StoneX Group Inc. Reports Fiscal 2021 Second Quarter Financial Results
|
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||
(Unaudited) (in millions, except share and per share amounts) | 2021 | 2020 |
% Change | 2021 | 2020 |
% Change | ||||||
Revenues: | ||||||||||||
Sales of physical commodities | $ | 10,804.3 | $ | 20,016.9 | (46) | % | $ | 19,687.8 | $ | 30,994.9 | (36) | % |
Principal gains, net | 265.2 | 168.5 | 57 | % | 468.6 | 281.0 | 67 | % | ||||
Commission and clearing fees | 129.8 | 116.6 | 11 | % | 249.2 | 203.8 | 22 | % | ||||
Consulting, management, and account fees | 22.1 | 22.6 | (2) | % | 45.1 | 43.9 | 3 | % | ||||
Interest income | 23.4 | 41.7 | (44) | % | 44.6 | 87.7 | (49) | % | ||||
Total revenues | 11,244.8 | 20,366.3 | (45) | % | 20,495.3 | 31,611.3 | (35) | % | ||||
Cost of sales of physical commodities | 10,773.4 | 19,999.5 | (46) | % | 19,643.8 | 30,967.7 | (37) | % | ||||
Operating revenues | 471.4 | 366.8 | 29 | % | 851.5 | 643.6 | 32 | % | ||||
Transaction-based clearing expenses | 74.8 | 63.8 | 17 | % | 140.2 | 110.1 | 27 | % | ||||
Introducing broker commissions | 40.8 | 29.6 | 38 | % | 79.0 | 55.8 | 42 | % | ||||
Interest expense | 11.1 | 27.8 | (60) | % | 21.0 | 58.9 | (64) | % | ||||
Interest expense on corporate funding | 10.5 | 2.2 | 377 | % | 21.0 | 4.9 | 329 | % | ||||
Net operating revenues | 334.2 | 243.4 | 37 | % | 590.3 | 413.9 | 43 | % | ||||
Compensation and other expenses: | ||||||||||||
Variable compensation and benefits | 106.0 | 82.6 | 28 | % | 190.3 | 137.2 | 39 | % | ||||
Fixed compensation and benefits | 79.0 | 54.1 | 46 | % | 148.3 | 103.5 | 43 | % | ||||
Trading systems and market information | 14.8 | 11.2 | 32 | % | 28.5 | 21.6 | 32 | % | ||||
Professional fees | 9.0 | 4.7 | 91 | % | 18.3 | 10.7 | 71 | % | ||||
Non-trading technology and support | 10.6 | 5.9 | 80 | % | 21.5 | 11.9 | 81 | % | ||||
Occupancy and equipment rental | 7.5 | 4.9 | 53 | % | 16.1 | 9.9 | 63 | % | ||||
Selling and marketing | 6.5 | 4.2 | 55 | % | 15.3 | 5.6 | 173 | % | ||||
Travel and business development | 0.5 | 3.2 | (84) | % | 1.5 | 7.7 | (81) | % | ||||
Communications | 2.4 | 1.5 | 60 | % | 4.7 | 3.1 | 52 | % | ||||
Depreciation and amortization | 8.6 | 4.2 | 105 | % | 17.0 | 8.1 | 110 | % | ||||
Bad debts | 0.9 | 4.4 | (80) | % | 2.4 | 4.4 | (45) | % | ||||
Other | 12.1 | 6.4 | 89 | % | 23.2 | 12.5 | 86 | % | ||||
Total compensation and other expenses | 257.9 | 187.3 | 38 | % | 487.1 | 336.2 | 45 | % | ||||
Other gain | - | - | - | % | - | 0.1 | (100) | % | ||||
Income before tax | 76.3 | 56.1 | 36 | % | 103.2 | 77.8 | 33 | % | ||||
Income tax expense | 21.0 | 16.8 | 25 | % | 28.4 | 22.2 | 28 | % | ||||
Net income | $ | 55.3 | $ | 39.3 | 41 | % | $ | 74.8 | $ | 55.6 | 35 | % |
Earnings per share: | ||||||||||||
Basic | $ | 2.81 | $ | 2.03 | 38 | % | $ | 3.81 | $ | 2.88 | 32 | % |
Diluted | $ | 2.73 | $ | 2.00 | 37 | % | $ | 3.71 | $ | 2.84 | 31 | % |
Weighted-average number of common shares outstanding: | ||||||||||||
Basic | 19,112,216 | 18,872,937 | 1 | % | 19,025,604 | 18,811,268 | 1 | % | ||||
Diluted | 19,670,539 | 19,189,953 | 3 | % | 19,570,028 | 19,132,497 | 2 | % | ||||
