2023-07-18 Interactive Brokers Group, Inc. (IBKR) Q2 2023 Earnings Call Transcript
Interactive Brokers Group, Inc. (NASDAQ:IBKR) Q2 2023 Earnings Conference Call July 18, 2023 4:30 PM ET
Interactive Brokers Group, Inc. (NASDAQ:IBKR) 2023 年第二季度财报电话会议 2023 年 7 月 18 日下午 4:30（东部时间）
Company Participants 公司参与者
Nancy Stuebe - Director, IR
南希·斯图比 - 主管，投资关系
Paul Brody - CFO 保罗·布罗迪 - 首席财务官
Thomas Peterffy - Chairman
托马斯·彼得菲 - 主席
Milan Galik - President, CEO & Director
米兰·加利克 - 总裁、首席执行官及董事
Conference Call Participants
会议电话参与者
Benjamin Budish - Barclays
本杰明·布迪什 - 巴克莱
Craig Siegenthaler - Bank of America Merrill Lynch
克雷格·西根塔勒 - 美国银行美林证券
Daniel Fannon - Jefferies
丹尼尔·法农 - 杰富瑞
Patrick Moley - Piper Sandler
帕特里克·莫利 - 派珀·桑德勒
Chris Allen - Citi 克里斯·艾伦 - 花旗
Kyle Voigt - KBW 凯尔·沃伊特 - KBW
Operator 操作员
Good day, and thank you for standing by. Welcome to the Interactive Brokers Group Quarter Two 2023 Earnings Call. [Operator Instructions] I would now like to hand the conference over to Nancy Stuebe. Please go ahead.
您好，感谢您的耐心等待。欢迎参加互动经纪集团 2023 年第二季度财报电话会议。[操作员指示] 现在我将会议交给南希·斯图比。请继续。
Nancy Stuebe 南希·斯图贝
Thank you. Good afternoon, and thank you for joining us for our second quarter 2023 earnings conference call. Once again, Thomas is on the call, but asked me to present his comments on the business. Also joining us today are Milan Galik, our CEO, and Paul Brody, our CFO. After prepared remarks, we will have a Q&A.
谢谢。下午好，感谢您参加我们 2023 年第二季度的财报电话会议。托马斯再次参加了电话会议，但请我代他发表关于业务的评论。今天还与我们一起的是我们的首席执行官米兰·加利克和首席财务官保罗·布罗迪。在准备好的发言后，我们将进行问答环节。
As a reminder, today’s call may include forward-looking statements, which represent the company’s belief regarding future events, which by their nature, are not certain and are outside of the company’s control. Our actual results and financial condition may differ, possibly materially, from what is indicated in these forward-looking statements. We ask that you refer to the disclaimers in our press release. You should also review a description of risk factors contained in our financial reports filed with the SEC.
作为提醒，今天的电话会议可能包含前瞻性声明，这些声明代表了公司对未来事件的信念，这些事件本质上是不确定的，并且超出了公司的控制范围。我们的实际结果和财务状况可能与这些前瞻性声明中所指示的内容存在重大差异。我们请您参考我们新闻稿中的免责声明。您还应查看我们向证券交易委员会提交的财务报告中包含的风险因素描述。
Our robust operating metrics once again translated into strong financial results this quarter. In fact, but for a substantial addition to reserves for legal contingencies, we would have posted record adjusted pretax income. Our account growth remained strong at 19%, while our client equity was up 24%. Margin loans have increased over the course of 2023 as investors are feeling more confident in the markets after a down year in 2022. Our net interest income reached a record, as did our total adjusted net revenues, which were over $1 billion this quarter.
我们强劲的运营指标再次转化为本季度强劲的财务业绩。事实上，如果不是为了法律风险准备金的重大增加，我们本可以创下调整后的税前收入记录。我们的账户增长保持强劲，达到了 19%，而我们的客户权益增长了 24%。随着投资者在 2022 年经历了下滑后对市场的信心增强，保证金贷款在 2023 年期间有所增加。我们的净利息收入创下了新纪录，总调整后的净收入也达到了超过 10 亿美元的水平。
On the other hand, trading volumes dropped this quarter and with that dropped our commissions by 10% from the first quarter. Lower commissions prevailed across the board. Option commission decreased the least, then came futures, and stock commissions dropped the most.
另一方面，本季度交易量下降，因此我们的佣金比第一季度下降了 10%。各类佣金普遍下降。期权佣金下降幅度最小，其次是期货，股票佣金下降幅度最大。
I do not expect this situation to reverse. Our clients are most heavily weighted in the magnificent 7, where they luckily have huge unrealized gains that they are not likely to want to realize. As a result, I expect a lot of calls to be written in the coming quarters in these stocks. When the stocks rise further the calls will be repurchased and when they fall, they will lapse.
我不期待这种情况会逆转。我们的客户主要集中在“七大巨头”上，他们幸运地拥有巨额未实现的收益，而不太可能想要实现。因此，我预计在未来几个季度，这些股票将会有很多看涨期权被写出。当股票进一步上涨时，这些期权将被回购，而当股票下跌时，它们将失效。
In this way our option commissions will benefit, and our stock commissions will continue to suffer. Investors voted to put their money into big tech stocks rather than keeping it at banks at near zero returns. As usual, we do not know how well our advertising worked. Telling everyone about our 4.58% return on immediately available qualified cash may have prevented more and larger withdrawals, but it barely helped to increase customer cash which grew only by a little more than 2% over the first quarter.
通过这种方式，我们的期权佣金将受益，而我们的股票佣金将继续受到影响。投资者选择将资金投入大型科技股，而不是将其存放在几乎没有回报的银行中。像往常一样，我们不知道我们的广告效果如何。告知大家我们 4.58%的即时可用合格现金回报率可能防止了更多和更大额的提款，但几乎没有帮助增加客户现金，第一季度仅增长了略超过 2%。
As I have mentioned before, I still believe inflation is going to stay with us, and while there may be a “pause” in rate hikes, this is not a short-term state of affairs that will soon result in rate cuts. The debt has increased by a trillion dollars since Congress raised the debt limit. Interest on US debt cost over $650 billion over just the past 9 months; annualized, this comes close to a trillion dollars a year. This increased spending will drive inflation, which will lead to higher rates, which will in turn increase spending, and so on.
