The Progressive Corporation Financial Statements — PGR Stock

Income Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Sales/Revenue/Turnover	15,197	15,761	17,070	18,156	19,377	20,832	23,417	26,816	31,955	38,998	42,638	47,676	49,587	62,083	75,343
- Cost of Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cost of Goods & Services	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Sales & Services Revenue	15,197	15,761	17,070	18,156	19,377	20,832	23,417	26,816	31,955	38,998	42,638	47,676	49,587	62,083	75,343
Gross Profit	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	-21	-19	-36	-39	-51	-78	-92	-110	-134	-179	- -	- -	- -	- -	- -
+ Selling, General & Admin	21	19	36	39	51	78	92	110	134	179	- -	- -	- -	- -	- -
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Non-Operating (Income) Loss	-1,565	-1,487	-1,318	-1,720	-1,907	-1,912	-1,471	-2,139	-3,164	-5,160	-7,173	-4,210	-922	-4,904	-10,713
+ Interest Expense, Net	134	133	124	118	117	136	141	153	166	190	217	219	244	268	279
+ Interest Expense	134	133	124	118	117	136	141	153	166	190	217	219	244	268	279
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-1,699	-1,620	-1,442	-1,838	-2,024	-2,048	-1,612	-2,292	-3,330	-5,350	-7,390	-4,429	-1,166	-5,172	-10,992
Pretax Income	1,565	1,487	1,318	1,720	1,907	1,912	1,471	2,139	3,164	5,160	7,173	4,210	922	4,904	10,713
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Income Tax Expense (Benefit)	497	472	415	555	626	611	414	541	543	1,180	1,469	859	200	1,001	2,233
Income (Loss) from Cont Ops	1,068	1,016	902	1,165	1,281	1,300	1,057	1,598	2,621	3,980	5,705	3,351	722	3,903	8,480
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	66	52	12	11	19	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	66	52	12	11	19	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	1,068	1,016	902	1,165	1,281	1,235	1,005	1,586	2,610	3,961	5,705	3,351	722	3,903	8,480
- Minority Interest	- -	- -	- -	- -	- -	-33	-26	-6	-6	-10	- -	- -	- -	- -	- -
Net Income, GAAP	1,068	1,016	902	1,165	1,281	1,268	1,031	1,592	2,615	3,970	5,705	3,351	722	3,903	8,480
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	21	27	27	27	27	38	17
Net Income Avail to Common, GAAP	1,068	1,016	902	1,165	1,281	1,268	1,031	1,592	2,594	3,943	5,678	3,324	695	3,865	8,463
Basic Weighted Avg Shares	658	632	603	599	591	586	582	581	582	584	585	584	584	585	586
Basic EPS, GAAP	1.62	1.61	1.5	1.95	2.17	2.16	1.77	2.74	4.45	6.75	9.71	5.69	1.19	6.61	14.45
Basic EPS from Cont Ops	1.62	1.61	1.5	1.95	2.17	2.22	1.82	2.75	4.5	6.82	9.75	5.73	1.24	6.67	14.48
Diluted Weighted Avg Shares	663	637	608	604	595	589	585	586	587	587	588	587	587	588	588
Diluted EPS, GAAP	1.61	1.59	1.48	1.93	2.15	2.15	1.76	2.72	4.42	6.72	9.66	5.66	1.18	6.58	14.4
Diluted EPS from Cont Ops	1.61	1.59	1.48	1.93	2.15	2.21	1.81	2.73	4.47	6.78	9.71	5.71	1.23	6.64	14.43
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITA	-83	-88	-94	-101	-97	-150	-200	-236	-262	-306	-332	-337	-306	-285	-284
EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Profit Margin (%)	7.03	6.44	5.29	6.42	6.61	6.08	4.4	5.94	8.18	10.18	13.38	7.03	1.46	6.29	11.26
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	1.16	0.42	1.42	0.29	1.51	0.69	0.89	0.68	1.15	2.86	2.7	6.46	0.45	0.47	1.16
