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    Interactive Brokers Group Announces 4Q2024 Results

    1/21/25 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 $1.99, Adjusted1 EPS of $2.03

    GAAP Net Revenues of $1,387 Million, Adjusted Net Revenues of $1,424 Million

    Interactive Brokers Group, Inc. (NASDAQ:IBKR), an automated global electronic broker, announced results for the quarter ended December 31, 2024.

    Reported diluted earnings per share were $1.99 for the current quarter and $2.03 as adjusted. For the year-ago quarter, reported diluted earnings per share were $1.48 and $1.52 as adjusted.

    Reported net revenues were $1,387 million for the current quarter and $1,424 million as adjusted. For the year-ago quarter, reported net revenues were $1,139 million and $1,149 million as adjusted.

    Reported income before income taxes was $1,040 million for the current quarter and $1,077 million as adjusted. For the year-ago quarter, reported income before income taxes was $816 million and $831 million as adjusted.

    Financial Highlights

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

    • Commission revenue increased 37% to $477 million on higher customer trading volumes. Customer trading volume in options and stocks increased 32% and 65%, respectively, while customer futures volume decreased by 3%.
    • Net interest income increased 11% to $807 million on higher average customer margin loans and customer credit balances.
    • Other fees and services increased $26 million, or 47%, to $81 million, led by increases of $14 million in risk exposure fees and $4 million in payments for order flow from exchange-mandated programs.
    • Execution, clearing and distribution fees expenses increased 15% to $115 million, driven by a higher SEC fee rate, a new FINRA Consolidated Audit Trail ("CAT") fee initiated during the current quarter, and higher customer trading volumes in options and stocks.
    • General and administrative expenses increased $14 million, or 31%, to $59 million, driven primarily by an increase of $9 million in advertising expenses.
    • Pretax profit margin for the current quarter was 75% as reported and 76% as adjusted. For the year-ago quarter, pretax margin was 72% both as reported and as adjusted.
    • Total equity of $16.6 billion.

    The Interactive Brokers Group, Inc. Board of Directors declared a quarterly cash dividend of $0.25 per share. This dividend is payable on March 14, 2025, to shareholders of record as of February 28, 2025.

    Business Highlights

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

    • Customer accounts increased 30% to 3.34 million.
    • Customer equity increased 33% to $568.2 billion.
    • Total DARTs2 increased 61% to 3.12 million.
    • Customer credits increased 15% to $119.7 billion.
    • Customer margin loans increased 45% to $64.2 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 decreased our comprehensive earnings by $266 million, as the U.S. dollar value of the GLOBAL decreased by approximately 1.63%. The effects of the currency diversification strategy are reported as components of (1) Other Income (loss of $18 million) and (2) Other Comprehensive Income (loss of $248 million).

    This quarter, Other Income also includes a $24 million net gain from our investment in Tiger Brokers, which is comprised of a one-time realized gain of $34 million from the sale of a portion of such investment and a $10 million unrealized loss.

    Conference Call Information:

    Interactive Brokers Group, Inc. will hold a conference call with investors today, January 21, 2025, 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/BI6ae762cae1c640e587dcb275064fe06c 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, foreign exchange, and forecast contracts 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 have 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 Twelve Months
    Ended December 31, Ended December 31,

    2024

     

    2023

     

    2024

     

    2023

     

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

    477

     

    $

    348

     

    $

    1,697

     

    $

    1,360

     

    Other fees and services

    81

     

    55

     

    280

     

    197

     

    Other income (loss)

    22

     

    6

     

    60

     

    (11

    )

    Total non-interest income

    580

     

    409

     

    2,037

     

    1,546

     

     
    Interest income

    1,863

     

    1,695

     

    7,339

     

    6,230

     

    Interest expense

    (1,056

    )

    (965

    )

    (4,191

    )

    (3,436

    )

    Total net interest income

    807

     

    730

     

    3,148

     

    2,794

     

    Total net revenues

    1,387

     

    1,139

     

    5,185

     

