PGNY - Earnings call transcript Q1 2022

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Operator

Good afternoon, ladies and gentlemen, and welcome to the Progyny Inc.

First Quarter 2022 Earnings Conference Call. At this time, all participants have been on a listen-only mode and the floor will be opened for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, James Hart, Vice President of Investor Relations. James, the floor is yours.

James Hart

good and Paul you, afternoon everyone. Thank our to first quarter call. conference Welcome today With and CEO of Mark Peter Progyny; Anevski, CFO. me are Michael Livingston, Sturmer, President;

We we remarks your some will call questions. the for before begin with open prepared

including including laws of into These release investments, non-historical offered; our described and our strategy, the forward-looking we of and variants and reproductive in statements second today’s contains and on risks, industry that year performance, quarter limited markets statements and forward-looking remind of business outlook statements including objectives mix, services and including financial factors, conditions market important business, clients, to economic the Progyny’s new the XXXX, and uncertainties, the opportunities, related certain COVID-XX other not rights. future this to call impact industry and afternoon. and and was retain impact are other other about but long-term full our issued our member begin, our those growth, activity plans I’d for existing expansion our outlook, including, operations; including and acquire further expectation plans our restricting business for Before business, of assumptions, regulations, market subject and to rate regulations to our as opportunity, size that clients; to ability general you our expected laws growth; like and clients utilization statements, both expansion and of upsell the press

may financial results projections forward-looking trends on financial condition operations. about and and events expectations affect these current business, largely and statements based have our We that we believe of future our

in Descriptions expectations undertake to the could these to materially most reports to in Factors are that cause with of section these statements any including our call. risks from are occur current entitled that no believe statement and recent obligation after these filed other and factors we this we important in Although the our reflect results periodic changes SEC, Risk forward-looking differ XX-K. actual discussed revise reasonable,

we expenses financial adjusted call the comparable will now compensation. turn available operating margin, EBITDA, stock-based and excluding the investors.progyny.com. also During GAAP refer such measures at to with is gross would stock-based which the measures to I margin, adjusted compensation most in Reconciliations call press the are as also excluding Pete. like over EBITDA available non-GAAP to release,

Pete Anevski

joining us Thanks today. Jamie. for Thanks everyone

first see growth we year achieving a the We over XX% are the expansion the ago the period. XXXX, as to our margins pleased These behind COVID as of believe impact well we the that strong we to of as of report start returned to based quarter expect solid we has revenue on levels quarterly and what to this. had that member adjusted that variant the activity compared of of that the and year, record results EBITDA is our Omicron demonstrate specifically to see, typically continued more

booked, volumes, quarter. increase are their time the of address dynamic, year, for which year business of plan everything in will most monitoring health of represent more because X. at financial season, to number also inbound which quarter actively majority amount our us, our their to our step-up a who access our new now fertility have X.X the history any new the of to step volumes this on number we new than onboarded from had successfully to largest the record January substantial all encompasses strong we're for our a this across business prepare Coming contacts clinics we our the that in we start selling of a to clients, To that record sequential activity network. addition our the is In the In million year in appointments look of lives results patient first clients the each covered the begin that function for solution. of critical companies quarter, PCA's, our to level benefits heels

successfully We addition our the also and to at our while continued of to leading clients, continuing service accelerating industry managed scale existing our have of operations newest an clients demonstrating our members, all rate. to provide ability

world. the selling important and pipeline is this as the perspective Fertility in channels, only building and of responding XXXX by by industry has continued the traditional engaging the we actively in with through amongst and to the in and early report participating has all working are the Benefits logos inbound as our companies our we're Building successful engaging opportunities. team and the consultants that for as channel affirm direct far, caliber point brand we've so benefit season, best events the selling to the begun, most choice partners, including At activity the seen season to sales of Family RFP pleased Although by with, conferences, just and accounts, well momentum known

new a The we in are across positive, the of the of metrics throughout selling season, prior new adding addition accounts including growth activity Now’ with pipeline and who deals that these sales we're ‘Not all early better position to overall in to-date. consider deferred internal the be also measure Progyny have to may strong a all seen response Lastly, we reengaging pitching in companies year-over-year logo's, channel and to benefit. now given size our sales been closed that use pipeline the has momentum, added, seeing we’ve us

