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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 specific client-level data and methodology for revenue impact estimation.",
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      "kind": "callout",
      "text": "We analyzed layoff announcements at 41 of PGNY's 282 clients (generally their largest) and extrapolated member reductions to the remaining client base, applying a 2.8% average headcount reduction. We also assess the impact if Cerner and VMWare drop PGNY after their sales close, as their acquirers are not PGNY clients.",
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      "text": "We note that there will be other important headwinds to member growth in 2023, including: (1) additional layoffs in 2023, (2) reduced hiring at existing clients, and (3) potential client losses to competitors.",
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      "text": "We note that there will be other important headwinds to member growth in 2023, including: (1) additional layoffs in 2023, (2) reduced hiring at existing clients, and (3) potential client losses to competitors.",
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      "text": "Potential Lost Revenue: $52M",
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      "text": "Source: Spruce Point Research (1) We adjust Amazon YE 2021 employees to equal the number of members using the PGNY benefit based on our previously discussed estimates. We assume that all announced layoffs at Amazon will come from the PGNY benefit population...",
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      "text": "Layoffs at Known PGNY Clients",
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      "text": "Illustrative Potential Revenue Impact of Layoffs",
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      "kind": "title",
      "text": "We Foresee Layoffs At Existing Clients Likely To Pressure Member Growth",
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