EX-99.1 2 ibkr_8k-20190930er.htm 3Q19 EARNINGS RELEASE
Exhibit 99.1



INTERACTIVE BROKERS GROUP ANNOUNCES 3Q2019 RESULTS

— — —

INCOME BEFORE TAXES OF $281 MILLION ON $466 MILLION IN NET REVENUES,  EARNINGS PER SHARE ON NET INCOME OF $0.45 AND EARNINGS PER SHARE ON COMPREHENSIVE INCOME OF $0.39.
DECLARES QUARTERLY DIVIDEND OF $0.10 PER SHARE.


GREENWICH, CONN, October 15, 2019 — Interactive Brokers Group, Inc. (NASDAQ GS: IBKR), an automated global electronic broker, reported diluted earnings per share on net income of $0.45 for the quarter ended September 30, 2019 compared to $0.51 for the same period in 2018, and diluted earnings per share on comprehensive income of $0.39 for the quarter, compared to $0.50 for the same period in 2018.

Net revenues were $466 million and income before income taxes was $281 million this quarter, compared to net revenues of $439 million and income before income taxes of $276 million for the same period in 2018. The results for the quarter were positively impacted by strong growth in net interest income, which increased $47 million, or 19%, and commissions revenue, which increased $20 million, or 12%, from the year-ago quarter; partially counterbalanced by lower other income, which decreased $40 million from the year-ago quarter.

The results for the quarter include a $47 million loss on our currency diversification strategy, compared to a $24 million loss in the same period in 2018; and a $13 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 December 13, 2019 to shareholders of record as of November 29, 2019.

Business Highlights

•
60% pretax profit margin for this quarter, down from 63% in the year-ago quarter.
•
65% Electronic Brokerage pretax profit margin for this quarter, down from 66% in the year-ago quarter.
•
Customer equity grew 10% from the year-ago quarter to $156.6 billion and customer debits decreased 17% to $25.6 billion.
•
Customer accounts increased 16% from the year-ago quarter to 666 thousand.
•
Total DARTs1 increased 13% from the year-ago quarter to 859 thousand.
•
Brokerage segment equity was $6.5 billion. Total equity was $7.7 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 13% to $331 million in the quarter ended September 30, 2019, compared to the same period last year. Net revenues increased 14% to $506 million on higher net interest income and commissions revenue, partially offset by lower other income.

Commissions revenue increased 12% from the year-ago quarter on higher customer trading volume in options and futures, and higher commissions per share in stocks. Net interest income increased 20% as average customer credit balances and benchmark interest rates increased from the year-ago quarter. Pretax profit margin was 65% for the quarter ended September 30, 2019, down from 66% in the same period last year.

Customer accounts grew 16% to 666 thousand and customer equity increased 10% from the year-ago quarter to $156.6 billion. Total DARTs for cleared and execution-only customers increased 13% to 859 thousand from the year-ago quarter. Cleared DARTs increased 12% to 777 thousand from the same period last year.

Market Making
Market making segment income before income taxes increased 14% to $8 million in the quarter ended September 30, 2019, compared to the same period last year, primarily due to higher net interest income from the remaining operations.

Corporate
For the quarter ended September 30, 2019, we recognized a mark-to-market loss of approximately $13 million in our strategic investment in Up Fintech Holding Limited (“Tiger Brokers”). For the nine months ended September 30, 2019 we recognized a net mark-to-market gain of $16 million on this investment.

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 decreased our comprehensive earnings by $75 million, as the U.S. dollar value of the GLOBAL decreased by approximately 0.84%. 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. The Company 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, October 15, 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
                                     
3Q2018
  
              4,795
      
       71,646
      
         5,293
      
       81,734
      
            1,308
3Q2019
  
              4,738
  
 (1%)
  
       78,793
  
10%
  
         6,566
  
24%
  
       90,097
  
10%
  
            1,419
                                     
2Q2019
  
              3,853
      
       74,269
      
         6,827
      
       84,949
      
            1,348
3Q2019
  
              4,738
  
23%
  
       78,793
  
6%
  
         6,566
  
 (4%)
  
       90,097
  
6%
  
            1,419

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%)
                         
3Q2018
  
       92,297
      
       29,936
      
     45,572,711
    
3Q2019
  
     103,972
  
13%
  
       36,124
  
21%
  
     43,107,364
  
 (5%)
   
           
                   
