01—Abstract
Summary
Summary of the 10-Q filed May 9, 2013. Cited figures are marked; the original filing is the authoritative source.
Goldman Sachs Group Inc. (GS) filed its 10-Q for the period ending March 30, 2013, detailing its share repurchase activities and financial reporting exhibits.
The company actively repurchased its common stock throughout the first quarter of 2013, demonstrating a commitment to managing its equity levels. The filings also indicate ongoing efforts to maintain appropriate capital positions and include comprehensive financial statements and certifications, underscoring transparency and regulatory compliance.
02—Key points
Key Highlights
- Goldman Sachs repurchased a total of 10,201,157 shares of common stock during the three months ended March 31, 2013.
- The average price paid for repurchased shares increased from $144.82 in January to $153.11 in March 2013.
- The company's share repurchase program, initiated in 2000, has been significantly expanded over the years and has no set expiration date.
- Repurchases are primarily driven by the firm's current and projected capital position, with influences from market conditions and stock prices.
- On April 15, 2013, an additional 75.0 million shares were authorized for repurchase, bringing the total potential repurchase capacity to 86.4 million shares (subject to Federal Reserve approval).
- The filing includes a comprehensive list of exhibits, such as the Restated Certificate of Incorporation, Warrant Amendment, and detailed interactive financial data files.
- The report is certified by the Chief Financial Officer, Harvey M. Schwartz, and Principal Accounting Officer, Sarah E. Smith, confirming the accuracy of the financial information presented.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2013filed May 9, 2013Financial Statements
Q1 FY2013 against Q1 FY2012
| Line item | Q1 FY2013Q1 FY2012 | Change |
|---|---|---|
| Interest Expense | $1.68B— | — |
| Net Income | $2.26B$2.11B | +7.2% |
| EPS (Basic) | $4.53$4.05 | +11.9% |
| EPS (Diluted) | $4.29$3.92 | +9.4% |
| Shares Outstanding (Basic) | 482.10M510.80M | −5.6% |
| Shares Outstanding (Diluted) | 509.80M529.20M | −3.7% |
05—Questions
Frequently Asked Questions
What was the primary purpose of Goldman Sachs' share repurchases during the first quarter of 2013?
Goldman Sachs stated that its share repurchase program is used to help maintain the appropriate level of common equity. The amounts and timing of these repurchases are primarily determined by the firm's current and projected capital position, influenced by general market conditions and stock prices.
How much of Goldman Sachs' stock was repurchased in Q1 2013, and at what average price?
In the three months ended March 31, 2013, Goldman Sachs repurchased a total of 10,201,157 shares of its common stock. The average price paid across these repurchases was approximately $149.22, with monthly averages ranging from $144.82 in January to $153.11 in March.
Does Goldman Sachs have an ongoing share repurchase program, and are there any limitations?
Yes, Goldman Sachs has an ongoing share repurchase program approved by its Board of Directors, which was initially announced in 2000 and has been increased multiple times since. This program has no set expiration date. However, any repurchases require approval from the Federal Reserve Board.
What significant updates regarding the share repurchase program were made around the end of the quarter?
On April 15, 2013, shortly after the quarter ended, the Board of Directors authorized the repurchase of an additional 75.0 million shares of common stock. This increased the total potential repurchase capacity under the program to 86.4 million shares, subject to Federal Reserve approval.
06—Continue