 34.1 | 134 | % | $ | 206.7 | $ | 111.0 | 86 | % |
Three Months Ended September 30, | Year Ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions) | 2020 | % Change | 2019 | 2020 | % Change | 2019 | |||||||||||||||||||||||||||||
Compensation and benefits: | |||||||||||||||||||||||||||||||||||
Variable compensation and benefits | $ | 15.3 | 59 | % | $ | 9.6 | 40.5 | 46 | % | 27.7 | |||||||||||||||||||||||||
Fixed compensation and benefits | 24.5 | 32 | % | 18.6 | 86.8 | 19 | % | 72.8 | |||||||||||||||||||||||||||
39.8 | 41 | % | 28.2 | 127.3 | 27 | % | 100.5 | ||||||||||||||||||||||||||||
Other expenses: | |||||||||||||||||||||||||||||||||||
Occupancy and equipment rental | 8.2 | 64 | % | 5.0 | 23.4 | 21 | % | 19.3 | |||||||||||||||||||||||||||
Non-trading technology and support | 7.5 | 97 | % | 3.8 | 22.2 | 47 | % | 15.1 | |||||||||||||||||||||||||||
Professional fees | 8.8 | 175 | % | 3.2 | 22.0 | 65 | % | 13.3 | |||||||||||||||||||||||||||
Depreciation and amortization | 4.7 | 52 | % | 3.1 | 16.5 | 53 | % | 10.8 | |||||||||||||||||||||||||||
Communications | 2.0 | 25 | % | 1.6 | 6.2 | — | % | 6.2 | |||||||||||||||||||||||||||
Selling and marketing | 0.3 | 50 | % | 0.2 | 4.1 | 273 | % | 1.1 | |||||||||||||||||||||||||||
Trading systems and market information | 0.5 | (71) | % | 1.7 | 2.6 | (4) | % | 2.7 | |||||||||||||||||||||||||||
Travel and business development | 0.1 | (90) | % | 1.0 | 2.3 | (39) | % | 3.8 | |||||||||||||||||||||||||||
Other | 7.5 | 42 | % | 5.3 | 19.2 | 16 | % | 16.6 | |||||||||||||||||||||||||||
39.6 | 59 | % | 24.9 | 118.5 | 33 | % | 88.9 | ||||||||||||||||||||||||||||
Total compensation and other expenses | $ | 79.4 | 50 | % | $ | 53.1 | $ | 245.8 | 30 | % | $ | 189.4 |
StoneX Group Inc. | ||||||||||||||||||||||||||||||||
Commercial | Institutional | Retail | Global Payments | |||||||||||||||||||||||||||||
Primary Activities: | Primary Activities: | Primary Activities: | Primary Activities: | |||||||||||||||||||||||||||||
Financial Ag, Energy & Metals | Equity Capital Markets | Retail Forex | Global Payments | |||||||||||||||||||||||||||||
Physical Ag & Energy | Debt Capital Markets | Retail Precious Metals | Payment Technology Services | |||||||||||||||||||||||||||||
Precious Metals | FX Prime Brokerage | Independent Wealth Management | ||||||||||||||||||||||||||||||
Derivative Voice Brokerage | Exchange-Traded Futures & Options | |||||||||||||||||||||||||||||||
Correspondent Clearing |
Three Months Ended | Year Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(in millions) | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Operating Revenues (in millions): | |||||||||||||||||||||||||||||||||||||||||
Listed derivatives | $ | 82.7 | $ | 75.6 | $ | 98.1 | $ | 72.2 | $ | 74.3 | $ | 328.5 | $ | 317.1 | |||||||||||||||||||||||||||
OTC derivatives | 22.8 | 21.4 | 44.4 | 22.7 | 25.3 | 111.2 | 98.3 | ||||||||||||||||||||||||||||||||||
Securities | 100.8 | 136.1 | 130.9 | 90.3 | 86.0 | 458.3 | 329.3 | ||||||||||||||||||||||||||||||||||
FX / CFD contracts | 48.7 | 4.8 | 8.9 | 4.6 | 5.9 | 66.9 | 21.8 | ||||||||||||||||||||||||||||||||||
