Berkshire Hathaway reported a gain of almost $18.2 billion in the fourth quarter versus a profit of over $39.6 billion in the same quarter of 2021. Lincoln High's Dyvine Harris (left center) and Ariana Hoagland celebrate after a Fremont foul during their semifinal game at Pinnacle Bank Arena in Lincoln on Wednesday. "It feels good to be back," the chairman and CEO said. The underwriting loss for the insurance businesses in 2022 is disappointing. Buybacks included both its Class A (BRK.A) and Class B (BRK.B) common stock. ET. The California Public Employees' Retirement System, or CalPERS, the biggest public pension fund in the U.S., earlier this month said it would vote in favor of a shareholder proposal to remove Buffett from his chairman role while remaining CEO. "That's not investment. Buffett has a long history of favoring banks. Despite Berkshires underwriting loss for 2022, it posted underwriting profits for calendar years 2021, 2020, and 2019. Lincoln Southwest's Aniya Seymore (center) celebrates after getting fouled during their semifinal game against Millard South at Pinnacle Bank Arena in Lincoln on Wednesday. This filing gives us a quarterly opportunity to observe what two of the greatest investors, Warren Buffett . He said: "I get so much better companies at so much lower prices, and I'm willing to take a little bit more risk to get into the better companies with the lower prices.". Until an announcement in mid-2018, Berkshire had only made repurchases when the stock traded at less than 1.2 times the price-to-book (P/B) ratio. Morningstar, Inc. "Berkshire Hathaway Inc Class A Stock Trailing Returns. B ERKSHIRE H ATHAWAY INC. 2022 Annual Report (PDF file) 2022 SEC Form 10-K (PDF file) In addition to releasing Q1 FY2022 results on April 30, 2022, Berkshire also held its annual meeting of shareholders, led by Chairman and CEO Warren Buffett. Fox Business. Kamirah Cox, 8, and Ty'Nell Qualls, 11, play as the sunshines outside Qualls' home on North 47th Avenue in Omaha on Monday. The counter at See's Candies, at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska. The Berkshire Hathaway CEO cautioned against listening to people who claim to be able to predict the path of inflation. In early 2022, there have been some notable signs that it is becoming more of a Berkshire Hathaway kind of stock market. "We've been reasonably good at figuring out when we were getting enough for our money. This segment includes companies profits that must be accounted for under the equity method due to the size of ownership and influence on management. Berkshire Hathaway's next earnings report, for Q3 FY 2022, is likely to be released on Saturday, Nov. 5, 2022. The foreign currency exchange rate gains were generated from bonds issued by Berkshire Hathaway and denominated in British Pounds, euros, and Japanese Yen. The proposal called for Berkshire to issue a report addressing if and how it intends to measure, disclose, and reduce the GHG emissions associated in alignment with the Paris Agreement's 1.5C goal, requiring net zero emissions. Buffett noted that Berkshire now owns 9.5% of video game maker Activision Blizzard, Inc. (ATVI), starting with a $1 billion stake taken in the fourth quarter of 2021 based on the belief that it was undervalued. in the fourth quarter of 2022. This activity signals that Buffett and Munger believe Berkshire Hathaways price is below their intrinsic value estimate. He has long been a fan of Berkshire culture, which is one of the reasons that Berkshires stock has been a major holding in his firms funds from the beginning. An Apple Store in Shanghai, China. Humphrey/Lindsay Holy Family Head's Jacob Sjuts reacts after getting a foul with seconds left in a tied championship game against Grand Island Central Catholic at Pinnacle Bank Arena in Lincoln on Friday. "Was that a banker screaming?" When Buffet moved the meetings to Omaha, just about a dozen people attended the first several years, according to The Wall Street Journal. This compensation may impact how and where listings appear. Warren Buffett said people are becoming more tribal. Sebastian Moore, 11, rides his bike around the pond, still partially covered in ice, at Benson Park in Omaha on Tuesday. And it's different, it's a long way away and they've got in their own culture in their own loyalty.". Bellevue West's Josiah Dotzler (22) gets caught between Omaha Creighton Prep's Casey OMalley (10) and Joshua Townley-Thomas (21) in the Bellevue West vs. Omaha Creighton Prep boys basketball NSAA state semifinal game in Lincoln on Thursday. He