EX-99.1 2 ibkr_8k-20190630er.htm 2Q2019 EARNINGS RELEASE
Exhibit 99.1

INTERACTIVE BROKERS GROUP ANNOUNCES 2Q2019 RESULTS
— — —
INCOME BEFORE TAXES OF $225 MILLION ON $413 MILLION IN NET REVENUES,  EARNINGS PER SHARE ON NET INCOME OF $0.43 AND EARNINGS PER SHARE ON COMPREHENSIVE INCOME OF $0.46.
DECLARES QUARTERLY DIVIDEND OF $0.10 PER SHARE.


GREENWICH, CONN, July 16, 2019 — Interactive Brokers Group, Inc. (IEX: IBKR), an automated global electronic broker, reported diluted earnings per share on net income of $0.43 for the quarter ended June 30, 2019 compared to $0.57 for the same period in 2018, and diluted earnings per share on comprehensive income of $0.46 for the quarter, compared to $0.39 for the same period in 2018.

Net revenues were $413 million and income before income taxes was $225 million this quarter, compared to net revenues of $445 million and income before income taxes of $271 million for the same period in 2018. The results for the quarter were positively impacted by strong growth in net interest income, which increased $34 million, or 15%, from the year-ago quarter; partially counterbalanced by lower commissions revenue, which decreased $7 million, or 4%, from the year-ago quarter.

In addition, the results for the quarter also include a $6 million loss on our currency diversification strategy, compared to a $21 million loss in the same period in 2018; and a $74 million mark-to-market loss on our investment in Tiger Brokers.

The Interactive Brokers Group, Inc. Board of Directors declared a quarterly cash dividend of $0.10 per share. This dividend is payable on September 13, 2019 to shareholders of record as of August 30, 2019.

Business Highlights

•
54% pretax profit margin for this quarter, down from 61% in the year-ago quarter.
•
64% Electronic Brokerage pretax profit margin for this quarter, unchanged from the year-ago quarter.
•
Customer equity grew 14% from the year-ago quarter to $153.1 billion and customer debits decreased 11% to $25.7 billion.
•
Customer accounts increased 19% from the year-ago quarter to 645 thousand.
•
Total DARTs1 increased 4% from the year-ago quarter to 828 thousand.
•
Brokerage segment equity was $6.4 billion. Total equity was $7.6 billion.


1 Daily average revenue trades (DARTs) are based on customer orders.
1

Segment Overview

Electronic Brokerage
Electronic brokerage segment income before income taxes increased 7% to $302 million in the quarter ended June 30, 2019, compared to the same period last year. Net revenues increased 7% to $473 million on higher net interest and other income, partially offset by lower commissions revenue.

Commissions revenue decreased 4% from the year-ago quarter on lower customer trading volume across most product types, which reflected smaller average trade sizes. Net interest income increased 16% as average customer credit balances and benchmark interest rates increased from the year-ago quarter. Other income increased 3% on higher net mark-to-market gains on our U.S. government securities portfolio and higher fees earned from our Insured Bank Deposit Sweep Program. Pretax profit margin was 64% for the quarter ended June 30, 2019, unchanged from the same period last year.

Customer accounts grew 19% to 645 thousand and customer equity increased 14% from the year-ago quarter to $153.1 billion. Total DARTs for cleared and execution-only customers increased 4% to 828 thousand from the year-ago quarter. Cleared DARTs were 740 thousand, slightly higher than the same period last year.

Market Making
Market making segment income before income taxes increased 22% to $11 million in the quarter ended June 30, 2019, compared to the same period last year, primarily due to lower operating costs in the remaining operations.

Corporate
For the quarter ended June 30, 2019, we recognized a mark-to-market loss of approximately $74 million in our strategic investment in Up Fintech Holding Limited (“Tiger Brokers”), compared to a mark-to-market gain of $103 million recognized in the first quarter of 2019 after its initial public offering on March 20, 2019. As a result, we recognized a net gain of $29 million for the six months ended June 30, 2019.

Effects of Foreign Currency Diversification
In connection with our currency diversification strategy, we have determined to base our net worth in GLOBALs, a basket of 14 major currencies in which we hold our equity. In this quarter, our currency diversification strategy increased our comprehensive earnings by $10 million, as the U.S. dollar value of the GLOBAL increased by approximately 0.24%. The effects of the currency diversification strategy are reported as components of (1) Other Income in the corporate segment and (2) Other Comprehensive Income (“OCI”).

