{
  "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": 99,
  "pageCount": 100,
  "prevPage": 98,
  "nextPage": 100,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 200,
  "notes": "The table highlights the 'Spruce Point Adjusted' EBITDA margin for PGNY, which is significantly lower than the reported margin due to stock compensation adjustments.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-4fdf89a4b224/99",
  "deckHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224#slide-99",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.16
      },
      "kind": "callout",
      "text": "In our peer group below, we show Adjusted EBITDA metrics for FY 2023 and adjust for stock compensation so investors can evaluate multiples based on a fully loaded cost of compensation. We do not believe that PGNY deserves a multiple premium and rather deserves a discount given based on our findings detailed in this report.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "abb3fa79-9417-45e8-ad24-1e78bba7848c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We do not believe that PGNY deserves a multiple premium and rather deserves a discount given based on our findings detailed in this report.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-86f3-fd665b547b6c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Enterprise Value / EBITDA: 63.2x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-86f4-01a7d5a6ee4e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.02,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Sources: Bloomberg Estimates and Spruce Point Research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "142870a9-61ad-4182-8382-797a1f7774d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.96,
        "x": 0.02,
        "y": 0.29
      },
      "kind": "table",
      "text": "PGNY Comparable Company Analysis table including tickers, stock prices, EV, growth, margins, and valuation multiples.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4b27e80d-2dcc-4697-bef8-9139b1b52334",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.38,
        "x": 0.31,
        "y": 0.05
      },
      "kind": "title",
      "text": "Comparable Company Analysis",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "404222d9-dca4-4451-aa0c-57f86d8f3a86",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Slide recipe: the peer-gap chart",
      "slug": "peer-gap-chart-recipe",
      "agent": "designer",
      "layer": "slide",
      "matchId": "b87a3858-5672-4747-af8e-f4bf5e6a9e95",
      "evidence": "PGNY Comparable Company Analysis table including tickers, stock prices, EV, growth, margins, and valuation multiples.",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "8029f20f-fe62-4557-ac12-d4440b70ee07",
      "evidence": "The slide uses a peer group comparison table to justify a valuation discount.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 100,
      "from": 61,
      "beatId": "470ad4dd-317c-46c8-baea-551e7894c3b9",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Resolution",
      "beatSlug": "mountain-resolution",
      "evidence": "The document concludes with a detailed analysis of PGNY's valuation and downside risk.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 100,
      "from": 61,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "db636762-5e9e-4cb6-8376-e0923a5a5438",
      "evidence": "The document presents a detailed analysis of PGNY's valuation and downside risk.",
      "position": 3,
      "objective": "How do PGNY's issues impact its valuation?",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}