10-Q 1 ibkr-20240331x10q.htm 10-Q ibkr-20240331x10q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________

FORM 10-Q

_________________________________

(Mark One)

þ

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to         

Commission File Number: 001-33440

INTERACTIVE BROKERS GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)

30-0390693
(I.R.S. Employer
Identification No.)

One Pickwick Plaza

Greenwich, Connecticut 06830

(Address of principal executive office)

(203618-5800

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer þ

Accelerated filer o

Non-accelerated filer o

Smaller reporting company o

Emerging growth company o

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

Title of each class

Trading Symbol

Name of the exchange on which registered

Common Stock, par value $.01 per share

  IBKR  

  The Nasdaq Global Select Market

As of May 3, 2024, there were 107,109,763 shares of the issuer’s Class A common stock, par value $0.01 per share, outstanding and 100 shares of the issuer’s Class B common stock, par value $0.01 per share, outstanding.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2024

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (Unaudited)

Interactive Brokers Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Financial Condition

(Unaudited)

March 31,

December 31,

(in millions, except share amounts)

2024

2023

Assets

Cash and cash equivalents

$

4,063 

$

3,753 

Cash - segregated for regulatory purposes

29,961 

28,840 

Securities - segregated for regulatory purposes

29,292 

35,386 

Securities borrowed

6,362 

5,835 

Securities purchased under agreements to resell

6,674 

5,504 

Financial instruments owned, at fair value

Financial instruments owned

1,050 

1,422 

Financial instruments owned and pledged as collateral

62 

66 

Total financial instruments owned, at fair value

1,112 

1,488 

Receivables

Customers, less allowance for credit losses of $14 and $10 as of March 31, 2024 and December 31, 2023

51,395 

44,472 

Brokers, dealers, and clearing organizations

1,684 

1,643 

Interest

437 

375 

Total receivables

53,516 

46,490 

Other assets

1,258 

1,127 

Total assets

$

132,238 

$

128,423 

Liabilities and equity

Short-term borrowings

$

14 

$

17 

Securities loaned

14,216 

11,347 

Financial instruments sold, but not yet purchased, at fair value

236 

193 

Payables

Customers

101,197 

101,012 

Brokers, dealers, and clearing organizations

561 

590 

Affiliate

206 

210 

Accounts payable, accrued expenses and other liabilities

830 

676 

Interest

319 

311 

Total payables

103,113 

102,799 

Total liabilities

117,579 

114,356 

Commitments, contingencies and guarantees (see Note 13)

 

 

Equity

Stockholders’ equity

Common stock, $0.01 par value per share

Class A – Authorized - 1,000,000,000, Issued - 107,228,928 and 107,178,928 shares, Outstanding – 107,094,094 and 107,045,894 shares as of March 31, 2024 and December 31, 2023

1 

1 

Class B – Authorized, Issued and Outstanding – 100 shares as of March 31, 2024 and December 31, 2023

Additional paid-in capital

1,736 

1,726 

Retained earnings

2,016 

1,852 

Accumulated other comprehensive income, net of income taxes of $0 and $0 as of March 31, 2024 and December 31, 2023

(18)

8 

Treasury stock, at cost, 134,834 and 133,034 shares as of March 31, 2024 and December 31, 2023

(3)

(3)

Total stockholders’ equity

3,732 

3,584 

Noncontrolling interests

10,927 

10,483 

Total equity

14,659 

14,067 

Total liabilities and equity

$

132,238 

$

128,423 

See accompanying notes to the condensed consolidated financial statements.


