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Interactive Brokers Group Announces 3Q2020 Results

·13 min read

Diluted Earnings Per Share of $0.58, Adjusted Diluted Earnings Per Share of $0.53.

Pretax Income of $334 Million on $548 Million in Net Revenues.

Adjusted Pretax Income of $304 Million on $518 Million in Adjusted Net Revenues1.

Declares Quarterly Dividend of $0.10 Per Share.

Interactive Brokers Group, Inc. (Nasdaq: IBKR), an automated global electronic broker, reported diluted earnings per share of $0.58 for the quarter ended September 30, 2020 compared to $0.45 for the same period in 2019, and adjusted diluted earnings per share of $0.53 for this quarter compared to $0.57 for the year-ago quarter.

Net revenues were $548 million and income before income taxes was $334 million this quarter, compared to net revenues of $466 million and income before income taxes of $281 million for the same period in 2019. Adjusted net revenues were $518 million and adjusted income before income taxes was $304 million this quarter, compared to adjusted net revenues of $525 million and adjusted income before income taxes of $340 million for the same period in 2019.

Financial Highlights

  • Commission revenue showed strong growth, increasing $92 million, or 49%, from the year-ago quarter on higher customer trading volumes within an active trading environment worldwide.

  • Net interest income decreased $96 million, or 33%, from the year-ago quarter as the average Federal Funds effective rate decreased to 0.09% from 2.19% in the year-ago quarter.

  • Other income increased $76 million from the year-ago quarter. This increase was mainly comprised of (1) $74 million related to our currency diversification strategy, which gained $27 million this quarter compared to a loss of $47 million in the same period in 2019; and (2) $19 million related to our strategic investment in Up Fintech Holding Limited ("Tiger Brokers"), which swung to a $6 million mark-to-market gain this quarter from a $13 million mark-to-market loss in the same period in 2019; partially offset by (3) a $13 million impairment loss on our investment in OneChicago Exchange recognized in this quarter.

  • 61% pretax profit margin for this quarter, up from 60% in the year-ago quarter. 59% adjusted pretax profit margin for this quarter, down from 65% in the year-ago quarter.

  • Total equity of $8.5 billion.

The Interactive Brokers Group, Inc. Board of Directors declared a quarterly cash dividend of $0.10 per share. This dividend is payable on December 14, 2020 to shareholders of record as of December 1, 2020.

Business Highlights

  • Customer equity grew 49% from the year-ago quarter to $232.7 billion.

  • Customer credits increased 27% from the year-ago quarter to $70.8 billion.

  • Customer margin loans increased 17% from the year-ago quarter to $30.0 billion.

  • Customer accounts increased 47% from the year-ago quarter to 981 thousand.

  • Total DARTs2 increased 113% from the year-ago quarter to 1.83 million.

  • Cleared DARTs increased 110% from the year-ago quarter to 1.63 million.

COVID-19 Pandemic

In March 2020, the World Health Organization recognized the outbreak of Coronavirus Disease 2019 (COVID-19) caused by a novel strain of the coronavirus as a pandemic. The pandemic affects all countries in which we operate. The response of governments and societies to the COVID-19 pandemic, which includes temporary closures of certain businesses; social distancing; travel restrictions, "shelter in place" and other governmental regulations; and reduced consumer spending due to job losses, has significantly impacted market volatility and general economic conditions.

The COVID-19 pandemic has precipitated unprecedented market conditions with equally unprecedented social and community challenges. Amid these challenges:

  • The Company is committed to ensuring the highest levels of service to its customers so they can effectively manage their assets, portfolios and risks. The Company’s technical infrastructure has withstood the challenges presented by the extraordinary volatility and increased market volume.

  • The Company can run its business from alternate office locations and/or remotely if a Company office must temporarily close due to the spread of the COVID-19 pandemic.

  • As announced on April 9, 2020, during the second quarter of 2020 the Company donated $5 million to assist efforts to provide food and support for people affected by the COVID-19 pandemic in the United States as well as to advance medical solutions.

The effects of the COVID-19 pandemic on the Company’s financial results for the third quarter of 2020 can be summarized as follows: (1) higher commission revenue due to increased trading activity and a higher rate of customer accounts opened during this period; and (2) lower net interest income resulting from lower benchmark interest rates.

