Introduction [Form 10-Q Filing Information](index=1&type=section&id=Form%2010-Q%20Filing%20Information) Progyny, Inc. filed its Form 10-Q for Q2 2025 as a Delaware corporation and large accelerated filer, with common stock trading on Nasdaq - Progyny, Inc. filed a **Quarterly Report on Form 10-Q** for the period ended **June 30, 2025**[2](index=2&type=chunk) - The company is incorporated in **Delaware** with its principal executive offices in New York, New York[2](index=2&type=chunk) Commission File Number, Trading Symbol, Exchange, Filer Status, and Common Stock Outstanding | Indicator | Value | | :--- | :--- | | Commission File Number | 001-39100 | | Trading Symbol | PGNY | | Exchange | The Nasdaq Global Select Market | | Filer Status | Large accelerated filer | | Common Stock Outstanding (as of July 31, 2025) | 85,982,409 shares | [Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) The report contains forward-looking statements subject to risks and uncertainties, which the company does not plan to update - The report contains **forward-looking statements** covered by safe harbor provisions, indicating future results of operations, financial position, business strategies, and market trends[8](index=8&type=chunk) - These statements involve **known and unknown risks**, uncertainties, and other important factors that may cause actual results to differ materially from expressed or implied achievements[8](index=8&type=chunk) - Investors are cautioned not to unduly rely on these statements, which speak only as of the report's date, and the company does not plan to publicly update or revise them[9](index=9&type=chunk)[11](index=11&type=chunk) [Summary of Risks Affecting Our Business](index=5&type=section&id=Summary%20of%20Risks%20Affecting%20Our%20Business) This section outlines principal risks making Progyny's common stock speculative, including competition, economic conditions, and regulatory compliance - Key risks include failure to meet guidance, intense market competition, unfavorable global economic conditions, and dependence on retaining existing clients and increasing service adoption[13](index=13&type=chunk) - The company faces risks related to client concentration (especially in the technology industry), changes in fertility solution utilization, and challenges with acquisitions or strategic investments[13](index=13&type=chunk) - Operational risks involve maintaining the Center of Excellence network, efficient pharmacy distribution, and managing IT systems against cybersecurity breaches, alongside compliance with evolving legal and regulatory requirements[13](index=13&type=chunk)[14](index=14&type=chunk) [General Information](index=6&type=section&id=General%20Information) This section clarifies terminology, confirms trademark ownership, and outlines channels for public disclosure of material information - References to 'Progyny,' 'the Company,' 'we,' 'our,' and 'us' refer to Progyny, Inc. and its wholly owned subsidiaries[16](index=16&type=chunk) - Progyny's registered and common law trade names, trademarks, and service marks are the property of Progyny, Inc[17](index=17&type=chunk) - Material information is disclosed through SEC filings, the investor relations website (investors.progyny.com), press releases, public conference calls, and webcasts[18](index=18&type=chunk) PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents Progyny's unaudited consolidated financial statements and notes for periods ended June 30, 2025 and 2024 [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Presents Progyny's unaudited consolidated balance sheets as of June 30, 2025, and December 31, 2024 Consolidated Balance Sheet Highlights (in thousands) | Item | June 30, 2025 | December 31, 2024 | Change (2025 vs 2024) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $132,506 | $162,314 | $(29,808) | | Marketable securities | $172,586 | $65,640 | $106,946 | | Accounts receivable, net | $271,853 | $235,324 | $36,529 | | Total current assets | $594,402 | $472,721 | $121,681 | | Total assets | $760,950 | $607,102 | $153,848 | | Accounts payable | $140,517 | $95,097 | $45,420 | | Total current liabilities | $220,423 | $168,627 | $51,796 | | Total liabilities | $245,928 | $185,040 | $60,888 | | Total stockholders' equity | $515,022 | $422,062 | $92,960 | [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) Details Progyny's unaudited consolidated statements of operations for periods ended June 30, 2025 and 2024 Consolidated Statements of Operations Highlights (in thousands) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | $332,874 | $304,087 | +9.5% | $656,912 | $582,165 | +12.8% | | Cost of services | $253,901 | $235,806 | +7.7% | $502,144 | $451,478 | +11.2% | | Gross profit | $78,973 | $68,281 | +15.7% | $154,768 | $130,687 | +18.4% | | Income from operations | $24,358 | $20,687 | +17.7% | $48,528 | $39,210 | +23.8% | | Net income | $17,112 | $16,485 | +3.8% | $32,171 | $33,383 | -3.7% | | Basic EPS | $0.20 | $0.18 | +11.1% | $0.38 | $0.35 | +8.6% | | Diluted EPS | $0.19 | $0.17 | +11.8% | $0.36 | $0.34 | +5.9% | [Consolidated Statements of Comprehensive Income](index=9&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Presents Progyny's unaudited consolidated statements of comprehensive income for periods ended June 30, 2025 and 2024 Consolidated Statements of Comprehensive Income Highlights (in thousands) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income | $17,112 | $16,485 | $32,171 | $33,383 | | Total other comprehensive income (loss), net of tax | $108 | $(725) | $179 | $(794) | | Total comprehensive income | $17,220 | $15,760 | $32,350 | $32,589 | [Consolidated Statements of Changes in Stockholders' Equity](index=10&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Details changes in Progyny's unaudited consolidated stockholders' equity for periods ended June 30, 2025 and 2024 Consolidated Statements of Changes in Stockholders' Equity Highlights (in thousands) | Item | Balance at Dec 31, 2024 | Issuance of employee equity awards, net | Stock-based compensation | Other comprehensive income, net of tax | Net income | Balance at June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Common Stock (Amount) | $9 | $0 | $0 | $0 | $0 | $9 | | Additional paid-in capital | $581,596 | $(5,475) | $66,085 | $0 | $0 | $642,206 | | Treasury stock | $(303,889) | $0 | $0 | $0 | $0 | $(303,889) | | Accumulated earnings | $144,307 | $0 | $0 | $0 | $32,171 | $176,478 | | Accumulated Other Comprehensive Income | $39 | $0 | $0 | $179 | $0 | $218 | | Total Stockholders' Equity | $422,062 | $(5,475) | $66,085 | $179 | $32,171 | $515,022 | - For the six months ended **June 30, 2024**, the company repurchased **6,316,705 shares** of common stock for **$187.9 million**[30](index=30&type=chunk) [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Presents Progyny's unaudited consolidated statements of cash flows for periods ended June 30, 2025 and 2024 Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $105,318 | $82,426 | | Net cash (used in) provided by investing activities | $(124,525) | $105,440 | | Net cash used in financing activities | $(5,617) | $(190,200) | | Net decrease in cash, cash equivalents, and restricted cash | $(24,772) | $(2,336) | | Cash, cash equivalents, and restricted cash, end of period | $137,542 | $94,960 | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Provides detailed explanations of Progyny's business, accounting policies, and specific financial items [1. Business and Basis of Presentation](index=12&type=section&id=1.%20Business%20and%20Basis%20of%20Presentation) Progyny, Inc. is a benefits management company specializing in fertility, family building, and women's health solutions - Progyny is a benefits management company focused on **fertility, family building, and women's health solutions**, operating as one segment[35](index=35&type=chunk) - The fertility benefits solution integrates proprietary '**Smart Cycles**' treatments, access to a network of high-quality fertility specialists, and comprehensive care management services[35](index=35&type=chunk) - Progyny Rx, launched in **2018**, is an add-on pharmacy benefits solution providing medication access, formulary design, and care management services through a network of specialty pharmacies[36](index=36&type=chunk) [2. Significant Accounting Policies](index=13&type=section&id=2.%20Significant%20Accounting%20Policies) Outlines Progyny's significant accounting policies, including revenue recognition, accrued receivables, and claims payable - Revenue is recognized when control of promised goods or services is transferred to clients, reflecting the expected consideration[41](index=41&type=chunk) - The company acts as the principal in its arrangements, presenting revenue gross of amounts paid to provider clinics and specialty pharmacies, as it controls the specified service before transfer to the client[50](index=50&type=chunk)[55](index=55&type=chunk) - Accrued receivables for fertility benefits services were **$61.0 million** as of **June 30, 2025**, up from **$45.6 million** at **December 31, 2024**[58](index=58&type=chunk) Allowance for Doubtful Accounts Activity (in thousands) | Period | Balance at Beginning of Period | Charged to Costs and Expenses | Write-offs | Balance at End of Period | | :--- | :--- | :--- | :--- | :--- | | Six Months Ended June 30, 2025 | $56,355 | $11,017 | $(12,920) | $54,452 | - Progyny adopted **ASU No. 2023-07 (Segment Reporting)** in **January 2024** with no material impact, and is evaluating **ASU 2023-09 (Income Taxes)** and **ASU 2024-03 (Expense Disaggregation)** for future periods[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) [3. Revenue](index=17&type=section&id=3.