Interested in the increase in stock repurchases? Take a look at this report I worked on using the Calcbench software.

1. Stock Repurchases in the United States
Executive Summary
Please note all data is based on Calendar Quarters, NOT Fiscal Quarters. Fiscal quarters provided upon request.
* Our metric is reflective of stock repurchases as part of an authorized repurchase plan. We attempt to exclude
share repurchases for employee incentive plans, or other purposes that are not related to returning value to
shareholders.
** Observations only include firms that have assets greater than or equal to $100 million
1
• Calcbench analyzed 25 quarterly periods from Q1 2012 through Q1
2018
• 22,040 firm quarter observations collected** (e.g. AAPL is in the
dataset 19 times, in 6 quarters AAPL did not buy back shares)
• 1481 observations were firm quarters with share repurchases
greater than $500 Million
• Total dollars spent on share repurchases for the 25 periods is $3.12
Trillion
• The average share repurchase per firm quarter is $141.5 million
• 701 quarterly share repurchases greater than or equal to $1B
• Only 3.2% of all repurchasing programs
• BUT 48.7% of all repurchasing dollars
What can our data tell you about share repurchases and associated
trends?*
Get Behind The Data

2. Get Behind The Data
2
Dollars Spent on Share Repurchases By Quarter
($ Billion)
202
1,004
-
200
400
600
800
1,000
1,200
-
40
80
120
160
200
2012_Q1
2012_Q2
2012_Q3
2012_Q4
2013_Q1
2013_Q2
2013_Q3
2013_Q4
2014_Q1
2014_Q2
2014_Q3
2014_Q4
2015_Q1
2015_Q2
2015_Q3
2015_Q4
2016_Q1
2016_Q2
2016_Q3
2016_Q4
2017_Q1
2017_Q2
2017_Q3
2017_Q4
2018_Q1
FirmCount
DollarsSpent($B)
Dollars Spent on Share Repurchases ($ Billion) Firm Count
Please note all data is based on Calendar Quarters, NOT Fiscal Quarters. Fiscal quarters provided upon request.
**Our metric is reflective of stock repurchases as part of an authorized repurchase plan. We attempt to exclude share
repurchases for employee incentive plans, or other purposes that are not related to returning value to shareholders.

3. 3
Frequency of Firms in Share Repurchase Brackets (2012_Q1 - 2018_Q1)
1,948
8,895
6,346
2,138
1,232
780 690
11
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Frequency
Share Repurchase brackets
Note: these values have accumulated over the 25 quarterly periods from 2012 Q1 through 2018 Q1.
Please note all data is based on Calendar Quarters, NOT Fiscal Quarters. Fiscal quarters provided upon request.
**Our metric is reflective of stock repurchases as part of an authorized repurchase plan. We attempt to exclude share
repurchases for employee incentive plans, or other purposes that are not related to returning value to shareholders.
Get Behind The Data

4. 4
Median Dollars Spent on Share Repurchases vs. Mean
Dollars Spent on Share Repurchases ($ Million)
Notes on graph:
*Median Repurchase Value calculated by taking Median Value of Total Share Repurchases in each calendar quarter.
*Mean Repurchase Value calculated by taking Average Value of Total Share Repurchases in each calendar quarter.
$11
$201
$-
$50
$100
$150
$200
2012_Q1
2012_Q2
2012_Q3
2012_Q4
2013_Q1
2013_Q2
2013_Q3
2013_Q4
2014_Q1
2014_Q2
2014_Q3
2014_Q4
2015_Q1
2015_Q2
2015_Q3
2015_Q4
2016_Q1
2016_Q2
2016_Q3
2016_Q4
2017_Q1
2017_Q2
2017_Q3
2017_Q4
2018_Q1
Median Share Repurchases Mean Share Repurchases
Please note all data is based on Calendar Quarters, NOT Fiscal Quarters. Fiscal quarters provided upon request.
**Our metric is reflective of stock repurchases as part of an authorized repurchase plan. We attempt to exclude share
repurchases for employee incentive plans, or other purposes that are not related to returning value to shareholders.
Get Behind The Data

5. 5
The table below represents the biggest buyers of their own stock over the last 25 quarters.
Firm Level Share Repurchases
*Avg. Daily Repurchase based on 63 day quarters
39.9%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
Q3
2013
Q4
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
2017
Q1
2017
Q2
2017
Q3
2017
Q4
2018
Q1
PERCENTOFTOTALREPURCHASES
Firm Level Buybacks:
Top 10 Repurchasers as Percent of Total
Company DollarsRepurchased (Billions) Avg. DailyRepurchase (Millions)
AppleInc 194.59$ 123.55$
Microsoft Corp 61.43$ 39.00$
MotorolaSolutions, Inc. 58.99$ 37.46$
Exxon Mobil Corp 56.55$ 35.91$
OracleCorp 53.48$ 33.95$
International BusinessMachinesCorp 52.66$ 33.43$
WellsFargo & Company/MN 48.44$ 30.75$
American International Group Inc 47.22$ 29.98$
Jpmorgan Chase& Co 47.07$ 29.89$
Walt Disney Co/ 38.40$ 24.38$
Cisco Systems, Inc. 38.17$ 24.23$
Federal HomeLoan Bank ofAtlanta 36.82$ 23.38$
BoeingCo 34.79$ 22.09$
Goldman SachsGroup Inc 34.07$ 21.63$
Citigroup Inc 33.79$ 21.45$
Please note all data is based on Calendar Quarters, NOT Fiscal Quarters. Fiscal quarters provided upon request.
**Our metric is reflective of stock repurchases as part of an authorized repurchase plan. We attempt to exclude share
repurchases for employee incentive plans, or other purposes that are not related to returning value to shareholders.
Get Behind The Data