n/m = not meaningful to present as a percentage
|
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||
(in millions) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||
Segment operating revenues represented by: | ||||||||||||
Commercial | $ | 144.3 | $ | 126.2 | 14 | % | $ | 249.9 | $ | 219.4 | 14 | % |
Institutional | 191.6 | 185.7 | 3 | % | 357.1 | 318.1 | 12 | % | ||||
Retail | 102.2 | 28.2 | 262 | % | 183.9 | 49.4 | 272 | % | ||||
Global Payments | 33.5 | 29.4 | 14 | % | 67.9 | 60.8 | 12 | % | ||||
Corporate Unallocated | 4.2 | 4.0 | 5 | % | 0.7 | 9.2 | (92) | % | ||||
Eliminations | (4.4) | (6.7) | (34) | % | (8.0) | (13.3) | (40) | % | ||||
Operating revenues | $ | 471.4 | $ | 366.8 | 29 | % | $ | 851.5 | $ | 643.6 | 32 | % |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||
(in millions) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||
Segment income represented by: | ||||||||||||
Commercial | $ | 55.6 | $ | 41.7 | 33 | % | $ | 87.7 | $ | 70.4 | 25 | % |
Institutional | 52.0 | 51.4 | 1 | % | 96.8 | 76.7 | 26 | % | ||||
Retail | 32.0 | 7.0 | 357 | % | 49.9 | 9.9 | 404 | % | ||||
Global Payments | 19.4 | 17.2 | 13 | % | 39.8 | 36.1 | 10 | % | ||||
Total segment income | $ | 159.0 | $ | 117.3 | 36 | % | $ | 274.2 | $ | 193.1 | 42 | % |
Reconciliation of segment income to income before tax: | ||||||||||||
Segment income | $ | 159.0 | $ | 117.3 | 36 | % | $ | 274.2 | $ | 193.1 | 42 | % |
Net costs not allocated to operating segments | (82.7) | (61.2) | 35 | % | (171.0) | (115.4) | 48 | % | ||||
Other gain | - | - | n/m | - | 0.1 | (100) | % | |||||
Income before tax | $ | 76.3 | $ | 56.1 | 36 | % | $ | 103.2 | $ | 77.8 | 33 | % |
All $ amounts are U.S. dollar or U.S. dollar equivalents | Three Months Ended March 31, | Six Months Ended March 31, | ||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||
Operating Revenues (in millions): | ||||||||||
Listed derivatives | $ | 101.1 | $ | 98.1 | 3% | $ | 196.1 | $ | 170.3 | 15% |
OTC derivatives | 35.1 | 44.5 | (21)% | 59.3 | 67.2 | (12)% | ||||
Securities | 157.8 | 131.0 | 20% | 284.4 | 221.3 | 29% | ||||
FX / Contract For Difference ('CFD') contracts | 74.7 | 8.9 | 739% | 134.5 | 13.5 | 896% | ||||
Global payments | 32.8 | 28.8 | 14% | 66.4 | 59.4 | 12% | ||||
Physical contracts | 49.5 | 23.8 | 108% | 73.3 | 43.9 | 67% | ||||
Interest / fees earned on client balances | 5.8 | 15.3 | (62)% | 11.1 | 33.3 | (67)% | ||||
Other | 14.8 | 19.1 | (23)% | 33.7 | 38.8 | (13)% | ||||
Corporate Unallocated | 4.2 | 4.0 | 5% | 0.7 | 9.2 | (92)% | ||||
Eliminations | (4.4) | (6.7) | (34)% | (8.0) | (13.3) | (40)% | ||||
$ | 471.4 | $ | 366.8 | 29% | $ | 851.5 | $ | 643.6 | 32% | |
Volumes and Other Select Data (all $ amounts are U.S. dollar or U.S. dollar equivalents): | ||||||||||
Listed derivatives (contracts, 000's) | 37,119 | 47,611 | (22)% | 74,341 | 81,672 | (9)% | ||||
Listed derivatives, average rate per contract (1)
| $ | 2.59 | $ | 1.91 | 36% | $ | 2.52 | $ | 1.92 | 31% |
Average client equity - listed derivatives (millions) | $ | 3,813 | $ | 2,445 | 56% | $ | 3,619 | $ | 2,351 | 54% |
Over-the-counter ('OTC') derivatives (contracts, 000's) | 623 | 610 | 2% | 1,118 | 1,099 | 2% | ||||
