0001381197-24-000050.txt : 20240116 0001381197-24-000050.hdr.sgml : 20240116 20240116160147 ACCESSION NUMBER: 0001381197-24-000050 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20240116 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240116 DATE AS OF CHANGE: 20240116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Interactive Brokers Group, Inc. CENTRAL INDEX KEY: 0001381197 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] ORGANIZATION NAME: 02 Finance 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: 24535123 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-20231231.htm IBKR 8-K 2023-12-31



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):  January 16, 2024
 
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 January 16, 2024, Interactive Brokers Group, Inc. (the “Company”) issued a press release reporting its financial results for the quarter ended December 31, 2023. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference. All of the information furnished in this report (including Exhibit 99.1 hereto) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and unless expressly set forth by specific reference in such filings, shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings.

Item 9.01. Financial Statements and Exhibits.

(d)
 Exhibits
 

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


***
 

 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated: January 16, 2024
 
 
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_20231231er.htm 4Q23 EARNINGS RELEASE
INTERACTIVE BROKERS GROUP ANNOUNCES 4Q2023 RESULTS
— — —
GAAP DILUTED EPS OF $1.48, ADJUSTED1 EPS OF $1.52
GAAP NET REVENUES OF $1,139 MILLION, ADJUSTED NET REVENUES OF $1,149 MILLION
GREENWICH, CONN, January 16, 2024 — Interactive Brokers Group, Inc. (Nasdaq: IBKR), an automated global electronic broker, announced results for the quarter ended December 31, 2023.
Reported diluted earnings per share were $1.48 for the current quarter and $1.52 as adjusted. For the year-ago quarter, reported diluted earnings per share were $1.31 and $1.30 as adjusted.
Reported net revenues were $1,139 million for the current quarter and $1,149 million as adjusted. For the year-ago quarter, reported net revenues were $976 million and $958 million as adjusted.
Reported income before income taxes was $816 million for the current quarter and $831 million as adjusted. For the year-ago quarter, reported income before income taxes was $689 million and $671 million as adjusted.
Financial Highlights
(All comparisons are to the year-ago quarter.)
•
Commission revenue increased 5% to $348 million. Customer trading volume was mixed across product types with options and futures contract volumes up 21% and 4%, respectively, while stock share volume was down 22%.

•
Net interest income increased 29% to $730 million on higher benchmark interest rates, customer margin loans and customer credit balances.

•
Other income decreased $31 million to $6 million. This decrease was mainly comprised of $20 million related to our currency diversification strategy and $8 million related to our investment in Tiger Brokers.

•
Execution, clearing and distribution fees expenses increased 11% to $100 million, driven by higher customer trading volume in options and futures.

•
Pretax profit margin for the current quarter was 72% both as reported and as adjusted. For the year-ago quarter, reported pretax margin was 71% and 70% as adjusted.

•
Total equity of $14.1 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, 2024, to shareholders of record as of March 1, 2024.
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 23% to 2.56 million.
•
Customer equity increased 39% to $426.0 billion.
•
Total DARTs2 increased 2% to 1.93 million.
•
Cleared DARTs increased 2% to 1.73 million.
•
Customer credits increased 10% to $104.5 billion.
•
Customer margin loans increased 14% to $44.4 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 increased our comprehensive earnings by $139 million, as the U.S. dollar value of the GLOBAL increased by approximately 1.05%. The effects of the currency diversification strategy are reported as components of (1) Other Income (loss of $9 million) and (2) Other Comprehensive Income (gain of $148 million).
Conference Call Information:
Interactive Brokers Group, Inc. will hold a conference call with investors today, January 16, 2024, 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/BI9b8b0781a22347468c0936eccc35776d 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
  
Twelve Months
       
Ended December 31,
  
Ended December 31,
       
2023
  
2022
  
2023
  
2022
       
(in millions, except share and per share data)
                             
Revenues:
                        
