2018 Q1 Form 10-Q Financial Statement

#000091376018000072 Filed on May 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $6.507B $5.461B
YoY Change 19.16% 47.24%
Cost Of Revenue $6.247B $5.265B
YoY Change 18.65% 48.61%
Gross Profit $260.2M $195.8M
YoY Change 32.89% 17.88%
Gross Profit Margin 4.0% 3.59%
Selling, General & Admin $156.0M $133.0M
YoY Change 17.29% 30.39%
% of Gross Profit 59.95% 67.93%
Research & Development $8.900M $8.500M
YoY Change 4.71% 16.44%
% of Gross Profit 3.42% 4.34%
Depreciation & Amortization $2.900M $2.400M
YoY Change 20.83% 9.09%
% of Gross Profit 1.11% 1.23%
Operating Expenses $8.900M $8.500M
YoY Change 4.71% 16.44%
Operating Profit $251.3M $187.3M
YoY Change 34.17% 17.95%
Interest Expense $19.00M $10.00M
YoY Change 90.0% 40.85%
% of Operating Profit 7.56% 5.34%
Other Income/Expense, Net $2.500M $2.500M
YoY Change 0.0% 47.06%
Pretax Income $29.50M $14.30M
YoY Change 106.29% -28.5%
Income Tax $6.800M $3.300M
% Of Pretax Income 23.05% 23.08%
Net Earnings $22.70M $11.00M
YoY Change 106.36% -24.14%
Net Earnings / Revenue 0.35% 0.2%
Basic Earnings Per Share $1.20 $0.58
Diluted Earnings Per Share $1.18 $0.58
COMMON SHARES
Basic Shares Outstanding 18.56M shares 18.40M shares
Diluted Shares Outstanding 18.86M shares 18.66M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $336.0M $296.0M
YoY Change 13.51% 45.81%
Cash & Equivalents $336.0M $296.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $286.3M $181.7M
Prepaid Expenses
Receivables $220.0M $1.883B
Other Receivables $1.000M $1.000M
Total Short-Term Assets $557.0M $2.180B
YoY Change -74.45% 25.43%
LONG-TERM ASSETS
Property, Plant & Equipment $41.00M $32.40M
YoY Change 26.54% 33.88%
Goodwill $45.90M $47.50M
YoY Change -3.37% 0.0%
Intangibles $11.20M $13.70M
YoY Change -18.25% 38.38%
Long-Term Investments $3.014B $2.719B
YoY Change 10.85% 5.96%
Other Assets $3.189B $1.124B
YoY Change 183.72% 16.96%
Total Long-Term Assets $6.647B $4.349B
YoY Change 52.85% 10.94%
TOTAL ASSETS
Total Short-Term Assets $557.0M $2.180B
Total Long-Term Assets $6.647B $4.349B
Total Assets $7.204B $6.529B
YoY Change 10.34% 15.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.311B $3.034B
YoY Change 9.13% 9.02%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $290.9M $261.0M
YoY Change 11.46% 75.99%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.444B $4.581B
YoY Change 18.84% 3717.5%
LONG-TERM LIABILITIES
Long-Term Debt $341.0M $263.0M
YoY Change 29.66% 33.5%
Other Long-Term Liabilities $823.0M $1.081B
YoY Change -23.87% -49.72%
Total Long-Term Liabilities $1.164B $1.344B
YoY Change -13.39% -42.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.444B $4.581B
Total Long-Term Liabilities $1.164B $1.344B
Total Liabilities $6.737B $6.073B
YoY Change 10.94% 15.68%
SHAREHOLDERS EQUITY
Retained Earnings $277.3M $272.4M
YoY Change 1.8% 21.77%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $46.30M $46.30M
YoY Change 0.0% 24.46%
Treasury Stock Shares 2.122M shares
Shareholders Equity $467.0M $456.0M
YoY Change
Total Liabilities & Shareholders Equity $7.204B $6.529B
YoY Change 10.34% 15.39%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $22.70M $11.00M
YoY Change 106.36% -24.14%
Depreciation, Depletion And Amortization $2.900M $2.400M
YoY Change 20.83% 9.09%
Cash From Operating Activities -$462.4M $72.00M
YoY Change -742.22% -212.68%
INVESTING ACTIVITIES
Capital Expenditures -$3.700M -$3.100M
YoY Change 19.35% 47.62%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$3.700M -$3.100M
YoY Change 19.35% 47.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -84.90M -49.50M
YoY Change 71.52% 1107.32%
NET CHANGE
Cash From Operating Activities -462.4M 72.00M
Cash From Investing Activities -3.700M -3.100M
Cash From Financing Activities -84.90M -49.50M
Net Change In Cash -551.0M 19.40M
YoY Change -2940.21% -127.67%
FREE CASH FLOW
Cash From Operating Activities -$462.4M $72.00M
Capital Expenditures -$3.700M -$3.100M
Free Cash Flow -$458.7M $75.10M
YoY Change -710.79% -221.52%

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CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
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0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
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0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
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0 USD
CY2017Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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100000 USD
CY2018Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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CY2018Q1 us-gaap Fair Value Of Securities Received As Collateral That Can Be Resold Or Repledged
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CY2018Q1 us-gaap Fair Value Of Securities Received As Collateral That Have Been Resold Or Repledged
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us-gaap Fees And Commissions
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139500000 USD
CY2018Q1 us-gaap Fees And Commissions
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97200000 USD
us-gaap Fees And Commissions
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175000000 USD
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5100000 USD
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6000000 USD
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0 USD
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6100000 USD
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6900000 USD
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1100000 USD
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4000000 USD
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1900000 USD
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2000000 USD
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2200000 USD
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33700000 USD
us-gaap Floor Brokerage Exchange And Clearance Fees
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67300000 USD
CY2018Q1 us-gaap Floor Brokerage Exchange And Clearance Fees
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50700000 USD
us-gaap Floor Brokerage Exchange And Clearance Fees
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87600000 USD
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300000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
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0 USD
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800000 USD
us-gaap General Insurance Expense
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1300000 USD
CY2018Q1 us-gaap General Insurance Expense
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600000 USD
us-gaap General Insurance Expense
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1200000 USD
CY2017Q3 us-gaap Goodwill
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47100000 USD
CY2018Q1 us-gaap Goodwill
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45900000 USD
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1200000 USD
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195800000 USD
us-gaap Gross Profit
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381300000 USD
CY2018Q1 us-gaap Gross Profit
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260200000 USD
us-gaap Gross Profit
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us-gaap Income Loss From Continuing Operations
