01—Abstract
Summary
Summary of the 10-Q filed November 7, 2013. Cited figures are marked; the original filing is the authoritative source.
This 10-Q filing for Goldman Sachs Group Inc. (GS) for the period ending September 29, 2013, primarily details the company's share repurchase activities during the third quarter.
The firm actively repurchased over 10 million shares of its common stock, demonstrating a commitment to managing its equity levels and returning capital to shareholders. The repurchase program, which has been ongoing and expanded over time, is influenced by the firm's capital position, market conditions, and regulatory approvals. While this specific filing focuses on share repurchases, it's important for investors to note that this is a supplementary disclosure within the broader 10-Q.
Investors seeking a comprehensive understanding of Goldman Sachs' financial performance should refer to the full 10-Q report, which includes detailed financial statements, management's discussion and analysis, and risk factors. The repurchases indicate a degree of confidence in the company's capital management and outlook.
02—Key points
Key Highlights
- Goldman Sachs repurchased a total of 10,211,126 shares of common stock during the three months ended September 30, 2013.
- These repurchases were executed as part of a publicly announced plan and program, indicating a strategic approach to capital management.
- The average price paid per share for these repurchases ranged from $160.68 to $164.27, reflecting prevailing market prices.
- As of September 30, 2013, the company had approximately 65.7 million shares that could yet be purchased under its repurchase program.
- The share repurchase program, approved by the Board of Directors and subject to Federal Reserve Board approval, is designed to maintain an appropriate level of common equity.
- The program has no set expiration or termination date, suggesting a long-term capital management strategy.
- The filing lists various exhibits, including financial statements and certifications, which would provide a more comprehensive view of the company's financial health in the full report.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2013filed November 7, 2013Financial Statements
Q3 FY2013 against Q3 FY2012
| Line item | Q3 FY2013Q3 FY2012 | Change |
|---|---|---|
| Interest Expense | $1.56B$1.79B | −13.1% |
| Net Income | $1.52B$1.51B | +0.3% |
| EPS (Basic) | $3.07$2.95 | +4.1% |
| EPS (Diluted) | $2.88$2.85 | +1.1% |
| Shares Outstanding (Basic) | 463.40M491.20M | −5.7% |
| Shares Outstanding (Diluted) | 496.40M510.90M | −2.8% |
05—Questions
Frequently Asked Questions
What was the total value of shares repurchased by Goldman Sachs in Q3 2013?
The filing indicates that 10,211,126 shares were repurchased. While the exact total value isn't explicitly stated as a single figure, it can be approximated by multiplying the total shares by the average prices paid during the period, which were around $160-$164 per share. This would place the total repurchase value in the range of approximately $1.6 billion to $1.7 billion.
Why is Goldman Sachs repurchasing its stock?
Goldman Sachs states that the share repurchase program is utilized to help maintain an appropriate level of common equity. This can be done to manage capital ratios, return excess capital to shareholders, and potentially increase earnings per share.
Is the share repurchase program unlimited?
No, the program has a maximum number of shares that can be repurchased. As of September 30, 2013, approximately 65.7 million shares could still be purchased under the program. However, the program itself has no set expiration or termination date and is subject to regulatory approval.
What does the mention of 'affiliated purchasers' mean in relation to the share repurchases?
'Affiliated purchasers' are entities or individuals defined under Rule 10b-18(a)(3) of the Securities Exchange Act of 1934. The disclosure ensures that all share repurchases made by the company or its related entities are accounted for and reported transparently.
06—Continue