    4,340

     

     
    Non-interest expenses:
    Execution, clearing and distribution fees

    115

     

    100

     

    447

     

    386

     

    Employee compensation and benefits

    138

     

    136

     

    574

     

    527

     

    Occupancy, depreciation and amortization

    24

     

    25

     

    101

     

    99

     

    Communications

    10

     

    12

     

    39

     

    41

     

    General and administrative

    59

     

    45

     

    314

     

    211

     

    Customer bad debt

    1

     

    5

     

    15

     

    7

     

    Total non-interest expenses

    347

     

    323

     

    1,490

     

    1,271

     

     
    Income before income taxes

    1,040

     

    816

     

    3,695

     

    3,069

     

    Income tax expense

    71

     

    77

     

    288

     

    257

     

     
    Net income

    969

     

    739

     

    3,407

     

    2,812

     

    Net income attributable to noncontrolling interests

    752

     

    579

     

    2,652

     

    2,212

     

     
    Net income available for common stockholders $

    217

     

    $

    160

     

    $

    755

     

    $

    600

     

     
    Earnings per share:
    Basic $

    2.00

     

    $

    1.49

     

    $

    6.99

     

    $

    5.72

     

    Diluted $

    1.99

     

    $

    1.48

     

    $

    6.93

     

    $

    5.67

     

     
    Weighted average common shares outstanding:
    Basic

    108,885,363

     

    107,021,836

     

    108,112,199

     

    104,965,050

     

    Diluted

    109,683,522

     

    107,811,190

     

    109,002,938

     

    105,846,877

     

    INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

    (UNAUDITED)

     
    Three Months Twelve Months
    Ended December 31, Ended December 31,

    2024

     

    2023

    2024

     

    2023

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

    217

     

    $

    160

    $

    755

     

    $

    600

    Other comprehensive income:
    Cumulative translation adjustment, before income taxes

    (64

    )

    37

    (53

    )

    30

    Income taxes related to items of other comprehensive income

    -

     

    -

    -

     

    -

    Other comprehensive income (loss), net of tax

    (64

    )

    37

    (53

    )

    30

    Comprehensive income available for common stockholders $

    153

     

    $

    197

    $

    702

     

    $

    630

     
    Comprehensive earnings per share:
    Basic $

    1.42

     

    $

    1.84

    $

    6.50

     

    $

    6.00

    Diluted $

    1.41

     

    $

    1.83

    $

    6.44

     

    $

    5.95

     
    Weighted average common shares outstanding:
    Basic

    108,885,363

     

    107,021,836

    108,112,199

     

    104,965,050

    Diluted

    109,683,522

     

    107,811,190

    109,002,938

     

    105,846,877

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

    752

     

    $

    579

    $

    2,652

     

    $

    2,212

    Other comprehensive income - cumulative translation adjustment

    (184

    )

    111

    (154

    )

    92

    Comprehensive income attributable to noncontrolling interests $

    568

     

    $

    690

    $

    2,498

     

    $

    2,304

    INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

    (UNAUDITED)

     
    December 31,

    2024
    December 31,

    2023
    (in millions)
     
    Assets
    Cash and cash equivalents $

    3,633

    $

    3,753

    Cash - segregated for regulatory purposes

    36,600

    28,840

    Securities - segregated for regulatory purposes

    27,846

    35,386

    Securities borrowed

    5,369

    5,835

    Securities purchased under agreements to resell

    6,575

    5,504

    Financial instruments owned, at fair value

    1,924

    1,488

    Receivables from customers, net of allowance for credit losses

    64,432

    44,472

    Receivables from brokers, dealers and clearing organizations

    2,196

    1,643

    Other assets

    1,943

    1,502

    Total assets $

    150,518

    $

    128,423

     
    Liabilities and equity
     
    Liabilities
    Short-term borrowings $

    14

    $

    17

    Securities loaned

    16,248

    11,347

    Financial instruments sold but not yet purchased, at fair value

    293

    193

    Other payables:
    Customers

    115,343

    101,012

    Brokers, dealers and clearing organizations

    476

    590

    Other payables

    1,547

    1,197

    117,366

    102,799

    Total liabilities

    133,921

    114,356

     
    Equity
    Stockholders' equity

    4,280

    3,584

    Noncontrolling interests

    12,317

    10,483

    Total equity

    16,597

    14,067

    Total liabilities and equity $

    150,518

    $

    128,423

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

    108,931,614

    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

    422,574,968

    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

    2022

    532,064

    26,966

    559,030

    2023

    483,015

    (9

    %)