OTC derivatives, average rate per contract | $ | 56.05 | $ | 72.45 | (23)% | $ | 52.51 | $ | 60.69 | (13)% |
Securities average daily volume ('ADV') (millions) | $ | 3,003 | $ | 2,235 | 34% | $ | 2,579 | $ | 1,736 | 49% |
Securities rate per million ('RPM') (2)
| $ | 714 | $ | 769 | (7)% | $ | 725 | $ | 804 | (10)% |
Average money market / FDIC sweep client balances (millions) | $ | 1,356 | $ | 957 | 42% | $ | 1,341 | $ | 969 | 38% |
FX / CFD contracts ADV (millions) (3)
| $ | 11,143 | $ | 2,031 | 449% | $ | 10,916 | $ | 1,584 | 589% |
FX / CFD contracts RPM | $ | 106 | $ | 71 | 49% | $ | 98 | $ | 69 | 42% |
Global Payments ADV (millions) | $ | 52 | $ | 48 | 8% | $ | 52 | $ | 49 | 6% |
Global Payments RPM | $ | 10,420 | $ | 9,693 | 8% | $ | 10,177 | $ | 9,673 | 5% |
(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 ended March 31, 2021 includes the ADV of Gain Capital Holdings, Inc. ('Gain'), which was acquired effective August 1, 2020. FX/CFD Contracts ADV from Gain is included in our Retail segment and our pre-existing FX activities are included in our Institutional segment. |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
(in millions) | 2021 |
% of Total | 2020 |
% of Total | 2021 |
% of Total | 2020 |
% of Total | ||||||||
Variable compensation and benefits | $ | 106.0 | 28 | % | $ | 82.6 | 29 | % | $ | 190.3 | 27 | % | $ | 137.2 | 27 | % |
Transaction-based clearing expenses | 74.8 | 21 | % | 63.8 | 23 | % | 140.2 | 20 | % | 110.1 | 22 | % | ||||
Introducing broker commissions | 40.8 | 11 | % | 29.6 | 11 | % | 79.0 | 11 | % | 55.8 | 11 | % | ||||
Total variable expenses | 221.6 | 60 | % | 176.0 | 63 | % | 409.5 | 58 | % | 303.1 | 60 | % | ||||
Fixed compensation and benefits | 79.0 | 21 | % | 54.1 | 19 | % | 148.3 | 21 | % | 103.5 | 21 | % | ||||
Other fixed expenses | 72.0 | 19 | % | 46.2 | 16 | % | 146.1 | 21 | % | 91.1 | 18 | % | ||||
Bad debts | 0.9 | - | % | 4.4 | 2 | % | 2.4 | - | % | 4.4 | 1 | % | ||||
Total non-variable expenses | 151.9 | 40 | % | 104.7 | 37 | % | 296.8 | 42 | % | 199.0 | 40 | % | ||||
Total non-interest expenses | $ | 373.5 | 100 | % | $ | 280.7 | 100 | % | $ | 706.3 | 100 | % | $ | 502.1 | 100 | % |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||
(in millions) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||
Revenues: | ||||||||||
Sales of physical commodities | $ | 10,393.1 | $ | 19,923.4 | (48)% | $ | 19,163.5 | $ | 30,845.6 | (38)% |
Principal gains, net | 67.4 | 61.8 | 9% | 111.4 | 99.9 | 12% | ||||
Commission and clearing fees | 45.7 | 38.7 | 18% | 88.4 | 71.2 | 24% | ||||
Consulting, management and account fees | 5.4 | 5.0 | 8% | 10.0 | 9.7 | 3% | ||||
Interest income | 4.8 | 8.5 | (44)% | 8.6 | 17.3 | (50)% | ||||
Total revenues | 10,516.4 | 20,037.4 | (48)% | 19,381.9 | 31,043.7 | (38)% | ||||
Cost of sales of physical commodities | 10,372.1 | 19,911.2 | (48)% | 19,132.0 | 30,824.3 | (38)% | ||||
Operating revenues | 144.3 | 126.2 | 14% | 249.9 | 219.4 | 14% | ||||
Transaction-based clearing expenses | 14.1 | 11.1 | 27% | 27.2 | 20.7 | 31% | ||||
Introducing broker commissions | 8.4 | 6.6 | 27% | 15.5 | 12.7 | 22% | ||||
