$PGNY
Progyny, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155130623000049 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $279.4M $258.4M
YoY Change 43.27% 50.04%
Cost Of Revenue $218.7M $199.8M
YoY Change 44.74% 43.43%
Gross Profit $60.64M $58.64M
YoY Change 38.18% 77.97%
Gross Profit Margin 21.71% 22.69%
Selling, General & Admin $45.46M $43.63M
YoY Change 29.7% 32.18%
% of Gross Profit 74.96% 74.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $527.0K $541.0K
YoY Change 36.53% 48.63%
% of Gross Profit 0.87% 0.92%
Operating Expenses $45.46M $43.63M
YoY Change 29.7% 32.18%
Operating Profit $15.18M $15.01M
YoY Change 71.8% -25981.03%
Interest Expense $706.0K $822.0K
YoY Change 1665.0% 6750.0%
% of Operating Profit 4.65% 5.48%
Other Income/Expense, Net $1.983M $1.320M
YoY Change 2950.77% -1671.43%
Pretax Income $17.17M $16.33M
YoY Change 92.82% -11600.7%
Income Tax $2.176M -$1.300M
% Of Pretax Income 12.68% -7.96%
Net Earnings $14.99M $17.68M
YoY Change 70.97% 255.62%
Net Earnings / Revenue 5.37% 6.84%
Basic Earnings Per Share $160.00 $0.19
Diluted Earnings Per Share $150.00 $0.18
COMMON SHARES
Basic Shares Outstanding 94.41M shares 93.38M shares
Diluted Shares Outstanding 100.6M shares 100.2M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $282.5M $207.9M
YoY Change 130.82% 96.72%
Cash & Equivalents $170.6M $155.3M
Short-Term Investments $111.9M $52.57M
Other Short-Term Assets $13.68M $5.945M
YoY Change 231.24% 13.67%
Inventory
Prepaid Expenses
Receivables $265.0M $313.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $561.1M $527.1M
YoY Change 57.45% 70.56%
LONG-TERM ASSETS
Property, Plant & Equipment $9.497M $8.883M
YoY Change 51.32% 52.45%
Goodwill $11.88M $11.88M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.514M $3.773M
YoY Change -18.11% -12.4%
Total Long-Term Assets $120.4M $122.6M
YoY Change 13.06% 15.16%
TOTAL ASSETS
Total Short-Term Assets $561.1M $527.1M
Total Long-Term Assets $120.4M $122.6M
Total Assets $681.5M $649.7M
YoY Change 47.24% 56.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $130.2M $145.6M
YoY Change 40.48% 71.97%
Accrued Expenses $63.74M $61.24M
YoY Change 22.01% 39.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $193.9M $206.9M
YoY Change 33.82% 60.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $18.14M $18.46M
YoY Change 160.79% 156.73%
Total Long-Term Liabilities $18.14M $18.46M
YoY Change 160.79% 156.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $193.9M $206.9M
Total Long-Term Liabilities $18.14M $18.46M
Total Liabilities $212.0M $225.3M
YoY Change 39.63% 65.79%
SHAREHOLDERS EQUITY
Retained Earnings $60.60M $45.61M
YoY Change 435.6% 1690.81%
Common Stock $408.8M $379.1M
YoY Change 35.96% 36.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $469.5M $424.4M
YoY Change
Total Liabilities & Shareholders Equity $681.5M $649.7M
YoY Change 47.24% 56.36%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $14.99M $17.68M
YoY Change 70.97% 255.62%
Depreciation, Depletion And Amortization $527.0K $541.0K
YoY Change 36.53% 48.63%
Cash From Operating Activities $76.01M $20.96M
YoY Change 294.95% -286.12%
INVESTING ACTIVITIES
Capital Expenditures $759.0K $1.251M
YoY Change -254.9% 58.35%
Acquisitions
YoY Change
Other Investing Activities -$58.16M $17.38M
YoY Change 7463.59% -144.83%
Cash From Investing Activities -$58.92M $16.13M
YoY Change 4580.14% -140.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.839M -$1.846M
YoY Change -11.5% 4.18%
NET CHANGE
Cash From Operating Activities 76.01M $20.96M
Cash From Investing Activities -58.92M $16.13M
Cash From Financing Activities -1.839M -$1.846M
Net Change In Cash 15.25M $35.24M
YoY Change -4.14% -167.01%
FREE CASH FLOW
Cash From Operating Activities $76.01M $20.96M
Capital Expenditures $759.0K $1.251M
Free Cash Flow $75.25M $19.71M
YoY Change 281.3% -263.54%

