Parent Company Condensed Financial Statements (Table)

12 Months Ended

Dec. 31, 2024

Parent Company Condensed Financial Statements [Abstract]

Condensed Statements of Financial Condition




	December 31,
(in millions, except share amounts)	2024		2023
Assets
Cash and cash equivalents	$	1	$	6
Investments in subsidiaries, equity basis		4,270		3,571
Other assets ¹		233		230
Total assets	$	4,504	$	3,807
Liabilities and Equity
Liabilities:
Payable to affiliates ²	$	195	$	209
Accrued expenses and other liabilities		29		14
		224		223
Stockholders' equity:
Common stock, $0.01 par value per share:
Class A – Authorized - 1,000,000,000, Issued - 109,061,059 and 107,178,928 shares, Outstanding – 108,904,613 and 107,045,994 shares as of December 31, 2024 and 2023		1		1
Class B – Authorized, Issued and Outstanding – 100 shares as of December 31, 2024 and 2023		—		—
Additional paid-in capital		1,816		1,726
Retained earnings		2,515		1,852
Accumulated other comprehensive income, net of income taxes of $0 and $0 as of December 31, 2024 and 2023		(45)		8
Treasury stock, at cost, 156,446 and 133,034 shares as of December 31, 2024 and 2023		(7)		(3)
Total equity		4,280		3,584
Total liabilities and equity	$	4,504	$	3,807

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(1)As of December 31, 2024 and 2023, receivables from affiliates were immaterial.

(2)As of December 31, 2024 and 2023, respectively, payable to affiliates of $195 million and $210 million consisted primarily of amounts payable to Holdings under the Tax Receivable Agreement.

Condensed Statements of Comprehensive Income




	Year-Ended December 31,
(in millions)	2024		2023		2022
Income (loss) before income from subsidiaries	$	(12)	$	5	$	4
Undistributed gains of subsidiaries, net		913		737		463
Income tax expense		146		142		87
Net income	$	755	$	600	$	380

Net income available for common stockholders	$	755	$	600	$	380
Cumulative translation adjustment, net of tax		(53)		30		(26)
Comprehensive income available for common stockholders	$	702	$	630	$	354

Condensed Statements of Cash Flows




	Year-Ended December 31,
(in millions)	2024		2023		2022
Cash flows from operating activities
Net income	$	755	$	600	$	380
Adjustments to reconcile net income to net cash used in operating activities
Undistributed gains of subsidiaries, net		(913)		(737)		(463)
Deferred income taxes		2		34		28
(Gain) loss on remeasurement of Tax Receivable Agreement liability		10		(7)		(6)
Changes in operating assets and liabilities		64		(33)		20
Net cash used in operating activities		(82)		(143)		(41)
Cash flows provided by investing activities ¹		246		185		127
Cash flows used in financing activities		(116)		(67)		(59)
Effect of exchange rate changes on cash and cash equivalents		(53)		30		(26)
Net increase in cash and cash equivalents		(5)		5		1
Cash and cash equivalents at beginning of year		6		1		—
Cash and cash equivalents at end of year	$	1	$	6	$	1
Supplemental disclosures of cash flow information
Cash paid for interest	$	3	$	2	$	1
Cash paid for taxes, net	$	117	$	111	$	67

Non-cash investing activities:
Non-cash distributions from subsidiaries	$	—	$	—	$	1

___________________________

(1)Dividends received from IBG LLC for the three years ended December 31, 2024, 2023 and 2022, were $246 million, $185 million and $128 million, respectively.