2022 Q1 Form 10-Q Financial Statement

#000109507322000011 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $242.8M $260.4M
YoY Change -6.75% -86.86%
Cost Of Revenue $1.790B
YoY Change
Gross Profit -$1.547B
YoY Change
Gross Profit Margin -637.14%
Selling, General & Admin $619.2M $501.4M
YoY Change 23.5% 9.38%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.570B $2.355B
YoY Change 9.15% 26.06%
Operating Profit -$4.118B
YoY Change
Interest Expense -$160.9M -$15.60M
YoY Change 931.65% -305.72%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $301.8M $373.1M
YoY Change -19.1% -955.29%
Income Tax $4.095M $31.20M
% Of Pretax Income 1.36% 8.36%
Net Earnings $297.8M $341.9M
YoY Change -12.9% 1957.92%
Net Earnings / Revenue 122.62% 131.28%
Basic Earnings Per Share $7.57 $8.53
Diluted Earnings Per Share $7.56 $8.52
COMMON SHARES
Basic Shares Outstanding 38.82M shares 39.54M shares
Diluted Shares Outstanding 38.84M shares 39.60M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.778B $1.133B
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
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $27.52B $2.173B
YoY Change 1166.32% 20.48%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $37.99B $33.60B
YoY Change 13.07% 23.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $38.84M $24.00M
YoY Change 61.85% -86.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $106.5M $175.0M
YoY Change -39.12% -42.05%
LONG-TERM LIABILITIES
Long-Term Debt $3.089B $1.911B
YoY Change 61.64% 202.37%
Other Long-Term Liabilities $693.1M $578.0M
YoY Change 19.91% 98.63%
Total Long-Term Liabilities $3.782B $2.489B
YoY Change 51.95% 169.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $106.5M $175.0M
Total Long-Term Liabilities $3.782B $2.489B
Total Liabilities $28.46B $23.91B
YoY Change 19.01% 28.27%
SHAREHOLDERS EQUITY
Retained Earnings $11.94B $10.85B
YoY Change 10.04% 5.77%
Common Stock $698.0K
YoY Change 0.29%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.646B
YoY Change 0.65%
Treasury Stock Shares 29.73M shares
Shareholders Equity $9.528B $9.683B
YoY Change
Total Liabilities & Shareholders Equity $37.99B $33.60B
YoY Change 13.07% 23.41%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $297.8M $341.9M
YoY Change -12.9% 1957.92%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $846.4M $904.4M
YoY Change -6.41% 78.73%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$421.3M -$455.5M
YoY Change -7.5% 76.41%
Cash From Investing Activities -$421.3M -$455.5M
YoY Change -7.51% 76.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.322M $23.55M
YoY Change -94.39% -88.23%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$93.56M -$108.9M
YoY Change -14.06% -54.84%
NET CHANGE
Cash From Operating Activities $846.4M $904.4M
Cash From Investing Activities -$421.3M -$455.5M
Cash From Financing Activities -$93.56M -$108.9M
Net Change In Cash $337.4M $331.0M
YoY Change 1.92% 3351.61%
FREE CASH FLOW
Cash From Operating Activities $846.4M $904.4M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022Q1 us-gaap Nature Of Operations
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<p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-weight: bold; font-size: 10.00pt">1. GENERAL</span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt"> </span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt">Everest Re Group, Ltd. (“Group”), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and international markets. As used in this document, “Company” means Group and its subsidiaries.</span></p>
CY2022Q1 us-gaap Basis Of Accounting
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<p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-weight: bold; font-size: 10.00pt">2. BASIS OF PRESENTATION</span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt"> </span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt">The unaudited consolidated financial statements of the Company as of March 31, 2022 and December 31, 2021 and for the three months ended March 31, 2022 and 2021 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been omitted since it is not required for interim reporting purposes. The December 31, 2021 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results for the three months ended March 31, 2022 and 2021 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2021, 2020 and 2019, included in the Company’s most recent Form 10-K filing.</span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt"> </span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt">The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity. </span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt"> </span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates. </span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt"> </span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt">All intercompany accounts and transactions have been eliminated. </span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt"> </span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt">Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2022 presentation.</span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt"> </span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt; text-decoration: underline">Application of Recently Issued Accounting Standard Changes. </span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt"> </span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt">The Company did not adopt any new accounting standards that had a material impact during the three months ended March 31, 2022. The Company assessed the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board on the Company’s consolidated financial statements as well as material updates to previous assessments, if any, from the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. There were no new material accounting standards issued in the three months ended March 31, 2022, that impacted Group.</span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt"> </span></p><p style="margin-bottom: 0; text-align: justify"><span style="font-family: Calibri; font-size: 10.00pt">Any issued guidance and pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immaterial to its financial statements.</span></p>
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CY2022Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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