2014 Q1 Form 10-Q Financial Statement

#000001154414000024 Filed on May 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $1.707B $1.507B
YoY Change 13.28% 9.29%
Cost Of Revenue $822.1M $744.7M
YoY Change 10.4% 9.6%
Gross Profit $884.8M $762.1M
YoY Change 16.1% 8.99%
Gross Profit Margin 51.84% 50.58%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.20M $20.90M
YoY Change 20.57% -5.86%
% of Gross Profit 2.85% 2.74%
Operating Expenses $1.429B $1.315B
YoY Change 8.64% 13.14%
Operating Profit -$544.2M -$553.3M
YoY Change -1.65% 19.41%
Interest Expense $30.33M $31.11M
YoY Change -2.51% 7.95%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $247.6M $160.2M
YoY Change 54.53% -14.46%
Income Tax $77.90M $43.63M
% Of Pretax Income 31.46% 27.23%
Net Earnings $169.7M $116.6M
YoY Change 45.5% -13.82%
Net Earnings / Revenue 9.94% 7.74%
Basic Earnings Per Share $1.31 $0.86
Diluted Earnings Per Share $1.25 $0.83
COMMON SHARES
Basic Shares Outstanding 129.9M shares 136.0M shares
Diluted Shares Outstanding 135.4M shares 141.2M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $643.6M $945.5M
Short-Term Investments
Other Short-Term Assets $345.0M
YoY Change 25.45%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $75.00M $374.0M
YoY Change -79.95% -43.07%
LONG-TERM ASSETS
Property, Plant & Equipment $338.0M $271.0M
YoY Change 24.71% 1.04%
Goodwill $110.2M $107.5M
YoY Change 2.52% 19.25%
Intangibles
YoY Change
Long-Term Investments $956.7M $793.6M
YoY Change 20.55% 16.76%
Other Assets
YoY Change
Total Long-Term Assets $20.63B $19.75B
YoY Change 4.47% 6.87%
TOTAL ASSETS
Total Short-Term Assets $75.00M $374.0M
Total Long-Term Assets $20.63B $19.75B
Total Assets $20.70B $20.12B
YoY Change 2.9% 5.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $105.0M
YoY Change 90.91%
LONG-TERM LIABILITIES
Long-Term Debt $2.033B $1.937B
YoY Change 4.96% -7.63%
Other Long-Term Liabilities $771.0M $924.0M
YoY Change -16.56% 5.84%
Total Long-Term Liabilities $2.804B $2.861B
YoY Change -1.99% -3.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $105.0M
Total Long-Term Liabilities $2.804B $2.861B
Total Liabilities $16.29B $15.71B
YoY Change 3.71% 4.75%
SHAREHOLDERS EQUITY
Retained Earnings $5.422B $4.922B
YoY Change 10.15% 6.65%
Common Stock $1.017B $997.0M
YoY Change 2.04% 1.17%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.322B $1.969B
YoY Change 17.93% 5.46%
Treasury Stock Shares 107.5M shares 99.09B shares
Shareholders Equity $4.376B $4.379B
YoY Change
Total Liabilities & Shareholders Equity $20.70B $20.12B
YoY Change 2.9% 5.16%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $169.7M $116.6M
YoY Change 45.5% -13.82%
Depreciation, Depletion And Amortization $25.20M $20.90M
YoY Change 20.57% -5.86%
Cash From Operating Activities $143.2M $115.1M
YoY Change 24.37% 56.06%
INVESTING ACTIVITIES
Capital Expenditures $9.862M $13.04M
YoY Change -24.38% -13.37%
Acquisitions $97.00K $38.56M
YoY Change -99.75%
Other Investing Activities -$88.50M $166.8M
YoY Change -153.06% -164.68%
Cash From Investing Activities -$134.0M $143.4M
YoY Change -193.42% -151.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $192.7M $0.00
YoY Change
Debt Paid & Issued, Net $125.0K $206.3M
YoY Change -99.94%
Cash From Financing Activities -$203.9M -$198.6M
YoY Change 2.64% -154.2%
NET CHANGE
Cash From Operating Activities $143.2M $115.1M
Cash From Investing Activities -$134.0M $143.4M
Cash From Financing Activities -$203.9M -$198.6M
Net Change In Cash -$194.7M $59.90M
YoY Change -425.07% -62.95%
FREE CASH FLOW
Cash From Operating Activities $143.2M $115.1M
Capital Expenditures $9.862M $13.04M
Free Cash Flow $133.3M $102.1M
YoY Change 30.6% 73.86%

