v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 156.8 $ 122.2
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:    
Depreciation and amortization 31.3 23.5
Amortization of right of use assets 14.6 9.1
Bad debts (recoveries), net 1.9 (0.7)
Deferred income taxes 15.8 (3.3)
Amortization of debt issuance costs 2.0 2.6
Amortization of share-based compensation 22.0 16.8
Changes in operating assets and liabilities, net:    
Securities and other assets segregated under federal and other regulations 41.6 1.7
Securities purchased under agreements to resell (1,716.1) (765.1)
Securities borrowed (141.6) (301.5)
Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net (767.0) 133.2
Receivables from clients, net (343.7) (609.6)
Income taxes receivable (28.2) (7.7)
Financial instruments owned, at fair value (1,429.3) (616.3)
Physical commodities inventory, net (113.4) (79.6)
Other assets (15.7) (68.7)
Accounts payable and other accrued liabilities 24.1 (41.7)
Operating lease liabilities (11.4) (0.8)
Payables to clients 366.7 1,189.4
Payables to broker-dealers, clearing organizations, and counterparties (155.5) (50.7)
Income taxes payable 10.0 (1.5)
Securities sold under agreements to repurchase 2,556.0 1,485.1
Securities loaned (106.0) 341.3
Financial instruments sold, not yet purchased, at fair value 952.8 158.7
Net cash (used in)/provided by operating activities (632.3) 936.4
Cash flows from investing activities:    
Proceeds from notes receivable 0.0 5.0
Acquisition of businesses and assets, net of cash received (13.8) (1.1)
Purchase of exchange memberships and common stock 0.0 0.1
Purchases of property and equipment (28.9) (30.1)
Net cash used in investing activities (42.7) (26.1)
Cash flows from financing activities:    
Net change in payables to lenders under loans with maturities 90 days or less 2.1 (87.4)
Proceeds from issuance of senior secured notes 0.0 550.0
Deferred payments on acquisitions (21.1) 0.0
Debt issuance costs 0.0 (7.9)
Shares withheld to cover taxes on vesting of equity awards (4.1) (1.2)
Exercise of stock options 4.8 3.5
Net cash (used in)/provided by financing activities (18.3) 457.0
Effect of exchange rates on cash, segregated cash, cash equivalents, and segregated cash equivalents (6.7) 2.2
Net (decrease)/increase in cash, segregated cash, cash equivalents, and segregated cash equivalents (700.0) 1,369.5
Cash, segregated cash, cash equivalents, and segregated cash equivalents at beginning of period 6,672.6 6,041.7
Cash, segregated cash, cash equivalents, and segregated cash equivalents at end of period 5,972.6 7,411.2
Supplemental disclosure of cash flow information:    
Cash paid for interest 635.1 548.6
Income taxes paid, net of cash refunds 57.6 56.0
Supplemental disclosure of non-cash investing and financing activities:    
Identified intangible assets and goodwill on acquisitions 11.3 0.0
Additional consideration payable related to acquisitions, net 3.2 0.8
Acquisition consideration paid in silver bullion 12.6 0.0
Acquisition of business:    
Assets acquired 29.0 0.0
Liabilities assumed 8.1 0.0
Total net assets acquired 20.9 0.0
Cash and cash equivalents 1,307.3 1,305.1
Restricted cash [1] 0.0 363.0
Cash segregated under federal and other regulations [2] 2,840.1 2,834.3
Securities segregated under federal and other regulations [2] 0.0 0.0
Cash segregated and deposited with or pledged to exchange-clearing organizations and other futures commission merchants (“FCMs”) [3] 1,797.5 1,362.9
Securities segregated and pledged to exchange-clearing organizations [3] 27.7 1,545.9
Total cash, segregated cash, cash equivalents, and segregated cash equivalents shown in the condensed consolidated statements of cash flows 5,972.6 7,411.2
Non-cash equivalent segregated assets 10.2 4.1
Non-segregated cash and other non-cash equivalent assets included within deposits and receivables from broker-dealers, clearing organizations, and counterparties $ 5,436.0 $ 4,797.7
[1] Represents restricted cash held in an escrow account, as further described in Note 1.
[2] Represents segregated client cash 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 $10.2 million and $4.1 million as of March 31, 2025 and 2024, respectively, included within Cash, securities and other assets segregated under federal and other regulations on the Condensed Consolidated Balance Sheets.
[3] 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 $5,436.0 million and $4,797.7 million as of March 31, 2025 and 2024, respectively, included within Deposits with and receivables from broker-dealers, clearing organizations, and counterparties, net on the Condensed Consolidated Balance Sheets.