正如我之前提到的，我仍然相信通货膨胀将继续存在，尽管可能会有加息的“暂停”，但这并不是一种短期状态，不会很快导致降息。自国会提高债务上限以来，债务增加了一个万亿美元。美国债务的利息在过去 9 个月中超过 6500 亿美元；按年计算，这接近每年一个万亿美元。这种增加的支出将推动通货膨胀，进而导致更高的利率，而这又会增加支出，依此类推。
In terms of our client segments, our strongest ones for account growth have been individuals, proprietary traders, and hedge funds. These have also shown the strongest growth in 12-month commissions revenue, while individuals, prop traders and financial advisors have been the strongest drivers of net interest income.
在我们的客户细分中，账户增长最强的客户群体是个人、专有交易员和对冲基金。这些客户在过去 12 个月的佣金收入中也显示出最强的增长，而个人、专有交易员和财务顾问则是净利息收入的主要推动者。
We are still looking to onboard the first of the two large introducing broker accounts this year, hopefully in the third quarter. It will start slowly and we hope to see it completed within a few months of its start. Our dates are slipping with respect to the second large introducing broker but we are still hoping to begin onboarding them before year end.
我们仍在寻求在今年的第三季度引入两个大型介绍经纪人账户中的第一个。它将缓慢启动，我们希望在开始后的几个月内完成。关于第二个大型介绍经纪人的日期正在推迟，但我们仍希望在年底之前开始引入他们。
Our developers have been extremely busy with new products and tools, and have a full plate for the remainder of the year.
我们的开发人员一直忙于新产品和工具，接下来的一年里还有很多工作要做。
One area we have focused on is delivering specific tools to specific customer types. For financial advisors, we introduced customized indexing, making it easy to build stock portfolios modeled on ETFs that are customizable for tax efficiency and investment goals. Customized indexing clients will own fractional shares of each component stock, so the advisor can adjust weightings, capitalize on gains or losses for tax purposes, or exclude specific stocks or sectors, personalizing as their clients need. We also introduced a tax loss harvesting tool, a streamlined CRM, and now offer our RIAs research from ISI Evercore. We do not require minimums, we have no ticket charges, and charge no custodial, technology, software, platform or reporting fees.
我们关注的一个领域是为特定客户类型提供特定工具。对于财务顾问，我们推出了定制指数，使得构建基于可定制的 ETF 的股票投资组合变得简单，以实现税务效率和投资目标。定制指数客户将拥有每个成分股的部分股份，因此顾问可以调整权重，利用税务目的的收益或损失，或排除特定股票或行业，根据客户的需求进行个性化。我们还推出了税损收割工具、简化的客户关系管理系统，并现在为我们的注册投资顾问提供来自 ISI Evercore 的研究。我们不要求最低投资额，没有交易费用，也不收取保管、技术、软件、平台或报告费用。
For individuals and introducing broker clients, we expanded overnight trading in US stocks and ETFs, and now have over 10,000 names available. This has been particularly attractive for our clients in those time zones where investing during regular US trading hours is difficult.
对于个人和介绍经纪客户，我们扩大了美国股票和 ETF 的隔夜交易，现在可用的股票超过 10,000 个。这对那些在美国正常交易时间内投资困难的时区的客户特别有吸引力。
For our more sophisticated clients and funds, we introduced our Securities Lending Dashboard, which allows them to access the same expanded securities lending data and key metrics for US equities that, historically, were only available to banks, broker-dealers and large institutional investors.
为了满足我们更复杂的客户和基金的需求，我们推出了证券借贷仪表板，使他们能够访问与美国股票相关的扩展证券借贷数据和关键指标，这些数据和指标在历史上仅对银行、经纪交易商和大型机构投资者开放。
Internationally, we added the Taiwan Stock Exchange, Nasdaq Copenhagen and the Prague Stock Exchange to our platform, while fractional share trading will soon be available for Canadian stocks and ETFs.
国际上，我们将台湾证券交易所、哥本哈根纳斯达克和布拉格证券交易所添加到我们的平台，同时，加拿大股票和 ETF 的分数股交易将很快可用。
We remain committed to having the most informed clients, wherever they are in their investing journey. Our IBKR Campus educational website has the courses, webinars, podcasts and market commentaries to assist our clients in learning more about trading, the economy, and financial markets – from the most basic educational fundamentals to sophisticated strategies and market commentary. They can learn more about Interactive Brokers’ trading tools and how to use them. Our Learn & Earn program lets clients who are new to a particular securities product earn commission credits for each bundle of courses they complete.
我们始终致力于让客户在投资旅程的任何阶段都能获得最全面的信息。我们的 IBKR 校园教育网站提供课程、网络研讨会、播客和市场评论，帮助客户更深入地了解交易、经济和金融市场——从最基本的教育基础到复杂的策略和市场评论。他们可以了解更多关于互动经纪商的交易工具及其使用方法。我们的学习与收益计划让新手客户在完成每一套课程时获得佣金积分。
We remain very optimistic about what our business model – international market access, a strong and secure balance sheet, multiple features and tools, at low prices and high interest paid on cash balances – offers to clients and potential clients around the world.
我们对我们的商业模式持非常乐观的态度——国际市场准入、强大而安全的资产负债表、多种功能和工具、低价格以及高利息的现金余额——为全球客户和潜在客户提供的价值。
We are extremely disappointed that we did not achieve a new record in the second quarter and we are determined to redouble our efforts and get there in the third.
我们对第二季度没有创下新纪录感到非常失望，我们决心加倍努力，在第三季度实现目标。
With that, I will turn the call over to our CFO, Paul Brody, who will go through the numbers for the quarter. Paul?
接下来，我将把电话交给我们的首席财务官保罗·布罗迪，他将为大家讲解本季度的数字。保罗？
Paul Brody 保罗·布罗迪
Thank you, Nancy. Thanks, everyone, for joining the call. As usual, we’ll start with our Revenue items on page 3 of the release. We followed on our strong first quarter performance, recording net revenues of $1 billion in the current quarter. With ongoing customer account and balance sheet growth, we continue to build a strong base for both commission and interest revenues in the future.
