[January 22, 2019] |
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Interactive Brokers Group Announces 4Q2018 Results
Interactive Brokers Group, Inc. (IEX: IBKR), an automated global
electronic broker, reported diluted earnings per share on net income of
$0.57 for the quarter ended December 31, 2018, compared to a diluted
loss per share of $0.02 for the same period in 2017, and diluted
earnings per share on comprehensive income of $0.56 for the quarter,
compared to a diluted loss per share of $0.02 for the same period in
2017.
Net revenues were $492 million and income before income taxes was $309
million this quarter, compared to net revenues of $515 million and
income before income taxes of $364 million for the same period in 2017.
The results for the quarter were positively impacted by strong growth in
net interest income, which increased $39 million, or 19%, and higher
commissions, which increased $35 million, or 21%, from the year-ago
quarter. The increase in our results for this quarter was
counterbalanced by an $18 million reversal on our currency
diversification strategy, which swung from a $6 million gain in the
year-ago quarter to a $12 million loss this quarter.
In addition, the Company's earnings for the year-ago quarter were
significantly impacted by the Tax Cuts and Jobs Act (the "Tax Act"),
which revised U.S. corporate income tax law by, among other things,
reducing the corporate income tax rate to 21% and implementing a
modified territorial tax system that includes a one-time transition tax
on deemed repatriated earnings of foreign subsidiaries. The results for
the year-ago quarter were negatively impacted by the effects of the Tax
Act, which decreased diluted earnings per share by $0.45.
For the year ended December 31, 2018, diluted earnings per share on net
income were $2.28, compared to $1.07 in 2017, and diluted earnings per
share on comprehensive income were $2.09, compared to $1.22 in 2017. The
results for 2017 were negatively impacted by the effects of the Tax Act,
which decreased diluted earnings per share by $0.46. Net revenues were
$1,903 million and income before income taxes was $1,196 million for
2018, compared to net revenues of $1,702 million and income before
income taxes of $1,049 million in 2017.
The Interactive Brokers Group, Inc. Board of Directors declared a
quarterly cash dividend of $0.10 per share. This dividend is payable on
March 14, 2019 to shareholders of record as of March 1, 2019.
Business Highlights
Fourth Quarter 2018:
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63% pretax profit margin for this quarter, down from 71% in the
year-ago quarter.
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63% Electronic Brokerage pretax profit margin for this quarter, down
from 65% in the year-ago quarter.
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Customer equity grew 3% from the year-ago quarter to $128.4 billion
and customer debits decreased 9% to $26.9 billion.
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Customer accounts increased 24% from the year-ago quarter to 598
thousand.
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Total DARTs1 increased 30% from the year-ago quarter to 951
thousand.
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Brokerage segment equity was $5.8 billion. Total equity was $7.2
billion.
Full Year 2018:
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63% pretax profit margin for 2018, up from 62% in 2017.
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64% Electronic Brokerage pretax profit margin for 2018, up from 61% in
2017.
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Total DARTs increased 25% from 2017 to 862 thousand.
_____________________________ 1 Daily average revenue
trades (DARTs) are based on customer orders.
Segment Overview
Electronic Brokerage
Electronic brokerage segment income before income taxes increased 23% to
$311 million in the quarter ended December 31, 2018, compared to the
same period last year. Net revenues increased 26% to $490 million on
higher net interest income, commissions revenue and other income.
Net interest income increased 20% as average customer credit and margin
loan balances and benchmark interest rates increased from the year-ago
quarter. Commissions revenue increased 21% from the year-ago quarter on
higher customer DARTs across all product types. Other income increased
104% on higher net mark-to-market gains on other investments and higher
fees earned from our FDIC sweep program. Pretax profit margin was 63%
for the quarter ended December 31, 2018, down from 65% in the same
period last year.
Customer accounts grew 24% to 598 thousand and customer equity increased
3% from the year-ago quarter to $128.4 billion, despite a 6% drop in the
S&P 500 index for the year. Total DARTs for cleared and execution-only
customers increased 30% to a record high 951 thousand from the year-ago
quarter. Cleared DARTs were 856 thousand, 26% higher than in the same
period last year.
Market Making
Market making segment income before income taxes increased 13% to $9
million in the quarter ended December 31, 2018, as compared to the
year-ago quarter, primarily due to lower operating costs on the
remaining operations.