2Q2019
  
       96,007
      
       32,424
      
     42,995,205
    
3Q2019
  
     103,972
  
8%
  
       36,124
  
11%
  
     43,107,364
  
0%

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%
                         
3Q2018
  
       11,805
      
           758
      
       2,995,942
    
3Q2019
  
       10,848
  
 (8%)
  
           697
  
 (8%)
  
       2,082,317
  
 (30%)
                         
2Q2019
  
       10,008
      
           621
      
       2,598,531
    
3Q2019
  
       10,848
  
8%
  
           697
  
12%
  
       2,082,317
  
 (20%)

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%)
                         
3Q2018
  
       80,492
      
       29,178
      
     42,576,769
    
3Q2019
  
       93,124
  
16%
  
       35,427
  
21%
  
     41,025,047
  
 (4%)
                         
2Q2019
  
       85,999
      
       31,803
      
     40,396,674
    
3Q2019
  
       93,124
  
8%
  
       35,427
  
11%
  
     41,025,047
  
2%


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%)
                         
3Q2018
  
       70,233
      
       28,922
      
     41,406,443
    
3Q2019
  
       80,840
  
15%
  
       35,108
  
21%
  
     39,891,867
  
 (4%)
                         
2Q2019
  
       71,524
      
       31,564
      
     39,086,399
    
3Q2019
  
       80,840
  
13%
  
       35,108
  
11%
  
     39,891,867
  
2%

1
Includes options on futures.
 
BROKERAGE STATISTICS
(in 000's, except % and where noted)
Year over Year
  
3Q2019
    
3Q2018
  
% Change
   Total Accounts
  
                     666
    
                     576
  
16%
   Customer Equity (in billions)1
$
156.6
  
$
142.5
  
10%
               
   Cleared DARTs
  
                     777
    
                     696
  
12%
   Total Customer DARTs
  
                     859
    
                     763
  
13%
               
Cleared Customers (in $'s, except DART per account)
          
   Commission per DART
$
3.69
  
$
3.78
  
 (2%)
   DART per Avg. Account (Annualized)
  
                     297
    
                     312
  
 (5%)
   Net Revenue per Avg. Account (Annualized)
$
2,995
  
$
3,109
  
 (4%)
               
Consecutive Quarters
  
3Q2019
    
2Q2019
  
% Change
   Total Accounts
  
                     666
    
                     645
  
3%
   Customer Equity (in billions)1
$
156.6
  
$
153.1
  
2%
               
   Cleared DARTs
  
                     777
    
                     740
  
5%
   Total Customer DARTs
  
                     859
    
                     828
  
4%
               
Cleared Customers (in $'s, except DART per account)
          
   Commission per DART
$
3.69
  
$
3.68
  
0%
   DART per Avg. Account (Annualized)
  
                     297
    
                     293
  
1%
   Net Revenue per Avg. Account (Annualized)
$
2,995
  
$
2,863
  
5%
 
1
Excludes non-customers.

5

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
NET INTEREST MARGIN
(UNAUDITED)

       
Three Months
  
Nine Months
       
Ended September 30,
  
Ended September 30,
       
2019
  
2018
  
2019
  
2018
                             
       
(in millions)
Average interest-earning assets
                        
 
Segregated cash and securities
  
$
                  29,443
  
$
                  20,923
  
$
                  27,384
  
$
                  20,437
 
Customer margin loans
    
                  26,134
    
                  29,339
    
                  26,014
    
                  29,599
 
Securities borrowed
    
                    4,036
    
                    3,531
    
                    3,900
    
                    3,295
 
Other interest-earning assets
    
                    5,362
    
                    4,371
    
                    5,202
    
                    4,208
 
FDIC sweeps1
    
                    2,151
    
                    1,423
    
                    1,999
    
                    1,122
       
$
                  67,126
  
$
                  59,587
  
$
                  64,499
  
$
                  58,661
                             
Average interest-bearing liabilities
                        
 
Customer credit balances
  
$
                  53,762
  
$
                  48,544
  
$
                  51,786
  
$
                  47,954
 
Securities loaned
    
                    4,160
    
                    3,882
    
                    3,993
    
                    4,068
       
$
                  57,922
  
$
                  52,426
  
$
                  55,779
  
$
                  52,022
                             
Net interest income
                        
 
Segregated cash and securities, net
  
$
                       153
  
$
                         91
  
$
                       434
  
$
                       233
 
Customer margin loans2
    
                       175
    
                       182
    
                       537
    
                       485
 
Securities borrowed and loaned, net3
    
                         77
    
                         54
    
                       177
    
                       166
 
Customer credit balances, net2/3
    
                     (137)
    