谢谢你，南希。感谢大家参加电话会议。和往常一样，我们将从发布的第 3 页的收入项目开始。我们在强劲的第一季度表现基础上，本季度录得净收入 10 亿美元。随着客户账户和资产负债表的持续增长，我们继续为未来的佣金和利息收入建立坚实的基础。
Commissions were $322 million, level with the year-ago quarter despite industry-wide declines in volumes for futures and especially for equities. Our futures and options volumes came in near their quarterly highs, while stock share volumes declined from last year’s quarter, once again driven by a drop in trading of lower-priced stocks.
佣金为 3.22 亿美元，与去年同期持平，尽管整个行业的期货和特别是股票的交易量均有所下降。我们的期货和期权交易量接近季度高点，而股票交易量则较去年同期下降，这再次是由于低价股票交易的减少所致。
Net interest income was a quarterly record $694 million, reflecting higher interest on margin loans and segregated cash, from both increases in benchmark rates and a larger segregated cash portfolio. US benchmark rates have moved from an average effective rate of 77 basis points in the second quarter of last year to 499 basis points this quarter. These gains were partially offset by the higher interest we paid on customer credit balances, as our longstanding policy is to pass through rate hikes above 50 basis points to our customers on their qualified funds.
净利息收入创下季度纪录，达到 6.94 亿美元，反映了由于基准利率上升和更大规模的隔离现金投资组合，保证贷款和隔离现金的利息增加。美国基准利率从去年第二季度的平均有效利率 77 个基点上升至本季度的 499 个基点。这些收益部分被我们支付给客户信用余额的更高利息所抵消，因为我们长期以来的政策是将超过 50 个基点的加息转嫁给客户的合格资金。
Other fees and services generated $47 million, with the biggest contributors being market data fees of $18 million, risk exposure fee revenue of $10 million, and options exchange liquidity payments of $7 million. The increase in risk exposure fees from the prior year quarter was driven by more risk-on positioning of customers, which led to a $4 million rise in these fees.
其他费用和服务产生了 4700 万美元，其中最大的贡献者是市场数据费用 1800 万美元、风险敞口费用收入 1000 万美元和期权交易所流动性支付 700 万美元。与去年同期相比，风险敞口费用的增加是由于客户的风险偏好增加，导致这些费用上升了 400 万美元。
Other income was a loss of $63 million and includes gains and losses on our investments, our currency diversification strategy and principal transactions. Note that many of these non-core items are excluded in our adjusted earnings, and without these excluded items, Other income was a $1 million gain for the quarter.
其他收入为亏损 6300 万美元，包括我们投资的盈亏、货币多元化策略和主要交易的盈亏。请注意，许多这些非核心项目在我们的调整后收益中被排除，排除这些项目后，其他收入在本季度为 100 万美元的收益。
Turning to expenses, Execution, Clearing & Distribution costs rose 21% versus last year, led by higher volumes in options, which carry higher fees, the non-recurrence of last year’s $3 million OCC clearing fee rebate, and a $1 million increase in market data fees, as well as lower liquidity rebates.
转向费用，执行、清算和分配成本较去年增长了 21%，主要由于期权交易量增加，期权的费用较高，去年 300 万美元的 OCC 清算费用回扣不再出现，以及市场数据费用增加 100 万美元，同时流动性回扣减少。
We find it useful to measure what we call Gross Transactional Profit, which is commissions less Execution & Clearing costs directly related to trading, which excludes primarily market data distribution fees. As a percent of commission revenues, Execution & Clearing costs, which are driven by a combination of trading volume, exchange rebates and changing fee schedules, were 22% this quarter, for a Gross Transactional Profit margin of 78%.
我们发现衡量我们所称的毛交易利润是有用的，即佣金减去与交易直接相关的执行和清算成本，主要不包括市场数据分发费用。作为佣金收入的百分比，执行和清算成本受交易量、交易所回扣和费用变动的综合影响，本季度为 22%，毛交易利润率为 78%。
Market Data expense, a pass-through item, is included in “Execution, Clearing & Distribution Fees” line item, while the corresponding Market Data revenue is reported in “Other fees and services” rather than in Commissions. For this purpose, in the second quarter we exclude $15 million in Market Data expense.
市场数据费用作为一个过渡项目，包含在“执行、清算和分销费用”项目中，而相应的市场数据收入则报告在“其他费用和服务”中，而不是在佣金中。为此，在第二季度我们排除了 1500 万美元的市场数据费用。
Compensation & Benefits expense rose 21%, over the prior year quarter, on a combination of staffing increases and inflation. While up in dollar terms for the quarter, Comp & Benefits expense remained at 13% of our adjusted Net Revenues, versus 16% last year and somewhat below its historical level. Our headcount at quarter-end was 2,908.
补偿和福利费用比去年同期增长了 21%，主要由于员工增加和通货膨胀。尽管本季度的金额有所上升，但补偿和福利费用仍占我们调整后净收入的 13%，而去年为 16%，且略低于历史水平。季度末我们的员工人数为 2,908。
G&A expenses roughly doubled versus last year’s second quarter, largely attributable to a substantial increase in reserves related to the previously-disclosed regulatory investigation into the use of unapproved electronic messaging and the firm’s record-keeping requirements. Without that increase, G&A expenses would be down slightly year-on-year.
G&A 费用与去年第二季度相比大致翻倍，主要是由于与之前披露的关于使用未经批准的电子消息和公司的记录保存要求的监管调查相关的准备金大幅增加。如果没有这项增加，G&A 费用将同比略有下降。
Our adjusted pretax margin was 67%, up from 63% in the year-ago quarter. While higher interest rates benefit us, automation remains our key means of maintaining consistently high margins. Income tax expense of $51 million reflects the sum of the public company’s $30 million and the operating companies’ $21 million.
我们调整后的税前利润率为 67%，高于去年同期的 63%。虽然更高的利率对我们有利，但自动化仍然是我们保持持续高利润率的关键手段。5100 万美元的所得税费用反映了上市公司 3000 万美元和运营公司 2100 万美元的总和。
Moving to our balance sheet on page 5 of our release, our total assets were $121 billion at the end of the quarter, with growth over last year driven primarily by increases in our segregated cash and securities.
在我们发布的第 5 页的资产负债表中，截至本季度末，我们的总资产为 1210 亿美元，较去年增长主要是由于我们隔离现金和证券的增加。
We maintain a balance sheet aimed at supporting our growing business and providing ample financial resources during volatile markets, with maximum flexibility and short-term liquidity. We have no long-term debt. The duration of our investment portfolio as of June 30th was 40 days.
