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    Interactive Brokers Group Announces 3Q2024 Results

    10/15/24 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 $1.81, Adjusted1 EPS of $1.75

    GAAP Net Revenues of $1,365 Million, Adjusted Net Revenues of $1,327 Million

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

    Reported diluted earnings per share were $1.81 for the current quarter and $1.75 as adjusted. For the year-ago quarter, reported diluted earnings per share were $1.56 and $1.55 as adjusted.

    Reported net revenues were $1,365 million for the current quarter and $1,327 million as adjusted. For the year-ago quarter, reported net revenues were $1,145 million and $1,139 million as adjusted.

    Reported income before income taxes was $987 million for the current quarter and $949 million as adjusted. For the year-ago quarter, reported income before income taxes was $840 million and $834 million as adjusted.

    Financial Highlights

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

    • Commission revenue increased 31% to $435 million on higher customer trading volumes. Customer trading volume in options, stocks and futures increased 35%, 22% and 13%, respectively.
    • Net interest income increased 9% to $802 million on higher customer margin loans and customer credit balances.
    • Other fees and services increased $20 million, or 38%, to $72 million, driven by increases of $13 million in risk exposure fees, $5 million in payments for order flow from exchange-mandated programs, and $2 million in FDIC sweep program fees.
    • Execution, clearing and distribution fees expenses increased 18% to $116 million, driven by a higher SEC fee rate and higher customer trading volumes.
    • General and administrative expenses increased $30 million, or 67%, to $75 million, driven primarily by a one-time charge of $12 million related to the consolidation of our European subsidiaries and a $9 million increase related to legal and regulatory matters.
    • Pretax profit margin for the current quarter was 72% both as reported and as adjusted. For the year-ago quarter, pretax margin was 73% both as reported and as adjusted.
    • Total equity of $16.1 billion.

    The Interactive Brokers Group, Inc. Board of Directors declared a quarterly cash dividend of $0.25 per share. This dividend is payable on December 13, 2024, to shareholders of record as of November 29, 2024.

    Business Highlights

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

    • Customer accounts increased 28% to 3.12 million.
    • Customer equity increased 46% to $541.5 billion.
    • Total DARTs2 increased 42% to 2.70 million.
    • Customer credits increased 19% to $116.7 billion.
    • Customer margin loans increased 28% to $55.8 billion.

    Other Items

    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 $178 million, as the U.S. dollar value of the GLOBAL increased by approximately 1.14%. The effects of the currency diversification strategy are reported as components of (1) Other Income (gain of $25 million) and (2) Other Comprehensive Income (gain of $153 million).

    Conference Call Information:

    Interactive Brokers Group, Inc. will hold a conference call with investors today, October 15, 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/BI3215f73851b048a8b64604af65ed4ff9 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

     

    Nine Months

    Ended September 30,

     

    Ended September 30,

    2024

     

    2023

     

    2024

     

    2023

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

    435

     

    $

    333

     

    $

    1,220

     

    $

    1,012

     

    Other fees and services

    72

     

    52

     

    199

     

    142

     

    Other income (loss)

    56

     

    27

     

    38

     

    (17

    )

    Total non-interest income

    563

     

    412

     

    1,457

     

    1,137

     

    Interest income

    1,888

     

    1,643

     

    5,476

     

    4,535

     

    Interest expense

    (1,086

    )

    (910

    )

    (3,135

    )

    (2,471

    )

    Total net interest income

    802

     

    733

     

    2,341

     

    2,064

     

    Total net revenues

    1,365

     

    1,145

     

    3,798

     

    3,201

     

    Non-interest expenses:
    Execution, clearing and distribution fees

    116

     

    98

     

    332

     

    286

     

    Employee compensation and benefits

    145

     

    127

     

    436

     

    391

     

    Occupancy, depreciation and amortization

    26

     

    25

     

    77

     

    74

     

    Communications

    9

     

    10

     

    29

     

    29

     

    General and administrative

    75

     

    45

     

    177

     

    166

     

    Customer bad debt

    7

     

    -

     

    14

     

    2

     

    Total non-interest expenses

    378

     

    305

     