 
Commissions
  
$
348
  
$
331
  
$
1,360
  
$
1,322
 
Other fees and services
    
55
    
43
    
197
    
184
 
Other income (loss)
    
6
    
37
    
(11)
    
(107)
   
Total non-interest income
    
409
    
411
    
1,546
    
1,399
                             
 
Interest income
    
1,695
    
1,111
    
6,230
    
2,686
 
Interest expense
    
(965)
    
(546)
    
(3,436)
    
(1,018)
   
Total net interest income
    
730
    
565
    
2,794
    
1,668
   
Total net revenues
    
1,139
    
976
    
4,340
    
3,067
                             
Non-interest expenses:
                        
 
Execution, clearing and distribution fees
100
    
90
    
386
    
324
 
Employee compensation and benefits
    
136
    
119
    
527
    
454
 
Occupancy, depreciation and amortization
25
    
22
    
99
    
90
 
Communications
    
12
    
8
    
41
    
33
 
General and administrative
    
45
    
48
    
211
    
165
 
Customer bad debt
    
                         5
    
                         -
    
7
    
3
   
Total non-interest expenses
    
323
    
287
    
1,271
    
1,069
                             
Income before income taxes
    
816
    
689
    
3,069
    
1,998
Income tax expense
    
77
    
56
    
257
    
156
                             
Net income
    
739
    
633
    
2,812
    
1,842
Net income attributable to noncontrolling interests
  
579
    
497
    
2,212
    
1,462
                             
Net income available for common stockholders
$
160
  
$
136
  
$
600
  
$
380
                             
Earnings per share:
                        
 
Basic
  
$
1.49
  
$
1.32
  
$
5.72
  
$
3.78
 
Diluted
  
$
1.48
  
$
1.31
  
$
5.67
  
$
3.75
                             
Weighted average common shares outstanding:
                  
 
Basic
    
107,021,836
    
102,875,250
    
104,965,050
    
100,460,016
 
Diluted
    
107,811,190
    
103,656,668
    
105,846,877
    
101,299,609

3
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
       
Three Months
  
Twelve Months
       
Ended December 31,
  
Ended December 31,
       
2023
  
2022
  
2023
  
2022
         (in millions, except share and per share data)
                             
Comprehensive income:
                        
 
Net income available for common stockholders
  
$
160
  
$
136
  
$
600
  
$
380
 
Other comprehensive income:
                        
   
Cumulative translation adjustment, before income taxes
                       37
    
                       38
    
                       30
    
                     (26)
   
Income taxes related to items of other comprehensive income
  
                         -
    
                         -
    
                         -
    
                         -
 
Other comprehensive income (loss), net of tax
    
                       37
    
                       38
    
                       30
    
                     (26)
Comprehensive income available for common stockholders
$
197
  
$
174
  
$
630
  
$
354
                             
Comprehensive earnings per share:
                        
 
Basic
  
$
1.84
  
$
1.70
  
$
6.00
  
$
3.53
 
Diluted
  
$
1.83
  
$
1.68
  
$
5.95
  
$
3.50
                             
Weighted average common shares outstanding:
                        
 
Basic
    
107,021,836
    
102,875,250
    
104,965,050
    
100,460,016
 
Diluted
    
107,811,190
    
103,656,668
    
105,846,877
    
101,299,609
                             
                             
Comprehensive income attributable to noncontrolling interests:
                  
 
Net income attributable to noncontrolling interests
  
$
579
  
$
497
  
$
2,212
  
$
1,462
 
Other comprehensive income - cumulative translation adjustment
  
111
    
120
    
92
    
(85)
Comprehensive income attributable to noncontrolling interests
$
690
  
$
617
  
$
2,304
  
$
1,377


4
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
 
         
December 31,
2023
  
December 31,
2022
         
(in millions)
                   
Assets
                
Cash and cash equivalents
      
$
                 3,753
  
$
                 3,436
Cash - segregated for regulatory purposes
        
               28,840
    
               25,167
Securities - segregated for regulatory purposes
        
               35,386
    
               31,781
Securities borrowed
        
                 5,835
    
                 4,749
Securities purchased under agreements to resell
        
                 5,504
    
                 6,029
Financial instruments owned, at fair value
        
                 1,488
    
                    485
Receivables from customers, net of allowance for credit losses
      
               44,472
    
               38,760
Receivables from brokers, dealers and clearing organizations
      
                 1,643
    
                 3,469
Other assets
        
                 1,502
    
                 1,267
 
Total assets
      
$
128,423
  
$
115,143
                   
Liabilities and equity
                
                   
Liabilities
                
Short-term borrowings
      
$
                     17
  
$
                     18
Securities loaned
        
               11,347
    
                 8,940
Financial instruments sold but not yet purchased, at fair value
      
                    193
    
                    146
Other payables:
                
 
Customers
        
              101,012
    
               93,195
 
Brokers, dealers and clearing organizations
        
                    590
    
                    291
 
Other payables
        
                 1,197
    
                    938
           
              102,799
    
               94,424
 
Total liabilities
        
              114,356
    
              103,528
                   
Equity
                
Stockholders' equity
        
                 3,584
    
                 2,848
Noncontrolling interests
        
               10,483
    
                 8,767
 
Total equity
        
               14,067
    
               11,615
 
Total liabilities and equity
      
$
128,423
  
$
115,143
                   
   
December 31, 2023
  
December 31, 2022
Ownership of IBG LLC Membership Interests
Interests
  
 %
  
Interests
    
 %
                   
IBG, Inc.
107,049,483
  
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
421,025,837
  
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
2021
  
              871,319
      
       78,276
      
       32,621
      
     982,216
      
            3,905
2022
  
              735,619
  
 (16%)
  
       70,049
  
 (11%)
  
       32,863
  
1%
  
     838,531
  
 (15%)
  
            3,347
2023
  
              670,263
  
 (9%)
  
       58,580
  
 (16%)
  
       36,725
  
12%
  
     765,568
  
 (9%)
  
            3,075
                                     
4Q2022
              165,769
      
       14,923
      
         7,358
      
     188,050
      
            3,009
4Q2023
              164,975
  
 (0%)
  
       14,922
  
 (0%)
  
       10,047
  
37%
  
     189,944
  
1%
  
            3,039
                                     
3Q2023
              163,318
      
       14,218
      
       10,109
      
     187,645
      
            3,002
4Q2023
              164,975
  
1%
  
       14,922
  
5%
  
       10,047
  
 (1%)
  
     189,944
  
1%
  
            3,039
CONTRACT AND SHARE VOLUMES:
(in 000's, except %)
 
TOTAL

 
Options
  
%
  
Futures1
  
%
  
Stocks
  
%
Period
  
(contracts)
Change
  
(contracts)
Change
  
(shares)
  
Change
2021
  
     887,849
      
     154,866
      
   771,273,709
    
2022
  
     908,415
  
2%
  
     207,138
  
34%
  
   330,035,586
  
 (57%)
2023
  
   1,020,736
  
12%
  
     209,034
  
1%
  
   252,742,847
  
 (23%)
                         
4Q2022
  
     229,441
      
       51,519
      
     75,713,964
    
4Q2023
  
     279,945
  
22%
  
       53,883
  
5%
  
     59,046,908
  
 (22%)
                         
3Q2023
  
     256,481
      
       50,309
      
     59,453,190
    
4Q2023
  
     279,945
  
9%
  
       53,883
  
7%
  
     59,046,908
  
 (1%)

ALL CUSTOMERS

 
Options
  
%
  
Futures1
  
%
  
Stocks
  
%
Period
  
(contracts)
  
Change
  
(contracts)
  
Change
  
(shares)
  
