Income Statement Progressive Corporation

Equities

PGR

US7433151039

Property & Casualty Insurance

Market Closed - Nyse Other stock markets 01:30:02 19/09/2024 am IST			5-day change	1st Jan Change
257.66 ^USD	+0.29%		+3.23%	+61.77%

17/09	Goldman Sachs Adjusts Price Target on Progressive to $280 From $262	MT
16/09	Progressive Sees 'Strong' Growth Driven by Policy-in-force Adds Amid Tough Competition, Morgan Stanley Says	MT

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Published financial data: PROGRESSIVE CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Premiums and Annuity Revenues	3.62TCr	3.93TCr	4.44TCr	4.92TCr	5.87TCr
Total Interest And Dividend Income	101.74Cr	92Cr	84Cr	123.6Cr	186.56Cr
Gain (Loss) on Sale of Investments, Total (Rev)	102.92Cr	163Cr	150.92Cr	-191.22Cr	35Cr
Other Revenues, Total	76Cr	83Cr	96Cr	102.14Cr	119.92Cr
Total Revenues	3.9TCr	4.26TCr	4.77TCr	4.96TCr	6.21TCr
Policy Benefits	2.55TCr	2.51TCr	3.36TCr	3.81TCr	4.57TCr
Policy Acquisition / Underwriting Costs, Total	799.83Cr	884.32Cr	936.75Cr	977.66Cr	1.09TCr
Provision for Bad Debts	-	107.74Cr	-	-	-
Other Operating Expenses	18Cr	21Cr	25Cr	30Cr	35Cr
Total Operating Expenses	3.36TCr	3.52TCr	4.32TCr	4.82TCr	5.69TCr
Operating Income	535Cr	739.02Cr	442.86Cr	139.04Cr	517.21Cr
Interest Expense, Total	-19Cr	-22Cr	-22Cr	-24Cr	-27Cr
Currency Exchange Gains (Loss)	-	-	-	-	-
EBT, Excl. Unusual Items	516.03Cr	717.32Cr	421Cr	114.69Cr	490.37Cr
Impairment of Goodwill	-	-	-	-22Cr	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	516.03Cr	717.32Cr	421Cr	92Cr	490.37Cr
Income Tax Expense	118.03Cr	146.86Cr	86Cr	20Cr	100.13Cr
Earnings From Continuing Operations	398Cr	570.46Cr	335.09Cr	72Cr	390.24Cr
Net Income to Company	398Cr	570.46Cr	335.09Cr	72Cr	390.24Cr
Minority Interest	-97L	-	-	-	-
Net Income - (IS)	397.03Cr	570.46Cr	335.09Cr	72Cr	390.24Cr
Preferred Dividend and Other Adjustments	2.69Cr	2.69Cr	2.69Cr	2.69Cr	3.76Cr
Net Income to Common Incl Extra Items	394.34Cr	567.77Cr	332.4Cr	69Cr	386.48Cr
Net Income to Common Excl. Extra Items	394.34Cr	567.77Cr	332.4Cr	69Cr	386.48Cr
Per Share Items
Net EPS - Basic	6.75	9.71	5.69	1.19	6.61
Basic EPS - Continuing Operations	6.75	9.71	5.69	1.19	6.61
Basic Weighted Average Shares Outstanding	58Cr	58Cr	58Cr	58Cr	58Cr
Net EPS - Diluted	6.72	9.66	5.66	1.18	6.58
Diluted EPS - Continuing Operations	6.72	9.66	5.66	1.18	6.58