Interactive Brokers Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

Three Months Ended March 31,

(in millions, except share or per share amounts)

2024

2023

Revenues

Commissions

$

379

$

357

Other fees and services

59

43

Other income

18

19

Total non-interest income

456

419

Interest income

1,760

1,347

Interest expense

(1,013)

(710)

Total net interest income

747

637

Total net revenues

1,203

1,056

Non-interest expenses

Execution, clearing and distribution fees

101

95

Employee compensation and benefits

145

128

Occupancy, depreciation and amortization

26

24

Communications

10

9

General and administrative

50

36

Customer bad debt

5

3

Total non-interest expenses

337

295

Income before income taxes

866

761

Income tax expense

71

61

Net income

795

700

Less net income attributable to noncontrolling interests

620

552

Net income available for common stockholders

$

175

$

148

Earnings per share

Basic

$

1.63

$

1.44

Diluted

$

1.61

$

1.42

Weighted average common shares outstanding

Basic

107,070,830

102,958,660

Diluted

108,149,440

104,042,571

Comprehensive income

Net income available for common stockholders

$

175

$

148

Other comprehensive income

Cumulative translation adjustment, before income taxes

(26)

5

Income taxes related to items of other comprehensive income

Other comprehensive income (loss), net of tax

(26)

5

Comprehensive income available for common stockholders

$

149

$

153

Comprehensive income attributable to noncontrolling interests

Net income attributable to noncontrolling interests

$

620

$

552

Other comprehensive income - cumulative translation adjustment

(76)

14

Comprehensive income attributable to noncontrolling interests

$

544

$

566

See accompanying notes to the condensed consolidated financial statements.

Interactive Brokers Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three Months Ended March 31,

(in millions)

2024

2023

Cash flows from operating activities

Net income

$

795 

$

700 

Adjustments to reconcile net income to net cash from operating activities

Deferred income taxes

(1)

3 

Depreciation and amortization

17 

16 

Amortization of right-of-use assets

7 

7 

Employee stock plan compensation

28 

26 

Unrealized (gains) losses on other investments, net

8 

(3)

Customer bad debt expense

5 

3 

Shares distributed to customers under IBKR Promotions

5 

2 

Change in operating assets and liabilities

Securities - segregated for regulatory purposes

6,094 

(5,206)

Securities borrowed

(527)

(557)

Securities purchased under agreements to resell

(1,170)

(670)

Financial instruments owned, at fair value

376 

71 

Receivables from customers

(6,928)

(735)

Other receivables

(103)

1,760 

Other assets

(35)

(25)

Securities loaned

2,869 

1,779 

Financial instruments sold, but not yet purchased, at fair value

43 

44 

Payable to customers

185 

1,702 

Other payables

15 

160 

Net cash provided by operating activities

1,683 

(923)

Cash flows from investing activities

Purchases of other investments

(1)

Distributions received and proceeds from sales of other investments

23 

Purchase of property, equipment and intangible assets

(12)

(17)

Net cash used in investing activities

(13)

6 

Cash flows from financing activities

Short-term borrowings, net

(3)

(8)

Dividends paid to stockholders

(11)

(10)

Distributions to noncontrolling interests

(123)

(119)

Net cash used in financing activities

(137)

(137)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(102)

19 

Net increase in cash, cash equivalents and restricted cash

1,431 

(1,035)

Cash, cash equivalents and restricted cash at beginning of period

32,593 

28,603 

Cash, cash equivalents and restricted cash at end of period

$

34,024 

$

27,568 

Cash, cash equivalents and restricted cash

Cash and cash equivalents

4,063 

3,214 

Cash segregated for regulatory purposes

29,961 

24,354 

Cash, cash equivalents and restricted cash at end of period

$

34,024 

$

27,568 

Supplemental disclosures of cash flow information

Cash paid for interest

$

1,006 

$

666 

Cash paid for taxes, net

$

32 

$

50 

Cash paid for amounts included in lease liabilities

$

12 

$

9 

Non-cash financing activities

Adjustments to additional paid-in capital for changes in proportionate ownership in IBG LLC

$

1 

$

2 

Adjustments to noncontrolling interests for changes in proportionate ownership in IBG LLC

$

(1)

$

(2)

See accompanying notes to the condensed consolidated financial statements.

Interactive Brokers Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Changes in Equity

Three Months Ended March 31, 2024

(Unaudited)

Class A Common Stock

Accumulated

Additional

Other

Total

Non-

Issued

Par

Paid-In

Treasury

Retained

Comprehensive

Stockholders'

controlling

Total

(in millions, except share amounts)

Shares