Change
2021
  
     852,169
      
     152,787
      
   766,211,726
    
2022
  
     873,914
  
3%
  
     203,933
  
33%
  
   325,368,714
  
 (58%)
2023
  
     981,172
  
12%
  
     206,073
  
1%
  
   248,588,960
  
 (24%)
                         
4Q2022
  
     221,855
      
       50,773
      
     74,353,901
    
4Q2023
  
     269,082
  
21%
  
       52,996
  
4%
  
     58,112,082
  
 (22%)
                         
3Q2023
  
     245,169
      
       49,459
      
     58,202,858
    
4Q2023
  
     269,082
  
10%
  
       52,996
  
7%
  
     58,112,082
  
 (0%)
CLEARED CUSTOMERS

Options
  
%
  
Futures1
  
%
  
Stocks
  
%
Period
  
(contracts)
  
Change
  
(contracts)
  
Change
  
(shares)
  
Change
2021
  
     773,284
      
     151,715
      
   752,720,070
    
2022
  
     781,373
  
1%
  
     202,145
  
33%
  
   314,462,672
  
 (58%)
2023
  
     834,866
  
7%
  
     204,691
  
1%
  
   240,270,617
  
 (24%)
                         
4Q2022
  
     194,962
      
       50,326
      
     71,924,864
    
4Q2023
  
     222,082
  
14%
  
       52,883
  
5%
  
     56,240,615
  
 (22%)
                         
3Q2023
  
     209,097
      
       49,345
      
     56,323,672
    
4Q2023
  
     222,082
  
6%
  
       52,883
  
7%
  
     56,240,615
  
 (0%)

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
2021
  
       35,680
      
         2,079
      
       5,061,983
    
2022
  
       34,501
  
 (3%)
  
         3,205
  
54%
  
       4,666,872
  
 (8%)
2023
  
       39,564
  
15%
  
         2,961
  
 (8%)
  
       4,153,887
  
 (11%)
                         
4Q2022
  
         7,586
      
           746
      
       1,360,063
    
4Q2023
  
       10,863
  
43%
  
           887
  
19%
  
         934,826
  
 (31%)
                         
3Q2023
  
       11,312
      
           850
      
       1,250,332
    
4Q2023
  
       10,863
  
 (4%)
  
           887
  
4%
  
         934,826
  
 (25%)

1
Includes options on futures.

CUSTOMER STATISTICS
Year over Year
    
4Q2023
    
4Q2022
  
% Change
   Total Accounts (in thousands)
    
                      2,562
    
                      2,091
  
23%
   Customer Equity (in billions)1
  
$
426.0
  
$
306.7
  
39%
                 
   Cleared DARTs (in thousands)
    
                      1,727
    
                      1,689
  
2%
   Total Customer DARTs (in thousands)
    
                      1,934
    
                      1,889
  
2%
                 
Cleared Customers
                
   Commission per Cleared Commissionable Order2
  
$
3.19
  
$
3.15
  
1%
   Cleared Avg. DARTs per Account (Annualized)
    
                         172
    
                         206
  
 (17%)
                 
Consecutive Quarters
    
4Q2023
    
3Q2023
  
% Change
   Total Accounts (in thousands)
    
                      2,562
    
                      2,431
  
5%
   Customer Equity (in billions)1
  
$
426.0
  
$
369.8
  
15%
                 
   Cleared DARTs (in thousands)
    
                      1,727
    
                      1,709
  
1%
   Total Customer DARTs (in thousands)
    
                      1,934
    
                      1,907
  
1%
                 
Cleared Customers
                
   Commission per Cleared Commissionable Order2
  
$
3.19
  
$
3.11
  
3%
   Cleared Avg. DARTs per Account (Annualized)
    
                         172
    
                         180
  
 (4%)

