Balance Sheet Progressive Corporation

Equities

PGR

US7433151039

Property & Casualty Insurance

Market Closed - Nyse Other stock markets 16:00:02 2024-09-13 EDT			5-day change	1st Jan Change
255.46 ^USD	+2.40%		+2.72%	+60.38%

09-13	Piper Sandler Adjusts Progressive Price Target to $285 From $252, Maintains Overweight Rating	MT
09-13	Evercore ISI Raises Progressive Price Target to $275 From $257	MT

1e854ee6298108609d5243e.NleNEzoqG-6T9scc88L0GSPOKmXE9kgX3dbkg8Q-zGk.cxu7W39nTZjxz69Np66MQ3uAXTGKhiIulKWp2ptNiCNxYPhRDXtUodymlg

Published financial data: PROGRESSIVE CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Premiums and Annuity Revenues	36.19B	39.26B	44.37B	49.24B	58.66B
Total Interest And Dividend Income	1.02B	917M	835M	1.24B	1.87B
Gain (Loss) on Sale of Investments, Total (Rev)	1.03B	1.63B	1.51B	-1.91B	353M
Other Revenues, Total	759M	830M	963M	1.02B	1.2B
Total Revenues	39B	42.64B	47.68B	49.59B	62.08B
Policy Benefits	25.47B	25.12B	33.63B	38.12B	45.65B
Policy Acquisition / Underwriting Costs, Total	8B	8.84B	9.37B	9.78B	10.91B
Provision for Bad Debts	-	1.08B	-	-	-
Other Operating Expenses	179M	206M	253M	297M	349M
Total Operating Expenses	33.65B	35.25B	43.25B	48.2B	56.91B
Operating Income	5.35B	7.39B	4.43B	1.39B	5.17B
Interest Expense, Total	-190M	-217M	-219M	-244M	-268M
Currency Exchange Gains (Loss)	-	-	-	-	-
EBT, Excl. Unusual Items	5.16B	7.17B	4.21B	1.15B	4.9B
Impairment of Goodwill	-	-	-	-225M	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	5.16B	7.17B	4.21B	922M	4.9B
Income Tax Expense	1.18B	1.47B	859M	201M	1B
Earnings From Continuing Operations	3.98B	5.7B	3.35B	722M	3.9B
Net Income to Company	3.98B	5.7B	3.35B	722M	3.9B
Minority Interest	-9.7M	-	-	-	-
Net Income - (IS)	3.97B	5.7B	3.35B	722M	3.9B
Preferred Dividend and Other Adjustments	26.9M	26.9M	26.9M	26.9M	37.6M
Net Income to Common Incl Extra Items	3.94B	5.68B	3.32B	695M	3.86B
Net Income to Common Excl. Extra Items	3.94B	5.68B	3.32B	695M	3.86B
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	584M	585M	584M	584M	585M
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	587M	588M	587M	587M	588M
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	5.66B	7.72B	4.77B	1.73B	5.47B
EBITA	5.42B	7.45B	4.49B	1.42B	5.19B
EBIT	5.35B	7.39B	4.43B	1.39B	5.17B
EBITDAR	5.76B	7.82B	4.86B	1.82B	5.57B
Total Revenues (As Reported)	39.02B	42.66B	47.7B	49.61B	62.11B
Effective Tax Rate - (Ratio)	22.87	20.47	20.41	21.75	20.42
Current Domestic Taxes	1.13B	1.43B	760M	746M	1.12B
Total Current Taxes	1.13B	1.43B	760M	746M	1.12B
Deferred Domestic Taxes	48.3M	37.3M	98.9M	-545M	-120M
Total Deferred Taxes	48.3M	37.3M	98.9M	-545M	-120M
Normalized Net Income	3.22B	4.48B	2.63B	717M	3.06B
Supplemental Operating Expense Items
Advertising Expense	1.84B	2.18B	2.14B	2.03B	1.6B
Net Rental Expense, Total	102M	95.4M	90.4M	89.1M	94.4M
Imputed Operating Lease Interest Expense	34.35M	32.53M	29.68M	29.91M	30.13M