    1,065

     

    948

     

    Income before income taxes

    987

     

    840

     

    2,733

     

    2,253

     

    Income tax expense

    80

     

    68

     

    222

     

    180

     

    Net income

    907

     

    772

     

    2,511

     

    2,073

     

    Net income attributable to noncontrolling interests

    708

     

    605

     

    1,958

     

    1,633

     

    Net income available for common stockholders $

    199

     

    $

    167

     

    $

    553

     

    $

    440

     

    Earnings per share:
    Basic $

    1.83

     

    $

    1.57

     

    $

    5.12

     

    $

    4.22

     

    Diluted $

    1.81

     

    $

    1.56

     

    $

    5.08

     

    $

    4.19

     

     
    Weighted average common shares outstanding:
    Basic

    108,757,991

     

    106,233,557

     

    107,852,597

     

    104,271,921

     

    Diluted

    109,536,360

     

    107,011,427

     

    108,774,195

     

    105,184,572

     

       

    INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

    (UNAUDITED)

    Three Months

     

    Nine Months

    Ended September 30,

     

    Ended September 30,

    2024

     

    2023

     

    2024

     

    2023

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

    199

    $

    167

     

    $

    553

    $

    440

     

    Other comprehensive income:
    Cumulative translation adjustment, before income taxes

    39

    (19

    )

    11

    (7

    )

    Income taxes related to items of other comprehensive income

    -

    -

     

    -

    -

     

    Other comprehensive income (loss), net of tax

    39

    (19

    )

    11

    (7

    )

    Comprehensive income available for common stockholders $

    238

    $

    148

     

    $

    564

    $

    433

     

     
    Comprehensive earnings per share:
    Basic $

    2.19

    $

    1.39

     

    $

    5.23

    $

    4.15

     

    Diluted $

    2.18

    $

    1.38

     

    $

    5.18

    $

    4.12

     

     
    Weighted average common shares outstanding:
    Basic

    108,757,991

    106,233,557

     

    107,852,597

    104,271,921

     

    Diluted

    109,536,360

    107,011,427

     

    108,774,195

    105,184,572

     

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

    708

    $

    605

     

    $

    1,958

    $

    1,633

     

    Other comprehensive income - cumulative translation adjustment

    114

    (57

    )

    30

    (19

    )

    Comprehensive income attributable to noncontrolling interests $

    822

    $

    548

     

    $

    1,988

    $

    1,614

     

       

    INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

    (UNAUDITED)

    September 30,

    2024
    December 31,

    2023
    (in millions)
     
    Assets
    Cash and cash equivalents $

    3,595

    $

    3,753

    Cash - segregated for regulatory purposes

    35,216

    28,840

    Securities - segregated for regulatory purposes

    31,103

    35,386

    Securities borrowed

    7,513

    5,835

    Securities purchased under agreements to resell

    8,176

    5,504

    Financial instruments owned, at fair value

    2,949

    1,488

    Receivables from customers, net of allowance for credit losses

    56,006

    44,472

    Receivables from brokers, dealers and clearing organizations

    2,210

    1,643

    Other assets

    1,758

    1,502

    Total assets $

    148,526

    $

    128,423

     
    Liabilities and equity
     
    Liabilities
    Short-term borrowings $

    33

    $

    17

    Securities loaned

    16,818

    11,347

    Financial instruments sold but not yet purchased, at fair value

    381

    193

    Other payables:
    Customers

    112,579

    101,012

    Brokers, dealers and clearing organizations

    1,202

    590

    Other payables

    1,435

    1,197

    115,216

    102,799

    Total liabilities

    132,448

    114,356

     
    Equity
    Stockholders' equity

    4,160

    3,584

    Noncontrolling interests

    11,918

    10,483

    Total equity

    16,078

    14,067

    Total liabilities and equity $

    148,526

    $

    128,423

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

    108,879,779

    25.8%

    107,049,483

    25.4%

    Noncontrolling interests (IBG Holdings LLC)

    313,643,354

    74.2%

    313,976,354

    74.6%

     
    Total IBG LLC membership interests

    422,523,133

    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%)

     

     

