0001381197-22-000015.txt : 20220419 0001381197-22-000015.hdr.sgml : 20220419 20220419160529 ACCESSION NUMBER: 0001381197-22-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220419 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220419 DATE AS OF CHANGE: 20220419 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: 22835008 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-20220331.htm IBKR 8-K 2022-03-31




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):  April 19, 2022
 
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 April 19, 2022, Interactive Brokers Group, Inc. (the “Company”) issued a press release reporting its financial results for the first quarter ended March 31, 2022. 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: April 19, 2022
 
 
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_20220331er.htm
INTERACTIVE BROKERS GROUP ANNOUNCES 1Q2022 RESULTS

— — —

GAAP DILUTED EPS OF $0.74, ADJUSTED1 EPS OF $0.82
GAAP NET REVENUES OF $645 MILLION, ADJUSTED NET REVENUES OF $692 MILLION

GREENWICH, CONN, April 19, 2022 — Interactive Brokers Group, Inc. (Nasdaq: IBKR), an automated global electronic broker, announced results for the quarter ended March 31, 2022.

Reported diluted earnings per share were $0.74 for the current quarter and $0.82 as adjusted. For the year-ago quarter, reported diluted earnings per share were $1.16 and $0.98 as adjusted.

Reported net revenues were $645 million for the current quarter and $692 million as adjusted. For the year-ago quarter, reported net revenues were $893 million and $796 million as adjusted.

Reported income before income taxes was $394 million for the current quarter and $441 million as adjusted. For the year-ago quarter, reported income before income taxes was $639 million and $542 million as adjusted.

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

Commission revenue decreased 15% to $349 million on customer stock volume that dropped from an unusually active trading period last year, but was aided by higher customer options and futures trading volumes.

Net interest income decreased 8% to $282 million on a decline in securities lending activity, partially offset by gains on margin lending and segregated cash balances.

Other income decreased $159 million to a loss of $39 million. This decrease was mainly comprised of the non-recurrence of a $99 million gain related to our strategic investment in Up Fintech Holding Limited (“Tiger Brokers”), $29 million related to our U.S. government securities portfolio, and $16 million related to our currency diversification strategy.

Reported pretax profit margin was 61% for the current quarter and 64% as adjusted. For the year-ago quarter, reported pretax margin was 72% and 68% as adjusted.

Total equity of $10.5 billion.

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




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 36% to 1.81 million.
Customer equity grew 8% to $355.9 billion.
Total DARTs2 decreased 24% to 2.52 million.
Cleared DARTs decreased 25% to 2.23 million.
Customer credits increased 9% to $92.5 billion.
Customer margin loans increased 14% to $48.2 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 $59 million, as the U.S. dollar value of the GLOBAL decreased by approximately 0.56%. The effects of the currency diversification strategy are reported as components of (1) Other Income (loss of $18 million) and (2) Other Comprehensive Income (loss of $41 million).

Conference Call Information:

Interactive Brokers Group, Inc. will hold a conference call with investors today, April 19, 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 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 fifth consecutive year, Barron’s ranked Interactive Brokers #1 with 5 out of 5 stars in its March 25, 2022, 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
       
Ended March 31,
       
2022
 
2021
       
(in millions, except share and per share data)
                 
Revenues:
           
 
Commissions
 
$
349
 
$
412
 
Other fees and services
   
53
   
56
 
Other income (loss)
   
(39)
   
120
   
Total non-interest income
   
363
   
588
                 
 
Interest income
   
332
   
390
 
Interest expense
   
(50)
   
(85)
   
Total net interest income
   
282
   
305
   
Total net revenues
   
645
   
893
                 
Non-interest expenses:
           
 
Execution, clearing and distribution fees
71
   
68
 
Employee compensation and benefits
   
111
   
97
 
Occupancy, depreciation and amortization
22
   
20
 
Communications
   
8
   
8
 
General and administrative
   
38
   
59
 
Customer bad debt
   
                                 1
   
                                 2
   
Total non-interest expenses
   
251
   
254
                 
Income before income taxes
   
394
   
639
Income tax expense
   
28
   
53
Net income
   
366
   
586
Net income attributable to noncontrolling interests
 
293
   
479
Net income available for common stockholders
$
73
 
$
107
                 
Earnings per share:
           
 
Basic
 
$
0.74
 
$
1.18
 
Diluted
 
$
0.74
 
$
1.16
                 
Weighted average common shares outstanding:
     
 
Basic
   
98,226,147
   
90,789,321
 
Diluted
   
99,224,776
   
91,766,142

3

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 
       
Three Months
       
Ended March 31,
       
2022
 
2021
       
 (in millions, except share and per share data)
                 
Comprehensive income:
           
 
Net income available for common stockholders
 
$
73
 
$
107
 
Other comprehensive income:
           
   
Cumulative translation adjustment, before income taxes
                             (10)
   
                             (17)
   
Income taxes related to items of other comprehensive income
 
                                 -
   
                                 -
 
Other comprehensive loss, net of tax
   
                             (10)
   
                             (17)
Comprehensive income available for common stockholders
$
63
 
$
90
                 
Comprehensive earnings per share:
           
 
Basic
 
$
0.65
 
$
0.99
 
Diluted
 
$
0.64
 
$
0.98
                 
Weighted average common shares outstanding:
           
 
Basic
   
98,226,147
   
90,789,321
 
Diluted
   
99,224,776
   
91,766,142
                 
                 
Comprehensive income attributable to noncontrolling interests:
     
 
Net income attributable to noncontrolling interests
 
$
293
 
$
479
 
Other comprehensive income - cumulative translation adjustment
 
(31)
   
(59)
Comprehensive income attributable to noncontrolling interests
$
262
 
$
420

4

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
 
         
March 31,
2022
 
December 31,
2021
         
(in millions)
                   
Assets
               
Cash and cash equivalents
     
$
                 2,667
 
$
                 2,395
Cash - segregated for regulatory purposes
       
               24,581
   
               22,888
Securities - segregated for regulatory purposes
       
               24,350
   
               15,121
Securities borrowed
       
                 4,445
   
                 3,912
Securities purchased under agreements to resell
       
                 6,268
   
                 4,380
Financial instruments owned, at fair value
       
                    577
   
                    673
Receivables from customers, net of allowance for credit losses
     
               48,306
   
               54,935
Receivables from brokers, dealers and clearing organizations
     
                 2,188
   
                 3,771
Other assets
       
                 1,041
   
                 1,038
 
Total assets
     
$
114,423
 
$
109,113
                   
Liabilities and equity
               
                   
Liabilities
               
Short-term borrowings
     
$
                     11
 
$
                     27
Securities loaned
       
               11,379
   
               11,769
Securities sold under agreements to repurchase
       
                    300
   
                      -
Financial instruments sold but not yet purchased, at fair value
     
                    190
   
                    182
Other payables:
               
 
Customers
       
               91,097
   
               85,634
 
Brokers, dealers and clearing organizations
       
                    230
   
                    557
 
Other payables
       
                    734
   
                    722
           
               92,061
   
               86,913
 
Total liabilities
       
              103,941
   
               98,891
                   
Equity
               
Stockholders' equity
       
                 2,456
   
                 2,395
Noncontrolling interests
       
                 8,026
   
                 7,827
 
Total equity
       
               10,482
   
               10,222
 
Total liabilities and equity
     
$
114,423
 
$
109,113
                   
   
March 31, 2022
 
December 31, 2021
Ownership of IBG LLC Membership Interests
Interests
 
 %
 
Interests
   
 %
                   
IBG, Inc.
98,280,127
 
23.5%
 
98,230,127
   
23.5%
Noncontrolling interests (IBG Holdings LLC)
319,880,492
 
76.5%
 
319,880,492
   
76.5%
Total IBG LLC membership interests
418,160,619
 
100.0%
 
418,110,619
   
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
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
                                     