Facts In Submission

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1814000 USD
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2062000 USD
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25995000 USD
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33194000 USD
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52939000 USD
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CY2014Q1 wrb Buildingand Lease Obligations
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CY2013Q1 wrb Changein Unrealized Gainlosson Investments Including Portion Attributableto Noncontrolling Interest
ChangeinUnrealizedGainlossonInvestmentsIncludingPortionAttributabletoNoncontrollingInterest
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CY2014Q1 wrb Changein Unrealized Gainlosson Investments Including Portion Attributableto Noncontrolling Interest Netof Tax
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72926000 USD
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7770000 USD
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39346000 USD
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91730000 USD
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17838000 USD
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14900000 USD
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0 USD
CY2014Q1 wrb Heldto Maturity Securities Accumulated Unrecognized Holding Loss
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0 USD
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CY2013Q1 wrb Income Before Income Taxes
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160223000 USD
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0 USD
CY2013Q1 wrb Investments Realized Loss Otherthan Temporary Impairmentsand Allowances Amount
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0 USD
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1362000000 USD
CY2014Q1 wrb Marketable Securities Debt Maturities Without Single Maturity Date Fair Value
MarketableSecuritiesDebtMaturitiesWithoutSingleMaturityDateFairValue
1378528000 USD
CY2014Q1 wrb Marketable Securities Fixed Maturities After Five Through Ten Years Amortized Cost
MarketableSecuritiesFixedMaturitiesAfterFiveThroughTenYearsAmortizedCost
3121394000 USD
CY2014Q1 wrb Marketable Securities Fixed Maturities After Five Through Ten Years Fair Value
MarketableSecuritiesFixedMaturitiesAfterFiveThroughTenYearsFairValue
3292088000 USD
CY2014Q1 wrb Marketable Securities Fixed Maturities After One Through Five Years Amortized Cost
MarketableSecuritiesFixedMaturitiesAfterOneThroughFiveYearsAmortizedCost
3648617000 USD
CY2014Q1 wrb Marketable Securities Fixed Maturities After One Through Five Years Fair Value
MarketableSecuritiesFixedMaturitiesAfterOneThroughFiveYearsFairValue
3797781000 USD
CY2014Q1 wrb Marketable Securities Fixed Maturities After Ten Years Amortized Cost
MarketableSecuritiesFixedMaturitiesAfterTenYearsAmortizedCost
2580536000 USD
CY2014Q1 wrb Marketable Securities Fixed Maturities After Ten Years Fair Value
MarketableSecuritiesFixedMaturitiesAfterTenYearsFairValue
2665594000 USD
CY2014Q1 wrb Marketable Securities Fixed Maturities Amortized Cost
MarketableSecuritiesFixedMaturitiesAmortizedCost
11569059000 USD
CY2013Q4 wrb Marketable Securities Fixed Maturities Amortized Cost
MarketableSecuritiesFixedMaturitiesAmortizedCost
11291631000 USD
CY2014Q1 wrb Marketable Securities Fixed Maturities Fair Value
MarketableSecuritiesFixedMaturitiesFairValue
12004315000 USD
CY2013Q4 wrb Marketable Securities Fixed Maturities Fair Value
MarketableSecuritiesFixedMaturitiesFairValue
11631744000 USD
CY2013Q4 wrb Marketable Securities Fixed Maturities Gross Unrealized Gains
MarketableSecuritiesFixedMaturitiesGrossUnrealizedGains
451247000 USD
CY2014Q1 wrb Marketable Securities Fixed Maturities Gross Unrealized Gains
MarketableSecuritiesFixedMaturitiesGrossUnrealizedGains
510825000 USD