%20Revenue) Disaggregates Progyny's total revenue into fertility and pharmacy benefits services for periods ended June 30, 2025 and 2024 Disaggregated Revenue by Service (in thousands) | Service | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fertility benefits services revenue | $213,943 | $193,563 | +10.5% | $420,348 | $363,332 | +15.7% | | Pharmacy benefits services revenue | $118,931 | $110,524 | +7.6% | $236,564 | $218,833 | +8.1% | | Total revenue | $332,874 | $304,087 | +9.5% | $656,912 | $582,165 | +12.8% | [4. Fair Value of Financial Instruments](index=18&type=section&id=4.%20Fair%20Value%20of%20Financial%20Instruments) Details the fair value hierarchy of Progyny's financial instruments, primarily cash, cash equivalents, and marketable securities - All financial assets, including money market accounts and marketable securities (U.S. treasury bills), are classified as **Level 1** in the fair value hierarchy[72](index=72&type=chunk) Financial Assets at Fair Value (in thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Money market accounts | $135,800 | $167,700 | | Marketable securities | $172,600 | $65,600 | Interest Income (in thousands) | Period | 2025 | 2024 | | :--- | :--- | :--- | | Three Months Ended June 30 | $2,400 | $800 | | Six Months Ended June 30 | $4,700 | $1,400 | - The company did not maintain any assets or liabilities classified as **Level 2** or **Level 3** as of **June 30, 2025**, and **December 31, 2024**[73](index=73&type=chunk) [5. Leases](index=18&type=section&id=5.%20Leases) Provides details on Progyny's operating lease agreements for its corporate offices in New York, NY - Progyny commenced a lease for an additional **21,262 square foot** office in New York, NY in **March 2025**, recording a right-of-use asset of **$10.1 million** and a lease liability of **$10.0 million**[76](index=76&type=chunk) Operating Lease Information (in thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Right-of-use asset | $26,423 | $17,251 | | Short-term lease liabilities | $3,124 | $2,859 | | Long-term lease liabilities | $25,505 | $16,413 | | Weighted-average remaining lease term | 9.4 years | 8.9 years | | Weighted-average discount rate | 4.87% | 4.61% | Lease Expense (in thousands) | Period | 2025 | 2024 | | :--- | :--- | :--- | | Three Months Ended June 30 | $1,000 | $700 | | Six Months Ended June 30 | $1,800 | $1,300 | - Future minimum facility lease payments total **$36.193 million** as of **June 30, 2025**, with **$1.526 million** due in the remainder of **2025**[78](index=78&type=chunk) [6. Commitments and Contingencies](index=19&type=section&id=6.%20Commitments%20and%20Contingencies) Progyny accrues for loss contingencies when probable and estimable, with no material adverse legal claims identified - Progyny records accruals for loss contingencies when a liability is probable and estimable[80](index=80&type=chunk) - The company is not aware of any legal proceedings or claims that are expected to have a material adverse effect on its financial position or results of operations[81](index=81&type=chunk) [7. Stockholders' Equity](index=20&type=section&id=7.%20Stockholders'%20Equity) Details changes in stockholders' equity, including share repurchase programs and stock-based compensation - The **2024 Share Repurchase Programs**, totaling **$300 million** authorized, were completed as of **December 31, 2024**, with no remaining amounts available[82](index=82&type=chunk)[83](index=83&type=chunk) Stock-based Compensation Expense (in thousands) | Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Cost of services | $9,542 | $9,448 | $18,940 | $18,481 | | Sales and marketing | $8,184 | $7,911 | $16,059 | $15,414 | | General and administrative | $14,657 | $15,677 | $29,896 | $30,193 | | Total | $32,383 | $33,036 | $64,895 | $64,088 | Accumulated Other Comprehensive Income (in thousands) | Component | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Unrealized gains on marketable securities | $(49) | $2,024 | | Foreign currency translation adjustments | $267 | $1 | | Total | $218 | $2,025 | [8. Income Taxes](index=21&type=section&id=8.%20Income%20Taxes) Details the provision for income taxes, which increased due to higher operating profit and decreased tax benefits Provision for Income Taxes (in thousands) | Period | 2025 | 2024 | | :--- | :--- | :--- | | Six Months Ended June 30 | $21,443 | $14,199 | | Three Months Ended June 30 | $9,965 | $8,582 | - The increase in provision for income taxes for the six months ended **June 30, 2025**, was primarily due to higher operating profit and a decrease in tax benefits for equity compensation[87](index=87&type=chunk) - The company is evaluating the impact of the **One Big Beautiful Bill Act (OBBBA)**, signed on **July 4, 2025**, which includes changes to U.S. federal income tax law[89](index=89&type=chunk) [9. Acquisitions](index=22&type=section&id=9.%20Acquisitions) Outlines Progyny's recent acquisitions of Benefit Bump LLC and Apryl GmbH to enhance benefits and global offerings - On **January 8, 2025**, Progyny acquired **Benefit Bump LLC** for **$10.5 million** to enhance parental leave benefits[90](index=90&type=chunk) - On **June 17, 2024**, Progyny acquired **Apryl GmbH**, a Berlin-based fertility benefits platform, for **€5.1 million ($5.5 million)** to expand its global offering[91](index=91&type=chunk) - Both acquisitions were accounted for using the acquisition method and did not have a material impact on the company's consolidated financial statements[90](index=90&type=chunk)[91](index=91&type=chunk) [10. Net Income Per Share](index=22&type=section&id=10.%20Net%20Income%20Per%20Share) Provides reconciliation of net income and weighted-average shares for basic and diluted net income per share Net Income Per Share Reconciliation (in thousands, except share and per share amounts) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (Numerator) | $17,112 | $16,485 | $32,171 | $33,383 | | Basic weighted-average shares | 85,766,254 | 93,868,409 | 85,644,091 | 95,160,085 | | Basic net income per share | $0.20 | $0.18 | $0.38 | $0.35 | | Diluted weighted-average shares | 89,638,677 | 97,839,576 | 89,507,906 | 99,456,335 | | Diluted net income per share | $0.19 | $0.17 | $0.36 | $0.34 | - Potentially dilutive securities excluded from diluted EPS calculation due to being antidilutive totaled **16,959,812 shares** for the three months ended **June 30, 2025**, and **17,018,821 shares** for the six months ended **June 30, 2025**[94](index=94&type=chunk) [11. Segments](index=24&type=section&id=11.%20Segments) Confirms Progyny operates as a single segment, with revenues and assets primarily in the United States - Progyny operates as a **single operating segment** and one reportable segment, with substantially all revenues and assets in the United States[95](index=95&type=chunk) - The Chief Executive Officer manages the business and evaluates performance at the consolidated level, using net income to allocate resources[96](index=96&type=chunk) [12. Subsequent Events](index=24&type=section&id=12.%20Subsequent%20Events) Discloses a significant subsequent event: Progyny entered into a $200 million revolving credit facility on July 1, 2025 - On **July 1, 2025**, Progyny entered into a revolving credit facility for a maximum aggregate amount of **$200 million**, maturing on **July 1, 2030**[99](index=99&type=chunk) - Interest on borrowings accrues at a variable rate based on adjusted SOFR or the alternate base rate, plus an applicable margin[99](index=99&type=chunk) - As of the filing date, no amounts were drawn under the facility[101](index=101&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Progyny's financial condition and results of operations, discussing business overview, revenue model, key operational metrics, detailed financial comparisons for the three and six months ended June 30, 2025 and 2024, liquidity, and critical accounting estimates [Overview](index=25&type=section&id=Overview) Progyny is a leading U.S. benefits management company for fertility, family building, and women's health solutions - Progyny is a leading benefits management company for **fertility, family building, and women's health** in the United States[104](index=104&type=chunk) - The company serves over **540 clients** with at least **1,000 covered lives**, totaling approximately **6.8 million members**[104](index=104&type=chunk) Key Performance Indicators (as of Dec 31, 2024) | Metric | Value | | :--- | :--- | | Fertility benefits solution NPS | +79 | | Progyny Rx NPS | +84 | Clinical Outcomes for Progyny Members (12-month period ended Dec 31, 2023) | Outcome | Progyny In-Network Provider Clinic Averages for Progyny Members Only | | :--- | :--- | | Live birth rate per attempted retrieval | 46.7% | | Single embryo transfer rate | 96.6% | | Pregnancy rate per IVF transfer | 60.8% | | Miscarriage rate | 14.4% | | Live birth rate per transfer | 52.1% | | IVF multiples rate | 2.1% | [Revenue Model](index=26&type=section&id=Revenue%20Model) Progyny's revenue model is based on fertility benefits (Smart Cycles) and pharmacy benefits (Progyny Rx) solutions - The fertility benefits solution offers **20 different 'Smart Cycle' treatment bundles**, including medical services and access to a network of high-quality fertility specialists[109](index=109&type=chunk) - Progyny Rx, an add-on, provides access to fertility medications, formulary design, and care management services through specialty pharmacies[111](index=111&type=chunk) - Revenue includes a utilization-based component (bundled case rates for **Smart Cycles** and fixed fees per fertility drug) and a population-based component (**PEPM** fees for care management services)[114](index=114&type=chunk) - PEPM fees represented **1% of total revenue** for the six months ended **June 30, 2025** and **2024**[114](index=114&type=chunk) [Key Operational and Business Metrics](index=27&type=section&id=Key%20Operational%20and%20Business%20Metrics) Progyny evaluates business using client and member growth, and Assisted Reproductive Treatment (ART) utilization rates - Progyny's addressable market includes approximately **8,000 large self-insured employers**, Taft-Hartley labor populations, and federal