                     (100)
    
                     (421)
    
                     (241)
 
Other net interest income1/4
    
                         31
    
                         25
    
                         94
    
                         63
   
Net interest income4
  
$
                       299
  
$
                       252
  
$
                       821
  
$
                       706
                             
Net interest margin ("NIM")
    
1.77%
    
1.68%
    
1.70%
    
1.61%
                             
Annualized yields
                        
 
Segregated cash and securities
    
2.06%
    
1.73%
    
2.12%
    
1.52%
 
Customer margin loans
    
2.66%
    
2.46%
    
2.76%
    
2.19%
 
Customer credit balances
    
1.01%
    
0.82%
    
1.09%
    
0.67%


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
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).   
                             
3
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 nine months ended September 30, 2018, ($21) million and ($50) million have been reclassified from net interest income on “Securities borrowed and loaned, net” to “Customer credit balances, net”.   
                             
4
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 for the three months ended September 30, 2019 and 2018, and $25 million and $20 million for the nine months ended September 30, 2019 and 2018, respectively.
                             

6

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
SEGMENT FINANCIAL INFORMATION
(UNAUDITED)
 
     
Three Months
  
Nine Months
     
Ended September 30,
  
Ended September 30,
     
2019
  
2018
  
2019
  
2018
     
(in millions)
                           
Electronic Brokerage
Net revenues
  
$
506
  
$
444
  
$
1,435
  
$
1,352
 
Non-interest expenses
    
175
    
152
    
552
    
486
                           
 
Income before income taxes
  
$
331
  
$
292
  
$
883
  
$
866
                           
 
Pre-tax profit margin
    
65%
    
66%
    
62%
    
64%
                           
Market Making
Net revenues
  
$
17
  
$
16
  
$
52
  
$
59
 
Non-interest expenses
    
9
    
9
    
27
    
34
                           
 
Income before income taxes
  
$
8
  
$
7
  
$
25
  
$
25
                           
 
Pre-tax profit margin
    
47%
    
44%
    
48%
    
42%
                           
Corporate 1
Net revenues
  
$
(57)
  
$
(21)
  
$
                     (50)
  
$
0
 
Non-interest expenses
    
                         1
    
                         2
    
                       13
    
                         4
                           
 
Income (loss) before income taxes
  
$
(58)
  
$
(23)
  
$
(63)
  
$
(4)
                           
                           
Total
Net revenues
  
$
466
  
$
439
  
$
1,437
  
$
1,411
 
Non-interest expenses
    
185
    
163
    
592
    
524
                           
 
Income before income taxes
  
$
281
  
$
276
  
$
845
  
$
887
                           
 
Pre-tax profit margin
    
60%
    
63%
    
59%
    
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
  
Nine Months
       
Ended September 30,
  
Ended September 30,
       
2019
  
2018
  
2019
  
2018
       
(in millions, except share and per share data)
                             
Revenues:
                        
 
Commissions
  
$
187
  
$
167
  
$
538
  
$
572
 
Interest income
    
468
    
363
    
1,308
    
1,007
 
Trading gains
    
7
    
7
    
20
    
32
 
Other income (loss)
    
(19)
    
21
    
83
    
121
                             
   
Total revenues
    
643
    
558
    
1,949
    
1,732
                             
 
Interest expense
    
177
    
119
    
512
    
321
                             
   
Total net revenues
    
466
    
439
    
1,437
    
1,411
                             
Non-interest expenses:
                        
 
Execution, clearing and distribution fees
    
68
    
57
    
192
    
196
 
Employee compensation and benefits
    
67
    
63
    
213
    
201
 
Occupancy, depreciation and amortization
    
15
    
12
    
43
    
35
 
Communications
    
7
    
7
    
19
    
20
 
General and administrative
    
30
    
25
    
80
    
70
 
Customer bad debt
    
                       (2)
    
                       (1)
    
45
    
2
                             
   
Total non-interest expenses
    
185
    
163
    
592
    
524
                             
Income before income taxes
    
281
    
276
    
845
    
887
                             
Income tax expense
    
20
    
18
    
50
    
52
                             
Net income
    
261
    
258
    
795
    
835
                             
Net income attributable to noncontrolling interests
    
225
    
219
    
678
    
709
                             
Net income available for common stockholders
  
$
36
  
$
39
  
$
117
  
$
126
                             
Earnings per share:
                        
