0001381197-23-000045.txt : 20230718 0001381197-23-000045.hdr.sgml : 20230718 20230718160141 ACCESSION NUMBER: 0001381197-23-000045 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230718 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230718 DATE AS OF CHANGE: 20230718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Interactive Brokers Group, Inc. CENTRAL INDEX KEY: 0001381197 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 300390693 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33440 FILM NUMBER: 231094260 BUSINESS ADDRESS: STREET 1: ONE PICKWICK PLAZA CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 203-618-5800 MAIL ADDRESS: STREET 1: ONE PICKWICK PLAZA CITY: GREENWICH STATE: CT ZIP: 06830 8-K 1 ibkr_8k-20230630.htm IBKR 8-K 2023-06-30



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
 
Securities Exchange Act of 1934
 
 
Date of Report (Date of Earliest Event Reported):  July 18, 2023
 
Interactive Brokers Group, Inc.
(Exact Name of Registrant as Specified in its Charter)
 
Delaware
001-33440
30-0390693
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification Number)
 
 
 
One Pickwick Plaza, Greenwich, Connecticut 06830
(Address of Principal Executive Offices) (Zip Code)
 
(203) 618-5800
(Registrant’s Telephone Number, Including Area Code)
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
  ☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  ☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  ☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  ☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

Title of each class
 
Trading Symbol 
 
Name of the exchange on which registered
Class A common stock, par value $.01 per share
 
IBKR
 
The Nasdaq Global Select Market
 


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter).
 
 
 
 
Emerging growth company  ☐
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
 
Item 2.02. Results of Operations and Financial Condition.
On July18, 2023, Interactive Brokers Group, Inc. (the “Company”) issued a press release reporting its financial results for the second quarter ended June 30, 2023. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. All of the information furnished in this report (including Exhibit 99.1 hereto) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and unless expressly set forth by specific reference in such filings, shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings.

Item 9.01. Financial Statements and Exhibits.

(d)
 Exhibits
 

104
 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL Document).


***
 

 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated: July 18, 2023
 
 
INTERACTIVE BROKERS GROUP, INC.
 
 
 
 
 
 
 
 
 
 
By:
/s/ Paul J. Brody
 
 
Name:
Paul J. Brody
 
 
Title:
Chief Financial Officer, Treasurer
and Secretary
 






EX-99.1 2 ibkr-8k_20230630er.htm 2Q23 EARNINGS RELEASE
INTERACTIVE BROKERS GROUP ANNOUNCES 2Q2023 RESULTS

— — —

GAAP DILUTED EPS OF $1.20, ADJUSTED1 EPS OF $1.32
GAAP NET REVENUES OF $1,000 MILLION, ADJUSTED NET REVENUES OF $1,064 MILLION

GREENWICH, CONN, July 18, 2023 — Interactive Brokers Group, Inc. (Nasdaq: IBKR), an automated global electronic broker, announced results for the quarter ended June 30, 2023.

Reported diluted earnings per share were $1.20 for the current quarter and $1.32 as adjusted. For the year-ago quarter, reported diluted earnings per share were $0.72 and $0.84 as adjusted.

Reported net revenues were $1,000 million for the current quarter and $1,064 million as adjusted. For the year-ago quarter, reported net revenues were $656 million and $717 million as adjusted.

Reported income before income taxes was $652 million for the current quarter and $716 million as adjusted. For the year-ago quarter, reported income before income taxes was $392 million and $453 million as adjusted.

Financial Highlights
(All comparisons are to the year-ago quarter.)

•
Commission revenue was unchanged at $322 million. Customer trading volume was mixed across product types with options contracts volume up 9% while futures contracts and stock share volumes were down 3% and 28%, respectively.

•
Net interest income increased 99% to $694 million on higher benchmark interest rates and customer credit balances.

•
Execution, clearing and distribution fees expenses increased 21% to $93 million driven by higher customer trading volume in options, the non-recurrence of a $3 million OCC rebate in the year-ago quarter, and a $1 million increase in market data fees, which are associated with market data revenue included in other fees and services.