government populations, representing about **106 million potential covered lives**[116](index=116&type=chunk) Client and Member Base | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of clients | 542 | 473 | | Number of members | 6,754,000 | 6,472,000 | Assisted Reproductive Treatment (ART) Cycles and Utilization Rates | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | ART Cycles | 16,938 | 15,562 | 33,098 | 30,364 | | Utilization - All Members | 0.55% | 0.55% | 0.82% | 0.84% | | Utilization - Female Only | 0.48% | 0.47% | 0.69% | 0.71% | | Average Members | 6,743,000 | 6,409,000 | 6,723,000 | 6,347,000 | [Components of Results of Operations](index=28&type=section&id=Components%20of%20Results%20of%20Operations) Details Progyny's financial results components: revenue streams, cost of services, operating expenses, and taxes - Revenue includes fertility benefits solution revenue, pharmacy benefits solution revenue, and **Per Employee Per Month (PEPM)** fees[121](index=121&type=chunk) - Cost of services comprises fees paid to provider clinics, labs, anesthesiologists, prescription drug costs, clinical services, and personnel-related costs for care management functions[127](index=127&type=chunk)[128](index=128&type=chunk) - Vendor rebates on certain medications are recognized as a reduction to cost of services when prescriptions are dispensed[129](index=129&type=chunk) - Operating expenses consist of sales and marketing (employee costs, consulting, advertising) and general and administrative (employee costs, consulting, facilities)[132](index=132&type=chunk)[133](index=133&type=chunk) - Interest and other income, net, primarily includes interest and investment income/losses, while provision for income taxes accounts for current and deferred taxes[134](index=134&type=chunk)[135](index=135&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Analyzes Progyny's financial performance for the three and six months ended June 30, 2025 and 2024 [Comparison of Three Months Ended June 30, 2025 and 2024](index=32&type=section&id=Comparison%20of%20Three%20Months%20Ended%20June%2030,%202025%20and%202024) For Q2 2025, Progyny's revenue rose 9% to $332.9 million, with gross profit up 16% and net income up 4% Financial Performance (Three Months Ended June 30, in thousands) | Metric | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $332,874 | $304,087 | 9% | | Cost of services | $253,901 | $235,806 | 8% | | Gross profit | $78,973 | $68,281 | 16% | | Gross margin | 23.7% | 22.5% | +120 bps | | Sales and marketing expense | $18,405 | $16,421 | 12% | | General and administrative expense | $36,210 | $31,173 | 16% | | Interest and other income, net | $2,719 | $4,380 | (38%) | | Provision for income taxes | $9,965 | $8,582 | 16% | | Net income | $17,112 | $16,485 | 4% | - Revenue growth was primarily due to a **$20.4 million (11%) increase** in fertility benefits solution revenue and an **$8.4 million (8%) increase** in Progyny Rx revenue, driven by more clients and covered lives[143](index=143&type=chunk) - The increase in cost of services was mainly due to higher medical treatment and pharmacy prescription costs, along with increased personnel-related costs[144](index=144&type=chunk) [Comparison of Six Months Ended June 30, 2025 and 2024](index=34&type=section&id=Comparison%20of%20Six%20Months%20Ended%20June%2030,%202025%20and%202024) For H1 2025, Progyny's revenue increased 13% to $656.9 million, gross profit grew 18%, but net income decreased 4% Financial Performance (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $656,912 | $582,165 | 13% | | Cost of services | $502,144 | $451,478 | 11% | | Gross profit | $154,768 | $130,687 | 18% | | Gross margin | 23.6% | 22.4% | +120 bps | | Sales and marketing expense | $36,191 | $31,875 | 14% | | General and administrative expense | $70,049 | $59,602 | 18% | | Interest and other income, net | $5,086 | $8,372 | (39%) | | Provision for income taxes | $21,443 | $14,199 | 51% | | Net income | $32,171 | $33,383 | (4%) | - Revenue growth was driven by a **$57.0 million (16%) increase** in fertility benefits solution revenue and a **$17.7 million (8%) increase** in Progyny Rx revenue, attributed to an expanded client base and covered lives[151](index=151&type=chunk) - The **51% increase** in provision for income taxes was due to higher operating profit and a decrease in tax benefits for equity compensation[159](index=159&type=chunk) [Non-GAAP Financial Measure – Adjusted EBITDA](index=31&type=section&id=Non-GAAP%20Financial%20Measure%20%E2%80%93%20Adjusted%20EBITDA) Defines Adjusted EBITDA as a non-GAAP measure used to assess operating performance, reconciled to net income - Adjusted EBITDA is a non-GAAP measure used to evaluate operating performance, excluding non-cash and non-operating items[139](index=139&type=chunk) Adjusted EBITDA Reconciliation (in thousands) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income | $17,112 | $16,485 | $32,171 | $33,383 | | Depreciation and amortization | $1,205 | $754 | $2,313 | $1,470 | | Stock-based compensation expense | $32,383 | $33,036 | $64,895 | $64,088 | | Interest and other income, net | $(2,719) | $(4,380) | $(5,086) | $(8,372) | | Provision for income taxes | $9,965 | $8,582 | $21,443 | $14,199 | | **Adjusted EBITDA** | **$57,946** | **$54,477** | **$115,736** | **$104,768** | - Adjusted EBITDA increased by **6%** for the three months and **10%** for the six months ended **June 30, 2025**, compared to the prior year periods[142](index=142&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) Progyny's liquidity is supported by cash, marketable securities, and a new $200 million revolving credit facility Liquidity Position (in thousands, as of June 30, 2025) | Item | Amount | | :--- | :--- | | Cash and cash equivalents | $132,506 | | Marketable securities | $172,586 | | Total cash and marketable securities | $305,092 | - On **July 1, 2025**, Progyny secured a **$200 million** revolving credit facility, which remains undrawn as of the filing date[160](index=160&type=chunk) - Management expects existing cash, marketable securities, operating cash flow, and the credit facility to be sufficient for working capital and capital expenditures for at least the next **12 months** and long-term contractual obligations[161](index=161&type=chunk) Summary of Cash Flows (Six Months Ended June 30, in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Cash provided by operating activities | $105,318 | $82,426 | | Cash (used in) provided by investing activities | $(124,525) | $105,440 | | Cash used in financing activities | $(5,617) | $(190,200) | | Net decrease in cash, cash equivalents, and restricted cash | $(24,772) | $(2,336) | - Net cash used in investing activities for the six months ended **June 30, 2025**, was **$124.5 million**, primarily due to net investments in marketable securities (**$107.1 million**) and business acquisitions (**$9.3 million**)[166](index=166&type=chunk) - Net cash used in financing activities for the six months ended **June 30, 2024**, was **$190.2 million**, largely due to **$183.7 million** in common stock repurchases[168](index=168&type=chunk) [Critical Accounting Estimates](index=38&type=section&id=Critical%20Accounting%20Estimates) Identifies critical accounting estimates: accrued receivables, claims payable, stock-based compensation, and income taxes - Critical accounting estimates include accrued receivables for revenue recognition, accrued claims payable, stock-based compensation expense, and accounting for income taxes[173](index=173&type=chunk) - These estimates involve significant management judgment and are based on historical experience and reasonable assumptions[172](index=172&type=chunk) - No material changes to critical accounting policies and estimates have occurred since the Annual Report on Form 10-K[174](index=174&type=chunk) [Recently Adopted Accounting Pronouncements](index=39&type=section&id=Recently%20Adopted%20Accounting%20Pronouncements) Refers to Note 2 for a full discussion of recently adopted accounting pronouncements - Refer to **Note 2 – Significant Accounting Policies** for details on recently adopted accounting pronouncements[175](index=175&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Discusses Progyny's market risks, primarily from interest rate fluctuations, with no material inflation effect - Progyny's primary market risk exposure is due to fluctuations in interest rates[176](index=176&type=chunk)[177](index=177&type=chunk) - As of **June 30, 2025**, the company held **$132.5 million** in cash and cash equivalents and **$172.6 million** in marketable securities[178](index=178&type=chunk) - A hypothetical **1% change** in interest rates is not expected to have a material impact on consolidated financial statements[178](index=178&type=chunk) - Inflation has not had a material effect on the business, financial condition, or results of operations to date[179](index=179&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls and procedures as of June 30, 2025, with no material changes - Disclosure controls and procedures are designed to provide reasonable assurance of achieving desired control objectives[180](index=180&type=chunk) - Management, with CEO and CFO participation, concluded that disclosure controls and procedures were effective at the reasonable assurance level as of **June 30, 2025**[181](index=181&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended **June 30, 2025**[182](index=182&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) Refers to Note 6 for legal proceedings, where no material adverse legal claims are identified - Information on legal proceedings is cross-referenced to **Note 6 – Commitments and Contingencies** in Part I, Item 1 of this report[185](index=185&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) Details various risks that could materially affect Progyny's business, financial condition, and operations [Risks Related to Our Business and