6 July 2025 | 9:17AM HKT Asia Economics Analyst A Primer on China's Social Safety Net (Yang) Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) L.L.C. Lisheng Wang +852-3966-4004 | lisheng.wang@gs.com Goldman Sachs (Asia) L.L.C. Xinquan Chen +852-2978-2418 | xinquan.chen@gs.com Goldman Sachs (Asia) L.L.C. Yuting Yang +852-2978-7283 | yuting.y.yang@gs.com Goldman Sachs (Asia) L.L.C. c45a43530f604d12bcb9a82b5aa6b9f6 n ...

Financial Data and Key Metrics Changes - In 2024, the company achieved record revenue of $1,170,000,000 and nearly $200,000,000 in adjusted EBITDA, indicating strong financial performance [4][5] - The company reported the lowest number of absolute client losses since 2021, maintaining a commitment from over 99% of its clients for 2025 [5] Business Line Data and Key Metrics Changes - The company added 1,100,000 new covered lives in 2024, marking the fourth consecutive year of adding at least 1,000,000 lives [5] - The launch of new solutions in maternity, postpartum, and menopause saw adoption rates of 20% among existing clients and 40% among new clients, reaching over 1,500,000 lives [6][7] Market Data and Key Metrics Changes - The company expanded its member base to 6,700,000 in 2025, nearly five times its size compared to five years ago [5] - The company successfully competed for jumbo accounts, winning every opportunity that came to a decision in the past year [5] Company Strategy and Development Direction - The company is following a multiyear product roadmap to expand its platform and address gaps in women's health and family health [6] - In 2025, the focus will be on enhancing solutions with a comprehensive set of digital tools for a best-in-class experience [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for further success through channel partnerships and an expanded product portfolio [9] - The company plans to integrate recent acquisitions to fully realize their value and enhance user experience [9] Other Important Information - The company completed its first acquisitions that complement existing solutions and align with its long-term product roadmap [7] - The company is excited about launching LASIGNA as its first national health plan partner, adding to its ecosystem of large regional health plans [9] Q&A Session Summary - There were no questions from stockholders during the Q&A session, and the meeting was adjourned [21]

Financial Data and Key Metrics Changes - The company reported a revenue growth of 16.5% to $324 million in the first quarter, driven by an increase in the number of clients and covered lives compared to the previous year [17] - Adjusted EBITDA grew 15% to $58 million, with an adjusted EBITDA margin of 17.8%, slightly down from the previous year [24][25] - Net income was $15.1 million or $0.17 per diluted share, compared to $16.9 million or $0.17 per share in the prior year [25] Business Line Data and Key Metrics Changes - Fertility revenue increased by 22% to $206 million, while pharmacy revenue grew by 9% to $118 million [22] - ART cycles reached a record high of 16,160, reflecting a 9% growth year-over-year [21] Market Data and Key Metrics Changes - The CDC reported record low birth rates for women aged 25 and younger, while rates for women aged 30 to 44 increased, indicating a shift in family planning trends [8][9] - More than 51% of all births in the U.S. now come from women aged 30 or older, highlighting the increasing need for fertility and maternity services [10] Company Strategy and Development Direction - The company is focused on expanding its product portfolio and enhancing member experience, particularly in women's health and family building [6][11] - The company aims to deepen relationships with existing clients, with 20% to 25% of the base typically taking additional services [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current engagement levels and the pipeline for new clients, despite some macroeconomic uncertainties [12][13] - The company raised its full-year revenue guidance to between $1.185 billion and $1.235 billion, reflecting growth of 1.5% to 5.8% [29] Other Important Information - The company generated nearly $50 million in operating cash flow, nearly double the prior year period [25] - Total working capital as of March 31 was $331 million, with $256 million in cash and no debt [27] Q&A Session Summary Question: Inquiry about historical seasonality of cycles per utilizer - Management indicated that the guidance reflects uncertainty rather than a change in normal seasonality [32] Question: Drivers of gross margin expansion - Management noted that last year's revenue shortfall affected margins, and they expect gross margin expansion for the full year compared to 2024 [33][35] Question: Comments on the 2026 selling season and RFP processes - Management confirmed that they are not seeing a slowdown in RFP activities and are targeting to add at least 1 million new lives each year [40][43] Question: Impact of tariffs on costs - Management stated that existing tariffs have not significantly impacted costs, and they have flexibility in arrangements with clients to mitigate potential increases [54] Question: Pricing benefits in ART cycles - Management clarified that growth is primarily driven by engagement and consumption rather than pricing [69]