Effects of Foreign Currency Diversification
In connection with our currency diversification strategy, we have
determined to base our net worth in GLOBALs, a basket of 14 major
currencies in which we hold our equity. In this quarter, our currency
diversification strategy decreased our comprehensive earnings by $18
million, as the U.S. dollar value of the GLOBAL decreased by
approximately 0.16%. In 2018, our currency diversification strategy
decreased our comprehensive earnings by $99 million, as the U.S. dollar
value of the GLOBAL decreased by approximately 1.14%. The effects of the
currency diversification strategy are reported as components of (1)
Other Income in the corporate segment and (2) Other Comprehensive Income
("OCI").
Conference Call Information:
Interactive Brokers Group, Inc. will hold a conference call with
investors today, January 22, 2019, at 4:30 p.m. ET to discuss its
quarterly results. Investors who would like to listen to the conference
call live should dial 877-324-1965 (U.S. domestic) and 631-291-4512
(international). The number should be dialed approximately ten minutes
prior to the start of the conference call. Ask for the "Interactive
Brokers 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 120 markets in numerous countries and currencies, from a
single IB Universal AccountSM to customers worldwide. We
service 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 customers with a
uniquely sophisticated platform to manage their investment portfolios at
the lowest cost according to Barron's Best Online Brokers review, March
26, 2018. We strive to provide our customers 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.
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.
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INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA
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TRADE VOLUMES:
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(in 000's, except %)
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Brokerage
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Market
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Brokerage
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Non
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Avg. Trades
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Making
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%
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Cleared
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%
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Cleared
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%
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Total
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%
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per U.S.
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Period
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Trades
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Change
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Trades
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Change
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Trades
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Change
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Trades
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Change
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Trading Day
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2016
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64,038
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259,932
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16,515
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340,485
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1,354
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2017
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31,282
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(51%)
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265,501
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2%
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14,835
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(10%)
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311,618
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(8%)
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1,246
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2018
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18,663
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(40%)
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328,099
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24%
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21,880
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47%
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368,642
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18%
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1,478
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4Q2017
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4,263
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71,502
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3,800
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79,565
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1,273
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4Q2018
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4,825
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13%
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88,806
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24%
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7,251
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91%
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100,882
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27%
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1,627
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3Q2018
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4,795
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71,646
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5,293
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81,734
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1,308
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4Q2018
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4,825
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1%
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88,806
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24%
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7,251
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37%
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100,882
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23%
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1,627
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CONTRACT AND SHARE VOLUMES:
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(in 000's, except %)
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TOTAL
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Options
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%
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Futures1
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%
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Stocks
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%
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Period
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(contracts)
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Change
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(contracts)
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Change
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(shares)
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Change
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2016
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572,834
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143,287
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155,439,227
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2017
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395,885
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(31%)
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124,123
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(13%)
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220,247,921
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42%
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2018
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408,406
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3%
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151,762
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22%
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210,257,186
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(5%)
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4Q2017
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89,381
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31,445
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58,373,129
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4Q2018
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107,417
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20%
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41,684
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33%
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44,933,688
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(23%)
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3Q2018
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92,297
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29,936
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45,572,711
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4Q2018
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107,417
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16%
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41,684
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39%
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44,933,688
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(1%)
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MARKET MAKING
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Options
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%
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Futures1
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%
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Stocks
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%
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Period
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(contracts)
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Change
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(contracts)
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Change
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(shares)
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Change
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2016
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307,377
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14,205
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13,082,887
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2017
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102,025
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(67%)
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5,696
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(60%)
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7,139,622
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(45%)
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2018
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49,554
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(51%)
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3,277
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(42%)
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11,347,811
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59%
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4Q2017
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11,228
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1,002
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1,750,178
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4Q2018
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12,680
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13%
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828
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(17%)
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3,091,834
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77%
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3Q2018
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11,805
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758
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2,995,942
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4Q2018
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12,680
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7%
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828
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9%
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3,091,834
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3%
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BROKERAGE TOTAL
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Options
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%
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Futures1
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%
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Stocks
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%
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Period
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(contracts)
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Change
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(contracts)
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Change
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(shares)
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Change
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2016
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265,457
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129,082
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142,356,340
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2017
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293,860
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11%
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118,427
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(8%)
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213,108,299
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50%
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2018
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358,852
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22%
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148,485
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25%
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198,909,375
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(7%)
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4Q2017
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78,153
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30,443
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56,622,951
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4Q2018
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94,737
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21%
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40,856
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34%
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41,841,854
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(26%)
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3Q2018
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80,492
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29,178
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42,576,769
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4Q2018
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94,737
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18%
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40,856
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40%
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41,841,854
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(2%)
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1 Includes options on futures.
