Company Quick10K Filing
Interactive Brokers Group
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 77 $4,060
10-Q 2019-11-12 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-02-28 Annual: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-09 Quarter: 2018-03-31
10-K 2018-03-01 Annual: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-08 Quarter: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-K 2017-02-28 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-10 Quarter: 2016-03-31
10-K 2016-02-29 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-10 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-03-02 Annual: 2014-12-31
10-Q 2014-11-10 Quarter: 2014-09-30
10-Q 2014-08-11 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-03-03 Annual: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-03-08 Annual: 2012-12-31
10-Q 2012-11-09 Quarter: 2012-09-30
10-Q 2012-08-31 Quarter: 2012-06-30
10-Q 2012-05-15 Quarter: 2012-03-31
10-K 2012-02-29 Annual: 2011-12-31
10-Q 2011-11-08 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-06 Quarter: 2011-03-31
10-K 2011-02-28 Annual: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-06 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2019-11-01 Regulation FD, Exhibits
8-K 2019-10-15 Earnings, Other Events, Exhibits
8-K 2019-10-07 Other Events, Exhibits
8-K 2019-09-22 Exhibits
8-K 2019-07-26 Other Events, Exhibits
8-K 2019-07-16 Earnings, Other Events, Exhibits
8-K 2019-04-23 Shareholder Vote
8-K 2019-04-16 Earnings, Other Events, Exhibits
8-K 2019-01-28 Officers
8-K 2019-01-22 Earnings, Other Events, Exhibits
8-K 2019-01-10 Regulation FD, Exhibits
8-K 2019-01-07 Officers, Exhibits
8-K 2018-11-30 Officers
8-K 2018-10-23 Officers
8-K 2018-10-16 Earnings, Other Events, Exhibits
8-K 2018-09-11 Exhibits
8-K 2018-07-27 Other Events, Exhibits
8-K 2018-07-27 Earnings
8-K 2018-07-27 Other Events
8-K 2018-07-17 Earnings, Other Events, Exhibits
8-K 2018-04-19 Shareholder Vote
8-K 2018-04-17 Earnings, Other Events, Exhibits
8-K 2018-01-16 Earnings, Other Events, Exhibits
IBKR 2019-09-30
Part 1. Financial Information
Item 1. Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ibkr-20190930xex31_1.htm
EX-31.2 ibkr-20190930xex31_2.htm
EX-32.1 ibkr-20190930xex32_1.htm
EX-32.2 ibkr-20190930xex32_2.htm

Interactive Brokers Group Earnings 2019-09-30

IBKR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
DUG 4,424 0 0 0 0 0 4,424 -0%
LGF 4,389 8,437 5,585 3,712 0 -330 26 7,153 0% 279.4 -4%
COTV 4,221 2,137 936 747 495 161 340 4,756 66% 14.0 8%
COOL 4,113 0 6 0 0 -5 -3 4,113 -1,318.7 -1,028%
ILG 4,068 3,661 1,924 1,827 898 182 323 4,615 49% 14.3 5%
IBKR 4,060 66,034 58,414 2,108 0 1,148 1,211 -7,921 0% -6.5 2%
NYLD 3,887 8,731 6,677 1,022 690 -125 680 9,775 68% 14.4 -1%
LHO 3,819 3,659 1,382 1,084 16 -38 193 4,636 1% 24.0 -1%
KLXI 3,754 3,876 1,556 1,925 535 81 236 4,617 28% 19.6 2%
UBIA 3,713 0 4 0 0 -3 -2 3,713 0% -1,609.4 -1,203%

ibkr-20190930x10q
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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 September 30, 2019

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 x 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 x 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 x

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 x

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 November 7, 2019, 76,748,874 shares of the issuer’s Class A common stock, par value $0.01 per share, and 100 shares of the issuer’s Class B common stock, par value $0.01 per share, were outstanding.


QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2019

Table of Contents

PART I

FINANCIAL INFORMATION

ITEM 1.

Financial Statements (Unaudited)

Condensed Consolidated Statements of Financial Condition

2

Condensed Consolidated Statements of Comprehensive Income

3

Condensed Consolidated Statements of Cash Flows

4

Condensed Consolidated Statements of Changes in Equity

5

Notes to Condensed Consolidated Financial Statements

7

ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations 

40

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

67

ITEM 4.

Controls and Procedures

72

PART II.

OTHER INFORMATION

ITEM 1.

Legal Proceedings

73

ITEM 1A.

Risk Factors

73

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

74

ITEM 3.

Defaults upon Senior Securities

74

ITEM 5.

Other Information

74

ITEM 6.