    29,712

    10

    %

    512,727

    (8

    %)

    2024

    661,666

    37

    %

    63,348

    113

    %

    725,014

    41

    %

     

    4Q2023

    120,886

    7,932

    128,818

    4Q2024

    196,433

    62

    %

    23,220

    193

    %

    219,653

    71

    %

     

    3Q2024

    171,620

    17,722

    189,342

    4Q2024

    196,433

    14

    %

    23,220

    31

    %

    219,653

    16

    %

     

    CONTRACT AND SHARE VOLUMES:

    (in 000's, except %)

     

    TOTAL

     

    Options % Futures1 % Stocks %

    Period

    (contracts) Change (contracts) Change (shares) Change

    2022

    908,415

    207,138

    330,035,586

    2023

    1,020,736

    12

    %

    209,034

    1

    %

    252,742,847

    (23

    %)

    2024

    1,344,855

    32

    %

    218,327

    4

    %

    307,489,711

    22

    %

     

    4Q2023

    279,945

    53,883

    59,046,908

    4Q2024

    371,684

    33

    %

    52,285

    (3

    %)

    97,610,745

    65

    %

     

    3Q2024

    344,540

    56,825

    72,117,769

    4Q2024

    371,684

    8

    %

    52,285

    (8

    %)

    97,610,745

    35

    %

     

    CUSTOMER

     

    Options % Futures1 % Stocks %

    Period

    (contracts) Change (contracts) Change (shares) Change

    2022

    873,914

    203,933

    325,368,714

    2023

    981,172

    12

    %

    206,073

    1

    %

    248,588,960

    (24

    %)

    2024

    1,290,770

    32

    %

    214,864

    4

    %

    302,040,873

    22

    %

     

    4Q2023

    269,082

    52,996

    58,112,082

    4Q2024

    356,255

    32

    %

    51,662

    (3

    %)

    95,910,447

    65

    %

     

    3Q2024

    330,173

    56,078

    70,751,412

    4Q2024

    356,255

    8

    %

    51,662

    (8

    %)

    95,910,447

    36

    %

     

    PRINCIPAL

     

    Options % Futures1 % Stocks %

    Period

    (contracts) Change (contracts) Change (shares) Change

    2022

    34,501

    3,205

    4,666,872

    2023

    39,564

    15

    %

    2,961

    (8

    %)

    4,153,887

    (11

    %)

    2024

    54,085

    37

    %

    3,463

    17

    %

    5,448,838

    31

    %

     

    4Q2023

    10,863

    887

    934,826

    4Q2024

    15,429

    42

    %

    623

    (30

    %)

    1,700,298

    82

    %

     

    3Q2024

    14,367

    747

    1,366,357

    4Q2024

    15,429

    7

    %

    623

    (17

    %)

    1,700,298

    24

    %

     

    1 Includes options on futures

    INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

    OPERATING DATA, CONTINUED

     
    CUSTOMER STATISTICS
     
    Year over Year

    4Q2024

    4Q2023

    % Change
    Total Accounts (in thousands)

    3,337

    2,562

    30

    %

    Customer Equity (in billions)1 $

    568.2

    $

    426.0

    33

    %

    Total Customer DARTs (in thousands)

    3,118

    1,934

    61

    %

     
    Cleared Customers
    Commission per Cleared Commissionable Order2 $

    2.72

    $

    3.19

    (15

    %)

    Cleared Avg. DARTs per Account (Annualized)