我们保持一份资产负债表，旨在支持我们不断增长的业务，并在波动的市场中提供充足的财务资源，具备最大的灵活性和短期流动性。我们没有长期债务。截至 6 月 30 日，我们的投资组合的久期为 40 天。
Turning to our operating data, on pages 6 and 7, our contract volumes for all customers were strong, reaching their fourth highest quarterly level in options, up 9% over the year-ago quarter. Futures contract and stock share volumes were down 3% and 28%, respectively. Options and futures volumes were generally in line with industry volumes. And in stocks, the drop off was largely attributable to investors moving to higher quality stocks, as trading in pink sheet and other very low-priced stocks was impacted most.
转向我们的运营数据，在第 6 和第 7 页，所有客户的合同交易量强劲，期权达到了第四高的季度水平，比去年同期增长了 9%。期货合约和股票交易量分别下降了 3%和 28%。期权和期货的交易量总体上与行业交易量相符。在股票方面，下降主要归因于投资者转向更高质量的股票，因为粉单和其他非常低价股票的交易受到的影响最大。
On page 7, you can see that our account growth remains robust, with over 95,000 net account adds in the quarter, and total accounts at 2.3 million, up 19% over the prior year.
在第 7 页，您可以看到我们的账户增长保持强劲，本季度新增净账户超过 95,000 个，总账户达到 230 万个，比去年增长了 19%。
Total Customer DARTs were 1.9 million trades per day, down 14% from the stronger prior-year quarter.
总客户 DARTs 为 190 万笔交易每天，比去年同期下降了 14%。
Our Cleared IBKR Pro Customers paid an average of $3.11 Commission per Cleared Commissionable Order, up 14% from last year as our clients’ volume mix included higher per order contributions from nearly all product categories, particularly from options and futures.
我们的清算 IBKR Pro 客户每个清算可收取佣金的订单平均支付了 3.11 美元的佣金，比去年增长了 14%，因为我们的客户交易量的组合中几乎所有产品类别的每个订单贡献都更高，特别是期权和期货。
Page 8 presents our Net Interest Margin numbers. Total GAAP net interest income nearly doubled to $694 million on the year-ago quarter, reflecting stronger earnings on segregated cash and margin loans, partially offset by higher interest expense on customer cash balances. After a series of seven target rate increases in 2022, the Federal Reserve has raised interest rates by 25 basis points three times this year. Many other central banks also raised rates this quarter. This group includes the UK, Canada, Australia and Hong Kong, as well as the Eurozone and Switzerland.
第 8 页展示了我们的净利差数据。总的 GAAP 净利息收入与去年同期相比几乎翻了一番，达到了 6.94 亿美元，反映出隔离现金和保证金贷款的收益更强，但部分被客户现金余额的利息支出增加所抵消。在 2022 年经历了七次目标利率上调后，美联储今年已三次将利率提高 25 个基点。许多其他中央银行在本季度也提高了利率。这些国家包括英国、加拿大、澳大利亚和香港，以及欧元区和瑞士。
Net interest on segregated cash was $700 million, primarily due to Federal Reserve rate hikes but also to our managing to short duration on invested funds, which has allowed us to more closely match asset and liability maturities and to pick up benchmark rate increases quickly. At June 30th, our US portfolio duration was 40 days, so the investments have rolled over into new, higher, rates with a fairly short lag time. A 21% increase over the year-ago quarter in average segregated cash and securities balances also drove interest income higher.
隔离现金的净利息为 7 亿美元，主要由于联邦储备加息，但也因为我们在投资资金上管理了短期，这使我们能够更紧密地匹配资产和负债的到期，并迅速获得基准利率的上调。截至 6 月 30 日，我们的美国投资组合的久期为 40 天，因此投资已经以相对较短的滞后时间滚动到新的、更高的利率。与去年同期相比，平均隔离现金和证券余额增加了 21%，也推动了利息收入的增长。
Margin loan interest rose to $547 million, up significantly from $197 million last year, despite average margin loan balances declining 11% from last year’s second quarter. Higher rates, in the US and internationally, have driven higher margin interest income.
保证金贷款利息上升至 5.47 亿美元，较去年 1.97 亿美元大幅增加，尽管平均保证金贷款余额较去年第二季度下降了 11%。美国及国际上的利率上升推动了更高的保证金利息收入。
Securities lending net interest was $79 million, down from the year-ago quarter due to a dynamic we have noted previously. While securities lending opportunities maintained a relatively strong pace, it is also the case that as benchmark rates rise, a greater portion of the revenue generated by lending securities, for which we receive cash collateral that we invest as segregated funds, is reflected as interest on Segregated Cash. We estimate this impact to be about $40 million for the quarter vs last year. In other words, without this shift in reporting line items, net interest from securities lending would be $119 million, up 3% from the year-ago quarter.
证券借贷净利息为 7900 万美元，较去年同期下降，原因是我们之前提到的一个动态。尽管证券借贷机会保持相对强劲的步伐，但随着基准利率的上升，借贷证券所产生的收入中，作为现金抵押品的部分被我们投资为隔离资金的收入，更多地反映为隔离现金的利息。我们估计这一影响在本季度约为 4000 万美元，相较于去年。换句话说，如果没有这一报告项目的变化，证券借贷的净利息将为 1.19 亿美元，较去年同期增长 3%。
Interest on Customer Credit Balances, or the interest we pay our customers, grew as higher rates in many currencies led to our paying interest on qualifying balances as we pass through rate increases. We paid $774 million to our customers on their balances in the second quarter.
客户信用余额的利息，或我们支付给客户的利息，随着多种货币利率的上升而增长，因为我们在利率上升时对符合条件的余额支付利息。我们在第二季度向客户的余额支付了 7.74 亿美元。
Fully rate sensitive balances were roughly unchanged at about $20 billion. We consider our policy offering clients a full pass-through of all rate hikes after the first 50 basis points on their qualified cash a significant component in our success, and one that continues to set us apart.