The impact of the COVID-19 pandemic on the Company’s future financial results could be significant but currently cannot be quantified, as it depends on numerous evolving factors that currently cannot be accurately predicted, including, but not limited to the duration and spread of the pandemic; its impact on our customers, employees and vendors; governmental actions in response to the pandemic; and the overall impact of the pandemic in the economy and society; among other factors. Any of these events could have a materially adverse effect on the Company’s financial results.

Effects of Foreign Currency Diversification

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 increased our comprehensive earnings by $72 million, as the U.S. dollar value of the GLOBAL increased by approximately 0.91%. The effects of the currency diversification strategy are reported as components of (1) Other Income ($27 million) and (2) Other Comprehensive Income ($45 million).

Conference Call Information:

Interactive Brokers Group, Inc. will hold a conference call with investors today, October 20, 2020, 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 135 markets in numerous countries and currencies, from a single IBKR Integrated Investment Account to clients 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 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. Barron’s ranked Interactive Brokers #1 with 5 out of 5 stars in its February 24, 2020, Best Online Broker Review.

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 10.
2 Daily average revenue trades (DARTs) are based on customer orders.

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA

TRADE VOLUMES:

(in 000's, except %)

Cleared

Non-Cleared

Avg. Trades

Customer

%

Customer

%

Principal

%

Total

%

per U.S.

Period

Trades

Change

Trades

Change

Trades

Change

Trades

Change

Trading Day

2017

265,501

14,835

31,282

311,618

1,246

2018

328,099

24%

21,880

47%

18,663

(40%)

368,642

18%

1,478

2019

302,289

(8%)

26,346

20%

17,136

(8%)

345,771

(6%)

1,380

3Q2019

78,793

6,566

4,738

90,097

1,419

3Q2020

160,015

103%

14,701

124%

7,453

57%

182,169

102%

2,846

2Q2020

153,212

13,752

7,252

174,216

2,765

3Q2020

160,015

4%

14,701

7%

7,453

3%

182,169

5%

2,846

CONTRACT AND SHARE VOLUMES:

(in 000's, except %)

TOTAL

Options

%

Futures1

%

Stocks

%

Period

(contracts)

Change

(contracts)

Change

(shares)

Change

2017

395,885

124,123

220,247,921

2018

408,406

3%

151,762

22%

210,257,186

(5%)

2019

390,739

(4%)

128,770

(15%)

176,752,967

(16%)

3Q2019

103,972

36,124

43,107,364

3Q2020

163,972

58%

39,186

8%

87,514,614

103%

2Q2020

151,665

43,393

67,637,445

3Q2020

163,972

8%

39,186

(10%)

87,514,614

29%

ALL CUSTOMERS

Options

%

Futures1

%

Stocks

%

Period

(contracts)

Change

(contracts)

Change

(shares)

Change

2017

293,860

118,427

213,108,299

2018

358,852

22%

148,485

25%

198,909,375

(7%)

2019

349,287

(3%)

126,363

(15%)

167,826,490

(16%)

3Q2019

93,124

35,427

41,025,047

3Q2020

153,612

65%

38,685

9%

85,893,357

109%

2Q2020

140,787

42,582

65,818,295

3Q2020

153,612

9%

38,685

(9%)

85,893,357

31%

CLEARED CUSTOMERS

Options

%

Futures1

%

Stocks

%

Period

(contracts)

Change

(contracts)

Change

(shares)

Change

2017

253,304

116,858

209,435,662

2018

313,795

24%

146,806

26%

194,012,882

(7%)

2019

302,068

(4%)

125,225

(15%)

163,030,500

(16%)

3Q2019

80,840

35,108

39,891,867

3Q2020

137,660

70%

38,405

9%

83,246,086

109%

2Q2020

124,010

42,259

62,937,898

3Q2020

137,660

11%

38,405

(9%)

83,246,086

32%

1 Includes options on futures

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
OPERATING DATA, CONTINUED

CONTRACT AND SHARE VOLUMES, continued:

(in 000's, except %)

PRINCIPAL TRANSACTIONS

Options

%

Futures1

%

Stocks

%

Period

(contracts)

Change

(contracts)

Change

(shares)

Change

2017

102,025

5,696

7,139,622

2018

49,554

(51%)

3,277

(42%)