•
General and administrative expenses increased $43 million to $85 million. The increase is largely attributable to reserves related to the previously-disclosed regulatory investigations into the use of unapproved electronic messaging and record-keeping requirements. As has been publicly reported, the SEC and CFTC are conducting an industry-wide sweep that has resulted in substantial settlements with other financial services firms.

•
Reported pretax profit margin was 65% for the current quarter and 67% as adjusted. For the year-ago quarter, reported pretax margin was 60% and 63% as adjusted.

•
Total equity of $12.7 billion.

The Interactive Brokers Group, Inc. Board of Directors declared a quarterly cash dividend of $0.10 per share. This dividend is payable on September 14, 2023, to shareholders of record as of September 1, 2023.
1 See the reconciliation of non-GAAP financial measures starting on page 9.
1
Business Highlights
(All comparisons are to the year-ago quarter.)

•
Customer accounts increased 19% to 2.29 million.
•
Customer equity increased 24% to $365.0 billion.
•
Total DARTs2 decreased 14% to 1.87 million.
•
Cleared DARTs decreased 13% to 1.67 million.
•
Customer credits increased 7% to $98.9 billion.
•
Customer margin loans decreased 2% to $41.9 billion.

Effects of Foreign Currency Diversification

In connection with our currency diversification strategy, we base our net worth in GLOBALs, a basket of 10 major currencies in which we hold our equity. In this quarter, our currency diversification strategy decreased our comprehensive earnings by $24 million, as the U.S. dollar value of the GLOBAL decreased by approximately 0.14%. The effects of the currency diversification strategy are reported as components of (1) Other Income (loss of $55 million) and (2) Other Comprehensive Income (gain of $31 million).

Conference Call Information:

Interactive Brokers Group, Inc. will hold a conference call with investors today, July 18, 2023, at 4:30 p.m. ET to discuss its quarterly results. Members of the public who would like to listen to the conference call should register at https://register.vevent.com/register/BIdb81bf27b8a947f2af9d311979370b58 to obtain the dial-in details. The number should be dialed approximately ten minutes prior to the start of the 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 150 markets in numerous countries and currencies, from a single unified platform to clients 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 clients with a uniquely sophisticated platform to manage their investment portfolios. We strive to provide our clients 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. For the sixth consecutive year, Barron’s ranked Interactive Brokers #1 with 5 out of 5 stars in its June 9, 2023, Best Online Brokers Review.

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, investor-relations@ibkr.com or Media: Rob Garfield, media@ibkr.com.


2 Daily average revenue trades (DARTs) are based on customer orders.
2
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
 
       
Three Months
  
Six Months
       
Ended June 30,
  
Ended June 30,
       
2023
  
2022
  
2023
  
2022
       
(in millions, except share and per share data)
                             
Revenues:
                        
 
Commissions
  
$
322
  
$
322
  
$
679
  
$
671
 
Other fees and services
    
47
    
43
    
90
    
96
 
Other loss
    
(63)
    
(57)
    
(44)
    
(96)
   
Total non-interest income
    
306
    
308
    
725
    
671
                             
 
Interest income
    
1,545
    
460
    
2,892
    
792
 
Interest expense
    
(851)
    
(112)
    
(1,561)
    
(162)
   
Total net interest income
    
694
    
348
    
1,331
    
630
   
Total net revenues
    
1,000
    
656
    
2,056
    
1,301
                             
Non-interest expenses:
                        
 
Execution, clearing and distribution fees
93
    
77
    
188
    
148
 
Employee compensation and benefits
    
136
    
112
    
264
    
223
 
Occupancy, depreciation and amortization
25
    
23
    
49
    
45
 
Communications
    
10
    
9
    
19
    
17
 
General and administrative
    
85
    
42
    
121
    
80
 
Customer bad debt
    
                       (1)
    