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17300000 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations
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22700000 USD
us-gaap Income Loss From Continuing Operations
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15800000 USD
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16500000 USD
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CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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14300000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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22700000 USD
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29500000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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48100000 USD
CY2017Q1 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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5400000 USD
CY2018Q1 us-gaap Income Tax Expense Benefit
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6800000 USD
us-gaap Income Tax Expense Benefit
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32300000 USD
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400000 USD
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us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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20100000 USD
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12000000 USD
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700000 USD
us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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11300000 USD
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8100000 USD
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9800000 USD
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1900000 USD
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1500000 USD
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2500000 USD
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72000000 USD
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900000 USD
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4500000 USD
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755000000 USD
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243700000 USD
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104100000 USD
us-gaap Increase Decrease In Financial Instruments Used In Operating Activities
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304800000 USD
us-gaap Increase Decrease In Financial Instruments Used In Operating Activities
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125200000 USD
us-gaap Increase Decrease In Income Taxes Receivable
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0 USD
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600000 USD
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58200000 USD
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162500000 USD
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758100000 USD
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27800000 USD
us-gaap Increase Decrease In Payables To Customers
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195600000 USD
us-gaap Increase Decrease In Payables Under Repurchase Agreements
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264800000 USD
us-gaap Increase Decrease In Payables Under Repurchase Agreements
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169500000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Receivables Under Repurchase Agreements
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129200000 USD
us-gaap Increase Decrease In Receivables Under Repurchase Agreements
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198100000 USD
us-gaap Increase Decrease In Securities Borrowed
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66700000 USD
us-gaap Increase Decrease In Securities Borrowed
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433300000 USD
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89900000 USD
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448000000 USD
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Information Technology And Data Processing
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5700000 USD
CY2018Q1 us-gaap Information Technology And Data Processing
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3400000 USD
us-gaap Information Technology And Data Processing
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6500000 USD
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11200000 USD
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us-gaap Interest Expense
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18900000 USD
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us-gaap Interest Expense
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33300000 USD
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17700000 USD
us-gaap Interest Income Operating
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28100000 USD
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27900000 USD
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700000 USD
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100000 USD
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us-gaap Labor And Related Expense
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us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
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us-gaap Noninterest Expense
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us-gaap Noninterest Expense
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us-gaap Other Income
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100000 USD
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CY2017Q3 us-gaap Preferred Stock Shares Outstanding
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CY2018Q1 us-gaap Preferred Stock Shares Outstanding
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46400000 USD
us-gaap Proceeds From Repayments Of Debt
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2500000 USD
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2200000 USD
CY2017Q1 us-gaap Professional Fees
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us-gaap Professional Fees
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8200000 USD
CY2018Q1 us-gaap Professional Fees
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3900000 USD
us-gaap Professional Fees
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8600000 USD
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us-gaap Profit Loss
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us-gaap Profit Loss
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CY2017Q1 us-gaap Provision For Doubtful Accounts
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1300000 USD
us-gaap Provision For Doubtful Accounts
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3800000 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
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200000 USD
us-gaap Provision For Doubtful Accounts
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1300000 USD
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2625100000 USD
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1914100000 USD
us-gaap Repayments Of Notes Payable
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400000 USD
us-gaap Repayments Of Notes Payable
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400000 USD