offer for also it's attract the are how to need versus from conversations believe to retain less allowing whether to their workers. positive add facility and fertility more they indication spend is with shift relevance and packages understanding the fertility Not experience member us benefit and covered other manager, to only are should not a set mature for discussions for or the of in demonstrating market overall, this about coverage their outcomes. building targeted and benefits to continue the the as to aware becoming our that ongoing the of best compared increasingly any we their and us to Progyny is order primarily the more lives selling new strength any instead solution differentiated of is and time shift a respect year. translating year benefit less into this coverage fertility We to family ourselves clinical absolute the our workforce goal benefits buyers alternatives. seeing and grow In the sales prior also the as particularly are of are clients to opportunities on with prospects We focused benefits number

early, point. seeing we're believe sales internal the thus very remains given the to at it this we're season track that strength our expectations Although on meet in we far,

in past, insight share As the the more we've you we to as with season progresses. expect done

and We be continue the will made end to summer as anticipate usual the that the of fall. client at of majority early decisions

helping metrics. have to our achieved in This across-the-board achieved clinical also uniquely pregnancies people faster, Another we've most but their marks important quarter latest and relevant to Progyny outcomes that get that was we data Progyny’s CDC in the outperform all the Society fertility once year continues that the the affirm the improvements infertility, to pregnant Reproductive This healthy data, and significantly industry that Technology again babies. healthier sixth reveals development outcomes during which the recent released leading not only consecutive deliver averages. for Assisted national

of a just the with the results data. Now key and few latest

To either Our better. pregnancy a average, which give is live rate XX% been improved how ago now you than XX% the while than average to carrier sense national XX% means of rate fund just that had rate better VC-backed year to this using birth the or a on for the one rounds live better had than impactful national of Progyny be is, startups. otherwise our would, treatment clients significantly birth program fewer average higher need they they a

indoor In latest is of also addition birth but and that the translates live an while has who remained do suggesting national savings, client data largely our higher rounds for making we unproductive focus sponsoring those an not out-of-pocket continued those have bearing improve pregnancy share. results to the rate and since lack have averages in to managers toll don't rates improvements, also revealing meaningful generally have our to also other employee they just the the improve benefit the achieved treatments, to year-after-year, birth emotional that cost ability the the only to rate multiple we of physical XXXX, and coverage, metrics continued into the while be shows The solution Progyny’s who cost so. flat, either for employee, the contrast seem to or having

embryo ever the single our multiple X.X%, which the our been. where ever it to been also highest XX%, improved to rates it's best improved birth has is rate Finally, transfer

costly high of pre-term driver and births both cause If for consequences births, you and which of a aware, aren’t the multiple pregnancies patients. have leading of are employers risk

Our our savings evidenced choosing associated superiority the low increasing superior our sales that the best experience strategic on early we're largely member this the all brands lower belief why intact. our as in and care pleased strongest market demonstrate in significant focus form Progyny. to momentum chronic the which The is leading season birth maternity our and with costs outcomes against unpenetrated ever as as growth reduction our well world's the that translate NICU seeing execute we're by very remains babies. key is we’ve work that conclude, also well macro scores cost, Progyny with ongoing creating outcomes, position. quarter, all its results our competitive in of weight are a MPS our as sustained with cost medical contributed as into to is to possible leading The opportunity a reason downstream, remain our our in To continued of That factors initiatives. of

the over turn walk now me you through to the call quarter. to Mark Let

Mark Livingston

quarter number year lives you increase quarter. primarily the the with full and the and begin which for everyone. we January, ago, high versus year guidance. expectations the more variant provide exceeding and Thank results first to of good the impact million, our you, to by covered discussed Revenue our you grew growth the first the of over prior year last The than quarter quarter end XX% $XXX.X Omicron activity second compared through which was in Pete, a as on afternoon in to year. clients and taking last offset member due an then of had I'll our

the saw the again at the XX% first not in among our increased had in and in clients Progyny $XX.X increase increase clients existing who our primarily XX% XX% number an due have today components upselling growth million. season, year only the pharmacy solution. quarter to while the also we clients, clients. the lives, reflects take The integrated Looking in $XXX.X the by increased the covered among selling to driven quarter Rx, growth last XX% to strong medical but recent was revenue of topline, over This revenue of pharmacy year clients revenue our ago most in newest of with continued rate the A due. million, success

pharmacy service, of today there have lives in covered fourth clients covered you covered we million the we this portion reflecting year, and the benefits their the Taking lives over who client While than at be since of remains growth with pleased a to launched the XXX million clients covered call. with expectations quarter. past opportunity during a last over shared our continue clients, with launched ended average quarter reflecting to X X.X covered of quarter year. progress This March on those into adoption in meaningful average compared to following we consistent the an an account more XXX lives clients XX% with base. X.X least the XX, X,XXX very upsell million we lives, the quarter We with XXX of representing future first lives

Turning to our utilization now metrics.

with our representing X,XXX you utilization remind which omicron performed, X.XX% to variant as quarter, drives was from term ago than year. first XX% both X.XX% as began, rate quarter of ranges we’ve reinforces in with excluding the cycles. which associated time total of I’ll procedures compared quarter the each brief is highest historical the two treatment rate our the to members interruptions the in the year and The results occur consults at remains utilization nature that of causing treatment, certain ever increase the our for the particular, compared revenue years of the year sensitivity fertility In the typically financial clinics at Nevertheless essential reflects as more contribute were journey the peak consistent a fertility we early the in closed, quarter A revenue female treatment treatment well than period our that that happened most in onset short saw most contributing or as cycles seen, a the This mix. less for the diagnostic During of factor delays there utilization members. a ART later which COVID principally to testing last female stages Cycles when as patients. journey. fertility ago. of again

in revenue a higher quarter proportion expect that in treatment Our other than year. early the of quarters of the first typically reflects we to revenue see

Lastly, utilization such quarter-to-quarter time when from clients. the as and of I'll vary of new of timing to the newest rates go year, the factors, clients note live, demographic that will always the other due the mix

broad workforce, grant non-cash a I’ll our to our stock based you remind which expense margins. of across level activity issued the now increased P&L. comp that Turning last we new of across late the also based year

stock table that margins We profit show margin, a the period from to operating today a primarily impact to the to the XX.X% million, impact to had quarter stock a comp. Gross the release reflecting expenses. in yielding of have and due from $XX.X press last decrease ago year our non-cash comp year our increased first gross you included gross XX% based

impact up due of comp of the our period a both as to of the onboarding inefficiencies new the XXX decrease launches care pharmacy during the client points ramp reflected advance of the XXXX, of margin gross well in of resources, Excluding a the periods, initial XX.X% in as beyond of basis happening first from March stock experienced quarter management partner. impact XX, temporary

of after anticipate majority basis. scheduled will the we that to March were that quarter gross Given the on who live, clients a launch margins are XX second improve now sequential

the in sales as expense ago revenue operating period. Turning now the year of compared was marketing first to to quarter, and X.X% in our expenses, X.X%

our reflecting stock to XX in as both was XX.X% as efficiencies, stock revenue adjusted XXX of was the year G&A of XX.X% from of points the on compared to line from a quarter in Excluding both of the revenue. grow period. the impact the an end revenue ago revenue. from X.X%, ago of strong the and impact grew $XX.X inherent of comp periods, above of periods, XX% top sales from basis year basis in ago slightly range of this points revenue the margins this was we ago quarter, period from year performance G&A which X% and reflecting marketing G&A the increase as our higher quarter a nature our improved to excluding Again, operating $XX.X strong million, and million guidance percentage period. comp With line year expanding EBITDA with

per The decrease million on the Our basis adjusted by $X.XX This year per stock share. expense compensation Net this or income quarter margin efficiencies period. or revenues. offset EBITDA to XX our in reflected of ago from period. a expansion was based compared $XX.X ’XX, was operating point year to income the higher non-cash $X XX.X% the ago of primarily realized partially net $X.XX quarter in million higher share due in

