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  "documentTitle": "Progyny, Inc. (PGNY)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-02-07 00:00:00",
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  "notes": "Includes a red flag callout and a speculative 'Hiring going to firing???' annotation on the member lives table.",
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      "kind": "callout",
      "text": "Absent the Covid-19 decline in 2Q20, PGNY's revenues from its top 2 customers peaked in 2Q22 and witnessed its first decline in 3Q22.",
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      "text": "Our work indicates that revenue contribution from PGNY's two largest clients, Google and Amazon, likely declined in 3Q22. This is the first sequential decline (absent a COVID-19 decline in 2Q20) for these two clients since PGNY went public.",
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      "text": "Google and Amazon Estimated Combined Revenues Since 4Q 2019",
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      "kind": "disclaimer",
      "text": "Sources: PGNY DRS, 3Q19 10-Q, FY19 10-K, 1Q20 10-Q, 2Q20 10-Q, 3Q20 10-Q, FY20 10-K, 1Q21 10-Q, 2Q21 10-Q, 3Q21 10-Q, FY21 10-K, 1Q22 10-Q, 2Q22 10-Q, 3Q22 10-Q",
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      "text": "Estimated Combined Revenues: $46.1",
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      "kind": "table",
      "text": "Google and Amazon – Estimated Member Lives With Fertility Benefit",
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      "kind": "title",
      "text": "PGNY's Largest Customers Likely Declined Sequentially For The First Time Ever Outside Covid-Impacted Q2 2020",
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