Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________________________ FORM 10-Q ____________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commissi ...

Financial Data and Key Metrics Changes - Revenue in the second quarter was $279.4 million, reflecting a growth of 43% compared to the same period last year, primarily due to an increase in the number of clients and covered lives [24][44] - Adjusted EBITDA grew 44% to $47.5 million, with an adjusted EBITDA margin of 17%, slightly up from the previous year [12][13] - Net income was $15 million or $0.15 per diluted share, compared to $8.8 million or $0.09 per diluted share in the year-ago period [13] - Operating cash flow for the quarter was $76 million, a significant improvement from $19.2 million in the prior year [14][15] Business Line Data and Key Metrics Changes - Medical revenue increased by 36% to $173 million, while pharmacy revenue saw a 56% increase [27] - The number of clients with at least 1,000 lives grew to 384, covering an average of 5.3 million lives, up from 273 clients and 4.3 million lives a year ago, indicating a 25% growth in covered lives [3] Market Data and Key Metrics Changes - The company reported a 42% increase in ART cycles performed, totaling approximately 14,800 cycles in the second quarter [6] - The female utilization rate increased to 0.50% from 0.44% a year ago, reflecting a growing demand for fertility treatments [6] Company Strategy and Development Direction - The company aims to expand its market share by adding new clients and retaining existing ones, with a focus on enhancing services like Progyny Rx and expanding coverage options [18][37] - The company is also addressing the growing demand for menopause care, which has seen a significant increase in employer interest [20][21] Management's Comments on Operating Environment and Future Outlook - Management noted that while some clients announced workforce reductions, these were modest and offset by expansions in other client organizations [25] - The company expects continued strong demand for fertility and family-building solutions, with a favorable pipeline for new client acquisitions [40][41] - For the full year, the company raised its revenue guidance to between $1.075 billion and $1.09 billion, reflecting growth of 37% to 39% [29] Other Important Information - The company has renewed and extended pharmacy program partner agreements, improving cash flow and reducing working capital needs [15][16] - The company is focused on delivering value-based care, achieving superior clinical outcomes compared to national averages [46][56] Q&A Session Summary Question: What are the dynamics of the second quarter performance relative to typical seasonality? - Management indicated that the performance was consistent with expected seasonality, with some pull forward in utilization due to member activity [58][60] Question: How is the company managing cash flow and what are the plans for cash? - The company is pleased with its cash flow improvements and is looking for opportunities to deploy cash while earning favorable treasury rates in the interim [115] Question: Is there any pressure on case rates from clinic partners? - Management stated that there is no unusual pressure on case rates and that they have the flexibility to raise rates if necessary, although they have successfully kept unit costs flat [94][96] Question: What differentiates Progyny from competitors in the fertility space? - The company highlighted its unique model of directly contracting with providers, allowing for better data management and superior clinical outcomes compared to traditional PBMs [100][101]

WASHINGTON, D.C. 20549 ____________________________________________ FORM 10-Q ____________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission File Number: 001-39100 ____________________________________________ Progyny, Inc. (Exact name of registrant as specified in its charter) ________________________ ...

Progyny, Inc. (NASDAQ:PGNY) Q1 2023 Earnings Conference Call May 8, 2023 4:45 PM ET Company Participants James Hart - Investor Relations Pete Anevski - Chief Executive Officer Michael Sturmer - President Mark Livingston - Chief Financial Officer Conference Call Participants Anne Samuel - JPMorgan Scott Schoenhaus - KeyBanc Sarah James - Cantor Fitzgerald Eduardo Ron - Truist Securities Anna Kruszenski - SVB Securities Michael Weisberg - Crestwood Capital Operator Good day, ladies and gentlemen and welcome t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-39100 Progyny, Inc. (Exact name of registrant as specified in its charter) ...