Interest expense | 3.6 | 4.2 | (14)% | 6.4 | 8.0 | (20)% | ||||
Net operating revenues | 118.2 | 104.3 | 13% | 200.8 | 178.0 | 13% | ||||
Variable direct compensation and benefits | 36.4 | 33.9 | 7% | 62.2 | 56.1 | 11% | ||||
Net contribution | 81.8 | 70.4 | 16% | 138.6 | 121.9 | 14% | ||||
Fixed compensation and benefits | 12.4 | 12.5 | (1)% | 24.7 | 23.9 | 3% | ||||
Other fixed expenses | 12.9 | 12.1 | 7% | 24.8 | 23.5 | 6% | ||||
Bad debts | 0.9 | 4.1 | (78)% | 1.4 | 4.1 | (66)% | ||||
Non-variable direct expenses | 26.2 | 28.7 | (9)% | 50.9 | 51.5 | (1)% | ||||
Segment income | $ | 55.6 | $ | 41.7 | 33% | $ | 87.7 | $ | 70.4 | 25% |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||
(in millions) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||
Operating revenues (in millions): | ||||||||||
Listed derivatives | $ | 57.5 | $ | 52.9 | 9% | $ | 109.2 | $ | 93.5 | 17% |
OTC derivatives | 35.1 | 44.4 | (21)% | 59.2 | 67.1 | (12)% | ||||
Physical contracts | 43.1 | 18.9 | 128% | 65.2 | 37.9 | 72% | ||||
Interest / fees earned on client balances | 3.0 | 4.9 | (39)% | 5.5 | 10.7 | (49)% | ||||
Other | 5.6 | 5.1 | 10% | 10.8 | 10.2 | 6% | ||||
$ | 144.3 | $ | 126.2 | 14% | $ | 249.9 | $ | 219.4 | 14% | |
Select data (all $ amounts are U.S. dollar or U.S. dollar equivalents): | ||||||||||
Listed derivatives (contracts, 000's) | 8,133 | 8,710 | (7)% | 16,003 | 15,819 | 1% | ||||
Listed derivatives, average rate per contract (1)
| $ | 6.63 | $ | 5.39 | 23% | $ | 6.43 | $ | 5.22 | 23% |
Average client equity - listed derivatives (millions) | $ | 1,757 | $ | 944 | 86% | $ | 1,510 | $ | 924 | 63% |
Over-the-counter ('OTC') derivatives (contracts, 000's) | 623 | 610 | 2% | 1,118 | 1,099 | 2% | ||||
OTC derivatives, average rate per contract | $ | 56.05 | $ | 72.45 | (23)% | $ | 52.51 | $ | 60.69 | (13)% |
(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 March 31, | Six Months Ended March 31, | |||||||||
(in millions) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||
Revenues: | ||||||||||
Sales of physical commodities | $ | - | $ | - | n/m | $ | - | $ | - | n/m |
Principal gains, net | 98.7 | 78.3 | 26% | 177.8 | 122.0 | 46% | ||||
Commission and clearing fees | 67.6 | 63.6 | 6% | 129.5 | 105.7 | 23% | ||||
Consulting, management and account fees | 4.4 | 7.3 | (40)% | 9.5 | 14.4 | (34)% | ||||
Interest income | 20.9 | 36.5 | (43)% | 40.3 | 76.0 | (47)% | ||||
Total revenues | 191.6 | 185.7 | 3% | 357.1 | 318.1 | 12% | ||||
Cost of sales of physical commodities | - | - | n/m | - | - | n/m | ||||
Operating revenues | 191.6 | 185.7 | 3% | 357.1 | 318.1 | 12% | ||||
Transaction-based clearing expenses | 52.5 | 50.3 | 4% | 97.1 | 84.8 | 15% | ||||
Introducing broker commissions | 7.4 | 5.2 | 42% | 15.4 | 9.3 | 66% | ||||
Interest expense | 7.9 | 25.3 | (69)% | 15.5 | 54.3 | (71)% | ||||
Net operating revenues | 123.8 | 104.9 | 18% | 229.1 | 169.7 | 35% | ||||
Variable direct compensation and benefits | 48.5 | 32.4 | 50% | 86.7 | 51.2 | 69% | ||||
Net contribution | 75.3 | 72.5 | 4% | 142.4 | 118.5 | 20% | ||||
Fixed compensation and benefits | 12.9 | 11.7 | 10% | 24.4 | 21.9 | 11% | ||||
Other fixed expenses | 10.3 | 9.1 | 13% | 21.1 | 19.6 | 8% | ||||