Industry](index=42&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Industry) Outlines risks inherent to Progyny's business and industry, including competition, economic downturns, and client retention - Failure to meet publicly announced guidance or expectations could cause stock price decline[186](index=186&type=chunk) - The market is highly competitive, with alternative solutions from health insurance companies and venture-backed firms[187](index=187&type=chunk) - Unfavorable global economic conditions, including inflation and interest rate fluctuations, could limit business growth and negatively affect operations[191](index=191&type=chunk)[192](index=192&type=chunk) - Dependence on retaining existing clients and increasing adoption of services within the client base is crucial for business success[194](index=194&type=chunk) - Loss of large clients or changes in the technology industry (where many clients are concentrated) could negatively impact revenue[197](index=197&type=chunk)[198](index=198&type=chunk) - Acquisitions and strategic investments pose integration challenges and can divert management attention[202](index=202&type=chunk) - The company has a limited operating history with its current platform, making future results difficult to predict[203](index=203&type=chunk) - Cybersecurity breaches or IT system failures could lead to service disruptions or loss of confidential information[207](index=207&type=chunk)[208](index=208&type=chunk) - Failure to enforce intellectual property rights could impair the ability to protect proprietary technology and brand[232](index=232&type=chunk) - Changes in effective tax rate, state nexus assertions, or accounting principles could adversely affect financial results[238](index=238&type=chunk)[240](index=240&type=chunk)[241](index=241&type=chunk) [Risks Related to Our Relationships with Third Parties](index=54&type=section&id=Risks%20Related%20to%20Our%20Relationships%20with%20Third%20Parties) Highlights risks from reliance on external partners, including the Center of Excellence network and pharmacy distribution - The business depends on maintaining a selective **Center of Excellence network** of high-quality fertility specialists; failure to do so would limit growth[243](index=243&type=chunk) - Growth is partly dependent on successful strategic relationships with channel partners, vendors, and insurance carriers[247](index=247&type=chunk) - Disruptions to the pharmacy distribution network or supply chains could lead to delayed medication delivery and member dissatisfaction[249](index=249&type=chunk)[250](index=250&type=chunk) - Loss of key pharmacy program partners or a decline in vendor rebates could adversely affect business and results of operations[251](index=251&type=chunk) - Marketing efforts rely on maintaining relationships with benefits consultants and receiving positive references from existing clients and partners[252](index=252&type=chunk)[253](index=253&type=chunk) [Risks Related to Legal and Regulatory Requirements](index=57&type=section&id=Risks%20Related%20to%20Legal%20and%20Regulatory%20Requirements) Details extensive legal and regulatory risks in healthcare, including compliance, licensing, and data privacy - Operating in a highly regulated industry requires compliance with numerous evolving legal and regulatory requirements, which can impact business operations and client relationships[254](index=254&type=chunk)[255](index=255&type=chunk) - Changes in state and federal laws related to reproductive rights and fertility benefits, including the impact of **Dobbs v. Jackson Women's Health Organization**, could decrease demand or availability of services[219](index=219&type=chunk)[257](index=257&type=chunk) - Compliance with state licensing or registration requirements for **third-party administrators (TPAs)** and **pharmacy benefit managers (PBMs)** is critical; failure could result in penalties or loss of licenses[258](index=258&type=chunk)[259](index=259&type=chunk) - HIPAA privacy and security requirements, along with other federal and state data privacy laws (e.g., **CCPA**), impose strict rules on handling personal information, with potential for enforcement actions, fines, or litigation for non-compliance[261](index=261&type=chunk)[263](index=263&type=chunk) - PBM operations, including **Progyny Rx**, are subject to increasing scrutiny and regulation regarding pricing, transparency, and rebates, which could affect profitability and standardization of services[277](index=277&type=chunk)[280](index=280&type=chunk) - Maintaining proper and effective internal control over financial reporting is crucial; any material weaknesses could adversely affect investor confidence and stock value[281](index=281&type=chunk)[282](index=282&type=chunk) - Compliance with anti-corruption, anti-bribery, and anti-money laundering laws is necessary, with non-compliance potentially leading to criminal or civil liability[283](index=283&type=chunk)[284](index=284&type=chunk) [Risks Related to Ownership of Our Common Stock](index=63&type=section&id=Risks%20Related%20to%20Our%20Common%20Stock) Addresses risks pertinent to investors in Progyny's common stock, including volatility, dilution, and anti-takeover provisions - The market price of common stock may be highly volatile due to factors like financial results, industry reports, economic conditions, and cybersecurity breaches[287](index=287&type=chunk)[291](index=291&type=chunk) - An active trading market for common stock may not be sustained, impairing liquidity and the ability to raise capital[289](index=289&type=chunk) - Fluctuations in financial results, influenced by demand, pricing, client retention, and operating costs, make future projections difficult and could lead to stock price decline if expectations are not met[290](index=290&type=chunk)[293](index=293&type=chunk) - Future sales of common stock, including for equity awards or acquisitions, will result in dilution to existing stockholders[295](index=295&type=chunk) - The company does not intend to pay cash dividends for the foreseeable future, meaning returns depend on stock price appreciation[299](index=299&type=chunk) - Anti-takeover provisions in charter documents and Delaware law could make an acquisition more difficult and limit stockholders' ability to replace management[300](index=300&type=chunk)[301](index=301&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=66&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Reports on unregistered sales of equity securities and summarizes shares repurchased by the issuer - During the **second quarter of 2025**, shares were withheld through net settlements for vested restricted stock units[306](index=306&type=chunk) Shares Repurchased by the Issuer (in thousands, except per share amounts) | Period | Total Number of Shares Repurchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 1, 2025 through April 30, 2025 | 31,998 | $22.15 | | May 1, 2025 through May 31, 2025 | 27,116 | $22.52 | | June 1, 2025 through June 30, 2025 | 49,627 | $21.71 | | Total shares repurchased | 108,741 | N/A | - The repurchased shares include those withheld on net settlements of restricted stock units under equity incentive plans[308](index=308&type=chunk) [Item 3. Defaults Upon Senior Securities](index=70&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) States that there were no defaults upon senior securities - No defaults upon senior securities were reported[308](index=308&type=chunk) [Item 4. Mine Safety Disclosures](index=70&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Indicates that mine safety disclosures are not applicable to the company - Mine safety disclosures are not applicable to Progyny, Inc[309](index=309&type=chunk) [Item 5. Other Information](index=70&type=section&id=Item%205.%20Other%20Information) Discloses Rule 10b5-1 trading plans adopted by Allison Swartz and Cheryl Scott for common stock sales - Allison Swartz, General Counsel and Secretary, adopted a **Rule 10b5-1** trading plan on **May 13, 2025**, to sell up to **28,126 shares** of common stock[310](index=310&type=chunk) - Cheryl Scott, a director, adopted a **Rule 10b5-1** trading plan on **June 10, 2025**, to sell up to **6,689 shares** of common stock[311](index=311&type=chunk) [Item 6. Exhibits](index=71&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the Form 10-Q, including agreements, certifications, and XBRL documents - Exhibits include form of PSU award agreement, employment agreements, a **Credit Agreement dated July 1, 2025**, and certifications by the CEO and CFO[313](index=313&type=chunk) - Inline XBRL documents (Instance, Schema, Calculation, Definition, Label, Presentation Linkbase Documents) are also filed[313](index=313&type=chunk) [Signatures](index=72&type=section&id=Signatures) Contains official signatures of Progyny's CEO and CFO, certifying the report on August 8, 2025 - The report is signed by Peter Anevski, Chief Executive Officer, and Mark Livingston, Chief Financial Officer, on **August 8, 2025**[317](index=317&type=chunk)