did what he had to do," Buffett said. The S&P 500 has dropped more than 15%. April 29, 2022. Berkshire spent approximately $3.2 billion on share repurchases (stock buybacks) in Q1 FY 2022. Warren Buffett wants to make it clear that he's not the only one at Berkshire Hathaway picking stocks. You couldn't do that with Berkshire. Berkshires businesses are performing well, aside from woes at GEICO and some slowing due to macroeconomic headwinds. "And there's no reason in the world why the United States government is going to let Berkshire money replace theirs.". Some . December 16, 2022. Warren Buffett confirms that Abel, who oversees the company's non-insurance operations, will run the company when Buffett steps down someday. Wallace Weitz brings to the board his substantial financial experience as an investor in public companies and as a director of a public company, Berkshire said in its filings. Berkshire Hathaway, Inc. (BRK.A, BRK.B) reportedQ2 FY 2022 earnings that were far below analysts' expectations. Omaha Skutt's Julia Connealy (left) battles Adams Central's Rachel Goodon for a loose ball during their semifinal game at Pinnacle Bank Arena in Lincoln on Thursday. April 30, 2022. The yearly letter continued the theme from last year as a type of owners handbook for Berkshire shareholders. While Buffett acknowledged that the deal may face regulatory hurdles, he noted, "One thing we do know is that Microsoft has the money.". In the 58 calendar years from 1965 to 2022, Berkshire Hathaway stock appreciated at a 19.8% compound annual growth rate, compared with a 9.9% annualized return for the S&P 500. ", Buffett commented that inflation "swindles" equity investors. Warren Buffett and Jimmy Buffett attend Conservation International New York Dinner at Pierre Hotel on May 3, 2005 in New York City. Check out CNBC's full recap below for more from the two investing legends. ", CNBC. 9:45 a.m. - 10:15 a.m.: Pre-show anchored by Becky Quick and Mike Santoli, 10:15 a.m. - 1 p.m.: Morning session of annual meeting, 1 p.m. - 2 p.m.: Halftime show anchored by Becky Quick and Mike Santoli, 2 p.m. - 4:30 p.m.: Afternoon session of annual meeting, 4:30 p.m. - 4:45 p.m.: Post-show anchored by Becky Quick and Mike Santoli, 4:45 p.m.: Formal Berkshire Hathaway Annual Meeting, Post-meeting coverage: Final thoughts live from Omaha, Nebraska, with Becky Quick and Mike Santoli. The proposal's aim stems from concerns about corporate governance with one person holding dual roles. Still, it might have something to do with the inability of the duo to find some other opportunities with a more attractive risk versus reward for investing capital. The 91-year-old chairman and CEO will be on stage with his right-hand man Charlie Munger at 98 to answer shareholder questions, following a flurry of investment activities stakes inOccidental PetroleumandHPas well as an acquisition ofAlleghany. Iowa's Max Murin celebrates a win over Northwestern's Yahya Thomas during the 149-pound match. Net operating earnings fell 1% versus 2021 but were 8% over pre-covid 2019. Warren Buffett rides in a cart at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska, April 29, 2022. {{start_at_rate}} {{format_dollars}} {{start_price}} {{format_cents}} {{term}}, {{promotional_format_dollars}}{{promotional_price}}{{promotional_format_cents}} {{term}}, Submit a Public Notice for Omaha World-Herald, Concert announced at new Astro Theater in La Vista City Centre, Meet The World-Herald's 2023 All-Nebraska soccer team, Woman allegedly throws milk at Omaha fast food employee after being told her order was cheaper than expected, Omaha's John Beasley, film/TV actor and local theater arts activist, dies at 79, Omaha girl, 11, bows out after reaching national spelling bee finals, McKewon: Tommi Hill's back at corner, and Nebraska's Tony White likes what he sees, NCAA regional hosts include eight SEC teams and a northern surprise, Celebrity chef Guy Fieri's visit is mind-blowing to owner of new Fremont restaurant, Not real news: Here's a look at what didn't happen this week, Shatel: With return of Keisei Tominaga and Trey Alexander, Nebraska and Creighton have X factors, Creighton's Ryan Kalkbrenner withdraws from NBA Draft, Sarpy County pools invite everyone to take the plunge, OPPD considering $2 billion expansion; ratepayers can expect higher bills, Nebraska lawmakers pass repeal of motorcycle helmet mandate, In annual letter, Buffett touts revenue growth in Berkshire Hathaway's 'four giants', Omahas megabillionaire down the street Warren Buffett set to celebrate his 90th