Diluted Weighted Average Shares Outstanding	59Cr	59Cr	59Cr	59Cr	59Cr
Normalized Basic EPS	5.51	7.66	4.5	1.23	5.24
Normalized Diluted EPS	5.48	7.63	4.48	1.22	5.22
Dividend Per Share	2.65	4.9	1.9	0.4	1.15
Payout Ratio	42.06	27.66	112.61	36.15	7.11
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	565.61Cr	772.2Cr	476.6Cr	172.7Cr	547.18Cr
EBITA	541.63Cr	744.71Cr	448.63Cr	142.14Cr	518.63Cr
EBIT	535Cr	739.02Cr	442.86Cr	139.04Cr	517.21Cr
EBITDAR	575.81Cr	781.74Cr	485.64Cr	181.61Cr	556.62Cr
Total Revenues (As Reported)	3.9TCr	4.27TCr	4.77TCr	4.96TCr	6.21TCr
Effective Tax Rate - (Ratio)	22.87	20.47	20.41	21.75	20.42
Current Domestic Taxes	113.2Cr	143.13Cr	76Cr	75Cr	112.12Cr
Total Current Taxes	113.2Cr	143.13Cr	76Cr	75Cr	112.12Cr
Deferred Domestic Taxes	4.83Cr	3.73Cr	9.89Cr	-55Cr	-12Cr
Total Deferred Taxes	4.83Cr	3.73Cr	9.89Cr	-55Cr	-12Cr
Normalized Net Income	321.55Cr	448.32Cr	263.12Cr	72Cr	306.48Cr
Supplemental Operating Expense Items
Advertising Expense	183.73Cr	217.57Cr	213.95Cr	203.25Cr	159.97Cr
Net Rental Expense, Total	10Cr	9.54Cr	9.04Cr	8.91Cr	9.44Cr
Imputed Operating Lease Interest Expense	3.43Cr	3.25Cr	2.97Cr	2.99Cr	3.01Cr
Imputed Operating Lease Depreciation	6.77Cr	6.29Cr	6.07Cr	5.92Cr	6.43Cr
Stock-Based Comp., Other (Total)	9.02Cr	8.94Cr	10Cr	12Cr	12Cr
Total Stock-Based Compensation	9.02Cr	8.94Cr	10Cr	12Cr	12Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Investment In Debt Securities	3.29TCr	3.66TCr	4.37TCr	4.65TCr	6.02TCr
Investment In Equity and Preferred Securities, Total	454.02Cr	569.56Cr	688.01Cr	421.9Cr	400.42Cr
Total Other Investments	179.88Cr	521.85Cr	94Cr	286.17Cr	178.99Cr
Total investments	3.93TCr	4.75TCr	5.15TCr	5.35TCr	6.6TCr
Cash And Equivalents	23Cr	7.65Cr	19Cr	20Cr	8.49Cr
Reinsurance Recoverable - (IS)	337.89Cr	401.94Cr	498.05Cr	583.21Cr	509.39Cr
Other Receivables - (Insurance Template)	768.86Cr	833.65Cr	958.12Cr	1.07TCr	1.24TCr
Deferred Policy Acquisition Costs - (BS)	105.65Cr	123.72Cr	135.56Cr	154.44Cr	168.74Cr
Gross Property Plant And Equipment	254Cr	256.29Cr	271.73Cr	271.56Cr	270.84Cr
Accumulated Depreciation	-113.81Cr	-129.14Cr	-140.74Cr	-155.11Cr	-165.51Cr
Net Property Plant And Equipment	140.19Cr	127.15Cr	130.99Cr	116.45Cr	105.33Cr
Goodwill	45Cr	45Cr	45Cr	23Cr	23Cr
Other Intangibles, Total	23Cr	17Cr	12Cr	8.63Cr	-
Restricted Cash	12L	-	1.5Cr	1.74Cr	1.47Cr
Other Current Assets, Total	66Cr	42Cr	47Cr	34Cr	33Cr