1Q2021
 
              273,985
     
       24,079
     
         8,418
     
     306,482
     
            5,024
1Q2022
 
              212,818
 
 (22%)
 
       20,671
 
 (14%)
 
         9,225
 
10%
 
     242,714
 
 (21%)
 
            3,915
                                     
4Q2021
 
              207,457
     
       19,961
     
         8,001
     
     235,419
     
            3,707
1Q2022
 
              212,818
 
3%
 
       20,671
 
4%
 
         9,225
 
15%
 
     242,714
 
3%
 
            3,915
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%
                         
1Q2021
 
     231,797
     
       40,868
     
   308,934,824
   
1Q2022
 
     245,343
 
6%
 
       53,570
 
31%
 
     97,406,991
 
 (68%)
                         
4Q2021
 
     244,349
     
       41,997
     
   117,410,095
   
1Q2022
 
     245,343
 
0%
 
       53,570
 
28%
 
     97,406,991
 
 (17%)

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%
                         
1Q2021
 
     221,898
     
       40,361
     
   306,165,385
   
1Q2022
 
     234,790
 
6%
 
       52,728
 
31%
 
     95,990,985
 
 (69%)
                         
4Q2021
 
     235,400
     
       41,318
     
   116,546,652
   
1Q2022
 
     234,790
 
 (0%)
 
       52,728
 
28%
 
     95,990,985
 
 (18%)

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%
                         
1Q2021
 
     202,583
     
       40,019
     
   301,675,030
   
1Q2022
 
     212,628
 
5%
 
       52,264
 
31%
 
     92,860,481
 
 (69%)
                         
4Q2021
 
     213,143
     
       41,096
     
   113,441,967
   
1Q2022
 
     212,628
 
 (0%)
 
       52,264
 
27%
 
     92,860,481
 
 (18%)



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
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%)
                         
1Q2021
 
         9,899
     
           507
     
       2,769,439
   
1Q2022
 
       10,553
 
7%
 
           842
 
66%
 
       1,416,006
 
 (49%)
                         
4Q2021
 
         8,949
     
           679
     
         863,443
   
1Q2022
 
       10,553
 
18%
 
           842
 
24%
 
       1,416,006
 
64%


1
Includes options on futures.

CUSTOMER STATISTICS
Year over Year
 
1Q2022
   
1Q2021
 
% Change
   Total Accounts (in thousands)
 
                      1,809
   
                      1,325
 
36%
   Customer Equity (in billions)1
$
355.9
 
$
330.6
 
8%
               
   Cleared DARTs (in thousands)
 
                      2,234
   
                      2,964
 
 (25%)
   Total Customer DARTs (in thousands)
 
                      2,522
   
                      3,308
 
 (24%)
               
Cleared Customers
             
   Commission per Cleared Commissionable Order2
$
2.57
 
$
2.31
 
11%
   Cleared Avg. DARTs per Account (Annualized)
 
                         323
   
                         622
 
 (48%)
               
Consecutive Quarters
 
1Q2022
   
4Q2021
 
% Change
   Total Accounts (in thousands)
 
                      1,809
   
                      1,676
 
8%
   Customer Equity (in billions)1
$
355.9
 
$
373.8
 
 (5%)
               
   Cleared DARTs (in thousands)
 
                      2,234
   
                      2,162
 
3%
   Total Customer DARTs (in thousands)
 
                      2,522
   
                      2,436
 
4%
               
Cleared Customers
             
   Commission per Cleared Commissionable Order2
$
2.57
 
$
2.38
 
8%
   Cleared Avg. DARTs per Account (Annualized)
 
                         323
   
                         339
 
 (5%)