Global Payments | 28.4 | 26.8 | 28.7 | 30.6 | 26.4 | 114.6 | 110.8 | ||||||||||||||||||||||||||||||||||
Physical contracts | 39.1 | 39.3 | 23.9 | 20.1 | 25.3 | 122.4 | 74.0 | ||||||||||||||||||||||||||||||||||
Interest / fees earned on client balances | 4.7 | 4.7 | 15.5 | 18.0 | 20.9 | 42.7 | 83.9 | ||||||||||||||||||||||||||||||||||
Other | 14.5 | 14.9 | 19.1 | 19.7 | 21.2 | 68.4 | 75.2 | ||||||||||||||||||||||||||||||||||
Corporate Unallocated | 3.1 | 2.3 | 4.0 | 5.2 | 7.3 | 14.6 | 20.8 | ||||||||||||||||||||||||||||||||||
Eliminations | (2.7) | (3.3) | (6.7) | (6.6) | (5.7) | (19.3) | $ | (25.1) | |||||||||||||||||||||||||||||||||
$ | 342.1 | $ | 322.6 | $ | 366.8 | $ | 276.8 | $ | 286.9 | $ | 1,308.3 | $ | 1,106.1 | ||||||||||||||||||||||||||||
Volumes and Other Select Data (all $ amounts are U.S. dollar or U.S. dollar equivalents): | |||||||||||||||||||||||||||||||||||||||||
Listed derivatives (contracts, 000’s) | 35,353 | 37,627 | 47,611 | 34,061 | 30,545 | 154,652 | 128,898 | ||||||||||||||||||||||||||||||||||
Listed derivatives, average rate per contract (1) | $ | 2.24 | $ | 1.88 | $ | 1.91 | $ | 1.94 | $ | 2.20 | $ | 1.98 | $ | 2.17 | |||||||||||||||||||||||||||
Average client equity - listed derivatives (millions) | $ | 3,331 | $ | 3,027 | $ | 2,445 | $ | 2,257 | $ | 2,094 | $ | 2,765 | $ | 2,073 | |||||||||||||||||||||||||||
Over-the-counter (“OTC”) derivatives (contracts, 000’s) | 475 | 540 | 610 | 489 | 461 | 2,113 | 1,772 | ||||||||||||||||||||||||||||||||||
OTC derivatives, average rate per contract | $ | 47.34 | $ | 39.11 | $ | 72.52 | $ | 46.01 | $ | 54.42 | $ | 52.19 | $ | 55.19 | |||||||||||||||||||||||||||
Securities average daily volume (“ADV”) ( millions) | $ | 1,681 | $ | 1,765 | $ | 2,235 | $ | 1,252 | $ | 1,329 | $ | 1,729 | $ | 1,440 | |||||||||||||||||||||||||||
Securities rate per million (“RPM”) (2) | $ | 727 | $ | 1,040 | $ | 769 | $ | 865 | $ | 772 | $ | 845 | $ | 685 | |||||||||||||||||||||||||||
Average money market / FDIC sweep client balances (millions) | $ | 1,320 | $ | 1,261 | $ | 957 | $ | 982 | $ | 850 | $ | 1,130 | $ | 791 | |||||||||||||||||||||||||||
FX / Contract For Differences (“CFD”) contracts ADV ( millions) (3) | $ | 9,586 | $ | 897 | $ | 2,031 | $ | 1,144 | $ | 1,497 | $ | 9,679 | $ | 1,361 | |||||||||||||||||||||||||||
FX / CFD contracts RPM | $ | 111 | $ | 84 | $ | 71 | $ | 67 | $ | 66 | $ | 97 | $ | 57 | |||||||||||||||||||||||||||
Global Payments ADV (millions) | $ | 42 | $ | 40 | $ | 48 | $ | 50 | $ | 44 | $ | 45 | $ | 45 | |||||||||||||||||||||||||||
Global Payments RPM | $ | 10,524 | $ | 10,650 | $ | 9,693 | $ | 9,655 | $ | 9,466 | $ | 10,092 | $ | 9,805 |
(1) | Give-up fees as well as cash and voice brokerage revenues are excluded from the calculation of listed derivatives, average rate per contract. | |||||||||||||
(2) | Interest income related to securities lending is excluded from the calculation of Securities RPM. | |||||||||||||
(3) | The ADV for the three months and year ended September 30, 2020 is reflective of the ADV of post-acquisition of Gain, and is calculated based on 43 trading days with the activities of Gain, acquired effective August 1, 2020, which is shown in our Retail segment, along with our pre-existing FX activities, which is shown in our Institutional segment, and had trading days of 66 and 260 during the current quarter and current fiscal year, respectively. |
