Progyny (PGNY) Q4 FY2023 earnings: revenue $270 million, up 26.0% on the year

Progyny, Inc. (PGNY) reported revenue of $270 million for Q4 FY2023, the quarter ended 31 December 2023, up 26.0% on the same quarter a year earlier. Net income was $13 million, up 295.2% on the year, and diluted earnings per share $0.13. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$270 millionup 26.0%

Net income$13 millionup 295.2%

Diluted EPS$0.13

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	270	281	n/a	n/a
Cost of revenue	213	218	n/a	n/a
Gross profit	56.9	62.6	n/a	n/a
Gross margin	21.1%	22.3%	n/a
Operating income	13.8	18.2	n/a	n/a
Operating margin	5.1%	6.5%	n/a
Pre-tax income	16.3	20.9	n/a	n/a
Income tax	2.8	5.0	n/a	n/a
Effective tax rate	17.2%	24.0%	n/a
Net income	13.5	15.9	n/a	n/a
Net margin	5.0%	5.7%	n/a
Diluted EPS	$0.13	$0.16	n/a	n/a

$ 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	37.7	54.2	n/a	n/a
Capital expenditure	0.7	1.0	n/a	n/a
Free cash flow	37.0	53.2	n/a	n/a
Free cash flow margin	13.7%	19.0%	n/a
Cash from investing	-93.4	-64.3	n/a	n/a
Cash from financing	-5.0	-2.4	n/a	n/a
Depreciation and amortisation	0.6	0.6	n/a	n/a
Share-based compensation	28.8	31.3	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Diluted shares, weighted	101m	101m	n/a	n/a
Shares outstanding at period end	96m	96m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	553	515	n/a	n/a
Debt	0.0	0.0	n/a	n/a
Operating lease liabilities	17.2	17.7	n/a	n/a
Other liabilities	186	193	n/a	n/a
Total liabilities and equity	757	727	n/a	n/a
Fixed assets	10.2	9.7	n/a	n/a
Goodwill	11.9	11.9	n/a	n/a
Intangible assets	0.0	0.0	n/a	n/a
Investments	274	177	n/a	n/a
Cash and equivalents	97.3	158	n/a	n/a
Receivables	242	269	n/a	n/a
Other assets	122	101	n/a	n/a
Total assets	757	727	n/a	n/a

Questions

What was Progyny's revenue in Q4 FY2023?

Progyny (PGNY) reported revenue of $270 million for Q4 FY2023, the quarter ended 31 December 2023, up 26.0% on the same quarter a year earlier.

How much did Progyny earn in Q4 FY2023?

Net income for Q4 FY2023 was $13 million, up 295.2% on the year, and diluted earnings per share $0.13.

When did Progyny report Q4 FY2023 results?

Progyny filed its 10-K for the quarter ended 31 December 2023 with the SEC on 29 February 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	281	270	278	304	287	298	324	333	313	318	329	351
Cost of revenue	218	213	216	236	227	235	248	254	241	242	245	261
Gross profit	62.6	56.9	62.4	68.3	59.2	63.4	75.8	79.0	72.8	76.9	83.1	89.3
Gross margin	22%	21%	22%	22%	21%	21%	23%	24%	23%	24%	25%	25%
R&D	n/a	n/a	n/a	n/a	n/a	n/a	1.5	2.3	2.6	3.1	2.8	3.3
Operating income	18.2	13.8	18.5	20.7	12.5	15.8	24.2	24.4	21.5	15.2	35.4	40.0
Operating margin	6%	5%	7%	7%	4%	5%	7%	7%	7%	5%	11%	11%
Pre-tax income	20.9	16.3	22.5	25.1	18.0	17.7	26.5	27.1	24.0	17.9	36.9	41.1
Tax rate	24%	17%	25%	34%	42%	40%	43%	37%	42%	30%	34%	32%
Net income	15.9	13.5	16.9	16.5	10.4	10.5	15.1	17.1	13.9	12.5	24.2	28.1
Net margin	6%	5%	6%	5%	4%	4%	5%	5%	4%	4%	7%	8%
Diluted EPS	$0.16	$0.13	$0.17	$0.17	$0.11	$0.12	$0.17	$0.19	$0.15	$0.14	$0.29	$0.34
Operating cash flow	54.2	37.7	25.7	56.7	44.5	52.2	49.8	55.5	50.7	54.2	45.9	50.4
Capital expenditure	1.0	0.7	0.8	0.9	1.8	1.9	2.8	5.3	4.7	5.6	6.3	6.2
Free cash flow	53.2	37.0	24.9	55.8	42.7	50.3	47.0	50.2	46.0	48.6	39.6	44.2
Buybacks	0.0	0.0	23.8	160	61.5	55.1	0.0	0.0	0.0	81.7	119	30.0
Shares outstanding	96m	96m	96m	91m	88m	85m	86m	86m	86m	83m	78m	77m
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 29 February 2024, accession 0001551306-24-000031: the filing on EDGAR. All of Progyny, Inc.'s filings: EDGAR company page.

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