11,347,811

59%

2019

41,452

(16%)

2,407

(27%)

8,926,477

(21%)

3Q2019

10,848

697

2,082,317

3Q2020

10,360

(4%)

501

(28%)

1,621,257

(22%)

2Q2020

10,878

811

1,819,150

3Q2020

10,360

(5%)

501

(38%)

1,621,257

(11%)

1 Includes options on futures

CUSTOMERS STATISTICS

Year over Year

3Q2020

3Q2019

% Change

Total Accounts (in thousands)

981

666

47%

Customer Equity (in billions)1

$

232.7

$

156.6

49%

Cleared DARTs (in thousands)

1,629

777

110%

Total Customer DARTs (in thousands)

1,832

859

113%

Cleared Customers

Commission per Cleared Commissionable Order2

$

2.69

$

3.69

(27%)

Cleared Avg. DARTs per Account (Annualized)

442

297

49%

Net Revenue per Avg. Account (Annualized)

$

2,154

$

2,995

(28%)

Consecutive Quarters

3Q2020

2Q2020

% Change

Total Accounts (in thousands)

981

876

12%

Customer Equity (in billions)1

$

232.7

$

203.2

15%

Cleared DARTs (in thousands)

1,629

1,558

5%

Total Customer DARTs (in thousands)

1,832

1,746

5%

Cleared Customers

Commission per Cleared Commissionable Order2

$

2.69

$

2.81

(4%)

Cleared Avg. DARTs per Account (Annualized)

442

480

(8%)

Net Revenue per Avg. Account (Annualized)

$

2,154

$

2,442

(12%)

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

Nine Months

Ended September 30,

Ended September 30,

2020

2019

2020

2019

(in millions)

Average interest-earning assets

Segregated cash and securities

$

43,589

$

29,443

$

41,283

$

27,384

Customer margin loans

28,490

26,134

27,052

26,014

Securities borrowed

4,477

4,036

4,448

3,900

Other interest-earning assets

5,075

5,362

5,288

5,202

FDIC sweeps1

2,982

2,151

2,864

1,999

$

84,613

$

67,126

$

80,935

$

64,499

Average interest-bearing liabilities

Customer credit balances

$

68,867

$

53,762

$

65,716

$

51,786

Securities loaned

5,756

4,160

5,304

3,993

Other interest-bearing liabilities

251

173

313

78

$

74,874

$

58,095

$

71,333

$

55,857

Net interest income

Segregated cash and securities, net

$

14

$

153

$

159

$

434

Customer margin loans2

83

175

287

537

Securities borrowed and loaned, net

86

77

228

177

Customer credit balances, net2

8

(137)

(55)

(421)

Other net interest income1/3

10

31

47

94

Net interest income3

$

201

$

299

$

666

$

821

Net interest margin ("NIM")

0.94%

1.77%

1.10%

1.70%

Annualized yields

Segregated cash and securities

0.13%

2.06%

0.51%

2.12%

Customer margin loans

1.16%

2.66%

1.41%

2.76%

Customer credit balances

-0.05%

1.01%

0.11%

1.09%

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 nine months ended September 30, 2020 and 2019, $6 million, $4 million, $14 million, and $10 million were reported in other fees and services, respectively. For the three and nine months ended September 30, 2020 and 2019, $0 million, $4 million, $5 million, and $15 million were reported in other income, respectively.

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

Three Months

Nine Months

Ended September 30,

Ended September 30,

2020

2019

2020

2019

(in millions, except share and per share data)

Revenues:

Commissions

$

279

$

187

$

824

$

538

Other fees and services1/2

45

35

123

105

Other income (loss)1/3

29

(47)

25

(2)

Total non-interest income

353

175

972

641

Interest income

240

468

853

1,308

Interest expense

(45)

(177)

(206)

(512)

Total net interest income

195

291

647

796

Total net revenues

548

466

1,619

1,437

Non-interest expenses:

Execution, clearing and distribution fees

74

68

227

192

Employee compensation and benefits

77

67

239

213

Occupancy, depreciation and amortization

17

15

51

43

Communications

6

7

19

19

General and administrative

37

30

206

80

Customer bad debt

3

(2)

