$PGNY
Progyny, Inc.

2024 Q3 Form 10-Q Financial Statement

#000155130624000159 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $286.6M $304.1M
YoY Change 2.04% 8.85%
Cost Of Revenue $227.4M $235.8M
YoY Change 4.18% 7.81%
Gross Profit $59.24M $68.28M
YoY Change -5.4% 12.6%
Gross Profit Margin 20.67% 22.45%
Selling, General & Admin $46.79M $47.59M
YoY Change 5.29% 4.7%
% of Gross Profit 78.97% 69.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $837.0K $754.0K
YoY Change 67.4% 43.07%
% of Gross Profit 1.41% 1.1%
Operating Expenses $46.79M $47.59M
YoY Change 5.29% 4.7%
Operating Profit $12.46M $20.69M
YoY Change -31.51% 36.24%
Interest Expense $5.504M $816.0K
YoY Change 450.4% 15.58%
% of Operating Profit 44.18% 3.94%
Other Income/Expense, Net $5.504M $4.380M
YoY Change 100.73% 120.88%
Pretax Income $17.96M $25.07M
YoY Change -14.18% 46.02%
Income Tax $7.541M $8.582M
% Of Pretax Income 41.98% 34.24%
Net Earnings $10.42M $16.49M
YoY Change -34.45% 9.97%
Net Earnings / Revenue 3.64% 5.42%
Basic Earnings Per Share $0.12 $0.18
Diluted Earnings Per Share $0.11 $0.17
COMMON SHARES
Basic Shares Outstanding 90.28M shares 95.22M shares
Diluted Shares Outstanding 93.82M shares 97.84M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $235.7M $262.2M
YoY Change -29.75% -7.19%
Cash & Equivalents $91.48M $94.96M
Short-Term Investments $144.2M $167.2M
Other Short-Term Assets $29.86M $26.26M
YoY Change 326.54% 91.99%
Inventory
Prepaid Expenses
Receivables $280.7M $293.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $546.3M $582.2M
YoY Change -10.63% 3.76%
LONG-TERM ASSETS
Property, Plant & Equipment $11.93M $10.64M
YoY Change 22.77% 12.0%
Goodwill $15.80M $15.61M
YoY Change 32.96% 31.36%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.302M $2.980M
YoY Change -8.0% -15.2%
Total Long-Term Assets $113.7M $116.4M
YoY Change -1.36% -3.34%
TOTAL ASSETS
Total Short-Term Assets $546.3M $582.2M
Total Long-Term Assets $113.7M $116.4M
Total Assets $660.0M $698.6M
YoY Change -9.16% 2.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $130.5M $151.7M
YoY Change -1.19% 16.58%
Accrued Expenses $78.01M $73.63M
YoY Change 27.05% 15.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $208.5M $225.4M
YoY Change 7.78% 16.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.63M $17.06M
YoY Change -6.07% -5.92%
Total Long-Term Liabilities $16.63M $17.06M
YoY Change -6.07% -5.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $208.5M $225.4M
Total Long-Term Liabilities $16.63M $17.06M
Total Liabilities $225.1M $242.4M
YoY Change 6.62% 14.34%
SHAREHOLDERS EQUITY
Retained Earnings $133.8M $123.4M
YoY Change 74.87% 103.54%
Common Stock $551.6M $519.7M
YoY Change 25.92% 27.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $434.9M $456.2M
YoY Change
Total Liabilities & Shareholders Equity $660.0M $698.6M
YoY Change -9.16% 2.51%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $10.42M $16.49M
YoY Change -34.45% 9.97%
Depreciation, Depletion And Amortization $837.0K $754.0K
YoY Change 67.4% 43.07%
Cash From Operating Activities $44.52M $56.69M
YoY Change -17.87% -25.41%
INVESTING ACTIVITIES
Capital Expenditures $1.794M $866.0K
YoY Change 79.4% 14.1%
Acquisitions
YoY Change
Other Investing Activities $17.16M $86.96M
YoY Change -127.1% -249.51%
Cash From Investing Activities $15.36M $86.10M
YoY Change -123.89% -246.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -63.35M -162.8M
YoY Change 2654.48% 8752.04%
NET CHANGE
Cash From Operating Activities 44.52M 56.69M
Cash From Investing Activities 15.36M 86.10M
Cash From Financing Activities -63.35M -162.8M
Net Change In Cash -3.476M -20.00M
YoY Change -71.97% -231.14%
FREE CASH FLOW
Cash From Operating Activities $44.52M $56.69M
Capital Expenditures $1.794M $866.0K
Free Cash Flow $42.72M $55.83M
YoY Change -19.7% -25.81%

Facts In Submission

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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>
pgny Revenue From Contract With Customer Term
RevenueFromContractWithCustomerTerm
P3Y
pgny Revenue Remaining Performance Obligation Remaining Contract Term
RevenueRemainingPerformanceObligationRemainingContractTerm
P1Y
CY2024Q2 pgny Accrued Receivables
AccruedReceivables
67600000 usd
CY2023Q4 pgny Accrued Receivables
AccruedReceivables
45800000 usd
CY2024Q2 pgny Accrued Claims Payable Current
AccruedClaimsPayableCurrent
40000000.0 usd
CY2023Q4 pgny Accrued Claims Payable Current
AccruedClaimsPayableCurrent
30300000 usd
pgny Claims Payable Payment Period
ClaimsPayablePaymentPeriod
P30D
CY2024Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
76500000 usd
CY2023Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
45100000 usd
pgny Unbilled Receivables Billed To Customers Period
UnbilledReceivablesBilledToCustomersPeriod
P30D
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
46636000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
9572000 usd
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
2127000 usd
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
54081000 usd
pgny Cost Of Goods And Service Sold Specialty Pharmacies Contract Term
CostOfGoodsAndServiceSoldSpecialtyPharmaciesContractTerm
P1Y
pgny Billing Terms
BillingTerms
P20D
CY2024Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
304087000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
279373000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
582165000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
537767000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
1300000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
1000000.0 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
900000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
600000 usd
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
17806000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
17605000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2802000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2149000 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
17064000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
17241000 usd
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y7M6D
CY2024Q2 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
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1453000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2992000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2992000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2992000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2992000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
10998000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
24419000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4553000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
19866000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2802000 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
17064000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
64088000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
62561000 usd
CY2024Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
1905000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
1180000 usd
CY2024Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-2630000 usd
CY2023Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-822000 usd
CY2024Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-725000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
358000 usd
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
4324000 usd
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
1905000 usd
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-5118000 usd
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-1324000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-794000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
581000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14200000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
800000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
33383000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
32669000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95160085 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94290653 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
33383000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
32669000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95160085 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
94290653 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4296250 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
6100920 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
99456335 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100391573 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16109939 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13041906 shares
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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