StoneX (SNEX) 4 May 232023 Q2 Earnings call transcript

Good day, and thank you for standing by. Welcome to the StoneX Group Q2 Financial Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

to Bill conference Dunaway. like speaker to now CFO, today, would hand over the your I Please ahead. go

in Good morning. ended My issued the our After earnings name market a is Bill call the our our Dunaway. our press for quarter fiscal www.stonex.com release refer release second well and a results yesterday, quarter closed as This on as which to on we'll of March available second reporting XXXX. conference is XXXX. our XX, this we Welcome results. year-to-date call slide quarterly of at our for discussions presentation, to website

You our the the presentation. to after conclusion. website will also of live view and presentation order will an the archive call's to sign need The to the on webcast available on webcast in be

required statements Form as underway, taken should discussion to you the and note the notes be financial well with and getting thereto should we the most advise all that XX-Q participants Before filed recent the following SEC. with in conjunction are as

may forward-looking unknown discussion which filings Act of the as detailed meaning XXXX of XXE statements contain known involve the amended. and with within uncertainties, XXA Section Act Securities as These XXXX the amended SEC. Securities the of of risks of Exchange our and statements and Section forward-looking are This in

actual forward-looking that Company's business by the regarding the implied market Although the based any statements. are will conditions, no Company results believes materially that and from future its assurances or can statements reasonable assumptions not its Company's upon expressed forward-looking there differ be results

information, cautioned any not of as statements, or update otherwise. forward-looking statements revise Readers a performance. are to forward-looking that Company The obligation or undertakes future result new of events no whether are guarantees future publicly any

now I'll over Sean CEO. turn Company's the that, the to With O'Connor, call

our morning, growth quarter everyone, product joining our Good of for strong across continue fiscal and In volume second XXXX, of XXXX the second to earnings experience all quarter thanks call. offerings. Thanks, we fiscal Bill.

However, to it financial be elevated Ukraine, compared year our XX, tough of moderately both while to three significant spreads reflected in which physical making invasion ended the prior resulted and which March volatility diminished period The markets, this clients significantly months continues in in effects was the quarter of transact, key many the for us. markets a Russian widening comparable of in XXXX.

Revenue continue lower-margin, Turning was first push which and exceptional we and operating there versus XX% the FX earnings quarterly a to which except the in were Ukraine largely revenues ago. into securities, up higher-volume situation. volumes to X down down Slide further were Product in the listed down the outlier which by The to product for as compares except year a as XX% Payments, result up, conditions marginally. derivatives of deck, quarter was products. for CFDs, capture Global prior was due

Revenue immediately quarter. up revenues well except strong revenues the operating activities. all Physical XX%. ag, from capture good precious to metals were was as in were business Securities as preceding products biofuel securities results up XX% versus a the due up

and but statement. fixed in results securities, boosted carried our gross revenues incur on income interest we on a our by mentioned As the up positions, same which trading expense operating interest last time, these financing related income get on also higher

trading as but versus per hard made decline the and as to us it down higher We versus spreads. ADV volume well XX% up the quarter, was per which to now due lower increased tougher rate conditions ADV by net push the continued while $XXX, basis, to off million income prior groups On XX%, XX% the The rate the per securities million million this prior XX%. declined interest immediately rate into rate internalize year million per the in equity equity fixed for products metrics. on in and side, margin the the was was

other the group up was the had On but equities, this one another up on quarter with the recording definitely income side, and Global best revenues XX%, tough up strong did fixed a quarter, XX% of revenue exceptionally volumes Payments their for capture hand, quarters. security well, having X%.

was revenue XX%, FX/CFD XX% being being market due so per resulted largely an to and exceptionally million Versus immediately the our year Our tougher XX%, down up was the revenue positive ago. which in a the prior rate volumes improvement quarter, capture versus conditions conditions in prior XX% up down QX. was down versus quarter, ADV X% and over

million, caused XXX% around now the total which rates products impact realized income at to interest was of maximize back the client over fee balances $X.X was up on income on the a client cumulus as million. client up stands XX% fee as interest and sweep float, reduced our QX, of we clients and FDIC float XX% Interest even in though $XXX.X started the XX% increases, Interest rate buying yield. increase

pressure to out rates our clients see their to some started pay also We on higher funds. to

physical XX%. products, and mentioned except accounting only were OTC the date, to more strong listed Slide period Securities were months. shows and growth all of across was up revenue earlier challenging we the due up this interest despite which Moving realized X, longer now impact Over data up comparisons XX trailing XX%, for derivatives, somewhat the and contracts digits. single which same to coming to the