13

45

Total non-interest expenses

214

185

755

592

Income before income taxes

334

281

864

845

Income tax expense

32

20

65

50

Net income

302

261

799

795

Net income attributable to noncontrolling interests

256

225

675

678

Net income available for common stockholders

$

46

$

36

$

124

$

117

Earnings per share:

Basic

$

0.59

$

0.46

$

1.60

$

1.54

Diluted

$

0.58

$

0.45

$

1.58

$

1.52

Weighted average common shares outstanding:

Basic

78,509,625

76,742,789

77,543,008

75,910,080

Diluted

79,120,548

77,348,976

78,243,699

76,646,487

1

In the first quarter of 2020, we changed the presentation of our consolidated statements of income to better align with our business strategy. Previously reported amounts have been adjusted to conform with the new presentation.

2

Includes market data fees, account activity fees, risk exposure fees, order flow income from options exchange mandated programs, and revenues from other fees and services.

3

Includes gains (losses) from principal transactions; the impact of our currency diversification strategy; gains (losses) from our equity method investments, other revenue not directly attributable to our core business offerings.

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)

Three Months

Nine Months

Ended September 30,

Ended September 30,

2020

2019

2020

2019

(in millions, except share and per share data)

Comprehensive income:

Net income available for common stockholders

$

46

$

36

$

124

$

117

Other comprehensive income:

Cumulative translation adjustment, before income taxes

8

(6)

5

(3)

Income taxes related to items of other comprehensive income

-

-

-

-

Other comprehensive income (loss), net of tax

8

(6)

5

(3)

Comprehensive income available for common stockholders

$

54

$

30

$

129

$

114

Comprehensive earnings per share:

Basic

$

0.69

$

0.39

$

1.67

$

1.50

Diluted

$

0.69

$

0.39

$

1.65

$

1.49

Weighted average common shares outstanding:

Basic

78,509,625

76,742,789

77,543,008

75,910,080

Diluted

79,120,548

77,348,976

78,243,699

76,646,487

Comprehensive income attributable to noncontrolling interests:

Net income attributable to noncontrolling interests

$

256

$

225

$

675

$

678

Other comprehensive income - cumulative translation adjustment

37

(22)

24

(11)

Comprehensive income attributable to noncontrolling interests

$

293

$

203

$

699

$

667

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)

September 30,
2020

December 31,
2019

(in millions)

Assets

Cash and cash equivalents

$

3,292

$

2,882

Cash - segregated for regulatory purposes

12,789

9,400

Securities - segregated for regulatory purposes

29,316

17,824

Securities borrowed

3,995

3,916

Securities purchased under agreements to resell

1,401

3,111

Financial instruments owned, at fair value

452

1,916

Receivables from customers, net of allowance for doubtful accounts

30,343

31,304

Receivables from brokers, dealers and clearing organizations

2,575

685

Other assets

535

638

Total assets

$

84,698

$

71,676

Liabilities and equity

Liabilities

Short-term borrowings

$

628

$

16

Securities loaned

5,738

4,410

Securities sold under agreements to repurchase

-

1,909

Financial instruments sold but not yet purchased, at fair value

187

457

Other payables:

Customers

68,830

56,248

Brokers, dealers and clearing organizations

313

220

Other payables

456

476

69,599

56,944

Total liabilities

76,152

63,736

Equity

Stockholders' equity

1,609

1,452

Noncontrolling interests

6,937

6,488

Total equity

8,546

7,940

Total liabilities and equity

$

84,698

$

71,676

September 30, 2020

December 31, 2019

Ownership of IBG LLC Membership Interests

Interests

%

Interests

%

IBG, Inc.

79,057,622

19.0%

76,759,595

18.5%

Noncontrolling interests (IBG Holdings LLC)

337,670,642

81.0%

338,670,642

81.5%

Total IBG LLC membership interests

416,728,264

100.0%

415,430,237

100.0%

INTERACTIVE BROKERS GROUP, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(UNAUDITED)

Three Months

Nine Months

Ended September 30,

Ended September 30,

2020

2019

2020

2019

(in millions)

Adjusted net revenues1

Net revenues - GAAP

$

548

$

466

$

1,619

$

1,437

Non-GAAP adjustments

Currency diversification strategy, net

(27)

47

6

72

Mark-to-market on investments2

(3)

12

(3)

(28)

Total non-GAAP adjustments

(30)