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INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA, CONTINUED
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BROKERAGE CLEARED
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Options
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%
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Futures1
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%
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Stocks
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%
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Period
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(contracts)
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Change
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(contracts)
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Change
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(shares)
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Change
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2016
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227,413
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128,021
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138,523,932
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2017
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253,304
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11%
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116,858
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(9%)
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209,435,662
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51%
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2018
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313,795
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24%
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146,806
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26%
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194,012,882
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(7%)
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4Q2017
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66,232
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30,041
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55,714,749
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4Q2018
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83,984
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27%
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40,463
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35%
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40,271,369
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(28%)
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3Q2018
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70,233
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28,922
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41,406,443
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4Q2018
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83,984
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20%
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40,463
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40%
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40,271,369
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(3%)
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1 Includes options on futures.
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BROKERAGE STATISTICS
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(in 000's, except % and where noted)
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Year over Year
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4Q2018
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4Q2017
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% Change
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Total Accounts
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598
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483
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24%
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Customer Equity (in billions)1
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$128.4
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$124.8
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3%
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Cleared DARTs
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856
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|
681
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26%
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Total Customer DARTs
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951
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730
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30%
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Cleared Customers (in $'s, except DART per account)
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Commission per DART
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$3.79
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$3.92
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(3%)
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DART per Avg. Account (Annualized)
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364
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363
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0%
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Net Revenue per Avg. Account (Annualized)
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$3,225
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$3,318
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(3%)
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|
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Consecutive Quarters
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4Q2018
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3Q2018
|
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% Change
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Total Accounts
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598
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576
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4%
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Customer Equity (in billions)1
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$128.4
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$142.5
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(10%)
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Cleared DARTs
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856
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696
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23%
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Total Customer DARTs
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951
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763
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25%
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Cleared Customers (in $'s, except DART per account)
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Commission per DART
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$3.79
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$3.78
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0%
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DART per Avg. Account (Annualized)
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364
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|
312
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17%
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Net Revenue per Avg. Account (Annualized)
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$3,225
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$3,109
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4%
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1 Excludes non-customers.
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INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
NET INTEREST MARGIN
(UNAUDITED)
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Three Months
|
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Twelve Months
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Ended December 31,
|
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Ended December 31,
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2018
|
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2017
|
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2018
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2017
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(in millions)
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Average interest-earning assets
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Segregated cash and securities
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$
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21,957
|
|
$
|
22,803
|
|
$
|
20,911
|
|
$
|
23,824
|
Customer margin loans
|
|
|
28,805
|
|
|
26,982
|
|
|
29,253
|
|
|
23,289
|
Securities borrowed
|
|
|
3,407
|
|
|
3,757
|
|
|
3,310
|
|
|
3,964
|
Other interest-earning assets
|
|
|
4,825
|
|
|
3,553
|
|
|
4,362
|
|
|
2,930
|
FDIC sweeps1
|
|
|
1,673
|
|
|
292
|
|
|
1,259
|
|
|
124
|
|
|
$
|
60,667
|
|
$
|
57,387
|
|
$
|
59,095
|
|
$
|
54,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer credit balances
|
|
$
|
49,153
|
|
$
|
47,561
|
|
$
|
48,179
|
|
$
|
45,515
|
Securities loaned
|
|
|
3,729
|
|
|
4,350
|
|
|
3,982
|
|
|
3,917
|
|
|
$
|
52,882
|
|
$
|
51,911
|
|
$
|
52,161
|
|
$
|
49,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
Segregated cash and securities, net2/3
|
|
$
|
104
|
|
$
|
58
|
|
$
|
337
|
|
$
|
201
|
Customer margin loans4
|
|
|
192
|
|
|
122
|
|
|
677
|
|
|
392
|
Securities borrowed and loaned, net
|
|
|
24
|
|
|
49
|
|
|
140
|
|
|
161
|
Customer credit balances, net2/4
|
|
|
(95)
|
|
|
(38)
|
|
|
(286)
|
|
|
(106)
|
Other net interest income1/3/5
|
|
|
27
|
|
|
16
|
|
|
90
|
|
|
40
|
Net interest income
|
|
$
|
252
|
|
$
|
207
|
|
$
|
958
|
|
$
|
688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin ("NIM")
|
|
|
1.65%
|
|
|
1.43%
|
|
|
1.62%
|
|
|
1.27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized yields
|
|
|
|
|
|
|
|
|
|
|
|
|
Segregated cash and securities
|
|
|
1.88%
|
|
|
1.01%
|
|
|
1.61%
|
|
|
0.84%
|
Customer margin loans
|
|
|
2.64%
|
|
|
1.79%
|
|
|
2.31%
|
|
|
1.68%
|
Customer credit balances
|
|
|
0.77%
|
|
|
0.32%
|
|
|
0.59%
|
|
|
0.23%
|
_________________________________
|
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
|
|
We have recategorized components of net interest income related to
currencies with negative interest rates and as such, prior period
amounts have been adjusted to conform to the current period
presentation. For the quarter and twelve months ended December 31,
2017, $5 million and $17 million have been recategorized from net
interest income on "Segregated cash and securities, net" to
"Customer credit balances, net", respectively.
