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  "documentTitle": "Progyny, Inc. (PGNY)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-02-07 00:00:00",
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      "text": "Our range of estimates assumes that female utilization could decrease to 0.98% vs. the 1.02% female utilization we estimate for FY22. Each 0.01% of utilization decline equates to approximately $10M of revenues.",
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      "text": "Core revenue growth of $175M from 1.2M member additions",
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      "kind": "callout",
      "text": "Assumptions based on announced layoffs and likely client attrition from M&A",
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      "text": "FY23E Revenues: $889.7",
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      "text": "Our diligence suggests that a reset of revenue growth and EBITDA expectations will likely occur when PGNY issues FY23 guidance in late February 2023 on its next earnings call.",
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      "text": "Sources: Bloomberg and Spruce Point Estimates, November 2022 Press Release. (1) Core revenue growth calculation is shown on Slide 43 (2) Estimated impact from layoffs and client losses is shown on Slide 44 (3) Stock based compensation for FY22 was disclosed in PGNY's 8K filed on November 28.",
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      "text": "Spruce Point Estimates For PGNY 2023E Results table",
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      "text": "We See A Likelihood of Expectations Being Revised Lower For FY23 Guidance",
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