Bad debts | 0.1 | 0.3 | (67)% | 0.1 | 0.3 | (67)% | ||||
Non-variable direct expenses | 23.3 | 21.1 | 10% | 45.6 | 41.8 | 9% | ||||
Segment income | $ | 52.0 | $ | 51.4 | 1% | $ | 96.8 | $ | 76.7 | 26% |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||
(in millions) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||
Operating revenues (in millions): | ||||||||||
Listed derivatives | $ | 43.6 | $ | 45.2 | (4)% | $ | 86.9 | $ | 76.8 | 13% |
OTC derivatives | - | 0.1 | (100)% | 0.1 | 0.1 | -% | ||||
Securities | 133.1 | 108.3 | 23% | 237.5 | 179.0 | 33% | ||||
FX contracts | 3.5 | 8.9 | (61)% | 8.5 | 13.5 | (37)% | ||||
Interest / fees earned on client balances | 2.5 | 9.8 | (74)% | 5.0 | 21.5 | (77)% | ||||
Other | 8.9 | 13.4 | (34)% | 19.1 | 27.2 | (30)% | ||||
$ | 191.6 | $ | 185.7 | 3% | $ | 357.1 | $ | 318.1 | 12% | |
Select data (all $ amounts are U.S. dollar or U.S. dollar equivalents): | ||||||||||
Listed derivatives (contracts, 000's) | 28,985 | 38,902 | (25)% | 58,338 | 65,853 | (11)% | ||||
Listed derivatives, average rate per contract (1)
| $ | 1.46 | $ | 1.13 | 29% | $ | 1.45 | $ | 1.12 | 29% |
Average client equity - listed derivatives (millions) | $ | 2,056 | $ | 1,501 | 37% | $ | 2,109 | $ | 1,427 | 48% |
Securities ADV ( millions) | $ | 3,003 | $ | 2,235 | 34% | $ | 2,579 | $ | 1,736 | 49% |
Securities RPM (2)
| $ | 714 | $ | 769 | (7)% | $ | 725 | $ | 804 | (10)% |
Average money market / FDIC sweep client balances (millions) | $ | 1,356 | $ | 957 | 42% | $ | 1,341 | $ | 969 | 38% |
FX contracts ADV ( millions) | $ | 1,351 | $ | 2,031 | (33)% | $ | 1,510 | $ | 1,584 | (5)% |
FX contracts RPM | $ | 41 | $ | 71 | (42)% | $ | 44 | $ | 69 | (36)% |
(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 March 31, | Six Months Ended March 31, | |||||||||
(in millions) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||
Revenues: | ||||||||||
Sales of physical commodities | $ | 411.2 | $ | 93.5 | 340% | $ | 524.3 | $ | 149.3 | 251% |
Principal gains, net | 66.3 | (0.1) | n/m | 118.5 | 0.2 | n/m | ||||
Commission and clearing fees | 15.6 | 13.7 | 14% | 29.7 | 25.6 | 16% | ||||
Consulting, management and account fees | 10.0 | 9.3 | 8% | 22.3 | 17.5 | 27% | ||||
Interest income | 0.4 | 0.1 | 300% | 0.9 | 0.2 | 350% | ||||
Total revenues | 503.5 | 116.5 | 332% | 695.7 | 192.8 | 261% | ||||
Cost of sales of physical commodities | 401.3 | 88.3 | 354% | 511.8 | 143.4 | 257% | ||||
Operating revenues | 102.2 | 28.2 | 262% | 183.9 | 49.4 | 272% | ||||
Transaction-based clearing expenses | 6.5 | 0.8 | 713% | 12.7 | 1.3 | 877% | ||||
Introducing broker commissions | 24.8 | 17.7 | 40% | 47.8 | 33.5 | 43% | ||||
Interest expense | 0.2 | - | n/m | 0.6 | - | n/m | ||||
Net operating revenues | 70.7 | 9.7 | 629% | 122.8 | 14.6 | 741% | ||||
Variable direct compensation and benefits | 5.2 | 0.3 | 1,633% | 8.7 | 0.7 | 1,143% | ||||
Net contribution | 65.5 | 9.4 | 597% | 114.1 | 13.9 | 721% | ||||
Fixed compensation and benefits | 14.9 | 1.2 | 1,142% | 25.1 | 2.0 | 1,155% | ||||
Other fixed expenses | 18.7 | 1.2 | 1,458% | 38.2 | 2.0 | 1,810% | ||||
Bad debts | (0.1) | - | n/m | 0.9 | - | n/m | ||||