|
|
|
|
3
|
|
We have reclassified certain components of net interest income
related to investments in U.S. Treasury notes and reverse repurchase
agreements and as such, prior period amounts have been adjusted to
conform to the current period presentation. For the quarter and the
twelve months ended December 31, 2017, $3 million and $8 million
have been reclassified from net interest income on "Segregated cash
and securities, net" to "Other net interest income, net",
respectively.
|
|
|
|
4
|
|
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).
|
|
|
|
5
|
|
Includes income from financial instruments which has the same
characteristics as interest, but is reported in other income.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
SEGMENT FINANCIAL INFORMATION
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Twelve Months
|
|
|
|
|
Ended December 31,
|
|
Ended December 31,
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electronic Brokerage
|
|
Net revenues
|
|
$
|
490
|
|
$
|
390
|
|
$
|
1,842
|
|
$
|
1,405
|
|
|
Non-interest expenses
|
|
|
179
|
|
|
138
|
|
|
665
|
|
|
545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
$
|
311
|
|
$
|
252
|
|
$
|
1,177
|
|
$
|
860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax profit margin
|
|
|
63%
|
|
|
65%
|
|
|
64%
|
|
|
61%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Making
|
|
Net revenues
|
|
$
|
17
|
|
$
|
25
|
|
$
|
76
|
|
$
|
86
|
|
|
Non-interest expenses
|
|
|
8
|
|
|
17
|
|
|
42
|
|
|
113
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
$
|
9
|
|
$
|
8
|
|
$
|
34
|
|
$
|
(27)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax profit (loss) margin
|
|
|
53%
|
|
|
32%
|
|
|
45%
|
|
|
(31%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate 1
|
|
Net revenues
|
|
$
|
(15)
|
|
$
|
100
|
|
$
|
(15)
|
|
$
|
211
|
|
|
Non-interest expenses
|
|
|
(4)
|
|
|
(4)
|
|
|
-
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
$
|
(11)
|
|
$
|
104
|
|
$
|
(15)
|
|
$
|
216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
Net revenues
|
|
$
|
492
|
|
$
|
515
|
|
$
|
1,903
|
|
$
|
1,702
|
|
|
Non-interest expenses
|
|
|
183
|
|
|
151
|
|
|
707
|
|
|
653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
$
|
309
|
|
$
|
364
|
|
$
|
1,196
|
|
$
|
1,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax profit margin
|
|
|
63%
|
|
|
71%
|
|
|
63%
|
|
|
62%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________________________________
|
1
|
|
Corporate includes corporate related activities as well as
inter-segment eliminations and gains and losses on positions held as
part of our overall currency diversification strategy.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Twelve Months
|
|
|
Ended December 31,
|
|
Ended December 31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
(in millions, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
|
$
|
205
|
|
$
|
170
|
|
$
|
777
|
|
$
|
647
|
Interest income
|
|
|
385
|
|
|
282
|
|
|
1,392
|
|
|
908
|
Trading gains
|
|
|
7
|
|
|
14
|
|
|
39
|
|
|
40
|
Other income
|
|
|
37
|
|
|
127
|
|
|
158
|
|
|
332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
634
|
|
|
593
|
|
|
2,366
|
|
|
1,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
142
|
|
|
78
|
|
|
463
|
|
|
225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenues
|
|
|
492
|
|
|
515
|
|
|
1,903
|
|
|
1,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Execution, clearing and distribution fees
|
|
|
73
|
|
|
56
|
|
|
269
|
|
|
241
|
Employee compensation and benefits
|
|
|
63
|
|
|
57
|
|
|
264
|
|
|
249
|
Occupancy, depreciation and amortization
|
|
|
14
|
|
|
13
|
|
|
49
|
|
|
47
|
Communications
|
|
|
5
|
|
|
6
|
|
|
25
|
|
|
28
|
General and administrative
|
|
|
26
|
|
|
19
|
|
|
96
|
|
|
86
|
Customer bad debt
|
|
|
2
|
|
|
-
|
|
|
4
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest expenses
|
|
|
183
|
|
|
151
|
|
|
707
|
|
|
653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
309
|
|
|
364
|
|
|
1,196
|
|
|
1,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
19
|
|
|
200
|
|
|
71
|
|
|
256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
290
|
|
|
164
|
|
|
1,125
|
|
|
793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interests
|
|
|
247
|
|
|
166
|
|
|
956
|
|
|
717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available for common stockholders
|
|
$
|
43
|
|
$
|
(2)
|
|
$
|
169
|
|
$
|
76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.58
|
|
$
|
(0.02)
|
|
$
|
2.30
|
|
$
|
1.09
|
Diluted
|
|
$
|
0.57
|
|
$
|
(0.02)
|
|
$
|
2.28
|
|
$
|
1.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
75,097,578
|
|
|
71,473,863
|
|
|
73,438,209
|
|
|
69,926,933
|
Diluted
|
|
|
75,810,322
|
|
|
72,373,829
|
|
|
74,266,370
|
|
|
70,904,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available for common stockholders
|
|
$
|
43
|
|
$
|
(2)
|
|
$
|
169
|
|
$
|
76
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative translation adjustment, before income taxes
|
|
|
-
|
|
|
-
|
|
|
(14)
|
|
|
11
|
Income taxes related to items of other comprehensive income
|
|
|
-
|
|
|
-
|
|
|
(1)
|
|
|
-
|
Other comprehensive income (loss), net of tax
|
|
|
-
|
|
|
-
|
|
|
(13)
|
|
|
11
|
Comprehensive income (loss) available for common stockholders
|
|
$
|
43
|
|
$
|
(2)
|
|
$
|
156
|
|
$
|
87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to noncontrolling interests:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interests
|
|
$
|
247
|
|
$
|
166
|
|
$
|
956
|
|
$
|
717
|
Other comprehensive income - cumulative translation adjustment
|
|
|
(6)
|
|
|
(1)
|
|
|
(66)
|
|
|
54
|
Comprehensive income attributable to noncontrolling interests
|
|
$
|
241
|
|
$
|
165
|
|
$
|
890
|
|
$
|
771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
EARNINGS PER SHARE ON COMPREHENSIVE INCOME
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Twelve Months
|
|
|
Ended December 31,
|
|
Ended December 31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
(in millions, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) available for common stockholders, net
of tax
|
|
$
|
43
|
|
$
|
(2)
|
|
$
|
156
|
|
$
|
87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.56
|
|
$
|
(0.02)
|
|
$
|
2.12
|
|
$
|
1.24
|
Diluted
|
|
$
|
0.56
|
|
$
|
(0.02)
|
|
$
|
2.09
|
|
$
|
1.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
75,097,578
|
|
|
71,473,863
|
|
|
73,438,209
|
|
|
69,926,933
|
Diluted
|
|
|
75,810,322
|
|
|
72,373,829
|
|
|
74,266,370
|
|
|
70,904,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
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December 31,
2018
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December 31,
2017
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(in millions)
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Assets
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Cash and cash equivalents
