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Income Statement (USD)
| Q1 '24 | QoQ | |
|---|---|---|
| Revenue | 17.2B | 2.1% |
| Gross Profit | 16B | 13.8% |
| Cost of Revenue | 1.23B | 56.4% |
| Operating expense | 1.93B | 38.7% |
| Net Income | 2.33B | 17.3% |
| EBITDA | -87M | 103.4% |
Balance Sheet (USD)
| Q1 '24 | QoQ | |
|---|---|---|
| Total Assets | 94.1B | 6.1% |
| Total Liabilities | 72.3B | 5.7% |
| Total Equity | 21.8B | 7.6% |
| Shares Outstanding | 585M | 0.1% |
Cash Flow (USD)
| Q1 '24 | QoQ | |
|---|---|---|
| Cash from operations | 4.24B | 73.8% |
| Cash from investing | -3.12B | 33.2% |
| Cash from financing | -1.04B | 703.4% |
EPS
Financial Highlights for Progressive in Q1 '24
Progressive reported a revenue of 17.2B, which is a 2.1% change from the previous quarter. An increase in revenue typically indicates growing demand for the company's products or services. This positive change in revenue is a good sign, suggesting that the company's sales are moving in the right direction.
Gross Profit stood at 16B, marking a 13.8% change since the last quarter. Gross profit showcases the efficiency in production and sales processes.
Cost of Revenue was 1.23B, a -56.4% difference from the previous quarter. A rising cost of revenue may suggest increased production or sales costs, which can impact margins. However, if accompanied by a proportionate rise in revenue, it could indicate scaling operations.
Operating Expenses for this period were 1.93B, showing a -38.7% change from the last quarter. Operating expenses cover the costs of running daily business operations. A significant increase might indicate inefficiencies or investments in growth, while a decrease could suggest cost-saving measures or potential underinvestment in key areas.
Net Income for the quarter was 2.33B, showing a 17.3% change from the prior quarter. Net income provides a clear picture of the company's profitability after all expenses. An increase suggests the company is becoming more profitable, while a decrease may raise concerns about the company's financial health, unless there are specific one-time costs or investments.
The company's EBITDA for the quarter was -87M, showing a -103.4% change from the previous period. EBITDA gives insight into the company's operational profitability, excluding non-operating expenses like interest and taxes. A rising EBITDA indicates strong operational performance, while a declining EBITDA may signal operational challenges or increased costs.
It was a positive quarter for Progressive with growth in revenue, gross profit, and net income. A decline in EBITDA signals potential operational challenges or increased costs.