2024 Q2 Form 10-Q Financial Statement

#000155130624000103 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $304.1M $278.1M $258.4M
YoY Change 8.85% 7.62% 50.04%
Cost Of Revenue $235.8M $215.7M $199.8M
YoY Change 7.81% 7.97% 43.43%
Gross Profit $68.28M $62.41M $58.64M
YoY Change 12.6% 6.42% 77.97%
Gross Profit Margin 22.45% 22.44% 22.69%
Selling, General & Admin $47.59M $43.88M $43.63M
YoY Change 4.7% 0.58% 32.18%
% of Gross Profit 69.7% 70.32% 74.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $754.0K $716.0K $541.0K
YoY Change 43.07% 32.35% 48.63%
% of Gross Profit 1.1% 1.15% 0.92%
Operating Expenses $47.59M $43.88M $43.63M
YoY Change 4.7% 0.58% 32.18%
Operating Profit $20.69M $18.52M $15.01M
YoY Change 36.24% 23.4% -25981.03%
Interest Expense $816.0K $632.0K $822.0K
YoY Change 15.58% -23.11% 6750.0%
% of Operating Profit 3.94% 3.41% 5.48%
Other Income/Expense, Net $4.380M $3.992M $1.320M
YoY Change 120.88% 202.42% -1671.43%
Pretax Income $25.07M $22.52M $16.33M
YoY Change 46.02% 37.87% -11600.7%
Income Tax $8.582M $5.600M -$1.300M
% Of Pretax Income 34.24% 24.87% -7.96%
Net Earnings $16.49M $16.90M $17.68M
YoY Change 9.97% -4.41% 255.62%
Net Earnings / Revenue 5.42% 6.08% 6.84%
Basic Earnings Per Share $0.18 $0.18 $0.19
Diluted Earnings Per Share $0.17 $0.17 $0.18
COMMON SHARES
Basic Shares Outstanding 95.22M shares 96.50M shares 93.38M shares
Diluted Shares Outstanding 97.84M shares 101.1M shares 100.2M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $262.2M $371.8M $207.9M
YoY Change -7.19% 78.86% 96.72%
Cash & Equivalents $94.96M $115.0M $155.3M
Short-Term Investments $167.2M $256.9M $52.57M
Other Short-Term Assets $26.26M $12.47M $5.945M
YoY Change 91.99% 109.79% 13.67%
Inventory
Prepaid Expenses
Receivables $293.8M $297.2M $313.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $582.2M $681.5M $527.1M
YoY Change 3.76% 29.3% 70.56%
LONG-TERM ASSETS
Property, Plant & Equipment $10.64M $10.23M $8.883M
YoY Change 12.0% 15.21% 52.45%
Goodwill $15.61M $11.88M $11.88M
YoY Change 31.36% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.980M $3.228M $3.773M
YoY Change -15.2% -14.44% -12.4%
Total Long-Term Assets $116.4M $112.8M $122.6M
YoY Change -3.34% -8.03% 15.16%
TOTAL ASSETS
Total Short-Term Assets $582.2M $681.5M $527.1M
Total Long-Term Assets $116.4M $112.8M $122.6M
Total Assets $698.6M $794.3M $649.7M
YoY Change 2.51% 22.25% 56.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $151.7M $130.2M $145.6M
YoY Change 16.58% -10.61% 71.97%
Accrued Expenses $73.63M $75.75M $61.24M
YoY Change 15.51% 23.68% 39.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $225.4M $205.9M $206.9M
YoY Change 16.23% -0.46% 60.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.06M $16.78M $18.46M
YoY Change -5.92% -9.08% 156.73%
Total Long-Term Liabilities $17.06M $16.78M $18.46M
YoY Change -5.92% -9.08% 156.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $225.4M $205.9M $206.9M
Total Long-Term Liabilities $17.06M $16.78M $18.46M
Total Liabilities $242.4M $222.7M $225.3M
YoY Change 14.34% -1.16% 65.79%
SHAREHOLDERS EQUITY
Retained Earnings $123.4M $106.9M $45.61M
YoY Change 103.54% 134.3% 1690.81%
Common Stock $519.7M $489.4M $379.1M
YoY Change 27.12% 29.09% 36.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $456.2M $571.6M $424.4M
YoY Change
Total Liabilities & Shareholders Equity $698.6M $794.3M $649.7M
YoY Change 2.51% 22.25% 56.36%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $16.49M $16.90M $17.68M
YoY Change 9.97% -4.41% 255.62%
Depreciation, Depletion And Amortization $754.0K $716.0K $541.0K
YoY Change 43.07% 32.35% 48.63%
Cash From Operating Activities $56.69M $25.73M $20.96M
YoY Change -25.41% 22.76% -286.12%
INVESTING ACTIVITIES
Capital Expenditures $866.0K $850.0K $1.251M
YoY Change 14.1% -32.05% 58.35%
Acquisitions
YoY Change
Other Investing Activities $86.96M $20.19M $17.38M
YoY Change -249.51% 16.2% -144.83%
Cash From Investing Activities $86.10M $19.34M $16.13M
YoY Change -246.12% 19.95% -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 -162.8M -$27.41M -$1.846M
YoY Change 8752.04% 1384.89% 4.18%
NET CHANGE
Cash From Operating Activities 56.69M $25.73M $20.96M
Cash From Investing Activities 86.10M $19.34M $16.13M
Cash From Financing Activities -162.8M -$27.41M -$1.846M
Net Change In Cash -20.00M $17.66M $35.24M
YoY Change -231.14% -49.88% -167.01%
FREE CASH FLOW
Cash From Operating Activities $56.69M $25.73M $20.96M
Capital Expenditures $866.0K $850.0K $1.251M
Free Cash Flow $55.83M $24.88M $19.71M
YoY Change -25.81% 26.24% -263.54%

