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    Interactive Brokers Group Announces 2Q2024 Results

    7/16/24 4:01:00 PM ET
    $IBKR
    Investment Bankers/Brokers/Service
    Finance
    Get the next $IBKR alert in real time by email

    GAAP DILUTED EPS OF $1.65, ADJUSTED1 EPS OF $1.76

    GAAP NET REVENUES OF $1,230 MILLION, ADJUSTED NET REVENUES OF $1,290 MILLION

    Interactive Brokers Group, Inc. (NASDAQ:IBKR), an automated global electronic broker, announced results for the quarter ended June 30, 2024.

    Reported diluted earnings per share were $1.65 for the current quarter and $1.76 as adjusted. For the year-ago quarter, reported diluted earnings per share were $1.20 and $1.32 as adjusted.

    Reported net revenues were $1,230 million for the current quarter and $1,290 million as adjusted. For the year-ago quarter, reported net revenues were $1,000 million and $1,064 million as adjusted.

    Reported income before income taxes was $880 million for the current quarter and $940 million as adjusted. For the year-ago quarter, reported income before income taxes was $652 million and $716 million as adjusted.

    Financial Highlights

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

    • Commission revenue increased 26% to $406 million on higher customer trading volumes. Customer trading volume in options, stocks and futures increased 35%, 26% and 10%, respectively.
    • Net interest income increased 14% to $792 million on higher benchmark interest rates, customer margin loans and customer credit balances.
    • Other fees and services increased $21 million, or 45%, to $68 million, driven primarily by increases of $14 million in risk exposure fees and $3 million each in payments for order flow from exchange-mandated programs and FDIC sweep program fees.
    • Execution, clearing and distribution fees expenses increased 24% to $115 million, driven by higher customer trading volumes and an increase in the SEC fee rate during the current quarter.
    • Pretax profit margin for the current quarter was 72% as reported and 73% as adjusted. For the year-ago quarter, reported pretax margin was 65% and 67% as adjusted.
    • Total equity of $15.2 billion.

    The Interactive Brokers Group, Inc. Board of Directors declared a quarterly cash dividend of $0.25 per share. This dividend is payable on September 13, 2024, to shareholders of record as of August 30, 2024.

    Business Highlights

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

    • Customer accounts increased 28% to 2.92 million.
    • Customer equity increased 36% to $497.2 billion.
    • Total DARTs2 increased 28% to 2.39 million.
    • Customer credits increased 8% to $107.1 billion.
    • Customer margin loans increased 32% to $55.1 billion.

    Other Items

    As previously disclosed, during the current quarter, we recognized a loss of approximately $48 million on positions taken over as customer accommodation due to a technical issue at the New York Stock Exchange that occurred on the morning of June 3, 2024.

    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 $30 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 $20 million) and (2) Other Comprehensive Income (loss of $10 million).

    Conference Call Information:

    Interactive Brokers Group, Inc. will hold a conference call with investors today, July 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/BI9f2adf478d354c83b495036e581df05b 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. Interactive Brokers has consistently earned recognition as a top broker, garnering multiple awards and accolades from respected industry sources such as Barron's, Investopedia, Stockbrokers.com, and many others.

    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.

    ___________________

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

    2 Daily average revenue trades (DARTs) are based on customer orders.

    INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF INCOME

    (UNAUDITED)

    Three Months Six Months
    Ended June 30, Ended June 30,

    2024

    2023

    2024

    2023

    (in millions, except share and per share data)
     
    Revenues:
    Commissions $

    406

     

    $

    322

     

    $

    785

     

    $

    679

     

    Other fees and services

    68

     

    47

     

    127

     

    90

     

    Other income (loss)

    (36

    )

    (63

    )

    (18

    )

    (44

    )

    Total non-interest income

    438

     

    306

     

    894

     

    725

     

     
    Interest income

    1,828

     

    1,545

     

    3,588

     

    2,892

     

    Interest expense

    (1,036

    )

    (851

    )

    (2,049

    )

    (1,561

    )

    Total net interest income

    792

     

    694

     

    1,539

     