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
  
Twelve Months
       
Ended December 31,
  
Ended December 31,
       
2023
  
2022
  
2023
  
2022
       
(in millions)
Average interest-earning assets
                        
 
Segregated cash and securities
  
$
                  59,482
  
$
                  57,327
  
$
                  59,582
  
$
                  51,644
 
Customer margin loans
    
                  42,769
    
                  39,277
    
                  41,229
    
                  43,402
 
Securities borrowed
    
                    5,185
    
                    4,368
    
                    5,315
    
                    3,961
 
Other interest-earning assets
    
                  10,534
    
                    9,203
    
                  10,114
    
                    9,000
 
FDIC sweeps1
    
                    3,554
    
                    2,347
    
                    3,003
    
                    2,229
       
$
                121,524
  
$
                112,522
  
$
                119,242
  
$
                110,235
                             
Average interest-bearing liabilities
                        
 
Customer credit balances
  
$
                  96,598
  
$
                  93,401
  
$
                  96,081
  
$
                  90,172
 
Securities loaned
    
                    9,922
    
                    9,071
    
                    9,518
    
                  10,095
 
Other interest-bearing liabilities
    
                           1
    
                           1
    
                           1
    
                           4
       
$
                106,521
  
$
                102,473
  
$
                105,599
  
$
                100,271
                             
Net interest income
                        
 
Segregated cash and securities, net
  
$
                       760
  
$
                       454
  
$
                    2,791
  
$
                       742
 
Customer margin loans2
    
                       631
    
                       420
    
                    2,278
    
                    1,083
 
Securities borrowed and loaned, net
    
                         43
    
                         73
    
                       276
    
                       413
 
Customer credit balances, net2
    
                     (866)
    
                     (487)
    
                  (3,125)
    
                     (763)
 
Other net interest income1/3
    
                       171
    
                       112
    
                       600
    
                       207
   
Net interest income3
  
$
                       739
  
$
                       572
  
$
                    2,820
  
$
                    1,682
                             
Net interest margin ("NIM")
    
2.41%
    
2.02%
    
2.36%
    
1.53%
                             
Annualized yields
                        
 
Segregated cash and securities
    
5.07%
    
3.14%
    
4.68%
    
1.44%
 
Customer margin loans
    
5.85%
    
4.24%
    
5.53%
    
2.50%
 
Customer credit balances
    
3.56%
    
2.07%
    
3.25%
    
0.85%


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, 2023 and 2022, $5 million, $19 million, $3 million, and $10 million were reported in other fees and services, respectively. For the three and twelve months ended December 31, 2023 and 2022, $4 million, $7 million, $3 million, and $4 million were reported in other income, respectively.

8
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
     
Three Months
  
Twelve Months
     
Ended December 31,
  
Ended December 31,
     
2023
  
2022
  
2023
  
2022
     
(in millions)
                           
Adjusted net revenues1
                        
Net revenues - GAAP
  
$
1,139
  
$
976
  
$
4,340
  
$
3,067
                           
Non-GAAP adjustments
                        
 
Currency diversification strategy, net
    
9
    
(11)
    
80
    
100
 
Mark-to-market on investments2
    
8
    
                       (1)
    
(46)
    
52
 
Remeasurement of TRA liability3
    
(7)
    
                       (6)
    
(7)
    
(6)
Total non-GAAP adjustments
    
10
    
(18)
    
27
    
146
Adjusted net revenues
  
$
1,149
  
$
958
  
$
4,367
  
$
3,213
                           
Adjusted income before income taxes1
                        
Income before income taxes - GAAP
  
$
816
  
$
689
  
$
3,069
  
$
1,998
                           
Non-GAAP adjustments
                        
 
Currency diversification strategy, net
    
9
    
(11)
    
80
    
100
 
Mark-to-market on investments2
    
8
    
                       (1)
    
(46)
    
52
 
Remeasurement of TRA liability3
    
(7)
    
                       (6)
    
(7)
    
(6)
 