us-gaap Repayments Of Unsecured Debt
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45500000 USD
us-gaap Repayments Of Unsecured Debt
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0 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
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261500000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2017Q1 us-gaap Revenues
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us-gaap Revenues
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CY2018Q1 us-gaap Revenues
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us-gaap Revenues
Revenues
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us-gaap Revenues Net Of Interest Expense
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CY2018Q1 us-gaap Treasury Stock Value
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CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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18661418 shares
CY2018Q1 us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
154300000 USD
us-gaap Revenues Net Of Interest Expense
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CY2017Q1 us-gaap Sales Revenue Goods Net
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us-gaap Sales Revenue Goods Net
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CY2018Q1 us-gaap Sales Revenue Goods Net
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us-gaap Sales Revenue Goods Net
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CY2017Q3 us-gaap Securities Borrowed
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CY2018Q1 us-gaap Securities Borrowed
SecuritiesBorrowed
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CY2017Q3 us-gaap Securities Loaned
SecuritiesLoaned
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CY2018Q1 us-gaap Securities Loaned
SecuritiesLoaned
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CY2018Q1 us-gaap Securities Loaned Fair Value Of Collateral
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CY2017Q3 us-gaap Securities Purchased Under Agreements To Resell
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CY2018Q1 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
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CY2017Q3 us-gaap Securities Sold Under Agreements To Repurchase
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CY2018Q1 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
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CY2017Q3 us-gaap Securities Sold Under Agreements To Repurchase Fair Value Of Collateral
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CY2018Q1 us-gaap Securities Sold Under Agreements To Repurchase Fair Value Of Collateral
SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral
5100000 USD
CY2018Q1 us-gaap Self Insurance Reserve
SelfInsuranceReserve
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us-gaap Share Based Compensation
ShareBasedCompensation
2600000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
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CY2017Q3 us-gaap Short Term Borrowings
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CY2018Q1 us-gaap Short Term Borrowings
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CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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466600000 USD
CY2017Q1 us-gaap Supplies And Postage Expense
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500000 USD
us-gaap Supplies And Postage Expense
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CY2018Q1 us-gaap Supplies And Postage Expense
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400000 USD
us-gaap Supplies And Postage Expense
SuppliesAndPostageExpense
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us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
3800000 USD
us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
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CY2017Q1 us-gaap Taxes Excluding Income And Excise Taxes
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1200000 USD
us-gaap Taxes Excluding Income And Excise Taxes
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CY2018Q1 us-gaap Taxes Excluding Income And Excise Taxes
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CY2017Q1 us-gaap Trading Gains Losses
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CY2018Q1 us-gaap Trading Gains Losses
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CY2017Q1 us-gaap Travel And Entertainment Expense
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us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
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CY2018Q1 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
3000000 USD
us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
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CY2017Q3 us-gaap Treasury Stock Shares
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CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
2121957 shares
CY2017Q3 us-gaap Treasury Stock Value
TreasuryStockValue
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18502795 shares
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s fiscal year end is September&#160;30, and the fiscal quarters end on December&#160;31,&#160;March&#160;31, June&#160;30 and September 30. Unless otherwise stated, all dates refer to fiscal years and fiscal interim periods.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the three and six months ended March 31, 2018, the Company separately classified non-trading technology and support costs that were previously included within &#8216;Other&#8217; on the condensed consolidated income statements. Additionally, during the three and six months ended March 31, 2018, the Company separately classified communications related expenses separately from trading systems and market information related costs. In performing these reclassifications, the Company has made immaterial, retrospective adjustments to conform to our current period presentation. For the three and six months ending March 31, 2017, &#8216;Other&#8217; expenses included </font><font style="font-family:inherit;font-size:10pt;">$2.8 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$5.7 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of expenses that are now included within &#8216;Non-trading technology and support&#8217; on the condensed consolidated income statements. For the three and six months ending March 31, 2017, &#8216;Trading systems and market information&#8217; included </font><font style="font-family:inherit;font-size:10pt;">$1.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$2.4 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of expenses that are now included within &#8216;Communications&#8217; on the condensed consolidated income statements. </font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant of these estimates and assumptions relate to fair value measurement for financial instruments and investments, revenue recognition, the provision for potential losses from bad debts, valuation of inventories, valuation of goodwill and intangible assets, incomes taxes, and contingencies. Although these and other estimates and assumptions are based on the best available information, actual results could be materially different from these estimates.</font></div></div>

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