Financial Data and Key Metrics Changes - Second quarter revenue grew 9.5% year-over-year to $332.9 million, primarily due to an increase in the number of clients and covered lives [20] - Adjusted EBITDA grew 6% to $58 million, with an adjusted EBITDA margin of 17.4%, a slight decline from the previous year [28] - Net income was $17.1 million, or $0.19 per diluted share, compared to $16.5 million, or $0.17 per diluted share in the prior year [28] Business Line Data and Key Metrics Changes - Fertility benefits revenue increased 11% year-over-year to $214 million, while pharmacy revenue increased 8% to $119 million [26] - Nearly 17,000 ART cycles were performed in the quarter, a 9% increase over the second quarter last year [26] - Female utilization was 0.48%, slightly above the second quarter of the previous year [25] Market Data and Key Metrics Changes - As of June 30, the company had 542 clients with at least 1,000 lives, representing an average of 6.74 million covered lives, compared to 463 clients and 6.41 million covered lives a year ago [21] - The company expects to approach 6.8 million covered lives following additional client launches [22] - The diversity of clients across various industries provides insulation from sector-specific activities [24] Company Strategy and Development Direction - The company aims to expand market share through new client acquisition, maintain high client retention, and attract partners to enhance distribution reach [6][7] - Recent acquisitions, such as Benefit Bump, have been integrated to enhance service offerings [12] - The company is focused on expanding its product portfolio and enhancing member experience through technology and partnerships [18] Management's Comments on Operating Environment and Future Outlook - Management noted healthy member engagement levels consistent with historical patterns and raised full-year guidance due to strong first-half results [5][34] - The company anticipates continued growth in ART cycles and has modestly increased full-year utilization assumptions [32] - Management expressed confidence in achieving revenue growth of 5.8% to 8.8% for the full year, excluding the impact of a large former client [34] Other Important Information - The company generated $55.5 million in operating cash flow in the second quarter, highlighting strong cash flow conversion [29] - The company has no debt and entered into a revolving credit facility for additional liquidity [30] - The integration of new services, such as pelvic floor therapy, is expected to enhance overall women's health offerings [15] Q&A Session Summary Question: Is the commentary around the selling season and early commitments on a gross basis? - Management confirmed it is on a gross basis, excluding the large client contribution from both years [36] Question: Are smaller clients signing up for multiple services while larger clients take longer to decide? - Management clarified that the sales year started slower but caught up in June and July, with large clients also closing deals [40][41] Question: Is there a difference in expected revenue based on the demographics of new clients? - Management indicated that the demographics yield a higher expected revenue based on the industries of new clients [60][71] Question: How is the growth of Progyny Rx compared to fertility benefits? - Management stated that growth in Progyny Rx is more about timing and expects it to be close to medical by the end of the year [44] Question: Can you provide insights on the mix of services and pricing? - Management noted that there was nothing significant to call out regarding the mix this quarter compared to prior periods [76] Question: Has the company ever had clients that left and then returned? - Management confirmed that there have been instances of clients returning, although no specific names were mentioned [81]

Company Overview - Progyny (PGNY) is expected to report a year-over-year increase in earnings, with a projected EPS of $0.44, reflecting a change of +2.3% [3] - Revenues are anticipated to reach $322.5 million, representing a 6.1% increase from the previous year [3] Earnings Expectations - The consensus EPS estimate has been revised down by 4.08% over the last 30 days, indicating a reassessment by analysts [4] - A positive Earnings ESP of +0.92% suggests that analysts have recently become more optimistic about Progyny's earnings prospects [12] Historical Performance - Progyny has consistently beaten consensus EPS estimates, achieving this in the last four quarters [14] - In the most recent quarter, Progyny exceeded expectations by delivering earnings of $0.48 per share against an expected $0.45, resulting in a surprise of +6.67% [13] Market Sentiment - The stock may experience upward movement if the upcoming earnings report exceeds expectations, while a miss could lead to a decline [2] - The combination of a positive Earnings ESP and a Zacks Rank of 3 indicates a likelihood of beating the consensus EPS estimate [12]

Core Insights - There is a significant disconnect between the women's health benefits that employees desire and what employers believe they are providing, with 81% of HR leaders committed to advancing women's health, yet only 52% of working women find their benefits affordable [1][2]. Employee Needs and Employer Offerings - A persistent trend shows women are changing jobs for better benefits, indicating they are vocal about their needs [2]. - While 83% of women value benefits for menopause coaching and treatment, only 12% feel their employer adequately provides these [3]. - Employers are falling short in delivering specialized care, clear benefits navigation, and personalization, especially during critical life stages like fertility, pregnancy, and menopause [2][5]. Importance of Comprehensive Solutions - Employers need a unified benefits solution that encompasses personalized care, education, connected services, and ongoing support to effectively address women's health needs [5][6]. - Nearly one in four women (24%) who wanted to use a benefit gave up due to complexity in understanding or accessing it [13]. - 83% of women and 88% of employers agree that centralized support would enhance the effectiveness of women's health benefits [13]. Strategic Implications for Employers - The research indicates that offering comprehensive support across the full women's health journey is essential for attracting and retaining talent, particularly younger employees [6][13]. - Employers are eager to expand women's health benefits but often lack direction on how to implement effective solutions [6].

Core Insights - Progyny, Inc. has announced a partnership with ŌURA to enhance women's health and family building solutions through personalized data and insights [1][4] - The collaboration aims to integrate wearable data from ŌURA into Progyny's care team decision-support process, promoting proactive health management from preconception to menopause [2][4] Company Overview - Progyny is recognized as a global leader in women's health and family building solutions, serving leading employers, health plans, and benefit purchasers [5][6] - The company focuses on comprehensive, inclusive, and intentionally designed solutions that benefit employers, patients, and physicians [5] Partnership Details - The partnership will allow Progyny clients, including employers and health plans, to access ŌURA's smart ring and membership starting in early 2026 [4] - The integration of ŌURA's health metrics will help women track key health indicators, optimize conception attempts, and manage health during menopause [3][4] Health Management Approach - The collaboration emphasizes the importance of daily awareness of health patterns as a foundation for reproductive health management [4] - By utilizing data from the Oura Ring, Progyny aims to facilitate smarter care, earlier interventions, and personalized health journeys for women [4]

Company Overview - Progyny (PGNY) shares increased by 13.2% to $24.27 in the last trading session, with a higher-than-average trading volume, contrasting with a 2.4% loss over the past four weeks [1] - The company is a provider of fertility and family building benefits [2] Financial Performance Expectations - Progyny anticipates its Q2 2025 financial results (revenues, adjusted net income, and adjusted EBITDA) to exceed the guidance provided during the Q1 earnings call [2] - The expected quarterly earnings per share (EPS) is $0.42, reflecting a year-over-year decline of 2.3%, while revenues are projected to be $314.93 million, an increase of 3.6% from the previous year [3] Earnings Estimate Trends - The consensus EPS estimate for Progyny has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [4] Industry Context - Progyny is part of the Zacks Medical Services industry, which includes other companies like Enhabit (EHAB), which experienced a 0.3% decline in the last trading session and has returned -32.1% over the past month [4] - Enhabit has a consensus EPS estimate of $0.1 for its upcoming report, representing a 42.9% increase from the previous year, and also holds a Zacks Rank of 3 (Hold) [5]

[Credit Agreement Overview](index=1&type=section&id=Credit%20Agreement%20Overview) This section introduces the Credit Agreement, detailing the parties involved, the $200 million revolving credit facility, and its intended use for general corporate purposes [Parties and Facility](index=1&type=section&id=Parties%20and%20Facility) This Credit Agreement, dated July 1, 2025, is established for Progyny, Inc. as the Parent Borrower, outlining a $200 million revolving credit facility provided by a syndicate of lenders Credit Agreement Key Details | Role | Entity | | :--- | :--- | | **Parent Borrower** | Progyny, Inc. | | **Administrative & Collateral Agent** | JPMorgan Chase Bank, N.A. | | **Swingline Lender** | JPMorgan Chase Bank, N.A. | | **Sole Lead Arranger & Bookrunner** | JPMorgan Chase Bank, N.A. | | **Co-Syndication Agents** | Bank of America, N.A., Silicon Valley Bank, US Bank National Association, Wells Fargo Bank, National Association | | **Facility Type** | Revolving Credit Facility | | **Total Commitment** | $200,000,000 | - The proceeds of the revolving credit facility are designated for general corporate purposes as permitted under the agreement[13](index=13&type=chunk) [Definitions and Accounting Principles](index=6&type=section&id=ARTICLE%20I%20DEFINITIONS) This article defines key terms and establishes accounting principles, including financial calculations, interest rates, and the application of GAAP for financial reporting [Key Defined Terms](index=6&type=section&id=Section%201.01.