                         1
    
2
    
2
   
Total non-interest expenses
    
348
    
264
    
643
    
515
                             
Income before income taxes
    
652
    
392
    
1,413
    
786
Income tax expense
    
51
    
32
    
112
    
60
Net income
    
601
    
360
    
1,301
    
726
Net income attributable to noncontrolling interests
  
476
    
288
    
1,028
    
581
Net income available for common stockholders
$
125
  
$
72
  
$
273
  
$
145
                             
Earnings per share:
                        
 
Basic
  
$
1.21
  
$
0.73
  
$
2.65
  
$
1.47
 
Diluted
  
$
1.20
  
$
0.72
  
$
2.62
  
$
1.46
                             
Weighted average common shares outstanding:
                  
 
Basic
    
103,587,557
    
98,853,981
    
103,274,846
    
98,541,798
 
Diluted
    
104,463,729
    
99,695,489
    
104,254,888
    
99,461,867
3
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)

       
Three Months
  
Six Months
       
Ended June 30,
  
Ended June 30,
       
2023
  
2022
  
2023
  
2022
       
(in millions, except share and per share data)
                             
Comprehensive income:
                        
 
Net income available for common stockholders
  
$
125
  
$
72
  
$
273
  
$
145
 
Other comprehensive income:
                        
   
Cumulative translation adjustment, before income taxes
  
                         7
    
                     (24)
    
                       12
    
                     (34)
   
Income taxes related to items of other comprehensive income
  
                         -
    
                         -
    
                         -
    
                         -
 
Other comprehensive income (loss), net of tax
    
                         7
    
                     (24)
    
                       12
    
                     (34)
Comprehensive income available for common stockholders
$
132
  
$
48
  
$
285
  
$
111
                             
Comprehensive earnings per share:
                        
 
Basic
  
$
1.28
  
$
0.48
  
$
2.76
  
$
1.12
 
Diluted
  
$
1.27
  
$
0.47
  
$
2.74
  
$
1.11
                             
Weighted average common shares outstanding:
                        
 
Basic
    
103,587,557
    
98,853,981
    
103,274,846
    
98,541,798
 
Diluted
    
104,463,729
    
99,695,489
    
104,254,888
    
99,461,867
                             
                             
Comprehensive income attributable to noncontrolling interests:
                  
 
Net income attributable to noncontrolling interests
  
$
476
  
$
288
  
$
1,028
  
$
581
 
Other comprehensive income - cumulative translation adjustment
  
24
    
(81)
    
38
    
(112)
Comprehensive income attributable to noncontrolling interests
$
500
  
$
207
  
$
1,066
  
$
469


4
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
 
         
June 30,
2023
  
December 31,
2022
         
(in millions)
                   