Regulatory Matters
The Company is subject to regulatory oversight and examination by numerous governmental and self-regulatory authorities. It is currently providing information to certain of such authorities, including FINRA, the SEC, the CFTC and the United States Department of Justice, and cooperating with those authorities. The Company believes that the regulators are focused on compliance practices, including anti money laundering and Bank Secrecy Act practices. The Company periodically reviews these practices to make them more robust and to keep pace with changing regulatory standards, and the Company has been enhancing and augmenting its procedures and personnel in these areas over the past several years. While the outcome of the examinations and inquiries currently in progress cannot be predicted, the Company does not believe that they are likely to have a materially adverse effect on the Company’s financial results.


2

Conference Call Information:
Interactive Brokers Group, Inc. will hold a conference call with investors today, July 16, 2019, at 4:30 p.m. ET to discuss its quarterly results.  Investors who would like to listen to the conference call live should dial 877-324-1965 (U.S. domestic) and 631-291-4512 (international). The number should be dialed approximately ten minutes prior to the start of the conference call. Ask for the “Interactive Brokers Conference Call.”
The conference call will also be accessible simultaneously, and through replays, as an audio webcast through the Investor Relations section of the Interactive Brokers web site, www.interactivebrokers.com/ir.
About Interactive Brokers Group, Inc.:
Interactive Brokers Group affiliates provide automated trade execution and custody of securities, commodities and foreign exchange around the clock on over 125 markets in numerous countries and currencies, from a single IBKR Integrated Investment Account to customers worldwide. We service individual investors, hedge funds, proprietary trading groups, financial advisors and introducing brokers. Our four decades of focus on technology and automation has enabled us to equip our customers with a uniquely sophisticated platform to manage their investment portfolios at the lowest cost according to Barron's Best Online Brokers review, February 25, 2019. We strive to provide our customers with advantageous execution prices and trading, risk and portfolio management tools, research facilities and investment products, all at low or no cost, positioning them to achieve superior returns on investments.

Cautionary Note Regarding Forward-Looking Statements:
The foregoing information contains certain forward-looking statements that reflect the Company’s current views with respect to certain current and future events and financial performance. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company’s operations and business environment which may cause the Company’s actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. Any forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the Company’s financial results may be found in the Company’s filings with the Securities and Exchange Commission.


For Interactive Brokers Group, Inc. Investors: Nancy Stuebe, 203-618-4070 or Media: Kalen Holliday, 203-913-1369.
3
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA
TRADE VOLUMES:
(in 000's, except %)
                   
Brokerage
                
   
Market
      
Brokerage
      
Non
              
Avg. Trades
   
Making
  
%
  
Cleared
  
%
  
Cleared
  
%
  
Total
  
%
  
per U.S.
Period
  
Trades
  
Change
  
Trades
  
Change
  
Trades
  
Change
  
Trades
  
Change
  
Trading Day
2016
  
            64,038
      
     259,932
      
       16,515
      
     340,485
      
            1,354
2017
  
            31,282
  
 (51%)
  
     265,501
  
2%
  
       14,835
  
 (10%)
  
     311,618
  
 (8%)
  
            1,246
2018
  
            18,663
  
 (40%)
  
     328,099
  
24%
  
       21,880
  
47%
  
     368,642
  
18%
  
            1,478
                                     
2Q2018
  
              4,575
      
       78,026
      
         4,641
      
       87,242
      
            1,363
2Q2019
  
              3,853
  
 (16%)
  
       74,269
  
 (5%)
  
         6,827
  
47%
  
       84,949
  
 (3%)
  
            1,348
                                     
1Q2019
  
              4,342
      
       75,935
      
         6,669
      
       86,946
      
            1,425
2Q2019
  
              3,853
  
 (11%)
  
       74,269
  
 (2%)
  
         6,827
  
2%
  
       84,949
  
 (2%)
  
            1,348

CONTRACT AND SHARE VOLUMES:
(in 000's, except %)
 
TOTAL
   
Options
  
%
  
Futures1
  
%
  
Stocks
  
%
Period
  
(contracts)
  