    213

    172

    24

    %

     
    Consecutive Quarters

    4Q2024

    3Q2024

    % Change
    Total Accounts (in thousands)

    3,337

    3,120

    7

    %

    Customer Equity (in billions)1 $

    568.2

    $

    541.5

    5

    %

    Total Customer DARTs (in thousands)

    3,118

    2,703

    15

    %

     
    Cleared Customers
    Commission per Cleared Commissionable Order2 $

    2.72

    $

    2.83

    (4

    %)

    Cleared Avg. DARTs per Account (Annualized)

    213

    198

    8

    %

     
    (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 Twelve Months
    Ended December 31, Ended December 31,

    2024

     

    2023

     

    2024

     

    2023

     

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

    65,466

     

    $

    59,482

     

    $

    62,117

     

    $

    59,582

     

    Customer margin loans

    60,290

     

    42,769

     

    53,503

     

    41,229

     

    Securities borrowed

    6,089

     

    5,185

     

    5,899

     

    5,315

     

    Other interest-earning assets

    11,873

     

    10,534

     

    11,180

     

    10,114

     

    FDIC sweeps1

    4,643

     

    3,554

     

    4,214

     

    3,003

     

    $

    148,361

     

    $

    121,524

     

    $

    136,913

     

    $

    119,243

     

     
    Average interest-bearing liabilities
    Customer credit balances $

    114,274

     

    $

    96,598

     

    $

    105,840

     

    $

    96,081

     

    Securities loaned

    15,268

     

    9,922

     

    13,737

     

    9,518

     

    Other interest-bearing liabilities

    104

     

    1

     

    26

     

    1

     

    $

    129,646

     

    $

    106,521

     

    $

    119,603

     

    $

    105,600

     

     
    Net interest income
    Segregated cash and securities, net $

    747

     

    $

    760

     

    $

    3,024

     

    $

    2,791

     

    Customer margin loans2

    792

     

    631

     

    3,012

     

    2,278

     

    Securities borrowed and loaned, net

    25

     

    43

     

    92

     

    276

     

    Customer credit balances, net2

    (884

    )

    (866

    )

    (3,595

    )

    (3,125

    )

    Other net interest income1/3

    150

     

    171

     

    690

     

    600

     

    Net interest income3 $

    830

     

    $

    739

     

    $

    3,223

     

    $

    2,820

     

     
    Net interest margin ("NIM")

    2.23

    %

    2.41

    %

    2.35

    %

    2.36

    %

     
    Annualized yields
    Segregated cash and securities

    4.54

    %

    5.07

    %

    4.87

    %

    4.68

    %

    Customer margin loans

    5.23

    %

    5.85

    %

    5.63

    %

    5.53

    %

    Customer credit balances

    3.08

    %

    3.56

    %

    3.40

    %

    3.25

    %

     
     

    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, 2024 and 2023, $8 million, $28 million, $5 million, and $19 million were reported in other fees and services, respectively. For the three and twelve months ended December 31, 2024 and 2023, $15 million, $47 million, $4 million, and $7 million were reported in other income, respectively.
    INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

    (UNAUDITED)

     
    Three Months Twelve Months
    Ended December 31, Ended December 31,

    2024

     

    2023

     

    2024

     

    2023

     

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

    1,387

     

    $

    1,139

     

    $

    5,185

     

    $

    4,340

     

     
    Non-GAAP adjustments
    Currency diversification strategy, net

    18

     

    9

     

    15

     

    80

     

    Mark-to-market on investments2

    10

     

    8

     

    48

     

    (46

    )

    Remeasurement of TRA liability3

    9

     

    (7

    )

    9

     

    (7

    )

    Total non-GAAP adjustments

    37

     

    10

     

    72

     

    27

     

    Adjusted net revenues $

    1,424

     

    $

    1,149

     

    $

    5,257

     

    $

    4,367

     

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

    1,040

     

    $

    816

     

    $

    3,695

     

    $

    3,069

     

