0000913760-20-000136.txt : 20200807 0000913760-20-000136.hdr.sgml : 20200807 20200806190618 ACCESSION NUMBER: 0000913760-20-000136 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 113 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200807 DATE AS OF CHANGE: 20200806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: StoneX Group Inc. CENTRAL INDEX KEY: 0000913760 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200] IRS NUMBER: 592921318 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36045 FILM NUMBER: 201083322 BUSINESS ADDRESS: STREET 1: 155 EAST 44TH STREET STREET 2: SUITE 900 CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 212-485-3500 MAIL ADDRESS: STREET 1: 155 EAST 44TH STREET STREET 2: SUITE 900 CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: INTL FCSTONE INC. DATE OF NAME CHANGE: 20110302 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL ASSETS HOLDING CORP DATE OF NAME CHANGE: 19931020 10-Q 1 intl630202010-qq3.htm 10-Q Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________ 
FORM 10-Q
 ____________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From              to             
Commission File Number 000-23554
StoneX Group Inc.
(Exact name of registrant as specified in its charter)
Delaware
 
59-2921318
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
155 East 44th Street, Suite 900
New York, NY 10017
(Address of principal executive offices) (Zip Code)
(212) 485-3500
(Registrant’s telephone number, including area code)
INTL FCStone Inc.
(Former name if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
 
Trading Symbol
 
Name of each exchange on which registered
Common Stock, $0.01 par value
 
SNEX
 
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer, ” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
o
  
Accelerated filer
x
 
 
 
 
 
Non-accelerated filer
o
 
Smaller reporting company
 
 
 
 
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 
As of August 3, 2020, there were 19,368,297 shares of the registrant’s common stock outstanding.



 
 
 
 
 



StoneX Group Inc.
Quarterly Report on Form 10-Q for the Quarterly Period Ended June 30, 2020
Table of Contents
 
 
Page
Part I. FINANCIAL INFORMATION
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
Part II. OTHER INFORMATION
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 6.
 
 
 
 




PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
StoneX Group Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(in millions, except par value and share amounts)
June 30,
2020
 
September 30,
2019
ASSETS
 
 
 
Cash and cash equivalents
$
465.2

 
$
471.3

Restricted cash held in escrow
350.0

 

Cash, securities and other assets segregated under federal and other regulations (including $9.8 and $306.0 at fair value at June 30, 2020 and September 30, 2019, respectively)
1,145.2

 
1,049.9

Collateralized transactions:
 
 
 
Securities purchased under agreements to resell
1,757.3

 
1,424.5

Securities borrowed
1,467.4

 
1,423.2

Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net (including $1261.6 and $626.9 at fair value at June 30, 2020 and September 30, 2019, respectively)
3,396.7

 
2,540.5

Receivable from clients, net
408.8

 
422.3

Notes receivable, net
4.7

 
2.9

Income taxes receivable
2.8

 
5.2

Financial instruments owned, at fair value (includes securities pledged as collateral that can be sold or repledged of $606.4 and $478.8 at June 30, 2020 and September 30, 2019, respectively)
2,831.9

 
2,175.2

Physical commodities inventory, net (including $173.6 and $151.9 at fair value at June 30, 2020 and September 30, 2019, respectively)
270.2

 
229.3

Deferred income taxes, net
13.4

 
18.0

Property and equipment, net
51.6

 
43.9

Operating right of use assets
75.0

 

Goodwill and intangible assets, net
76.3

 
67.9

Other assets
73.0

 
62.0

Total assets
$
12,389.5

 
$
9,936.1

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Liabilities:
 
 
 
Accounts payable and other accrued liabilities (including $1.6 and $1.8 at fair value at June 30, 2020 and September 30, 2019, respectively)
$
176.4

 
$
157.5

Operating lease liabilities
87.4

 

Payables to:
 
 
 
Clients
4,443.7

 
3,589.5

Broker-dealers, clearing organizations and counterparties (including $8.8 and $5.6 at fair value at June 30, 2020 and September 30, 2019, respectively)
430.0

 
266.2

Lenders under loans
313.8

 
202.3

Senior secured borrowings, net
518.9

 
167.6

Income taxes payable
12.1

 
10.4

Collateralized transactions:
 
 
 
Securities sold under agreements to repurchase
3,530.4

 
2,773.7

Securities loaned
1,459.7

 
1,459.9

Financial instruments sold, not yet purchased, at fair value
728.3

 
714.8

Total liabilities
11,700.7

 
9,341.9

Commitments and contingencies (Note 13)
 
