INTERACTIVE BROKERS GROUP ANNOUNCES 4Q2021 RESULTS

— — —

GAAP DILUTED EPS OF $0.67, ADJUSTED¹ EPS OF $0.83

GAAP NET REVENUES OF $603 MILLION, ADJUSTED NET REVENUES OF $683 MILLION

GREENWICH, CONN, January 18, 2022 — Interactive Brokers Group, Inc. (Nasdaq: IBKR), an automated global electronic broker, announced results for the quarter ended December 31, 2021.

Reported diluted earnings per share were $0.67 for the current quarter and $0.83 as adjusted. For the year-ago quarter, reported diluted earnings per share were $0.81 and $0.69 as adjusted.

Reported net revenues were $603 million for the current quarter and $683 million as adjusted. For the year-ago quarter, reported net revenues were $599 million and $582 million as adjusted.

Reported income before income taxes was $373 million for the current quarter and $453 million as adjusted. For the year-ago quarter, reported income before income taxes was $392 million and $375 million as adjusted.

Financial Highlights

• Commission revenue increased $32 million, or 11%, from the year-ago quarter on higher customer options and futures trading volumes and higher average per share commission in stocks.

• Net interest income increased $70 million, or 31%, from the year-ago quarter on higher margin loan balances and strong securities lending activity.

• Other income decreased $104 million from the year-ago quarter. This decrease was mainly comprised of $89 million related to our strategic investment in Up Fintech Holding Limited (“Tiger Brokers”) and $10 million related to our currency diversification strategy.

• Reported pretax profit margin was 62% for the current quarter and 66% as adjusted. For the year-ago quarter, reported pretax margin was 65% and 64% as adjusted.

• Total equity of $10.2 billion.

The Interactive Brokers Group, Inc. Board of Directors declared a quarterly cash dividend of $0.10 per share. This dividend is payable on March 14, 2022 to shareholders of record as of March 1, 2022.

¹ See the reconciliation of non-GAAP financial measures starting on page 9.

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Business Highlights

• Customer accounts increased 56% from the year-ago quarter to 1.68 million.

• Customer equity grew 30% from the year-ago quarter to $373.8 billion.

• Total DARTs² increased 16% from the year-ago quarter to 2.44 million.

• Cleared DARTs increased 16% from the year-ago quarter to 2.16 million.

• Customer credits increased 12% from the year-ago quarter to $87.1 billion.

• Customer margin loans increased 40% from the year-ago quarter to $54.6 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 $25 million, as the U.S. dollar value of the GLOBAL decreased by approximately 0.22%. The effects of the currency diversification strategy are reported as components of (1) Other Income (loss of $23 million) and (2) Other Comprehensive Income (loss of $2 million).

Conference Call Information:

Interactive Brokers Group, Inc. will hold a conference call with investors today, January 18, 2022, 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 135 markets in numerous countries and currencies, from a single IBKR Integrated Investment Account 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. Barron’s ranked Interactive Brokers #1 with 5 out of 5 stars in its February 26, 2021, Best Online Broker 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.

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INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

			Three Months				Twelve Months
			Ended December 31,				Ended December 31,
			2021		2020		2021		2020
			(in millions, except share and per share data)
Revenues:
	Commissions		$	320	$	288	$	1,350	$	1,112
	Other fees and services			58		52		218		175
	Other income (loss)			(70)		34		(2)		59
		Total non-interest income		308		374		1,566		1,346
	Interest income			350		280		1,372		1,133
	Interest expense			(55)		(55)		(224)		(261)
		Total net interest income		295		225		1,148		872
		Total net revenues		603		599		2,714		2,218
Non-interest expenses:
	Execution, clearing and distribution fees			53		66		236		293
	Employee compensation and benefits			108		86		399		325
	Occupancy, depreciation and amortization			22		18		80		69
	Communications			9		7		33		26
	General and administrative			38		30		176		236
	Customer bad debt			-		-		3		13
		Total non-interest expenses		230		207		927		962
Income before income taxes				373		392		1,787		1,256
Income tax expense				35		12		151		77
Net income				338		380		1,636		1,179
Net income attributable to noncontrolling interests				271		309		1,328		984
Net income available for common stockholders			$	67	$	71	$	308	$	195
Earnings per share:
	Basic		$	0.68	$	0.82	$	3.27	$	2.44
	Diluted		$	0.67	$	0.81	$	3.24	$	2.42
Weighted average common shares outstanding:
	Basic			98,181,875		87,076,038		94,167,572		79,939,289
	Diluted			98,980,339		87,772,443		95,009,880		80,638,908

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INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