 
Basic
  
$
0.46
  
$
0.52
  
$
1.54
  
$
1.73
 
Diluted
  
$
0.45
  
$
0.51
  
$
1.52
  
$
1.71
                             
Weighted average common shares outstanding:
                        
 
Basic
    
76,742,789
    
74,649,469
    
75,910,080
    
72,879,007
 
Diluted
    
77,348,976
    
75,360,089
    
76,646,487
    
73,745,640
                             
Comprehensive income:
                        
 
Net income available for common stockholders
  
$
36
  
$
39
  
$
117
  
$
126
 
Other comprehensive income:
                        
   
Cumulative translation adjustment, before income taxes
    
                       (6)
    
                       (1)
    
(3)
    
(14)
   
Income taxes related to items of other comprehensive income
  
                         -
    
                         -
    
                         -
    
                       (1)
 
Other comprehensive income (loss), net of tax
    
                       (6)
    
                       (1)
    
(3)
    
(13)
Comprehensive income available for common stockholders
  
$
30
  
$
38
  
$
114
  
$
113
                             
Comprehensive income attributable to noncontrolling interests:
                        
          Net income attributable to noncontrolling interests
  
$
225
  
$
219
  
$
678
  
$
709
          Other comprehensive income - cumulative translation adjustment
    
(22)
    
(2)
    
(11)
    
(60)
Comprehensive income attributable to noncontrolling interests
  
$
203
  
$
217
  
$
667
  
$
649


8

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


     
Three Months
  
Nine Months
     
Ended September 30,
  
Ended September 30,
     
2019
  
2018
  
2019
  
2018
     
(in millions, except share and per share data)
                           
Comprehensive income available for common stockholders
$
30
  
$
38
  
$
114
  
$
113
                           
Comprehensive earnings per share:
                        
 
Basic
  
$
0.39
  
$
0.51
  
$
1.50
  
$
1.55
 
Diluted
  
$
0.39
  
$
0.50
  
$
1.49
  
$
1.54
                           
                           
Weighted average common shares outstanding:
                        
 
Basic
    
76,742,789
    
74,649,469
    
75,910,080
    
72,879,007
 
Diluted
    
77,348,976
    
75,360,089
    
76,646,487
    
73,745,640




9


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


           
September 30,
2019
  
December 31,
2018
           
(in millions)
                     
Assets
                  
Cash and cash equivalents
        
$
3,035
  
$
2,597
Cash - segregated for regulatory purposes
          
                 8,794
    
                 7,503
Securities - segregated for regulatory purposes
          
               21,246
    
               15,595
Securities borrowed
          
                 4,010
    
                 3,331
Securities purchased under agreements to resell
          
                 1,391
    
                 1,242
Financial instruments owned, at fair value
          
                 1,883
    
                 2,119
Receivables from customers, net of allowance for doubtful accounts
        
               25,970
    
               27,017
Receivables from brokers, dealers and clearing organizations
        
                    868
    
                    706
Other assets
          
                    607
    
                    437
                     
 
Total assets
        
$
67,804
  
$
60,547
                     
Liabilities and equity
                  
                     
Liabilities
                  
Short-term borrowings
        
$
15
  
$
17
Securities loaned
          
                 3,955
    
                 4,037
Financial instruments sold but not yet purchased, at fair value
        
                    977
    
                    681
Other payables:
                  
 
Customers
          
               54,474
    
               47,993
 
Brokers, dealers and clearing organizations
          
                    245
    
                    298
 
Other payables
          
                    485
    
                    365
             
               55,204
    
               48,656
                     
 
Total liabilities
          
               60,151
    
               53,391
                     
Equity
                  
Stockholders' equity
          
                 1,405
    
                 1,282
Noncontrolling interests
          
                 6,248
    
                 5,874
 
Total equity
          
                 7,653
    
                 7,156
                     
 
Total liabilities and equity
        
$
67,804
  
$
60,547
                     
                     
   
September 30, 2019
    
December 31, 2018
Ownership of IBG LLC Membership Interests
Interests
  
 %
    
Interests
    
 %
                     
IBG, Inc.
76,748,855
  
18.5%
    
75,100,955
    
18.1%
Noncontrolling interests (IBG Holdings LLC)
338,670,642
  
81.5%
    
338,691,717
    
81.9%
                     
Total IBG LLC membership interests
415,419,497
  
100.0%
    
413,792,672
    
100.0%





10