W. R. Berkley Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,756	1,381	1,381	1,022
Depreciation & Amortization	63.63	59.94	55.87	129.68
Gain (Loss) on Sale of Investments	-117.71	-47.04	-202.4	-90.63
Stock-Based Compensation	54.38	51	49.41	46.68
Change in Accounts Receivable	-184.43	-334.18	-268.17	-364.4
Change in Unearned Revenue	485.49	617.54	466.59	786.63
Change in Income Taxes	-28.53	52.45	-3.53	-43.89
Change in Deferred Taxes	95.31	-26.69	-64.71	7.63
Change in Insurance Reserves / Liabilities	1,708	1,715	1,684	1,636
Change in Other Net Operating Assets	39.11	-291.56	-246.43	-344.18
Other Operating Activities	-222.78	-97.54	-145.1	-220.02
Operating Cash Flow	3,678	2,929	2,569	2,184
Operating Cash Flow Growth	25.57%	14.04%	17.61%	35.09%
Capital Expenditures	-105.62	-53.08	-52.68	-66.63
Cash Acquisitions	-	-11.56	-49.57	-
Investment in Securities	-1,909	-1,928	-2,581	-3,044
Other Investing Activities	107.28	-33.93	14.34	-17.98
Investing Cash Flow	-2,184	-1,962	-1,891	-2,989
Long-Term Debt Issued	3.11	0.98	-	1,034
Total Debt Repaid	-	-1.95	-429.81	-504.95
Net Debt Issued (Repaid)	3.11	-0.97	-429.81	529.16
Repurchases of Common Stock	-303.66	-537.16	-94.14	-122.43
Common Dividends Paid	-121.59	-501.46	-235.19	-355.74
Other Financing Activities	-19.98	-22.9	-12.85	-45.16
Financing Cash Flow	-852.49	-1,062	-771.99	5.83
Foreign Exchange Rate Adjustments	-29.84	9.07	-24.75	-4.2
Net Cash Flow	611.55	-86.15	-119.5	-803.52
Free Cash Flow	3,573	2,876	2,516	2,117
Free Cash Flow Growth	24.22%	14.32%	18.82%	34.14%
Free Cash Flow Margin	26.20%	23.69%	22.53%	22.39%
Free Cash Flow Per Share	8.86	7.02	6.00	5.05
Cash Interest Paid	138	114	138	141
Cash Income Tax Paid	410	332	295	244
Levered Free Cash Flow	3,329	2,846	2,535	2,181
Unlevered Free Cash Flow	3,408	2,926	2,616	2,273
Change in Working Capital	2,146	1,579	1,426	1,287

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.