Assets
                
Cash and cash equivalents
      
$
                 3,681
  
$
                 3,436
Cash - segregated for regulatory purposes
        
               25,770
    
               25,167
Securities - segregated for regulatory purposes
        
               33,457
    
               31,781
Securities borrowed
        
                 5,999
    
                 4,749
Securities purchased under agreements to resell
        
                 6,431
    
                 6,029
Financial instruments owned, at fair value
        
                    495
    
                    485
Receivables from customers, net of allowance for credit losses
      
               41,966
    
               38,760
Receivables from brokers, dealers and clearing organizations
      
                 1,400
    
                 3,469
Other assets
        
                 1,394
    
                 1,267
 
Total assets
      
$
120,593
  
$
115,143
                   
Liabilities and equity
                
                   
Liabilities
                
Short-term borrowings
      
$
                     17
  
$
                     18
Securities loaned
        
               10,261
    
                 8,940
Financial instruments sold but not yet purchased, at fair value
      
                    157
    
                    146
Other payables:
                
 
Customers
        
               95,999
    
               93,195
 
Brokers, dealers and clearing organizations
        
                    376
    
                    291
 
Other payables
        
                 1,126
    
                    938
           
               97,501
    
               94,424
 
Total liabilities
        
              107,936
    
              103,528
                   
Equity
                
Stockholders' equity
        
                 3,158
    
                 2,848
Noncontrolling interests
        
                 9,499
    
                 8,767
 
Total equity
        
               12,657
    
               11,615
 
Total liabilities and equity
      
$
120,593
  
$
115,143
                   
   
June 30, 2023
  
December 31, 2022
Ownership of IBG LLC Membership Interests
Interests
  
 %
  
Interests
    
 %
                   
IBG, Inc.
104,363,296
  
24.8%
  
102,927,703
    
24.5%
Noncontrolling interests (IBG Holdings LLC)
316,609,102
  
75.2%
  
316,609,102
    
75.5%
                   
Total IBG LLC membership interests
420,972,398
  
100.0%
  
419,536,805
    
100.0%
5
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA
TRADE VOLUMES: 
(in 000's, except %)
   
Cleared
      
Non-Cleared
                      
Avg. Trades
   
Customer
  
%
  
Customer
  
%
  
Principal
  
%
  
Total
  
%
  
per U.S.
Period
  
Trades
  
Change
  
Trades
  
Change
  
Trades
  
Change
  
Trades
  
Change
  
Trading Day
2020
  
              620,405
      
       56,834
      
       27,039
      
     704,278
      
            2,795
2021
  
              871,319
  
40%
  
       78,276
  
38%
  
       32,621
  
21%
  
     982,216
  
39%
  
            3,905
2022
  
              735,619
  
 (16%)
  
       70,049
  
 (11%)
  
       32,863
  
1%
  
     838,531
  
 (15%)
  
            3,347
                                     
2Q2022
              186,791
      
       18,274
      
         8,327
      
     213,392
      
            3,442
2Q2023
              161,710
  
 (13%)
  
       14,071
  
 (23%)
  
         8,383
  
1%
  
     184,164
  
 (14%)
  
            2,970
                                     
1Q2023
              180,261
      
       15,369
      
         8,187
      
     203,817
      
            3,287
2Q2023
              161,710
  
 (10%)
  
       14,071
  
 (8%)
  
         8,383
  
2%
  
     184,164
  
 (10%)
  
            2,970
CONTRACT AND SHARE VOLUMES:
(in 000's, except %)
 
TOTAL

  
Options
  
%
  
Futures1
  
%
  
Stocks
  
%
Period
  
(contracts)
  
Change
  
(contracts)
  
Change
  
(shares)
  
Change
2020
  
     624,035
      
     167,078
      
   338,513,068
    
2021
  
     887,849
  
42%
  
     154,866
  
 (7%)
  
   771,273,709
  
128%
2022
  
     908,415
  
2%
  
     207,138
  
34%
  
   330,035,586
  
 (57%)
                         
2Q2022
  
     217,642
      
       51,562
      
     81,137,875
    
2Q2023
  
     236,803
  
9%
  
       49,644
  
 (4%)
  
     58,720,684
  
 (28%)
                         
1Q2023
  
     247,508
      
       55,197
      
     75,522,066
    
2Q2023
  
     236,803
  
 (4%)
  
       49,644
  
 (10%)
  
     58,720,684
  
 (22%)
ALL CUSTOMERS

  
Options
  
%
  
Futures1
  
%
  
Stocks
  
%
Period
  
(contracts)
  
Change
  
(contracts)
  
Change
  
(shares)
  
Change
2020
  
     584,195
      
     164,555
      
   331,263,604
    
2021
  
     852,169
  
46%
  
     152,787
  
 (7%)
  
   766,211,726
  
131%
2022
  
     873,914
  
3%
  
     203,933
  
33%
  
   325,368,714
  
 (58%)
                         
2Q2022
  
     209,124
      
       50,707
      
     80,079,410
    
2Q2023
  
     227,884
  
9%
  
       49,040
  
 (3%)
  
     57,711,637
  
 (28%)
                         
1Q2023
  
     239,038
      
       54,577
      
     74,562,384
    
2Q2023
  
     227,884
  
 (5%)
  
       49,040
  
 (10%)
  
     57,711,637
  
 (23%)
CLEARED CUSTOMERS
Options
  
%
  
Futures1
  
%
  
Stocks
  
%
Period
  
(contracts)
  