    3Q2023

    119,188

    8,187

    127,375

    3Q2024

    171,620

    44%

    17,722

    116%

    189,342

    49%

     

     

    2Q2024

    150,292

    13,215

    163,507

    3Q2024

    171,620

    14%

    17,722

    34%

    189,342

    16%

     

     

    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%)

     

     

    3Q2023

    256,481

    50,309

    59,453,190

    3Q2024

    344,540

    34%

    56,825

    13%

    72,117,769

    21%

     

     

    2Q2024

    321,141

    55,171

    73,734,105

    3Q2024

    344,540

    7%

    56,825

    3%

    72,117,769

    (2%)

     

     

    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%)

     

     

    3Q2023

    245,169

    49,459

    58,202,858

    3Q2024

    330,173

    35%

    56,078

    13%

    70,751,412

    22%

     

     

    2Q2024

    308,298

    54,106

    72,480,534

    3Q2024

    330,173

    7%

    56,078

    4%

    70,751,412

    (2%)

     

     

    PRINCIPAL

     

    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%)

     

     

    3Q2023

    11,312

    850

    1,250,332

    3Q2024

    14,367

    27%

    747

    (12%)

    1,366,357

    9%

     

     

    2Q2024

    12,843

    1,065

    1,253,571

    3Q2024

    14,367

    12%

    747

    (30%)

    1,366,357

    9%

     
    1 Includes options on futures
       

    INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

    OPERATING DATA, CONTINUED

    CUSTOMER STATISTICS
     
    Year over Year

    3Q2024

     

     

    3Q2023

     

    % Change

    Total Accounts (in thousands)

    3,120

    2,431

    28%

    Customer Equity (in billions)1 $

    541.5

    $

    369.8

    46%

    Total Customer DARTs (in thousands)

    2,703

    1,907

    42%

     
    Cleared Customers
    Commission per Cleared Commissionable Order2 $

    2.83

    $

    3.11

    (9%)

    Cleared Avg. DARTs per Account (Annualized)

    198

    180

    10%

     
    Consecutive Quarters

    3Q2024

     

     

    2Q2024

     

    % Change

    Total Accounts (in thousands)

    3,120

    2,924

    7%

    Customer Equity (in billions)1 $

    541.5

    $

    497.2

    9%

    Total Customer DARTs (in thousands)

    2,703

    2,386

    13%

     
    Cleared Customers
    Commission per Cleared Commissionable Order2 $

    2.83

    $

    3.01

    (6%)

    Cleared Avg. DARTs per Account (Annualized)

    198

    187

    6%

     
    (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

     

    Nine Months

    Ended September 30,

     

    Ended September 30,

    2024

     

    2023

     

    2024

     

    2023

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

    61,813

     

    $

    58,131

     

    $

    61,000

     

    $

    59,616

     

    Customer margin loans

    54,647

     

    42,853

     

    51,240

     

    40,715

     

    Securities borrowed

    6,241

     

    5,557

     

    5,836

     

    5,358

     

    Other interest-earning assets

    11,678

     

    10,054

     

    10,949

     

    9,974

     

    FDIC sweeps1

    4,330

     

    3,311

     

    4,071

     

    2,819

     

    $

    138,709

     

    $

    119,906

     

    $

    133,097

     

    $

    118,482

     

     
    Average interest-bearing liabilities
    Customer credit balances $

    106,865

     

    $

    95,506

     

    $

    103,028

     

    $

    95,908

     

    Securities loaned

    14,258

     

    9,848

     

    13,227

     

    9,383

     

    Other interest-bearing liabilities

    1

     

    1

     

    1

     

    1

     

    $

    121,124

     

    $

    105,355

     

    $

    116,255

     

    $

    105,291

     

     
    Net interest income
    Segregated cash and securities, net $

    763

     

    $

    728

     

    $

    2,267

     

    $

    2,031

     

    Customer margin loans2

    787

     

    623

     

    2,220

     

    1,647

     

    Securities borrowed and loaned, net

    16

     

    66

     

    67

     

    233

     

    Customer credit balances, net2

    (936

    )

    (832

    )

    (2,711

    )