We capture seen more increases across the is generally. revenue volumes challenging while starting have become generally in to board,

ever the prior year Slide of up $XXX.X second to quarter XX% just summary from quarters the one and million, year versus comparing of a our we're Again, our We remind everyone, preceding quarter. XX-month trailing a revenues our -- ago. operating to X% and up X results. best against recorded and Turning of best

year interest which mentioned are earlier. as a versus fixed revenues as and interest by well also costs, was commissions introducing boosted float we our and expense ago. in Our operating on off the operating both income interest revenue, nets clearing Net flat broker trading, client embedded

which headcount which Payments was segment. and compensation compared compensation be bulk to of the to prior result charges XX fixed Global lower Fixed mentioned X% was digitize well reorganization as through non-variable or expand the retirement the and XX% the next salaries merit compensation substantially ongoing to restructuring initiatives will product our up XX%, earlier. with relates increases. annual X% costs includes over and quarter, as compensation, increase down as million year, variable incurred and for versus year and of offering charges, up the up the These $XX.X prior the increasing quarter, other million retirement During we recovered expenses million in related $XX.X variable charges, a to Total due months a the with to XX% compensation. our $XX.X reorganization to XX the of

new increased -- paid time period remaining up utilized charges, calendar $X the to reorganization accruals driven start immediately the fixed year. of in accruals Versus the Accruals of return again, the and $X.X million for preceding This was the the the period excluding employees prior $XX.X prior as XXX(k) the XX%. retirement increased million normalized or million period more off compensation, related by expenses payroll remaining around increased taxes quarter, and levels. was sorry, related and in their to current

of compensation addition, in In deferred the decline a million preceding $X we experienced versus quarter.

and annual acquisition the been in impact was the quarter, recorded EPS the $X.XX compensation the CDI. these and these fixed $X.XX of an preceding on similar Without to X% on We of items, gain excluding earlier, for reflecting would up all charges on QX quarter, EPS had EPS. increases charges, new some have merit Excluding our mentioned around hires. roughly incremental when

the noted and XX.X%, by charges was ROE Our impacted earlier, roughly X.X%. this

Looking summary months. the at for trailing XX the

billion, record over prior a were XX-month trailing Our operating the up revenues $X.X XX% period.

was income record a million, net up XX%. Our $XXX.X

was increasing the last Our XX% for two diluted EPS trailing XX XX.X% equity despite years. the over was up XX%. $XX.XX months, ROE

$XX interest was versus quarter Our basis and for points float on for increased versus the average XXX our quarter the year yield our fee and income prior client points the prior basis million quarter. XXX net

Our versus book larger close to reported than changes due share in XX% the other $XX.XX, per significantly EPS $X.XX up income a increased our year comprehensive at positive to ago. value during quarter,

just our of X, Turning now to into before some touch and highlights Bill summary on segment to gets more detail. Slide the

X% was a was mentioned results up charges the For also to due segment XX% down restructuring exceptional earlier. the and and to operating the ago revenue due quarter, year segment income

client performances were the up in strong commercial back income in the effect up also rates. precious XX% XX%. and with income immediately segment off revenues was was a segment Versus of revenues, Our metals the quarter, interest segment of segment XX% up in and operating increase XX% higher preceding

to XX% the segment fixed The income. Institutional in increase is interest increase XX% those gross numbers income. increased realized on translated in revenue a segment in a being into which two Our disparity by carry due revenues,

business the and continued $X.X fee Versus down quarters, down swung but challenging XX%. business, the while much a year especially business to income when as profit a year quarter, income still but and were one, earlier, mentioned listed by The down Retail was and the income. boosted preceding of fixed one revenue securities experienced another and is interest best the had derivatives up was segment clearing segment difficult X% quarter, a more of quarter revenue million a conditions, the to loss exceptional quarter. the versus XX%, compared preceding versus ago. equity the Operating million results with a XX% of from XX% was market ago. challenging up preceding $X.X in Segment was income

the to and of segment year's down was reorganization these bulk charged XX% Segment charges. charges up was revenue without here. the have Payments income due largely income being XX% exceeded last would Global

operating up except XX which we months, the For trailing have Retail, income for segment double and digits, was down. revenue segment

we the long-term to longer-term our in franchise. progress XX-month grow rather We and view than results way such, a results specific such on taken gauge to And quarters repeatedly, as manage isolation. take and that believe how we have at said look performance, the we is Company trailing best as our

financial last quarters. reconciliation the X, been the the this in CDI accounting deck. in sets to related acquisition prior have XX-month gain filings the of which adjusted the performance our Turning trailing in to provided numbers over appear our treatment in These disclosed for Slide the which earnings as and out nine appendix

trailing side, represent over nine bars operating XX-month last On revenue the quarters. the the left-hand

As we you see, and and has as have can footprint our upward this a trend strongly capabilities. expanded smooth steadily been

over Our a are for revenues XX% period CAGR. XX% this up operating

likewise, income, XX% significantly pretax CAGR. at adjusted Our grown a has

earlier. to pretax the Our dipped due earnings mentioned quarter charges reorganization this

the line see the can has On you period. which is our represents net a XX% the has this over which XX% grown CAGR. The our adjusted our two XX% though last years side, the for income XX% remained over bars, even by above up right-hand ROE, capital target, with dotted

in Bill over Bill, that, I'll results With you Dunaway hand of discussion to over for the a detail. more to financial you.

consolidated on Transaction-based due the a which to be volume X, quarter, of the of quarter period, as consolidated to discussion. contract Thank $XX.X to the and on as average ADRs highlight fees then XXXX. highlights number segment declined equity XX% few statement so the shows income lower principally and million starting Slide in covered well you, clearing daily volumes. a Sean. derivative I'll Sean in second the and contracts, our FX/CFD for I'll listed move decline current in fiscal expenses many

declined in $XX.X to interest income and period, management on wealth short-term Introducing million to businesses. a broker a and principally million increased our due deposit independent a increase of expense commissions current rates. declines X% as result as $XXX the the million in prior in increase increase year, balances Interest to $XX.X retail interest paid institutional interest versus client business the related expense primarily of FX/CFD to $XXX.X in fixed significant in million result our

an expense short-term in corporate average in in increase rates borrowings. the in of Interest due million net to Variable mix increase change result declined the funding as of interest million year of net decline to versus operating $X.X current and product as as XX% the year, period. revenues year $X.X as also revenues period a represented well compared prior in the increased net the as the on in revenues versus XX% a prior operating well operating compensation prior

to on Sean this prior fixed covered move year to increased the so in million. on which the fluctuations $XXX.X fixed compared compensation, $X.X expenses, other as million earlier call, I'll to

However, this immediately is versus the quarter. $X.X decline preceding a million of

million $X.X As to implementations increased and ongoing to support. the non-trading support software compared prior year, and technology due

depreciation million the professional as fees. prior $X.X increases, finally, occupancy fees and rental equipment development increased lower to well And Depreciation business higher million as $X.X incremental $X.X to year. developed and the in as internally compared increased declined prior $X.X leasehold principally as million improvements intangibles due compared to of Travel due amortization increased and amortization these software acquired. year, related million. to Offsetting legal to

debt class in on of year the included XXXX the The versus a a includes a included gain versus $XX.X prior represents versus immediately fiscal preceding in in noted. year Net of expense preceding strong million second gain period decline quarter to CDI million, prior prior of year acquisition antitrust the million exchange received, $X.X and of $XX acquisition other the the settlement Bad quarter, net recoveries the action declined million is a period just the which comparable period. on CDI. a income was for million $X XX% which $X.X to very quarter XX% a $XX.X the I million $XX.X foreign immediately related the gain decline million while current

information segments. Moving on on our operating some to provide Slide number X. more I'll

$XX.X and year This balances as earned a modest Our $XX.X compared Commercial year. a revenues increase the added in increase client the significant operating versus million quarter. was a of preceding Average to in prior the increase $XX short-term by million client rates. segment X% million result declined interest equity driven on immediately prior the in versus

In of in growth addition, to Energy both physical & Physical $XX.X the compared and million from metals increased operating a precious prior as transactions activities. year result Ag revenues

offset derived performance, prior $X.X other respectively, including partially OTC increases and $X.X year Sean million quarter $XX derivatives, were and depreciation the a derivative increased strong expenses $X.X as and listed OTC the increased selling earlier. listed and million $X.X preceding very decline revenues operating and development increases million by Versus These and being benefits year noted compensation versus respectively. million, and and immediately and and travel million, fixed the in with $XX.X marketing, in increased prior revenues amortization. business million from Fixed

declined quarters respectively. year compared XX%, preceding to million prior the and increase million of the and expense period, income an debt for $X.X $XXX.X Bad year. prior the as Segment over period XX% was

million Operating driven the Slide securities transactions on in revenues the revenues the million versus a result to of in year, as as securities Moving in average number volume of $XXX.X our prior prior the interest segment Institutional daily increase well to primarily in increase $XXX.X operating XX. increase compared rates. increased to by as year XX%

securities in in was The an ADV volumes income by and increase equity driven markets. in both fixed increase

rates which interest as the fee income a client increase in year mentioned increase rates million result as earlier, Sean in in rates a client to on for $XX.X the of the prior average I'll short-term Interest also expense in interest touch equity. prior well increased As increase The the increase in $XXX expense interest momentarily. the on a as short-term XX% securities-related increase balances led year. interest a versus versus and period, in significant million drove earned rise

million paid the increased the revenues. million as in a net fixed income of million, interest to increase the activities related $XX.X result expense while and increased as to compared clients $X.X million $X.X respectively, period to to trading Segment in securities $XXX.X year and to prior in operating Interest income lending XX% the million. preceding increased $XX.X quarter, immediately current

Fixed and $X $X.X the expenses million our the $X.X versus as preceding increased compared the million million. declined declined quarter. $X year we debt other product on Segment expense compensation offering, build year benefits as fixed Bad while immediately to versus million increased prior period. income prior

million million compared $XX.X CFD, year. year, million versus Operating the revenues $XX.X per as CFD in was Moving FX of ADV XX% decline in segment driven revenues a in result which well XX% by primarily a prior Retail decline as the slide. our on as to declined FX, a a next to and in the as prior rate decrease

decline segment in Segment costs primarily preceding the versus prior and retail immediately to Retail We were declined drove Operating marketing revenues employees revenues. as million through a quarter. to declined transactions to fixed department, to in $X.X other $X.X to which $X.X the benefits. an the segment million. compared period, Operating the back $X.X securities our marketing retail the million the allocation the to year. These process, operating central income result as revenues XX% increased fixed from current of compensation in expenses moved decline increase in million drove in $X.X which then the partially allocated million of

in prior $XXX,XXX the million the in compared as hires in and support to and and non-technology saw compared business year. earlier addition, and $XXX,XXX in the year, Sean well average development. $XX.X Fixed slide, next as million by the compensation by to In noted cost $X.X a prior increase increase incremental amortization, $X.X primarily we as a daily prior million to Closing per segment X% driven as on reorganization Payments payment was to depreciation and out the represents versus operating prior revenues the immediately quarters, increased increase rate the related in a offerings. in respectively. and and $XX.X Segment increase year Global XX% and travel build-out the the million driven of XX% increase a million XX% the period our a year, current a versus declines the income in preceding increased volume

to XX, our Moving quarter between Overall the Slide second of number quarter on operating operating operating first segments. million -- in -- the represents were the the prior across XX% period our revenues for the current which for operating period, year. our changes segments last year over the or of in million bridge to I've revenues segments. up $XXX.X covered $XXX.X operating the current revenues for segment

between variance segments overhead, the elimination revenues activities to negative business corporate. million related primarily unallocated of outcome $X.X and central of a However, and treasury in the

compensation overhead in of million quarter XXXX driven to income the $X.X negative number the in and of and well million in on $XX.X noted earlier. by negative period. $X.X movement variance which touched of partially million variable as million the unallocated marketing increase was in department compensation team million and million as slide, XX, was partially next fixed $XX.X The $XX.X $XX.X the the just a represents a increase due to I benefits, in current from in retail bridge as pretax revenues pretax income a I variance central second The

million $X.X by funding, in million in and -- professional central increase saw $X.X the technology were as fees, retail. well increases an in million $X.X increase increase we corporate particularly occupancy equipment as offset decline addition, allocation to segments, $X.X These a million a increase and a expense non-trading In a in and an on in interest operating rental partially support. in increase

The interest on client and compared balances paid to sweeps our $XX.X as XX, which as rate interest to for million table quarter million short-term on by number as annualized in million interest of fees a moving the the which interest Slide in rate income change to effect rates. and increased earned shows detects Finally, $XX.X year. sensitivity well prior fee a interest the and net current to $XX.X clients of period the to in interest

we a or point basis. on table, or up to As basis $X.XX per XXX an net in in estimate of down, would share noted income short-term million $XX the in interest annualized either result rates change change a

I to over it Sean. back With would that, to turn like

Bill. Thanks,

slide, Let's interest Slide conditions XX. final higher moderating offset very our market move number with operating client to float. set good earnings the We on results core achieved another of by

has reorganization a comparing charges, year strong against over which we a time. quarter, lower This quarter compensation recovered variable are with significant and should be ago very also

results, the Adjusting first quarter gain of $X.XX EPS in results for on the the charges, line an have would excluding acquisition. with of XX.X%. ROE reorganization we the For recorded quarter, CDI the and been

equating For stated in we EPS, income recorded the a $XX.XX XX.X% on book. or million net trailing XX of $XXX.X ROE to months,

earnings such a revenues XX% used continue Our now ago. which quarterly are results years, a months longer-term upward as two our performances share, to over slightly CAGR $XX.XX last growing When book through a per the a XX% a trailing evens XX% strong XX up our value adjusted is out versus and lens CAGR. show anomalies, at year trajectory, at

quarter, towards drive growth and business and we believe to shareholder While value. our that trading will growing continue diverse of and conditions end the multiple moderated drivers earning deliver the

and growth base see and We as in continue client well our as asset which client products to volumes segments, classes speaks underlying client trading to in across strong growth engagement.

financial We our to talent. and our invest expanding continue in products, ecosystem, capabilities

We front have large a unique and market with us. in broad of very addressable financial a ecosystem

have Operator, we let's see Dan line. the onto is I'm any if questions. sure

from [Operator line Instructions] the Daniel question Jefferies LLC. comes Our from of Fannon first

environment So on at I high just want to follow level. up a the just

markets talked great of think something around generally, was You've up spreads have But base takeaway I higher customer But kind levels from as maybe is feel it look predict end is the been. you a get more color of reasonably was volumes kind that kind have things is for tough comps of lower healthier as you you and least does obviously like to to you they're the about the just can't activity kind quarter. -- sustainability how activity about little well. a holding you seem underneath, volumes, of of it at hoping knowing trends levels but and the

Okay.

we So question have a mean, obviously phenomenal a against capture, I to sort year of of comparing pass I two ago. you quarter revenue that were in out terms guess into things.

So whether that. quarters, that, declined last VIX in revenue would look and quarters. versus metals or at has look if say look last was of signs elsewhere, I volatility there three markets you generally at three whether the excluding down the maybe you two, over say, generally are volatility would sort you that I the over capture

I say, it ago. it's think versus, general somewhat a but still it's in XXXX, was elevated where year near terms probably nowhere certainly

flattening up. be to seems it So

flattening can like Californian drama. higher entering of of be periods see there, all the of volatility. think I could banks, we seen what's And out we sort fast, right? we Now then I'd could we've bank may to But on mean, going -- be and with anyway, volatility know. change I as sort the with

So on side. volatility the that's

side, volumes. strong volume continued the On seen we've certainly

a we situation, go the start depending might, constrained a also that volumes aren't increase all going to may see to credit I bit. mean and think if I We think transpire. being equal, may the recession, little highly kind on into think environment we same economic would probably and of to moderate at to probably say we you moderate things I continue slightly. pace got a

other anticipation. say, So factor that's take environment. competitive the the to I is though, account into my just would

think struggling. are gains, right? So making we're I banks market I share think

they're consider be should again these I to they in think some starting whether of businesses.

onboarding We from banks. clients continue us see to

in some moderated environment, may a we So share still growth decent see more gains. market even through

So got I think for obviously, a level. a it's at pretty us. good And you've rates interest environment high

think So depends economic of of environment this decent all, the I conditions all and kind run to it's pretty sort over three us in absent into for all a mean for next bad, how us here. a good those overall those factors account. is I obviously get, I six quarters. be something on dire It going really the taking to think

but That's where just of fixed this are to people, organically, income. thinking you hired this allocating your taking offerings, Can you helpful. areas what one resources to then share the you business more some about upon this built And prospectively, I doing continue talk about guess you've there? are dollars, is you're You've trajectory?

new picking all don't dollars just who from got well. here, certainly some of who of guys up stabilized. people income and firms they so doing are we're is business. of more I was a business I to ramped like and some in in people are certainly Credit the and I not are fast XX I places. more from come inventory they market lot and What I or competitors and years share seeing came two limits whatever. this other mean seems weeks, off this we've were got just have has or a we we fixed last of traveling in over people the ours I terms from sort up mean we've five allocating pretty of volume, sort for Suisse, and lot think

for of to said seem going we is quarters, we've guys competitors, products, talent, couple the turmoil think as of more this the think, giving in do lot I to done in and be on And with in normally just follows fixed I income volume. there's activity that, certainly all our commoditized a and seen So that a seem we a have right? attracting talents phenomenal So right? lot job. now a be outperforming us sector, activity and is as the We've of T-bills treasuries. banking lot of a certainly

lower other showing making we're we're per gains. good in results lot market our it's guys revenue very I job. fixed capture in products. rate great definitely And than our it. -- money out some doing of are Now from we're But of certainly, revenue seeing But think area a of that we becoming I million capture, a terms share income think

it's clients showing I think up our with perceive us.

we're think other I these banks sort created of by withdrawing. into some of void the are stepping who

enhancement So seeing that gains lots and out of share of us. franchise everything there we're market of for

little what this? or kind Kind the through of go be were of segments mostly Payments kind kind in a that this I Or think of Okay. as would business That's said through the any reorg helpful. helpful. And expense items of Global why of then just we following up you on context more you now? related, the see do and portions flowing -- some but the of other just quarter

of strange you seems how sort stuff these us COVID, A taken getting all period about quarter became sort think of of just it's of lot were retirement. hit I to period have helped people their sort people. of They stock. always for of to are Yes, time, time, how no And tough of lot the long during in paid been who of sort had some of in it lot I be matter of very them sort have businesses. them grow it's a one think year a who've to people highly for XXs. A of their compensation our post think, to a think different. lot a three going with We've

to transitions. start have We thinking about

what And happens. that's really so

feel very we think comfortable I about So it.

happens, them. particularly But that think business, have their go bench done us, lot at when a of of point, invest a got great good build bench. behind we great for someone want us a other stock, a these I typically, some But when to stock built helped we've people we people have retires, fantastic all And people have a do if things. job in sorting business, of a immediately well, us and great with happened. on better the in our build business because following whole comes We up. run, for two senior years. got working fact, what metals -- they was metals hit the and -- They've great part business. transition person it been a right? guy precious that So our a We've deal that's immediately, really

and metals the business, Asia activities of was guy Global decided Payments of same on. by of in good The at all up head sort time them for our then this time, move precious to headed a the sort

senior got all bit. they that were it, hear we've young the the the about a have draws there's out right? and modified people will talented that, given of That up then skinning pool structures. I started be to mean comfortable we little of in feel just managed all variable big because that comp of people recovered the space. cost but I and cost So we of variable we've very their comp originally,

there be recover will And leaner going the an got certainly So costs that's right? these enduring a forward, from I on, Dan. then So and structure think comp anyway, benefit story we pretty there'll quickly. we've

terms -- other firms priority carve-outs as more or are in you just kind seeing is that the moving doing well of then you're you today? do attractive potential that's And maybe helpful. M&A list that all up of aren't disruption the That's of businesses as -- happening, have

in our a it. seamlessly they market. an pay almost When have what because don't can generally is business up really than the you them better some income I And over, fit is we with picked team come come the known well are with that just in and we level, and coming for ways, we if to of of at sort their five would can for their bring speaking, who a of haven't bring very across In get bit a fixed in over, them, we right, bunch and us making clients pick team some same seen to a that's culture. us thing, a But guys acquisition we pickup right? which talent up team, little say definitely, yet. competent seeing traders,

seeing we're of we're going some is lot obviously I ways, way I see business, Suisse moment, the are which, people of that. other low-risk So out and to that lot There of to a looking. grow and better at happening Credit think, more a a think in people our of and

environment So for to pick us talent. good I it's think a up

clients to. also think move to where I looking are

So clients. a pick up to opportunity there's good

going to some of, think some acquisitions. than you're I seeing we're there But I kind So opportunity guess, right, be are acquisitions. that at point, rather

But mean this think be moment. the environment I for some people for it's at opportunities. and financial markets. the I a some great can in looking but struggling seriously people should say nothing there is I tough some are at us, we

? Operator questions? other any there Are

[Operator Instructions]

Okay. any looks we questions. It have like don't

to all look So I'd to forward like all call. to three joining months' StoneX the members this thank you for great everyone quarter, great us for the of on speaking of time. like we thank another and performance in I'd team to

much. so Thanks

the This program. does conclude

You disconnect. Thank may now you.