Three Months Ended | Year Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(in millions) | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Segment operating revenues represented by: | |||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 107.8 | $ | 104.3 | $ | 126.2 | $ | 93.2 | $ | 105.1 | $ | 431.5 | $ | 404.4 | |||||||||||||||||||||||||||
Institutional | 136.2 | 169.8 | 185.7 | 132.4 | 133.0 | 624.1 | 515.0 | ||||||||||||||||||||||||||||||||||
Retail | 68.5 | 22.1 | 28.2 | 21.2 | 20.4 | 140.0 | 78.2 | ||||||||||||||||||||||||||||||||||
Global Payments | 29.2 | 27.4 | 29.4 | 31.4 | 26.8 | 117.4 | 112.8 | ||||||||||||||||||||||||||||||||||
Corporate Unallocated | 3.1 | 2.3 | 4.0 | 5.2 | 7.3 | 14.6 | 20.8 | ||||||||||||||||||||||||||||||||||
Eliminations | (2.7) | (3.3) | (6.7) | (6.6) | (5.7) | (19.3) | (25.1) | ||||||||||||||||||||||||||||||||||
Operating revenues | $ | 342.1 | $ | 322.6 | $ | 366.8 | $ | 276.8 | $ | 286.9 | $ | 1,308.3 | $ | 1,106.1 |
Three Months Ended | Year Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(in millions) | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Segment income represented by: | |||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 34.3 | $ | 37.2 | $ | 41.7 | $ | 28.7 | $ | 48.7 | $ | 141.9 | $ | 144.6 | |||||||||||||||||||||||||||
Institutional | 22.4 | 53.8 | 51.4 | 25.3 | 21.5 | 152.9 | 88.6 | ||||||||||||||||||||||||||||||||||
Retail | 18.0 | 3.8 | 7.0 | 2.9 | 2.5 | 31.7 | 6.4 | ||||||||||||||||||||||||||||||||||
Global Payments | 16.6 | 15.9 | 17.2 | 18.9 | 14.7 | 68.6 | 66.1 | ||||||||||||||||||||||||||||||||||
Total segment income | $ | 91.3 | $ | 110.7 | $ | 117.3 | $ | 75.8 | $ | 87.4 | $ | 395.1 | $ | 305.7 | |||||||||||||||||||||||||||
Reconciliation of segment income to income before tax: | |||||||||||||||||||||||||||||||||||||||||
Segment income | $ | 91.3 | $ | 110.7 | $ | 117.3 | $ | 75.8 | $ | 87.4 | $ | 395.1 | $ | 305.7 | |||||||||||||||||||||||||||
Net costs not allocated to operating segments | (93.2) | (61.7) | (61.2) | (54.2) | (53.4) | (270.3) | (200.2) | ||||||||||||||||||||||||||||||||||
Other gain | 81.8 | — | — | 0.1 | 0.1 | 81.9 | 5.5 | ||||||||||||||||||||||||||||||||||
Income before tax | $ | 79.9 | $ | 49.0 | $ | 56.1 | $ | 21.7 | $ | 34.1 | $ | 206.7 | $ | 111.0 |
Three Months Ended | Year Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(in millions) | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Sales of physical commodities | $ | 13,863.8 | $ | 7,884.5 | $ | 19,923.4 | $ | 10,922.2 | $ | 10,962.3 | $ | 52,593.9 | $ | 31,759.3 | |||||||||||||||||||||||||||
Principal gains, net | 51.5 | 42.7 | 61.8 | 38.1 | 42.9 | 194.1 | 156.7 | ||||||||||||||||||||||||||||||||||
Commission and clearing fees | 35.8 | 33.1 | 38.7 | 32.5 | 35.3 | 140.1 | 150.5 | ||||||||||||||||||||||||||||||||||
Consulting, management and account fees | 4.5 | 4.6 | 5.0 | 4.7 | 4.9 | 18.8 | 18.6 | ||||||||||||||||||||||||||||||||||