Deferred Tax Assets Long-Term (Collected)	-	1.19Cr	1.63Cr	117.37Cr	98Cr
Deferred Charges Long-Term	-	2.53Cr	4.77Cr	6.34Cr	8.81Cr
Other Long-Term Assets, Total	55Cr	54Cr	108.65Cr	56Cr	74Cr
Total Assets	5.49TCr	6.41TCr	7.11TCr	7.55TCr	8.87TCr
Liabilities
Accounts Payable, Total	337.99Cr	451.38Cr	568.48Cr	538.47Cr	651.32Cr
Accrued Expenses, Total	-	-	-	-	-
Insurance And Annuity Liabilities	-	-	-	-	-
Unpaid Claims	1.81TCr	2.03TCr	2.62TCr	3.04TCr	3.44TCr
Unearned Premiums	1.24TCr	1.34TCr	1.56TCr	1.73TCr	2.01TCr
Reinsurance Payable - (BS)	-	-	-	-	-
Current Portion of Leases	7.76Cr	7.89Cr	7.24Cr	6.9Cr	7.4Cr
Long-Term Debt	440.71Cr	539.61Cr	489.88Cr	638.83Cr	688.86Cr
Long-Term Leases	12Cr	10Cr	11Cr	6.82Cr	10Cr
Trust Preferred Securities (BS)	-	-	-	-	-
Current Income Taxes Payable	20Cr	16Cr	-	1.09Cr	31Cr
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	203.97Cr	269.45Cr	5.85Cr	-	-
Deferred Tax Liability Non-Current	13Cr	31Cr	15Cr	-	-
Other Non Current Liabilities	15Cr	9.55Cr	14Cr	-	-
Total Liabilities	4.1TCr	4.71TCr	5.29TCr	5.96TCr	6.84TCr
Preferred Stock Redeemable	49Cr	49Cr	49Cr	49Cr	49Cr
Total Preferred Equity	49Cr	49Cr	49Cr	49Cr	49Cr
Common Stock, Total	58Cr	59Cr	58Cr	58Cr	59Cr
Additional Paid In Capital	157.34Cr	167.29Cr	177.29Cr	189.3Cr	201.31Cr
Retained Earnings	1.07TCr	1.34TCr	1.53TCr	1.57TCr	1.88TCr
Comprehensive Income and Other	34Cr	93Cr	4.07Cr	-280.2Cr	-161.57Cr
Total Common Equity	1.32TCr	1.65TCr	1.77TCr	1.54TCr	1.98TCr
Minority Interest	23Cr	-	-	-	-
Total Equity	1.39TCr	1.7TCr	1.82TCr	1.59TCr	2.03TCr
Total Liabilities And Equity	5.49TCr	6.41TCr	7.11TCr	7.55TCr	8.87TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	59Cr	59Cr	58Cr	59Cr	59Cr
ECS Total Common Shares Outstanding	58Cr	59Cr	58Cr	58Cr	59Cr
Book Value / Share	22.54	28.27	30.35	26.32	33.8
Tangible Book Value	1.25TCr	1.59TCr	1.72TCr	1.51TCr	1.96TCr
Tangible Book Value Per Share	21.38	27.21	29.38	25.79	33.41
Total Debt	460.86Cr	557.51Cr	507.97Cr	652.55Cr	706.58Cr
Net Debt	438.24Cr	549.86Cr	489.26Cr	632.2Cr	698.09Cr
Debt Equivalent Oper. Leases	82Cr	76Cr	72Cr	71Cr	76Cr
Minority Interest, Total (Incl. Fin. Div)	23Cr	-	-	-	-
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	16Cr	15Cr	15Cr	12Cr	10Cr
Buildings, Total	93Cr	87Cr	90Cr	84Cr	73Cr
Machinery, Total	22Cr	25Cr	26Cr	32Cr	35Cr
Full Time Employees	41.57T	43.33T	49.08T	55.1T	61.43T

