{
  "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": 58,
  "pageCount": 100,
  "prevPage": 57,
  "nextPage": 59,
  "slideType": "competitive_analysis",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 35,
  "notes": "The slide uses a red flag callout to emphasize the risk posed by competitors.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-4fdf89a4b224/58",
  "deckHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224#slide-58",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.17
      },
      "kind": "callout",
      "text": "We believe investors should not discount PGNY's private company competitors, as they have material scale, comparable (if not superior) business momentum, and financial backing from leading investors (including a leading PGNY client in the case of Kindbody and Google).",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f8944614-793f-4dff-801e-9d768a704304",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.46,
        "x": 0.03,
        "y": 0.55
      },
      "kind": "list",
      "text": "Observations and Other Data Points regarding competitor growth and client counts.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e1e543a3-f712-41e5-bcaf-eab0505e0629",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.45,
        "x": 0.52,
        "y": 0.35
      },
      "kind": "list",
      "text": "Financial backing details for WINFertility, Kindbody, Carrot, and Maven.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f5616043-e66b-4732-bc5c-92b61271719c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Covered Lives: 7m",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-86f1-2964b6c79ae5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.94,
        "x": 0.03,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Spruce Point Research, Barclays Research, PGNY Q3 2022 earnings call, WINFertility website, fiercehealthcare, Tegus interview with Kindbody SVP of Pharmacy, Carrot blog, Fiercehealthcare, Maven 2022 press release and 2021 press release, LinkedIn",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6a2de78f-84de-402c-b23f-aff08518f3f7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.46,
        "x": 0.03,
        "y": 0.34
      },
      "kind": "table",
      "text": "Reported and Estimated Covered Lives by Provider (MM) and Market Share 2020-2022",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "137d6a7e-1940-43ba-a02c-ba74c067d0ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe Competitors Have Gained Significant Traction And Are Positioned For Further Gains",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "08caa8e9-0115-4fc8-a721-d76569a018d5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "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
}