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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 comparison table of fertility benefit cycles between tech/biotech and mature industry clients, plus a quote from a Tegus expert call.",
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      "text": "More mature industries on average are offering about a half cycle less of benefit to their employees than PGNY’s core technology customer base.",
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      "text": "Maximum Fertility Benefit Cycles",
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      "text": "More mature industries on average are offering about a half cycle less of benefit to their employees than PGNY's core technology customer base. Lower coverage reduces potential revenue per member at new clients and thus erodes new customer profitability.",
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      "text": "During our diligence, we were able to quantify the PGNY benefit at some of its larger clients. We note that many of the early technology and biotech clients that comprised a large portion of PGNY's client adds offered three or more Smart Cycles to their employees.",
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      "kind": "quote",
      "text": "So within our competitive set, which is like characterized as north of 50,000 employees and within the software and high-technology industry... the penetration of a carve-out fertility benefit is probably close to like 75%",
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      "text": "“So within our competitive set, which is like characterized as north of 50,000 employees and within the software and high-technology industry, something like Amazon, Google, Microsoft, Apple, Oracle, Salesforce, Twitter, these kind of players, the penetration of a carve-out fertility benefit is probably close to like 75%” — Benefits Lead at Technology Company, Tegus, 11/17/22",
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      "kind": "source-note",
      "text": "Sources: Spruce Point Research, Tegus",
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      "kind": "table",
      "text": "Technology and Biotech Clients vs Mature Industry Clients benefit cycles",
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      "kind": "title",
      "text": "As PGNY Has Expanded Its Client Base, It Has Added Non-Tech Clients That Are Generally Less Generous With Fertility Benefits",
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