10-Q Filing

PROGYNY, INC. CIK: 1551306 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001551306-23-000049`
Period End Date	20230331
Filing Date	20230509
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	pgny-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 34 Cash Flow Statement 54 Stockholders Equity 20 Comprehensive Income 8

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$28.33M	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$33.45M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$155.32M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$120.08M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$52.57M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$69.22M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net of $33,447 and $28,328 of allowances at March 31, 2023 and December 31, 2022, respectively	`AccountsReceivableNetCurrent`	$240.07M	USD	Point-in-time
Accounts receivable, net of $33,447 and $28,328 of allowances at March 31, 2023 and December 31, 2022, respectively	`AccountsReceivableNetCurrent`	$313.25M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	94.32M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.49M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	93.30M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.95M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$433.86M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$527.08M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	93.30M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	94.32M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.37M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.88M	USD	Point-in-time
Treasury stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$6.90M	USD	Point-in-time
Treasury stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$18.87M	USD	Point-in-time
Goodwill	`Goodwill`	$11.88M	USD	Point-in-time
Treasury stock, shares outstanding (in shares)	`TreasuryStockCommonShares`	615,980.00	shares	Point-in-time
Goodwill	`Goodwill`	$11.88M	USD	Point-in-time
Treasury stock, shares outstanding (in shares)	`TreasuryStockCommonShares`	615,980.00	shares	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	-	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$99.00K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$77.89M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$79.24M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$3.77M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$3.99M	USD	Point-in-time
Total assets	`Assets`	$542.99M	USD	Point-in-time
Total assets	`Assets`	$649.72M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$109.29M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$145.62M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilitiesCurrent`	$50.25M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilitiesCurrent`	$61.24M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$206.87M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$159.54M	USD	Point-in-time
Operating lease noncurrent liabilities	`OperatingLeaseLiabilityNoncurrent`	$18.46M	USD	Point-in-time
Operating lease noncurrent liabilities	`OperatingLeaseLiabilityNoncurrent`	$6.48M	USD	Point-in-time
Total liabilities	`Liabilities`	$225.32M	USD	Point-in-time
Total liabilities	`Liabilities`	$166.02M	USD	Point-in-time
Commitments and Contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2023 and December 31, 2022; 94,319,215 and 93,301,156 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$9.00K	USD	Point-in-time
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2023 and December 31, 2022; 94,319,215 and 93,301,156 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$9.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$349.53M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$379.06M	USD	Point-in-time
Treasury stock, at cost, $0.0001 par value; 615,980 shares at March 31, 2023 and December 31, 2022	`TreasuryStockCommonValue`	$1.01M	USD	Point-in-time
Treasury stock, at cost, $0.0001 par value; 615,980 shares at March 31, 2023 and December 31, 2022	`TreasuryStockCommonValue`	$1.01M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$45.61M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$27.93M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$501.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$724.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$376.97M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$424.40M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$279.62M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$251.82M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$649.72M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$542.99M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$258.39M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$172.22M	USD	1 Quarter
Cost of services	`CostOfGoodsAndServicesSold`	$199.75M	USD	1 Quarter
Cost of services	`CostOfGoodsAndServicesSold`	$139.27M	USD	1 Quarter
Gross profit	`GrossProfit`	$32.95M	USD	1 Quarter
Gross profit	`GrossProfit`	$58.64M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$10.02M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$14.28M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$22.99M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$29.35M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$33.01M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$43.63M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$15.01M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-58.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-96.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$498.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$822.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$12.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$1.32M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-84.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-142.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$16.33M	USD	1 Quarter
Benefit for income taxes	`IncomeTaxExpenseBenefit`	$-1.35M	USD	1 Quarter
Benefit for income taxes	`IncomeTaxExpenseBenefit`	$-5.11M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.97M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.68M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.19	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.18	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	91.41M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	93.83M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	99.94M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	100.17M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$17.68M	USD	1 Quarter
Net income	`ProfitLoss`	$4.97M	USD	1 Quarter
Deferred tax benefit	`DeferredIncomeTaxesAndTaxCredits`	$-1.35M	USD	1 Quarter
Deferred tax benefit	`DeferredIncomeTaxesAndTaxCredits`	$-5.16M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$541.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$364.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$24.50M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$30.81M	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$2.28M	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$5.24M	USD	1 Quarter
Realized gains on sale of marketable securities	`MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments`	$502.00K	USD	1 Quarter
Realized gains on sale of marketable securities	`MarketableSecuritiesRealizedGainLossExcludingOtherThanTemporaryImpairments`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$78.42M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$65.84M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$664.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.46M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$36.45M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$23.17M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$11.75M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$6.49M	USD	1 Quarter
Other noncurrent assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$1.37M	USD	1 Quarter
Other noncurrent assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-221.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-11.26M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$20.96M	USD	1 Quarter
Purchase of property and equipment, net	`PaymentsToAcquirePropertyPlantAndEquipment`	$790.00K	USD	1 Quarter
Purchase of property and equipment, net	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.25M	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$59.87M	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$23.43M	USD	1 Quarter
Sale of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$21.10M	USD	1 Quarter
Sale of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$40.81M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-39.56M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$16.13M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.68M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$830.00K	USD	1 Quarter
Payment of employee taxes related to equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.99M	USD	1 Quarter
Payment of employee taxes related to equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$3.81M	USD	1 Quarter
Proceeds from contributions to employee stock purchase plan	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans`	$386.00K	USD	1 Quarter
Proceeds from contributions to employee stock purchase plan	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans`	$294.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.77M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.85M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-52.59M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$35.24M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$155.32M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$38.82M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$91.41M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$120.08M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$155.32M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$38.82M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$91.41M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$120.08M	USD	Point-in-time
Cash paid for income taxes, net of refunds received	`IncomeTaxesPaidNet`	$-20.00K	USD	1 Quarter
Cash paid for income taxes, net of refunds received	`IncomeTaxesPaidNet`	$5.00K	USD	1 Quarter
Additions of property and equipment, net included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$201.00K	USD	1 Quarter
Additions of property and equipment, net included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$251.00K	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of period (in shares)	`CommonStockSharesOutstanding`	93.30M	shares	Point-in-time
Balance at beginning of period (in shares)	`CommonStockSharesOutstanding`	94.32M	shares	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$376.97M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$424.40M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$279.62M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$251.82M	USD	Point-in-time
Issuance of employee equity awards, net of shares withheld	`StockGrantedDuringPeriodValueSharebasedCompensation`	$-1.96M	USD	1 Quarter
Issuance of employee equity awards, net of shares withheld	`StockGrantedDuringPeriodValueSharebasedCompensation`	$-1.42M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$30.95M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$24.70M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$223.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$82.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.97M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.68M	USD	1 Quarter
Balance at end of period (in shares)	`CommonStockSharesOutstanding`	93.30M	shares	Point-in-time
Balance at end of period (in shares)	`CommonStockSharesOutstanding`	94.32M	shares	Point-in-time
Balance at end of period	`StockholdersEquity`	$376.97M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$424.40M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$279.62M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$251.82M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$4.97M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.68M	USD	1 Quarter
Unrealized gain on marketable securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$82.00K	USD	1 Quarter
Unrealized gain on marketable securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$223.00K	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$223.00K	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$82.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$5.05M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$17.90M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.