Interactive Brokers Group, Inc. (NASDAQ:IBKR) Q1 2022 Earnings Conference Call April 19, 2022 4:30 PM ET
Company Participants
Nancy Stuebe - Director, Investor Relations
Thomas Peterffy - Chairman
Milan Galik - Chief Executive Officer
Paul Brody - Chief Financial Officer
Conference Call Participants
Rich Repetto - Piper Sandler
Craig Siegenthaler - Bank of America
Dan Fannon - Jefferies
Kyle Voigt - KBW
Chris Allen - Compass Point
Operator
Good day, and thank you for standing by. Welcome to the Interactive Brokers Group’ First Quarter Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised this call is being recorded. [Operator Instructions]
I would now like to hand the conference over to your host today, Nancy Stuebe, Director of IR. Please go ahead.
Nancy Stuebe
Good afternoon, and thank you for joining us for our first quarter 2022 earnings conference call. Once again, Thomas, is on the call, but asked me to present his comments on the business. Also joining us today is Milan Galik, our CEO. After prepared remarks, we will have a Q&A.
As a reminder, today’s call may include forward-looking statements, which represent the company’s beliefs 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.
The first quarter was one in which the only thing predictable was how unpredictable it would be except for our continued growth. In the first three months of this year, the markets absorbed news on geopolitical issues that included the war in Europe and its impacts, both humanitarian and economic, as well as continuing supply chain issues, product shortages, levels of inflation not seen since the 1970s and the first Fed funds rate hike since 2018, with expectations of many more to come.
Persistent deficit spending in this country has limited the government’s ability to respond to high inflation with high interest rates. As for each 1% rise, interest on U.S. debt increases by $300 billion as it gets refinanced. So inflation is likely to stay with us. Few markets were unaffected by these events and most market indices worldwide were down in the first quarter.