birthday, At annual Berkshire meeting, Warren Buffett says 'business is now very good' after pandemic, Mutual of Omaha among Fortune's top 100 places to work, 'Built forever': Buffett assures shareholders of Berkshires sustainability at annual meeting, California Lawmakers Push for Legislation to Fight Fentanyl Crisis, France wildfires: Authorities try get head start in fight against fires. Buffett admitted that "We have not been good at timing." Berkshires aerospace exposure remains substantial despite selling its publicly traded airline holdings earlier in 2020. Sign up for free newsletters and get more CNBC delivered to your inbox. Investment losses from non-U.S. dollar investments generally offset these gains. Charlie Munger is Vice Chair and second-in-command to Warren Buffett, the legendary investor who chairs the $355-billion conglomerate, Berkshire Hathaway. Ahead of the shareholder meeting, the executives of several Berkshire portfolio companies told CNBC how inflation was hitting their businesses. All of the Covid outperformance from Ark Invest's flagship Innovation. He opined that the best protection against inflation is investing in your own skills. Notably, the operating income for all segments, except the Other category, was better relative to the pre-pandemic levels of 2019. People enter the Berkshire Hathaway Shareholders Meeting in Omaha, Nebraska, April 30, 2022. It swindles the person who keeps their cash under their mattress. Housing-related businesses like Clayton Homes, Shaw, Johns Manville, Acme Building Products, Benjamin Moore, and MiTek posted sharply higher earnings relative to 2021, a 40.7% increase in quarterly pre-tax profits versus 2021. "Assets, to have value, have to deliver something to somebody. Buffett has been helped by the fact that Berkshire has a big stake in oil company . Get the latest Berkshire Hathaway Inc Class A (BRK.A) real-time quote, historical performance, charts, and other financial information to help you make more informed trading and investment decisions. Munger said the "hidden kickbacks" of that business model were "disgusting." "That enabled us, in a two-week period, to buy 14% of a business that's been around for decades," Buffett said. Since then, Berkshire has been adding to its stake given that Activision, which closed at $76.50 on April 29, 2022, has continued to trade well below that bid. The broad S&P 500 suffered its worst month since March 2020, while the the tech-heavy Nasdaq had its worst month since 2008. That is nearly double the S&P 500's 10.5%, including dividends. The equity method earnings include Occidental Petroleum (OXY) beginning in the fourth quarter of 2022. He stated that inflation also raises the amount of capital that companies need and that raising prices to maintain inflation-adjusted profits is not as simple as it may seem. Berkshire's first-quarter filing revealed the company significantly increased its bet on Chevron. Warren Buffett, CEO and Chairman, and Charlie. During Q3 2022, Berkshire Hathaway's ( NYSE: BRK.A) ( NYSE: BRK.B) 13F stock portfolio value decreased ~$300B to ~$296B. The Berkshire Hathaway annual shareholder meeting hasn't happened in person since 2019 due to the pandemic, and based on the enthusiasm of the attendees this year, they truly missed it. The top five positions account for ~76% of the portfolio: Apple Inc., Bank of America, Chevron, Coca-Cola . Berkshire Hathaway's next earnings report, for Q2 FY 2022, is likely to be released on Saturday, Aug. 6, 2022. Now it's unraveling. About 2022 Annual Meeting . Berkshire Hathaway Price-To-Book Valuation. Later on, Buffett observed that massive economic stimulus during the COVID-19 pandemic is the major reason for high inflation today: "You print loads of money, and money is going to be worth less." Berkshire Hathaway 2022 Calendar Year: Operating Earnings by Segment. Dig a bit deeper into the numbers, however, and you realize why Warren Buffett. Nebraska's Casey Thompson gives an interview in the concourse at Memorial Stadium on Wednesday. It swindles the person who keeps their cash under their mattress. Get this delivered to your inbox, and more info about our products and services. CLIP Top pharmaceuticals stocks for the second quarter include Madrigal Pharmaceuticals Inc. ( MDGL ), Pliant Therapeutics . Berkshire only intends to repurchase shares when the repurchase price is below Berkshires intrinsic value, conservatively determined. The P/B ratio remains a reasonable proxy for gauging Berkshires intrinsic value. "The easiest thing to do is basically