完全利率敏感的余额大约保持在 200 亿美元左右。我们认为，向客户提供在合格现金上首次 50 个基点之后所有利率上调的全额传递政策是我们成功的重要组成部分，并且这一点使我们与众不同。
We believe this leads to clients choosing to keep their cash with us, especially active clients who do not want to use sweep programs that prevent them from immediately accessing their cash to invest.
我们相信这导致客户选择将现金存放在我们这里，特别是那些不想使用限制他们立即访问现金以进行投资的自动转账计划的活跃客户。
Now, for our estimates of the impact of increases in rates – given market expectations of possibly one or more rate hikes to come, we estimate the effects of increases in the Fed Funds rate to produce additional annual net interest income of approximately $49 million for each 25 bps increase in the benchmark. Note that our starting point for these estimates is June 30th, with the Fed Funds effective rate at 5.08%, and based on balances at that date. About 25% of our customer cash balances is not in US dollars, so estimates of US rate change effects exclude these currencies. We estimate increases in all the relevant non-USD benchmark rates to produce additional annual net interest income of $26 million for each 25 basis point increase in the benchmarks.
现在，关于利率上升的影响估计——考虑到市场预期可能会有一次或多次加息，我们估计美联储基金利率每增加 25 个基点将产生大约 4900 万美元的额外年净利息收入。请注意，我们这些估计的起点是 6 月 30 日，当时美联储基金有效利率为 5.08%，并基于该日期的余额。大约 25%的客户现金余额不是以美元计价，因此美国利率变化影响的估计不包括这些货币。我们估计所有相关的非美元基准利率每增加 25 个基点将产生 2600 万美元的额外年净利息收入。
In conclusion, the company performed well in the second quarter in a complex and uncertain environment, reflecting our continued ability to grow our customer base and deliver on our core services to customers, all at low cost and while offering meaningful cash interest, as we manage the business effectively with strong controls over risk and operating expenses.
总之，在复杂和不确定的环境中，公司在第二季度表现良好，反映了我们持续扩大客户基础和向客户提供核心服务的能力，所有这些都以低成本实现，同时提供有意义的现金利息，因为我们有效管理业务，严格控制风险和运营费用。
And with that, we’ll turn it over to the moderator, and we will take questions.
那么，我们将把时间交给主持人，接下来我们将接受提问。
Question-and-Answer Session
问答环节
Operator 操作员
[Operator Instructions] Our first question is from Benjamin Budish of Barclays.
[操作员指示] 我们的第一个问题来自巴克莱的本杰明·布迪什。
Benjamin Budish 本杰明·布迪什
Maybe first on the marketing spend. You indicated it’s not entirely clear if it’s working the way you hoped. Can you maybe talk about kind of your commitment to continuing with that? And maybe for Paul, just I think you had previously indicated that there would be a bit of a step-up quarter-over-quarter, but when we sort of subtract the reserve charge that you took, it looks like the step-up maybe wasn’t as big. So how much of that spend was in the quarter? And what are your thoughts on sort of continuing with that strategy?
也许首先谈谈市场营销支出。你提到这并不完全清楚是否如你所希望的那样有效。你能否谈谈你对继续进行这项工作的承诺？还有保罗，我记得你之前提到过每个季度会有一些增长，但当我们减去你所做的准备金费用时，似乎增长并没有那么大。那么这笔支出在这个季度占了多少？你对继续这种策略有什么看法？
Thomas Peterffy 托马斯·彼得菲
Are you asking about marketing expenses or the reserves?
你是在问营销费用还是储备金？
Benjamin Budish 本杰明·布迪什
The marketing expense. So, I think if you back out the expenses.
营销费用。所以，我认为如果你扣除这些费用。
Thomas Peterffy 托马斯·彼得菲
The marketing expense– yes, we are definitely going to stick with our marketing programs, and we will increase marketing spend gradually – quarter after quarter after quarter, we will spend more and more money marketing. As we find out marketing outlets that we believe to be, although we cannot precisely measure it, but we believe to be a positive impact.
营销费用——是的，我们肯定会坚持我们的营销计划，并将逐步增加营销支出——一个季度接一个季度，我们将投入越来越多的资金进行营销。当我们发现我们认为是有效的营销渠道时，尽管我们无法精确测量，但我们相信这会产生积极的影响。
Benjamin Budish 本杰明·布迪什
Got it. That’s helpful. And then maybe, Thomas, just to kind of pick your brain on the sort of the customer trading behavior. What do you – it sounds like you’re expecting things to be a little less active in the back half of the year. What do you think kind of reverses that? Is it sort of a decline in rates? Is it just more broader macro volatility? What sort of indicators should we be looking for maybe like with your unique customer segment that might drive more of a pickup there?
明白了。这很有帮助。然后，托马斯，或许我可以请教一下关于客户交易行为的事情。听起来你预计下半年的活动会稍微减少。你认为是什么会改变这种情况？是利率的下降吗？还是更广泛的宏观波动？我们应该关注哪些指标，可能与你独特的客户群体相关，可能会推动更多的增长？
Thomas Peterffy 托马斯·彼得菲
Well, I think that what is coming down the pike is more technology-driven order flow. And that, as more AI systems get behind money management, I think that as a result of that– trading activity will pick up. There will be more and more small orders. There will be more and more fractional shareholders. There’ll be more and more registered investment advisers who will hire technology-driven systems to drive their investment choices. And so that’s what I see in the future.
我认为未来将会出现更多以技术驱动的订单流。随着越来越多的人工智能系统参与资金管理，我认为这将导致交易活动增加。小订单会越来越多，持有部分股份的投资者也会越来越多。将会有越来越多的注册投资顾问雇佣以技术驱动的系统来推动他们的投资选择。这就是我对未来的看法。
Operator 操作员
Our next question comes from Craig Siegenthaler of Bank of America.
我们下一个问题来自美国银行的克雷格·西根塔勒。
Craig Siegenthaler 克雷格·西根塔勒
I wanted to get an update on your prospecting effort in the introducing broker channel and really trying to gauge the potential to translate some of these prospects into IBKR customers. And maybe one thing you can share with us, if you can, is like how many prospecting meetings you have done in the first half of the year.
我想了解一下你在介绍经纪人渠道的开发工作进展，并真正想评估将这些潜在客户转化为 IBKR 客户的可能性。如果可以的话，也许你能和我们分享一下你在上半年进行了多少次开发会议。
Milan Galik 米兰·加利克
Introducing brokers have always been an important segment for our business. That is what our sales force focuses on. We have many prospects in the pipeline in various stages of development. With some, we are still discussing the best way to connect and integrate with us. Others are already doing test trades on our platform, and the most advanced ones are already at the stage of getting their customers into production trading.
介绍经纪人一直是我们业务的重要组成部分。这正是我们的销售团队所关注的。我们在不同发展阶段有许多潜在客户在排队。对于一些客户，我们仍在讨论与我们连接和整合的最佳方式。其他客户已经在我们的平台上进行测试交易，而最先进的客户已经进入了让他们的客户进行生产交易的阶段。
Not much has changed other than we continue to focus on the i-broker segment, and we are continuously making software development changes that make the integration easier, so that we can offer them more choices for the integration going forward.
除了我们继续专注于 i-broker 领域之外，其他方面没有太大变化，我们不断进行软件开发改进，使集成变得更容易，以便未来能够为他们提供更多的集成选择。
Craig Siegenthaler 克雷格·西根塔勒
So, my follow-up is, given slowing growth on a cyclical basis in the active trader channel relative to accelerating growth in the introducing broker vertical, can you talk about how you expect this to impact your profitability or even revenue growth relative to account growth?
所以，我的后续问题是，考虑到活跃交易者渠道的周期性增长放缓，相对于引介经纪人领域的加速增长，您能谈谈这将如何影响您的盈利能力，甚至是相对于账户增长的收入增长吗？
Thomas Peterffy 托马斯·彼得菲
Yes. So look, the introducing broker client is always the least profitable client. The hedge fund client is always the most profitable client. And the prop traders are our sweet spot. So yes, to the extent that our number of accounts will jump in number the profitability will not similarly increase. Profitability comes mostly from our more sophisticated professional client base – which is, by the way, also is increasing quite well.
是的。所以看看，介绍经纪人的客户总是利润最低的客户。对冲基金客户总是利润最高的客户。而自营交易员是我们的最佳客户群。因此，是的，尽管我们的账户数量会大幅增加，但盈利能力不会相应增加。盈利能力主要来自我们更为复杂的专业客户群——顺便说一下，这一群体也在稳步增长。
Operator 操作员
Our next question comes from Daniel Fannon of Jefferies LLC.
我们下一个问题来自杰富瑞公司（Jefferies LLC）的丹尼尔·法农（Daniel Fannon）。
Daniel Fannon 丹尼尔·法农
I was hoping to follow up on that and just think about maybe you get a sense of the activity levels, or how active you think the introducing broker relationships are when they come on board and the maturation to think about other customers, I think you’ve talked about previously, as they get comfortable with the platform and they trade more over time. Is that still similar when you think about the IB channel? And is there a way to put some numbers around that?
我希望能跟进一下这个问题，想知道您对引介经纪人关系的活跃程度有何看法，尤其是在他们加入时的活动水平，以及随着时间的推移，他们对其他客户的成熟度。我认为您之前提到过，当他们对平台感到舒适并逐渐增加交易量时，这种情况是否仍然类似于 IB 渠道？有没有办法给出一些数字来说明这一点？
Thomas Peterffy 托马斯·彼得菲
Well, put some numbers around it. Well, let me put it this way. So, our average account yields about $1,200 of revenues per year. The average introducing broker account, I’m guessing here. The average introducing broker account, I would expect them to be around $300 to $400 a year in commissions. I mean you’re asking the numbers around it. I do not have these numbers in front of me, unfortunately. So, really – I’m embarrassed I can’t tell you.
好吧，给它加上一些数字。让我这样说吧。我们的平均账户每年大约产生 1200 美元的收入。平均引介经纪人账户，我在这里猜测一下。平均引介经纪人账户，我预计他们的佣金大约在每年 300 到 400 美元之间。我的意思是你在问这些数字。我不幸的是没有这些数字在我面前。所以，真的——我很尴尬，我不能告诉你。
Daniel Fannon 丹尼尔·法农
Understood. That’s okay. I guess a more specific modeling question for Paul. Just in terms of the other income, it’s moved around a lot in recent quarters is $1 million when we adjust everything out. What’s a reasonable level or as you think about like a baseline level going forward to model for?
明白了。没关系。我想问保罗一个更具体的建模问题。就其他收入而言，最近几个季度波动很大，调整后是 100 万美元。你认为未来建模时合理的基准水平是多少？
Paul Brody 保罗·布罗迪
Well, I think it’s not that variable. When you take out our non-GAAP adjustments, right, which is primarily the currency impact and partially from mark-to-market on the U.S. government securities. And by the way, that’s smaller than it used to be, given that our duration is so short.
好吧，我认为这并不是那么可变。当你去掉我们的非公认会计原则调整时，主要是货币影响，部分来自美国政府证券的市值调整。顺便说一下，由于我们的久期如此短，这个影响比以前小了。
So, we report to you which items we’ve taken out. And if you take those out, you probably get a reasonable baseline. But other income is also some miscellaneous investments and things that are not very predictable. But after those large items, the whole category is not very large.
所以，我们向您报告我们已剔除的项目。如果您剔除这些项目，您可能会得到一个合理的基准。但其他收入也包括一些杂项投资和一些不太可预测的东西。但在剔除这些大项后，整个类别并不是很大。
Operator 操作员
[Operator Instructions] Our next question comes from Patrick Moley of Piper Sandler.
[操作员指示] 我们的下一个问题来自 Piper Sandler 的 Patrick Moley。
Patrick Moley 帕特里克·莫利
Just one on last quarter, you had the security sale. Just wondering if you could quantify the impact from that reinvestment had on net interest income in the current quarter.
在上个季度，你进行了证券销售。我想知道这次再投资对当前季度的净利息收入产生了多大影响。
Paul Brody 保罗·布罗迪
I don’t think we could say that precisely. You’re talking about when we liquidated some treasuries, reinvested them in shorter term.
我认为我们不能那么准确地说。你说的是我们清算了一些国债，并将其再投资于短期债务。
I mean we recognize the liquidated loss and obviously reinvested at short-term current treasury rates. And if you look at the yield curve, you know what those are? So yes, we’re making it back for sure.
我指的是我们确认了清算损失，并显然以短期国债利率进行了再投资。如果你看看收益曲线，你知道那是什么吗？所以，是的，我们肯定会弥补回来。
Operator 操作员
Our next question comes from the line of Chris Allen of Citi.
我们下一个问题来自花旗银行的克里斯·艾伦。
Chris Allen 克里斯·艾伦
I had a couple of follow-ups. On the other income, is there any legacy market making still left in there? I know there was when you had sold the business, and that’s where it got recorded and drove some principal transactions. Is that still on that other income line?
我有几个后续问题。关于其他收入，里面还有遗留的市场做市吗？我知道在你们出售业务时是有的，那时记录在案并推动了一些主要交易。那条其他收入线还包含这些吗？
Paul Brody 保罗·布罗迪
It’s still in there, and it’s a very minor contributor to the total.
它仍然在里面，并且对总量的贡献非常小。
Chris Allen 克里斯·艾伦
Understood. And then just on the duration of the U.S. investment portfolio. You know it was 40 days. If I recall correctly, last quarter, you sold some securities and reinvested and I think the duration was 24 days. So based on those numbers, seems like you’re extending a little bit. Obviously, nothing crazy or anything like that. Do I have that correct? And was this a function of any extension? Or is it just a function of maybe stuff maturing and new cash coming on?
明白了。那么关于美国投资组合的久期。你知道，它是 40 天。如果我没记错的话，上个季度你卖出了一些证券并进行了再投资，我认为久期是 24 天。因此，根据这些数字，似乎你在稍微延长久期。显然，这并不是很疯狂或其他什么。我理解得对吗？这是否是由于某种延长的结果？还是仅仅是因为一些到期的资产和新资金的流入？
Thomas Peterffy 托马斯·彼得菲
Well, it all has to do with when the Fed is scheduled to move. So, we do not want to speculate on what the Fed is going to do. So, we like to prefer to – invest before the Fed date or if the Fed like in this case, said that they are going to raise a quarter. We believe them that they are going to raise a quarter, and given that the market believes 98% that they are going to raise a quarter, we don’t mind to go over that date, but not the subsequent date. So, we are still before – we are investing prior – our investment will mature before the September Fed meeting.
这与美联储的行动时间安排有关。因此，我们不想对美联储将要做什么进行猜测。因此，我们更倾向于在美联储会议之前进行投资，或者如果美联储在这种情况下表示他们将加息四分之一，我们相信他们会加息四分之一，考虑到市场有 98%的人相信他们会加息四分之一，我们不介意超过那个日期，但不包括随后的日期。因此，我们仍然是在之前——我们的投资将在九月份的美联储会议之前到期。
Operator 操作员
[Operator Instructions] Your next question comes from the line of Kyle Voigt of KBW.
[操作员指示] 您的下一个问题来自 KBW 的凯尔·沃伊特。
Kyle Voigt 凯尔·沃伊特
Maybe just a question on the compensation expense. So, the headcount was up, I think, roughly 5% year-on-year, comp looks up closer to 20%. I just want to make sure that there were no one- offs, Paul, in the comp line or anything to know from a one-off standpoint. And also, I just wanted to clarify the entirety of the kind of one-offs and legal reserves that were in the G&A line specifically?
也许只是关于薪酬费用的一个问题。所以，我认为员工人数同比增长了大约 5%，而薪酬看起来接近增长了 20%。我只是想确认一下，保罗，薪酬项目中没有一次性支出，或者从一次性支出的角度来看有什么需要了解的。此外，我还想澄清一下在管理和行政费用中具体涉及的所有一次性支出和法律准备金的情况？
Paul Brody 保罗·布罗迪
Right. So, on the comp – and you’re right to ask this question. So, it’s not specifically a one-off, but there is some extra expense in there for – we have to expense accrued vacation days of staff that have not yet been taken. So, each quarter, we measure the accruals, which are at a fairly consistent rate versus days taken, and they tend to be smaller in the second quarter and then people tend to take vacation in the third quarter. And each quarter, we have to recognize an expense of the difference between those two.
好的。所以，在这个方面——你问这个问题是对的。实际上，这并不是一次性的，但确实有一些额外的费用，因为我们必须将尚未休假的员工的累计假期天数计入费用。因此，我们每个季度都会衡量这些累计假期，它们的累积速度与休假天数相比相对稳定，通常在第二季度较少，而人们在第三季度往往会休假。每个季度，我们都必须确认这两者之间差额的费用。
It happened to be that in the second quarter, the difference was larger than usual. And so there is -
恰好在第二季度，差异比平常大。因此，情况就是这样——
- probably the impact is 2% or 3% on that 21% that came from that, we would expect it to return maybe even in the third quarter, depends on when people take a vacation. And then, of course, inflation figures into all of that, and we had a headcount increase. So that gets us to most of the rest.
- 影响可能是来自那 21%的 2%或 3%，我们预计可能在第三季度恢复，这取决于人们何时休假。当然，通货膨胀也在其中，我们的人数有所增加。所以这让我们接近其余的大部分。
Kyle Voigt 凯尔·沃伊特
I guess when you’re thinking about this year versus last year, I guess we’re hearing from some others that maybe the hiring environment is getting a bit better. They’re seeing a little bit less inflation in terms of staffing costs, a less and less competitive environment.
我想当你在考虑今年和去年时，我们听到一些其他人说招聘环境可能有所改善。他们发现人员成本的通胀有所减少，竞争环境也越来越不激烈。
I guess when we look at your 2022 figures, it seems like there’s maybe a little bit less inflationary pressures, I guess, relative to the headcount that you grew in 2022. It seems to be more of a divergence this year, but I know there’s other factors in there. So just wanted to know if you could kind of maybe parse out what you’re seeing from a hiring standpoint. Are you having to pay up to retain employees, et cetera, kind of what’s really driving that? And how the environment maybe has changed from 2022 to 2023 on the inflationary side?
我想当我们查看你们 2022 年的数据时，似乎相对于你们在 2022 年增加的员工人数，通胀压力可能稍微小了一些。今年似乎有更多的分歧，但我知道还有其他因素在其中。所以我想知道你能否从招聘的角度解析一下你们所看到的情况。你们是否需要提高薪资来留住员工等等，究竟是什么在推动这一变化？以及从 2022 年到 2023 年，通胀方面的环境发生了怎样的变化？
Milan Galik 米兰·加利克
In 2022, at the end of the year, when we pay our employees their bonuses and adjust their base salaries for the next year, we had to award significant increases in response to the inflation. At the beginning of this year, we thought that we were going to have an easier time hiring, especially the tech people after the layoffs were announced by the big tech companies. That unfortunately did not last long.