Change
  
(contracts)
  
Change
  
(shares)
  
Change
2020
  
     518,965
      
     163,101
      
   320,376,365
    
2021
  
     773,284
  
49%
  
     151,715
  
 (7%)
  
   752,720,070
  
135%
2022
  
     781,373
  
1%
  
     202,145
  
33%
  
   314,462,672
  
 (58%)
                         
2Q2022
  
     188,617
      
       50,313
      
     77,283,249
    
2Q2023
  
     194,082
  
3%
  
       48,506
  
 (4%)
  
     55,664,831
  
 (28%)
                         
1Q2023
  
     209,605
      
       53,957
      
     72,041,499
    
2Q2023
  
     194,082
  
 (7%)
  
       48,506
  
 (10%)
  
     55,664,831
  
 (23%)
1
Includes options on futures.
6
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA, CONTINUED

PRINCIPAL TRANSACTIONS
Options
  
%
  
Futures1
  
%
  
Stocks
  
%
Period
  
(contracts)
  
Change
  
(contracts)
  
Change
  
(shares)
  
Change
2020
  
       39,840
      
         2,523
      
       7,249,464
    
2021
  
       35,680
  
 (10%)
  
         2,079
  
 (18%)
  
       5,061,983
  
 (30%)
2022
  
       34,501
  
 (3%)
  
         3,205
  
54%
  
       4,666,872
  
 (8%)
                         
2Q2022
  
         8,518
      
           855
      
       1,058,465
    
2Q2023
  
         8,919
  
5%
  
           604
  
 (29%)
  
       1,009,047
  
 (5%)
                         
1Q2023
  
         8,470
      
           620
      
         959,682
    
2Q2023
  
         8,919
  
5%
  
           604
  
 (3%)
  
       1,009,047
  
5%
1
Includes options on futures.

CUSTOMER STATISTICS

Year over Year
    
2Q2023
    
2Q2022
  
% Change
   Total Accounts (in thousands)
    
                      2,290
    
                      1,923
  
19%
   Customer Equity (in billions)1
  
$
365.0
  
$
294.8
  
24%
                 
   Cleared DARTs (in thousands)
    
                      1,673
    
                      1,927
  
 (13%)
   Total Customer DARTs (in thousands)
    
                      1,865
    
                      2,173
  
 (14%)
                 
Cleared Customers
                
   Commission per Cleared Commissionable Order2
  
$
3.11
  
$
2.74
  
14%
   Cleared Avg. DARTs per Account (Annualized)
    
                         186
    
                         259
  
 (28%)
                 
Consecutive Quarters
    
2Q2023
    
1Q2023
  
% Change
   Total Accounts (in thousands)
    
                      2,290
    
                      2,195
  
4%
   Customer Equity (in billions)1
  
$
365.0
  
$
343.1
  
6%
                 
   Cleared DARTs (in thousands)
    
                      1,673
    
                      1,845
  
 (9%)
   Total Customer DARTs (in thousands)
    
                      1,865
    
                      2,054
  
 (9%)
                 
Cleared Customers
                
   Commission per Cleared Commissionable Order2
  
$
3.11
  
$
3.16
  
 (2%)
   Cleared Avg. DARTs per Account (Annualized)
    
                         186
    
                         214
  
 (13%)

1
Excludes non-customers.
   
2
Commissionable Order - a customer order that generates commissions.

7
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
NET INTEREST MARGIN
(UNAUDITED)
 