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	397.03Cr	570.46Cr	335.09Cr	72Cr	390.24Cr
Depreciation, Depletion & Amortization	24Cr	27Cr	28Cr	31Cr	29Cr
Amortization of Goodwill and Intangible Assets - (CF)	6.63Cr	5.69Cr	5.77Cr	3.1Cr	1.42Cr
Total Depreciation, Depletion & Amortization	31Cr	33Cr	34Cr	34Cr	30Cr
(Gain) Loss On Sale of Asset - (CF)	1.1Cr	1.25Cr	-36L	-6L	3.62Cr
(Gain) Loss on Sale of Investments - (CF)	-100Cr	-152.91Cr	-137.89Cr	188.7Cr	-31Cr
Total Asset Writedown	-	-	-	22Cr	-
Deferred Policy Acquisition Costs - (CF)	-10Cr	-18Cr	-12Cr	-19Cr	-14Cr
Stock-Based Compensation (CF)	9.02Cr	8.94Cr	10Cr	12Cr	12Cr
Change in Accounts Receivable	-101.02Cr	-65Cr	-114.68Cr	-101.74Cr	-154.13Cr
Reinsurance Recoverable - (CF)	-68Cr	-64Cr	-51Cr	-85Cr	74Cr
Change in Accounts Payable	61Cr	33Cr	40Cr	20Cr	70Cr
Change in Unearned Revenues	170.23Cr	104.87Cr	211.14Cr	167.78Cr	284.01Cr
Change In Income Taxes	23Cr	-2.31Cr	-8.6Cr	-52Cr	18Cr
Change in insurance Reserves / Liabilities	270.46Cr	216.04Cr	475.28Cr	419.52Cr	402.99Cr
Change in Other Net Operating Assets (Collected)	-58Cr	26Cr	-4.88Cr	5.74Cr	-21Cr
Other Operating Activities	97L	-	-	-	-
Cash from Operations	626.16Cr	690.56Cr	776.17Cr	684.88Cr	1.06TCr
Capital Expenditure	-36Cr	-22Cr	-24Cr	-29Cr	-25Cr
Sale of Property, Plant, and Equipment	5.33Cr	2.19Cr	6.62Cr	3.51Cr	4.72Cr
Cash Acquisitions	-	-	-31Cr	-	-
Investment in Marketable and Equity Securities, Total	-403.41Cr	-599.97Cr	-267.72Cr	-752.15Cr	-1.06TCr
Other Investing Activities, Total	60L	8.36Cr	4.79Cr	-18Cr	-1.12Cr
Cash from Investing	-433.83Cr	-611.77Cr	-311.98Cr	-795.62Cr	-1.08TCr
Long-Term Debt Issued, Total	-	99Cr	-	148.6Cr	50Cr
Total Debt Issued	-	99Cr	-	148.6Cr	50Cr
Long-Term Debt Repaid, Total	-	-	-52Cr	-	-
Total Debt Repaid	-	-	-52Cr	-	-
Issuance of Common Stock	16L	73L	-	-	-
Repurchase of Common Stock	-9.13Cr	-11Cr	-22Cr	-9.9Cr	-14Cr
Issuance of Preferred Stock	-	-	-	-	-
Common Dividends Paid	-164.32Cr	-155.1Cr	-374.65Cr	-23Cr	-23Cr
Preferred Dividends Paid	-2.68Cr	-2.68Cr	-2.68Cr	-2.68Cr	-4.36Cr
Common & Preferred Stock Dividends Paid	-167Cr	-157.78Cr	-377.33Cr	-26Cr	-28Cr
Special Dividend Paid	-	-	-	-	-
Other Financing Activities, Total	-1.12Cr	-24Cr	-	-	-
Cash from Financing	-177.09Cr	-94Cr	-451.63Cr	112.62Cr	7.8Cr
Foreign Exchange Rate Adjustments	-	-	-	-	-
Net Change in Cash	15Cr	-15Cr	13Cr	1.88Cr	-12Cr
Supplemental Items
Cash Interest Paid	18Cr	21Cr	22Cr	23Cr	26Cr
Cash Income Tax Paid (Refund)	95Cr	144.63Cr	84Cr	72Cr	82Cr
Net Debt Issued / Repaid	-	99Cr	-52Cr	148.6Cr	50Cr
Levered Free Cash Flow	-292.73Cr	-533.36Cr	1.13TCr	320.3Cr	1.15TCr
Unlevered Free Cash Flow	-280.88Cr	-519.79Cr	1.14TCr	335.52Cr	1.17TCr
Change In Net Working Capital	618.53Cr	1TCr	-845.95Cr	-231.89Cr	-829.53Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	6.59	7.76	4.09	1.19	3.94
Return on Total Capital	19.7	22.46	12.05	3.8	13.03
Return On Equity %	31.92	36.88	19	4.23	21.58
Return on Common Equity	33.55	38.2	19.39	4.19	21.97
Margin Analysis
Gross Profit Margin %	14.18	20.34	9.82	3.4	8.89
EBITDA Margin %	14.5	18.11	10	3.48	8.81
EBITA Margin %	13.89	17.47	9.41	2.87	8.35
EBIT Margin %	13.72	17.33	9.29	2.8	8.33
Income From Continuing Operations Margin %	10.21	13.38	7.03	1.46	6.29
Net Income Margin %	10.18	13.38	7.03	1.46	6.29
Net Avail. For Common Margin %	10.11	13.32	6.97	1.4	6.23
Normalized Net Income Margin	8.25	10.51	5.52	1.45	4.94
Levered Free Cash Flow Margin	-7.51	-12.51	23.67	6.46	18.57
Unlevered Free Cash Flow Margin	-7.2	-12.19	23.96	6.77	18.84
Asset Turnover
Asset Turnover	0.77	0.72	0.71	0.68	0.76
Fixed Assets Turnover	30.78	31.9	36.94	40.08	55.99
Receivables Turnover (Average Receivables)	5.31	5.13	5.15	5.09	5.41
Short Term Liquidity
Current Ratio	0.51	0.59	0.34	0.38	0.32
Quick Ratio	0.35	0.44	0.22	0.25	0.23
Operating Cash Flow to Current Liabilities	0.23	0.22	0.16	0.13	0.17
Days Sales Outstanding (Average Receivables)	68.69	71.36	70.89	71.65	67.46
Average Days Payable Outstanding	170.5	197.83	240.37	257.76	247.75
Long Term Solvency
Total Debt/Equity	33.16	32.72	27.86	41.06	34.85