01—Abstract
Summary
Summary of the 10-K/A filed August 31, 2012. Cited figures are marked; the original filing is the authoritative source.
This filing is an amendment (10-K/A) to Interactive Brokers Group, Inc.'s (IBKR) 2011 Annual Report, filed in August 2012.
The primary purpose of this amendment is to restate the company's consolidated financial statements for the three years ended December 31, 2011, due to accounting errors identified. Specifically, the restatement addresses an incorrect classification of redeemable noncontrolling interests and also corrects errors related to stock compensation awards and the recognition of equity award forfeiture provisions. Investors should note that the restatement impacts the classification of certain equity interests and the calculation of earnings per share, though it did not affect reported net income attributable to common stockholders or cash flows.
Management identified a material weakness in internal controls over financial reporting related to the interpretation of complex accounting issues. This amendment provides updated financial statements and disclosures, and investors should rely on these restated figures for accurate financial assessment.
02—Key points
Key Highlights
- Interactive Brokers Group, Inc. (IBKR) is filing an amended annual report (10-K/A) to restate its financial statements for the three years ending December 31, 2011.
- The restatement is primarily due to an incorrect accounting treatment of redeemable noncontrolling interests, impacting their classification and earnings per share calculations.
- Errors in recording share issuances under stock compensation award plans and in recognizing equity award forfeiture provisions were also corrected.
- The restatement did not affect reported net income attributable to common stockholders or cash flows, but requires investors to rely on the updated financial figures.
- A material weakness in internal controls over financial reporting was identified, specifically concerning the review and interpretation of complex accounting issues.
- The company's common stock is registered on The NASDAQ Stock Market LLC (NASDAQ Global Select Market).
03—One dollar
04—Financials
Financial Highlights
Figures from 10-K/AFY2011filed August 31, 2012Financial Statements
FY2011 against FY2010
| Line item | FY2011FY2010 | Change |
|---|---|---|
| Revenue | $1.44B$988.32M | +46.2% |
| Net Income | $61.86M-$9.55M | +747.7% |
| EPS (Basic) | $0.35$-0.06 | +704.3% |
| EPS (Diluted) | $0.34$-0.06 | +695.7% |
| Shares Outstanding (Basic) | 175.70M167.48M | +4.9% |
| Shares Outstanding (Diluted) | 177.46M169.99M | +4.4% |
05—Questions
Frequently Asked Questions
What is the main reason for this amended filing (10-K/A)?
This amended filing is primarily to restate the company's consolidated financial statements for the three years ended December 31, 2011, due to errors identified in accounting for redeemable noncontrolling interests and stock compensation plans.
Did the accounting errors affect the company's net income or cash flows?
No, the restatement regarding redeemable noncontrolling interests did not affect reported net income attributable to common stockholders or cash flows. However, the classification of certain equity interests and the calculation of earnings per share were impacted.
What are the implications of the identified material weakness in internal controls?
A material weakness in internal controls over financial reporting was identified, related to the interpretation of complex accounting issues. This indicates a deficiency that could lead to a misstatement in financial statements if not properly addressed through remediation efforts.
Should investors use the original or restated financial statements?
Investors should rely on the restated consolidated financial statements provided in this amended filing (10-K/A) for accurate financial analysis, as the previously issued statements should no longer be relied upon.
06—Continue