$PGNY

Progyny, Inc.

CIK:0001551306|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statements of Operations
Revenue	$ 350,511	$ 332,874	$ 679,015	$ 656,912
Cost of services	261,210	253,901	506,643	502,144
Gross profit	89,301	78,973	172,372	154,768
Operating expenses:
Sales and marketing	18,074	18,405	34,958	36,191
General and administrative	31,224	36,210	62,032	70,049
Total operating expenses	49,298	54,615	96,990	106,240
Income from operations	40,003	24,358	75,382	48,528
Interest and other income, net	1,134	2,719	2,638	5,086
Income before income taxes	41,137	27,077	78,020	53,614
Provision for income taxes	13,085	9,965	25,736	21,443
Net income	$ 28,052	$ 17,112	$ 52,284	$ 32,171
Net income per share:
Basic (in dollars per share)	$ 0.36	$ 0.20	$ 0.66	$ 0.38
Diluted (in dollars per share)	$ 0.34	$ 0.19	$ 0.63	$ 0.36
Weighted-average shares used in computing net income per share:
Basic (in shares)	78,165,235	85,766,254	79,528,569	85,644,091
Diluted (in shares)	82,141,428	89,638,677	83,476,446	89,507,906

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net income	$ 52,284	$ 32,171
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred tax expense	20	23
Non-cash interest expense	437	0
Depreciation and amortization	3,106	2,313
Loss on disposal of property and equipment	580	79
Stock-based compensation expense	40,199	64,895
Bad debt expense	10,176	11,017
Net accretion of discounts on marketable securities	566	27
Changes in operating assets and liabilities:
Accounts receivable, net	(47,388)	(47,166)
Prepaid expenses and other current assets	3,808	(7,946)
Accounts payable	27,843	45,207
Accrued expenses and other current liabilities	7,979	5,852
Other noncurrent assets and liabilities	(3,236)	(1,154)
Net cash provided by operating activities	96,374	105,318
INVESTING ACTIVITIES
Purchase of property and equipment, net	(12,566)	(8,112)
Purchase of marketable securities	0	(200,088)
Sale of marketable securities	112,712	93,015
Acquisition of business, net of cash acquired	0	(9,340)
Net cash provided by (used in) investing activities	100,146	(124,525)
FINANCING ACTIVITIES
Repurchase of common stock	(148,630)	0
Payment of excise tax from repurchase of common stock	(528)	0
Proceeds from exercise of stock options	31	18
Payment of employee taxes related to equity awards	(7,547)	(6,195)
Proceeds from contributions to employee stock purchase plan	666	560
Net cash used in financing activities	(156,008)	(5,617)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(102)	52
Net increase (decrease) in cash, cash equivalents, and restricted cash	40,410	(24,772)
Cash, cash equivalents, and restricted cash, beginning of period	114,193	162,314
Cash, cash equivalents, and restricted cash, end of period	154,603	137,542
Cash and cash equivalents	152,632	132,506
Restricted cash included within prepaid expenses and other current assets	1,046	0
Restricted cash included within other noncurrent assets	925	5,036
Total cash, cash equivalents, and restricted cash	154,603	137,542
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes, net of refunds received	18,981	24,342
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Additions of property and equipment, net included in accounts payable and accrued expenses	2,116	468
Repurchases of common stock recorded in accrued expenses and other current liabilities	1,501	0
Excise tax payable on common stock included in accrued expenses and other current liabilities	1,321	0
Payment of employee taxes related to equity awards included in accrued expenses and other current liabilities	$ 971	$ 22

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 152,632	$ 112,238
Marketable securities	84,293	197,858
Accounts receivable, net of $54,735 and $55,659 of allowances at June 30, 2026 and December 31, 2025, respectively	257,476	220,287
Prepaid expenses and other current assets	18,617	21,392
Total current assets	513,018	551,775
Property and equipment, net	41,992	29,927
Operating lease right-of-use assets	23,577	24,990
Goodwill	19,853	19,978
Intangible assets, net	5,748	6,216
Deferred tax assets, net	93,077	93,013
Other noncurrent assets	18,571	16,536
Total assets	715,836	742,435
Current liabilities:
Accounts payable	152,050	124,071
Accrued expenses and other current liabilities	88,034	78,320
Total current liabilities	240,084	202,391
Operating lease noncurrent liabilities	22,495	24,000
Total liabilities	262,579	226,391
Commitments and Contingencies (Note 7)
STOCKHOLDERS' EQUITY
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; at June 30, 2026 and December 31, 2025, respectively; 99,774,414 and 99,049,485 shares issued; 77,390,288 and 83,365,696 outstanding at June 30, 2026 and December 31, 2025, respectively	9	9
Additional paid-in capital	735,417	700,785
Treasury stock, at cost, $0.0001 par value; 23,000,106 and 16,299,769 shares at June 30, 2026 and December 31, 2025, respectively	(537,525)	(388,075)
Accumulated earnings	255,111	202,827
Accumulated other comprehensive income	245	498
Total stockholders’ equity	453,257	516,044
Total liabilities and stockholders’ equity	$ 715,836	$ 742,435