Change
  
(contracts)
  
Change
  
(shares)
  
Change
2016
  
     572,834
      
     143,287
      
    155,439,227
    
2017
  
     395,885
  
 (31%)
  
     124,123
  
 (13%)
  
    220,247,921
  
42%
2018
  
     408,406
  
3%
  
     151,762
  
22%
  
    210,257,186
  
 (5%)
                         
2Q2018
  
       93,253
      
       36,693
      
      51,370,386
    
2Q2019
  
       96,007
  
3%
  
       32,424
  
 (12%)
  
      42,995,205
  
 (16%)
                         
1Q2019
  
       90,242
      
       31,142
      
      51,258,862
    
2Q2019
  
       96,007
  
6%
  
       32,424
  
4%
  
      42,995,205
  
 (16%)

MARKET MAKING
   
Options
  
%
  
Futures1
  
%
  
Stocks
  
%
Period
  
(contracts)
  
Change
  
(contracts)
  
Change
  
(shares)
  
Change
2016
  
     307,377
      
       14,205
      
      13,082,887
    
2017
  
     102,025
  
 (67%)
  
         5,696
  
 (60%)
  
        7,139,622
  
 (45%)
2018
  
       49,554
  
 (51%)
  
         3,277
  
 (42%)
  
      11,347,811
  
59%
                         
2Q2018
  
       11,813
      
           756
      
        2,442,203
    
2Q2019
  
       10,008
  
 (15%)
  
           621
  
 (18%)
  
        2,598,531
  
6%
                         
1Q2019
  
       11,638
      
           640
      
        2,842,219
    
2Q2019
  
       10,008
  
 (14%)
  
           621
  
 (3%)
  
        2,598,531
  
 (9%)

BROKERAGE TOTAL
   
Options
  
%
  
Futures1
  
%
  
Stocks
  
%
Period
  
(contracts)
  
Change
  
(contracts)
  
Change
  
(shares)
  
Change
2016
  
     265,457
      
     129,082
      
    142,356,340
    
2017
  
     293,860
  
11%
  
     118,427
  
 (8%)
  
    213,108,299
  
50%
2018
  
     358,852
  
22%
  
     148,485
  
25%
  
    198,909,375
  
 (7%)
                         
2Q2018
  
       81,440
      
       35,937
      
      48,928,183
    
2Q2019
  
       85,999
  
6%
  
       31,803
  
 (12%)
  
      40,396,674
  
 (17%)
                         
1Q2019
  
       78,604
      
       30,502
      
      48,416,643
    
2Q2019
  
       85,999
  
9%
  
       31,803
  
4%
  
      40,396,674
  
 (17%)

1
Includes options on futures.

4
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA, CONTINUED

BROKERAGE CLEARED
   
Options
  
%
  
Futures1
  
%
  
Stocks
  
%
Period
  
(contracts)
  
Change
  
(contracts)
  
Change
  
(shares)
  
Change
2016
  
     227,413
      
     128,021
      
    138,523,932
    
2017
  
     253,304
  
11%
  
     116,858
  
 (9%)
  
    209,435,662
  
51%
2018
  
     313,795
  
24%
  
     146,806
  
26%
  
    194,012,882
  
 (7%)
                         
2Q2018
  
       71,873
      
       35,679
      
      47,840,126
    
2Q2019
  
       71,524
  
0%
  
       31,564
  
 (12%)
  
      39,086,399
  
 (18%)
                         
1Q2019
  
       68,237
      
       30,246
      
      47,082,741
    
2Q2019
  
       71,524
  
5%
  
       31,564
  
4%
  
      39,086,399
  
 (17%)

1
Includes options on futures.
 
BROKERAGE STATISTICS
(in 000's, except % and where noted)

Year over Year
  
2Q2019
    
2Q2018
  
% Change
   Total Accounts
  
              645
    
              542
  
19%
   Customer Equity (in billions)1
$
153.1
  
$
134.7
  
14%
               
   Cleared DARTs
  
              740
    
              739
  
0%
   Total Customer DARTs
  
              828
    
              797
  
4%
               
Cleared Customers (in $'s, except DART per account)
          
   Commission per DART
$
3.68
  
$
3.86
  
 (5%)
   DART per Avg. Account (Annualized)
  