    (2,259

    )

    Other net interest income1/3

    196

     

    159

     

    550

     

    429

     

    Net interest income3 $

    826

     

    $

    744

     

    $

    2,393

     

    $

    2,081

     

     
    Net interest margin ("NIM")

    2.37

    %

    2.46

    %

    2.40

    %

    2.35

    %

     
    Annualized yields
    Segregated cash and securities

    4.91

    %

    4.97

    %

    4.96

    %

    4.55

    %

    Customer margin loans

    5.73

    %

    5.77

    %

    5.79

    %

    5.41

    %

    Customer credit balances

    3.48

    %

    3.46

    %

    3.51

    %

    3.15

    %

     

    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 nine months ended September 30, 2024 and 2023, $7 million, $20 million, $6 million, and $14 million were reported in other fees and services, respectively. For the three and nine months ended September 30, 2024 and 2023, $17 million, $32 million, $5 million, and $3 million were reported in other income, respectively.

     

    INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

    (UNAUDITED)

    Three Months

     

    Nine Months

    Ended September 30,

     

    Ended September 30,

    2024

     

    2023

     

    2024

     

    2023

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

    1,365

     

    $

    1,145

     

    $

    3,798

     

    $

    3,201

     

     
    Non-GAAP adjustments
    Currency diversification strategy, net

    (25

    )

    17

     

    (3

    )

    71

     

    Mark-to-market on investments2

    (13

    )

    (23

    )

    38

     

    (54

    )

    Total non-GAAP adjustments

    (38

    )

    (6

    )

    35

     

    17

     

    Adjusted net revenues $

    1,327

     

    $

    1,139

     

    $

    3,833

     

    $

    3,218

     

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

    987

     

    $

    840

     

    $

    2,733

     

    $

    2,253

     

     
    Non-GAAP adjustments
    Currency diversification strategy, net

    (25

    )

    17

     

    (3

    )

    71

     

    Mark-to-market on investments2

    (13

    )

    (23

    )

    38

     

    (54

    )

    Total non-GAAP adjustments

    (38

    )

    (6

    )

    35

     

    17

     

    Adjusted income before income taxes $

    949

     

    $

    834

     

    $

    2,768

     

    $

    2,270

     

     
    Adjusted pre-tax profit margin

    72

    %

    73

    %

    72

    %

    71

    %

       

    Three Months

     

    Nine Months

    Ended September 30,

     

    Ended September 30,

    2024

     

    2023

     

    2024

     

    2023

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

    199

     

    $

    167

     

    $

    553

     

    $

    440

     

    Non-GAAP adjustments
    Currency diversification strategy, net

    (6

    )

    4

     

    (1

    )

    18

     

    Mark-to-market on investments2

    (3

    )

    (6

    )

    10

     

    (14

    )

    Income tax effect of above adjustments3

    2

     

    1

     

    (2

    )

    (0

    )

    Total non-GAAP adjustments

    (8

    )

    (1

    )

    7

     

    4

     

    Adjusted net income available for common stockholders $

    191

     

    $

    166

     

    $

    560

     

    $

    444

     

     
    Note: Amounts may not add due to rounding.
     
    Three Months Nine Months
    Ended September 30, Ended September 30,

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

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

    1.81

     

    $

    1.56

     

    $

    5.08

     

    $

    4.19

     

     
    Non-GAAP adjustments
    Currency diversification strategy, net

    (0.06

    )

    0.04

     

    (0.01

    )

    0.17

     

    Mark-to-market on investments2

    (0.03

    )

    (0.05

    )

    0.09

     

    (0.13

    )

    Income tax effect of above adjustments3

    0.02

     

    0.01

     

    (0.02

    )

    (0.00

    )

    Total non-GAAP adjustments

    (0.07

    )

    (0.01

    )

    0.06

     

    0.04

     

    Adjusted diluted EPS $

    1.75

     

    $

    1.55

     

    $

    5.14

     

    $

    4.22

     

     
    Diluted weighted average common shares outstanding

    109,536,360

     

    107,011,427

     

    108,774,195

     

    105,184,572

     

     
    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/20241015423214/en/

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