Interest income | 2.7 | 3.2 | 8.5 | 8.8 | 9.8 | 23.2 | 40.3 | ||||||||||||||||||||||||||||||||||
Total revenues | 13,958.3 | 7,968.1 | 20,037.4 | 11,006.3 | 11,055.2 | 52,970.1 | 32,125.4 | ||||||||||||||||||||||||||||||||||
Cost of sales of physical commodities | 13,850.5 | 7,863.8 | 19,911.2 | 10,913.1 | 10,950.1 | 52,538.6 | 31,721.0 | ||||||||||||||||||||||||||||||||||
Operating revenues | 107.8 | 104.3 | 126.2 | 93.2 | 105.1 | 431.5 | 404.4 | ||||||||||||||||||||||||||||||||||
Transaction-based clearing expenses | 10.1 | 10.0 | 11.1 | 9.6 | 9.7 | 40.8 | 38.9 | ||||||||||||||||||||||||||||||||||
Introducing broker commissions | 6.3 | 5.0 | 6.6 | 6.1 | 7.4 | 24.0 | 26.8 | ||||||||||||||||||||||||||||||||||
Interest expense | 2.6 | 2.7 | 4.2 | 3.8 | 3.9 | 13.3 | 17.5 | ||||||||||||||||||||||||||||||||||
Net operating revenues | 88.8 | 86.6 | 104.3 | 73.7 | 84.1 | 353.4 | 321.2 | ||||||||||||||||||||||||||||||||||
Variable direct compensation and benefits | 27.7 | 27.4 | 33.9 | 22.2 | 24.3 | 111.2 | 96.6 | ||||||||||||||||||||||||||||||||||
Net contribution | 61.1 | 59.2 | 70.4 | 51.5 | 59.8 | 242.2 | 224.6 | ||||||||||||||||||||||||||||||||||
Fixed compensation and benefits | 12.3 | 12.3 | 12.5 | 11.4 | 11.2 | 48.5 | 47.0 | ||||||||||||||||||||||||||||||||||
Other fixed expenses | 9.7 | 10.3 | 12.1 | 11.4 | 10.2 | 43.5 | 44.3 | ||||||||||||||||||||||||||||||||||
Bad debts and impairments | 4.8 | (0.6) | 4.1 | — | (0.3) | 8.3 | 1.1 | ||||||||||||||||||||||||||||||||||
(Recovery) bad debt on physical coal | — | — | — | — | (10.0) | — | (12.4) | ||||||||||||||||||||||||||||||||||
Non-variable direct expenses | 26.8 | 22.0 | 28.7 | 22.8 | 11.1 | 100.3 | 80.0 | ||||||||||||||||||||||||||||||||||
Segment income | $ | 34.3 | $ | 37.2 | $ | 41.7 | $ | 28.7 | $ | 48.7 | $ | 141.9 | $ | 144.6 |
Three Months Ended | Year Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(in millions) | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Operating revenues (in millions): | |||||||||||||||||||||||||||||||||||||||||
Listed derivatives | $ | 43.3 | $ | 40.2 | $ | 52.9 | $ | 40.6 | $ | 43.5 | $ | 176.9 | $ | 184.5 | |||||||||||||||||||||||||||
OTC derivatives | 22.7 | 21.3 | 44.3 | 22.7 | 25.3 | 111.0 | 98.3 | ||||||||||||||||||||||||||||||||||
Physical contracts | 35.3 | 36.3 | 18.9 | 19.0 | 24.5 | 109.6 | 73.5 | ||||||||||||||||||||||||||||||||||
Interest / fees earned on client balances | 1.8 | 1.9 | 5.0 | 5.8 | 7.1 | 14.5 | 29.0 | ||||||||||||||||||||||||||||||||||
Other | 4.7 | 4.6 | 5.1 | 5.1 | 4.7 | 19.5 | 19.1 | ||||||||||||||||||||||||||||||||||
$ | 107.8 | $ | 104.3 | $ | 126.2 | $ | 93.2 | $ | 105.1 | $ | 431.5 | $ | 404.4 | ||||||||||||||||||||||||||||
Select data (all $ amounts are U.S. dollar or U.S. dollar equivalents): | |||||||||||||||||||||||||||||||||||||||||
Listed derivatives (contracts, 000’s) | 6,763 | 6,674 | 8,710 | 7,109 | 6,571 | 29,255 | 27,985 | ||||||||||||||||||||||||||||||||||
Listed derivatives, average rate per contract (1) | $ | 6.03 | $ | 5.52 | $ | 5.38 | $ | 5.03 | $ | 5.74 | $ | 5.48 | $ | 5.49 | |||||||||||||||||||||||||||