shut up and not have a bunch of people facing consequences they didn't ask for in the first place," he said. But the one thing I'm pretty sure of is that it doesn't produce anything," Buffett said. When It Is and Importance to Economists, Capital Investment: Types, Example, and How It Works, Form 10-Q for the Quarterly Period Ended June 30, 2022, Berkshire Hathaway Inc Class A Stock Trailing Returns. Viewers can expect a lively discussion regarding Warren Buffett's view of the market, Berkshire's plans to spend its cash and other key topics. we're sane, and that's the main requirement in this business.". "The United States government affects that this became exchangeable for lawful money in the United States," Buffett said, displaying an image of an old $20 bill. Berkshires McLane unit had 17.8% higher profits in 2022 versus 2021. Over the past year, through Aug. 5, 2022, Berkshire Hathaway's shares have provided atotal returnof 4.33%, outperforming the S&P 500's total return of -5.01%. "It's unraveling. The Berkshire executives didn't say where they would put their money, but Munger was clear about where he wouldn't invest: bitcoin. Before long, he began attracting national attention with his impressive returns. In 2022, we manufactured certain products that contained necessary 3TG where . "What this is telling you is, he thinks we need to batten down the hatches because we're looking at a long cycle of inflation and probably stagnation," said Phillip Phan, a professor at the Johns Hopkins Carey Business School. Buffett also noted that shareholders should focus on Berkshires operating earnings rather than the volatile GAAP results. (Photo by Visual China Group via Getty Images), How To Donate Illiquid Assets: 3 Tax-Savvy Giving Tips For Entrepreneurs. In the same period of 2021, Berkshire reported positive EPS of $18,488. Read more about the impact of inflation on companies such as Nebraska Furniture Mart and Dairy Queen. "I see headlines in papers just time after time after time that say, 'Buffett's buying such and such,'" Buffett said. Buffett scooped up 14% of oil giant Occidental Petroleum, worth more than $7 billion, in two weeks during March. One shareholder also took issue with Berkshire's climate change initiative. He added the Fed will "do whatever is necessary. Highs were in the mid-70s Tuesday afternoon. Later on, Munger commented that, despite mounting concerns about Chinese stocks, he is willing to take some risks with them. I write about investing, markets and Berkshire Hathaway. However, pursuant to recent changes in GAAP reporting rules, the quarterly mark-to-market fluctuations in the value of Berkshire's investment portfolio must be reflected on the company's income statement, a rule that Buffett has criticized as introducing misleading volatility into the company's reported financial results. The event is a tradition each year known as the "Berkshire Bazaar of Bargains." However, he did not criticize the Federal Reserve for its actions to boost money supply and stabilize markets during the health crisis. Highlights are presented below. Smart Money: What It Means in Investing and Trading, Form 10-Q for the Quarterly Period Ended March 31, 2022, Berkshire Hathaway Q1 FY 2022 Earnings Report Preview: What to Look For, Information Regarding Second Quarter [2021] Earnings Release, Berkshire Hathaway Annual Meeting Live Updates, Warren Buffett Rips Wall Street for Turning the Stock Market Into 'a Gambling Parlor', Charlie Munger Says the Robinhood Trading App Is Justly 'Unraveling' for 'Disgusting' Practices, Fidelity Offers Bitcoin as 401(k) Investment Option. Earnings per share (EPS) were a loss of $29,754, compared to analysts' estimate of a $4,079 loss. Berkshire Hathaway (BRK.A) Financial Results: Analysis, Funds From Operations (FFO): A Way to Measure REIT Performance, Enterprise Value (EV) Formula and What It Means, Financial Analysis: Definition, Importance, Types, and Examples, What's Black Friday? A prime example is indicated above, with Berkshire's after-tax earnings on its investment portfolio having swung from a gain of $21.408 billion in Q2 FY 2021 to a loss of $53.038 billion in Q2 FY 2022. Weitz can play that role, too. The number of votes against the motion outnumbered the ones for it. Quietly, over many years, Weitz carved out his own niche in the world of value investing picking stocks that appear to be trading for less than their intrinsic or book value. Buffett said he has been buying more shares of Activision since the deal was announced as the stock is trading way below