%20Defined%20Terms) This section provides definitions for key terms used throughout the credit agreement, including financial calculations, interest rates, and trigger events Applicable Rate for Revolving Loans | Category | Total Leverage Ratio | Term SOFR Rate Spread | ABR Spread | | :--- | :--- | :--- | :--- | | 1 | ≤ 1.00 to 1.00 | 1.50% | 0.50% | | 2 | > 1.00 to 1.00 but < 2.00 to 1.00 | 1.75% | 0.75% | | 3 | > 2.00 to 1.00 | 2.00% | 1.00% | - The Applicable Rate for Revolving Loans is determined by the Total Leverage Ratio and adjusts quarterly[38](index=38&type=chunk)[39](index=39&type=chunk) - Until the first adjustment, the rate is set at **Category 1 levels**[38](index=38&type=chunk) - If financial statements are not delivered on time, the **highest rate (Category 3)** will apply[39](index=39&type=chunk) Deemed Consolidated Adjusted EBITDA (per quarter) | Fiscal Quarter Ended | Deemed EBITDA | | :--- | :--- | | June 30, 2024 | $54,477,000 | | September 30, 2024 | $46,478,000 | | December 31, 2024 | $47,514,000 | | March 31, 2025 | $57,790,000 | - A "Change of Control" is triggered if any person or group acquires **50% or more** of the Parent Borrower's voting and/or economic interest, or if an equivalent event occurs under other major indebtedness[85](index=85&type=chunk) [Accounting Terms and Calculations](index=71&type=section&id=Section%201.04.%20Accounting%20Terms%3B%20GAAP) This section establishes that all financial calculations will be based on U.S. GAAP, with provisions for pro forma adjustments and lease accounting elections - Financial ratios and tests for any period involving a Subject Transaction (e.g., acquisition, disposition) must be calculated on a **Pro Forma Basis**, as if the transaction occurred on the first day of the test period[398](index=398&type=chunk) - The Borrower can elect to continue accounting for leases as operating leases for covenant purposes, even if GAAP (per the ASU) requires them to be treated as finance leases on financial statements[400](index=400&type=chunk) - For determining compliance with financial conditions for acquisitions, investments, or restricted payments, the Borrower can choose to test compliance at the time of signing the definitive agreement or at the time of consummation[402](index=402&type=chunk) [Credit Facilities](index=79&type=section&id=ARTICLE%202%20THE%20CREDITS) This article details the various credit facilities available, including revolving loans, swingline loans, and letters of credit, along with their terms, fees, and interest calculations [Commitments](index=79&type=section&id=Section%202.01.%20Commitments) This section outlines the lenders' several, not joint, agreement to provide an Initial Revolving Credit Facility with a total commitment of $200 million until July 1, 2030 Initial Revolving Credit Facility | Feature | Detail | | :--- | :--- | | **Total Commitment** | $200,000,000 | | **Loan Types** | ABR Loans and/or Term SOFR Loans in Dollars | | **Maturity Date** | July 1, 2030 | [Swingline Loans](index=81&type=section&id=Section%202.04.%20Swingline%20Loans) The Swingline Lender agrees to provide Swingline Loans in Dollars up to an aggregate amount of $20 million for short-term needs, subject to the overall revolving credit limit - A Swingline Loan sub-facility of up to **$20,000,000** is available to the Parent Borrower[439](index=439&type=chunk) - Each Swingline Loan must be a minimum of **$100,000**, unless a lesser amount is agreed upon by the Swingline Lender[439](index=439&type=chunk) [Letters of Credit](index=82&type=section&id=Section%202.05.%20Letters%20of%20Credit) This section permits the issuance of Letters of Credit (LCs) for the Borrower's account up to a sublimit of $30 million, subject to specific conditions and collateral requirements - A Letter of Credit sublimit is established at **$30,000,000**, with specific Issuing Banks and their individual commitments listed on Schedule 1.01(a)(ii)[244](index=244&type=chunk)[444](index=444&type=chunk) - If an Event of Default occurs and loans are accelerated, the Borrower must deposit cash collateral equal to **103%** of the LC Exposure into a designated LC Collateral Account[458](index=458&type=chunk) [Prepayment of Loans](index=91&type=section&id=Section%202.11.%20Prepayment%20of%20Loans) The Borrower has the right to optionally prepay Revolving Loans or Swingline Loans without penalty, but mandatory prepayments are required if Revolving Credit Exposure exceeds commitments - The Borrower may optionally prepay Revolving Loans and Swingline Loans in whole or in part without premium or penalty[481](index=481&type=chunk) - A mandatory prepayment is triggered if the Revolving Credit Exposure of any Class exceeds the commitment for that Class, requiring the Borrower to cure the excess within **five business days** by prepaying loans or cash collateralizing the excess LC Exposure at **103%**[484](index=484&type=chunk) [Fees](index=92&type=section&id=Section%202.12.%20Fees) The agreement stipulates several fees payable by the Parent Borrower, including a Commitment Fee on unused revolving credit, LC participation fees, and fronting fees Key Fees | Fee Type | Rate | Basis | | :--- | :--- | :--- | | **Commitment Fee** | 0.25% per annum | Daily unused amount of the Revolving Credit Commitment. | | **LC Participation Fee** | Applicable Rate for Term SOFR Loans | Daily available balance of each Lender's LC Exposure. | | **LC Fronting Fee** | Up to 0.125% per annum (or as agreed) | Daily available balance of each Letter of Credit. | - All fees are payable quarterly in arrears, on the **15th day** after the end of March, June, September, and December[486](index=486&type=chunk)[488](index=488&type=chunk) [Interest](index=93&type=section&id=Section%202.13.%20Interest) This section details the interest calculation for loans, specifying rates for ABR and Term SOFR Borrowings, and a default interest rate for overdue amounts - Upon a payment Event of Default, overdue amounts will accrue interest at a default rate of **2.00%** plus the rate otherwise applicable to such loan or fee[492](index=492&type=chunk) - Interest is payable in arrears on each Interest Payment Date, which is generally the last day of each quarter for ABR Loans and the last day of the Interest Period for Term SOFR Loans[231](index=231&type=chunk)[493](index=493&type=chunk) [Incremental Credit Extensions](index=107&type=section&id=Section%202.22.%20Incremental%20Credit%20Extensions) The Borrower is permitted to increase existing facilities or add new facilities up to an Incremental Cap, determined by a fixed basket, voluntary prepayments, and pro forma leverage ratios - The Borrower can incur incremental debt up to the "Incremental Cap", which includes a "Shared Incremental Amount" defined as the greater of **$103,000,000** and **50% of Consolidated Adjusted EBITDA**[206](index=206&type=chunk)[347](index=347&type=chunk)[536](index=536&type=chunk) - The Incremental Cap also allows for an unlimited amount of new debt provided certain pro forma leverage ratios are met: **3.00:1.00** for the First Lien Leverage Ratio (for pari passu secured debt), **3.00:1.00** for the Secured Leverage Ratio (for junior secured debt), and **3.00:1.00** for the Total Leverage Ratio (for unsecured debt)[207](index=207&type=chunk) - Incremental Term Loans must not mature earlier than the Initial Revolving Credit Maturity Date, and their Weighted Average Life to Maturity must be no shorter than that of the Initial Revolving Facility[537](index=537&type=chunk) [Extensions of Loans and Commitments](index=112&type=section&id=Section%202.23.%20Extensions%20of%20Loans%20and%20Revolving%20Credit%20Commitments) The Borrower may offer to extend the maturity date and modify terms of loans and/or commitments to accepting Lenders, forming a new, separate class of extended commitments - The Borrower can make Extension Offers to Lenders of a specific class on a pro rata basis to extend the maturity date of their loans or commitments[550](index=550&type=chunk) - No Lender is obligated to accept an Extension Offer[550](index=550&type=chunk) - Extended loans or commitments will constitute a new class with potentially different terms (e.g., pricing, fees), but the maturity date cannot be earlier than the existing facility's maturity date[550](index=550&type=chunk)[551](index=551&type=chunk) [Representations and Warranties](index=114&type=section&id=ARTICLE%203%20REPRESENTATIONS%20AND%20WARRANTIES) This article outlines the fundamental assurances provided by the Loan Parties regarding their legal standing, financial condition, and compliance with laws [Summary of Representations and Warranties](index=114&type=section&id=Summary%20of%20Representations%20and%20Warranties) The Loan Parties provide a series of representations and warranties to the Lenders regarding their organization, authority, compliance, financial condition, and the validity of security interests - The Loan Parties represent that their execution of the Loan Documents does not violate their organizational documents, applicable laws, or material contracts in a way that would cause a Material Adverse Effect[561](index=561&type=chunk) - As of the Closing Date, the Loan Parties represent that, after giving effect to the Transactions, they are **solvent**, meaning their assets' fair value exceeds their debts, they are not left with unreasonably small capital, and they can pay their debts as they mature[580](index=580&type=chunk) - The Loan Parties represent that the Collateral Documents create legal, valid, and enforceable Liens on the Collateral, which become perfected upon satisfaction of the Perfection Requirements[582](index=582&type=chunk) - The Loan Parties affirm compliance with the USA PATRIOT Act, Sanctions, and Anti-Corruption Laws, and state that loan proceeds will not be used in violation of these laws[585](index=585&type=chunk)[586](index=586&type=chunk)[587](index=587&type=chunk) [Conditions to Credit Extensions](index=118&type=section&id=ARTICLE%204%20CONDITIONS) This article specifies the conditions that must be met for the initial closing and for all subsequent credit extensions, ensuring legal and financial compliance [Conditions to Closing](index=118&type=section&id=Section%204.01.%20Closing%20Date) The effectiveness of the credit agreement and initial lender obligations are contingent upon the satisfaction or waiver of several conditions on the Closing Date, including executed documents and legal opinions - Key closing deliverables include: executed Loan Documents (Credit Agreement, Collateral Documents, Loan Guaranty), legal opinions, a solvency certificate, secretary's certificates, and a Perfection Certificate[590](index=590&type=chunk)[591](index=591&type=chunk)[592](index=592&type=chunk)[593](index=593&type=chunk)[596](index=596&type=chunk) - The Borrower must provide all necessary documentation for "know your customer" (KYC) and anti-money laundering regulations, including the USA PATRIOT Act and a Beneficial Ownership Certification, at least **three business days** prior to closing[598](index=598&type=chunk) - Certain obligations, listed on Schedule 5.17, are not conditions to closing and must be completed within specified post-closing timeframes[602](index=602&type=chunk) [Conditions to Each Credit Extension](index=121&type=section&id=Section%204.02.%20Each%20Credit%20Extension) For each credit extension after the Closing Date, the Loan Parties' representations and warranties must be true and correct, and no Default or Event of Default must be continuing - Prior to each credit extension, the Borrower must submit the appropriate request (e.g., Borrowing Request)[603](index=603&type=chunk) - The following conditions must be met for each credit extension: - Representations and warranties must be true and correct in all material respects[604](index=604&type=chunk) - No Default or Event of Default shall have occurred and be continuing[605](index=605&type=chunk) [Affirmative Covenants](index=121&type=section&id=ARTICLE%205%20AFFIRMATIVE%20COVENANTS) This article details the ongoing obligations of the Loan Parties, including financial reporting, proper use of loan proceeds, and requirements for guarantees and security [Financial Reporting](index=122&type=section&id=Section%205.01.%20Financial%20Statements%20and%20Other%20Reports) The Parent Borrower is required to provide regular financial statements and other reports to the Administrative Agent, along with prompt notice of any Default or Material Adverse Effect Financial Reporting Deadlines | Report | Deadline | | :--- | :--- | | **Quarterly Financials (Unaudited)** | Within 60 days after end of each Fiscal Quarter (except Q4) | | **Annual Financials (Audited)** | Within 90 days after end of each Fiscal Year | | **Compliance Certificate** | Within 5 Business Days after delivery of financial statements | - The Parent Borrower must promptly notify the Administrative Agent upon a Responsible Officer obtaining knowledge of any Default, Event of Default, or Material Adverse Effect[609](index=609&type=chunk) [Use of Proceeds](index=128&type=section&id=Section%205.11.%20Use%20of%20Proceeds) The proceeds from the Revolving Loans and Swingline Loans are to be used for working capital and general corporate purposes, including capital expenditures, acquisitions, and investments - Loan proceeds can be used for a broad range of purposes, including: - Working capital needs - General corporate purposes - Capital expenditures - Acquisitions and other Investments - Restricted Payments and Restricted Debt Payments[630](index=630&type=chunk) [Guarantees and Security](index=128&type=section&id=Section%205.12.%20Covenant%20to%20Guarantee%20Loan%20Document%20Obligations%20and%20Give%20Security) This section requires newly formed or acquired U.S. Restricted Subsidiaries to become Loan Parties by providing guarantees and security interests, subject to certain exceptions and limitations - Upon the formation or acquisition of a new U.S. Restricted Subsidiary (that is not an Excluded Subsidiary), the Borrower must cause it to become a Guarantor and provide collateral[631](index=631&type=chunk) - The timeline for a new subsidiary to comply is tied to the next quarterly or annual financial statement delivery date[631](index=631&type=chunk) - The agreement contains numerous limitations on collateral requirements, excluding assets where the cost or burden of obtaining a perfected lien is excessive in relation to the benefit, and excludes assets like motor vehicles and certain contract rights[633](index=633&type=chunk)[634](index=634&type=chunk)[635](index=635&type=chunk) [Negative Covenants](index=131&type=section&id=ARTICLE%206%20NEGATIVE%20COVENANTS) This article imposes restrictions on the Loan Parties regarding indebtedness, liens, restricted payments, and mandates compliance with specific financial ratios [Indebtedness](index=131&type=section&id=Section%206.01.%20Indebtedness) The Borrower and its Restricted Subsidiaries are prohibited from incurring new indebtedness, subject to specific exceptions including intercompany debt, acquisition debt, and general-purpose baskets - Indebtedness of Restricted Subsidiaries that are not Loan Parties is capped at the greater of **$51,500,000** and **25% of Consolidated Adjusted EBITDA**[643](index=643&type=chunk) - A general purpose debt basket allows for Indebtedness up to the greater of **$82,400,000** and **40% of Consolidated Adjusted EBITDA**[645](index=645&type=chunk) - The company can incur Incremental Equivalent Debt, provided that after giving effect to it, no Specified Event of Default exists and leverage ratios are met[646](index=646&type=chunk) [Liens](index=136&type=section&id=Section%206.02.%20Liens) The Borrower and its Restricted Subsidiaries are restricted from creating any liens on their property, except for permitted exceptions including those under Loan Documents, tax liens, and a general-purpose basket - Liens securing Incremental Equivalent Debt are permitted, provided they are subject to an Acceptable Intercreditor Agreement[653](index=653&type=chunk) - A general purpose lien basket allows for liens securing obligations in an aggregate amount not to exceed the greater of **$82,400,000** and **40% of Consolidated Adjusted EBITDA**[653](index=653&type=chunk) [Restricted Payments and Debt Payments](index=144&type=section&id=Section%206.04.%20Restricted%20Payments%3B%20Restricted%20Debt%20Payments) This section limits the ability of the Borrower and its Restricted Subsidiaries to make Restricted Payments and Restricted Debt Payments, with exceptions for available amounts and leverage ratio compliance - Restricted Payments are permitted using the Available Amount, provided the pro forma Total Leverage Ratio is no greater than **3.00:1.00** and no Event of Default exists[660](index=660&type=chunk) - A general basket permits additional Restricted Payments up to the greater of **$61,800,000** and **30% of Consolidated Adjusted EBITDA**, provided no Event of Default exists[661](index=661&type=chunk) - Unlimited Restricted Payments and Restricted Debt Payments are permitted if the pro forma Total Leverage Ratio does not exceed **2.75:1.00** and no Event of Default exists[661](index=661&type=chunk)[664](index=664&type=chunk) [Financial Covenants](index=161&type=section&id=Section%206.15.%20Financial%20Covenants) The Borrower must comply with two key financial covenants, Total Leverage Ratio and Interest Coverage Ratio, tested quarterly, with a provision for an equity-based Cure Right Financial Covenants (tested quarterly) | Covenant | Requirement | | :--- | :--- | | **Total Leverage Ratio** | ≤ 3.50 to 1.00 | | **Interest Coverage Ratio** | ≥ 3.00 to 1.00 | - The Borrower has a Cure Right, allowing it to issue equity to increase Consolidated Adjusted EBITDA for the purpose of meeting the financial covenants[697](index=697&type=chunk) - This right can be used a maximum of **five times** during the term of the agreement and no more than **twice** in any four-quarter period[697](index=697&type=chunk) - Once a Notice of Intent to Cure is given, Lenders cannot accelerate loans or terminate commitments based on the financial covenant breach for a period of **fifteen business days**, allowing time for the cure to be effected[697](index=697&type=chunk) [Events of Default](index=162&type=section&id=ARTICLE%208%20EVENTS%20OF%20DEFAULT) This article defines the circumstances that constitute a default, such as payment failures or covenant breaches, and outlines the remedies available to the Lenders [Events of Default and Remedies](index=162&type=section&id=Section%208.01.%20Events%20of%20Default) This article defines various events that constitute an "Event of Default," including payment failures, covenant breaches, cross-defaults, insolvency, and Change of Control, triggering potential acceleration of loans - Key Events of Default include: - Failure to pay principal, interest, or fees within the specified grace periods[700](index=700&type=chunk) - Breach of negative covenants (Article 6) or key affirmative covenants[701](index=701&type=chunk) - Cross-default on other indebtedness exceeding the Threshold Amount (greater of **$30,900,000** and **15% of Consolidated Adjusted EBITDA**)[370](index=370&type=chunk)[704](index=704&type=chunk) - Bankruptcy or insolvency events[704](index=704&type=chunk) - A Change of Control[704](index=704&type=chunk) - Upon most Events of Default, the Administrative Agent, at the request of the Required Lenders, can accelerate the loans[705](index=705&type=chunk) - In the case of bankruptcy, acceleration is automatic[705](index=705&type=chunk) - A breach of the financial covenants in Section 6.15 does not become an Event of Default until the **15-business-day** cure period has expired without the breach being cured[701](index=701&type=chunk) [The Agents](index=165&type=section&id=ARTICLE%209%20THE%20ADMINISTRATIVE%20AGENT%20AND%20THE%20COLLATERAL%20AGENT) This article defines the roles, responsibilities, and protections of the Administrative and Collateral Agents, including their authority and limitations [Roles, Rights, and Protections of the Agents](index=165&type=section&id=Roles%20and%20Protections%20of%20the%20Agents) This