0001381197-23-000131.txt : 20231017 0001381197-23-000131.hdr.sgml : 20231017 20231017160131 ACCESSION NUMBER: 0001381197-23-000131 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20231017 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231017 DATE AS OF CHANGE: 20231017 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: 231329617 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-20230930.htm IBKR 8-K 2023-09-30



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):  October 17, 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 October 17, 2023, Interactive Brokers Group, Inc. (the “Company”) issued a press release reporting its financial results for the third quarter ended September 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.


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: October 17, 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_20230930er.htm IBKR 3Q23 EARNINGS RELEASE
INTERACTIVE BROKERS GROUP ANNOUNCES 3Q2023 RESULTS

— — —

GAAP DILUTED EPS OF $1.56, ADJUSTED1 EPS OF $1.55
GAAP NET REVENUES OF $1,145 MILLION, ADJUSTED NET REVENUES OF $1,139 MILLION

GREENWICH, CONN, October 17, 2023 — Interactive Brokers Group, Inc. (Nasdaq: IBKR), an automated global electronic broker, announced results for the quarter ended September 30, 2023.

Reported diluted earnings per share were $1.56 for the current quarter and $1.55 as adjusted. For the year-ago quarter, reported diluted earnings per share were $0.97 and $1.08 as adjusted.

Reported net revenues were $1,145 million for the current quarter and $1,139 million as adjusted. For the year-ago quarter, reported net revenues were $790 million and $847 million as adjusted.

Reported income before income taxes was $840 million for the current quarter and $834 million as adjusted. For the year-ago quarter, reported income before income taxes was $523 million and $580 million as adjusted.

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

•
Commission revenue increased 4% to $333 million. Customer trading volume was mixed across product types with options contracts volume up 18% while futures contracts and stock share volumes were down 1% and 22%, respectively.

•
Net interest income increased 55% to $733 million on higher benchmark interest rates and customer credit balances.

•
Other income increased $75 million to a gain of $27 million. This increase was mainly comprised of $37 million related to our investment in Tiger Brokers and $23 million related to our currency diversification strategy.

•
Execution, clearing and distribution fees expenses increased 14% to $98 million, driven by higher customer trading volume in options.

•
Pretax profit margin for the current quarter was 73% as reported and as adjusted. For the year-ago quarter, reported pretax margin was 66% and 68% as adjusted.

•
Total equity of $13.3 billion.

The Interactive Brokers Group, Inc. Board of Directors declared a quarterly cash dividend of $0.10 per share. This dividend is payable on December 14, 2023, to shareholders of record as of December 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 21% to 2.43 million.
•
Customer equity increased 29% to $369.8 billion.
•
Total DARTs2 decreased 1% to 1.91 million.
•
Cleared DARTs increased slightly to 1.71 million.
•
Customer credits increased 3% to $98.0 billion.
•
Customer margin loans increased 8% to $43.6 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 $93 million, as the U.S. dollar value of the GLOBAL decreased by approximately 0.66%. The effects of the currency diversification strategy are reported as components of (1) Other Income (loss of $17 million) and (2) Other Comprehensive Income (loss of $76 million).

Conference Call Information:

Interactive Brokers Group, Inc. will hold a conference call with investors today, October 17, 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/BIcf6925535ae646959727257076fcafce 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 serve 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
  
Nine Months
       
Ended September 30,
  
Ended September 30,
       
2023
  
2022
  
2023
  
2022
       
(in millions, except share and per share data)
                             
Revenues:
                        
 
Commissions
  
$
333
  
$
320
  
$
1,012
  
$
991
 
Other fees and services
    
52
    
45
    
142
    
141
 
Other income (loss)
    
27
    
(48)
    
(17)
    
(144)
   
Total non-interest income
    
412
    
317
    
1,137
    
988
                             
 
Interest income
    
1,643
    
783
    
4,535
    
1,575
 
Interest expense
    
(910)
    
(310)
    
(2,471)
    
(472)
   
Total net interest income
    
733
    
473
    
2,064
    
1,103
   
Total net revenues
    
1,145
    
790
    
3,201
    
2,091
                             
Non-interest expenses:
                        
 
Execution, clearing and distribution fees
  
98
    
86
    
286
    
234
 
Employee compensation and benefits
    
127
    
112
    
391
    
335
 
Occupancy, depreciation and amortization
25
    
23
    
74
    
68
 
Communications
    
10
    
8
    
29
    
25
 
General and administrative
    
45
    
37
    
166
    
117
 
Customer bad debt
    
                         -
    
                         1
    
2
    
3
   
Total non-interest expenses
    
305
    
267
    
948
    
782
                             
Income before income taxes
    
840
    
523
    
2,253
    
1,309
Income tax expense
    
68
    
40
    
180
    
100
                             
Net income
    
772
    
483
    
2,073
    
1,209
Net income attributable to noncontrolling interests
  
605
    
384
    
1,633
    
965
                             
Net income available for common stockholders
$
167
  
$
99
  
$
440
  
$
244
                             
Earnings per share:
                        
 
Basic
  
$
1.57
  
$
0.98
  
$
4.22
  
$
2.45
 
Diluted
  
$
1.56
  
$
0.97
  
$
4.19
  
$
2.43
                             
Weighted average common shares outstanding:
                  
 
Basic
    
106,233,557
    
101,818,667
    
104,271,921
    
99,646,091
 
Diluted
    
107,011,427
    
102,555,482
    
105,184,572
    
100,505,075


3
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 
       
Three Months
  
Nine Months
       
Ended September 30,
  
Ended September 30,
       
2023
  
2022
  
2023
  
2022
       
 (in millions, except share and per share data)
                             
Comprehensive income:
                        
 
Net income available for common stockholders
  
$
167
  
$
99
  
$
440
  
$
244
 
Other comprehensive income:
                        
   
Cumulative translation adjustment, before income taxes
                     (19)
    
                     (30)
    
                       (7)
    
                     (64)
   
Income taxes related to items of other comprehensive income
  
                         -
    
                         -
    
                         -
    
                         -
 
Other comprehensive loss, net of tax
    
                     (19)
    
                     (30)
    
                       (7)
    
                     (64)
Comprehensive income available for common stockholders
$
148
  
$
69
  
$
433
  
$
180
                             
Comprehensive earnings per share:
                        
 
Basic
  
$
1.39
  
$
0.68
  
$
4.15
  
$
1.81
 
Diluted
  
$
1.38
  
$
0.68
  
$
4.12
  
$
1.79
                             
Weighted average common shares outstanding:
                        
 
Basic
    
106,233,557
    
101,818,667
    
104,271,921
    
99,646,091
 
Diluted
    
107,011,427
    
102,555,482
    
105,184,572
    
100,505,075
                             
                             
Comprehensive income attributable to noncontrolling interests:
                  
 
Net income attributable to noncontrolling interests
  
$
605
  
$
384
  
$
1,633
  
$
965
 
Other comprehensive income - cumulative translation adjustment
  
(57)
    
(93)
    
(19)
    
(205)
Comprehensive income attributable to noncontrolling interests
$
548
  
$
291
  
$
1,614
  
$
760


4
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
 
         
September 30,
2023
  
December 31,
2022
         
(in millions)
                   
Assets
                
Cash and cash equivalents
      
$
                 3,824
  
$
                 3,436
Cash - segregated for regulatory purposes
        
               26,385
    
               25,167
Securities - segregated for regulatory purposes
        
               31,335
    
               31,781
Securities borrowed
        
                 5,478
    
                 4,749
Securities purchased under agreements to resell
        
                 5,480
    
                 6,029
Financial instruments owned, at fair value
        
                 1,324
    
                    485
Receivables from customers, net of allowance for credit losses
      
               43,602
    
               38,760
Receivables from brokers, dealers and clearing organizations
      
                 1,726
    
                 3,469
Other assets
        
                 1,482
    
                 1,267
 
Total assets
      
$
120,636
  
$
115,143
                   
Liabilities and equity
                
                   
Liabilities
                
Short-term borrowings
      
$
                     11
  
$
                     18
Securities loaned
        
               10,482
    
                 8,940
Financial instruments sold but not yet purchased, at fair value
      
                    198
    
                    146
Other payables:
                
 
Customers
        
               94,873
    
               93,195
 
Brokers, dealers and clearing organizations
        
                    627
    
                    291
 
Other payables
        
                 1,181
    
                    938
           
               96,681
    
               94,424
 
Total liabilities
        
              107,372
    
              103,528
                   
Equity
                
Stockholders' equity
        
                 3,390
    
                 2,848
Noncontrolling interests
        
                 9,874
    
                 8,767
 
Total equity
        
               13,264
    
               11,615
 
Total liabilities and equity
      
$
120,636
  
$
115,143
                   
   
September 30, 2023
  
December 31, 2022
Ownership of IBG LLC Membership Interests
Interests
  
 %
  
Interests
    
 %
                   
IBG, Inc.
106,996,044
  
25.4%
  
102,927,703
    
24.5%
Noncontrolling interests (IBG Holdings LLC)
313,976,354
  
74.6%
  
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
                                     
3Q2022
              170,240
      
       16,181
      
         7,953
      
     194,374
      
            3,037
3Q2023
              163,318
  
 (4%)
  
       14,218
  
 (12%)
  
       10,109
  
27%
  
     187,645
  
 (3%)
  
            3,002
                                     
2Q2023
              161,710
      
       14,071
      
         8,383
      
     184,164
      
            2,970
3Q2023
              163,318
  
1%
  
       14,218
  
1%
  
       10,109
  
21%
  
     187,645
  
2%
  
            3,002
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%)
                         
3Q2022
  
     215,988
      
       50,486
      
     75,776,756
    
3Q2023
  
     256,481
  
19%
  
       50,309
  
 (0%)
  
     59,453,190
  
 (22%)
                         
2Q2023
  
     236,803
      
       49,644
      
     58,720,684
    
3Q2023
  
     256,481
  
8%
  
       50,309
  
1%
  
     59,453,190
  
1%

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%)
                         
3Q2022
  
     208,145
      
       49,725
      
     74,944,418
    
3Q2023
  
     245,169
  
18%
  
       49,459
  
 (1%)
  
     58,202,858
  
 (22%)
                         
2Q2023
  
     227,884
      
       49,040
      
     57,711,637
    
3Q2023
  
     245,169
  
8%
  
       49,459
  
1%
  
     58,202,858
  
1%
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%)
                         
3Q2022
  
     185,166
      
       49,242
      
     72,394,078
    
3Q2023
  
     209,097
  
13%
  
       49,345
  
0%
  
     56,323,672
  
 (22%)
                         
2Q2023
  
     194,082
      
       48,506
      
     55,664,831
    
3Q2023
  
     209,097
  
8%
  
       49,345
  
2%
  
     56,323,672
  
1%

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%)
                         
3Q2022
  
         7,843
      
           761
      
         832,338
    
3Q2023
  
       11,312
  
44%
  
           850
  
12%
  
       1,250,332
  
50%
                         
2Q2023
  
         8,919
      
           604
      
       1,009,047
    
3Q2023
  
       11,312
  
27%
  
           850
  
41%
  
       1,250,332
  
24%
1
Includes options on futures.

CUSTOMER STATISTICS
Year over Year
    
3Q2023
    
3Q2022
  
% Change
   Total Accounts (in thousands)
    
                      2,431
    
                      2,012
  
21%
   Customer Equity (in billions)1
  
$
369.8
  
$
287.1
  
29%
                 
   Cleared DARTs (in thousands)
    
                      1,709
    
                      1,706
  
0%
   Total Customer DARTs (in thousands)
    
                      1,907
    
                      1,920
  
 (1%)
                 
Cleared Customers
                
   Commission per Cleared Commissionable Order2
  
$
3.11
  
$
2.96
  
5%
   Cleared Avg. DARTs per Account (Annualized)
    
                         180
    
                         217
  
 (17%)
                 
Consecutive Quarters
    
3Q2023
    
2Q2023
  
% Change
   Total Accounts (in thousands)
    
                      2,431
    
                      2,290
  
6%
   Customer Equity (in billions)1
  
$
369.8
  
$
365.0
  
1%
                 
   Cleared DARTs (in thousands)
    
                      1,709
    
                      1,673
  
2%
   Total Customer DARTs (in thousands)
    
                      1,907
    
                      1,865
  
2%
                 
Cleared Customers
                
   Commission per Cleared Commissionable Order2
  
$
3.11
  
$
3.11
  
0%
   Cleared Avg. DARTs per Account (Annualized)
    
                         180
    
                         186
  
 (3%)

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
  
Nine Months
       
Ended September 30,
  
Ended September 30,
       
2023
  
2022
  
2023
  
2022
       
(in millions)
Average interest-earning assets
                        
 
Segregated cash and securities
  
$
                  58,131
  
$
                  55,453
  
$
                  59,616
  
$
                  49,749
 
Customer margin loans
    
                  42,853
    
                  42,425
    
                  40,715
    
                  44,777
 
Securities borrowed
    
                    5,557
    
                    4,235
    
                    5,358
    
                    3,826
 
Other interest-earning assets
    
                  10,054
    
                    9,103
    
                    9,974
    
                    8,932
 
FDIC sweeps1
    
                    3,311
    
                    2,173
    
                    2,819
    
                    2,189
       
$
                119,906
  
$
                113,389
  
$
                118,482
  
$
                109,473
                             
Average interest-bearing liabilities
                        
 
Customer credit balances
  
$
                  95,506
  
$
                  92,846
  
$
                  95,908
  
$
                  89,096
 
Securities loaned
    
                    9,848
    
                    9,622
    
                    9,383
    
                  10,437
 
Other interest-bearing liabilities
    
                           1
    
                           1
    
                           1
    
                           5
       
$
                105,355
  
$
                102,469
  
$
                105,291
  
$
                  99,537
                             
Net interest income
                        
 
Segregated cash and securities, net
  
$
                       728
  
$
                       228
  
$
                    2,031
  
$
                       288
 
Customer margin loans2
    
                       623
    
                       317
    
                    1,647
    
                       663
 
Securities borrowed and loaned, net
    
                         66
    
                       114
    
                       233
    
                       340
 
Customer credit balances, net2
    
                     (832)
    
                     (248)
    
                  (2,259)
    
                     (276)
 
Other net interest income1/3
    
                       159
    
                         65
    
                       429
    
                         95
   
Net interest income3
  
$
                       744
  
$
                       476
  
$
                    2,081
  
$
                    1,110
                             
Net interest margin ("NIM")
    
2.46%
    
1.67%
    
2.35%
    
1.36%
                             
Annualized yields
                        
 
Segregated cash and securities
    
4.97%
    
1.63%
    
4.55%
    
0.77%
 
Customer margin loans
    
5.77%
    
2.96%
    
5.41%
    
1.98%
 
Customer credit balances
    
3.46%
    
1.06%
    
3.15%
    
0.41%

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 nine months ended September 30, 2023 and 2022, $6 million, $14 million, $3 million, and $7 million were reported in other fees and services, respectively. For the three and nine months ended September 30, 2023 and 2022, $5 million, $3 million, $1 million, and $1 million were reported in other income, respectively.


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

     
Three Months
  
Nine Months
     
Ended September 30,
  
Ended September 30,
     
2023
  
2022
  
2023
  
2022
     
(in millions)
                           
Adjusted net revenues1
                        
Net revenues - GAAP
  
$
1,145
  
$
790
  
$
3,201
  
$
2,091
                           
Non-GAAP adjustments
                        
 
Currency diversification strategy, net
    
17
    
40
    
71
    
111
 
Mark-to-market on investments2
    
(23)
    
                       17
    
(54)
    
54
Total non-GAAP adjustments
    
(6)
    
57
    
17
    
165
Adjusted net revenues
  
$
1,139
  
$
847
  
$
3,218
  
$
2,256
                           
Adjusted income before income taxes1
                        
Income before income taxes - GAAP
  
$
840
  
$
523
  
$
2,253
  
$
1,309
                           
Non-GAAP adjustments
                        
 
Currency diversification strategy, net
    
17
    
40
    
71
    
111
 
Mark-to-market on investments2
    
(23)
    
                       17
    
(54)
    
54
Total non-GAAP adjustments
    
                       (6)
    
                       57
    
                       17
    
                     165
Adjusted income before income taxes
  
$
834
  
$
580
  
$
2,270
  
$
1,474
                           
Adjusted pre-tax profit margin
    
73%
    
68%
    
71%
    
65%

9
 
     
Three Months
  
Nine Months
     
Ended September 30,
  
Ended September 30,
     
2023
  
2022
  
2023
  
2022
     
(in millions)
Adjusted net income available for common stockholders1
                  
Net income available for common stockholders - GAAP
$
167
  
$
99
  
$
440
  
$
244
                           
Non-GAAP adjustments
                        
 
Currency diversification strategy, net
    
4
    
10
    
                       18
    
26
 
Mark-to-market on investments2
    
(6)
    
4
    
                     (14)
    
13
 
Income tax effect of above adjustments3
    
1
    
                       (3)
    
(0)
    
(8)
Total non-GAAP adjustments
    
                       (1)
    
                       11
    
                         4
    
                       31
Adjusted net income available for common stockholders
$
166
  
$
111
  
$
444
  
$
276
                           
Note: Amounts may not add due to rounding.
                        


     
Ended September 30,
  
Ended September 30,
     
2023
  
2022
  
2023
  
2022
     
(in dollars)
Adjusted diluted EPS1
                        
Diluted EPS - GAAP
  
$
1.56
  
$
0.97
  
$
4.19
  
$
2.43
                           
Non-GAAP adjustments
                        
 
Currency diversification strategy, net
    
0.04
    
0.09
    
0.17
    
0.26
 
Mark-to-market on investments2
    
(0.05)
    
0.04
    
(0.13)
    
0.13
 
Income tax effect of above adjustments3
    
0.01
    
(0.03)
    
(0.00)
    
(0.08)
Total non-GAAP adjustments
    
(0.01)
    
0.11
    
0.04
    
0.31
Adjusted diluted EPS
  
$
1.55
  
$
1.08
  
$
4.22
  
$
2.74
                           
Diluted weighted average common shares outstanding
107,011,427
    
102,555,482
    
105,184,572
    
100,505,075
                           
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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Entity Address, Address Line One One Pickwick Plaza
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City Area Code 203
Local Phone Number 618-5800
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