Microsoft's offer. Wasn't that pretty obvious that something like that was going to happen?" The operating segments for all of 2022 show better results than 2021, except for insurance underwriting and the railroad. Track all of the day's news and analysis here. Weitzs nomination was announced by Berkshire in its annual proxy statement ahead of the companys April 30 annual meeting, and it will be voted on by shareholders there. "The Federal Reserve has not gone," Buffett said. Fremont's McKenna Murphy cuts down her portion of the net after defeating Lincoln Southwest during a Class A state basketball tournament final at Pinnacle Bank Arena in Lincoln on Friday. Berkshire's annual shareholder arrives at a time of heightened worry in the stock market. Over the past year, Berkshire Hathaway's shares have provided atotal returnof 20.8%, outperforming the S&P 500's total return of -0.3%. Humphrey/Lindsay Holy Family's Ethan Keller (right) hugs Cooper Beller after winning their championship game against Grand Island Central Catholic at Pinnacle Bank Arena in Lincoln on Friday. Humphrey/Lindsay Holy Family Head Coach Joe Hesse reacts during overtime of their championship game against Grand Island Central Catholic at Pinnacle Bank Arena in Lincoln on Friday. 2023 CNBC LLC. Activision CEO Bobby Kotick was also in attendance, as well as Apple CEO Tim Cook. Shares of Buffett's Berkshire Hathaway (BRKB) are up about 5.5% in 2022. ANNA REED, THE WORLD-HERALD Berkshire Hathaway's (BRK/A, BRK/B) fourth-quarter 2022 13F was filed on February 14. The revenues and profits of Berkshire's companies are strongly rebounding after the pandemic. 14% of the apartment houses. He elaborated: "There are a number of causes for that, but I think the biggest culprit is as far as GEICO is concerned is telematics." Cash levels were above last quarter. Enterprise value (EV) is a measure of a company's total value, often used as a comprehensive alternative to equity market capitalization that includes debt. Shares of Berkshire Hathaway have been one of the stock market's best bets in 2022. Glenview Trust currently has holdings of Berkshire Hathaway (BRK/A, BRK/B) and Kraft Heinz (KHC) within its recommended investment strategies. Berkshire Hathaway (BRK.A) Financial Results: Analysis, Buffett: 'Inflation Swindles Almost Everybody', Buffett Decries Wall Street 'Gambling Parlor', Munger Slams Robinhood, Glad It's 'Unraveling', Bitcoin: 'Just Say No' 'It Doesn't Produce Anything', Buffett: 'We Have Not Been Good at Timing', Ajit Jain: 'Progressive Has Done a Much Better Job Than GEICO', Buffett: 'So Much Trouble Finding Good Ideas', Merger Arbitrage With Activision Blizzard, Berkshire Hathaway: What It Is, Market Cap, and Who Owns It, The Oracle of Omaha: How Warren Buffett Built His Fortune. Specifically, he noted that Bitcoin does not produce income, unlike, in his examples, farmland and apartment houses. Telematics uses a device to track driving patterns, in exchange for a lower insurance rate. He and his wife, Barbara, decided that her hometown of Omaha was a better place to raise children, so they made the move in 1973. Millard North won the game 58-43. Shareholders lining up to get into CHI Health Center for Berkshire Hathaway's annual meeting. Berkshire Hathaway Automotive President and CEO Jeff Rachor unpacks the automotive market in light of chip and semiconductor shortages. Phone: 402-444-1130. This compensation may impact how and where listings appear. Berkshire at the beginning of March revealed a big stake in oil giant Occidental Petroleum. The increase in earnings was primarily due to slightly higher gross margin rates. Still, supply chain constraints, labor shortages, truck driver shortages, and higher inventory costs hurt the business last year. All Rights Reserved. Buffett did not explicitly identify bitcoin or other cryptocurrencies, though he has made headlines for calling bitcoin "rat poison" in the past and has said it has no unique value. Munger said today's stock market has become "almost a mania of speculation." Charlie Munger pointed to commission-free brokerage Robinhood as an example of a good idea that got "grossly overdone.". But the one thing I'm pretty sure of is that it doesn't produce anything. (Photo by Visual China Group via Getty Images), Berkshire Hathaways (BRK/A, BRK/B) fourth-quarter earnings release also includes the annual letter from Warren Buffett as part of the annual report. Berkshire retains its Fort Knox balance sheet and a diversified mix of businesses, which allows the unique ability to take