    1,331

     

    Total net revenues

    1,230

     

    1,000

     

    2,433

     

    2,056

     

     
    Non-interest expenses:
    Execution, clearing and distribution fees

    115

     

    93

     

    216

     

    188

     

    Employee compensation and benefits

    146

     

    136

     

    291

     

    264

     

    Occupancy, depreciation and amortization

    25

     

    25

     

    51

     

    49

     

    Communications

    10

     

    10

     

    20

     

    19

     

    General and administrative

    52

     

    85

     

    102

     

    121

     

    Customer bad debt

    2

     

    (1

    )

    7

     

    2

     

    Total non-interest expenses

    350

     

    348

     

    687

     

    643

     

     
    Income before income taxes

    880

     

    652

     

    1,746

     

    1,413

     

    Income tax expense

    71

     

    51

     

    142

     

    112

     

    Net income

    809

     

    601

     

    1,604

     

    1,301

     

    Net income attributable to noncontrolling interests

    630

     

    476

     

    1,250

     

    1,028

     

    Net income available for common stockholders $

    179

     

    $

    125

     

    $

    354

     

    $

    273

     

     
    Earnings per share:
    Basic $

    1.67

     

    $

    1.21

     

    $

    3.30

     

    $

    2.65

     

    Diluted $

    1.65

     

    $

    1.20

     

    $

    3.27

     

    $

    2.62

     

     
    Weighted average common shares outstanding:
    Basic

    107,719,020

     

    103,587,557

     

    107,394,925

     

    103,274,846

     

    Diluted

    108,626,836

     

    104,463,729

     

    108,388,138

     

    104,254,888

     

    INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

    (UNAUDITED)

     
    Three Months Six Months
    Ended June 30, Ended June 30,

    2024

    2023

    2024

    2023

    (in millions, except share and per share data)
     
    Comprehensive income:
    Net income available for common stockholders $

    179

     

    $

    125

    $

    354

     

    $

    273

    Other comprehensive income:
    Cumulative translation adjustment, before income taxes

    (2

    )

    7

    (28

    )

    12

    Income taxes related to items of other comprehensive income

    -

     

    -

    -

     

    -

    Other comprehensive income (loss), net of tax

    (2

    )

    7

    (28

    )

    12

    Comprehensive income available for common stockholders $

    177

     

    $

    132

    $

    326

     

    $

    285

     
    Comprehensive earnings per share:
    Basic $

    1.64

     

    $

    1.28

    $

    3.03

     

    $

    2.76

    Diluted $

    1.63

     

    $

    1.27

    $

    3.00

     

    $

    2.74

     
    Weighted average common shares outstanding:
    Basic

    107,719,020

     

    103,587,557

    107,394,925

     

    103,274,846

    Diluted

    108,626,836

     

    104,463,729

    108,388,138

     

    104,254,888

     
     
    Comprehensive income attributable to noncontrolling interests:
    Net income attributable to noncontrolling interests $

    630

     

    $

    476

    $

    1,250

     

    $

    1,028

    Other comprehensive income - cumulative translation adjustment

    (8

    )

    24

    (84

    )

    38

    Comprehensive income attributable to noncontrolling interests $

    622

     

    $

    500

    $

    1,166

     

    $

    1,066

    INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

    (UNAUDITED)

     
    June 30,

    2024
    December 31,

    2023
    (in millions)
     