Average client equity - listed derivatives (millions) | $ | 1,112 | $ | 1,118 | $ | 944 | $ | 904 | $ | 968 | $ | 1,019 | $ | 948 | |||||||||||||||||||||||||||
Over-the-counter (“OTC”) derivatives (contracts, 000’s) | 475 | 540 | 610 | 489 | 461 | 2,113 | 1,772 | ||||||||||||||||||||||||||||||||||
OTC derivatives, average rate per contract | $ | 47.34 | $ | 39.11 | $ | 72.52 | $ | 46.01 | $ | 54.42 | $ | 52.19 | $ | 55.19 |
(1) | Give-up fees as well as cash and voice brokerage revenues are excluded from the calculation of listed derivatives, average rate per contract. | |||||||||||||
Three Months Ended | Year Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(in millions) | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Sales of physical commodities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Principal gains, net | 58.3 | 93.3 | 78.3 | 43.7 | 39.1 | 273.6 | 149.5 | ||||||||||||||||||||||||||||||||||
Commission and clearing fees | 54.2 | 51.2 | 63.6 | 42.1 | 42.3 | 211.1 | 170.0 | ||||||||||||||||||||||||||||||||||
Consulting, management and account fees | 4.4 | 4.5 | 7.3 | 7.1 | 7.3 | 23.3 | 28.3 | ||||||||||||||||||||||||||||||||||
Interest income | 19.3 | 20.8 | 36.5 | 39.5 | 44.3 | 116.1 | 167.2 | ||||||||||||||||||||||||||||||||||
Total revenues | 136.2 | 169.8 | 185.7 | 132.4 | 133.0 | 624.1 | 515.0 | ||||||||||||||||||||||||||||||||||
Cost of sales of physical commodities | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Operating revenues | 136.2 | 169.8 | 185.7 | 132.4 | 133.0 | 624.1 | 515.0 | ||||||||||||||||||||||||||||||||||
Transaction-based clearing expenses | 40.9 | 43.0 | 50.3 | 34.5 | 33.1 | 168.7 | 136.7 | ||||||||||||||||||||||||||||||||||
Introducing broker commissions | 6.4 | 4.2 | 5.2 | 4.1 | 4.7 | 19.9 | 26.7 | ||||||||||||||||||||||||||||||||||
Interest expense | 7.9 | 9.5 | 25.3 | 29.0 | 35.4 | 71.7 | 131.5 | ||||||||||||||||||||||||||||||||||
Net operating revenues | 81.0 | 113.1 | 104.9 | 64.8 | 59.8 | 363.8 | 220.1 | ||||||||||||||||||||||||||||||||||
Variable direct compensation and benefits | 27.9 | 35.8 | 32.4 | 18.8 | 18.3 | 114.9 | 63.1 | ||||||||||||||||||||||||||||||||||
Net contribution | 53.1 | 77.3 | 72.5 | 46.0 | 41.5 | 248.9 | 157.0 | ||||||||||||||||||||||||||||||||||
Fixed compensation and benefits | 12.7 | 12.6 | 11.7 | 10.2 | 9.4 | 47.2 | 32.6 | ||||||||||||||||||||||||||||||||||
Other fixed expenses | 10.9 | 8.5 | 9.1 | 10.5 | 9.3 | 39.0 | 34.4 | ||||||||||||||||||||||||||||||||||
Bad debts and impairments | 7.1 | 2.4 | 0.3 | — | 1.3 | 9.8 | 1.4 | ||||||||||||||||||||||||||||||||||
Non-variable direct expenses | 30.7 | 23.5 | 21.1 | 20.7 | 20.0 | 96.0 | 68.4 | ||||||||||||||||||||||||||||||||||
Segment income | $ | 22.4 | $ | 53.8 | $ | 51.4 | $ | 25.3 | $ | 21.5 | $ | 152.9 | $ | 88.6 |
Three Months Ended | Year Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(in millions) | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Operating revenues (in millions): | |||||||||||||||||||||||||||||||||||||||||
Listed derivatives | $ | 39.4 | $ | 35.4 | $ | 45.2 | $ | 31.6 | $ | 30.8 | $ | 151.6 | $ | 132.6 | |||||||||||||||||||||||||||
OTC derivatives | 0.1 | 0.1 | 0.1 | — | — | 0.2 | — | ||||||||||||||||||||||||||||||||||
