10-Q Filing

PROGYNY, INC. CIK: 1551306 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001558370-20-006552`
Period End Date	20200331
Filing Date	20200514
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	pgny-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 38 Cash Flow Statement 52 Stockholders Equity 19

Balance Sheet 61 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$8.48M	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$6.32M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$91.63M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$80.38M	USD	Point-in-time
Convertible preferred stock, shares authorized (in shares)	`TemporaryEquitySharesAuthorized`	100.00M	shares	Point-in-time
Accounts receivable, net of $8,477 and $6,320 of allowances at March 31, 2020 and December 31, 2019, respectively	`AccountsReceivableNetCurrent`	$47.06M	USD	Point-in-time
Convertible preferred stock, shares authorized (in shares)	`TemporaryEquitySharesAuthorized`	314.93M	shares	Point-in-time
Accounts receivable, net of $8,477 and $6,320 of allowances at March 31, 2020 and December 31, 2019, respectively	`AccountsReceivableNetCurrent`	$65.86M	USD	Point-in-time
Convertible preferred stock, shares issued (in shares)	`TemporaryEquitySharesIssued`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.00M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.44M	USD	Point-in-time
Convertible preferred stock, shares issued (in shares)	`TemporaryEquitySharesIssued`	65.43M	shares	Point-in-time
Convertible preferred stock, shares issued (in shares)	`TemporaryEquitySharesIssued`	65.43M	shares	Point-in-time
Convertible preferred stock, shares outstanding (in shares)	`TemporaryEquitySharesOutstanding`	0.00	shares	Point-in-time
Convertible preferred stock, shares outstanding (in shares)	`TemporaryEquitySharesOutstanding`	65.43M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$132.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$161.94M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.08M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.67M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Goodwill	`Goodwill`	$11.88M	USD	Point-in-time
Goodwill	`Goodwill`	$11.88M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$2.02M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$2.38M	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`	84.85M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$652.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$629.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	84.19M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	84.85M	shares	Point-in-time
Total assets	`Assets`	$150.43M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	84.19M	shares	Point-in-time
Total assets	`Assets`	$180.15M	USD	Point-in-time
Treasury stock, shares outstanding (in shares)	`TreasuryStockCommonShares`	615,980.00	shares	Point-in-time
Treasury stock, shares outstanding (in shares)	`TreasuryStockCommonShares`	615,980.00	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$39.44M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$19.39M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilitiesCurrent`	$19.62M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilitiesCurrent`	$16.77M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$36.16M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$59.06M	USD	Point-in-time
Total liabilities	`Liabilities`	$59.06M	USD	Point-in-time
Total liabilities	`Liabilities`	$36.16M	USD	Point-in-time
Commitments and Contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2020 and December 31, 2019; 84,845,828 and 84,188,202 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$8.00K	USD	Point-in-time
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2020 and December 31, 2019; 84,845,828 and 84,188,202 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$8.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$228.75M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$231.52M	USD	Point-in-time
Treasury stock, at cost , $0.0001 par value; 615,980 shares outstanding at March 31, 2020 and December 31, 2019	`TreasuryStockCommonValue`	$1.01M	USD	Point-in-time
Treasury stock, at cost , $0.0001 par value; 615,980 shares outstanding at March 31, 2020 and December 31, 2019	`TreasuryStockCommonValue`	$1.01M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-109.43M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-113.48M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-92.08M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$114.27M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$121.09M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-95.11M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$150.43M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$180.15M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$47.20M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$81.02M	USD	1 Quarter
Cost of services	`CostOfGoodsAndServicesSold`	$37.23M	USD	1 Quarter
Cost of services	`CostOfGoodsAndServicesSold`	$64.42M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.96M	USD	1 Quarter
Gross profit	`GrossProfit`	$16.60M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$2.35M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.27M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.51M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.48M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.85M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.74M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$3.11M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$3.86M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$164.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$150.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-38.00K	USD	1 Quarter
Convertible preferred stock warrant valuation adjustment	`FairValueAdjustmentOfWarrants`	$551.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$314.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-589.00K	USD	1 Quarter
Income before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.52M	USD	1 Quarter
