Progyny (PGNY) FY2023 results: revenue $1.1 billion, up 38.3% on the year

Progyny, Inc. (PGNY) reported revenue of $1.1 billion for fiscal 2023, the year ended 31 December 2023, up 38.3% on the year before. Net income was $62 million, up 104.4%, and diluted earnings per share $0.62. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$1.1 billion

+38.3% on the year

FY2017FY2023

Operating margin

5.7%

3.0% a year earlier

FY2017FY2023

Net income

$62 million

+104.4% on the year

FY2017FY2023

Diluted EPS

$0.62

+106.7% on the year

FY2017FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,089	787	501	+38.3%
Cost of revenue	850	620	388	+37.2%
Gross profit	239	167	112	+42.7%
Gross margin	21.9%	21.3%	22.4%
Operating income	62.2	23.3	32.3	+166.4%
Operating margin	5.7%	3.0%	6.5%
Pre-tax income	70.7	24.4	32.4	+189.2%
Income tax	8.7	-5.9	-33.3
Effective tax rate	12.2%	-24.2%	-102.8%
Net income	62.0	30.4	65.8	+104.4%
Net margin	5.7%	3.9%	13.1%
Diluted EPS	$0.62	$0.30	$0.66	+106.7%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	189	80.4	26.0	+134.9%
Capital expenditure	3.6	3.2	2.1	+12.4%
Free cash flow	185	77.2	23.9	+140.0%
Free cash flow margin	17.0%	9.8%	4.8%
Cash from investing	-201	-43.9	8.8
Cash from financing	-11.1	-7.9	-13.7
Depreciation and amortisation	2.3	1.6	1.3	+42.5%
Share-based compensation	123	101	33.7	+21.7%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	101m	100m	100m	+0.7%
Shares outstanding at period end	96m	93m	91m	+3.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	553	377	252	+46.8%
Debt	0.0	0.0	0.0
Operating lease liabilities	17.2	6.5	7.4	+166.0%
Other liabilities	186	160	98.8	+16.6%
Total liabilities and equity	757	543	358	+39.3%
Fixed assets	10.2	8.4	5.0	+22.0%
Goodwill	11.9	11.9	11.9	0.0%
Intangible assets	0.0	0.1	0.6
Investments	274	69.2	28.0	+295.5%
Cash and equivalents	97.3	120	91.4	-19.0%
Receivables	242	240	135	+0.8%
Other assets	122	93.3	86.6	+30.3%
Total assets	757	543	358	+39.3%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.