    Assets
    Cash and cash equivalents $

    3,918

    $

    3,753

    Cash - segregated for regulatory purposes

    31,370

    28,840

    Securities - segregated for regulatory purposes

    28,318

    35,386

    Securities borrowed

    6,218

    5,835

    Securities purchased under agreements to resell

    6,211

    5,504

    Financial instruments owned, at fair value

    1,766

    1,488

    Receivables from customers, net of allowance for credit losses

    55,252

    44,472

    Receivables from brokers, dealers and clearing organizations

    1,810

    1,643

    Other assets

    1,785

    1,502

    Total assets $

    136,648

    $

    128,423

     
    Liabilities and equity
     
    Liabilities
    Short-term borrowings $

    11

    $

    17

    Securities loaned

    15,682

    11,347

    Financial instruments sold but not yet purchased, at fair value

    473

    193

    Other payables:
    Customers

    103,373

    101,012

    Brokers, dealers and clearing organizations

    570

    590

    Other payables

    1,355

    1,197

    105,298

    102,799

    Total liabilities

    121,464

    114,356

     
    Equity
    Stockholders' equity

    3,927

    3,584

    Noncontrolling interests

    11,257

    10,483

    Total equity

    15,184

    14,067

    Total liabilities and equity $

    136,648

    $

    128,423

     
    June 30, 2024 December 31, 2023
    Ownership of IBG LLC Membership Interests Interests % Interests %
     
    IBG, Inc.

    108,496,779

    25.7%

    107,049,483

    25.4%

    Noncontrolling interests (IBG Holdings LLC)

    313,976,354

    74.3%

    313,976,354

    74.6%

     
    Total IBG LLC membership interests

    422,473,133

    100.0%

    421,025,837

    100.0%

    INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

    OPERATING DATA

     
    EXECUTED ORDER VOLUMES:
    (in 000's, except %)
     

    Customer

    %

    Principal

    %

    Total

    %

    Period

    Orders

    Change

    Orders

    Change

    Orders

    Change

    2021

    646,440

    27,334

    673,774

    2022

    532,064

    (18%)

    26,966

    (1%)

    559,030

    (17%)

    2023

    483,015

    (9%)

    29,712

    10%

    512,727

    (8%)

     

    2Q2023

    115,611

    6,836

    122,447

    2Q2024

    150,292

    30%

    13,215

    93%

    163,507

    34%

     

    1Q2024

    143,320

    9,190

    152,510

    2Q2024

    150,292

    5%

    13,215

    44%

    163,507

    7%

     
    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%)

     

    2Q2023

    236,803

    49,644

    58,720,684

    2Q2024

    321,141

    36%

    55,171

    11%

    73,734,105

    26%

     

    1Q2024

    307,593

    54,046

    64,027,092

    2Q2024

    321,141

    4%

    55,171

    2%

    73,734,105

    15%

     
    CUSTOMER

    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%)

     

    2Q2023

    227,884

    49,040

    57,711,637

    2Q2024

    308,298

    35%

    54,106

    10%

    72,480,534

    26%

     

    1Q2024

    296,146

    53,018

    62,898,480

    2Q2024

    308,298

    4%

    54,106

    2%

    72,480,534

    15%

     
    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%)

     

    2Q2023

    8,919

    604

    1,009,047

    2Q2024

    12,843

    44%

    1,065

    76%

    1,253,571

    24%

     

    1Q2024

    11,447

    1,028

    1,128,612

    2Q2024

    12,843

    12%

    1,065

    4%

    1,253,571

    11%

     
    1 Includes options on futures

    INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

    OPERATING DATA, CONTINUED

     
    CUSTOMER STATISTICS
     
    Year over Year

    2Q2024

    2Q2023

    % Change

    Total Accounts (in thousands)

    2,924

    2,290

    28%

    Customer Equity (in billions)1 $

    497.2

    $

    365.0

    36%

    Total Customer DARTs (in thousands)

    2,386

    1,865

    28%

     
    Cleared Customers
    Commission per Cleared Commissionable Order2 $

    3.01

    $

    3.11

    (3%)

    Cleared Avg. DARTs per Account (Annualized)

    187

    186

    1%

     
    Consecutive Quarters

    2Q2024

    1Q2024

    % Change

    Total Accounts (in thousands)

    2,924

    2,746

    6%

    Customer Equity (in billions)1 $

    497.2

    $

    465.9

    7%

    Total Customer DARTs (in thousands)

    2,386

    2,350

    2%

     
    Cleared Customers
    Commission per Cleared Commissionable Order2 $

    3.01

    $

    2.93

    3%

    Cleared Avg. DARTs per Account (Annualized)

    187

    197

    (5%)

     
    (1) Excludes non-Customers.
    (2) Commissionable Order - a customer order that generates commissions.

    INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

    NET INTEREST MARGIN

    (UNAUDITED)

     
    Three Months Six Months
    Ended June 30, Ended June 30,

    2024

    2023

    2024

    2023

     
    (in millions)
    Average interest-earning assets
    Segregated cash and securities $

    60,057

     

    $

    61,038

     

    $

    60,595

     

    $

    60,359

     

    Customer margin loans

    52,422

     

    39,989

     

    49,538

     

    39,646

     

    Securities borrowed

    5,898

     

    5,649

     

    5,633

     

    5,259

     

    Other interest-earning assets

    11,218

     

    10,090

     

    10,585

     

    9,934

     

    FDIC sweeps1

    4,023

     

    2,719

     

    3,942

     

    2,574

     

    $

    133,618

     

    $

    119,485

     

    $

    130,292

     

    $

    117,770

     

     
    Average interest-bearing liabilities
    Customer credit balances $

    102,709

     

    $

    96,416

     

    $

    101,110

     

    $

    96,109

     

    Securities loaned

    13,688

     

    9,729

     

    12,711

     

    9,150

     

    Other interest-bearing liabilities

    1

     

    -

     

    1

     

    1

     

    $

    116,398

     

    $

    106,145

     

    $

    113,821

     

    $

    105,260

     

     
    Net interest income
    Segregated cash and securities, net $

    740

     

    $

    700

     

    $

    1,504

     

    $

    1,303

     

    Customer margin loans2

    755

     

    547

     

    1,433

     

    1,024

     

    Securities borrowed and loaned, net

    25

     

    79

     

    51

     

    167

     

    Customer credit balances, net2

    (894

    )

    (774

    )

    (1,775

    )

    (1,427

    )

    Other net interest income1/3

    179

     

    145

     

    354

     

    270

     

    Net interest income3 $

    805

     

    $

    697

     

    $

    1,567

     

    $

    1,337

     

     
    Net interest margin ("NIM")

    2.42

    %

    2.34

    %

    2.42

    %

    2.29

    %

     
    Annualized yields
    Segregated cash and securities

    4.96

    %

    4.60

    %

    4.99

    %

    4.35

    %

    Customer margin loans

    5.79

    %

    5.49

    %

    5.82

    %

    5.21

    %

    Customer credit balances

    3.50

    %

    3.22

    %

    3.53

    %

    2.99

    %

    _______________________________

    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 six months ended June 30, 2024 and 2023, $7 million, $13 million, $5 million, and $8 million were reported in other fees and services, respectively. For the three and six months ended June 30, 2024 and 2023, $6 million, $15 million, -$2 million, and -$2 million were reported in other income, respectively.

    INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

    (UNAUDITED)

     
    Three Months Six Months
    Ended June 30, Ended June 30,

    2024

    2023

    2024

    2023

     
    (in millions)
     
    Adjusted net revenues1
    Net revenues - GAAP $

    1,230

     

    $

    1,000

     

    $

    2,433

     

    $

    2,056

     

     
    Non-GAAP adjustments
    Currency diversification strategy, net

    20

     

    55

     

    22

     

    54

     

    Mark-to-market on investments2

    40

     

    9

     

    51

     

    (31

    )

    Total non-GAAP adjustments

    60

     

    64

     

    73

     

    23

     

    Adjusted net revenues $

    1,290

     

    $

    1,064

     

    $

    2,506

     

    $

    2,079

     

     
    Adjusted income before income taxes1
    Income before income taxes - GAAP $

    880

     

    $

    652

     

    $

    1,746

     

    $

    1,413

     

     
    Non-GAAP adjustments
    Currency diversification strategy, net

    20

     

    55

     

    22

     

    54

     

    Mark-to-market on investments2

    40

     

    9

     

    51

     

    (31

    )

    Total non-GAAP adjustments

    60

     

    64

     

    73

     

    23

     

    Adjusted income before income taxes $

    940

     

    $

    716

     

    $

    1,819

     

    $

    1,436

     

