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  "documentTitle": "Progyny, Inc. (PGNY)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-02-07 00:00:00",
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      "text": "Flat member lives additions; Average size of clients decreased by 19%",
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      "text": "Management's is characterizing a flat selling season as a \"record\"",
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      "text": "member lives added: 1.2M",
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      "text": "PGNY's flat YoY member life additions are particularly alarming since clients made their 2022 selling season decisions in early to mid-2022 in a materially stronger macroeconomic environment.",
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      "text": "Management has disclosed that the annual addition of member lives... from new clients was 1.2M in the 2022 selling season... This is a leading indicator that PGNY's growth trajectory is slowing.",
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      "text": "2021 has been the most successful selling season in our history, producing a record number of new clients and members",
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      "text": "[in 2022, we] secured a record 105 new client commitments during the selling season representing an additional 1.2 million covered lives.",
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      "kind": "quote",
      "text": "\"2021 has been the most successful selling season in our history, producing a record number of new clients and members\" — David Schlanger, 3Q21 Transcript; \"[in 2022, we] secured a record 105 new client commitments during the selling season representing an additional 1.2 million covered lives.\" — Peter Anevski, 3Q22 Transcript; \"This year is, if you will [is] back to normal from an average client size perspective.\" — Peter Anevski, 3Q21 Transcript",
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      "text": "Number of Member Lives Added in Each Selling Season table",
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      "text": "Growth In Lives Added Has Rolled Over; PGNY Relied More Heavily On Smaller Clients",
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