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CY2024Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-2000 usd
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
17663000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
35242000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
97296000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
120078000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
114959000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
155320000 usd
CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-362000 usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-20000 usd
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
155000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
201000 usd
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2024Q1 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 </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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>
CY2024Q1 pgny Revenue From Contract With Customer Term
RevenueFromContractWithCustomerTerm
P3Y
CY2024Q1 pgny Revenue Remaining Performance Obligation Remaining Contract Term
RevenueRemainingPerformanceObligationRemainingContractTerm
P1Y
CY2024Q1 pgny Accrued Receivables
AccruedReceivables
76500000 usd
CY2023Q4 pgny Accrued Receivables
AccruedReceivables
45800000 usd
CY2024Q1 pgny Accrued Claims Payable Current
AccruedClaimsPayableCurrent
49600000 usd
CY2023Q4 pgny Accrued Claims Payable Current
AccruedClaimsPayableCurrent
30300000 usd
CY2024Q1 pgny Claims Payable Payment Period
ClaimsPayablePaymentPeriod
P30D
CY2024Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
64900000 usd
CY2023Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
45100000 usd
CY2024Q1 pgny Unbilled Receivables Billed To Customers Period
UnbilledReceivablesBilledToCustomersPeriod
P30D
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
46636000 usd
CY2024Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4772000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1354000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
50054000 usd
CY2024Q1 pgny Cost Of Goods And Service Sold Specialty Pharmacies Contract Term
CostOfGoodsAndServiceSoldSpecialtyPharmaciesContractTerm
P1Y
CY2024Q1 pgny Billing Terms
BillingTerms
P20D
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
278078000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
258394000 usd
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
600000 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
300000 usd
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
300000 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
17181000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
17605000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2508000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2149000 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
16781000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
17241000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y4M24D
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y7M6D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0460
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0460
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1928000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2793000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2793000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2793000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2793000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
10848000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
23948000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4659000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
19289000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2508000 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
16781000 usd
CY2024Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd
CY2024Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
723577 shares
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31052000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
30808000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
2419000 usd
CY2024Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-2488000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-69000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
725000 usd
CY2023Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-502000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
223000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5600000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1300000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16898000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
17678000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96484657 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
93832873 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
16898000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
17678000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96484657 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
93832873 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4568276 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6333135 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
101052933 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100166008 shares
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.17
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13445786 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13501387 shares
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

Files In Submission

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pgny-20240331_cal.xml Edgar Link unprocessable
0001551306-24-000103-index-headers.html Edgar Link pending
0001551306-24-000103-index.html Edgar Link pending
0001551306-24-000103.txt Edgar Link pending
0001551306-24-000103-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
pgny-20240331.htm Edgar Link pending
pgny-20240331.xsd Edgar Link pending
pgny-20240331xex101.htm Edgar Link pending
pgny-20240331xex311.htm Edgar Link pending
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pgny-20240331_def.xml Edgar Link unprocessable
pgny-20240331_lab.xml Edgar Link unprocessable
pgny-20240331_pre.xml Edgar Link unprocessable
pgny-20240331_htm.xml Edgar Link completed
R40.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable