Delaware
|
001-33440
|
30-0390693
|
(State or Other Jurisdiction
of Incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification Number)
|
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(d)
|
Exhibits.
|
99.1
|
Press Release dated January 20, 2015.
|
INTERACTIVE BROKERS GROUP, INC.
|
||
By:
|
/s/ Paul J. Brody | |
Name:
|
Paul J. Brody
|
|
Title:
|
Chief Financial Officer, Treasurer
and Secretary
|
99.1
|
Press Release dated January 20, 2015.
|
·
|
49% pretax profit margin for 2014.
|
·
|
62% Electronic Brokerage pretax profit margin for 2014.
|
·
|
40% Market Making pretax profit margin for 2014.
|
·
|
Customer equity grew 24% from 2013 to $56.7 billion.
|
·
|
Customer accounts increased 18% in 2014 to 281 thousand.
|
·
|
Total DARTs increased 16% from 2013 to 566 thousand.
|
·
|
Brokerage segment equity was $3.0 billion. Total equity was $5.2 billion.
|
(1)
|
Daily average revenue trades (DARTs) are based on customer orders.
|
|
Brokerage
|
|||||||||||||||||
Market
|
Brokerage
|
Non
|
Avg. Trades
|
|||||||||||||||
Making
|
%
|
Cleared
|
%
|
Cleared
|
%
|
Total
|
%
|
per U.S.
|
||||||||||
Period
|
Trades
|
Change
|
Trades
|
Change
|
Trades
|
Change
|
Trades
|
Change
|
Trading Day
|
|||||||||
2012
|
60,421
|
150,000
|
16,118
|
226,540
|
904
|
|||||||||||||
2013
|
65,320
|
8%
|
173,849
|
16%
|
18,489
|
15%
|
257,658
|
14%
|
1,029
|
|||||||||
2014
|
64,530
|
-1%
|
206,759
|
19%
|
18,055
|
-2%
|
289,344
|
12%
|
1,155
|
|||||||||
4Q2013
|
14,437
|
45,167
|
4,585
|
64,189
|
1,019
|
|||||||||||||
4Q2014
|
16,126
|
12%
|
57,773
|
28%
|
4,621
|
1%
|
78,520
|
22%
|
1,246
|
|||||||||
3Q2014
|
17,864
|
49,636
|
4,282
|
71,782
|
1,130
|
|||||||||||||
4Q2014
|
16,126
|
-10%
|
57,773
|
16%
|
4,621
|
8%
|
78,520
|
9%
|
1,246
|
|
Options
|
%
|
Futures*
|
%
|
Stocks
|
%
|
||||||
Period
|
(contracts)
|
Change
|
(contracts)
|
Change
|
(shares)
|
Change
|
||||||
2012
|
698,140
|
98,801
|
65,872,960
|
|||||||||
2013
|
659,673
|
-6%
|
121,776
|
23%
|
95,479,739
|
45%
|
||||||
2014
|
631,265
|
-4%
|
123,048
|
1%
|
153,613,174
|
61%
|
||||||
4Q2013
|
155,216
|
28,724
|
27,042,356
|
|||||||||
4Q2014
|
173,284
|
12%
|
34,259
|
19%
|
36,973,639
|
37%
|
||||||
3Q2014
|
151,768
|
29,352
|
36,040,255
|
|||||||||
4Q2014
|
173,284
|
14%
|
34,259
|
17%
|
36,973,639
|
3%
|
|
Options
|
%
|
Futures*
|
%
|
Stocks
|
%
|
||||||
Period
|
(contracts)
|
Change
|
(contracts)
|
Change
|
(shares)
|
Change
|
||||||
2012
|
457,384
|
12,660
|
9,339,465
|
|||||||||
2013
|
404,490
|
-12%
|
18,184
|
44%
|
12,849,729
|
38%
|
||||||
2014
|
344,741
|
-15%
|
15,668
|
-14%
|
12,025,822
|
-6%
|
||||||
4Q2013
|
87,498
|
4,245
|
2,776,564
|
|||||||||
4Q2014
|
95,625
|
9%
|
3,462
|
-18%
|
3,093,170
|
11%
|
||||||
3Q2014
|
81,395
|
3,542
|
3,137,329
|
|||||||||
4Q2014
|
95,625
|
17%
|
3,462
|
-2%
|
3,093,170
|
-1%
|
|
Options
|
%
|
Futures*
|
%
|
Stocks
|
%
|
||||||
Period
|
(contracts)
|
Change
|
(contracts)
|
Change
|
(shares)
|
Change
|
||||||
2012
|
240,756
|
86,141
|
56,533,495
|
|||||||||
2013
|
255,183
|
6%
|
103,592
|
20%
|
82,630,010
|
46%
|
||||||
2014
|
286,524
|
12%
|
107,380
|
4%
|
141,587,352
|
71%
|
||||||
4Q2013
|
67,718
|
24,479
|
24,265,792
|
|||||||||
4Q2014
|
77,659
|
15%
|
30,797
|
26%
|
33,880,469
|
40%
|
||||||
3Q2014
|
70,373
|
25,810
|
32,902,926
|
|||||||||
4Q2014
|
77,659
|
10%
|
30,797
|
19%
|
33,880,469
|
3%
|
|
Options
|
%
|
Futures*
|
%
|
Stocks
|
%
|
||||||
Period
|
(contracts)
|
Change
|
(contracts)
|
Change
|
(shares)
|
Change
|
||||||
2012
|
144,539
|
84,794
|
54,371,351
|
|||||||||
2013
|
180,660
|
25%
|
101,732
|
20%
|
78,829,785
|
45%
|
||||||
2014
|
225,662
|
25%
|
106,074
|
4%
|
137,153,132
|
74%
|
||||||
4Q2013
|
49,181
|
24,020
|
23,208,208
|
|||||||||
4Q2014
|
63,739
|
30%
|
30,559
|
27%
|
32,720,100
|
41%
|
||||||
3Q2014
|
56,824
|
25,559
|
31,814,664
|
|||||||||
4Q2014
|
63,739
|
12%
|
30,559
|
20%
|
32,720,100
|
3%
|
Year Over Year |
4Q2014
|
4Q2013
|
% Change
|
||
Total Accounts
|
281
|
239
|
18%
|
||
Customer Equity (in billions)*
|
$56.7
|
$45.7
|
24%
|
||
Cleared DARTs
|
564
|
453
|
25%
|
||
Total Customer DARTs
|
619
|
499
|
24%
|
||
Cleared Customers (in $'s, except DART per account)
|
|||||
Commission per DART
|
$4.28
|
$4.23
|
1%
|
||
DART per Avg. Account (Annualized)
|
511
|
483
|
6%
|
||
Net Revenue per Avg. Account (Annualized)
|
$3,700
|
$3,375
|
10%
|
||
Consecutive Quarters
|
4Q2014
|
3Q2014
|
% Change
|
||
Total Accounts
|
281
|
272
|
3%
|
||
Customer Equity (in billions)*
|
$56.7
|
$54.9
|
3%
|
||
Cleared DARTs
|
564
|
485
|
16%
|
||
Total Customer DARTs
|
619
|
534
|
16%
|
||
Cleared Customers (in $'s, except DART per account)
|
|||||
Commission per DART
|
$4.28
|
$4.21
|
2%
|
||
DART per Avg. Account (Annualized)
|
511
|
455
|
12%
|
||
Net Revenue per Avg. Account (Annualized)
|
$3,700
|
$3,532
|
5%
|
Three Months
|
Twelve Months
|
||||||||||||
Ended December 31,
|
Ended December 31,
|
||||||||||||
2014
|
2013
|
2014
|
2013
|
||||||||||
(in millions) | |||||||||||||
Electronic Brokerage
|
Net revenues(1)
|
$ |
261.5
|
$ |
212.1
|
$ |
952.3
|
$ |
818.8
|
||||
Non-interest expenses
|
94.6
|
162.9
|
363.8
|
422.7
|
|||||||||
Income before income taxes
|
$ |
166.9
|
$ |
49.2
|
$ |
588.5
|
$ |
396.1
|
|||||
Pre-tax profit margin
|
64%
|
23%
|
62%
|
48%
|
|||||||||
Market Making
|
Net revenues(1)
|
$ |
53.6
|
$ |
76.2
|
$ |
284.8
|
$ |
362.1
|
||||
Non-interest expenses
|
38.5
|
46.8
|
170.3
|
202.6
|
|||||||||
Income before income taxes
|
$ |
15.1
|
$ |
29.4
|
$ |
114.5
|
$ |
159.5
|
|||||
Pre-tax profit margin
|
28%
|
39%
|
40%
|
44%
|
|||||||||
Corporate(2)
|
Net revenues(1)
|
$ |
(107.0)
|
$ |
(38.3)
|
$ |
(193.7)
|
$ |
(104.7)
|
||||
Non-interest expenses
|
0.7
|
1.4
|
3.1
|
(0.4)
|
|||||||||
Loss before income taxes
|
$ |
(107.7)
|
$ |
(39.7)
|
$ |
(196.8)
|
$ |
(104.3)
|
|||||
Total
|
Net revenues(1)
|
$ |
208.1
|
$ |
249.9
|
$ |
1,043.3
|
$ |
1,076.2
|
||||
Non-interest expenses
|
133.8
|
211.1
|
537.2
|
624.9
|
|||||||||
Income before income taxes
|
$ |
74.3
|
$ |
38.8
|
$ |
506.1
|
$ |
451.3
|
|||||
Pre-tax profit margin
|
36%
|
16%
|
49%
|
42%
|
(1) To provide meaningful comparisons, prior period amounts have been revised for changes in the presentation of currency translation classifications.
|
(2) Corporate includes corporate related activities as well as inter-segment eliminations.
|
Three Months
|
Twelve Months
|
|||||||||||||
Ended December 31,
|
Ended December 31,
|
|||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||
(in millions, except share and per share data)
|
||||||||||||||
Revenues:
|
||||||||||||||
Trading gains(1)
|
$ |
50.5
|
$ |
67.3
|
$ |
261.5
|
$ |
331.9
|
||||||
Commissions and execution fees
|
155.2
|
124.1
|
548.8
|
502.1
|
||||||||||
Interest income(1)
|
121.3
|
79.9
|
426.9
|
303.7
|
||||||||||
Other income (loss)(1)
|
(97.0)
|
(8.3)
|
(121.6)
|
(9.8)
|
||||||||||
Total revenues
|
229.9
|
262.9
|
1,115.5
|
1,127.9
|
||||||||||
Interest expense
|
21.8
|
13.0
|
72.2
|
51.7
|
||||||||||
Total net revenues
|
208.1
|
249.9
|
1,043.3
|
1,076.2
|
||||||||||
Non-interest expenses:
|
||||||||||||||
Execution and clearing
|
53.5
|
62.2
|
211.5
|
242.5
|
||||||||||
Employee compensation and benefits
|
48.3
|
56.7
|
204.8
|
205.3
|
||||||||||
Occupancy, depreciation and amortization
|
10.5
|
10.3
|
39.4
|
38.9
|
||||||||||
Communications
|
6.0
|
5.7
|
24.2
|
23.1
|
||||||||||
General and administrative
|
15.5
|
76.2
|
57.3
|
115.1
|
||||||||||
Total non-interest expenses
|
133.8
|
211.1
|
537.2
|
624.9
|
||||||||||
Income before income taxes
|
74.3
|
38.8
|
506.1
|
451.3
|
||||||||||
Income tax expense
|
9.1
|
2.5
|
47.3
|
33.7
|
||||||||||
Net income
|
65.2
|
36.3
|
458.8
|
417.6
|
||||||||||
Net income attributable to noncontrolling interests
|
58.1
|
32.7
|
414.3
|
380.6
|
||||||||||
Net income available for common stockholders
|
$ |
7.1
|
$ |
3.6
|
$ |
44.5
|
$ |
37.0
|
||||||
Earnings per share :
|
||||||||||||||
Basic
|
$ |
0.12
|
$ |
0.07
|
$ |
0.79
|
$ |
0.74
|
||||||
Diluted
|
$ |
0.12
|
$ |
0.07
|
$ |
0.77
|
$ |
0.73
|
||||||
Weighted average common shares outstanding:
|
||||||||||||||
Basic
|
58,124,119
|
52,517,259
|
56,492,381
|
49,742,428
|
||||||||||
Diluted
|
59,274,773
|
53,729,140
|
57,709,668
|
50,924,736
|
||||||||||
Comprehensive income:
|
||||||||||||||
Net income available for common stockholders
|
$ |
7.1
|
$ |
3.6
|
$ |
44.5
|
$ |
37.0
|
||||||
Other comprehensive income:
|
||||||||||||||
Cumulative translation adjustment, before income taxes
|
(6.3)
|
0.8
|
(15.3)
|
(3.2)
|
||||||||||
Income taxes related to items of other comprehensive income
|
|
(0.2)
|
(0.2)
|
(0.3)
|
(0.5)
|
|||||||||
Other comprehensive income (loss), net of tax
|
(6.1)
|
1.0
|
(15.0)
|
(2.7)
|
||||||||||
Comprehensive income available for common stockholders
|
$ |
1.0
|
$ |
4.6
|
$ |
29.5
|
$ |
34.3
|
||||||
Comprehensive income attributable to noncontrolling interests:
|
||||||||||||||
Net income attributable to noncontrolling interests
|
$ |
58.1
|
$ |
$32.7
|
$ |
414.3
|
$ |
380.6
|
||||||
Other comprehensive income (loss) - cumulative translation adjustment
|
|
(37.5)
|
4.9
|
(92.0)
|
(24.7)
|
|||||||||
Comprehensive income attributable to noncontrolling interests
|
$ |
20.6
|
$ |
$37.6
|
$ |
322.3
|
$ |
355.9
|
||||||
(1) To provide meaningful comparisons, prior period amounts have been revised for changes in the presentation of currency translation classifications.
|
December 31,
2014
|
December 31,
2013
|
|||||||||
(in millions)
|
||||||||||
Assets
|
||||||||||
Cash and cash equivalents
|
$ |
1,269.3
|
$ |
1,213.2
|
||||||
Cash and securities - segregated for regulatory purposes
|
15,403.5
|
13,991.7
|
||||||||
Securities borrowed
|
3,659.8
|
2,751.5
|
||||||||
Securities purchased under agreements to resell
|
386.2
|
386.3
|
||||||||
Trading assets, at fair value
|
3,934.1
|
4,448.8
|
||||||||
Receivables from customers, net of allowance
|
17,051.5
|
13,596.7
|
||||||||
Receivables from brokers, dealers and clearing organizations
|
1,131.2
|
858.2
|
||||||||
Other assets
|
549.4
|
624.3
|
||||||||
Total assets
|
$ |
43,385.0
|
$ |
37,870.7
|
||||||
Liabilities and equity
|
||||||||||
Liabilities
|
||||||||||
Trading liabilities - financial instruments sold but not yet purchased, at fair value
|
$ |
2,560.8
|
$ |
3,153.7
|
||||||
Securities loaned
|
3,199.1
|
2,563.7
|
||||||||
Short-term borrowings
|
33.8
|
24.6
|
||||||||
Other payables:
|
||||||||||
Customers
|
31,797.4
|
26,319.4
|
||||||||
Brokers, dealers and clearing organizations
|
234.1
|
331.0
|
||||||||
Other payables
|
375.2
|
386.2
|
||||||||
32,406.7
|
27,036.6
|
|||||||||
Equity
|
||||||||||
Stockholders' equity
|
766.3
|
707.3
|
||||||||
Noncontrolling interests
|
4,418.3
|
4,384.8
|
||||||||
Total equity
|
5,184.6
|
5,092.1
|
||||||||
Total liabilities and equity
|
$ |
43,385.0
|
$ |
37,870.7
|
||||||
December 31, 2014
|
December 31, 2013
|
|||||||||
Ownership of IBG LLC Membership Interests
|
Interests
|
%
|
Interests
|
%
|
||||||
Public (IBG, Inc.)
|
58,473,286
|
14.5%
|
54,663,604
|
13.6%
|
||||||
Noncontrolling interests (IBG Holdings LLC)
|
346,062,282
|
85.5%
|
347,648,001
|
86.4%
|
||||||
Total IBG LLC membership interests
|
404,535,568
|
100.0%
|
402,311,605
|
100.0%
|
||||||
Three Months
|
Twelve Months
|
||||||||||||
Ended December 31,
|
Ended December 31,
|
||||||||||||
2014
|
2013
|
2014
|
2013
|
||||||||||
(in millions, except share and per share data)
|
|||||||||||||
Comprehensive income available for common stockholders, net of tax
|
$ |
1.0
|
$ |
4.6
|
$ |
29.5
|
$ |
34.3
|
|||||
Comprehensive income per share:
|
|||||||||||||
Basic
|
$ |
0.02
|
$ |
0.09
|
$ |
0.52
|
$ |
0.69
|
|||||
Diluted
|
$ |
0.02
|
$ |
0.09
|
$ |
0.51
|
$ |
0.67
|
|||||
Weighted average common shares outstanding:
|
|||||||||||||
Basic
|
58,124,119
|
52,517,259
|
56,492,381
|
49,742,428
|
|||||||||
Diluted
|
59,274,773
|
53,729,140
|
57,709,668
|
50,924,736
|