       
Three Months
  
Six Months
       
Ended June 30,
  
Ended June 30,
       
2023
  
2022
  
2023
  
2022
                             
       
(in millions)
Average interest-earning assets
                        
 
Segregated cash and securities
  
$
                  61,038
  
$
                  50,508
  
$
                  60,359
  
$
                  46,898
 
Customer margin loans
    
                  39,989
    
                  44,764
    
                  39,646
    
                  45,953
 
Securities borrowed
    
                    5,649
    
                    3,775
    
                    5,259
    
                    3,621
 
Other interest-earning assets
    
                  10,090
    
                    9,482
    
                    9,934
    
                    8,847
 
FDIC sweeps1
    
                    2,719
    
                    2,176
    
                    2,574
    
                    2,198
       
$
                119,485
  
$
                110,705
  
$
                117,770
  
$
                107,517
                             
Average interest-bearing liabilities
                        
 
Customer credit balances
  
$
                  96,416
  
$
                  90,048
  
$
                  96,109
  
$
                  87,222
 
Securities loaned
    
                    9,729
    
                  10,599
    
                    9,150
    
                  10,844
 
Other interest-bearing liabilities
    
                          -
    
                           1
    
                           1
    
                           7
       
$
                106,145
  
$
                100,648
  
$
                105,260
  
$
                  98,073
                             
Net interest income
                        
 
Segregated cash and securities, net
  
$
                       700
  
$
                         53
  
$
                    1,303
  
$
                         60
 
Customer margin loans2
    
                       547
    
                       197
    
                    1,024
    
                       346
 
Securities borrowed and loaned, net
    
                         79
    
                       116
    
                       167
    
                       226
 
Customer credit balances, net2
    
                     (774)
    
                       (37)
    
                  (1,427)
    
                       (28)
 
Other net interest income1/3
    
                       145
    
                         22
    
                       270
    
                         30
   
Net interest income3
  
$
                       697
  
$
                       351
  
$
                    1,337
  
$
                       634
                             
Net interest margin ("NIM")
    
2.34%
    
1.27%
    
2.29%
    
1.19%
                             
Annualized yields
                        
 
Segregated cash and securities
    
4.60%
    
0.42%
    
4.35%
    
0.26%
 
Customer margin loans
    
5.49%
    
1.77%
    
5.21%
    
1.52%
 
Customer credit balances
    
3.22%
    
0.17%
    
2.99%
    
0.06%

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
Includes income from financial instruments that has the same characteristics as interest, but is reported in other fees and services and other income in the Company’s consolidated statements of comprehensive income. For the three and six months ended June 30, 2023 and 2022, $5 million, $8 million, $3 million, and $4 million were reported in other fees and services, respectively. For the three and six months ended June 30, 2023 and 2022, -$2 million, -$2 million, $0 million, and $0 million were reported in other income, respectively.

8
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(UNAUDITED)

     
Three Months
  
Six Months
     
Ended June 30,
  
Ended June 30,
     
2023
  
2022
  
2023
  
2022
                           
     
(in millions)
Adjusted net revenues1
                        
Net revenues - GAAP
  
$
1,000
  
$
656
  
$
2,056
  
$
1,301
                           
Non-GAAP adjustments
                        
 
Currency diversification strategy, net
    
55
    
53
    
54
    
71
 
Mark-to-market on investments2
    
9
    
                         8
    
(31)
    
37
Total non-GAAP adjustments
    
64
    
61
    
23
    
108
Adjusted net revenues
  
$
1,064
  
$
717
  
$
2,079
  
$
1,409
                           
Adjusted income before income taxes1
                        
Income before income taxes - GAAP
  
$
652
  
$
392
  
$
1,413
  
$
786
                           
Non-GAAP adjustments
                        
 
Currency diversification strategy, net
    
55
    
53
    
54
    
71
 
Mark-to-market on investments2
    
9
    
                         8
    
(31)
    
37
Total non-GAAP adjustments
    
                       64
    
                       61
    
                       23
    
                     108
Adjusted income before income taxes
  
$
716
  
$
453
  
$
1,436
  
$
894
                           
Adjusted pre-tax profit margin
    
67%
    
63%
    
69%
    
63%


9

     
Three Months
  
Six Months
     
Ended June 30,
  
Ended June 30,
     
2023
  
2022
  
2023
  
2022
                           
     
(in millions)
Adjusted net income available for common stockholders1
                  
Net income available for common stockholders - GAAP
$
125
  
$
72
  
$
273
  
$
145
                           
Non-GAAP adjustments
                        
 
Currency diversification strategy, net
    
14
    
13
    
                       14
    
17
 
Mark-to-market on investments2
    
2
    
2
    
                       (8)
    
9
 
Income tax effect of above adjustments3
    
(3)
    
                       (3)
    
(1)
    
(5)
Total non-GAAP adjustments
    
                       13
    
                       12
    
                         5
    
                       20
Adjusted net income available for common stockholders
$
138
  
$
84
  
$
278
  
$
165
                           
Note: Amounts may not add due to rounding.
                        