Imputed Operating Lease Depreciation	67.65M	62.87M	60.72M	59.19M	64.27M
Stock-Based Comp., Other (Total)	90.2M	89.4M	101M	123M	121M
Total Stock-Based Compensation	90.2M	89.4M	101M	123M	121M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Investment In Debt Securities	32.92B	36.62B	43.69B	46.47B	60.2B
Investment In Equity and Preferred Securities, Total	4.54B	5.7B	6.88B	4.22B	4B
Total Other Investments	1.8B	5.22B	943M	2.86B	1.79B
Total investments	39.25B	47.53B	51.51B	53.55B	66B
Cash And Equivalents	226M	76.5M	187M	204M	84.9M
Reinsurance Recoverable - (IS)	3.38B	4.02B	4.98B	5.83B	5.09B
Other Receivables - (Insurance Template)	7.69B	8.34B	9.58B	10.7B	12.4B
Deferred Policy Acquisition Costs - (BS)	1.06B	1.24B	1.36B	1.54B	1.69B
Gross Property Plant And Equipment	2.54B	2.56B	2.72B	2.72B	2.71B
Accumulated Depreciation	-1.14B	-1.29B	-1.41B	-1.55B	-1.66B
Net Property Plant And Equipment	1.4B	1.27B	1.31B	1.16B	1.05B
Goodwill	453M	453M	453M	228M	228M
Other Intangibles, Total	228M	171M	117M	86.3M	-
Restricted Cash	1.2M	-	15M	17.4M	14.7M
Other Current Assets, Total	659M	425M	468M	344M	327M
Deferred Tax Assets Long-Term (Collected)	-	11.9M	16.3M	1.17B	976M
Deferred Charges Long-Term	-	25.3M	47.7M	63.4M	88.1M
Other Long-Term Assets, Total	547M	541M	1.09B	560M	743M
Total Assets	54.9B	64.1B	71.13B	75.46B	88.69B
Liabilities
Accounts Payable, Total	3.38B	4.51B	5.68B	5.38B	6.51B
Accrued Expenses, Total	-	-	-	-	-
Insurance And Annuity Liabilities	-	-	-	-	-
Unpaid Claims	18.11B	20.27B	26.16B	30.36B	34.39B
Unearned Premiums	12.39B	13.44B	15.62B	17.29B	20.13B
Reinsurance Payable - (BS)	-	-	-	-	-
Current Portion of Leases	77.6M	78.9M	72.4M	69M	74M
Long-Term Debt	4.41B	5.4B	4.9B	6.39B	6.89B
Long-Term Leases	124M	100M	108M	68.2M	103M
Trust Preferred Securities (BS)	-	-	-	-	-
Current Income Taxes Payable	196M	164M	-	10.9M	312M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	2.04B	2.69B	58.5M	-	-
Deferred Tax Liability Non-Current	132M	314M	154M	-	-
Other Non Current Liabilities	146M	95.5M	143M	-	-
Total Liabilities	41B	47.06B	52.9B	59.57B	68.41B
Preferred Stock Redeemable	494M	494M	494M	494M	494M
Total Preferred Equity	494M	494M	494M	494M	494M
Common Stock, Total	585M	585M	584M	585M	585M
Additional Paid In Capital	1.57B	1.67B	1.77B	1.89B	2.01B
Retained Earnings	10.68B	13.35B	15.34B	15.72B	18.8B
Comprehensive Income and Other	342M	932M	40.7M	-2.8B	-1.62B
Total Common Equity	13.18B	16.54B	17.74B	15.4B	19.78B
Minority Interest	226M	-	-	-	-
Total Equity	13.9B	17.04B	18.23B	15.89B	20.28B
Total Liabilities And Equity	54.9B	64.1B	71.13B	75.46B	88.69B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	585M	586M	585M	585M	586M
ECS Total Common Shares Outstanding	585M	585M	584M	585M	585M
Book Value / Share	22.54	28.27	30.35	26.32	33.8
Tangible Book Value	12.5B	15.92B	17.17B	15.08B	19.56B
Tangible Book Value Per Share	21.38	27.21	29.38	25.79	33.41
Total Debt	4.61B	5.58B	5.08B	6.53B	7.07B
Net Debt	4.38B	5.5B	4.89B	6.32B	6.98B
