10-Q Filing

PROGYNY, INC. CIK: 1551306 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001558370-21-006367`
Period End Date	20210331
Filing Date	20210507
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	pgny-20210331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 36 Cash Flow Statement 48 Stockholders Equity 20 Comprehensive Income 6

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$9.50M	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$11.82M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$29.82M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$70.31M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$38.99M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$77.09M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	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
Accounts receivable, net of $11,818 and $9,502 of allowance at March 31, 2021 and December 31, 2020, respectively	`AccountsReceivableNetCurrent`	$75.66M	USD	Point-in-time
Accounts receivable, net of $11,818 and $9,502 of allowance at March 31, 2021 and December 31, 2020, respectively	`AccountsReceivableNetCurrent`	$116.67M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	84.19M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.22M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.26M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	87.73M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$227.80M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	86.54M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	87.05M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$190.22M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.58M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.40M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$8.67M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$8.46M	USD	Point-in-time
Treasury stock, shares outstanding (in shares)	`TreasuryStockCommonShares`	615,980.00	shares	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$9.50M	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
Goodwill	`Goodwill`	$11.88M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$1.21M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$973.00K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$41.34M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$37.97M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$556.00K	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$573.00K	USD	Point-in-time
Total assets	`Assets`	$294.59M	USD	Point-in-time
Total assets	`Assets`	$253.93M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$43.51M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$57.31M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilitiesCurrent`	$34.27M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilitiesCurrent`	$43.69M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$77.79M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$101.00M	USD	Point-in-time
Operating lease noncurrent liabilities	`OperatingLeaseLiabilityNoncurrent`	$8.10M	USD	Point-in-time
Operating lease noncurrent liabilities	`OperatingLeaseLiabilityNoncurrent`	$8.32M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$876.00K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$876.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$109.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$86.98M	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, 2021 and December 31, 2020; 87,732,302 and 87,054,329 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$9.00K	USD	Point-in-time
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2021 and December 31, 2020; 87,732,302 and 87,054,329 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$9.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$236.14M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$238.69M	USD	Point-in-time
Treasury stock, at cost, $0.0001 par value; 615,980 shares at March 31, 2021 and December 31, 2020	`TreasuryStockCommonValue`	$1.01M	USD	Point-in-time
Treasury stock, at cost, $0.0001 par value; 615,980 shares at March 31, 2021 and December 31, 2020	`TreasuryStockCommonValue`	$1.01M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-53.03M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-68.19M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-50.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$184.62M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$166.95M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$114.27M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$119.49M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$253.93M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$294.59M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$81.02M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$122.13M	USD	1 Quarter
Cost of services	`CostOfGoodsAndServicesSold`	$93.23M	USD	1 Quarter
Cost of services	`CostOfGoodsAndServicesSold`	$64.42M	USD	1 Quarter
Gross profit	`GrossProfit`	$28.91M	USD	1 Quarter
Gross profit	`GrossProfit`	$16.60M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.27M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$4.01M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$13.09M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.90M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$13.17M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$17.10M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$11.81M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$3.43M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$164.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$7.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-18.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$150.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$314.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-11.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$11.80M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.75M	USD	1 Quarter
Benefit (provision) for income taxes	`IncomeTaxExpenseBenefit`	$-3.37M	USD	1 Quarter
Benefit (provision) for income taxes	`IncomeTaxExpenseBenefit`	$116.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.63M	USD	1 Quarter
Net income	`NetIncomeLoss`	$15.17M	USD	1 Quarter
Net income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$15.17M	USD	1 Quarter
Net income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$3.63M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.17	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.15	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	87.40M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	84.54M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	99.67M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	100.11M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$15.17M	USD	1 Quarter
Net income	`ProfitLoss`	$3.63M	USD	1 Quarter
Deferred tax expense (benefit)	`DeferredIncomeTaxesAndTaxCredits`	$-3.37M	USD	1 Quarter
Deferred tax expense (benefit)	`DeferredIncomeTaxesAndTaxCredits`	$116.00K	USD	1 Quarter
Non-cash interest expense	`NoncashInterestExpense`	$19.00K	USD	1 Quarter
Non-cash interest expense	`NoncashInterestExpense`	$19.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$422.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$520.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$5.03M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$2.05M	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$1.69M	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$2.52M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$43.52M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$20.05M	USD	1 Quarter
Prepaid expenses and current other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-561.00K	USD	1 Quarter
Prepaid expenses and current other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.05M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$20.36M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$13.80M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$9.41M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$3.26M	USD	1 Quarter
Other noncurrent assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$-7.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$532.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$12.14M	USD	1 Quarter
Purchase of property and equipment, net	`PaymentsToAcquirePropertyPlantAndEquipment`	$693.00K	USD	1 Quarter
Purchase of property and equipment, net	`PaymentsToAcquirePropertyPlantAndEquipment`	$369.00K	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$62.15M	USD	1 Quarter
Sale of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$24.00M	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-693.00K	USD	1 Quarter
Net cash (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-38.52M	USD	1 Quarter
Payment of initial public offering costs	`PaymentsOfStockIssuanceCosts`	$791.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$597.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$539.00K	USD	1 Quarter
Payment of employee taxes related to equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$3.52M	USD	1 Quarter
Proceeds from contributions to employee stock purchase plan	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans`	$487.00K	USD	1 Quarter
Net cash (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-194.00K	USD	1 Quarter
Net cash (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.50M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$11.25M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-40.48M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$29.82M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$80.38M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$91.63M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$70.31M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$29.82M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$80.38M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$91.63M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$70.31M	USD	Point-in-time
Additions of property and equipment, net included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$68.00K	USD	1 Quarter
Additions of property and equipment, net included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$20.00K	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of period	`StockholdersEquity`	$184.62M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$166.95M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$114.27M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$119.49M	USD	Point-in-time
Balance at beginning of period (in shares)	`CommonStockSharesOutstanding`	86.54M	shares	Point-in-time
Balance at beginning of period (in shares)	`CommonStockSharesOutstanding`	87.05M	shares	Point-in-time
Issuance of employee equity awards, net of shares withheld	`StockGrantedDuringPeriodValueSharebasedCompensation`	$597.00K	USD	1 Quarter
Issuance of employee equity awards, net of shares withheld	`StockGrantedDuringPeriodValueSharebasedCompensation`	$-2.48M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.03M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.05M	USD	1 Quarter
Reduction in initial public offering costs	`IncreaseToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$115.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-51.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$3.63M	USD	1 Quarter
Net income	`NetIncomeLoss`	$15.17M	USD	1 Quarter
Balance at end of period	`StockholdersEquity`	$184.62M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$166.95M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$114.27M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$119.49M	USD	Point-in-time
Balance at end of period (in shares)	`CommonStockSharesOutstanding`	86.54M	shares	Point-in-time
Balance at end of period (in shares)	`CommonStockSharesOutstanding`	87.05M	shares	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$3.63M	USD	1 Quarter
Net income	`NetIncomeLoss`	$15.17M	USD	1 Quarter
Unrealized loss on marketable securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-51.00K	USD	1 Quarter
Total other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-51.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$15.12M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.63M	USD	1 Quarter

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