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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": "The slide uses a red flag icon to signal a warning about earnings quality.",
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      "kind": "callout",
      "text": "A widening gap between a company's presentation of Adjusted EBITDA and Spruce Point's Calculation of FCF is often a sign of current and future financial strain.",
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      "text": "FCF yield: 0.6%",
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      "kind": "source-note",
      "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": "PGNY's Adjusted EBITDA vs Spruce Point",
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      "text": "Spruce Point's Earnings Quality Analysis Shows A Widening Gap Between Adjusted EBITDA And FCF",
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