     
    Non-GAAP adjustments
    Currency diversification strategy, net

    18

     

    9

     

    15

     

    80

     

    Mark-to-market on investments2

    10

     

    8

     

    48

     

    (46

    )

    Remeasurement of TRA liability3

    9

     

    (7

    )

    9

     

    (7

    )

    Bad debt expense4

    -

     

    5

     

    -

     

    5

     

    Total non-GAAP adjustments

    37

     

    15

     

    72

     

    32

     

    Adjusted income before income taxes $

    1,077

     

    $

    831

     

    $

    3,767

     

    $

    3,101

     

     
    Adjusted pre-tax profit margin

    76

    %

    72

    %

    72

    %

    71

    %

    Three Months Twelve Months
    Ended December 31, Ended December 31,

    2024

     

    2023

     

    2024

     

    2023

     

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

    217

     

    $

    160

     

    $

    755

     

    $

    600

     

     
    Non-GAAP adjustments
    Currency diversification strategy, net

    5

     

    2

     

    4

     

    20

     

    Mark-to-market on investments2

    3

     

    2

     

    12

     

    (12

    )

    Remeasurement of TRA liability3

    9

     

    (7

    )

    9

     

    (7

    )

    Bad debt expense4

    -

     

    1

     

    -

     

    1

     

    Income tax effect of above adjustments5

    (2

    )

    (1

    )

    (4

    )

    (2

    )

    Remeasurement of deferred income taxes6

    (11

    )

    7

     

    (11

    )

    7

     

    Total non-GAAP adjustments

    5

     

    5

     

    11

     

    8

     

    Adjusted net income available for common stockholders $

    222

     

    $

    164

     

    $

    766

     

    $

    608

     

     
    Note: Amounts may not add due to rounding.
     
    Three Months Twelve Months
    Ended December 31, Ended December 31,

    2024

     

    2023

     

    2024

     

    2023

     

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

    1.99

     

    $

    1.48

     

    $

    6.93

     

    $

    5.67

     

     
    Non-GAAP adjustments
    Currency diversification strategy, net

    0.04

     

    0.02

     

    0.04

     

    0.19

     

    Mark-to-market on investments2

    0.02

     

    0.02

     

    0.11

     

    (0.11

    )

    Remeasurement of TRA liability3

    0.08

     

    (0.07

    )

    0.08

     

    (0.07

    )

    Bad debt expense4

    0.00

     

    0.01

     

    0.00

     

    0.01

     

    Income tax effect of above adjustments5

    (0.02

    )

    (0.01

    )

    (0.03

    )

    (0.01

    )

    Remeasurement of deferred income taxes6

    (0.10

    )

    0.07

     

    (0.10

    )

    0.07

     

    Total non-GAAP adjustments

    0.04

     

    0.04

     

    0.10

     

    0.08

     

    Adjusted diluted EPS $

    2.03

     

    $

    1.52

     

    $

    7.03

     

    $

    5.75

     

     
    Diluted weighted average common shares outstanding

    109,683,522

     

    107,811,190

     

    109,002,938

     

    105,846,877

     

     
    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, 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, our mark-to-market on investments, the remeasurement of our TRA liability, unusual bad debt expense, and the remeasurement of certain deferred tax assets are excluded because management does not believe they are indicative of our underlying core business performance. Adjusted net revenues, adjusted income before income taxes, adjusted net income available to common stockholders and adjusted diluted EPS should be considered in addition to, rather than as a substitute for, GAAP net revenues, income before income taxes, net income attributable to common stockholders and diluted EPS.

    2 Mark-to-market on investments represents the net mark-to-market gains (losses) on 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 Remeasurement of our TRA liability represents the change in the amount payable to IBG Holdings LLC under the TRA, primarily due to changes in the Company's effective tax rates. 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 27, 2024.

    4 Unusual 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 SEC on February 27, 2024.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250121667184/en/

    For Interactive Brokers Group, Inc. Investors: Nancy Stuebe, [email protected] or Media: Rob Garfield, [email protected].

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