Securities | 79.7 | 117.4 | 108.3 | 70.7 | 66.9 | 376.1 | 253.6 | ||||||||||||||||||||||||||||||||||
FX contracts | 5.8 | 4.8 | 8.9 | 4.6 | 5.9 | 24.0 | 21.8 | ||||||||||||||||||||||||||||||||||
Interest / fees earned on client balances | 2.6 | 2.4 | 9.9 | 11.7 | 13.3 | 26.5 | 52.9 | ||||||||||||||||||||||||||||||||||
Other | 8.6 | 9.7 | 13.3 | 13.8 | 16.1 | 45.7 | 54.1 | ||||||||||||||||||||||||||||||||||
$ | 136.2 | $ | 169.8 | $ | 185.7 | $ | 132.4 | $ | 133.0 | $ | 624.1 | $ | 515.0 | ||||||||||||||||||||||||||||
Select data (all $ amounts are U.S. dollar or U.S. dollar equivalents): | |||||||||||||||||||||||||||||||||||||||||
Listed derivatives (contracts, 000’s) | 28,590 | 30,954 | 38,902 | 26,952 | 23,974 | 125,397 | 100,913 | ||||||||||||||||||||||||||||||||||
Listed derivatives, average rate per contract (1) | $ | 1.34 | $ | 1.10 | $ | 1.13 | $ | 1.13 | $ | 1.23 | $ | 1.17 | $ | 1.25 | |||||||||||||||||||||||||||
Average client equity - listed derivatives (millions) | $ | 2,220 | $ | 1,908 | $ | 1,501 | $ | 1,354 | $ | 1,126 | $ | 1,746 | $ | 1,125 | |||||||||||||||||||||||||||
Securities ADV ( millions) | $ | 1,681 | $ | 1,765 | $ | 2,235 | $ | 1,252 | $ | 1,329 | $ | 1,729 | $ | 1,440 | |||||||||||||||||||||||||||
Securities RPM (2) | $ | 727 | $ | 1,040 | $ | 769 | $ | 865 | $ | 772 | $ | 845 | $ | 685 | |||||||||||||||||||||||||||
Average money market / FDIC sweep client balances (millions) | $ | 1,320 | $ | 1,261 | $ | 957 | $ | 982 | $ | 850 | $ | 1,130 | $ | 791 | |||||||||||||||||||||||||||
FX contracts ADV ( millions) | $ | 1,229 | $ | 897 | $ | 2,031 | $ | 1,144 | $ | 1,497 | $ | 1,322 | $ | 1,361 | |||||||||||||||||||||||||||
FX contracts RPM | $ | 70 | $ | 84 | $ | 71 | $ | 67 | $ | 66 | $ | 72 | $ | 57 |
(1) | Give-up fee revenues are excluded from the calculation of listed derivatives, average rate per contract. | |||||||||||||
(2) | Interest income related to securities lending is excluded from the calculation of Securities RPM. | |||||||||||||
Three Months Ended | Year Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(in millions) | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Sales of physical commodities | $ | 96.0 | $ | 60.0 | $ | 93.5 | $ | 55.8 | $ | 43.4 | $ | 305.3 | $ | 71.0 | |||||||||||||||||||||||||||
Principal gains, net | 42.1 | — | (0.1) | 0.3 | — | 42.3 | (0.5) | ||||||||||||||||||||||||||||||||||
Commission and clearing fees | 12.8 | 11.4 | 13.7 | 11.9 | 12.0 | 49.8 | 48.7 | ||||||||||||||||||||||||||||||||||
Consulting, management and account fees | 9.5 | 7.6 | 9.3 | 8.2 | 7.5 | 34.6 | 28.5 | ||||||||||||||||||||||||||||||||||
Interest income | 0.4 | 0.1 | 0.1 | 0.1 | 0.1 | 0.7 | 0.4 | ||||||||||||||||||||||||||||||||||
Total revenues | 160.8 | 79.1 | 116.5 | 76.3 | 63.0 | 432.7 | 148.1 | ||||||||||||||||||||||||||||||||||
Cost of sales of physical commodities | 92.3 | 57.0 | 88.3 | 55.1 | 42.6 | 292.7 | 69.9 | ||||||||||||||||||||||||||||||||||
Operating revenues | 68.5 | 22.1 | 28.2 | 21.2 | 20.4 | 140.0 | 78.2 | ||||||||||||||||||||||||||||||||||
Transaction-based clearing expenses | 4.4 | 0.7 | 0.8 | 0.5 | 0.6 | 6.4 | 2.1 | ||||||||||||||||||||||||||||||||||
