The front page of the 10-K shows the following share counts as of February 13, 2020:Class A Common Stock: 700,396Class B Common Stock: 1,385,994,959On page K-68, we see that Average equivalent Class B shares outstanding are 2,450,919,020 as of December 31, 2019.If we convert the share count on the front page as of February 13, 2020 to an equivalent Class B total outstanding, we get to 2,436,588,059. That is a difference of 14,330,961 shares or ~$3.2B of additional repurchases since December 31. Am I missing something here?-RoyalScribe
The front page of the 10-K lists the actual shares outstanding on 13Feb. The K-68 lists the average shares outstanding over the time period. They have purchased about 847k B equivalent shares from 31Dec to 13Feb.
Ah, that makes more sense. Thanks for the clarification!
Am I missing something here?Yes I think so because you are using the "average" figure through the year from page K-68. You need the snapshot as of Dec 31.The right figure should be on page K-103 which gives the number of shares outstanding at Dec 31. It gives 1,624,958 A equivalents which is 2437437000 B equivalents which is modestly higher than the Feb 13 level. So clearly there have been some buybacks in Jan/Feb but maybe only worth around $180m odd.
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