{
  "docId": "019dd923-622c-750b-8b99-4fdf89a4b224",
  "docSlug": "bcbeb3ac7b21",
  "documentTitle": "Progyny, Inc. (PGNY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-02-07 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 56,
  "pageCount": 100,
  "prevPage": 55,
  "nextPage": 57,
  "slideType": "peer_gap",
  "function": "expose_gap",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "Uses red flag iconography to signal competitive disadvantage.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-4fdf89a4b224/56",
  "deckHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224#slide-56",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.11,
        "y": 0.18
      },
      "kind": "callout",
      "text": "PGNY is generally considered a technology laggard compared to its fertility benefit manager peers, which either have strong digital DNA given their recent founding or have sought to partner with leading technology platforms.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a65af657-da28-4b45-802e-4e4707ea1891",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.5,
        "x": 0.45,
        "y": 0.88
      },
      "kind": "callout",
      "text": "Despite their smaller size, Maven, Carrot, and Kindbody have over 2x, 3x, and 4x the followers of PGNY on LinkedIn",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0d705e2-0d2f-4ead-8803-0dec50d02027",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.16,
        "x": 0.82,
        "y": 0.58
      },
      "kind": "callout",
      "text": "In contrast, the PGNY app only has \"1K+\" downloads on the Google Play Store",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd963020-228c-4c14-a4b7-e98fa663a71f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.4,
        "x": 0.03,
        "y": 0.58
      },
      "kind": "image",
      "text": "Maven app interface screenshots",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "191bb9c9-acf6-424b-ba36-a142b390a424",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.15,
        "x": 0.83,
        "y": 0.78
      },
      "kind": "image",
      "text": "Progyny Google Play Store listing",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "42930f11-e712-4f08-8daf-0f2953bd1881",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.45,
        "y": 0.58
      },
      "kind": "paragraph",
      "text": "Telehealth with doctors, nurses, and more to navigate fertility & pregnancy healthcare",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "84fc6548-c721-48f3-8781-48195d722624",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.5,
        "x": 0.45,
        "y": 0.35
      },
      "kind": "paragraph",
      "text": "WINFertility Adds Cleo's Family Support Programs to WIN Family Services, a Comprehensive and Personalized Inclusive Family-Planning Support Program for Employers",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0d37a14-afc2-4206-a83c-beba18e9f0cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "WINFertility Adds Cleo's Family Support Programs to WIN Family Services, a Comprehensive and Personalized Inclusive Family-Planning Support Program for Employers — PRWeb",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-86f0-e10a703e44ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Cleo, Carrot, Maven, LinkedIn, Google Play Store",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6653a44f-2d4e-4430-bf9b-f45aa6610a56",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.04
      },
      "kind": "title",
      "text": "We Find That PGNY Competitors Have Done More To Integrate Technology Into Their Offering",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d4ee19c1-5d34-4416-80cf-aa1b2ecbc060",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "7c9b3187-b590-4f9a-b68c-d94437c355fc",
      "evidence": "Direct comparison of PGNY against competitors across technology and engagement metrics.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 60,
      "from": 41,
      "beatId": "5b6f79c3-fa08-43d8-9381-f563badaa4cd",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Climax",
      "beatSlug": "mountain-climax",
      "evidence": "The document highlights significant concerns about PGNY's business model and competitive position.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 60,
      "from": 41,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "5bfedd73-ff97-471a-8921-89fcfab889c8",
      "evidence": "The document highlights significant downside risk to PGNY's stock price.",
      "position": 2,
      "objective": "What are the consequences of not addressing PGNY's issues?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.8,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}