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  "docSlug": "bcbeb3ac7b21",
  "documentTitle": "Progyny, Inc. (PGNY)",
  "authorId": "54_Spruce_Point_Capital",
  "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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  "pageNumber": 35,
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  "notes": "Uses a red flag icon to signal a warning/contradiction.",
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      "kind": "callout",
      "text": "Looking at this analysis, we don't know if PGNY overstated the success of its selling seasons or understated the churn it was suffering?",
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      "text": "If PGNY has retained all its clients, shouldn't PGNY’s Q1 ending member count... equal more than those reported at year end? They don't.",
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      "text": "member churn",
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      "text": "Source: PGNY Q3 2022 earnings call, PGNY Q3 2021 earnings call, PGNY Q3 2020 earnings call, PGNY Q3 2019 earnings call, PGNY 10-Ks for 2019, 2020, and 2021 (1) Represents management commentary on members added during selling season",
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      "text": "Comparison of Selling Season Commentary and Subsequent Reported Member Counts",
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      "kind": "title",
      "text": "In Fact, Comparing Selling Season Commentary And Subsequent Reported Member Counts Suggests Member Churn",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The document presents various evidence to support its claims, including financial data and industry comparisons.",
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