Progyny (PGNY) FY2022 results: revenue $787 million, up 57.2% on the year

Progyny, Inc. (PGNY) reported revenue of $787 million for fiscal 2022, the year ended 31 December 2022, up 57.2% on the year before. Net income was $30 million, down 53.8%, and diluted earnings per share $0.30. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$787 million

+57.2% on the year

FY2017FY2022

Operating margin

3.0%

6.5% a year earlier

FY2017FY2022

Net income

$30 million

-53.8% on the year

FY2017FY2022

Diluted EPS

$0.30

-54.5% on the year

FY2017FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	787	501	345	+57.2%
Cost of revenue	620	388	275	+59.5%
Gross profit	167	112	70.1	+49.2%
Gross margin	21.3%	22.4%	20.3%
Operating income	23.3	32.3	8.3	-27.8%
Operating margin	3.0%	6.5%	2.4%
Pre-tax income	24.4	32.4	8.7	-24.6%
Income tax	-5.9	-33.3	-37.8
Effective tax rate	-24.2%	-102.8%	-435.3%
Net income	30.4	65.8	46.5	-53.8%
Net margin	3.9%	13.1%	13.5%
Diluted EPS	$0.30	$0.66	$0.47	-54.5%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	80.4	26.0	36.2	+208.8%
Capital expenditure	3.2	2.1	1.0	+52.2%
Free cash flow	77.2	23.9	35.2	+222.7%
Free cash flow margin	9.8%	4.8%	10.2%
Cash from investing	-43.9	8.8	-40.0
Cash from financing	-7.9	-13.7	-6.2
Depreciation and amortisation	1.6	1.3	1.9	+23.1%
Share-based compensation	101	33.7	12.8	+198.9%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	100m	100m	99m	-0.4%
Shares outstanding at period end	93m	91m	87m	+2.4%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	377	252	167	+49.7%
Debt	0.0	0.0	0.0
Operating lease liabilities	6.5	7.4	8.3	-12.6%
Other liabilities	160	98.8	78.7	+61.4%
Total liabilities and equity	543	358	254	+51.6%
Fixed assets	8.4	5.0	3.4	+66.5%
Goodwill	11.9	11.9	11.9	0.0%
Intangible assets	0.1	0.6	1.2	-83.5%
Investments	69.2	28.0	39.0	+147.2%
Cash and equivalents	120	91.4	70.3	+31.4%
Receivables	240	135	75.7	+78.4%
Other assets	93.3	86.6	52.5	+7.7%
Total assets	543	358	254	+51.6%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.