2019 Q4 Form 10-Q Financial Statement

#000007297119000406 Filed on November 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $22.01B $21.94B
YoY Change 0.31% 0.42%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.135B $1.840B $1.387B
YoY Change 55.73% 32.66% 5.4%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $4.874B $3.792B
YoY Change 28.53% 46.13%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $3.602B $6.116B $7.598B
YoY Change -49.41% -19.51% 12.05%
Income Tax $678.0M $1.304B $1.512B
% Of Pretax Income 18.82% 21.32% 19.9%
Net Earnings $2.873B $4.610B $6.007B
YoY Change -52.62% -23.26% 32.25%
Net Earnings / Revenue 20.95% 27.38%
Basic Earnings Per Share $0.93 $1.14
Diluted Earnings Per Share $678.7K $0.92 $1.13
COMMON SHARES
Basic Shares Outstanding 4.229B shares 4.359B shares 4.784B shares
Diluted Shares Outstanding 4.390B shares 4.823B shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $141.3B $148.7B $159.5B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $9.309B $9.315B $8.802B
YoY Change 4.36% 5.83% 4.18%
Goodwill $26.39B $26.39B $26.43B
YoY Change -0.11% -0.14% -0.59%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1928B $1944B $1873B
YoY Change 1.67% 3.79% -3.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $75.16B $76.53B $71.35B
YoY Change 8.43% 7.27% -9.92%
Deferred Revenue
YoY Change
Short-Term Debt $104.5B $123.9B $105.5B
YoY Change -1.21% 17.5% 12.41%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $75.16B $76.53B $71.35B
YoY Change 8.43% 7.27% -9.92%
LONG-TERM LIABILITIES
Long-Term Debt $228.2B $230.7B $221.3B
YoY Change -0.37% 4.21% -7.35%
Other Long-Term Liabilities $9.079B $9.948B $8.586B
YoY Change 6.82% 15.86% -9.59%
Total Long-Term Liabilities $237.3B $240.6B $229.9B
YoY Change -0.11% 4.65% -7.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.16B $76.53B $71.35B
Total Long-Term Liabilities $237.3B $240.6B $229.9B
Total Liabilities $1740B $1750B $1673B
YoY Change 2.4% 4.56% -3.17%
SHAREHOLDERS EQUITY
Retained Earnings $166.7B $166.3B $154.6B
YoY Change 5.4% 7.6% 9.04%
Common Stock $9.136B $9.136B $9.136B
YoY Change 0.0% 0.0% 0.0%
Preferred Stock $71.00M $71.00M $105.0M
YoY Change -25.26% -32.38% -19.23%
Treasury Stock (at cost) $68.83B $61.79B $40.54B
YoY Change 45.85% 52.41% 45.97%
Treasury Stock Shares 1.347B shares 1.213B shares 770.3M shares
Shareholders Equity $187.1B $193.3B $198.7B
YoY Change
Total Liabilities & Shareholders Equity $1928B $1944B $1873B
YoY Change 1.67% 3.79% -3.2%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $2.873B $4.610B $6.007B
YoY Change -52.62% -23.26% 32.25%
Depreciation, Depletion And Amortization $2.135B $1.840B $1.387B
YoY Change 55.73% 32.66% 5.4%
Cash From Operating Activities $12.42B -$12.98B $6.658B
YoY Change -17.37% -294.88% -30.15%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$2.526B -$7.381B -$220.0M
YoY Change -86.16% 3255.0% -103.31%
Cash From Investing Activities -$2.526B -$7.381B -$220.0M
YoY Change -86.16% 3255.0% -103.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.38B 4.660B -10.36B
YoY Change -202.37% -144.96% 42.4%
NET CHANGE
Cash From Operating Activities 12.42B -12.98B 6.658B
Cash From Investing Activities -2.526B -7.381B -220.0M
Cash From Financing Activities -17.38B 4.660B -10.36B
Net Change In Cash -7.481B -15.70B -3.926B
YoY Change -154.35% 299.8% -144.08%
FREE CASH FLOW
Cash From Operating Activities $12.42B -$12.98B $6.658B
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Use Of Estimates
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To prepare the financial statements in conformity with GAAP, management must make estimates based on assumptions about future economic and market conditions (for example, unemployment, market liquidity, real estate prices, etc.) that affect the reported amounts of assets and liabilities at the date of the financial statements, income and expenses during the reporting period and the related disclosures. Although our estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Management has made significant estimates in several areas, including:<table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><span style="font-family:Wells Fargo Sans,sans-serif;font-size:9pt;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;font-size:9pt;"><span style="font-family:Wells Fargo Sans,sans-serif;font-size:9pt;">allowance for credit losses (Note 6 (Loans and Allowance for Credit Losses)); </span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><span style="font-family:Wells Fargo Sans,sans-serif;font-size:9pt;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;font-size:9pt;"><span style="font-family:Wells Fargo Sans,sans-serif;font-size:9pt;">valuations of residential mortgage servicing rights (MSRs) (Note 10 (Securitizations and Variable Interest Entities) and Note 11 (Mortgage Banking Activities));</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><span style="font-family:Wells Fargo