Bad debt expense5
    
5
    
                         -
    
5
    
0
Total non-GAAP adjustments
    
                       15
    
                     (18)
    
                       32
    
                     146
Adjusted income before income taxes
  
$
831
  
$
671
  
$
3,101
  
$
2,144
                           
Adjusted pre-tax profit margin
    
72%
    
70%
    
71%
    
67%

9
     
Three Months
  
Twelve Months
     
Ended December 31,
  
Ended December 31,
     
2023
  
2022
  
2023
  
2022
     
(in millions)
Adjusted net income available for common stockholders1
                  
Net income available for common stockholders - GAAP
$
160
  
$
136
  
$
600
  
$
380
                           
Non-GAAP adjustments
                        
 
Currency diversification strategy, net
    
2
    
(3)
    
                       20
    
24
 
Mark-to-market on investments2
    
2
    
(0)
    
                     (12)
    
13
 
Remeasurement of TRA liability3
    
(7)
    
                       (6)
    
                       (7)
    
                       (6)
 
Bad debt expense4
    
1
    
                         -
    
                         1
    
                         -
 
Income tax effect of above adjustments5
    
(1)
    
                         1
    
                       (2)
    
                       (7)
 
Remeasurement of deferred income taxes6
    
7
    
                         7
    
                         7
    
                         7
Total non-GAAP adjustments
    
                         5
    
                       (1)
    
                         8
    
                       30
Adjusted net income available for common stockholders
$
164
  
$
135
  
$
608
  
$
410
                           
Note: Amounts may not add due to rounding.
                        

     
Three Months
  
Twelve Months
     
Ended December 31,
  
Ended December 31,
     
2023
  
2022
  
2023
  
2022
     
(in dollars)
Adjusted diluted EPS1
                        
Diluted EPS - GAAP
  
$
1.48
  
$
1.31
  
$
5.67
  
$
3.75
                           
Non-GAAP adjustments
                        
 
Currency diversification strategy, net
    
0.02
    
(0.03)
    
0.19
    
0.24
 
Mark-to-market on investments2
    
0.02
    
(0.00)
    
(0.11)
    
0.12
 
Remeasurement of TRA liability3
    
(0.07)
    
(0.06)
    
(0.07)
    
(0.06)
 
Bad debt expense4
    
0.01
    
0.00
    
0.01
    
0.00
 
Income tax effect of above adjustments5
    
(0.01)
    
0.01
    
(0.01)
    
(0.07)
 
Remeasurement of deferred income taxes6
    
0.07
    
0.07
    
0.07
    
0.07
Total non-GAAP adjustments
    
0.04
    
(0.01)
    
0.08
    
0.30
Adjusted diluted EPS
  
$
1.52
  
$
1.30
  
$
5.75
  
$
4.05
                           
Diluted weighted average common shares outstanding
107,811,190
    
103,656,668
    
105,846,877
    
101,299,609
                           
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, 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, and unusual bad debt expense4.
•
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 net mark-to-market gains (losses) on investments, the remeasurement of our TRA liability, unusual bad debt expense, and the remeasurement of certain deferred tax assets6.
•
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 Remeasurement of our tax receivable agreement (“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. This is related to the remeasurement of the deferred tax assets described below. 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 24, 2023.
4Unusual bad debt expense consists of a credit loss on a loan not related to margin lending.
5 The income tax effect is estimated using the statutory income tax rates applicable to the Company.
6 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 24, 2023.

11


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Jan. 16, 2024
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Document Period End Date Jan. 16, 2024
Entity File Number 001-33440
Entity Registrant Name Interactive Brokers Group, Inc.
Entity Central Index Key 0001381197
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 30-0390693
Entity Address, Address Line One One Pickwick Plaza
Entity Address, City or Town Greenwich
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06830
City Area Code 203
Local Phone Number 618-5800
Title of 12(b) Security Class A common stock
Trading Symbol IBKR
Security Exchange Name NASDAQ
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