CY2014Q1 wrb Marketable Securities Fixed Maturities Gross Unrealized Losses
MarketableSecuritiesFixedMaturitiesGrossUnrealizedLosses
75569000 USD
CY2013Q4 wrb Marketable Securities Fixed Maturities Gross Unrealized Losses
MarketableSecuritiesFixedMaturitiesGrossUnrealizedLosses
111134000 USD
CY2014Q1 wrb Marketable Securities Fixed Maturities Within One Year Amortized Cost
MarketableSecuritiesFixedMaturitiesWithinOneYearAmortizedCost
856512000 USD
CY2014Q1 wrb Marketable Securities Fixed Maturities Within One Year Fair Value
MarketableSecuritiesFixedMaturitiesWithinOneYearFairValue
870324000 USD
CY2014Q1 wrb Marketable Securities Realized Gain Loss Excluding Otherthan Temporary Impairments Netof Tax
MarketableSecuritiesRealizedGainLossExcludingOtherthanTemporaryImpairmentsNetofTax
34290000 USD
CY2013Q1 wrb Marketable Securities Realized Gain Loss Excluding Otherthan Temporary Impairments Netof Tax
MarketableSecuritiesRealizedGainLossExcludingOtherthanTemporaryImpairmentsNetofTax
12980000 USD
CY2014Q1 wrb Minimum Ownership Of Common Stockholders Equity
MinimumOwnershipOfCommonStockholdersEquity
0.1
CY2013Q1 wrb Other Revenues
OtherRevenues
138721000 USD
CY2014Q1 wrb Other Revenues
OtherRevenues
174583000 USD
CY2013Q1 wrb Realized Gain Losson Investments Including Equity Method Investments Excluding Otherthan Temporary Impairmentsand Allowances
RealizedGainLossonInvestmentsIncludingEquityMethodInvestmentsExcludingOtherthanTemporaryImpairmentsandAllowances
19969000 USD
CY2014Q1 wrb Realized Gain Losson Investments Including Equity Method Investments Excluding Otherthan Temporary Impairmentsand Allowances
RealizedGainLossonInvestmentsIncludingEquityMethodInvestmentsExcludingOtherthanTemporaryImpairmentsandAllowances
52754000 USD
CY2014Q1 wrb Realized Gain Losson Marketable Securities Equity Method Investmentsand Other Investments Before Tax
RealizedGainLossonMarketableSecuritiesEquityMethodInvestmentsandOtherInvestmentsBeforeTax
52754000 USD
CY2013Q1 wrb Realized Gain Losson Marketable Securities Equity Method Investmentsand Other Investments Before Tax
RealizedGainLossonMarketableSecuritiesEquityMethodInvestmentsandOtherInvestmentsBeforeTax
19969000 USD
CY2013Q1 wrb Realized Gain Losson Marketable Securities Equity Method Investmentsand Other Investments Netof Tax
RealizedGainLossonMarketableSecuritiesEquityMethodInvestmentsandOtherInvestmentsNetofTax
12980000 USD
CY2014Q1 wrb Realized Gain Losson Marketable Securities Equity Method Investmentsand Other Investments Netof Tax
RealizedGainLossonMarketableSecuritiesEquityMethodInvestmentsandOtherInvestmentsNetofTax
34289000 USD
CY2014Q1 wrb Realized Gain Losson Marketable Securities Equity Method Investmentsand Other Investments Tax
RealizedGainLossonMarketableSecuritiesEquityMethodInvestmentsandOtherInvestmentsTax
18465000 USD
CY2013Q1 wrb Realized Gain Losson Marketable Securities Equity Method Investmentsand Other Investments Tax
RealizedGainLossonMarketableSecuritiesEquityMethodInvestmentsandOtherInvestmentsTax
6989000 USD
CY2014Q1 wrb Revenues From Wholly Owned Investees
RevenuesFromWhollyOwnedInvestees
92840000 USD
CY2013Q1 wrb Revenues From Wholly Owned Investees
RevenuesFromWhollyOwnedInvestees
91735000 USD
CY2014Q1 wrb Senior Notes And Other Debt
SeniorNotesAndOtherDebt
1692690000 USD
CY2013Q4 wrb Senior Notes And Other Debt
SeniorNotesAndOtherDebt
1692442000 USD
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000011544
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
127666134 shares
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
BERKLEY W R CORP

Files In Submission

Name View Source Status
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Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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wrb-20140331.xsd Edgar Link pending
wrb-20140331_cal.xml Edgar Link unprocessable
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