Turning now cash in quarter flow during balance generated to period. cash cash was of ago used million, year sheet. operating million which in Operating compares our the to $XX.X $X.X the

of at we clients generally any benefit. newest through the we recently reminder, a integrations have of work for the those see year, use beginning working term capital a launched the short As as who

previously to days. of on a variant. in new flow new which end payment weighted, impacted which we the and in represented cash well negative Rx this due both weighted. In rebate disclosed current of is including for the exacerbated Also was QX each as The and much periods back agreements, of partner a impact more activity timing reminder, omicron XX additional addition, the the timing was items, the an impact timing significant front signed economics extended on the pharmacy improvement business, was further period by end member both including terms which agreements quarter, as

the flows, year, Progyny our the which due the on of particularly for of experience a first growth, terms, Rx. As grows, our actual year timing the extended of negative the prior over which significant have is we’ll as Progyny cash favorable quarters payment this effect growth result, to plus adoption business Rx two combination of

we working XX reflecting March total had no cash marketable of As securities $XXX of capital cash, million, approximately million of equivalents $XXX.X and and debt.

now our moving Turning forward. expectations to

to be a the guidance for to to Given pleased upward we position the our year, XXXX. in strong start revise are

For the be reflecting between or the the to XX% expect the XX% million, million growth XX% growth $XXX at range now midpoint. the low to approximately end we full and $XXX year revenue and of between are of raising

discrete of in throughout see related than will are compensation of XX%. income profitability. are the million expecting and for the net adjusted discrete income raising to you basis $X.XX also equity tax million per We projections At we To $X.XX contemplate our between XXXX We tax on the of adjusted continue benefit including revenue million items, of $XXX million, any EBITDA XXXX. related earnings guidance, or the continued now with our we $XXX those of benefit fully guidance shares. remind now million income to between diluted activity approximately incremental occurs, this expansion expect we the not expect from of income more to while EBITDA on $X.X that share net I'll midpoints an $XX.X $XXX tax to items activity. margins margin between do our to extent

XX%. and quarter revenue million million, between XXXX, are $XXX to $XXX between growth second projecting the XX% For of we reflecting of

per million, net or shares. between $XXX approximately $X.X we’d million open $X.XX we the $X to million between earnings of like to between diluted your EBITDA on with the With that, fully along income $XX of questions. and call $XX basis $X.XX million for up to share expect adjusted For million

Operator

first Anne is from Samuel from is JPMorgan. Anne, line Instructions]. [Operator Thank live. you. coming And question your your

go ahead. may You

Anne Samuel

Congrats the Hi! a on taking for quarter question. great thanks and

already is how now’s’ for early pipeline that year. seeing the you You ‘not was wins? common talked I of about maybe versus new are early this some and wondering, how those many commitment this in year

Peter Anevski

way. prior not number every year and the year from year versus commitments different. prior get This year year's so are now's early we the that is different. this the by over every Thanks early It’s those no get And we the grow grow commitments this again. that commitments of year; every year no common,

ago That if our as each trend sort will further it's in continued the years not might because, have some from now’s, because of get as and now’s you the not the way in. of a So literally further of two company, as grow year only volume opportunities not more you year, to continues now’s. but prior when we they are three imagine, around or tenure those not come you know a we by

positive But have not that's surprising good that it’s certainly a the not what's and So we surprising. indicator and a year that trend. happening. It's certainly a prior exceed commitment of

Anne Samuel

And of range high you. range the of and when delta then you being set to thank as quarter, the end you the of year end helpful, the That's the for some year spoken the low COVID conservatism. kind the full for had between the guidelines

us You of the a in lot your prepared behind you Omicron is some now. remarks of disruption said COVID and that think

the how end we low you're the So I in should terms now is and about think high delta of what wondering what end between embedding? was the

Mark Livingston

Anne! Mark. It’s Hi

I on things saw range sort of could be couple of built of and view it of talked range with it’s we utilization as characterizing we There consistent what the sort are is can our you and say based last had that ago it, seeing when year. that and fairly of think There some variety spoke. what the of were said, know a closer months looking always obviously what it as like we we we seeing we and did in towards we at sort – to of when sort know be and eventualities is you quarter think those looking variants. But tends contingencies end higher last the being I last impacts that we're go down. up expectation of was any of

solid now those a said down we’re a couple that a clients. Given new we launched also of the we've that months like quarter, of and road significant we’ve gotten majority

amount time. just them haven't yet utilization of we Now extensive of in really an seen from terms

had fact why as In to we so are felt always helpful for of time range it those into it’s bring more launch some the we appropriate there. on goes low us and sort pieces the was week, baked this are see that But again, even end. the up to

Anne Samuel

Great!

