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  "documentTitle": "Progyny, Inc. (PGNY)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-02-07 00:00:00",
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      "kind": "callout",
      "text": "Management has disclosed that new member additions from the 2022 selling season represent an additional 1.2M covered lives. Management also stated on its Q3 earnings call that it expected to start 2023 with 5.4M covered lives. Based on our calculations, we can deduce that 200,000 member lives have vanished. Did PGNY embellish the member additions in the 2022 selling season? We call on management to provide disclosure that aids investors to fully understand the contributors to annual changes in covered lives including churn and changes in covered lives at legacy clients.",
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      "text": "Did PGNY embellish the member additions in the 2022 selling season?",
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      "text": "Bridge calculation showing 4.6M + 1.2M - 0.2M = 5.6M vs 5.4M guidance",
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      "text": "covered lives: 200,000",
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      "kind": "quote",
      "text": "We continued that momentum and 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": "Weighted average covered lives increased by more than 200,000 [in 3Q22] driven by the launch of nine new clients at various points during the quarter. -- Mark Livingston, 3Q22 Transcript",
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      "kind": "quote",
      "text": "Expected average member count for the fourth quarter to 4.6 million. -- Mark Livingston, 3Q22 Transcript",
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      "kind": "quote",
      "text": "We expect to be managing fertility benefits for 5.4 million people and approximately 370 companies in 2023 -- Peter Anevski, 3Q22 Transcript",
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      "kind": "quote",
      "text": "\"Expected average member count for the fourth quarter to 4.6 million.\" -- Mark Livingston, 3Q22 Transcript; \"We continued that momentum and secured a record 105 new client commitments during the selling season representing an additional 1.2 million covered lives.\"; \"Weighted average covered lives increased by more than 200,000 [in 3Q22] driven by the launch of nine new clients at various points during the quarter.\" -- Mark Livingston, 3Q22 Transcript; \"We expect to be managing fertility benefits for 5.4 million people and approximately 370 companies in 2023\" -- Peter Anevski, 3Q22 Transcript",
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      "text": "2023 Estimated Covered Lives Bridge",
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      "kind": "title",
      "text": "Where did the 200,000 lives go?",
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      "text": "Furthermore, Management Commentary On Member Lives Does Not Add Up",
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