Depreciation Expense	83	88	94	101	97	150	200	236	262	306	332	337	306	285	284

Balance Sheet	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Current Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	2,927	2,930	3,184	3,311	3,538	3,988	4,509	5,422	6,497	10,886	12,180	14,380	16,249	17,052	19,134
+ Accounts Receivable, Net	2,738	2,930	3,184	3,311	3,538	3,988	4,509	5,422	6,497	10,886	12,180	14,380	16,249	17,052	19,134
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	189	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash, Cash Equivalents & STI	1,250	13,467	13,943	14,888	15,807	17,728	20,028	23,336	29,977	35,135	42,106	45,003	49,717	62,253	76,090
+ Cash & Cash Equivalents	159	156	179	75	108	224	212	265	70	226	76	187	204	85	143
+ ST Investments	1,091	13,311	13,764	14,813	15,698	17,504	19,817	23,071	29,907	34,909	42,029	44,816	49,514	62,168	75,947
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	-4,177	-16,397	-17,127	-18,199	-19,344	-21,716	-24,537	-28,759	-36,474	-46,022	-54,285	-59,383	-65,966	-79,305	-95,224
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments & Receivables	15,523	15,963	16,476	18,055	19,018	20,937	23,483	27,275	33,567	39,254	47,530	51,514	53,548	65,999	80,250
+ LT Investments	15,523	15,963	16,476	18,055	19,018	20,937	23,483	27,275	33,567	39,254	47,530	51,514	53,548	65,999	80,250
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Accumulated Depreciation	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	-15,523	-15,963	-16,476	-18,055	-19,018	-20,937	-23,483	-27,275	-33,567	-39,254	-47,530	-51,514	-53,548	-65,999	-80,250
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Intangible Assets	- -	- -	- -	- -	13	942	882	819	747	681	624	570	314	- -	- -
+ Goodwill	- -	- -	- -	- -	2	448	449	453	453	453	453	453	228	- -	- -
+ Other Intangible Assets	- -	- -	- -	- -	11	495	433	367	295	228	171	117	86	- -	- -
+ Misc LT Assets	-15,523	-15,963	-16,476	-18,055	-19,031	-21,880	-24,365	-28,094	-34,315	-39,935	-48,154	-52,084	-53,862	-65,999	-80,250
Total Assets	21,150	21,845	22,695	24,408	25,788	29,819	33,428	38,701	46,575	54,910	64,098	71,132	75,465	88,691	105,745
+ Payables & Accruals	1,718	1,771	172	890	404	519	395	3,481	5,046	1,375	2,694	6,069	5,533	- -	- -
+ Other Payables & Accruals	1,718	- -	-1,512	-895	-1,490	-1,549	-2,100	- -	- -	-3,242	-2,261	- -	- -	- -	- -
+ Accounts Payable	- -	1,771	1,684	1,785	1,894	2,068	2,496	3,481	5,046	4,617	4,956	6,069	5,533	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	- -	500	150	- -	- -	- -	- -	3,269	499	499	- -	- -	- -	- -	- -
+ ST Borrowings	- -	500	150	- -	- -	- -	- -	3,269	499	499	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	-1,718	-2,270	-322	-890	-404	-519	-395	-6,750	-5,546	-1,875	-2,694	-6,069	-5,533	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	-1,718	-2,270	-322	-890	-404	-519	-395	-6,750	-5,546	-1,875	-2,694	-6,069	-5,533	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Debt	1,958	1,942	1,913	1,861	2,165	2,708	3,148	37	3,906	4,407	5,396	4,899	6,388	6,889	6,893
+ LT Borrowings	1,958	1,942	1,913	1,861	2,165	2,708	3,148	37	3,906	4,407	5,396	4,899	6,388	6,889	6,893