Debt Equivalent Oper. Leases	816M	763M	723M	713M	755M
Minority Interest, Total (Incl. Fin. Div)	226M	-	-	-	-
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	162M	152M	154M	123M	103M
Buildings, Total	927M	873M	904M	844M	733M
Machinery, Total	223M	254M	261M	318M	353M
Full Time Employees	41.57K	43.33K	49.08K	55.1K	61.43K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	3.97B	5.7B	3.35B	722M	3.9B
Depreciation, Depletion & Amortization	240M	275M	280M	306M	286M
Amortization of Goodwill and Intangible Assets - (CF)	66.3M	56.9M	57.7M	31M	14.2M
Total Depreciation, Depletion & Amortization	306M	332M	337M	337M	300M
(Gain) Loss On Sale of Asset - (CF)	11M	12.5M	-3.6M	-600K	36.2M
(Gain) Loss on Sale of Investments - (CF)	-996M	-1.53B	-1.38B	1.89B	-312M
Total Asset Writedown	-	-	-	225M	-
Deferred Policy Acquisition Costs - (CF)	-105M	-181M	-118M	-189M	-143M
Stock-Based Compensation (CF)	90.2M	89.4M	101M	123M	121M
Change in Accounts Receivable	-1.01B	-653M	-1.15B	-1.02B	-1.54B
Reinsurance Recoverable - (CF)	-683M	-640M	-509M	-852M	738M
Change in Accounts Payable	612M	329M	400M	200M	700M
Change in Unearned Revenues	1.7B	1.05B	2.11B	1.68B	2.84B
Change In Income Taxes	227M	-23.1M	-86M	-515M	181M
Change in insurance Reserves / Liabilities	2.7B	2.16B	4.75B	4.2B	4.03B
Change in Other Net Operating Assets (Collected)	-578M	256M	-48.8M	57.4M	-209M
Other Operating Activities	9.7M	-	-	-	-
Cash from Operations	6.26B	6.91B	7.76B	6.85B	10.64B
Capital Expenditure	-364M	-224M	-244M	-292M	-252M
Sale of Property, Plant, and Equipment	53.3M	21.9M	66.2M	35.1M	47.2M
Cash Acquisitions	-	-	-313M	-	-
Investment in Marketable and Equity Securities, Total	-4.03B	-6B	-2.68B	-7.52B	-10.63B
Other Investing Activities, Total	6M	83.6M	47.9M	-178M	-11.2M
Cash from Investing	-4.34B	-6.12B	-3.12B	-7.96B	-10.84B
Long-Term Debt Issued, Total	-	986M	-	1.49B	496M
Total Debt Issued	-	986M	-	1.49B	496M
Long-Term Debt Repaid, Total	-	-	-520M	-	-
Total Debt Repaid	-	-	-520M	-	-
Issuance of Common Stock	1.6M	7.3M	-	-	-
Repurchase of Common Stock	-91.3M	-112M	-223M	-99M	-141M
Issuance of Preferred Stock	-	-	-	-	-
Common Dividends Paid	-1.64B	-1.55B	-3.75B	-234M	-234M
Preferred Dividends Paid	-26.8M	-26.8M	-26.8M	-26.8M	-43.6M
Common & Preferred Stock Dividends Paid	-1.67B	-1.58B	-3.77B	-261M	-278M
Special Dividend Paid	-	-	-	-	-
Other Financing Activities, Total	-11.2M	-243M	-	-	-
Cash from Financing	-1.77B	-939M	-4.52B	1.13B	78M
Foreign Exchange Rate Adjustments	-	-	-	-	-
Net Change in Cash	152M	-151M	126M	18.8M	-121M
Supplemental Items
Cash Interest Paid	185M	206M	224M	229M	265M
Cash Income Tax Paid (Refund)	954M	1.45B	842M	719M	821M
Net Debt Issued / Repaid	-	986M	-520M	1.49B	496M
Levered Free Cash Flow	-2.93B	-5.33B	11.29B	3.2B	11.53B
Unlevered Free Cash Flow	-2.81B	-5.2B	11.42B	3.36B	11.7B
Change In Net Working Capital	6.19B	10.01B	-8.46B	-2.32B	-8.3B

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
Total Debt / Total Capital