              293
    
              350
  
 (16%)
   Net Revenue per Avg. Account (Annualized)
$
2,863
  
$
3,190
  
 (10%)
               
Consecutive Quarters
  
2Q2019
    
1Q2019
  
% Change
   Total Accounts
  
              645
    
              623
  
4%
   Customer Equity (in billions)1
$
153.1
  
$
147.6
  
4%
               
   Cleared DARTs
  
              740
    
              757
  
 (2%)
   Total Customer DARTs
  
              828
    
              848
  
 (2%)
               
Cleared Customers (in $'s, except DART per account)
          
   Commission per DART
$
3.68
  
$
3.68
  
0%
   DART per Avg. Account (Annualized)
  
              293
    
              311
  
 (6%)
   Net Revenue per Avg. Account (Annualized)
$
2,863
  
$
2,961
  
 (3%)

1
Excludes non-customers.
 
5
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
NET INTEREST MARGIN
(UNAUDITED)

       
Three Months
  
Six Months
       
Ended June 30,
  
Ended June 30,
       
2019
  
2018
  
2019
  
2018
                             
       
(in millions)
Average interest-earning assets
                        
 
Segregated cash and securities
  
$
                  27,313
  
$
                  19,512
  
$
                  26,452
  
$
                  20,248
 
Customer margin loans
    
                  26,184
    
                  29,839
    
                  25,929
    
                  29,658
 
Securities borrowed
    
                    3,991
    
                    3,327
    
                    3,840
    
                    3,202
 
Other interest-earning assets
    
                    5,105
    
                    4,020
    
                    5,095
    
                    4,079
 
FDIC sweeps1
    
                    2,012
    
                    1,186
    
                    1,924
    
                       973
       
$
                  64,605
  
$
                  57,884
  
$
                  63,240
  
$
                  58,160
                             
Average interest-bearing liabilities
                        
 
Customer credit balances
  
$
                  51,777
  
$
                  47,390
  
$
                  50,838
  
$
                  47,657
 
Securities loaned
    
                    4,131
    
                    4,013
    
                    3,913
    
                    4,178
       
$
                  55,908
  
$
                  51,403
  
$
                  54,751
  
$
                  51,835
                             
Net interest income
                        
 
Segregated cash and securities, net2
  
$
                       145
  
$
                         71
  
$
                       281
  
$
                       142
 
Customer margin loans3
    
                       188
    
                       164
    
                       362
    
                       303
 
Securities borrowed and loaned, net4
    
                         48
    
                         53
    
                       100
    
                       112
 
Customer credit balances, net3/4
    
                     (147)
    
                       (80)
    
                     (284)
    
                     (141)
 
Other net interest income1/2/5
    
                         33
    
                         24
    
                         63
    
                         38
   
Net interest income5
  
$
                       267
  
$
                       232
  
$
                       522
  
$
                       454
                             
Net interest margin ("NIM")
    
1.66%
    
1.61%
    
1.66%
    
1.57%
                             
Annualized yields
                        
 
Segregated cash and securities
    
2.13%
    
1.46%
    
2.14%
    
1.41%
 
Customer margin loans
    
2.88%
    
2.20%
    
2.82%
    
2.06%
 
Customer credit balances
    
1.14%
    
0.68%
    
1.13%
    
0.60%

 

1
Represents the average amount of customer cash swept into FDIC-insured banks as part of our Insured Bank Deposit Sweep Program. This item is not recorded in the Company's consolidated statements of financial condition. Income derived from program deposits is reported in other net interest income in the table above.
                             
2
During the quarter ended September 30, 2018, we reclassified certain components of net interest income related to investments in U.S. Treasury notes and reverse repurchase agreements and as such, prior period amounts have been adjusted to conform to the current period presentation. For the three and six months ended June 30, 2018, $4 million and $7 million have been reclassified from net interest income on "Segregated cash and securities, net" to "Other net interest income, net", respectively.
                             
3
Interest income and interest expense on customer margin loans and customer credit balances, respectively, are calculated on daily cash balances within each customer’s account on a net basis, which may result in an offset of balances across multiple account segments (e.g., between securities and commodities segments).   
                             