Facts In Submission

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CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1675000 usd
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
830000 usd
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3815000 usd
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2988000 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
294000 usd
CY2022Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
386000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1846000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1772000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
35242000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-52592000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
120078000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
91413000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
155320000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
38821000 usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-20000 usd
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
5000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
201000 usd
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
251000 usd
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023Q1 pgny Unbilled Receivables Billed To Customers Period
UnbilledReceivablesBilledToCustomersPeriod
P30D
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S. GAAP generally requires management to make estimates and assumptions that affect the reported amount of certain assets, liabilities, revenue, and expenses, and the related disclosure of contingent assets and liabilities. Such estimates include, but are not limited to, the determination of accrued receivables related to revenue recognition, accrued claims payable, allowance for doubtful accounts, stock-based compensation expense, lease liabilities, and accounting for income taxes. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.</span></div>
CY2023Q1 pgny Revenue From Contract With Customer Term
RevenueFromContractWithCustomerTerm
P3Y
CY2023Q1 pgny Revenue Remaining Performance Obligation Remaining Contract Term
RevenueRemainingPerformanceObligationRemainingContractTerm
P1Y
CY2023Q1 pgny Accrued Receivables
AccruedReceivables
67200000 usd
CY2022Q4 pgny Accrued Receivables
AccruedReceivables
54600000 usd
CY2023Q1 pgny Accrued Claims Payable Current
AccruedClaimsPayableCurrent
43700000 usd
CY2022Q4 pgny Accrued Claims Payable Current
AccruedClaimsPayableCurrent
31100000 usd
CY2023Q1 pgny Claims Payable Payment Period
ClaimsPayablePaymentPeriod
P30D
CY2023Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
49000000 usd
CY2022Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
42900000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
28328000 usd
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
5244000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
125000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
33447000 usd
CY2023Q1 pgny Cost Of Goods And Service Sold Specialty Pharmacies Contract Term
CostOfGoodsAndServiceSoldSpecialtyPharmaciesContractTerm
P1Y
CY2023Q1 pgny Billing Terms
BillingTerms
P20D
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
258394000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
172217000 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000 usd
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
300000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
300000 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
18872000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6903000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1231000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1231000 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
18456000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6482000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y7M6D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y4M24D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0459
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0429
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
964000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2250000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2793000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2793000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2793000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
13641000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
25234000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5547000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
19687000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1231000 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
18456000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
30808000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24500000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1300000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5100000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
17678000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4971000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
93832873 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91410368 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
17678000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
4971000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
93832873 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91410368 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6333135 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
8525367 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100166008 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
99935735 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13501387 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8659987 shares

Files In Submission

Name View Source Status
pgny-20230331_def.xml Edgar Link unprocessable
pgny-20230331_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
0001551306-23-000049-index-headers.html Edgar Link pending
0001551306-23-000049-index.html Edgar Link pending
0001551306-23-000049.txt Edgar Link pending
0001551306-23-000049-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
pgny-20230331.htm Edgar Link pending
pgny-20230331.xsd Edgar Link pending
pgny-20230331xex311.htm Edgar Link pending
pgny-20230331xex312.htm Edgar Link pending
pgny-20230331xex321.htm Edgar Link pending
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pgny-20230331_lab.xml Edgar Link unprocessable
pgny-20230331_pre.xml Edgar Link unprocessable
pgny-20230331_htm.xml Edgar Link completed
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