			Three Months				Twelve Months
			Ended December 31,				Ended December 31,
			2021		2020		2021		2020
			(in millions, except share and per share data)
Comprehensive income:
	Net income available for common stockholders		$	67	$	71	$	308	$	195
	Other comprehensive income:
		Cumulative translation adjustment, before income taxes		(1)		26		(22)		26
		Income taxes related to items of other comprehensive income		-		-		-		-
	Other comprehensive income (loss), net of tax			(1)		26		(22)		26
Comprehensive income available for common stockholders			$	66	$	97	$	286	$	221
Comprehensive earnings per share:
	Basic		$	0.67	$	1.05	$	3.04	$	2.77
	Diluted		$	0.67	$	1.05	$	3.01	$	2.74
Weighted average common shares outstanding:
	Basic			98,181,875		87,076,038		94,167,572		79,939,289
	Diluted			98,980,339		87,772,443		95,009,880		80,638,908
Comprehensive income attributable to noncontrolling interests:
	Net income attributable to noncontrolling interests		$	271	$	309	$	1,328	$	984
	Other comprehensive income - cumulative translation adjustment			(1)		74		(75)		98
Comprehensive income attributable to noncontrolling interests			$	270	$	383	$	1,253	$	1,082

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INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)

				December 31, 2021		December 31, 2020
				(in millions)
Assets
Cash and cash equivalents				$	2,449	$	4,292
Cash - segregated for regulatory purposes					22,888		15,903
Securities - segregated for regulatory purposes					15,121		27,821
Securities borrowed					3,912		4,956
Securities purchased under agreements to resell					4,380		792
Financial instruments owned, at fair value					673		630
Receivables from customers, net of allowance for credit losses					54,935		39,333
Receivables from brokers, dealers and clearing organizations					3,719		1,254
Other assets					872		698
	Total assets			$	108,949	$	95,679
Liabilities and equity
Liabilities
Short-term borrowings				$	27	$	118
Securities loaned					11,769		9,838
Financial instruments sold but not yet purchased, at fair value					182		153
Other payables:
	Customers				85,634		75,882
	Brokers, dealers and clearing organizations				559		182
	Other payables				556		503
					86,749		76,567
	Total liabilities				98,727		86,676
Equity
Stockholders' equity					2,395		1,951
Noncontrolling interests					7,827		7,052
	Total equity				10,222		9,003
	Total liabilities and equity			$	108,949	$	95,679
		December 31, 2021			December 31, 2020
Ownership of IBG LLC Membership Interests		Interests	%		Interests		%
IBG, Inc.		98,230,127	23.5%		90,780,444		21.8%
Noncontrolling interests (IBG Holdings LLC)		319,880,492	76.5%		325,960,034		78.2%
Total IBG LLC membership interests		418,110,619	100.0%		416,740,478		100.0%

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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
2019	302,289		26,346		17,136		345,771		1,380
2020	620,405	105%	56,834	116%	27,039	58%	704,278	104%	2,795
2021	871,319	40%	78,276	38%	32,621	21%	982,216	39%	3,905
4Q2020	178,614		17,008		7,455		203,077		3,223
4Q2021	207,457	16%	19,961	17%	8,001	7%	235,419	16%	3,707
3Q2021	193,218		18,106		8,228		219,552		3,431
4Q2021	207,457	7%	19,961	10%	8,001	(3%)	235,419	7%	3,707

CONTRACT AND SHARE VOLUMES:

(in 000's, except %)

TOTAL

	Options	%	Futures1	%	Stocks	%
Period	(contracts)	Change	(contracts)	Change	(shares)	Change
2019	390,739		128,770		176,752,967
2020	624,035	60%	167,078	30%	338,513,068	92%
2021	887,849	42%	154,866	(7%)	771,273,709	128%
4Q2020	170,191		35,295		121,062,599
4Q2021	244,349	44%	41,997	19%	117,410,095	(3%)
3Q2021	214,988		36,940		172,828,874
4Q2021	244,349	14%	41,997	14%	117,410,095	(32%)

ALL CUSTOMERS

	Options	%	Futures1	%	Stocks	%
Period	(contracts)	Change	(contracts)	Change	(shares)	Change
2019	349,287		126,363		167,826,490
2020	584,195	67%	164,555	30%	331,263,604	97%
2021	852,169	46%	152,787	(7%)	766,211,726	131%
4Q2020	160,953		34,851		119,654,910
4Q2021	235,400	46%	41,318	19%	116,546,652	(3%)
3Q2021	205,797		36,473		172,082,316
4Q2021	235,400	14%	41,318	13%	116,546,652	(32%)

CLEARED CUSTOMERS

	Options	%	Futures1	%	Stocks	%
Period	(contracts)	Change	(contracts)	Change	(shares)	Change
2019	302,068		125,225		163,030,500
2020	518,965	72%	163,101	30%	320,376,365	97%
2021	773,284	49%	151,715	(7%)	752,720,070	135%
4Q2020	144,378		34,459		116,538,527
4Q2021	213,143	48%	41,096	19%	113,441,967	(3%)
3Q2021	186,656		36,245		169,002,045
4Q2021	213,143	14%	41,096	13%	113,441,967	(33%)

¹ Includes options on futures.

