10-Q Filing

PROGYNY, INC. CIK: 1551306 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-007635`
Period End Date	20220331
Filing Date	20220506
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	pgny-20220331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 34 Cash Flow Statement 52 Stockholders Equity 20 Comprehensive Income 8

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$17.38M	USD	Point-in-time
Allowances for accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$19.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$91.41M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$38.82M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$66.86M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$28.00M	USD	Point-in-time
Accounts receivable, net of $19,660 and $17,379 of allowance at March 31, 2022 and December 31, 2021, respectively	`AccountsReceivableNetCurrent`	$198.12M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Accounts receivable, net of $19,660 and $17,379 of allowance at March 31, 2022 and December 31, 2021, respectively	`AccountsReceivableNetCurrent`	$134.56M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.23M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	91.09M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.56M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	91.74M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	91.09M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$258.54M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$309.03M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	91.74M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.03M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.83M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$7.80M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$7.58M	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
Goodwill	`Goodwill`	$11.88M	USD	Point-in-time
Goodwill	`Goodwill`	$11.88M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$473.00K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$599.00K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$76.43M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$71.27M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$2.94M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$4.31M	USD	Point-in-time
Total assets	`Assets`	$358.06M	USD	Point-in-time
Total assets	`Assets`	$415.52M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$61.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$84.68M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilitiesCurrent`	$44.04M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesAndOtherLiabilitiesCurrent`	$37.42M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$98.82M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$128.72M	USD	Point-in-time
Operating lease noncurrent liabilities	`OperatingLeaseLiabilityNoncurrent`	$7.19M	USD	Point-in-time
Operating lease noncurrent liabilities	`OperatingLeaseLiabilityNoncurrent`	$7.42M	USD	Point-in-time
Total liabilities	`Liabilities`	$135.91M	USD	Point-in-time
Total liabilities	`Liabilities`	$106.24M	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, 2022 and December 31, 2021; 91,741,481 and 91,088,781 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$9.00K	USD	Point-in-time
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at March 31, 2022 and December 31, 2021; 91,741,481 and 91,088,781 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$9.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$255.34M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$278.08M	USD	Point-in-time
Treasury stock, at cost, $0.0001 par value; 615,980 shares at March 31, 2022 and December 31, 2021	`TreasuryStockCommonValue`	$1.01M	USD	Point-in-time
Treasury stock, at cost, $0.0001 par value; 615,980 shares at March 31, 2022 and December 31, 2021	`TreasuryStockCommonValue`	$1.01M	USD	Point-in-time
Accumulated earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$2.55M	USD	Point-in-time
Accumulated earnings (deficit)	`RetainedEarningsAccumulatedDeficit`	$-2.42M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-93.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-11.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$279.62M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$166.95M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$184.62M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$251.82M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$358.06M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$415.52M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$172.22M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$122.13M	USD	1 Quarter
Cost of services	`CostOfGoodsAndServicesSold`	$93.23M	USD	1 Quarter
Cost of services	`CostOfGoodsAndServicesSold`	$139.27M	USD	1 Quarter
Gross profit	`GrossProfit`	$28.91M	USD	1 Quarter
Gross profit	`GrossProfit`	$32.95M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$4.01M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$10.02M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$22.99M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$13.09M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$33.01M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$17.10M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-58.00K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$11.81M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$7.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-96.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$12.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-18.00K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-84.00K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-11.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$11.80M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-142.00K	USD	1 Quarter
Benefit for income taxes	`IncomeTaxExpenseBenefit`	$-5.11M	USD	1 Quarter
Benefit for income taxes	`IncomeTaxExpenseBenefit`	$-3.37M	USD	1 Quarter
Net income	`NetIncomeLoss`	$15.17M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.97M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.17	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.15	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	87.40M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	91.41M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	99.94M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	100.11M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$15.17M	USD	1 Quarter
Net income	`ProfitLoss`	$4.97M	USD	1 Quarter
Deferred tax benefit	`DeferredIncomeTaxesAndTaxCredits`	$-5.16M	USD	1 Quarter
Deferred tax benefit	`DeferredIncomeTaxesAndTaxCredits`	$-3.37M	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`	$364.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$24.50M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$5.03M	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$2.28M	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$2.52M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$43.52M	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`	$-1.05M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$13.80M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$23.17M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$9.41M	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`	$-7.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-11.26M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$532.00K	USD	1 Quarter
Purchase of property and equipment, net	`PaymentsToAcquirePropertyPlantAndEquipment`	$790.00K	USD	1 Quarter
Purchase of property and equipment, net	`PaymentsToAcquirePropertyPlantAndEquipment`	$369.00K	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$59.87M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecuritiesDebt`	$62.15M	USD	1 Quarter
Sale of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$21.10M	USD	1 Quarter
Sale of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecuritiesDebt`	$24.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-39.56M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-38.52M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$830.00K	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
Payment of employee taxes related to equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.99M	USD	1 Quarter
Proceeds from contributions to employee stock purchase plan	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans`	$487.00K	USD	1 Quarter
Proceeds from contributions to employee stock purchase plan	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans`	$386.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.50M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.77M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-40.48M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-52.59M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$38.82M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$91.41M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$70.31M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$29.82M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$38.82M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$91.41M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$70.31M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$29.82M	USD	Point-in-time
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`	$20.00K	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	`StockholdersEquity`	$279.62M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$166.95M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$184.62M	USD	Point-in-time
Balance at beginning of period	`StockholdersEquity`	$251.82M	USD	Point-in-time
Balance at beginning of period (in shares)	`CommonStockSharesOutstanding`	91.09M	shares	Point-in-time
Balance at beginning of period (in shares)	`CommonStockSharesOutstanding`	91.74M	shares	Point-in-time
Issuance of employee equity awards, net of shares withheld	`StockGrantedDuringPeriodValueSharebasedCompensation`	$-2.48M	USD	1 Quarter
Issuance of employee equity awards, net of shares withheld	`StockGrantedDuringPeriodValueSharebasedCompensation`	$-1.96M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$24.70M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.03M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-51.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$82.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$15.17M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.97M	USD	1 Quarter
Balance at end of period	`StockholdersEquity`	$279.62M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$166.95M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$184.62M	USD	Point-in-time
Balance at end of period	`StockholdersEquity`	$251.82M	USD	Point-in-time
Balance at end of period (in shares)	`CommonStockSharesOutstanding`	91.09M	shares	Point-in-time
Balance at end of period (in shares)	`CommonStockSharesOutstanding`	91.74M	shares	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$15.17M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.97M	USD	1 Quarter
Unrealized gain (loss) on marketable securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$82.00K	USD	1 Quarter
Unrealized gain (loss) on marketable securities	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-51.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-51.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$82.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$15.12M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$5.05M	USD	1 Quarter

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