Progressive (NYSE:PGR) Accounts Receivable

: $17,175 Mil (As of Sep. 2022)

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Accounts Receivable are created when a customer has received a product but has not yet paid for that product. Progressive's accounts receivables for the quarter that ended in Sep. 2022 was $17,175 Mil.

Accounts receivable can be measured by Days Sales Outstanding. Progressive's Days Sales Outstanding for the quarter that ended in Sep. 2022 was 122.68.

In Ben Graham's calculation of Net-Net Working Capital, accounts receivable are only considered to be worth 75% of book value. Progressive's Net-Net Working Capital per share for the quarter that ended in Sep. 2022 was $0.68.

Progressive Accounts Receivable Historical Data

The historical data trend for Progressive's Accounts Receivable can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Progressive Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Accounts Receivable

6,497.10

10,886.20

12,179.50

14,380.00

16,249.00

Progressive Quarterly Data
	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22
Accounts Receivable																14,380.00	15,544.00	15,523.00	17,174.50	16,249.00

Progressive Accounts Receivable Calculation

Accounts Receivable is money owed to a business by customers and shown on its Balance Sheet as an asset.

Progressive Accounts Receivable Explanation

1. Accounts Receivable are created when a customer has received a product but has not yet paid for that product. Days Sales Outstanding measures of the average number of days that a company takes to collect revenue after a sale has been made. It is a financial ratio that illustrates how well a company's accounts receivables are being managed.

Progressive's Days Sales Outstanding for the quarter that ended in Sep. 2022 is calculated as:

	Days Sales Outstanding
=	Accounts Receivable	/	Revenue	*	Days in Period
=	17174.5	/	12774.4	*	91
=	122.68

2. In Ben Graham's calculation of Net-Net Working Capital (NNWC), Progressive's accounts receivable are only considered to be worth 75% of book value:

Progressive's Net-Net Working Capital Per Share for the quarter that ended in Sep. 2022 is calculated as:

	Net-Net Working Capital Per Share
=	(Cash And Cash Equivalents	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(48761.6	+	0.75 * 17174.5	+	0.5 * 0	-	60748
-	493.9	-	0)	/	585.07
=	0.68

Be Aware

Net receivables tells us a great deal about the different competitors in the same industry. In competitive industries, some attempt to gain advantage by offering better credit terms, causing increase in sales and receivables.

If company consistently shows lower % Net receivables to gross sales than competitors, then it usually has some kind of competitive advantage which requires further digging.

Average Days Sales Outstanding is a good indicator for measuring a company's sales channel and customers. A company may book great revenue and earnings growth but never receive payment from their customers. This may force a write-off in the future and depress future earnings.

Progressive Accounts Receivable Related Terms

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Progressive (NYSE:PGR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Insurance » Progressive Corp (NYSE:PGR) » Definitions » Accounts Receivable

Comparable Companies

Traded in Other Exchanges

PGR:Mexico 0KOC:UK PGV:Germany PGV:Germany P1GR34:Brazil

Address

6300 Wilson Mills Road, Mayfield Village, OH, USA, 44143

Website

https://www.progressive.com

Progressive underwrites private and commercial auto insurance and specialty lines; it has over 20 million personal auto policies in force and is the fourth- largest auto insurer in the United States. Progressive markets its policies through independent insurance agencies in the U.S. and Canada and directly via the internet and telephone. Its premiums are split roughly equally between the agent and the direct channel. The company also offers commercial auto policies and entered homeowners insurance through an acquisition in 2015.

Executives

Craig Pamela	director	C/O ACCENTURE 161 N CLARK STREET CHICAGO IL 60601
Clawson William L. Ii	officer: Chief Human Resources Officer	C/O THE PROGRESSIVE CORPORATION 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143
Kent Remi	officer: Chief Marketing Officer	6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143
Bauer Jonathan S.	officer: Chief Investment Officer	6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143
Marshall Mariann Wojtkun	officer: Chief Accounting Officer	C/O THE PROGRESSIVE CORPORATION 6300 WILSON MILLS RD. MAYFIELD VILLAGE OH 44143
Tighe Jan E	director	C/O GOLDMAN SACHS & CO. LLC 200 WEST STREET NEW YORK NY 10282
Snyder Barbara R	director	127 PUBLIC SQUARE CLEVELAND OH 44114
Quigg Andrew J	officer: Chief Strategy Officer	C/O THE PROGRESSIVE CORPORATION 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143
Bleser Philip	director	8760 CLAY ROAD SUITE 100 HOUSTON TX 77494
Broz Steven	officer: Chief Information Officer	C/O THE PROGRESSIVE CORPORATION 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143
Niederst Lori A	officer: CRM President	C/O THE PROGRESSIVE CORPORATION 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143
Bailo Karen	officer: Commercial Lines President	6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143
Mascaro Daniel P	officer: Vice Pres, Secretary and CLO	C/O THE PROGRESSIVE CORPORATION 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143
Murphy John Jo	officer: Claims President	C/O THE PROGRESSIVE CORPORATION 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143
Callahan Patrick K	officer: Personal Lines President	C/O THE PROGRESSIVE CORPORATION 6300 WILSON MILLS ROAD MAYFIELD VILLAGE OH 44143