Financial Data and Key Metrics Changes - First quarter revenue grew 16.5% to $324 million, primarily due to an increase in the number of clients and covered lives compared to the previous year [15] - Adjusted EBITDA increased by 15% to $58 million, with an adjusted EBITDA margin of 17.8%, slightly down from the previous year [22][28] - Net income was $15.1 million or $0.17 per diluted share, compared to $16.9 million or $0.17 per share in the prior year [22] Business Line Data and Key Metrics Changes - Fertility revenue increased 22% to $206 million, while pharmacy revenue grew 9% to $118 million [20] - ART cycles reached a record high of 16,160, reflecting a 9% growth year-over-year [19] Market Data and Key Metrics Changes - The CDC reported record low birth rates for women aged 25 and younger, while rates for women aged 30 to 44 continue to rise, indicating a shift in family planning trends [6][7] - Over 51% of all births in the U.S. now come from women aged 30 or older, highlighting the increasing need for fertility and maternity solutions [8] Company Strategy and Development Direction - The company is focusing on expanding its product portfolio and enhancing member experience, particularly in women's health and family building [5][9] - New services in maternity, postpartum, and menopause are expected to contribute up to 10% of revenue by 2028, although significant contributions are not anticipated in the near term [13][14] Management's Comments on Operating Environment and Future Outlook - Management raised full-year guidance, projecting revenue between $1.185 billion and $1.235 billion, reflecting growth of 1.5% to 5.8% [27] - The company expects continued member engagement at historical levels, despite potential variability in activity and treatments [25] Other Important Information - The company generated nearly $50 million in operating cash flow in the first quarter, nearly double the prior year period [23] - Total working capital as of March 31 was $331 million, with $256 million in cash and no debt [24] Q&A Session Summary Question: Historical seasonality of cycles per utilizer - Management indicated that guidance reflects uncertainty rather than a change in normal seasonality [30] Question: Drivers of gross margin expansion - Management noted that last year's revenue shortfall affected margins, and while they expect gross margin expansion for the full year, investments may impact margins [31][33] Question: 2026 selling season and RFP process - Management confirmed that they are not seeing a slowdown in RFP activities and are targeting to add at least 1 million new lives each year [38][43] Question: Incremental adjusted EBITDA margin - Management explained that the lower margin is due to investments in platform and product expansion, which are expected to impact the P&L this year [44] Question: Interest in new modules - The menopause product is seeing higher engagement due to a larger addressable audience compared to maternity products [47] Question: Impact of tariffs on costs - Management stated that existing tariffs have not significantly impacted costs, and potential tariffs on pharmaceuticals are not expected to affect their operations [53] Question: Pricing benefits in ART cycles - Management clarified that growth is driven by engagement and activity rather than pricing [68]

Investment Rating - The report does not explicitly provide an investment rating for the industry discussed Core Insights - Ethiopia has increased paid maternity leave from 90 to 120 days and introduced three days of paid paternity leave in 2019, reflecting a significant reform in parental leave policies [1][16][24] - The report emphasizes the importance of job-protected leave for both parents, which is critical for health, economic, and social development outcomes [1][5] - Ethiopia's experience serves as a potential model for other countries aiming to enhance their parental leave policies [5][24] Summary by Sections Maternity and Paternity Leave Policies - In 2019, Ethiopia's Labor Proclamation No. 1156/2019 established 120 days of maternity leave and three days of paternity leave for private sector workers [16][24] - The average global maternity leave is only 14 weeks, with Sub-Saharan Africa having a lower percentage of countries with such policies [5][12] Socioeconomic Context - Ethiopia's rapid economic growth, with an average annual growth rate of 9.5% over the past 15 years, has influenced labor reform demands [18][19] - The political transition in Ethiopia created a conducive environment for comprehensive legal reform, including labor laws [23][24] Stakeholder Engagement - The reform process involved tripartite negotiations among the Confederation of Ethiopian Trade Unions, Ethiopian Employers' Federation, and the government, highlighting the role of social dialogue [25][26] - Trade unions played a crucial role in advocating for extended maternity leave and the introduction of paternity leave, emphasizing equal treatment for all workers [35][36] Implementation Challenges - The report identifies challenges in disseminating the new Labor Proclamation and ensuring compliance among employers [44][46] - There is a lack of data on the uptake of maternity and paternity leave, which complicates the assessment of the reform's effectiveness [46][48] Lessons Learned - Key lessons from Ethiopia's reform experience include the importance of stakeholder alignment, political transition, and the use of evidence to support policy changes [49][50] - The report suggests that adequate paid leave policies can enhance social welfare and economic performance, countering the notion that they impede foreign investment [49][50]

Progyny, Inc. (NASDAQ:PGNY) Q4 2024 Earnings Conference Call February 27, 2025 4:45 PM ET Company Participants James Hart - Investor Relations Pete Anevski - Chief Executive Officer Mark Livingston - Chief Financial Officer Michael Sturmer - President Conference Call Participants Anne Samuel - JPMorgan Michael Cherny - Leerink Partners John Pinney - Canaccord Genuity Scott Schoenhaus - KeyBanc Jailendra Singh - Truist Securities Allen Lutz - Bank of America Sarah James - Cantor Constantine Davides - Citizen ...