Financial Data and Key Metrics Changes - In Q4 2022, revenue reached $214.3 million, reflecting a growth of 68% compared to the previous year, while full-year revenue grew 57% to $786.9 million [22][23] - Adjusted EBITDA for Q4 more than doubled to $33 million, yielding a margin of 15.4%, and for the full year, adjusted EBITDA increased 87% to $125.7 million, with a margin of 16% [33][34] - Operating cash flow in Q4 was $51.5 million, the highest quarterly figure ever, leading to a record $80.4 million for the full year [35][36] Business Line Data and Key Metrics Changes - Medical revenue increased 60% in Q4 to $143 million and grew 43% for the full year to $510 million, driven by a higher number of clients and covered lives [28] - Pharmacy revenue surged 86% in Q4 to $71.2 million and grew 91% for the full year to $277 million, with an increase in clients utilizing Progyny Rx [28] - A record 12,200 ART cycles were performed in Q4, a 60% increase from the same period in 2021, while full-year ART cycles grew nearly 50% [29] Market Data and Key Metrics Changes - The company ended Q4 with 288 clients, representing an average of 4.7 million covered lives, compared to 191 clients and 2.9 million covered lives a year ago, reflecting a 60% growth in lives [23] - The client base is diversified across more than 40 industries, with no single industry comprising more than 20% of the member base [27] - The company maintained a near 100% retention rate among existing clients for the seventh consecutive year, with over 25% of clients increasing their Progyny program for 2023 [9][10] Company Strategy and Development Direction - The company aims to capitalize on the increasing demand for family-building benefits, with a focus on expanding its services and market penetration [12][20] - Progyny was selected by the Children's Hospital Association as the exclusive preferred partner for fertility and family-building services, indicating strong market positioning [16][18] - The company plans to enhance services related to preconception, maternity, and male infertility, reflecting a commitment to comprehensive family-building solutions [42][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining momentum from the previous year into 2023, citing strong early activity in the selling season [20][40] - The macroeconomic environment, including inflation and potential recession, has not significantly impacted client decisions regarding fertility benefits [10][12] - The company anticipates revenue growth of 27% to 31% for 2023, projecting between $1 billion to $1.03 billion in revenue [37] Other Important Information - The company achieved a gross profit of $44.5 million in Q4, yielding a gross margin of 20.8%, and for the full year, gross profit increased 49% to $167 million [30][31] - The company has no debt and ended the year with approximately $274 million in working capital, including $189 million in cash and marketable securities [36] Q&A Session Summary Question: What are the expectations for early starts in the selling season? - Management indicated that guidance includes early wins but does not expect outsized impacts from these early starts compared to the previous year [62] Question: How is the company addressing provider retention and reimbursement rates? - Management reported no issues with provider retention and indicated that they expect to maintain flat to slightly down costs for clients, differentiating from industry trends [69][70] Question: What growth should be expected in the pharmacy benefit segment? - While specific growth rates for pharmacy and medical segments are not broken out, pharmacy growth is expected to be higher but will start to converge with medical growth rates [80]

Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________________________ FORM 10-Q ____________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Com ...

Progyny, Inc. (NASDAQ:PGNY) Q3 2022 Earnings Conference Call November 3, 2022 4:45 PM ET Company Participants James Hart - VP, IR Peter Anevski - CEO Mark Livingston - CFO Conference Call Participants Anne Samuel - JPMorgan Jailendra Singh - Truist Securities Scott Schoenhaus - KeyBanc Glen Santangelo - Jefferies Sarah James - Barclays Stephanie Davis - SVB Securities Deb Weerasuriya - Berenberg Operator Good afternoon, ladies and gentlemen, and welcome to the Progyny, Inc. Third Quarter 2022 Earnings Call. ...

Progyny, Inc. (NASDAQ:PGNY) Q2 2022 Earnings Conference Call August 4, 2022 4:45 PM ET Company Participants James Hart - Vice President of Investor Relations Peter Anevski - Chief Executive Officer Michael Sturmer - President Mark Livingston - Chief Financial Officer Conference Call Participants Anne Samuel - JPMorgan Sarah James - Barclays Stephanie Davis - SVB Securities Dev Weerasuriya – Berenberg Capital Markets Operator Good afternoon, ladies and gentlemen, and welcome to today's Progyny Inc. Second Qu ...

Financial Condition - As of June 30, 2022, the company had cash and cash equivalents of $54.7 million and marketable securities of $67.7 million[170] - A hypothetical 10% change in interest rates would not result in a material impact on the company's consolidated financial statements[171] - The company does not believe that inflation has had a material effect on its business, but significant inflationary pressures could adversely affect results of operations and financial condition[172] - A significant change in the level or mix of utilization of the company's solutions could adversely affect its financial condition and results of operations[17] - The loss of major clients or changes in pricing terms could negatively impact the company's financial condition and results of operations[17] Business Operations - The ongoing COVID-19 pandemic continues to have an adverse impact on the company's business and operations[17] - The company has a history of operating losses and may not sustain profitability in the future[17] - The company depends on its ability to retain existing clients and increase service adoption; failure to do so would harm its business[17] - The company's growth depends on the success of strategic relationships with third parties, including channel partners and vendors[17] Regulatory Environment - The company operates in a highly regulated industry and must comply with complex and evolving legal and regulatory requirements[23]