 
 
Stockholders' equity:
 
 
 
Preferred stock, $0.01 par value. Authorized 1,000,000 shares; no shares issued or outstanding

 

Common stock, $0.01 par value. Authorized 30,000,000 shares; 21,735,636 issued and 19,313,679 outstanding at June 30, 2020 and 21,297,317 issued and 19,075,360 outstanding at September 30, 2019
0.2

 
0.2

Common stock in treasury, at cost - 2,421,957 shares at June 30, 2020 and 2,221,957 shares at September 30, 2019
(57.6
)
 
(50.1
)
Additional paid-in-capital
289.4

 
276.8

Retained earnings
495.0

 
402.1

Accumulated other comprehensive loss, net
(38.2
)
 
(34.8
)
Total equity
688.8

 
594.2

Total liabilities and stockholders' equity
$
12,389.5

 
$
9,936.1

See accompanying notes to condensed consolidated financial statements.

1


StoneX Group Inc.
Condensed Consolidated Income Statements
(Unaudited)
 
Three Months Ended June 30,
 
Nine Months Ended June 30,
(in millions, except share and per share amounts)
2020
 
2019
 
2020
 
2019
Revenues:
 
 
 
 
 
 
 
Sales of physical commodities
$
7,944.5

 
$
7,599.3

 
$
38,939.4

 
$
20,824.6

Principal gains, net
161.0

 
102.3

 
442.0

 
305.4

Commission and clearing fees
96.1

 
97.5

 
299.9

 
282.1

Consulting, management, and account fees
19.4

 
20.7

 
63.3

 
58.9

Interest income
22.4

 
53.2

 
110.1

 
146.4

Total revenues
8,243.4

 
7,873.0

 
39,854.7

 
21,617.4

Cost of sales of physical commodities
7,920.8

 
7,589.6

 
38,888.5

 
20,798.2

Operating revenues
322.6

 
283.4

 
966.2

 
819.2

Transaction-based clearing expenses
55.3

 
45.7

 
165.4

 
138.5

Introducing broker commissions
24.0

 
29.6

 
79.8

 
87.0

Interest expense
15.4

 
42.5

 
79.2

 
113.9

Net operating revenues
227.9

 
165.6

 
641.8

 
479.8

Compensation and other expenses:
 
 
 
 
 
 
 
Compensation and benefits
132.5

 
100.9

 
373.2

 
287.9

Trading systems and market information
11.8

 
9.8

 
33.4

 
28.5

Occupancy and equipment rental
5.4

 
5.0

 
15.3

 
14.4

Professional fees
6.1

 
5.8

 
16.8

 
16.1

Travel and business development
0.7

 
4.0

 
8.4

 
11.8

Non-trading technology and support
6.9

 
5.8

 
18.8

 
15.0

Depreciation and amortization
4.4

 
3.5

 
12.5

 
9.6

Communications
1.7

 
1.6

 
4.8

 
4.9

Bad debts
1.8

 
0.5

 
6.2

 
1.5

Recovery of bad debt on physical coal

 

 

 
(2.4
)
Other
7.6

 
7.1

 
25.7

 
21.0

Total compensation and other expenses
178.9

 
144.0

 
515.1

 
408.3

Other gain

 

 
0.1

 
5.4

Income before tax
49.0

 
21.6

 
126.8

 
76.9

Income tax expense
12.4

 
5.3

 
34.6

 
19.0

Net income
$
36.6

 
$
16.3

 
$
92.2

 
$
57.9

Earnings per share:
 
 
 
 
 
 
 
Basic
$
1.90

 
$
0.85

 
$
4.78

 
$
3.04

Diluted
$
1.87

 
$
0.84

 
$
4.71

 
$
2.99

Weighted-average number of common shares outstanding:
 
 
 
 
 
 
 
Basic
18,807,104

 
18,781,401

 
18,809,823

 
18,731,203

Diluted
19,103,166

 
19,011,526

 
19,122,681

 
19,003,720

See accompanying notes to condensed consolidated financial statements.

2


StoneX Group Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

 
Three Months Ended June 30,
 
Nine Months Ended June 30,
(in millions)
2020
 
2019
 
2020
 
2019
Net income
$
36.6

 
$
16.3

 
$
92.2

 
$
57.9

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustment

 
0.3

 
(2.7
)
 
0.6

Other comprehensive income (loss)

 
0.3

 
(2.7
)
 
0.6

Comprehensive income
$
36.6

 
$
16.6

 
$
89.5

 
$
58.5

See accompanying notes to condensed consolidated financial statements.