Non-variable direct expenses | 33.5 | 2.4 | 1,296% | 64.2 | 4.0 | 1,505% | ||||
Segment income | $ | 32.0 | $ | 7.0 | 357% | $ | 49.9 | $ | 9.9 | 404% |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||
(in millions) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||
Operating revenues (in millions): | ||||||||||
Securities | $ | 24.7 | $ | 22.7 | 9% | $ | 46.9 | $ | 42.3 | 11% |
FX / CFD contracts | 71.2 | - | n/m | 126.0 | - | n/m | ||||
Physical contracts | 6.4 | 4.9 | 31% | 8.1 | 6.0 | 35% | ||||
Interest / fees earned on client balances | 0.3 | 0.6 | (50)% | 0.6 | 1.1 | (45)% | ||||
Other | (0.4) | - | n/m | 2.3 | - | n/m | ||||
$ | 102.2 | $ | 28.2 | 262% | $ | 183.9 | $ | 49.4 | 272% | |
Select data (all $ amounts are U.S. dollar or U.S. dollar equivalents): | ||||||||||
FX / CFD contracts ADV (millions) (1)
| $ | 9,792 | $ | - | n/m | $ | 9,406 | $ | - | n/m |
FX / CFD contracts RPM | $ | 114 | $ | - | n/m | $ | 106 | $ | - | n/m |
(1)
| The ADV for the three months ended March 31, 2021 includes the ADV of Gain, which was acquired effective August 1, 2020 |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||
(in millions) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||
Revenues: | ||||||||||
Sales of physical commodities | $ | - | $ | - | - | $ | - | $ | - | - |
Principal gains, net | 31.7 | 27.9 | 14% | 64.2 | 57.5 | 12% | ||||
Commission and clearing fees | 1.3 | 1.0 | 30% | 2.5 | 2.0 | 25% | ||||
Consulting, management, account fees | 0.5 | 0.5 | -% | 1.2 | 1.3 | (8)% | ||||
Interest income | - | - | - | - | - | n/m | ||||
Total revenues | 33.5 | 29.4 | 14% | 67.9 | 60.8 | 12% | ||||
Cost of sales of physical commodities | - | - | - | - | - | - | ||||
Operating revenues | 33.5 | 29.4 | 14% | 67.9 | 60.8 | 12% | ||||
Transaction-based clearing expenses | 1.5 | 1.3 | 15% | 3.1 | 2.7 | 15% | ||||
Introducing broker commissions | 0.2 | 0.1 | 100% | 0.3 | 0.3 | -% | ||||
Interest expense | 0.1 | - | n/m | 0.1 | - | n/m | ||||
Net operating revenues | 31.7 | 28.0 | 13% | 64.4 | 57.8 | 11% | ||||
Variable compensation and benefits | 6.0 | 5.4 | 11% | 12.6 | 11.4 | 11% | ||||
Net contribution | 25.7 | 22.6 | 14% | 51.8 | 46.4 | 12% | ||||
Fixed compensation and benefits | 3.9 | 3.0 | 30% | 7.1 | 5.6 | 27% | ||||
Other fixed expenses | 2.4 | 2.4 | -% | 4.9 | 4.7 | 4% | ||||
Bad debts | - | - | - | - | - | - | ||||
Total non-variable direct expenses | 6.3 | 5.4 | 17% | 12.0 | 10.3 | 17% | ||||
Segment income | $ | 19.4 | $ | 17.2 | 13% | $ | 39.8 | $ | 36.1 | 10% |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||
(in millions) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||
Operating revenues (in millions): | ||||||||||
Payments | $ | 32.8 | $ | 28.8 | 14% | $ | 66.4 | $ | 59.4 | 12% |
Other | 0.7 | 0.6 | 17% | 1.5 | 1.4 | 7% | ||||
$ | 33.5 | $ | 29.4 | 14% | $ | 67.9 | $ | 60.8 | 12% | |
Select data (all $ amounts are U.S. dollar or U.S. dollar equivalents): | ||||||||||
Global Payments ADV (millions) | $ | 52 | $ | 48 | 8% | $ | 52 | $ | 49 | 6% |
Global Payments RPM | $ | 10,420 | $ | 9,693 | 8% | $ | 10,177 | $ | 9,673 | 5% |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||