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INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

OPERATING DATA, CONTINUED

PRINCIPAL TRANSACTIONS

	Options	%	Futures1	%	Stocks	%
Period	(contracts)	Change	(contracts)	Change	(shares)	Change
2019	41,452		2,407		8,926,477
2020	39,840	(4%)	2,523	5%	7,249,464	(19%)
2021	35,680	(10%)	2,079	(18%)	5,061,983	(30%)
4Q2020	9,238		444		1,407,689
4Q2021	8,949	(3%)	679	53%	863,443	(39%)
3Q2021	9,191		467		746,558
4Q2021	8,949	(3%)	679	45%	863,443	16%

¹ Includes options on futures.

CUSTOMER STATISTICS

Year over Year		4Q2021		4Q2020	% Change
Total Accounts (in thousands)		1,676		1,073	56%
Customer Equity (in billions)1	$	373.8	$	288.6	30%
Cleared DARTs (in thousands)		2,162		1,871	16%
Total Customer DARTs (in thousands)		2,436		2,109	16%
Cleared Customers
Commission per Cleared Commissionable Order2	$	2.38	$	2.46	(3%)
Cleared Avg. DARTs per Account (Annualized)		339		459	(26%)
Consecutive Quarters		4Q2021		3Q2021	% Change
Total Accounts (in thousands)		1,676		1,536	9%
Customer Equity (in billions)1	$	373.8	$	353.8	6%
Cleared DARTs (in thousands)		2,162		2,017	7%
Total Customer DARTs (in thousands)		2,436		2,263	8%
Cleared Customers
Commission per Cleared Commissionable Order2	$	2.38	$	2.46	(3%)
Cleared Avg. DARTs per Account (Annualized)		339		343	(1%)

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

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INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

NET INTEREST MARGIN

(UNAUDITED)

			Three Months				Twelve Months
			Ended December 31,				Ended December 31,
			2021		2020		2021		2020
			(in millions)
Average interest-earning assets
	Segregated cash and securities		$	37,674	$	43,128	$	40,328	$	41,898
	Customer margin loans			51,889		32,775		45,681		28,960
	Securities borrowed			3,200		3,808		3,677		4,235
	Other interest-earning assets			7,861		5,799		7,029		5,593
	FDIC sweeps1			2,377		2,919		2,663		2,882
			$	103,001	$	88,429	$	99,376	$	83,568
Average interest-bearing liabilities
	Customer credit balances		$	83,001	$	71,190	$	79,297	$	67,540
	Securities loaned			10,810		6,499		10,871		5,702
	Other interest-bearing liabilities			1		17		109		215
			$	93,812	$	77,706	$	90,277	$	73,457
Net interest income
	Segregated cash and securities, net		$	(5)	$	7	$	(9)	$	166
	Customer margin loans2			149		93		535		380
	Securities borrowed and loaned, net			134		115		568		343
	Customer credit balances, net2			8		9		33		(46)
	Other net interest income1/3			11		8		36		55
		Net interest income3	$	297	$	232	$	1,163	$	898
Net interest margin ("NIM")				1.14%		1.04%		1.17%		1.07%
Annualized yields
	Segregated cash and securities			-0.05%		0.06%		-0.02%		0.40%
	Customer margin loans			1.14%		1.13%		1.17%		1.31%
	Customer credit balances			-0.04%		-0.05%		-0.04%		0.07%

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 twelve months ended December 31, 2021 and 2020, $1 million, $7 million, $15 million, and $21 million were reported in other fees and services, respectively. For the three and twelve months ended December 31, 2021 and 2020, $1 million, $0 million, $0 million, and $5 million were reported in other income, respectively.

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INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(UNAUDITED)

		Three Months				Twelve Months
		Ended December 31,				Ended December 31,
		2021		2020		2021		2020
		(in millions)
Adjusted net revenues1
Net revenues - GAAP		$	603	$	599	$	2,714	$	2,218
Non-GAAP adjustments
	Currency diversification strategy, net		23		13		37		19
	Mark-to-market on investments2		57		(33)		30		(36)
	Remeasurement of TRA liability3		-		3		(1)		3
Total non-GAAP adjustments			80		(17)		66		(14)
Adjusted net revenues		$	683	$	582	$	2,780	$	2,204
Adjusted income before income taxes1
Income before income taxes - GAAP		$	373	$	392	$	1,787	$	1,256
Non-GAAP adjustments
	Currency diversification strategy, net		23		13		37		19
	Mark-to-market on investments2		57		(33)		30		(36)
	Remeasurement of TRA liability3		-		3		(1)		3
	Customer compensation expense4		-		-		-		103
	Bad debt expense5		-		-		-		1
Total non-GAAP adjustments			80		(17)		66		90
Adjusted income before income taxes		$	453	$	375	$	1,853	$	1,346
Adjusted pre-tax profit margin			66%		64%		67%		61%

