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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

þ

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to         

Commission File Number: 001-33440

INTERACTIVE BROKERS GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)

30-0390693
(I.R.S. Employer
Identification No.)

One Pickwick Plaza

Greenwich, Connecticut 06830

(Address of principal executive office)

(203618-5800

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer x

Accelerated filer o

Non-accelerated filer o

Smaller reporting company o

Emerging growth company o

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Title of each class

Name of the exchange on which registered

Trading Symbol

Common Stock, par value $.01 per share

The Nasdaq Global Select Market

IBKR

As of August 5, 2020, there were 78,052,470 shares of the issuer’s Class A common stock, par value $0.01 per share, outstanding and 100 shares of the issuer’s Class B common stock, par value $0.01 per share, outstanding.


Table of Contents

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2020

Table of Contents

PART I

FINANCIAL INFORMATION

ITEM 1.

Financial Statements (Unaudited)

Condensed Consolidated Statements of Financial Condition

2

Condensed Consolidated Statements of Comprehensive Income

3

Condensed Consolidated Statements of Cash Flows

4

Condensed Consolidated Statements of Changes in Equity

5

Notes to Condensed Consolidated Financial Statements

7

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations 

38

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

64

ITEM 4.

Controls and Procedures

69

PART II.

OTHER INFORMATION

ITEM 1.

Legal Proceedings

70

ITEM 1A.

Risk Factors

70

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

70

ITEM 3.

Defaults upon Senior Securities

71

ITEM 5.

Other Information

71

ITEM 6.

Exhibits

72

Signature

i


Table of Contents

PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (Unaudited)

Interactive Brokers Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Financial Condition

(Unaudited)

June 30,

December 31,

(in millions, except share amounts)

2020

2019

Assets

Cash and cash equivalents

$

3,115 

$

2,882 

Cash - segregated for regulatory purposes

12,684 

9,400 

Securities - segregated for regulatory purposes

33,450 

17,824 

Securities borrowed

4,836 

3,916 

Securities purchased under agreements to resell

1,367 

3,111 

Financial instruments owned, at fair value

Financial instruments owned

819 

1,755 

Financial instruments owned and pledged as collateral

70 

161 

Total financial instruments owned, at fair value

889 

1,916 

Receivables

Customers, less allowance for credit losses of $20 and $86 as of June 30, 2020 and December 31, 2019

25,678 

31,304 

Brokers, dealers and clearing organizations

1,395 

685 

Interest

81 

158 

Total receivables

27,154 

32,147 

Other assets

470 

480 

Total assets

$

83,965 

$

71,676 

Liabilities and equity

Short-term borrowings

$

139 

$

16 

Securities loaned

5,856 

4,410 

Securities sold under agreements to repurchase

1,909 

Financial instruments sold, but not yet purchased, at fair value

234 

457 

Payables

Customers

68,796 

56,248 

Brokers, dealers and clearing organizations

218 

220 

Affiliate

123 

152 

Accounts payable, accrued expenses and other liabilities

341 

295 

Interest

4 

29 

Total payables

69,482 

56,944 

Total liabilities

75,711 

63,736 

Commitments, contingencies and guarantees (see Note 13)

 

 

Equity

Stockholders’ equity

Common stock, $0.01 par value per share

Class A – Authorized - 1,000,000,000, Issued - 78,187,067 and 76,889,040 shares, Outstanding – 78,051,862 and 76,750,110 shares as of June 30, 2020 and December 31, 2019

1 

1 

Class B – Authorized, Issued and Outstanding – 100 shares as of June 30, 2020 and December 31, 2019

Additional paid-in capital

960 

934 

Retained earnings

583 

520 

Accumulated other comprehensive income, net of income taxes of $0 and $0 as of June 30, 2020 and December 31, 2019

(3)

Treasury stock, at cost, 135,205 and 138,930 shares as of June 30, 2020 and December 31, 2019

(3)

(3)

Total stockholders’ equity

1,538 

1,452 

Noncontrolling interests

6,716 

6,488 

Total equity

8,254 

7,940 

Total liabilities and equity

$

83,965 

$

71,676 

See accompanying notes to the condensed consolidated financial statements.


2


Table of Contents

Interactive Brokers Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except share or per share amounts)

2020

2019

2020

2019

Revenues

Commissions

$

276

$

178

$

545

$

351

Other fees and services

40

35

78

70

Other income (loss)

27

(59)

(4)

45

Total non-interest income

343

154

619

466

Interest income

244

432

613

840

Interest expense

(48)

(173)

(161)

(335)

Total net interest income

196

259

452

505

Total net revenues

539

413

1,071

971

Non-interest expenses

Execution, clearing and distribution fees

76

63

153

124

Employee compensation and benefits

82

75

162

146

Occupancy, depreciation and amortization

17

14

34

28

Communications

7

6

13

12

General and administrative

132

26

169

50

Customer bad debt

3

4

10

47

Total non-interest expenses

317

188

541

407

Income before income taxes

222

225

530

564

Income tax expense

15

15

33

30

Net income

207

210

497

534

Less net income attributable to noncontrolling interests

175

178

419

453

Net income available for common stockholders

$

32

$

32

$

78

$

81

Earnings per share

Basic

$

0.41

$

0.43

$

1.01

$

1.08

Diluted

$

0.40

$

0.43

$

1.00

$

1.07

Weighted average common shares outstanding

Basic

77,357,609

75,868,349

77,054,388

75,486,825

Diluted

78,031,462

76,594,934

77,799,963

76,288,342

Comprehensive income

Net income available for common stockholders

$

32

$

32

$

78

$

81

Other comprehensive income

Cumulative translation adjustment, before income taxes

4

4

(3)

3

Income taxes related to items of other comprehensive income

Other comprehensive income (loss), net of tax

4

4

(3)

3

Comprehensive income available for common stockholders

$

36

$

36

$

75

$

84

Comprehensive income attributable to noncontrolling interests

Net income attributable to noncontrolling interests

$

175

$

178

$

419

$

453

Other comprehensive income - cumulative translation adjustment

18

12

(13)

11

Comprehensive income attributable to noncontrolling interests

$

193

$

190

$

406

$

464

See accompanying notes to the condensed consolidated financial statements.

3


Table of Contents

Interactive Brokers Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Six Months Ended June 30,

(in millions)

2020

2019

Cash flows from operating activities

Net income

$

497 

$

534 

Adjustments to reconcile net income to net cash from operating activities

Deferred income taxes

10 

12 

Depreciation and amortization

20 

14 

Amortization of right-of-use assets

10 

10 

Employee stock plan compensation

29 

30 

Unrealized (gain) loss on other investments, net

2 

(32)

Bad debt expense

10 

47 

Impairment loss

1 

Change in operating assets and liabilities

Securities - segregated for regulatory purposes

(15,626)

(4,678)

Securities borrowed

(920)

(697)

Securities purchased under agreements to resell

1,744 

(60)

Financial instruments owned, at fair value

1,020 

939 

Receivables from customers

5,616 

1,066 

Other receivables

(633)

(19)

Other assets

(1)

(145)

Securities loaned

1,446 

64 

Securities sold under agreement to repurchase

(1,909)

Financial instruments sold, but not yet purchased, at fair value

(223)

(324)

Payable to customers

12,548 

5,061 

Other payables

6 

222 

Net cash provided by operating activities

3,646 

2,045 

Cash flows from investing activities

Purchases of other investments

(2)

(19)

Distributions received and proceeds from sales of other investments