3


StoneX Group Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Nine Months Ended June 30,
(in millions)
2020
 
2019
Cash flows from operating activities:
 
 
 
Net income
$
92.2

 
$
57.9

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
12.5

 
9.6

Bad debts
6.2

 
1.5

Recovery of bad debt on physical coal

 
(2.4
)
Deferred income taxes
(0.7
)
 
0.3

Amortization of debt issuance costs
1.3

 
1.2

Amortization of share-based compensation
7.4

 
5.9

Bargain purchase gain on acquisition

 
(5.4
)
Changes in operating assets and liabilities, net:
 
 
 
Securities and other assets segregated under federal and other regulations
296.2

 
584.4

Securities purchased under agreements to resell
(332.8
)
 
(662.2
)
Securities borrowed
(44.2
)
 
(948.6
)
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net
55.9

 
(238.7
)
Receivables from clients, net
8.3

 
5.9

Notes receivable, net
(1.8
)
 
(0.6
)
Income taxes receivable
7.7

 
(0.6
)
Financial instruments owned, at fair value
(656.7
)
 
(368.0
)
Physical commodities inventory, net
(40.9
)
 
(115.5
)
Operating right of use assets
6.0

 

Other assets
(7.0
)
 
(7.8
)
Accounts payable and other accrued liabilities
20.5

 
(4.0
)
Operating lease liabilities
(6.7
)
 

Payables to clients
848.4

 
(7.3
)
Payables to broker-dealers, clearing organizations and counterparties
163.8

 
100.9

Income taxes payable
1.6

 
1.8

Securities sold under agreements to repurchase
756.7

 
964.0

Securities loaned
(0.2
)
 
963.0

Financial instruments sold, not yet purchased, at fair value
13.5

 
(9.7
)
Net cash provided by operating activities
1,207.2

 
325.6

Cash flows from investing activities:
 
 
 
Cash paid for acquisitions, net
(9.8
)
 
(28.0
)
Purchase of property and equipment
(5.5
)
 
(10.3
)
Net cash used in investing activities
(15.3
)
 
(38.3
)
Cash flows from financing activities:
 
 
 
Net change in payables to lenders under loans with maturities 90 days or less
150.4

 
(16.9
)
Proceeds from payables to lenders under loans with maturities greater than 90 days
521.5

 

Repayments of payables to lenders under loans with maturities greater than 90 days
(560.0
)
 

Proceeds from issuance of senior secured term loan
21.5

 
175.0

Repayments of senior secured term loan
(7.4
)
 
(4.4
)
Proceeds from issuance of senior secured notes
344.8

 

Repayments of note payable
(0.4
)
 
(0.6
)
Deferred payments on acquisitions
(0.6
)
 

Repurchase of common stock
(7.5
)
 

Debt issuance costs
(9.2
)
 
(3.3
)
Exercise of stock options
5.2

 
0.8

Net cash provided by financing activities
458.3

 
150.6

Effect of exchange rates on cash, segregated cash, cash equivalents, and segregated cash equivalents
(2.7
)
 
0.6

Net increase in cash, segregated cash, cash equivalents, and segregated cash equivalents
1,647.5

 
438.5

Cash, segregated cash, cash equivalents, and segregated cash equivalents at beginning of period
2,451.3

 
2,190.1

Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period
$
4,098.8

 
$
2,628.6

Supplemental disclosure of cash flow information:
 
 
 
Cash paid for interest
$
78.0

 
$
110.1

Income taxes paid, net of cash refunds
$
25.7

 
$
17.5

Supplemental disclosure of non-cash investing and financing activities:
 
 
 
Identified intangible assets and goodwill on acquisitions
$
11.5

 
$
2.7

Acquisition of business:
 
 
 
Assets acquired
$
357.8

 
$
40.9

Liabilities assumed
(359.5
)
 
(7.7
)
Total net (liabilities) assets assumed
$
(1.7
)
 
$
33.2

See accompanying notes to condensed consolidated financial statements.

4


StoneX Group Inc.
Condensed Consolidated Statements of Cash Flows - Continued
(Unaudited)

The following table provides a reconciliation of cash, segregated cash, cash equivalents, and segregated cash equivalents reported within the condensed consolidated balance sheets.
 
