$PGNY
Progyny, Inc.

2021 Q1 Form 10-Q Financial Statement

#000155837021006367 Filed on May 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $122.1M $81.02M
YoY Change 50.74% 71.66%
Cost Of Revenue $93.23M $64.42M
YoY Change 44.71% 73.18%
Gross Profit $28.91M $16.60M
YoY Change 74.12% 66.02%
Gross Profit Margin 23.67% 20.49%
Selling, General & Admin $17.10M $13.17M
YoY Change 29.83% 90.88%
% of Gross Profit 59.16% 79.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $422.0K $520.0K
YoY Change -18.85% 1.96%
% of Gross Profit 1.46% 3.13%
Operating Expenses $17.10M $13.17M
YoY Change 29.83% 90.88%
Operating Profit $11.81M $3.431M
YoY Change 244.13% 10.68%
Interest Expense $0.00 $200.0K
YoY Change -100.0%
% of Operating Profit 0.0% 5.83%
Other Income/Expense, Net -$11.00K $314.0K
YoY Change -103.5% -152.33%
Pretax Income $11.80M $3.745M
YoY Change 214.98% 49.8%
Income Tax -$3.400M $116.0K
% Of Pretax Income -28.82% 3.1%
Net Earnings $15.17M $3.629M
YoY Change 317.91% 45.16%
Net Earnings / Revenue 12.42% 4.48%
Basic Earnings Per Share $0.17 $0.04
Diluted Earnings Per Share $0.15 $0.04
COMMON SHARES
Basic Shares Outstanding 87.40M 84.54M
Diluted Shares Outstanding 100.1M 99.67M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $106.9M $91.60M
YoY Change 16.72% 22800.0%
Cash & Equivalents $29.82M $91.63M
Short-Term Investments $77.10M
Other Short-Term Assets $4.200M $4.400M
YoY Change -4.55%
Inventory
Prepaid Expenses
Receivables $116.7M $65.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $227.8M $161.9M
YoY Change 40.7% 293.92%
LONG-TERM ASSETS
Property, Plant & Equipment $3.583M $3.700M
YoY Change -3.16% 362.5%
Goodwill $11.88M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $556.0K $600.0K
YoY Change -7.33% 100.0%
Total Long-Term Assets $66.79M $18.20M
YoY Change 266.97% 10.98%
TOTAL ASSETS
Total Short-Term Assets $227.8M $161.9M
Total Long-Term Assets $66.79M $18.20M
Total Assets $294.6M $180.1M
YoY Change 63.57% 213.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $57.31M $39.40M
YoY Change 45.45% 107.37%
Accrued Expenses $43.70M $19.60M
YoY Change 122.96% 59.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $101.0M $59.10M
YoY Change 70.89% 36.49%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $876.0K
YoY Change
Total Long-Term Liabilities $876.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $101.0M $59.10M
Total Long-Term Liabilities $876.0K $0.00
Total Liabilities $110.0M $59.10M
YoY Change 86.07% 36.49%
SHAREHOLDERS EQUITY
Retained Earnings -$53.03M
YoY Change
Common Stock $238.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $184.6M $119.5M
YoY Change
Total Liabilities & Shareholders Equity $294.6M $180.1M
YoY Change 63.57% 213.22%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $15.17M $3.629M
YoY Change 317.91% 45.16%
Depreciation, Depletion And Amortization $422.0K $520.0K
YoY Change -18.85% 1.96%
Cash From Operating Activities $532.0K $12.14M
YoY Change -95.62% -296.76%
INVESTING ACTIVITIES
Capital Expenditures $369.0K $693.0K
YoY Change -46.75% -633.08%
Acquisitions
YoY Change
Other Investing Activities -$38.15M $0.00
YoY Change -100.0%
Cash From Investing Activities -$38.52M -$693.0K
YoY Change 5458.44% -966.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.497M -194.0K
YoY Change 1187.11% -103.06%
NET CHANGE
Cash From Operating Activities 532.0K 12.14M
Cash From Investing Activities -38.52M -693.0K
Cash From Financing Activities -2.497M -194.0K
Net Change In Cash -40.49M 11.25M
YoY Change -459.77% 4588.75%
FREE CASH FLOW
Cash From Operating Activities $532.0K $12.14M
Capital Expenditures $369.0K $693.0K
Free Cash Flow $163.0K $11.45M
YoY Change -98.58% -289.52%

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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2021Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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487000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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-40485000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
11252000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
91634000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
20000
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
68000
CY2020Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q1 us-gaap Number Of Operating Segments
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1
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q1 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:9.44pt 0pt 12pt 36pt;"><span style="font-style:italic;font-weight:bold;white-space:pre-wrap;">Use of Estimates </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 36pt;">The preparation of 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 revenue recognition including accrued receivables, accrued claims payable, allowance for doubtful accounts, stock-based compensation, 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.</p>
CY2021Q1 pgny Contract Term
ContractTerm
P3Y
CY2021Q1 pgny Contract Termination Notice Period High End Of Range
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P90D
CY2021Q1 pgny Accrued Receivables
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42000000.0
CY2020Q4 pgny Accrued Receivables
AccruedReceivables
28200000
CY2021Q1 pgny Accrued Claims Payable Current
AccruedClaimsPayableCurrent
31900000
CY2020Q4 pgny Accrued Claims Payable Current
AccruedClaimsPayableCurrent
22800000
CY2021Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
23200000
CY2020Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
16400000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
9900000
CY2021Q1 pgny Contract Term Clinics High End Of Range
ContractTermClinicsHighEndOfRange
P2Y
CY2021Q1 us-gaap Lease Practical Expedients Package
LeasePracticalExpedientsPackage
true
CY2021Q1 us-gaap Lease Practical Expedient Use Of Hindsight
LeasePracticalExpedientUseOfHindsight
true
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9500000
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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122133000
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
81024000
CY2021Q1 pgny Operating Lease Base Rent Per Annum Through Year Five
OperatingLeaseBaseRentPerAnnumThroughYearFive
1300000
CY2021Q1 pgny Operating Lease Base Rent Per Annum After Year Five
OperatingLeaseBaseRentPerAnnumAfterYearFive
1400000
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8456000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1231000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1231000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8096000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8318000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
321000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
820000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1286000
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y2M12D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y4M24D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0429
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0429
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
964000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1286000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1326000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1407000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4807000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11076000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1749000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
9327000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1231000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8096000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
100106497
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
99665158
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
12702210
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
15127620
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5034000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2049000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3400000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
15166000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
3629000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87404287
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84537538
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15166000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3629000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
15166000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
3629000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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87404287
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84537538
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
395669
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
372420

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