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	-1,958	-1,942	-1,913	-1,861	-2,165	-2,708	-3,148	-37	-3,906	-4,407	-5,396	-4,899	-6,388	-6,889	-6,893
+ Accrued Liabilities	- -	- -	- -	28	99	109	111	135	- -	118	310	153	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	-1,958	-1,942	-1,913	-1,889	-2,264	-2,817	-3,260	-172	-3,906	-4,525	-5,706	-5,052	-6,388	-6,889	-6,893
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Liabilities	15,101	16,038	16,688	18,219	18,859	22,530	25,470	29,416	35,753	41,237	47,060	52,901	59,574	68,414	80,154
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	494	494	494	494	494	494	- -
+ Share Capital & APIC	1,670	1,619	1,682	1,738	1,772	1,802	1,883	1,971	2,062	2,158	2,258	2,357	2,478	2,598	2,731
+ Additional Paid in Capital	1,007	1,006	1,077	1,142	1,184	1,219	1,303	1,389	1,479	1,573	1,673	1,773	1,893	2,013	2,145
+ Common Stock	662	613	605	596	588	584	580	582	583	585	585	584	585	585	586
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	3,596	3,495	3,454	3,500	4,133	4,687	5,140	6,032	8,387	10,680	13,355	15,340	15,721	18,801	24,283
+ Other Equity	784	692	871	952	1,023	800	933	1,282	-121	342	932	41	-2,802	-1,616	-1,423
Equity Before Minority Interest	6,049	5,807	6,007	6,190	6,929	7,289	7,957	9,285	10,822	13,673	17,039	18,232	15,891	20,277	25,591
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	6,049	5,807	6,007	6,190	6,929	7,289	7,957	9,285	10,822	13,673	17,039	18,232	15,891	20,277	25,591
Total Liabilities & Equity	21,150	21,845	22,695	24,408	25,788	29,819	33,428	38,701	46,575	54,910	64,098	71,132	75,465	88,691	105,745
Shares Outstanding	662	613	605	596	588	584	580	582	583	585	585	584	585	585	586
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	1,799	2,286	1,884	1,786	2,056	2,484	2,937	3,041	4,335	4,680	5,320	4,712	6,185	6,804	6,750
Net Debt to Equity	29.75	39.38	31.36	28.85	29.68	34.07	36.91	32.76	40.06	34.23	31.22	25.84	38.92	33.56	26.38
Tangible Common Equity Ratio	28.6	26.58	26.47	25.36	26.83	21.98	21.74	22.35	20.91	23.05	25.08	24.33	20.07	22.31	24.2
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
+ Net Income	1,068	1,016	902	1,165	1,281	1,300	1,057	1,598	2,621	3,980	5,705	3,351	722	3,903	8,480
+ Depreciation & Amortization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Non-Cash Items	258	278	47	-8	13	205	320	376	812	-589	-1,095	-944	2,540	130	125
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	225	- -	- -
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	212	228	-17	-73	-39	139	235	281	734	-679	-1,185	-1,045	2,192	9	3
+ Stock-Based Compensation	46	50	63	65	51	66	85	95	77	90	89	101	123	121	122
+ Chg in Non-Cash Work Cap	353	204	742	743	432	787	1,355	1,782	2,852	2,870	2,296	5,355	3,587	6,610	6,514
+ (Inc) Dec in Accts Receiv	-460	-268	-337	-317	-369	-624	-907	-1,302	-1,497	-1,693	-1,293	-1,656	-1,869	-803	-2,082
+ Inc (Dec) in Accts Payable	210	36	124	165	92	38	309	400	747	612	329	400	199	700	1,236
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-19	18	4	-9	-10	32	49	-33	-106	-317	258	-75	162	46	-99
+ Inc (Dec) in Other	622	418	952	903	719	1,340	1,904	2,717	3,709	4,268	3,002	6,686	5,095	6,667	7,459