Exhibits

75

Signature

i


PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (Unaudited)

Interactive Brokers Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Financial Condition

(Unaudited)

September 30,

December 31,

(in millions, except share amounts)

2019

2018

Assets

Cash and cash equivalents

$

3,035 

$

2,597 

Cash - segregated for regulatory purposes

8,794 

7,503 

Securities - segregated for regulatory purposes

21,246 

15,595 

Securities borrowed

4,010 

3,331 

Securities purchased under agreements to resell

1,391 

1,242 

Financial instruments owned, at fair value

Financial instruments owned

1,694 

1,931 

Financial instruments owned and pledged as collateral

189 

188 

Total financial instruments owned, at fair value

1,883 

2,119 

Receivables

Customers, less allowance for doubtful accounts of $85 and $42 as of September 30, 2019 and December 31, 2018

25,970 

27,017 

Brokers, dealers and clearing organizations

868 

706 

Interest

131 

141 

Total receivables

26,969 

27,864 

Other assets

476 

296 

Total assets

$

67,804 

$

60,547 

Liabilities and equity

Short-term borrowings

$

15 

$

17 

Securities loaned

3,955 

4,037 

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

977 

681 

Payables

Customers

54,474 

47,993 

Brokers, dealers and clearing organizations

245 

298 

Affiliate

141 

171 

Accounts payable, accrued expenses and other liabilities

307 

153 

Interest

37 

41 

Total payables

55,204 

48,656 

Total liabilities

60,151 

53,391 

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 - 76,878,300 and 75,230,400 shares, Outstanding – 76,748,852 and 75,100,952 shares as of September 30, 2019 and December 31, 2018

1 

1 

Class B – Authorized, Issued and Outstanding – 100 shares as of September 30, 2019 and December 31, 2018

Additional paid-in capital

930 

898 

Retained earnings

484 

390 

Accumulated other comprehensive income, net of income taxes of $0 and $0 as of September 30, 2019 and December 31, 2018

(7)

(4)

Treasury stock, at cost, 129,448 and 129,448 shares as of September 30, 2019 and December 31, 2018

(3)

(3)

Total stockholders’ equity

1,405 

1,282 

Noncontrolling interests

6,248 

5,874 

Total equity

7,653 

7,156 

Total liabilities and equity

$

67,804 

$

60,547 

See accompanying notes to the condensed consolidated financial statements.


2


Interactive Brokers Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

(in millions, except share or per share amounts)

2019

2018

2019

2018

Revenues

Commissions

$

187

$

167

$

538

$

572

Interest income

468

363

1,308

1,007

Trading gains

7

7

20

32

Other income (loss)

(19)

21

83

121

Total revenues

643

558

1,949

1,732

Interest expense

177

119

512

321

Total net revenues

466

439

1,437

1,411

Non-interest expenses

Execution, clearing and distribution fees

68

57

192

196

Employee compensation and benefits

67

63

213

201

Occupancy, depreciation and amortization

15

12

43

35

Communications

7

7

19

20

General and administrative

30

25

80

70

Customer bad debt

(2)

(1)

45

2

Total non-interest expenses

185

163

592

524

Income before income taxes

281

276

845

887

Income tax expense

20

18

50

52

Net income

261

258

795

835

Less net income attributable to noncontrolling interests

225

219

678

709

Net income available for common stockholders

$

36

$

39

$

117

$

126

Earnings per share

Basic

$

0.46

$

0.52

$

1.54

$

1.73

Diluted

$

0.45

$

0.51

$

1.52

$

1.71

Weighted average common shares outstanding

Basic

76,742,789

74,649,469

75,910,080

72,879,007

Diluted

77,348,976

75,360,089

76,646,487

73,745,640

Comprehensive income

Net income available for common stockholders

$

36

$

39

$

117

$

126

Other comprehensive income

Cumulative translation adjustment, before income taxes

(6)

(1)

(3)

(14)

Income taxes related to items of other comprehensive income

(1)

Other comprehensive income (loss), net of tax

(6)

(1)

(3)

(13)

Comprehensive income available for common stockholders

$

30

$

38

$

114

$

113

Comprehensive income attributable to noncontrolling interests

Net income attributable to noncontrolling interests

$

225

$

219

$

678

$

709

Other comprehensive income - cumulative translation adjustment

(22)

(2)

(11)

(60)

Comprehensive income attributable to noncontrolling interests

$

203

$

217

$

667

$

649

See accompanying notes to the condensed consolidated financial statements.

3


Interactive Brokers Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Nine Months Ended September 30,

(in millions)

2019

2018

Cash flows from operating activities

Net income

$

795 

$

835 

Adjustments to reconcile net income to net cash from operating activities

Deferred income taxes

17 

19 

Depreciation and amortization

21 

18 

Amortization of right-of-use assets

15 

Employee stock plan compensation

43 

42 

Unrealized (gain) loss on other investments, net

(22)

Bad debt expense

45 

2 

Impairment loss

1 

1 

Change in operating assets and liabilities

Securities - segregated for regulatory purposes

(5,651)

853