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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 June 30, 2022

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 August 5, 2022, there were 102,844,018 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 JUNE 30, 2022

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)

June 30,

December 31,

(in millions, except share amounts)

2022

2021

Assets

Cash and cash equivalents

$

2,881 

$

2,395 

Cash - segregated for regulatory purposes

23,536 

22,888 

Securities - segregated for regulatory purposes

30,709 

15,121 

Securities borrowed

3,855 

3,912 

Securities purchased under agreements to resell

6,288 

4,380 

Financial instruments owned, at fair value

Financial instruments owned

367 

559 

Financial instruments owned and pledged as collateral

184 

114 

Total financial instruments owned, at fair value

551 

673 

Receivables

Customers, less allowance for credit losses of $10 and $8 as of June 30, 2022 and December 31, 2021

42,552 

54,935 

Brokers, dealers, and clearing organizations

1,939 

3,771 

Interest

150 

127 

Total receivables

44,641 

58,833 

Other assets

925 

911 

Total assets

$

113,386 

$

109,113 

Liabilities and equity

Short-term borrowings

$

17 

$

27 

Securities loaned

10,696 

11,769 

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

218 

182 

Payables

Customers

90,765 

85,634 

Brokers, dealers, and clearing organizations

308 

557 

Affiliate

202 

222 

Accounts payable, accrued expenses and other liabilities

542 

492 

Interest

36 

8 

Total payables

91,853 

86,913 

Total liabilities

102,784 

98,891 

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 – 99,731,366 and 98,359,572 shares, Outstanding – 99,560,859 and 98,204,658 shares as of June 30, 2022 and December 31, 2021

1 

1 

Class B – Authorized, Issued and Outstanding – 100 shares as of June 30, 2022 and December 31, 2021

Additional paid-in capital

1,480 

1,442 

Retained earnings

1,079 

953 

Accumulated other comprehensive income, net of income taxes of $0 and $0 as of June 30, 2022 and December 31, 2021

(30)

4 

Treasury stock, at cost, 170,507 and 154,914 shares as of June 30, 2022 and December 31, 2021

(6)

(5)

Total stockholders’ equity

2,524 

2,395 

Noncontrolling interests

8,078 

7,827 

Total equity

10,602 

10,222 

Total liabilities and equity

$

113,386 

$

109,113 

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 June 30,

Six Months Ended June 30,

(in millions, except share or per share amounts)

2022

2021

2022

2021

Revenues

Commissions

$

322

$

307

$

671

$

719

Other fees and services

43

55

96

111

Other income (loss)

(57)

118

(96)

238

Total non-interest income

308

480

671

1,068

Interest income

460

307

792

697

Interest expense

(112)

(33)

(162)

(118)

Total net interest income

348

274

630

579

Total net revenues

656

754

1,301

1,647

Non-interest expenses

Execution, clearing and distribution fees

77

54

148

122

Employee compensation and benefits

112

96

223

193

Occupancy, depreciation and amortization

23

19

45

39

Communications

9

8

17

16

General and administrative

42

35

80

94

Customer bad debt

1

1

2

3

Total non-interest expenses

264

213

515

467

Income before income taxes

392

541

786

1,180

Income tax expense

32

35

60

88

Net income

360

506

726

1,092

Less net income attributable to noncontrolling interests

288

414

581

893

Net income available for common stockholders

$

72

$

92

$

145

$

199

Earnings per share

Basic

$

0.73

$

1.01

$

1.47

$

2.19

Diluted

$

0.72

$

1.00

$

1.46

$

2.17

Weighted average common shares outstanding

Basic

98,853,981

91,365,234

98,541,798

91,078,868

Diluted

99,695,489

92,199,169

99,461,867

91,984,246

Comprehensive income

Net income available for common stockholders

$

72

$

92

$

145

$

199

Other comprehensive income

Cumulative translation adjustment, before income taxes

(24)

5

(34)

(12)

Income taxes related to items of other comprehensive income

Other comprehensive income (loss), net of tax

(24)

5

(34)

(12)

Comprehensive income available for common stockholders

$

48

$

97

$

111

$

187

Comprehensive income attributable to noncontrolling interests

Net income attributable to noncontrolling interests

$

288

$

414

$

581

893

Other comprehensive income - cumulative translation adjustment

(81)

16

(112)

(43)

Comprehensive income attributable to noncontrolling interests

$

207

$

430

$

469

$

850

See accompanying notes to the condensed consolidated financial statements.

Interactive Brokers Group, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Six Months Ended June 30,

(in millions)

2022

2021

Cash flows from operating activities

Net income

$

726 

$

1,092 

Adjustments to reconcile net income to net cash from operating activities

Deferred income taxes

6 

29 

Depreciation and amortization

29 

25 

Amortization of right-of-use assets

13 

11 

Employee stock plan compensation

42 

34 

Unrealized gain (loss) on other investments, net

7 

(225)

Bad debt expense

2 

3 

Shares distributed to customers under IBKR Promotions

5 

4 

Change in operating assets and liabilities

Securities - segregated for regulatory purposes

(15,588)

12,186 

Securities borrowed

57 

1,326 

Securities purchased under agreements to resell

(1,908)

(3,374)

Financial instruments owned, at fair value

114 

(86)

Receivables from customers

12,381 

(10,624)

Other receivables

1,809 

(2,733)

Other assets

35 

(