advantage of significant opportunities when disruptions or crises provide them. He pointed out that the stake was even larger when accounting for the index fund providers who own a huge chunk of the company. Britt Prince, a sophomore and the state girls basketball scoring leader, in her home gym at Elkhorn North High School in Omaha on Thursday, March 03, 2022. "It's a long journey, but the journey has started, and the initial results are promising. Buffett spent about $4.4 billion repurchasing Berkshire stock in the first quarter of 2023 . A year ago, he called Berkshire an example of the kind of company he always looks for: one that seeks to serve all of its constituencies shareholders, employees, customers and communities in a socially responsible and sustainable manner.. In addressing a question about inflation, Buffett talked about the massive stimulus during the pandemic as a key reason for the rising prices now. I consider him a mentor, Weitz said in 2014. Charlie Munger is Vice Chair and second-in-command to Warren Buffett, the legendary investor who chairs the $355-billion conglomerate, Berkshire Hathaway. Berkshire Hathaway is buying.". Geico, until recently, wasn't involved in telematics," Jain said. The 91-year-old investing legend has been publishing the letter for over six decades and it has become. "That's what money is.". Will The Artificial Intelligence Mania Sink Stocks? Crowds after entering Berkshire Hathaway Shareholders Meeting in Omaha, Nebraska, April 30, 2022. Buffett said he was raised in a household where he and his siblings weren't served dessert until they "said something nasty" about Roosevelt. Munger said. Float per share has increased to $112,066 from $98,960, also aided by share repurchases. So investors took note when he unloaded stakes in JPMorgan Chase, Goldman and Wells Fargo in 2020, trimming his portfolio to U.S.-centric retail lenders including Bank of America and U.S. Bancorp. At the annual shareholders meeting, Warren Buffett and Charlie Munger took aim at stock market speculation, Robinhood, Bitcoin, and inflation, among other matters. Warren Buffett warned shareholders about "new forms of money" as he recalled the financial crisis of 2008 and said Berkshire Hathaway will "always have a lot of cash on hand.". Berkshire Hathaway counts musician and business mogul Jimmy Buffett among its long-term shareholders. In recent years, a significant capital allocation decision was made to increase share repurchases. You can come up with all kinds of things. In his annual chairman letter to shareholders in February, Warren Buffett said there is "little that excites us" in the market. CNBC is livestreaming Berkshire Hathaway's annual shareholders meeting Saturday. Warren Buffett and Becky Quick at the Berkshire Hathaway Annual Shareholder Meeting in Omaha, Nebraska, April 29, 2022. Fremont's Taylor McCabe and Millard North's Jasen Green, captains of the Omaha World-Herald 2022 All-Nebraska girls and boys basketball teams. Warren Buffett said at the time that Susies appointment would help preserve Berkshires unique culture long after he is gone. But some of the toughest questions Buffett faced, The Omaha company preparing to build a new skyscraper on the downtown skyline has also received a lofty ranking from Fortune magazine as a goo, After the pandemic forced the last two meetings to be streamed online, Buffett clearly relished the chance to bring Berkshires loyal and devo. Buffett also said that Berkshire had been increasing its stake in Activision Blizzard as part of a merger arbitrage bet that Microsoft's proposed deal to buy the video game company will close. Bellevue East's Mya Skoff (right) holds her face as Jayla Wilson shoots a free throw late in the 4th quarter of their A-7 district final against Millard North at Bellevue East High School in Bellevue on Tuesday. Warren Buffett's long-term track record is hard to argue against, but his investments are not immune to short-term volatility in the markets. Shareholder Meeting Information. The rebound in domestic air travel and the restart of Boeing 787 production in the third quarter has boosted the outlook for this business, which continues to be hampered by increased costs and supply chain issues. Cost pressures from rising inflation caused non-insurance profit margins in 2022 to decline below 2021 levels, but margins remained higher than in pre-pandemic 2019. Berkshire Hathaway is a holding company for a multitude of businesses run by chair and CEO Warren Buffett. Occidental Petroleum's stock has now nearly doubled in 2022.