(in millions) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||
Compensation and benefits: | ||||||||||||
Variable compensation and benefits | $ | 9.1 | $ | 9.9 | (8) | % | 18.1 | 16.3 | 11 | % | ||
Fixed compensation and benefits | 29.9 | 21.4 | 40 | % | 57.3 | 41.7 | 37 | % | ||||
39.0 | 31.3 | 25 | % | 75.4 | 58.0 | 30 | % | |||||
Other expenses: | ||||||||||||
Occupancy and equipment rental | 7.4 | 4.9 | 51 | % | 15.8 | 9.9 | 60 | % | ||||
Non-trading technology and support | 7.6 | 4.7 | 62 | % | 15.8 | 9.4 | 68 | % | ||||
Professional fees | 5.2 | 3.9 | 33 | % | 10.9 | 7.9 | 38 | % | ||||
Depreciation and amortization | 4.1 | 3.8 | 8 | % | 8.4 | 7.7 | 9 | % | ||||
Communications | 1.6 | 1.3 | 23 | % | 3.3 | 2.7 | 22 | % | ||||
Selling and marketing | 0.2 | 2.8 | (93) | % | 0.6 | 3.4 | (82) | % | ||||
Trading systems and market information | 0.9 | 0.7 | 29 | % | 1.6 | 1.2 | 33 | % | ||||
Travel and business development | 0.1 | 0.6 | (83) | % | 0.7 | 2.0 | (65) | % | ||||
Other | 6.4 | 3.7 | 73 | % | 11.7 | 7.0 | 67 | % | ||||
33.5 | 26.4 | 27 | % | 68.8 | 51.2 | 34 | % | |||||
Total compensation and other expenses | $ | 72.5 | $ | 57.7 | 26 | % | $ | 144.2 | $ | 109.2 | 32 | % |
(Unaudited) (in millions, except for share and per share amounts) | March 31, 2021 |
September 30, 2020 | ||
Summary asset information: | ||||
Cash and cash equivalents | $ | 1,001.5 | $ | 952.6 |
Cash, securities and other assets segregated under federal and other regulations | $ | 2,102.9 | $ | 1,920.2 |
Securities purchased under agreements to resell | $ | 2,297.2 | $ | 1,696.2 |
Securities borrowed | $ | 1,735.3 | $ | 1,440.0 |
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net | $ | 4,361.1 | $ | 3,629.9 |
Receivables from clients, net and notes receivable, net | $ | 486.1 | $ | 413.1 |
Financial instruments owned, at fair value | $ | 2,913.1 | $ | 2,727.7 |
Physical commodities inventory, net | $ | 450.8 | $ | 281.1 |
Property and equipment, net | $ | 86.1 | $ | 62.1 |
Operating right of use assets | $ | 97.1 | $ | 101.5 |
Goodwill and intangible assets, net | $ | 102.5 | $ | 109.5 |
Other | $ | 166.0 | $ | 141.0 |
Summary liability and stockholders' equity information: | ||||
Accounts payable and other accrued liabilities | $ | 281.8 | $ | 272.6 |
Operating lease liabilities | $ | 116.4 | $ | 118.7 |
Payables to clients | $ | 6,544.5 | $ | 5,689.0 |
Payables to broker-dealers, clearing organizations and counterparties | $ | 520.7 | $ | 537.5 |
Payables to lenders under loans | $ | 314.9 | $ | 268.1 |
Senior secured borrowings, net | $ | 512.0 | $ | 515.5 |
Income taxes payable | $ | 16.6 | $ | 22.6 |
Securities sold under agreements to repurchase | $ | 3,767.2 | $ | 3,155.5 |
Securities loaned | $ | 1,747.2 | $ | 1,441.9 |
Financial instruments sold, not yet purchased, at fair value | $ | 1,118.2 | $ | 686.0 |
Stockholders' equity | $ | 860.2 | $ | 767.5 |
Common stock outstanding - shares | 19,784,040 | 19,376,594 | ||
Net asset value per share | $ | 43.48 | $ | 39.61 |
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Disclaimer
StoneX Group Inc. published this content on 10 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 11:45:00 UTC.