article appoints JPMorgan Chase Bank, N.A. as the Administrative and Collateral Agent, outlining its mechanical role, liability protections, and authority to release collateral or guarantees - The Administrative and Collateral Agents act on behalf of the Lenders and are not required to take any action unless instructed by the Required Lenders[707](index=707&type=chunk)[709](index=709&type=chunk)[710](index=710&type=chunk) - They are not fiduciaries to the Lenders or Loan Parties[710](index=710&type=chunk) - The Agents are exculpated from liability except for actions determined by a final court judgment to constitute their own bad faith, gross negligence, or willful misconduct[716](index=716&type=chunk) - The Agents are authorized to automatically release any lien on property that is sold or transferred in a permitted disposition to a person that is not a Loan Party, or if the property ceases to be Collateral[752](index=752&type=chunk) - A Subsidiary Guarantor is automatically released from its guarantee if it ceases to be a Restricted Subsidiary or becomes an Excluded Subsidiary through a permitted transaction[752](index=752&type=chunk) [Miscellaneous Provisions](index=178&type=section&id=ARTICLE%2010%20MISCELLANEOUS) This article covers general legal provisions, including amendment procedures, assignment rules, governing law, jurisdiction, and other standard contractual clauses [Waivers and Amendments](index=180&type=section&id=Section%2010.02.%20Waivers%3B%20Amendments) This section specifies the requirements for amending the Loan Documents, generally requiring consent from Required Lenders, but with specific provisions for affected Lenders or unanimous consent for fundamental changes - Most amendments require the written consent of the Required Lenders and the Parent Borrower[769](index=769&type=chunk) - Consent of each directly and adversely affected Lender is required for actions such as increasing their commitment, reducing their principal, or extending their final maturity date[769](index=769&type=chunk) - Consent of all Lenders is required to release all or substantially all of the collateral or the value of the guarantees[771](index=771&type=chunk) [Successors and Assigns](index=191&type=section&id=Section%2010.05.%20Successors%20and%20Assigns) This section governs the transfer of rights and obligations by Lenders, outlining conditions for assignment to Eligible Assignees and remedies for assignments to Disqualified Institutions - Lenders may assign their rights and obligations to an Eligible Assignee, subject to consent from the Parent Borrower and the Administrative Agent[789](index=789&type=chunk) - Borrower consent is not required during a Specified Event of Default[789](index=789&type=chunk) - Assignments to Disqualified Institutions are restricted[803](index=803&type=chunk) - If an assignment is made to a Disqualified Institution without the required consent, the Borrower can terminate the commitment and/or purchase the loans at the lesser of par or the price the Disqualified Institution paid[803](index=803&type=chunk)[804](index=804&type=chunk) - The Administrative Agent maintains a Register of all Lenders and their assigned interests, acting as the agent of the Borrower for this purpose[792](index=792&type=chunk) - An assignment is not effective until recorded in the Register[792](index=792&type=chunk) [Governing Law and Jurisdiction](index=199&type=section&id=Section%2010.10.%20Governing%20Law%3B%20Jurisdiction) The credit agreement and other Loan Documents are governed by New York law, with exclusive jurisdiction granted to U.S. Federal or New York State courts in Manhattan - The governing law for the Loan Documents is the law of the State of New York[817](index=817&type=chunk)[818](index=818&type=chunk) - Exclusive jurisdiction for any legal action is granted to the U.S. Federal or New York State courts in Manhattan, New York City[819](index=819&type=chunk) [Other Miscellaneous Provisions](index=199&type=section&id=Other%20Miscellaneous%20Provisions) This section contains various standard legal clauses, including a mutual waiver of jury trial, confidentiality obligations, a "Bail-In" clause, and an "Erroneous Payments" clause - All parties irrevocably waive their right to a trial by jury in any proceeding related to the Loan Documents[822](index=822&type=chunk) - The agreement includes an "Acknowledgement and Consent to Bail-In," where parties agree to be bound by the write-down and conversion powers of resolution authorities over any Affected Financial Institution[837](index=837&type=chunk) - A detailed "Erroneous Payments" section allows the Administrative Agent to demand the return of any funds mistakenly transmitted to a Lender or other recipient, with such recipient obligated to return the funds promptly with interest[843](index=843&type=chunk)[844](index=844&type=chunk)[845](index=845&type=chunk)

Core Viewpoint - Progyny, Inc. has enhanced its operational and financial flexibility by entering into a new revolving credit facility of up to $200 million, which is expected to support its growth and market leadership [1][2] Financial Performance - The company anticipates that its financial results for the second quarter ending June 30, 2025, will be slightly above the previously provided guidance ranges [4][5] - Member activity has progressed favorably, leading to expectations of improved revenue, adjusted net income, and adjusted EBITDA for the second quarter [5] Credit Facility Details - The revolving credit facility is undrawn and has no planned immediate use, allowing the company to maintain its capital priorities, which include stock repurchases, product portfolio expansion, and select acquisitions [3][1] - The facility matures on July 1, 2030, providing the company with significant time to utilize the credit as needed [1] Company Overview - Progyny is recognized as a global leader in women's health and family building solutions, serving leading employers and health plans [9][10] - The company has received multiple accolades for its leadership and growth, including being named a TIME100 Most Influential Company and a CNBC Disruptor 50 [11]

Core Insights - Progyny, Inc. is expanding its women's health offerings by adding pelvic floor therapy to its services, aiming to improve access and education for women suffering from pelvic floor disorders [1][3] - Approximately one in three women experience pelvic floor issues, with one in five requiring surgery, highlighting the prevalence and impact of these disorders on women's health [2][3] - The company is partnering with Origin and Hinge Health to provide both in-person and virtual pelvic floor therapy, enhancing the accessibility of specialized care [5][6] Summary by Sections Company Initiatives - Progyny is committed to addressing the silent suffering of women by providing expanded care access and educational resources related to pelvic floor disorders [1][3] - The addition of pelvic floor therapy is part of a broader strategy to enhance women's health services from preconception to menopause [1][4] Health Impact - Pelvic floor disorders can lead to significant quality of life issues, including reduced work performance and increased healthcare costs, with urinary incontinence alone costing the healthcare industry $20 billion annually [2][4] - Untreated pelvic health issues are linked to conditions such as endometriosis and infertility, emphasizing the need for timely intervention [2][4] Partnerships and Services - The collaboration with Origin allows Progyny members to access a wide range of pelvic floor physical therapy services, addressing both common and complex pelvic health needs [5][6] - Hinge Health provides digital care plans tailored to individual symptoms, promoting sustainable health habits and symptom relief [6][7] Company Vision and Recognition - Progyny envisions a world where everyone can achieve their family and health goals, supported by a comprehensive network of specialists and innovative solutions [8][9] - The company has received multiple accolades for its leadership and growth in the healthcare sector, including recognition as a TIME100 Most Influential Company and a CNBC Disruptor 50 [10]

Core Insights - Progyny, Inc. has announced a collaboration with Amazon's Health Benefits Connector to enhance access to comprehensive women's health services [1][3] - The partnership aims to simplify the process for eligible individuals to discover and enroll in Progyny benefits through their employers or health plans [1][3] Company Overview - Progyny is a global leader in women's health and family building solutions, serving over 530 employers and health plans in the U.S. and supporting more than 6.7 million lives [2][5] - The company's benefits cover the entire reproductive health continuum, including fertility, preconception, pregnancy, postpartum, menopause, and parenting support, while achieving superior outcomes and member satisfaction [2][5] Collaboration Details - The collaboration with Amazon is significant as Progyny becomes the first comprehensive women's health provider on Amazon's Health Benefits Connector, facilitating easier access to its services [3][4] - Amazon's Health Benefits Connector addresses the challenge of individuals not understanding their available health benefits, allowing customers to verify access to Progyny with just a few clicks [3][4] Strategic Vision - Both companies aim to create market-leading solutions that simplify access to high-quality, inclusive care, making it the industry standard [4] - Progyny's approach includes concierge support, coaching, education, and digital tools, along with access to a premier network of specialists, driving optimal clinical outcomes and reducing healthcare costs [6][5] Recognition and Growth - Progyny has received multiple accolades for its leadership and growth, including being named a TIME100 Most Influential Company and a CNBC Disruptor 50 [7]