Sans,sans-serif;font-size:9pt;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;font-size:9pt;"><span style="font-family:Wells Fargo Sans,sans-serif;font-size:9pt;">valuations of financial instruments (Note 15 (Derivatives) and Note 16 (Fair Values of Assets and Liabilities));</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><span style="font-family:Wells Fargo Sans,sans-serif;font-size:9pt;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;font-size:9pt;"><span style="font-family:Wells Fargo Sans,sans-serif;font-size:9pt;">liabilities for contingent litigation losses (Note 14 (Legal Actions)); and</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"/><td/></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><span style="font-family:Wells Fargo Sans,sans-serif;font-size:9pt;">•</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;font-size:9pt;"><span style="font-family:Wells Fargo Sans,sans-serif;font-size:9pt;">income taxes.</span></div></td></tr></table><div style="line-height:120%;font-size:9pt;"><span style="font-family:Wells Fargo Sans,sans-serif;font-size:9pt;"><br/></span></div><div style="line-height:120%;font-size:9pt;"><span style="font-family:Wells Fargo Sans,sans-serif;font-size:9pt;">Actual results could differ from those estimates.</span></div>
us-gaap Comparability Of Prior Year Financial Data
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<div style="line-height:120%;text-indent:24px;font-size:9pt;"><span style="font-family:Wells Fargo Sans,sans-serif;font-size:9pt;">These unaudited interim financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the periods presented. These adjustments are of a normal recurring nature, unless otherwise disclosed in this Form 10-Q. The results of operations in the interim financial statements do not necessarily indicate the results that may be expected for the full year. The interim financial information should be read in conjunction with our </span><span style="font-family:Wells Fargo Sans,sans-serif;font-size:9pt;">2018</span><span style="font-family:Wells Fargo Sans,sans-serif;font-size:9pt;"> Form 10-K.</span></div>
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Our allowance for loan losses for financing leases considers both the collectability of the lease payments receivable as well as the estimated residual value of the leased asset. We typically purchase residual value insurance on our financing leases so that our risk of loss at lease termination will be less than 10% of the initial value of the lease. Our risk to declines in residual values is further mitigated by the diversity of leased assets in our lease portfolio. In addition, we have several channels for re-leasing or marketing those assets.
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wfc Amount Paid To Repurchase Loans From Securitization Vehicles
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7750000000 usd
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us-gaap Contractually Specified Servicing Fees Amount
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us-gaap Contractually Specified Servicing Fees Amount
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CY2019Q3 wfc Servicing Fees Non Interest Income
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us-gaap Servicing Asset At Fair Value Period Increase Decrease
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CY2019Q3 wfc Mortgage Servicing Noninterest Income
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CY2019Q3 wfc Fees And Commission Mortgage Banking
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2550000000 usd
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CY2019Q3 wfc Net Derivative Gains Losses From Economic Hedges Related To Mortgage Loans Heldfor Saleand Derivative Loan Commitments
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us-gaap Goodwill Written Off Related To Sale Of Business Unit
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CY2019Q3 wfc Carrying Value Of Delinquent Loans Eligible For Repurchase
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CY2018Q4 wfc Carrying Value Of Delinquent Loans Eligible For Repurchase
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CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2018Q3 us-gaap Interest Income Expense Net
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CY2019Q3 us-gaap Provision For Loan Lease And Other Losses
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CY2018Q3 us-gaap Provision For Loan Lease And Other Losses
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CY2019Q3 us-gaap Noninterest Income
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CY2018Q3 us-gaap Noninterest Income
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CY2019Q3 us-gaap Noninterest Expense
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us-gaap Interest Income Expense Net
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