Introducing broker commissions | 20.8 | 14.7 | 17.7 | 15.8 | 15.4 | 69.0 | 60.3 | ||||||||||||||||||||||||||||||||||
Interest expense | 0.8 | — | — | — | (0.1) | 0.8 | 0.1 | ||||||||||||||||||||||||||||||||||
Net operating revenues | 42.5 | 6.7 | 9.7 | 4.9 | 4.5 | 63.8 | 15.7 | ||||||||||||||||||||||||||||||||||
Variable direct compensation and benefits | 3.8 | 0.5 | 0.3 | 0.4 | 0.4 | 5.0 | 1.1 | ||||||||||||||||||||||||||||||||||
Net contribution | 38.7 | 6.2 | 9.4 | 4.5 | 4.1 | 58.8 | 14.6 | ||||||||||||||||||||||||||||||||||
Fixed compensation and benefits | 7.2 | 1.0 | 1.2 | 0.8 | 0.9 | 10.2 | 4.1 | ||||||||||||||||||||||||||||||||||
Other fixed expenses | 12.9 | 1.4 | 1.2 | 0.8 | 0.7 | 16.3 | 4.1 | ||||||||||||||||||||||||||||||||||
Bad debts | 0.6 | — | — | — | — | 0.6 | — | ||||||||||||||||||||||||||||||||||
Non-variable direct expenses | 20.7 | 2.4 | 2.4 | 1.6 | 1.6 | 27.1 | 8.2 | ||||||||||||||||||||||||||||||||||
Segment income | $ | 18.0 | $ | 3.8 | $ | 7.0 | $ | 2.9 | $ | 2.5 | $ | 31.7 | $ | 6.4 |
Three Months Ended | Year Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(in millions) | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Operating revenues (in millions): | |||||||||||||||||||||||||||||||||||||||||
Securities | $ | 21.1 | $ | 18.7 | $ | 22.6 | $ | 19.6 | $ | 19.1 | $ | 82.2 | $ | 75.7 | |||||||||||||||||||||||||||
FX / CFD contracts | 42.9 | — | — | — | — | 42.9 | — | ||||||||||||||||||||||||||||||||||
Physical contracts | 3.8 | 3.0 | 5.0 | 1.1 | 0.8 | 12.8 | 0.5 | ||||||||||||||||||||||||||||||||||
Interest / fees earned on client balances | 0.3 | 0.4 | 0.6 | 0.5 | 0.5 | 1.7 | 2.0 | ||||||||||||||||||||||||||||||||||
Other | 0.4 | — | — | — | — | 0.4 | — | ||||||||||||||||||||||||||||||||||
$ | 68.5 | $ | 22.1 | $ | 28.2 | $ | 21.2 | $ | 20.4 | $ | 140.0 | $ | 78.2 | ||||||||||||||||||||||||||||
Select data (all $ amounts are U.S. dollar or U.S. dollar equivalents): | |||||||||||||||||||||||||||||||||||||||||
FX / CFD contracts ADV (millions) (1) | $ | 8,357 | $ | — | $ | — | $ | — | $ | — | $ | 8,357 | $ | — | |||||||||||||||||||||||||||
FX / CFD contracts RPM (2) | $ | 120 | $ | — | $ | — | $ | — | $ | — | $ | 120 | $ | — |
(1) | The ADV for the three months and year ended September 30, 2020 is reflective of the ADV post-acquisition of Gain, and is calculated based on 43 trading days with the activities of Gain, acquired effective August 1, 2020 |
Three Months Ended | Year Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(in millions) | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Sales of physical commodities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Principal gains, net | 27.4 | 25.9 | 27.9 | 29.6 | 25.4 | 110.8 | 107.1 | ||||||||||||||||||||||||||||||||||
Commission and clearing fees | 1.2 | 0.9 | 1.0 | 1.0 | 1.0 | 4.1 | 3.8 | ||||||||||||||||||||||||||||||||||
Consulting, management and account fees | 0.6 | 0.6 | 0.5 | 0.8 | 0.4 | 2.5 | 1.8 | ||||||||||||||||||||||||||||||||||
Interest income | — | — | — | — | — | — | 0.1 | ||||||||||||||||||||||||||||||||||
Total revenues | 29.2 | 27.4 | 29.4 | 31.4 | 26.8 | 117.4 | 112.8 | ||||||||||||||||||||||||||||||||||
