{
  "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": 57,
  "pageCount": 100,
  "prevPage": 56,
  "nextPage": 58,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses direct quotes from a Tegus interview to undermine the company's value proposition.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-4fdf89a4b224/57",
  "deckHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224#slide-57",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.11,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Activision Blizzard was one of PGNY’s earliest client wins, signing a contract in 2016. After five years, Activision switched to competitor Kindbody in January 2022. We believe the wide range of issues Activision encountered with PGNY highlights the risks to PGNY as more clients roll off their initial contracts.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8149016c-b49c-495b-acd1-65f293760b29",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe the wide range of issues Activision encountered with PGNY highlights the risks to PGNY as more clients roll off their initial contracts.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-86f1-1209d46e9aeb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"The reporting wasn't excellent. We did learn of cases where multiple embryos were implanted, that didn't make me very happy. I don't know that it resulted in neonatal ICU cost, but it was not exactly what I had been sold...I felt that Progyny's ability to report interesting, useful data was pretty lacking.\" — Vice President Global Benefits at Activision Blizzard",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-86f1-148161f2c5d2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.08,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Tegus",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7529f807-26c6-45ec-ae41-3db5896ef945",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.96,
        "x": 0.02,
        "y": 0.28
      },
      "kind": "table",
      "text": "Interview With Vice President Global Benefits at Activision Blizzard on March 23, 2022 From Tegus",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fbbb10f4-5de2-40a2-b716-06eb9e195ed5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "The Loss of Activision To Kindbody Presents A Compelling Case Study For The PGNY Pitch Vs. Reality",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82733867-547d-4656-9e65-7c0940cf3d70",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "e2377fc4-1fac-4db2-8190-ba504671339a",
      "evidence": "Uses customer testimony to contradict company claims",
      "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
}