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	1,679	1,498	1,691	1,900	1,726	2,293	2,733	3,757	6,285	6,262	6,906	7,762	6,849	10,643	15,119
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-65	-79	-128	-140	-108	-131	-215	-156	-266	-364	-224	-244	-292	-252	-285
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	-65	-79	-128	-140	-108	-131	-215	-156	-266	-364	-224	-244	-292	-252	-285
+ Disp in Fixed & Intang	8	3	4	4	6	11	6	15	9	53	22	66	35	47	77
+ Disp of Fixed Prod Assets	8	3	4	4	6	11	6	15	9	53	22	66	35	47	77
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	-376	-668	-97	-1,372	-705	-1,030	-2,315	-3,215	-6,790	-4,034	-6,000	-2,677	-7,521	-10,626	-13,712
+ Dec in LT Investment	4,639	6,407	6,004	6,051	7,632	8,928	9,730	11,629	14,902	25,111	30,382	31,338	21,015	15,237	34,234
+ Inc in LT Investment	-5,015	-7,075	-6,100	-7,423	-8,337	-9,958	-12,045	-14,843	-21,692	-29,145	-36,382	-34,016	-28,536	-25,863	-47,946
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	-765	- -	-18	-297	- -	- -	-313	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	-765	- -	-18	-297	- -	- -	-313	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-54	-1	-44	152	-30	-8	43	-34	309	6	84	48	-178	-11	171
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-486	-745	-265	-1,356	-837	-1,924	-2,481	-3,407	-7,035	-4,338	-6,118	-3,120	-7,956	-10,842	-13,749
+ Dividends Paid	-764	-264	-854	-176	-893	-404	-519	-395	-668	-1,670	-1,578	-3,773	-261	-277	-682
+ Net Cash From Debt	-214	477	-382	-208	296	342	452	156	1,097	- -	986	-520	1,486	496	- -
+ Cash From Debt	- -	492	- -	- -	345	382	496	841	1,134	- -	986	- -	1,486	496	- -
+ Repayments of Debt	-214	-15	-382	-208	-49	-40	-44	-685	-37	- -	- -	-520	- -	- -	- -
+ Cash (Repurchase) of Equity	-259	-998	-174	-273	-271	-208	-192	-62	-79	-91	-112	-223	-99	-141	-134
+ Decrease in Capital Stock	-259	-998	-174	-273	-271	-208	-192	-62	-79	-91	-112	-223	-99	-141	-134
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	41	29	6	10	13	17	9	- -	200	-10	-236	- -	- -	- -	-500
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-1,195	-756	-1,404	-647	-855	-253	-250	-301	550	-1,771	-939	-4,516	1,126	78	-1,316
Effect of Foreign Exchange Rates	1	- -	1	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-3	-3	22	-103	33	116	2	49	-200	152	-151	126	19	-121	54
Capital Expenditures	-65	-79	-128	-140	-108	-131	-215	-156	-266	-364	-224	-244	-292	-252	-285
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	765	- -	18	297	- -	- -	313	- -	- -	- -
Free Cash Flow	1,615	1,419	1,564	1,760	1,618	2,162	2,518	3,601	6,019	5,898	6,682	7,518	6,557	10,391	14,834
Free Cash Flow to Firm	1,706	1,510	1,648	1,840	1,696	2,255	2,619	3,715	6,157	6,044	6,855	7,692	6,748	10,604	15,055
Free Cash Flow to Equity	1,408	1,899	1,185	1,555	1,919	2,515	2,976	3,773	7,598	5,924	7,663	7,038	8,051	10,896	14,400
Free Cash Flow per Basic Share	2.45	2.24	2.59	2.94	2.74	3.69	4.33	6.2	10.33	10.1	11.42	12.86	11.22	17.77	25.34
Price/Free Cash Flow	4.92	5.23	5	5.79	6.69	6.07	5.69	6.93	4.54	5.62	7.39	7.29	10.37	8.37	8.97
Cash Flow to Net Income	1.57	1.48	1.87	1.63	1.35	1.81	2.65	2.36	2.4	1.58	1.21	2.32	9.49	2.73	1.78

The Progressive Corporation

Income Statement

Balance Sheet

Cash Flow Statement