6. 6
Share Repurchase Yields
A share repurchase yield is the total dollars bought back divided by the market
capitalization of the firm.
Smallest in the top
10 (Still big though)
Biggest
Repurchases
-
2.00
4.00
6.00
8.00
10.00
12.00
0% 5% 10% 15% 20% 25% 30%
Ranks(from1-10)
Repurchase Yields for top 10 firms
Top 10 Firms by Quarter (2017_Q3, 2017_Q4, 2018_Q1)
2017_Q3 2017_Q4 2018_Q1
Please note all data is based on Calendar Quarters, NOT Fiscal Quarters. Fiscal quarters provided upon request.
**Our metric is reflective of stock repurchases as part of an authorized repurchase plan. We attempt to exclude share
repurchases for employee incentive plans, or other purposes that are not related to returning value to shareholders.
Smallest Repurchase Yields in
the top 10 (still large though)
Largest Repurchase Yields
Get Behind The Data

7. 7
Share Repurchase Yields For Top 10 Firms
19%
0% 5% 10% 15% 20% 25%
Entercom Communications Corp
M I Homes Inc
Terex Corp
Citi Trends Inc
Marinemax Inc
Winmark Corp
Dominos Pizza Inc
Autonation, Inc.
Hewlett Packard Enterprise Co
Owens Realty Mortgage, Inc.
BuyBack Yields for Top 10 Firms (2017_Q3)
24%
0% 5% 10% 15% 20% 25% 30%
Voya Financial, Inc.
Ncr Corp
Owens Realty Mortgage, Inc.
Herbalife Nutrition Ltd.
Sealed Air Corp/DE
Greenbrier Companies Inc
Goodyear Tire & Rubber Co /OH/
Greenhill & Co Inc
ProPhase Labs, Inc.
Mbia Inc
BuyBack Yield for Top 10 Firms (2017_Q4)
12%
0% 2% 4% 6% 8% 10% 12% 14%
Ellington Residential Mortgage REIT
Taylor Morrison Home Corp
Phillips 66
Juniper Networks Inc
Kroger Co
Piedmont Office Realty Trust, Inc.
Amgen Inc
Netscout Systems Inc
Dunkin' Brands Group, Inc.
Greenhill & Co Inc
BuyBack Yield for Top 10 Firms (2018_Q1)
Get Behind The Data
Please note all data is based on Calendar Quarters, NOT Fiscal Quarters. Fiscal quarters provided upon request.
**Our metric is reflective of stock repurchases as part of an authorized repurchase plan. We attempt to exclude share
repurchases for employee incentive plans, or other purposes that are not related to returning value to shareholders.

8. 8
Percentage of Share Repurchases by Top 5 Firms
13%
2%
4%
3%
3%
75%
Percentage of Top 5 Share Repurchasing Firms
(2017_Q3) Apple Inc
Charter Communications,
Inc. /MO/
Citigroup Inc
Jpmorgan Chase & Co
Walgreens Boots Alliance,
Inc.
The Rest
4% 4%
3%
4%
4%
82%
Percentage of Top 5 Share Repurchasing Firms
(2017_Q4)
Apple Inc
Bank Of America Corp /DE/
Cisco Systems, Inc.
Citigroup Inc
Jpmorgan Chase & Co
The Rest
5%
12%
3%
3%
6%
70%
Percentage of Top 5 Share Repurchasing Firms
(2018_Q1)
Amgen Inc
Apple Inc
Cisco Systems, Inc.
Microsoft Corp
Motorola Solutions, Inc.
The Rest
Please note all data is based on Calendar Quarters, NOT Fiscal Quarters. Fiscal quarters provided upon request.
**Our metric is reflective of stock repurchases as part of an authorized repurchase plan. We attempt to exclude share
repurchases for employee incentive plans, or other purposes that are not related to returning value to shareholders.
Get Behind The Data

9. 9
Looking at Related Metrics
Share Repurchases can potentially serve as alternative ways for companies to
increase value for stockholders, as dividends do.
Some analysts opposed to the increase of share repurchases argue that companies
should contribute more excess cash to CapEx and R&D Expenses.
$202
$82
$-
$50
$100
$150
$200
Total Share Repurchases vs. Payments of Dividends
($ Billion)
Total Share Repurchases Total Payments of Dividends
$202
$102
$48
$-
$50
$100
$150
$200
Total Share Repurchases vs. CapEx and R&D Expenses
($ Billion)
Total Share Repurchases Total CapEx Total Research and Development
Please note all data is based on Calendar Quarters, NOT Fiscal Quarters. Fiscal quarters provided upon request.
**Our metric is reflective of stock repurchases as part of an authorized repurchase plan. We attempt to exclude share
repurchases for employee incentive plans, or other purposes that are not related to returning value to shareholders.
Get Behind The Data

10. About the Authors
CALCBENCH PREMIUM SUITE
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Pranav Ghai
CEO & CO-FOUNDER
Pranav is an analytics professional whose
career has been based in financial services,
with time spent at Morgan Stanley and ITG.
He is also a new addition to the board of
directors at XBRL-US. Pranav graduated
with a BS from Bates College and an MS in
Applied Mathematics from the Courant
Institute at New York University.
Jeff Kahle
INTERN
Jeff is a student at Bates College, scheduled
to graduate in 2019, who matriculated from
Choate Rosemary Hall in Wallingford, CT. He
works as the Business Manager of the Bates
Student, and he is active in the Investment
Club, where he serves as the Director of
Equity Research. Jeff also likes to spend time
as a DJ on WRBC Bates College Radio.
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Get Behind The Data