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
       
Ended March 31,
       
2022
 
2021
       
(in millions)
Average interest-earning assets
           
 
Segregated cash and securities
 
$
                        43,287
 
$
                        46,726
 
Customer margin loans
   
                        47,141
   
                        39,964
 
Securities borrowed
   
                          3,467
   
                          5,108
 
Other interest-earning assets
   
                          8,211
   
                          5,416
 
FDIC sweeps1
   
                          2,219
   
                          2,817
       
$
                      104,325
 
$
                      100,031
                 
Average interest-bearing liabilities
           
 
Customer credit balances
 
$
                        84,394
 
$
                        77,887
 
Securities loaned
   
                        11,089
   
                        11,117
 
Other interest-bearing liabilities
   
                               12
   
                             138
       
$
                        95,495
 
$
                        89,142
                 
Net interest income
           
 
Segregated cash and securities, net
 
$
                                 7
 
$
                                 2
 
Customer margin loans2
   
                             149
   
                             117
 
Securities borrowed and loaned, net
   
                             110
   
                             175
 
Customer credit balances, net2
   
                                 9
   
                                 9
 
Other net interest income1/3
   
                                 8
   
                                 9
   
Net interest income3
 
$
                             283
 
$
                             312
                 
Net interest margin ("NIM")
   
1.10%
   
1.26%
                 
Annualized yields
           
 
Segregated cash and securities
   
0.07%
   
0.02%
 
Customer margin loans
   
1.28%
   
1.19%
 
Customer credit balances
   
-0.04%
   
-0.05%


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 months ended March 31, 2022 and 2021, $1 million and $8 million were reported in other fees and services, respectively. For the three months ended March 31, 2022 and 2021, $0 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
     
Ended March 31,
     
2022
 
2021
     
(in millions)
               
Adjusted net revenues1
           
Net revenues - GAAP
 
$
645
 
$
893
               
Non-GAAP adjustments
           
 
Currency diversification strategy, net
   
18
   
2
 
Mark-to-market on investments2
   
29
   
(99)
Total non-GAAP adjustments
   
47
   
(97)
Adjusted net revenues
 
$
692
 
$
796
               
Adjusted income before income taxes1
           
Income before income taxes - GAAP
 
$
394
 
$
639
               
Non-GAAP adjustments
           
 
Currency diversification strategy, net
   
18
   
2
 
Mark-to-market on investments2
   
                       29
   
(99)
Total non-GAAP adjustments
   
                       47
   
                     (97)
Adjusted income before income taxes
 
$
441
 
$
542
               
Adjusted pre-tax profit margin
   
64%
   
68%
 

9


     
Three Months
     
Ended March 31,
     
2022
 
2021
     
(in millions)
Adjusted net income available for common stockholders1
     
Net income available for common stockholders - GAAP
$
73
 
$
107
               
Non-GAAP adjustments
           
 
Currency diversification strategy, net
   
                         4
   
0
 
Mark-to-market on investments2
   
                         7
   
(22)
 
Income tax effect of above adjustments3
   
                       (2)
   
4
Total non-GAAP adjustments
   
                         9
   
                     (17)
Adjusted net income available for common stockholders
$
82
 
$
90
Note: Amounts may not add due to rounding.
     
Three Months
     
Ended March 31,
     
2022
 
2021
     
(in dollars)
Adjusted diluted EPS1
           
Diluted EPS - GAAP
 
$
0.74
 
$
1.16
               
Non-GAAP adjustments
           
 
Currency diversification strategy, net
   
0.04
   
0.00
 
Mark-to-market on investments2
   
0.07
   
(0.24)
 
Income tax effect of above adjustments3
   
(0.02)
   
0.05
Total non-GAAP adjustments
   
0.09
   
(0.19)
Adjusted diluted EPS
 
$
0.82
 
$
0.98
               
Diluted weighted average common shares outstanding
99,224,776
   
91,766,142
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 as defined by SEC Regulation G.
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.
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 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 The income tax effect is estimated using the corporate income tax rates applicable to the Company.

11



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Security Exchange Name NASDAQ
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