UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
Amendment No. 1
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
(Exact Name of Registrant as Specified in its Charter)
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(State or Other Jurisdiction | (Commission File Number) | (I.R.S. Employer Identification Number) |
(Address of Principal Executive Offices) (Zip Code)
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(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||
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Title of each class | Trading Symbol | Name of the exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □
Item 8.01 Other Information
Explanatory Note
This Current Report on Form 8-K/A (“Amendment No. 1”) amends the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 27, 2020 (the “Original Form 8-K”) by Interactive Brokers Group, Inc. (the “Company”). This Amendment No. 1 is being filed solely to correct a HTML conversion error on the Selected Financial Information table included in the Original Form 8-K. The amounts disclosed for basic and diluted weighted average shares outstanding were duplicated in the same cell for all periods presented. The Company is including the revised table below.
Selected Financial Information
The Company is providing this selected financial information to provide investors and other users of the Company’s financial statements with the most recent presentation of its consolidated statements of comprehensive income on a historical basis. The following table shows the impact of the change in presentation to the consolidated statement of comprehensive income on selected historical financial and other data of the Company for the periods indicated:
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| Year Ended December 31, | |||||||||||||
(in millions, except share or per share amounts) |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| 2015 | |||||
Revenues |
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Commissions |
| $ | 706 |
| $ | 777 |
| $ | 647 |
| $ | 612 |
| $ | 617 |
Other fees and services |
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| 141 |
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| 148 |
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| 114 |
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| 98 |
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| 95 |
Other income |
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| 7 |
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| 49 |
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| 258 |
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| 159 |
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| 52 |
Total non-interest income |
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| 854 |
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| 974 |
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| 1,019 |
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| 869 |
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| 764 |
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Interest income |
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| 1,726 |
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| 1,392 |
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| 908 |
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| 606 |
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| 492 |
Interest expense |
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| (643) |
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| (463) |
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| (225) |
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| (79) |
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| (67) |
Total net interest income |
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| 1,083 |
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| 929 |
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| 683 |
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| 527 |
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| 425 |
Total net revenues |
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| 1,937 |
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| 1,903 |
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| 1,702 |
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| 1,396 |
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| 1,189 |
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Non-interest expenses |
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Execution, clearing and distribution fees |
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| 251 |
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| 269 |
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| 241 |
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| 244 |
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| 231 |
Employee compensation and benefits |
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| 288 |
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| 264 |
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| 249 |
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| 242 |
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| 227 |
Occupancy, depreciation and amortization |
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| 60 |
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| 49 |
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| 47 |
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| 51 |
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| 44 |
Communications |
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| 25 |
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| 25 |
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| 28 |
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| 30 |
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| 25 |
General and administrative |
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| 112 |
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| 96 |
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| 86 |
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| 62 |
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| 58 |
Customer bad debt |
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| 44 |
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| 4 |
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| 2 |
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| 6 |
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| 146 |
Total non-interest expenses |
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| 780 |
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| 707 |
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| 653 |
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| 635 |
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| 731 |
Income before income taxes |
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| 1,157 |
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| 1,196 |
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| 1,049 |
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| 761 |
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| 458 |
Income tax expense |
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| 68 |
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| 71 |
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| 256 |
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| 62 |
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| 43 |
Net income |
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| 1,089 |
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| 1,125 |
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| 793 |
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| 699 |
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| 415 |
Less net income attributable to noncontrolling interests |
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| 928 |
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| 956 |
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| 717 |
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| 615 |
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| 366 |
Net income available for common stockholders |
| $ | 161 |
| $ | 169 |
| $ | 76 |
| $ | 84 |
| $ | 49 |
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Earnings per share |
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Basic |
| $ | 2.11 |
| $ | 2.30 |
| $ | 1.09 |
| $ | 1.28 |
| $ | 0.80 |
Diluted |
| $ | 2.10 |
| $ | 2.28 |
| $ | 1.07 |
| $ | 1.25 |
| $ | 0.78 |
Weighted average common shares outstanding |
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Basic |
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| 76,121,570 |
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| 73,438,209 |
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| 69,926,933 |
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| 66,013,247 |
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| 61,043,071 |
Diluted |
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| 76,825,863 |
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| 74,266,370 |
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| 70,904,921 |
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| 67,299,413 |
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| 62,509,796 |
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Comprehensive income |
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Net income available for common stockholders |
| $ | 161 |
| $ | 169 |
| $ | 76 |
| $ | 84 |
| $ | 49 |
Other comprehensive income |
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Cumulative translation adjustment, before income taxes |
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| 4 |
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| (14) |
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| 11 |
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| (4) |
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Income taxes related to items of other comprehensive income |
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| (1) |
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| — |
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| — |
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| — |
Other comprehensive income (loss), net of tax |
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| 4 |
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| (13) |
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| 11 |
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| (10) |
Comprehensive income available for common stockholders |
| $ | 165 |
| $ | 156 |
| $ | 87 |
| $ | 80 |
| $ | 39 |
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Comprehensive income attributable to noncontrolling interests |
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Net income attributable to noncontrolling interests |
| $ | 928 |
| $ | 956 |
| $ | 717 |
| $ | 615 |
| $ | 366 |
Other comprehensive income - cumulative translation adjustment |
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| 20 |
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| (66) |
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| 54 |
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| (21) |
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Comprehensive income attributable to noncontrolling interests |
| $ | 948 |
| $ | 890 |
| $ | 771 |
| $ | 594 |
| $ | 313 |
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1)The Company reclassified $141 million, $148 million, $114 million, $98 million, and $95 million for the years ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively, previously reported as other income to other fees and services.
2)The Company reclassified $27 million, $39 million, $40 million, $163 million, and $269 million for the years ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively, previously reported as trading gains to other income as a component of “principal transactions”.
Item. 9.01 Financial Statements and Exhibits.
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Exhibit No. |
| Description |
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104 |
| Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL Document). |
***
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: July 28, 2020
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| INTERACTIVE BROKERS GROUP, INC. | |
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| By: | /s/ Paul J. Brody |
| Name: | Paul J. Brody |
| Title: | Chief Financial Officer, Treasurer |