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  "documentTitle": "Progyny, Inc. (PGNY)",
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  "authorName": "Spruce Point Capital Management",
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      "kind": "callout",
      "text": "In both its SEC filings and on earnings calls, PGNY often states that the Company has retained nearly all of its clients. However, former PGNY employees, and known examples of client losses such as Activision, conflict with this claim.",
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      "text": "PGNY's largest customer in 2018 accounted for 24% of revenue, meaning the Company would require over 30% revenue growth just to replace revenue from its hypothetical loss.",
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      "kind": "paragraph",
      "text": "6. We note your disclosure on page 98 that you have several customers that accounted for at least 10% of total revenue in 2018. Please furnish the information required by Item 101(c)(7)(vii) of Regulation S-K...",
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      "text": "PGNY Response to SEC Comment on PGNY IPO Prospectus",
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      "text": "Conflicting Commentary on Customer Churn",
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      "text": "\"We have retained substantially all of our clients since inception\" - Excerpt From PGNY 2021 10-K",
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      "text": "\"We have retained substantially all of our clients since inception\" — Excerpt From PGNY 2021 10-K; \"It would happen, but I can't say how often. Maybe 5% of the time. It was low, but people would switch.\" — Former Lead Fertility Patient Care Advocate at Progyny, Tegus, 10/13/22",
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      "kind": "source-note",
      "text": "Source: PGNY 2021 10-K, PGNY response to SEC comment letter dated 9/11/2019, Tegus",
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      "text": "Former Lead Fertility Patient Care Advocate at Progyny, Tegus, 10/13/22: Tegus Client: \"And how often did that happen that people switch providers?\" Former Lead Fertility Patient Care Advocate at Progyny: \"It would happen, but I can't say how often. Maybe 5% of the time.\"",
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      "text": "We Find Evidence That Suggests PGNY Has Historically Understated Client Churn",
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