Cost of sales of physical commodities | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Operating revenues | 29.2 | 27.4 | 29.4 | 31.4 | 26.8 | 117.4 | 112.8 | ||||||||||||||||||||||||||||||||||
Transaction-based clearing expenses | 1.2 | 1.2 | 1.3 | 1.4 | 1.4 | 5.1 | 4.9 | ||||||||||||||||||||||||||||||||||
Introducing broker commissions | 0.3 | 0.1 | 0.1 | 0.2 | 0.2 | 0.7 | 0.8 | ||||||||||||||||||||||||||||||||||
Interest expense | — | 0.1 | — | — | (0.1) | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||
Net operating revenues | 27.7 | 26.0 | 28.0 | 29.8 | 25.3 | 111.5 | 107.0 | ||||||||||||||||||||||||||||||||||
Variable direct compensation and benefits | 5.4 | 5.1 | 5.4 | 6.0 | 5.1 | 21.9 | 20.4 | ||||||||||||||||||||||||||||||||||
Net contribution | 22.3 | 20.9 | 22.6 | 23.8 | 20.2 | 89.6 | 86.6 | ||||||||||||||||||||||||||||||||||
Fixed compensation and benefits | 3.1 | 3.1 | 3.0 | 2.6 | 2.7 | 11.8 | 9.8 | ||||||||||||||||||||||||||||||||||
Other fixed expenses | 2.6 | 1.9 | 2.4 | 2.3 | 2.8 | 9.2 | 10.7 | ||||||||||||||||||||||||||||||||||
Bad debts | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Non-variable direct expenses | 5.7 | 5.0 | 5.4 | 4.9 | 5.5 | 21.0 | 20.5 | ||||||||||||||||||||||||||||||||||
Segment income | $ | 16.6 | $ | 15.9 | $ | 17.2 | $ | 18.9 | $ | 14.7 | $ | 68.6 | $ | 66.1 |
Three Months Ended | Year Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
(in millions) | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Operating revenues (in millions): | |||||||||||||||||||||||||||||||||||||||||
Payments | $ | 28.4 | $ | 26.8 | $ | 28.7 | $ | 30.6 | $ | 26.4 | $ | 114.6 | $ | 110.8 | |||||||||||||||||||||||||||
Other | 0.8 | 0.6 | 0.7 | 0.8 | 0.4 | 2.8 | 2.0 | ||||||||||||||||||||||||||||||||||
$ | 29.2 | $ | 27.4 | $ | 29.4 | $ | 31.4 | $ | 26.8 | $ | 117.4 | $ | 112.8 | ||||||||||||||||||||||||||||
Select data (all $ amounts are U.S. dollar or U.S. dollar equivalents): | |||||||||||||||||||||||||||||||||||||||||
Global Payments ADV (millions) | $ | 42 | $ | 40 | $ | 48 | $ | 50 | $ | 44 | $ | 45 | $ | 45 | |||||||||||||||||||||||||||
Global Payments RPM | $ | 10,524 | $ | 10,650 | $ | 9,693 | $ | 9,655 | $ | 9,466 | $ | 10,092 | $ | 9,805 |
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Cover Document |
Dec. 09, 2020 |
---|---|
Cover [Abstract] | |
Pre-commencement Issuer Tender Offer | false |
Pre-commencement Tender Offer | false |
Soliciting Material | false |
Written Communications | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Document Type | 8-K |
Document Period End Date | Dec. 09, 2020 |
Entity Registrant Name | StoneX Group Inc. |
Entity Address, Address Line One | 155 East 44th Street |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 000-23554 |
Entity Tax Identification Number | 59-2921318 |
Entity Address, Address Line Two | Suite 900 |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10017 |
City Area Code | (212) |
Local Phone Number | 485-3500 |
Trading Symbol | SNEX |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000913760 |
Amendment Flag | false |
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