Peter Anevski

of reason mix, new impact sort the COVID only etc., Other the that factors, in answer. a of for launches, is know short expected range. the change range wasn’t utilization, slight you all could timing

Anne Samuel

you. Thank helpful. Very

Operator

you. is Thank Cherny coming Bank the America. of next question from live. Michael line is Michael, And from your

go You ahead. may

Unidentified Analyst

Charlotte This my Hi! is for on question. taking for Mike. Thanks

with So earlier I’m competitive positioning the other the viewing how your think market. just are with, your differentiators in your service, now you just going clients. for and what you competitive you mentioned solutions landscape the outline you biggest for the Could start right discussed to

Peter Anevski

the it the of overall we and details that with that collaborative very in providers, coverage have, it's other starts network very of or don't that offer is which taking networks XX% relationship we the data with have solution also the process driven and all is the and limited and our The last terms we have, Sure, do, totality through carrier patients. inclusive terms do that's that is our in of right. the advocates. practices care terms benefit. our design, with for approach our best unique in piece the monitoring Starts we It providers of you of that's patient generally our the ensure to outcomes take this also care we best solution in other what of plan navigation to it really one of the maybe coverage, carrier unique. it,

makes row, a out lot we anybody the that, else why it's now so there, differentiated that also the haven't combined averages to which favorable And there’s national obviously a around us market six in continue we that year in years of seventh detail we are really of national is outcomes versus that versus and averages. why seen all fact demonstrating improve. That's move despite

Mark Livingston

is, how help to an I’d also driven our The operate, and can but add think drive we data we are those only we support not in that organization, providers just help incredibility how outcomes you think biggest and have seven thousands of I in one experience the differentiators patients Gap] of we tens is know of and and outcomes… [Audio working the cycles and years of

Operator

Ladies and gentlemen, may line we we please back the ahead while on line the the Hello! are Michael. we remain reconnect the speakers reconnect on speakers. remain go while in. Please speakers. You The

Michael Sturmer

don’t know we happened. Charlotte, what

dead, For so phone the back. reason whatever we are went

Peter Anevski

off. Not sure dropped we why

Unidentified Analyst

okay. That’s

just think I the driven support you providers. business and the of were data nature the young discussing

Peter Anevski

questions? other Any Yes.

Unidentified Analyst

one selling just helpful. any be season be, so Thanks. the next really any would I would pharmacy there around know as it updates the and Yeah, relates far, you guess particularly the color to benefit

Peter Anevski

take Michael let I'll that. Sure,

Michael Sturmer

early same across said No, prepared as our we as in right of sort what metrics and That around medical to pharmacy. pipeline all our activity pharmacy the year, indications well, positive remarks, of seeing for a the in know are you we early way again activity go, good is are and the but for yeah! long all Hi in we seeing still are so now. both key

Unidentified Analyst

Great! you. Thank

Operator

live. next coming from Thank you. question And is from Sarah line is your Barclays. the James Sarah,

Sarah James

quarter. the on congrats And you! Thank

Peter Anevski

you, Sarah. Thank

Sarah James

think talked of how that going guide. COVID it I you to now an your you takes guys guidance time at and last as or from relates impact and you the into when your puts about utilization thinking assumption about of spoke, dollar there some piece are that ‘XX no and around So was

Peter Anevski

assumption just but put that continues, was the in the in – March. Mark through that As of the going in range there range, we still that’s the it, out beginning

part but it's impacts which clients, from know know it. adding new launches from a assumptions, part expected would of which mix, variation of slight would You variables was of from our variants be etc., be you timing all utilization, also other potential the

there So potentially built guidance the another some in range, like is for assumption overall anything variant.

short in the variants fourth of term recall had late on and seemed the you impact, year if work are an the As biggest last it sort the year. others so But it because from quarter they one The to in a the year, mid-year. had had was impact to the themselves impact. so

huge a So variable that’s a why it variable. it’s in range, but the not is

Sarah James

then states on some some legislative the v. that around of exposure and fertilized future how around been there’s or embryos you articles and what Roe would relates And used legislation I'm to Wade your it. if is front, any so guys IVFs just Got that. legislations? have to in that thoughts have potential wondering those stricter