June 30,
(in millions)
2020
 
2019
Cash and cash equivalents
$
465.2

 
$
345.0

Restricted cash held in escrow
350.0

 

Cash segregated under federal and other regulations(1)
1,135.4

 
721.0

Securities segregated under federal and other regulations(1)

 
299.6

Cash segregated and deposited with or pledged to exchange-clearing organizations and other futures commission merchants (“FCMs”)(2)
1,218.7

 
1,223.8

Securities segregated and pledged to exchange-clearing organizations(2)
929.5

 
39.2

Total cash, segregated cash, cash equivalents, and segregated cash equivalents shown in the condensed consolidated statements of cash flows
$
4,098.8

 
$
2,628.6


(1) Represents segregated client cash and United States (“U.S.”) Treasury obligations held at third-party banks. Excludes segregated commodity warehouse receipts, segregated U.S.Treasury obligations with original or acquired maturities of greater than 90 days, and other assets of $9.8 million and $58.8 million as of June 30, 2020 and 2019, respectively, included within ‘Cash, securities and other assets segregated under federal and other regulations’ on the condensed consolidated balance sheets.

(2) Represents segregated client cash and U.S. Treasury obligations on deposit with, or pledged to, exchange clearing organizations and other FCMs. Excludes non-segregated cash, segregated U.S. Treasury obligations pledged to exchange-clearing organizations with original or acquired maturities greater than 90 days, and other assets of $1,248.5 million and $1,398.6 million as of June 30, 2020 and 2019, respectively, included within ‘Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net’ on the condensed consolidated balance sheets.

See accompanying notes to condensed consolidated financial statements.


5


StoneX Group Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
 
Three months ended June 30, 2019
(in millions)
Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss, net
 
Total
Balances as of March 31, 2019
$
0.2

 
$
(46.3
)
 
$
272.1

 
$
358.6

 
$
(32.8
)
 
$
551.8

Net income
 
 
 
 
 
 
16.3

 
 
 
16.3

Other comprehensive income
 
 
 
 
 
 
 
 
0.3

 
0.3

Share-based compensation
 
 
 
 
2.1

 
 
 
 
 
2.1

Balances as of June 30, 2019
$
0.2

 
$
(46.3
)
 
$
274.2

 
$
374.9

 
$
(32.5
)
 
$
570.5

 
Three months ended June 30, 2020
(in millions)
Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss, net
 
Total
Balances as of March 31, 2020
$
0.2

 
$
(57.6
)
 
$
285.8

 
$
458.4

 
$
(38.2
)
 
$
648.6

Net income
 
 
 
 
 
 
36.6

 
 
 
36.6

Exercise of stock options
 
 
 
 
1.2

 
 
 
 
 
1.2

Share-based compensation
 
 
 
 
2.4

 
 
 
 
 
2.4

Balances as of June 30, 2020
$
0.2

 
$
(57.6
)
 
$
289.4

 
$
495.0

 
$
(38.2
)
 
$
688.8

 
Nine Months Ended June 30, 2019
(in millions)
Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss, net
 
Total
Balances as of September 30, 2018
$
0.2

 
$
(46.3
)
 
$
267.5

 
$
317.0

 
$
(33.1
)
 
$
505.3

Net income
 
 
 
 
 
 
57.9

 
 
 
57.9

Other comprehensive income
 
 
 
 
 
 
 
 
0.6

 
0.6

Exercise of stock options
 
 
 
 
0.8

 
 
 
 
 
0.8

Share-based compensation
 
 
 
 
5.9

 
 
 
 
 
5.9

Balances as of June 30, 2019
$
0.2

 
$
(46.3
)
 
$
274.2

 
$
374.9

 
$
(32.5
)
 
$
570.5

 
Nine Months Ended June 30, 2020
(in millions)
Common Stock
 
Treasury Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss, net
 
Total
Balances as of September 30, 2019
$
0.2

 
$
(50.1
)
 
$
276.8

 
$
402.1

 
$
(34.8
)
 
$
594.2

ASU 2018-02 cumulative transition adjustment
 
 
 
 
 
 
0.7

 
(0.7
)
 

Adjusted Balances as of September 30, 2019
0.2

 
(50.1
)
 
276.8

 
402.8

 
(35.5
)
 
594.2

Net income
 
 
 
 
 
 
92.2

 
 
 
92.2

Other comprehensive loss
 
 
 
 
 
 
 
 
(2.7
)
 
(2.7
)
Exercise of stock options
 
 
 
 
5.2