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		Three Months				Twelve Months
		Ended December 31,				Ended December 31,
		2021		2020		2021		2020
		(in millions)
Adjusted net income available for common stockholders1
Net income available for common stockholders - GAAP		$	67	$	71	$	308	$	195
Non-GAAP adjustments
	Currency diversification strategy, net		6		3		8		4
	Mark-to-market on investments2		13		(7)		7		(7)
	Remeasurement of TRA liability3		-		3		(1)		3
	Customer compensation expense4		-		-		-		20
	Bad debt expense5		-		-		-		0
	Income tax effect of above adjustments6		(4)		1		(3)		(3)
	Remeasurement of deferred income taxes7		-		(11)		1		(11)
Total non-GAAP adjustments			15		(11)		12		6
Adjusted net income available for common stockholders		$	82	$	60	$	320	$	201

Note: Amounts may not add due to rounding.

		Three Months				Twelve Months
		Ended December 31,				Ended December 31,
		2021		2020		2021		2020
		(in dollars)
Adjusted diluted EPS1
Diluted EPS - GAAP		$	0.67	$	0.81	$	3.24	$	2.42
Non-GAAP adjustments
	Currency diversification strategy, net		0.06		0.03		0.09		0.05
	Mark-to-market on investments2		0.13		(0.08)		0.07		(0.08)
	Remeasurement of TRA liability3		0.00		0.04		(0.01)		0.04
	Customer compensation expense4		0.00		0.00		0.00		0.24
	Bad debt expense5		0.00		0.00		0.00		0.00
	Income tax effect of above adjustments6		(0.04)		0.01		(0.03)		(0.04)
	Remeasurement of deferred income taxes7		0.00		(0.12)		0.01		(0.14)
Total non-GAAP adjustments			0.15		(0.12)		0.13		0.08
Adjusted diluted EPS		$	0.83	$	0.69	$	3.37	$	2.49
Diluted weighted average common shares outstanding			98,980,339		87,772,443		95,009,880		80,638,908

  Note: Amounts may not add due to rounding.

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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 as defined by SEC Regulation G.

• We define adjusted net revenues as net revenues adjusted to remove the effect of our currency diversification strategy, our net mark-to-market gains (losses) on investments², and the remeasurement of our Tax Receivable Agreement (“TRA”) liability³.

• We define adjusted income before income taxes as income before income taxes adjusted to remove the effect of our currency diversification strategy, our net mark-to-market gains (losses) on investments, the remeasurement of our TRA liability, customer compensation expenses⁴, and unusual bad debt expense⁵.

• 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, our mark-to-market gains (losses) on investments, the remeasurement of our TRA liability, customer compensation expenses, unusual bad debt expense, and the remeasurement of certain deferred tax assets⁷.

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, our mark-to-market on investments, the remeasurement of our TRA liability, customer compensation expenses, unusual bad debt expense, and the remeasurement of certain deferred tax assets 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 our U.S. government securities portfolio, which are typically held to maturity, investments in equity securities that do not qualify for equity method accounting which are measured at fair value, and certain other investments, including equity securities taken over by the Company from customers related to losses on margin loans.

³ Remeasurement of our TRA liability represents the change in the amount payable to IBG Holdings LLC under the TRA, primarily due to changes in the Company’s effective tax rates. For further information refer to Note 4 – Equity and Earnings per Share under Part II, Item 8 – Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10 K filed with the Securities Exchange Commission (“SEC”) on February 26, 2021.

⁴ Customer compensation expenses were incurred to compensate certain affected customers in connection with their losses on West Texas Intermediate Crude Oil contracts on April 20, 2020, as previously disclosed.

⁵ Unusual bad debt expense includes material losses on margin loans resulting from unusual events that occur in the marketplace. For the twelve months ended December 31, 2020, unusual bad debt expense reflects losses incurred by customers in excess of the equity in their accounts, related to the West Texas Intermediate Crude Oil event, as previously disclosed.

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⁶ The income tax effect is estimated using the corporate income tax rates applicable to the Company.

⁷ Remeasurement of certain deferred tax assets represents the change in the unamortized balance of deferred tax assets related to the step-up in basis arising from the acquisition of interests in IBG LLC, primarily due to changes in the Company’s effective tax rates. For further information refer to Note 4 – Equity and Earnings per Share under Part II, Item 8 – Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10 K filed with the Securities Exchange Commission (“SEC”) on February 26, 2021.

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