     
    Adjusted pre-tax profit margin

    73

    %

    67

    %

    73

    %

    69

    %

    Three Months Six Months
    Ended June 30, Ended June 30,

    2024

    2023

    2024

    2023

     
    (in millions)
    Adjusted net income available for common stockholders1
    Net income available for common stockholders - GAAP $

    179

     

    $

    125

     

    $

    354

     

    $

    273

     

     
    Non-GAAP adjustments
    Currency diversification strategy, net

    5

     

    14

     

    5

     

    14

     

    Mark-to-market on investments2

    10

     

    2

     

    13

     

    (8

    )

    Income tax effect of above adjustments3

    (3

    )

    (3

    )

    (4

    )

    (1

    )

    Total non-GAAP adjustments

    12

     

    13

     

    14

     

    5

     

    Adjusted net income available for common stockholders $

    191

     

    $

    138

     

    $

    368

     

    $

    278

     

     
    Note: Amounts may not add due to rounding.
     
    Three Months Six Months
    Ended June 30, Ended June 30,

    2024

    2023

    2024

    2023

     
    (in dollars)
    Adjusted diluted EPS1
    Diluted EPS - GAAP $

    1.65

     

    $

    1.20

     

    $

    3.27

     

    $

    2.62

     

     
    Non-GAAP adjustments
    Currency diversification strategy, net

    0.05

     

    0.13

     

    0.05

     

    0.13

     

    Mark-to-market on investments2

    0.09

     

    0.02

     

    0.12

     

    (0.07

    )

    Income tax effect of above adjustments3

    (0.03

    )

    (0.03

    )

    (0.04

    )

    (0.01

    )

    Total non-GAAP adjustments

    0.11

     

    0.12

     

    0.13

     

    0.04

     

    Adjusted diluted EPS $

    1.76

     

    $

    1.32

     

    $

    3.40

     

    $

    2.67

     

     
    Diluted weighted average common shares outstanding

    108,626,836

     

    104,463,729

     

    108,388,138

     

    104,254,888

     

     
    Note: Amounts may not add due to rounding.

    Note: The term "GAAP" in the following explanation refers to generally accepted accounting principles in the United States.

    1 Adjusted net revenues, adjusted income before income taxes, adjusted net income available for common stockholders and adjusted diluted earnings per share ("EPS") are non-GAAP financial measures.

    • We define adjusted net revenues as net revenues adjusted to remove the effect of our currency diversification strategy and our net mark-to-market gains (losses) on investments2.
    • We define adjusted income before income taxes as income before income taxes adjusted to remove the effect of our currency diversification strategy and our net mark-to-market gains (losses) on investments.
    • We define adjusted net income available to common stockholders as net income available for common stockholders adjusted to remove the after-tax effects attributable to IBG, Inc. of our currency diversification strategy and our net mark-to-market gains (losses) on investments.
    • We define adjusted diluted EPS as adjusted net income available for common stockholders divided by the diluted weighted average number of shares outstanding for the period.

    Management believes these non-GAAP items are important measures of our financial performance because they exclude certain items that may not be indicative of our core operating results and business outlook and may be useful to investors and analysts in evaluating the operating performance of the business and facilitating a meaningful comparison of our results in the current period to those in prior and future periods. Our currency diversification strategy and our mark-to-market on investments are excluded because management does not believe they are indicative of our underlying core business performance. Adjusted net revenues, adjusted income before income taxes, adjusted net income available to common stockholders and adjusted diluted EPS should be considered in addition to, rather than as a substitute for, GAAP net revenues, income before income taxes, net income attributable to common stockholders and diluted EPS.

    2 Mark-to-market on investments represents the net mark-to-market gains (losses) on investments in equity securities that do not qualify for equity method accounting, which are measured at fair value; on our U.S. government and municipal securities portfolios, which are typically held to maturity; and on certain other investments, including equity securities taken over by the Company as a customer accommodation due to a technical issue at the New York Stock Exchange that occurred on the morning of June 3, 2024.

    3 The income tax effect is estimated using the statutory income tax rates applicable to the Company.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240716047794/en/

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