4
During the quarter ended December 31, 2018, we reclassified components of net interest income related to interest paid on short sale proceeds and as such, prior period amounts have been adjusted to conform to the current period presentation. For the three and six months ended June 30, 2018, ($17) million and ($29) million have been reclassified from net interest income on “Securities borrowed and loaned, net” to “Customer credit balances, net”, respectively.   
                             
5
Includes income from financial instruments which has the same characteristics as interest, but is reported in other income in the Company’s consolidated statements of comprehensive income, of $8 million and $7 million for the three months ended June 30, 2019 and 2018, and $17 million and $12 million for the six months ended June 30, 2019 and 2018, respectively.


6
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
SEGMENT FINANCIAL INFORMATION
(UNAUDITED)
 
     
Three Months
  
Six Months
     
Ended June 30,
  
Ended June 30,
     
2019
  
2018
  
2019
  
2018
     
(in millions)
                           
Electronic Brokerage
Net revenues
  
$
473
  
$
443
  
$
929
  
$
908
 
Non-interest expenses
    
171
    
160
    
377
    
334
                           
 
Income before income taxes
  
$
302
  
$
283
  
$
552
  
$
574
                           
 
Pre-tax profit margin
    
64%
    
64%
    
59%
    
63%
                           
Market Making
Net revenues
  
$
20
  
$
22
  
$
35
  
$
43
 
Non-interest expenses
    
9
    
13
    
18
    
25
                           
 
Income before income taxes
  
$
11
  
$
9
  
$
17
  
$
18
                           
 
Pre-tax profit margin
    
55%
    
41%
    
49%
    
42%
                           
Corporate 1
Net revenues
  
$
(80)
  
$
(20)
  
$
                         7
  
$
21
 
Non-interest expenses
    
                         8
    
                         1
    
                       12
    
                         2
                           
 
Income (loss) before income taxes
  
$
(88)
  
$
(21)
  
$
(5)
  
$
19
                           
Total
Net revenues
  
$
413
  
$
445
  
$
971
  
$
972
 
Non-interest expenses
    
188
    
174
    
407
    
361
                           
 
Income before income taxes
  
$
225
  
$
271
  
$
564
  
$
611
                           
 
Pre-tax profit margin
    
54%
    
61%
    
58%
    
63%


1
Corporate includes corporate related activities as well as inter-segment eliminations and gains and losses on positions held as part of our overall currency diversification strategy.

7
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED) 

       
Three Months
  
Six Months
       
Ended June 30,
  
Ended June 30,
       
2019
  
2018
  
2019
  
2018
       
(in millions, except share and per share data)
                             
Revenues:
                        
 
Commissions
  
$
178
  
$
185
  
$
351
  
$
405
 
Interest income
    
432
    
333
    
840
    
644
 
Trading gains
    
6
    
12
    
13
    
25
 
Other income (loss)
    
(30)
    
23
    
102
    
100
                             
   
Total revenues
    
586
    
553
    
1,306
    
1,174
                             
 
Interest expense
    
173
    
108
    
335
    
202
                             
   
Total net revenues
    
413
    
445
    
971
    
972
                             
Non-interest expenses:
                        
 
Execution, clearing and distribution fees
    
63
    
66
    
124
    
139
 
Employee compensation and benefits
    
75
    
68
    
146
    
138
 
Occupancy, depreciation and amortization
    
14
    
11
    
28
    
23
 
Communications
    
6
    
7
    
12
    
13
 
General and administrative
    
26
    
22
    
50
    
45
 
Customer bad debt
    
                         4
    
                         -
    
47
    
3
                             
   
Total non-interest expenses
    
188
    
174
    
407
    
361
                             
Income before income taxes
    
225
    
271
    
564
    
611
                             
Income tax expense
    
15
    
13
    
30
    
34
                             
Net income
    
210
    
258
    
534
    
577
                             
Net income attributable to noncontrolling interests
    
178
    
217
    
453
    
490
                             
Net income available for common stockholders
  
$
32
  
$
41
  
$
81
  
$
87
                             
Earnings per share:
                        
 
Basic
  
$
0.43
  
$
0.57
  
$
1.08
  
$
1.21
 
Diluted
  
$
0.43
  
$
0.57
  
$
1.07
  
$
1.20
                             
Weighted average common shares outstanding:
                        
