Just to add to my earlier post, I went back even further to 2014...

Just to add to my earlier post, I went back even further to 2014 to look at unallocated costs as a % of revenues. If these costs were still at the same level as a % of revenues as they were in 2014, EBITDA today would be >$8m higher (see table below). I wonder how the auditors view this, because by not attributing these costs to a business line, PGR are able to show greater earnings at the individual businesses and therefore justify a higher carrying value for goodwill on the business units. I'm not sure we are ever going to know the truth on this until Coliseum shows their exit plans from this investment.