59

3

44

Adjusted net revenues

$

518

$

525

$

1,622

$

1,481

Adjusted income before income taxes1

Income before income taxes - GAAP

$

334

$

281

$

864

$

845

Non-GAAP adjustments

Currency diversification strategy, net

(27)

47

6

72

Mark-to-market on investments2

(3)

12

(3)

(28)

Customer compensation expense3

0

0

103

0

Bad debt expense4

0

0

1

42

Total non-GAAP adjustments

(30)

59

107

86

Adjusted income before income taxes

$

304

$

340

$

971

$

931

Adjusted pre-tax profit margin

59%

65%

60%

63%

Three Months

Nine Months

Ended September 30,

Ended September 30,

2020

2019

2020

2019

(in millions)

Adjusted net income available for common stockholders1

Net income available for common stockholders - GAAP

$

46

$

36

$

124

$

117

Non-GAAP adjustments

Currency diversification strategy, net

(5)

9

1

13

Mark-to-market on investments2

(1)

2

(1)

(5)

Customer compensation expense3

-

-

19

-

Bad debt expense4

-

-

0

8

Income tax effect of above adjustments5

1

(3)

(4)

(4)

Total non-GAAP adjustments

(4)

9

16

12

Adjusted net income available for common stockholders

$

42

$

45

$

140

$

129

Note: Amounts may not add due to rounding.

Three Months

Nine Months

Ended September 30,

Ended September 30,

2020

2019

2020

2019

(in dollars)

Adjusted diluted EPS1

Diluted EPS - GAAP

$

0.58

$

0.45

$

1.58

$

1.52

Non-GAAP adjustments

Currency diversification strategy, net

(0.06)

0.11

0.02

0.17

Mark-to-market on investments2

(0.01)

0.03

(0.01)

(0.06)

Customer compensation expense3

0.00

0.00

0.24

0.00

Bad debt expense4

0.00

0.00

0.00

0.10

Income tax effect of above adjustments

0.02

(0.03)

(0.05)

(0.05)

Total non-GAAP adjustments

(0.05)

0.11

0.20

0.16

Adjusted diluted EPS

$

0.53

$

0.57

$

1.79

$

1.68

Diluted weighted average common shares outstanding

79,120,548

77,348,976

78,243,699

76,646,487

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 as defined by SEC Regulation G.

  • We define adjusted net revenues as net revenues adjusted to remove the effect of our GLOBAL currency diversification strategy and our net mark-to-market gains (losses) on investments2.

  • We define adjusted income before income taxes as income before income taxes adjusted to remove the effect of our GLOBAL currency diversification strategy, our net mark-to-market gains (losses) on investments, customer compensation expenses3 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 of our GLOBAL currency diversification strategy, the mark-to-market on investments, customer compensation expenses, and unusual bad debt expense attributable to IBG, Inc.

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 GLOBAL currency diversification strategy, our mark-to-market on investments and unusual bad debt expense 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 our U.S. government securities portfolio, which are typically held to maturity, investments in equity securities that do not qualify for equity method accounting which are measured at fair value, and equity securities taken over by the Company from customers related to losses on margin loans described below.

3 Customer compensation expenses were incurred to compensate certain affected customers in connection with their losses resulting from the West Texas Intermediate Crude Oil event. On April 20, 2020, the energy markets exhibited extraordinary price activity in the New York Mercantile Exchange ("NYMEX") West Texas Intermediate Crude Oil contract. The price of the May 2020 physically-settled contract dropped to an unprecedented negative price of $37.63.

4 Unusual bad debt expense includes material losses on margin loans resulting from unusual events that occur in the marketplace. For the nine months ending September 30, 2019, unusual bad debt expense reflects losses recognized on margin lending to a small number of our brokerage customers that had taken relatively large positions in a security listed on a major U.S. exchange, which lost a substantial amount of its value in a very short timeframe. For the nine months ended September 30, 2020, unusual bad debt expense reflects losses incurred by futures customers in excess of the equity in their accounts related to the West Texas Intermediate Crude Oil event described above.

5 The income tax effect is estimated using the corporate income tax rates applicable to the Company.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201020006181/en/

Contacts

For Interactive Brokers Group, Inc.
Investors:
Nancy Stuebe, 203-618-4070

Media:
Kalen Holliday, 203-618-4069