Income before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.17M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$116.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.06M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.52M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$4.06M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$2.52M	USD	1 Quarter
Net income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$31.00K	USD	1 Quarter
Net income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$4.06M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	84.54M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	5.16M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	99.67M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	15.12M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$4.06M	USD	1 Quarter
Net income	`ProfitLoss`	$2.52M	USD	1 Quarter
Deferred tax expense	`DeferredIncomeTaxesAndTaxCredits`	$116.00K	USD	1 Quarter
Non-cash interest expense	`NoncashInterestExpense`	$19.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$510.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$520.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$517.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$2.05M	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$1.26M	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$449.00K	USD	1 Quarter
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-1.00K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$551.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$20.05M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$16.60M	USD	1 Quarter
Prepaid expenses and current other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-561.00K	USD	1 Quarter
Prepaid expenses and current other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$388.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.38M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$20.36M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$3.26M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$2.89M	USD	1 Quarter
Net cash provided by (used in) continuing operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-6.17M	USD	1 Quarter
Net cash provided by (used in) continuing operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$12.14M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.17M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$12.14M	USD	1 Quarter
Purchase of property and equipment, net	`PaymentsToAcquirePropertyPlantAndEquipment`	$125.00K	USD	1 Quarter
Purchase of property and equipment, net	`PaymentsToAcquirePropertyPlantAndEquipment`	$693.00K	USD	1 Quarter
Net cash (used in) continuing operations	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-693.00K	USD	1 Quarter
Net cash (used in) continuing operations	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-125.00K	USD	1 Quarter
Net cash provided by discontinued operations	`CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations`	$200.00K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-693.00K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$75.00K	USD	1 Quarter
Payment of deferred initial public offering costs	`PaymentsOfStockIssuanceCosts`	$791.00K	USD	1 Quarter
Proceeds from revolving line of credit	`ProceedsFromLinesOfCredit`	$41.31M	USD	1 Quarter
Repayments made against revolving line of credit	`RepaymentsOfLinesOfCredit`	$34.98M	USD	1 Quarter
Exercise of stock options	`ProceedsFromStockOptionsExercised`	$597.00K	USD	1 Quarter
Exercise of stock options	`ProceedsFromStockOptionsExercised`	$2.00K	USD	1 Quarter
Net cash (used in) provided by continuing operations	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-194.00K	USD	1 Quarter
Net cash (used in) provided by continuing operations	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$6.33M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-194.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.33M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$237.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$11.25M	USD	1 Quarter
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$364.00K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$127.00K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$91.63M	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$80.38M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$364.00K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$127.00K	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$91.63M	USD	Point-in-time
Cash and cash equivalents, end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$80.38M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$38.00K	USD	1 Quarter
Additions of property and equipment, net included in accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$68.00K	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of period	`StockholdersEquity`	$-92.08M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$114.27M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$121.09M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$-95.11M	USD	Point-in-time
Balance at beginning of period (in shares)	`CommonStockSharesOutstanding`	84.85M	shares	Point-in-time
Balance at beginning of period (in shares)	`CommonStockSharesOutstanding`	84.19M	shares	Point-in-time
Stock option exercise	`StockIssuedDuringPeriodValueStockOptionsExercised`	$597.00K	USD	1 Quarter
Stock option exercise	`StockIssuedDuringPeriodValueStockOptionsExercised`	$2.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.05M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$517.00K	USD	1 Quarter
Reduction in initial public offering costs	`IncreaseToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$115.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.06M	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.52M	USD	1 Quarter
Balance at end of period	`StockholdersEquity`	$-92.08M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$114.27M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$121.09M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$-95.11M	USD	Point-in-time
Balance at end of period (in shares)	`CommonStockSharesOutstanding`	84.85M	shares	Point-in-time
Balance at end of period (in shares)	`CommonStockSharesOutstanding`	84.19M	shares	Point-in-time

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