在 2022 年年末，当我们支付员工奖金并调整他们明年的基本工资时，我们不得不因通货膨胀而大幅提高薪资。今年年初，我们认为在大科技公司宣布裁员后，招聘，尤其是技术人员会变得更容易。不幸的是，这种情况并没有持续多久。
Very recently, let’s say, the last month, we have had occasions where we had made what we thought to be competitive offers to some information technology applicants, that were declined. So there are lots of jobs out there, again, especially in the tech area, and we have to pay attention and we have to pay what it takes to get the talent in the door.
最近，比如说在上个月，我们曾经有过几次向一些信息技术申请者提出我们认为具有竞争力的报价，但被拒绝了。因此，市场上有很多工作机会，尤其是在技术领域，我们必须关注这一点，并且必须支付所需的费用以吸引人才。
In this last quarter, we managed to hire, we have net 36 more employees than the quarter before. Approximately half of them are in the technology space, the rest of them are in client services and compliance.
在最后一个季度，我们成功招聘了员工，净增加了 36 人，比前一个季度多。大约一半的员工在技术领域，其他员工则在客户服务和合规部门。
Kyle Voigt 凯尔·沃伊特
That’s great color. And I guess, does that change your view or inform your opinion as to like how we should think really about those – the fixed expense growth for the business. I think in the first quarter, it’s trending towards 10% seems, I think it was closer to 15% when we kind of back out the legal expense in the second quarter.
这真是个好颜色。我想，这是否改变了你的看法，或者让你对我们应该如何看待这些固定费用增长有了新的认识。我认为在第一季度，它的趋势接近 10%，而在第二季度，当我们剔除法律费用时，似乎更接近 15%。
I guess, is there a right – kind of in the environment that we’re in today – is there a right way to think about that kind of total fixed expense growth as we look ahead over the next, let’s call it, 18 to 24 months?
我想，在我们今天所处的环境中，是否有一种正确的方式来思考这种总固定费用的增长，展望未来的 18 到 24 个月？
Milan Galik 米兰·加利克
I think 1 measure that you could use would be the core inflation rate, and we do not want to stay behind. We want our employees to maintain their standard of living. We want to remain competitive so that we have significant talent in our offices, helping us build our systems for the future.
我认为你可以使用的一个指标是核心通胀率，我们不想落后。我们希望员工保持他们的生活水平。我们希望保持竞争力，以便在我们的办公室拥有优秀的人才，帮助我们构建未来的系统。
So, to the extent that the inflation stays with us or increases, we are going to be responding to that, just like to market forces, if the competing companies pick up their hiring, and we will have to compete for the talent, we will do so. We are a technology company at its heart, and we will always spend what we need to, to make sure that we have the right people building our systems.
因此，随着通货膨胀的持续或加剧，我们将对此做出反应，就像对市场力量一样。如果竞争公司增加招聘，我们将不得不争夺人才，我们会这样做。我们本质上是一家科技公司，我们将始终花费所需的资金，以确保我们拥有合适的人才来构建我们的系统。
Kyle Voigt 凯尔·沃伊特
Understood. I just want to ask one more question given we’re at the end of the call here, towards the end. Just on margin balances – I know those rose month-on-month in June to $42 billion. But the margin balances are still significantly below the $55 billion peak that was reached in, I believe, December 2021.
明白了。我只想在通话结束时再问一个问题。关于保证金余额——我知道 6 月份这些余额环比上升至 420 亿美元。但保证金余额仍然显著低于我认为在 2021 年 12 月达到的 550 亿美元峰值。
So, first part of the question, just given the risk-on environment, we’re continuing to see in July, is it fair to think those margin balances have continued to increase month to date? And then the second question, like do you have any view as to how much of the decline in margin balances from that December 2021 peak to current levels was driven by the risk-off environment, and the shift that we saw over the last year versus higher borrowing rates, because we’re just trying to get a sense of maybe how much room there is to run in terms of margin balance increases if this risk on environment persists from here?
所以，问题的第一部分是，考虑到我们在七月份继续看到的风险偏好环境，认为这些保证金余额在本月继续增加是否合理？第二个问题是，您对从 2021 年 12 月的高峰到目前水平的保证金余额下降有多少是由于风险规避环境和我们在过去一年看到的变化与更高的借贷利率有关，您有什么看法？因为我们只是想了解一下，如果这种风险偏好环境持续下去，保证金余额增加还有多少空间
Thomas Peterffy 托马斯·彼得菲
So, margin balances are increasing, and they have increased since the end of the quarter. And look, as long as the market keeps creeping up, margin balances will continue to creep up along with it. What happens with us is that any time there is a sudden fall in the market, people immediately sell out their leveraged positions, and then they become very careful and use lower leverage going forward. So all I have to say to you is that as long as the market keeps going up, our margin balances will continue to rise.
所以，保证金余额在增加，自季度末以来一直在增加。看看，只要市场持续上升，保证金余额也会随之上升。我们遇到的情况是，每当市场突然下跌时，人们会立即卖出他们的杠杆头寸，然后变得非常谨慎，未来使用更低的杠杆。因此，我想告诉你的是，只要市场继续上涨，我们的保证金余额将继续上升。
Operator 操作员
I am showing no further questions at this time. I would like to turn the conference back to Nancy Stuebe for closing remarks.
我目前没有其他问题。现在我想把会议交还给南希·斯图比进行结束发言。
Nancy Stuebe 南希·斯图贝
Thank you, everyone, for participating today. As a reminder, this call will be available for replay on our website, and we will also be posting a clean version of our transcript on the site tomorrow. Thank you again, and we will talk to you next quarter end.
谢谢大家今天的参与。提醒一下，这次电话会议将在我们的网站上提供重播，我们明天也会在网站上发布一份干净的文字记录。再次感谢大家，我们下个季度结束时再见。
Operator 操作员
This concludes today’s conference call. Thank you for participating. You may now disconnect.
这结束了今天的电话会议。感谢您的参与。您现在可以挂断。
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