 
Basic
    
75,868,349
    
72,476,729
    
75,486,825
    
71,979,104
 
Diluted
    
76,594,934
    
73,329,496
    
76,288,342
    
72,923,744
                             
Comprehensive income:
                        
 
Net income available for common stockholders
  
$
32
  
$
41
  
$
81
  
$
87
 
Other comprehensive income:
                        
   
Cumulative translation adjustment, before income taxes
                         4
    
                     (14)
    
3
    
(13)
   
Income taxes related to items of other comprehensive income
  
                         -
    
                       (1)
    
                         -
    
                       (1)
 
Other comprehensive income (loss), net of tax
    
                         4
    
                     (13)
    
3
    
(12)
Comprehensive income available for common stockholders
  
$
36
  
$
28
  
$
84
  
$
75
                             
Comprehensive income attributable to noncontrolling interests:
                  
Net income attributable to noncontrolling interests
  
$
178
  
$
217
  
$
453
  
$
490
Other comprehensive income - cumulative translation adjustment
  
12
    
(65)
    
11
    
(58)
Comprehensive income attributable to noncontrolling interests
$
190
  
$
152
  
$
464
  
$
432

8
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
EARNINGS PER SHARE ON COMPREHENSIVE INCOME
(UNAUDITED)


     
Three Months
  
Six Months
     
Ended June 30,
  
Ended June 30,
     
2019
  
2018
  
2019
  
2018
     
(in millions, except share and per share data)
                           
Comprehensive income available for common stockholders
$
36
  
$
28
  
$
84
  
$
75
                           
Comprehensive earnings per share:
                        
 
Basic
  
$
0.47
  
$
0.39
  
$
1.11
  
$
1.05
 
Diluted
  
$
0.46
  
$
0.39
  
$
1.10
  
$
1.03
                           
Weighted average common shares outstanding:
                        
 
Basic
    
75,868,349
    
72,476,729
    
75,486,825
    
71,979,104
 
Diluted
    
76,594,934
    
73,329,496
    
76,288,342
    
72,923,744






9

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

           
June 30,
2019
  
December 31,
2018
           
(in millions)
                     
Assets
                  
Cash and cash equivalents
        
$
3,162
  
$
2,597
Cash - segregated for regulatory purposes
          
                 8,819
    
                 7,503
Securities - segregated for regulatory purposes
          
               20,273
    
               15,595
Securities borrowed
          
                 4,028
    
                 3,331
Securities purchased under agreements to resell
          
                 1,302
    
                 1,242
Financial instruments owned, at fair value
          
                 1,192
    
                 2,119
Receivables from customers, net of allowance for doubtful accounts
        
               25,904
    
               27,017
Receivables from brokers, dealers and clearing organizations
          
                    685
    
                    706
Other assets
          
                    669
    
                    437
                     
 
Total assets
        
$
66,034
  
$
60,547
                     
Liabilities and equity
                  
                     
Liabilities
                  
Short-term borrowings
        
$
15
  
$
17
Securities loaned
          
                 4,101
    
                 4,037
Financial instruments sold but not yet purchased, at fair value
          
                    357
    
                    681
Other payables:
                  
 
Customers
          
               53,054
    
               47,993
 
Brokers, dealers and clearing organizations
          
                    385
    
                    298
 
Other payables
          
                    502
    
                    365
             
               53,941
    
               48,656
                     
 
Total liabilities
          
               58,414
    
               53,391
                     
Equity
                  
Stockholders' equity
          
                 1,380
    
                 1,282
Noncontrolling interests
          
                 6,240
    
                 5,874
 
Total equity
          
                 7,620
    
                 7,156
                     
 
Total liabilities and equity
        
$
66,034
  
$
60,547
                     
   
June 30, 2019
    
December 31, 2018
Ownership of IBG LLC Membership Interests
Interests
  
 %
    
Interests
    
 %
                     
IBG, Inc.
76,727,339
  
18.5%
    
75,100,955
    
18.1%
Noncontrolling interests (IBG Holdings LLC)
338,691,717
  
81.5%
    
338,691,717
    
81.9%
                     
Total IBG LLC membership interests
415,419,056
  
100.0%
    
413,792,672
    
100.0%


10