     
Three Months
  
Six Months
     
Ended June 30,
  
Ended June 30,
     
2023
  
2022
  
2023
  
2022
                           
     
(in dollars)
Adjusted diluted EPS1
                        
Diluted EPS - GAAP
  
$
1.20
  
$
0.72
  
$
2.62
  
$
1.46
                           
Non-GAAP adjustments
                        
 
Currency diversification strategy, net
    
0.13
    
0.13
    
0.13
    
0.17
 
Mark-to-market on investments2
    
0.02
    
0.02
    
(0.07)
    
0.09
 
Income tax effect of above adjustments3
    
(0.03)
    
(0.03)
    
(0.01)
    
(0.05)
Total non-GAAP adjustments
    
0.12
    
0.12
    
0.04
    
0.20
Adjusted diluted EPS
  
$
1.32
  
$
0.84
  
$
2.67
  
$
1.66
                           
Diluted weighted average common shares outstanding
104,463,729
    
99,695,489
    
104,254,888
    
99,461,867
                           
Note: Amounts may not add due to rounding.
                        
 
10

Note: The term “GAAP” in the following explanation refers to generally accepted accounting principles in the United States.
1 Adjusted net revenues, adjusted income before income taxes, adjusted net income available for common stockholders and adjusted diluted earnings per share (“EPS”) are non-GAAP financial measures.
•
We define adjusted net revenues as net revenues adjusted to remove the effect of our currency diversification strategy and our net mark-to-market gains (losses) on investments2.
•
We define adjusted income before income taxes as income before income taxes adjusted to remove the effect of our currency diversification strategy and our net mark-to-market gains (losses) on investments.
•
We define adjusted net income available to common stockholders as net income available for common stockholders adjusted to remove the after-tax effects attributable to IBG, Inc. of our currency diversification strategy and our mark-to-market gains (losses) on investments.
•
We define adjusted diluted EPS as adjusted net income available for common stockholders divided by the diluted weighted average number of shares outstanding for the period.
Management believes these non-GAAP items are important measures of our financial performance because they exclude certain items that may not be indicative of our core operating results and business outlook and may be useful to investors and analysts in evaluating the operating performance of the business and facilitating a meaningful comparison of our results in the current period to those in prior and future periods. Our currency diversification strategy and our mark-to-market on investments are excluded because management does not believe they are indicative of our underlying core business performance. Adjusted net revenues, adjusted income before income taxes, adjusted net income available to common stockholders and adjusted diluted EPS should be considered in addition to, rather than as a substitute for, GAAP net revenues, income before income taxes, net income attributable to common stockholders and diluted EPS.

2 Mark-to-market on investments represents the net mark-to-market gains (losses) on investments in equity securities that do not qualify for equity method accounting which are measured at fair value, on our U.S. government and municipal securities portfolio, which are typically held to maturity, and on certain other investments, including equity securities taken over by the Company from customers related to losses on margin loans.

3 The income tax effect is estimated using the statutory income tax rates applicable to the Company.


11
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Document Period End Date Jul. 18, 2023
Entity File Number 001-33440
Entity Registrant Name Interactive Brokers Group, Inc.
Entity Central Index Key 0001381197
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 30-0390693
Entity Address, Address Line One One Pickwick Plaza
Entity Address, City or Town Greenwich
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06830
City Area Code 203
Local Phone Number 618-5800
Title of 12(b) Security Class A common stock
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Security Exchange Name NASDAQ
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