Acquisitions (Tables)

12 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Aggregate Merger Consideration

The aggregate merger consideration was (in millions):

Aggregate cash consideration	$	215.0
Accrual for merger cash consideration	21.6
Total merger consideration	$	236.6

Schedule of Preliminary Purchase Price Allocation as of the Acquisition

The following table summarizes the purchase price allocation as of the Gain acquisition date (in millions):

	Purchase Price Allocation
Cash and cash equivalents	$	507.2
Cash, securities and other assets segregated under federal and other regulations	497.4
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties (1)	249.7
Receivables from clients, net (2)	2.0
Income taxes receivable	0.4
Deferred income taxes, net	23.0
Property and equipment, net	6.1
Right of use assets, net	15.0
Other assets	17.9
Total fair value of tangible assets acquired	1,318.7
Accounts payable and other accrued liabilities	49.4
Operating lease liabilities	15.0
Payable to clients	863.4
Payable to broker-dealers, clearing organizations, and counterparties	0.5
Income taxes payable	12.4
Convertible senior notes (3)	92.0
Total fair value of tangible liabilities assumed	1,032.7
Fair value of tangible net assets acquired (4)	286.0
Identifiable intangible assets acquired
Trademarks/domain names(5)	3.7
Software programs/platforms(5)	22.2
Customer base(5)	9.8
Total fair value of intangible assets acquired	35.7
Fair value of identifiable net assets acquired	321.7
Total merger consideration	236.6
Bargain purchase gain	$	85.1

(1) Amount represented the contractual amount of deposits with and receivables from broker-dealers, clearing organizations, and counterparties considered collectible as of the Gain acquisition date.

(2) Amount represented the contractual amount of receivables due from clients for trading activity considered collectible as of the Gain acquisition date.

(3) As $91.5 million of the $92.0 million in aggregate principal of the Gain Notes were redeemed on September 1, 2020, the Company believed that the face value of the Gain Notes approximated their fair value as of the Gain acquisition date due to the fundamental change right provided for in the Gain Notes indenture. Refer to Note 11 for further discussion of the Gain Notes redemption.

(4) With the exception of deferred income taxes and the convertible senior notes, the Company believes that the fair value of the tangible assets acquired and tangible liabilities assumed approximated their carrying values as of the Gain acquisition date due either to their short-term nature, the Company’s ability to initiate the withdrawal and settlement of client related trading balances, or the fact that the balances are recorded at fair value on a recurring basis.

(5) The trademark/domain names, software programs/platforms, and client base intangible assets were assigned useful lives of 5 years, 3 years, and 4 years, respectively.

Schedule of Business Acquisition Pro Forma Financial Information

The following unaudited pro forma financial information (in millions, except per share amounts) has been adjusted to give effect to the Gain merger as if it were consummated on October 1, 2019.

	Year Ended September 30, 2020
Total revenues	$	54,414.1
Net income	$	138.5
Basic earnings per share	$	7.17
Diluted earnings per share	$	7.02