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$
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2,597
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$
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1,732
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Cash - segregated for regulatory purposes
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7,503
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6,547
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Securities - segregated for regulatory purposes
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15,595
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13,685
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Securities borrowed
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3,331
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2,957
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Securities purchased under agreements to resell
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1,242
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2,035
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Financial instruments owned, at fair value
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2,119
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3,154
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Receivables from customers, net of allowance for doubtful accounts
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27,017
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29,821
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Receivables from brokers, dealers and clearing organizations
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706
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823
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Other assets
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437
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408
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Total assets
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$
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60,547
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$
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61,162
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Liabilities and equity
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Liabilities
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Short-term borrowings
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$
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17
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$
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15
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Securities loaned
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4,037
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4,444
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Securities sold under agreements to repurchase
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-
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1,316
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Financial instruments sold but not yet purchased, at fair value
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681
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|
767
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Other payables:
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Customers
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47,993
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47,548
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Brokers, dealers and clearing organizations
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298
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283
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Other payables
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365
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|
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356
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48,656
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48,187
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Total liabilities
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53,391
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54,729
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Equity
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Stockholders' equity
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1,282
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1,090
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Noncontrolling interests
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5,874
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5,343
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Total equity
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7,156
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6,433
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Total liabilities and equity
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|
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$
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60,547
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$
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61,162
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December 31, 2018
|
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December 31, 2017
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Ownership of IBG LLC Membership Interests
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Interests
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%
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Interests
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%
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IBG, Inc.
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75,100,955
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18.1%
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71,479,604
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17.4%
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Noncontrolling interests (IBG Holdings LLC)
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338,691,717
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81.9%
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340,229,444
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82.6%
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Total IBG LLC membership interests
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413,792,672
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100.0%
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411,709,048
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100.0%
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190122005875/en/
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