Quarterly Financial Information (Unaudited)

12 Months Ended

Sep. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

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 2020 Fiscal Quarter Ended
(in millions, except per share amounts)	September 30		June 30		March 31		December 31
Total revenues	$	14,284.9	$	8,243.4	$	20,366.3	$	11,245.0
Cost of sales of physical commodities	13,942.8		7,920.8		19,999.5		10,968.2
Operating revenues	342.1		322.6		366.8		276.8
Transaction-based clearing expenses	57.1		55.3		63.8		46.3
Introducing broker commissions	34.0		24.0		29.6		26.2
Interest expense	10.0		11.5		27.8		31.1
Interest expense on corporate funding	14.8		3.9		2.2		2.7
Net operating revenues	226.2		227.9		243.4		170.5
Compensation and benefits	145.5		132.5		136.7		104.0
Bad debts, net of recoveries and impairment	12.5		1.8		4.4		—
Other expenses	70.1		44.6		46.2		44.9
Total compensation and other expenses	228.1		178.9		187.3		148.9
Gain on acquisitions(1)	81.8		—		—		0.1
Income before tax	79.9		49.0		56.1		21.7
Income tax expense	2.5		12.4		16.8		5.4
Net income	$	77.4	$	36.6	$	39.3	$	16.3
Net basic earnings per share	$	4.00	$	1.90	$	2.03	$	0.85
Net diluted earnings per share	$	3.90	$	1.87	$	2.00	$	0.84


	For the 2019 Fiscal Quarter Ended
(in millions, except per share amounts)	September 30,		June 30,		March 31,		December 31,
Total revenues	$	11,279.6	$	7,873.0	$	7,192.2	$	6,552.2
Cost of sales of physical commodities	10,992.7		7,589.6		6,921.1		6,287.5
Operating revenues	286.9		283.4		271.1		264.7
Transaction-based clearing expenses	45.0		45.7		42.7		50.1
Introducing broker commissions	27.7		29.6		24.8		32.6
Interest expense	37.2		39.4		35.2		30.2
Interest expense on corporate funding	3.6		3.1		3.2		2.8
Net operating revenues	173.4		165.6		165.2		149.0
Compensation and benefits	105.2		100.9		97.9		89.1
Bad debts, net of recoveries	1.0		0.5		0.7		0.3
Recovery of bad debt on physical coal (2)	(10.0)		—		—		(2.4)
Other expenses	43.2		42.6		41.1		37.6
Total compensation and other expenses	139.4		144.0		139.7		124.6
Gain on acquisitions (3)	0.1		—		5.4		—
Income before tax	34.1		21.6		30.9		24.4
Income tax expense	6.9		5.3		7.5		6.2
Net income (loss)	$	27.2	$	16.3	$	23.4	$	18.2
Net basic (loss) earnings per share	$	1.42	$	0.85	$	1.23	$	0.96
Net diluted (loss) earnings per share	$	1.40	$	0.84	$	1.21	$	0.94

(1) During the fourth quarter ended September 30, 2020, the Company recorded a bargain purchase gain of $81.8 million related to the acquisition of Gain. See Note 21 for additional information.

(2) During the fourth quarter ended September 30, 2019, the Company recorded a recovery on the bad debt on physical coal received through an insurance policy claim related to the matter. See Note 19 for additional information.

(3) During the second quarter ended March 31, 2019, the Company recorded a bargain purchase gain of $5.4 million related to the acquisition of INTL FCStone Credit Trading, LLC (formerly GMP Securities LLC). See Note 21 for additional information.