Progyny (PGNY) FY2021 results: revenue $501 million, up 45.2% on the year

Progyny, Inc. (PGNY) reported revenue of $501 million for fiscal 2021, the year ended 31 December 2021, up 45.2% on the year before. Net income was $66 million, up 41.6%, and diluted earnings per share $0.66. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$501 million

+45.2% on the year

FY2017FY2021

Operating margin

6.5%

2.4% a year earlier

FY2017FY2021

Net income

$66 million

+41.6% on the year

FY2017FY2021

Diluted EPS

$0.66

+40.4% on the year

FY2017FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	501	345	230	+45.2%
Cost of revenue	388	275	184	+41.4%
Gross profit	112	70.1	45.5	+60.1%
Gross margin	22.4%	20.3%	19.8%
Operating income	32.3	8.3	9.7	+287.4%
Operating margin	6.5%	2.4%	4.2%
Pre-tax income	32.4	8.7	-8.6	+273.7%
Income tax	-33.3	-37.8	0.0
Effective tax rate	-102.8%	-435.3%	n/a
Net income	65.8	46.5	-8.6	+41.6%
Net margin	13.1%	13.5%	-3.7%
Diluted EPS	$0.66	$0.47	-$0.41	+40.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	26.0	36.2	-1.5	-28.1%
Capital expenditure	2.1	1.0	3.0	+105.3%
Free cash flow	23.9	35.2	-4.5	-32.0%
Free cash flow margin	4.8%	10.2%	-2.0%
Cash from investing	8.8	-40.0	-2.8
Cash from financing	-13.7	-6.2	84.5
Depreciation and amortisation	1.3	1.9	2.1	-31.7%
Share-based compensation	33.7	12.8	5.1	+162.9%
Buybacks	n/a	n/a	0.2
Diluted shares, weighted	100m	99m	21m	+1.3%
Shares outstanding at period end	91m	87m	10m	+4.6%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	252	167	114	+50.8%
Redeemable equity	n/a	n/a	0.0
Debt	0.0	0.0	n/a
Operating lease liabilities	7.4	8.3	n/a	-10.8%
Other liabilities	98.8	78.7	36.2	+25.6%
Total liabilities and equity	358	254	150	+41.0%
Fixed assets	5.0	3.4	3.1	+47.9%
Goodwill	11.9	11.9	11.9	0.0%
Intangible assets	0.6	1.2	2.4	-50.6%
Investments	28.0	39.0	n/a	-28.2%
Cash and equivalents	91.4	70.3	80.4	+30.0%
Receivables	135	75.7	47.1	+77.8%
Other assets	86.6	52.5	5.7	+65.0%
Total assets	358	254	150	+41.0%

10-K for the year ended 31 December 2021, filed 1 March 2023: the filing.