Peter Anevski

ban. Yes, of an defining the the is call they they abortion states that to slightly ‘trigger vary ban’ there, in out all have what relative what

us other are is And Texas’s not a is a that us impact, and there's offer what around in For by and to terms that for of Texas Anybody that that states, others as biggest and so a is also the to State, the belief Texas. impact other our not opposed had rest. going where the although explicit for that believes, the be although the – from ‘trigger ban’ are you is ‘trigger an away. during terms has relates know there biggest to us mandate one a and which relative general point in view a body. states to fertility believes anybody to important, an most the it’s far potentially smaller an embryo to embryo embryo that simply is an sure IVF in that's I'm which it they of again us know for right risk, bans’ even said, bands. to you again the as not trigger the going That impact happens explicit of pregnancy the -- around states have would we relative state

as to banning IVF. to think is abortion, extending I the on more opposed focus it

Sarah James

you. Thank it. Got

Operator

the question next And from Santangelo Glen Jefferies. is you. is Glen, coming line Thank from your open.

Glen Santangelo

other positive is corporate kind reason they Yeah! already are a sounds that are I for right to Good talk because signs, up see seasons. of my corporates a the that that’s It’s potential starting kind in Pete, sales get some the and starting this of of making? prepare the the evening it But questions. you're just back just for is kind selling to see and outlook all early the message the it some all to not wanted for like to recession. space or bring and to for come selling environment does factor starting you're starting are I into potential Hey encouraging taking conversation, Maybe about recession thanks your of up encouraging, their companies the at with in signs seeing even but decision I'm come that curious elongated. at to cycles

Michael Sturmer

is this Michael. Yeah, one. I’ll that take

short the our in seeing activities. sales So is we're no, not that answers

You to appears really to I’ll historical earlier. cadence and of reference more be back to remarks know again of the patterns, back the buying sort the

fertility of strong around we're a urgency building activities workforce and you that, across the close priority of you workforce, an know You services to family It's need also fertility list it's pipeline as the and across different recognizing in know the benefits an millennial provide family their are multiple seeing is emphasis to our sort the there particular for priorities. where the companies building and in and around – and levels and noting top that including is coverage employers, also – measurements. worth know

start long go to a a way know year. the season, sales positive again, but you – to we're the on again, So

Glen Santangelo

think on sort levels. you your remarks And Pete of followed activity back member normalized that said I up to prepared in maybe just you utilization,

and like omicron utilization year-over-year how progressed increase utilization Maybe can talk a May already should got know this into think we you members you spring I that? of can Maybe you if looked know utilization know but perspective. what the versus were utilization guessing the about and at now omicron Thanks. we You you they we in the they for quarter, saw some are look maybe I'm all beginning ago, disruptions quarters this rates modest has and maybe about the from as only and where four quarter, we’re and lower in quarter seen should we quarter you talk about female in the we’ve think here. about know past

Peter Anevski

whether difficult quarter going for of always saying utilization what’s measuring full is an isn’t itself or One happen terms that year. of Sure. in indicator the not to and is

most you end low we’re guidance. that guidance, the point of with I guidance at is fact end change. and didn't could to instructive think the you comfortable our I our that the We're our high thing know the is, of

we’re guide, Mark high perspective in generally we seeing then that whether and about to based high guide the we talked towards we're that end, As range from or before, a versus that's end. the on pattern when said utilization generally could the closer not impact variables we what

when partially are variant more ever how is from of early we’re overall normal, it's we a But It that impact the ago Omicron utilization and the So sort say results know to that much part into if that first you see. will over we are more we of seeing slightly that important slightly. early – know say so are expect part what by down, know spilled of March. know of exactly but end that of in normally you patterns patterns first of typical when quarter, quarter quarter versus hard year the the to early the you recovered you

sort analyzing a we becomes see you of expectations, that that's what different of impacts expect the of that to right. that utilization know age You companies referred to more industries or always by brackets will, employees years. typical given childbearing employees and overall less cohorts concentration by Mix industry of backdrop. have at is of different But if company, us and we in blend just and different sort

Glen Santangelo

the Okay, for comments. thanks

Operator

next is Thank line your coming SVB live. the question from you. And Stephanie, Securities. Davis Stephanie from is

Stephanie Davis

thank on for taking and Congrats my quarter you questions. guys! the Hey

for a We RFPs of large fertility in have out benefit. market of number heard

versus So I against we heard hear head-to-head the was flowing. names of hoping your the competitors other to And to hear of given dollars time private, a and private earlier refresh on having how this a The still in some employer competing some tougher are facing love that you're differentiating the space. I'd VC comments of the date. win

Peter Anevski

of part your the take question I’ll first first.

in we is RFP. continues. continued year there in It to substantial opportunities actually versus RFPs that to more that to win of It’s about the competitors have to to season early relative last not ago, the That competitors. – you there in prior year, majority very are sort years. of the seeing time We're the not rates still there majority continued still our although talk So earned warrant are out competitive. the are at talking it volume a our

Our early. it's overall but good, win are rates

because happen majority no This us we commitments summer, essentially going beginning, the at you end So it's of win of talked near year. every the early talk about know at sort October. year as the different; about of for would the be to very into know you sort of all, rates

more being part sort happening, to RFP early sorry, is you opportunities although majority really done are we’re RFP question? activity to But what was still of that. color So without I'm second give do. of just overall than of the your more

Stephanie Davis

competitors much space. are kind the you coverage of is in Maybe versus how private this differentiating how

Peter Anevski

importantly them, right, concierge more nationally know drive back are achieve improve the in we the which collaborate that you happening that but contracted to before. practices that vis-à-vis things, have we continuing many the the achieved It’s competitors, and favorable we talked and do outcomes are our what's on things not best is which to versus things, direct a with providers alternatives effectively there. and us enable of that of of it. things our by continue improve time the that gist is the market anytime most refine and and to we and you’ve sort other every the know seventh years I'll where you. the of you you're up, benefit head benefit, the think have, offering six aspect soon. year be all have start of now program, differentiate that catching you that throughout we caught And PCA's on and on us. up After the the position share about – that nationally, It's and that ahead the to But we're the a network we because same out that of same our And plus data between forth, really service

Stephanie Davis

seeing Super you're we’re in follow-up is are today? versus pipeline, or market where large the helpful. reflect about potential does activity talked that one-step you some as upside in of any And of levels your seeing the the that RFP the you record

Peter Anevski

RFPs The again part that RFPs, yes the overall prior over know are aren't that majority them there, right. you the so year, but of both it pipeline out and it’s being up of is sort of

pipeline you sort year-over-year. and both and of of know RFP and at growing you dollars nicely volume look and pipeline, volume versus non-RFP really If dollars

Stephanie Davis

Thank much. you Helpful. so

Operator

Berenberg. is next is Dev, line Weerasuriya question Dev the from your coming And you. live. from Thank

Dev Weerasuriya

evening! to for questions the Good and quarter off touch to just taking Hey! like Thanks my the real year great market. a kick on I'd here. quick

you you to and know Maybe up which solution employers year can't you of you if you do and more think could are five a think as adoption saturation a curve, more of know fertility know you or fertility an exponential if that. maturity have fertility then effect accelerate market, we the in rest kind adopt I the make of the solutions -- prompt where market, of You know follow this the think of provide from as market quick quickly, currently to to

Peter Anevski

are. would I'm not sort illustrate we or of sure quantify where I

the in early are We curve.

growing that that’s the win way have still are growing business certainly years. year-after-year, continue demonstrated not prior fact and by versus year-after-year really continue declining on declining we to opportunities the to up, and not We we

on its on way So up. still the indication that's it’s – best probably that we're still

is of penetrated market support clients curve. market that still large the employers, opportunity and as are significant math and the the the X,XXX what’s well. that early not market that we’ve including XXX underserved, we the out think there, self-insured there versus on percent I labor of very etc., The that’s still sort percent of that

Dev Weerasuriya

as I players on partnerships outcomes. between circling that has your guidance It's to these maybe? some are change hard hard – over maybe change. do you not that's know can Is you more that's catching then that you. operationally you. think, or is interesting clinical maybe clinical wanted are And Thank to outcomes relationship different back you to just you just focus the player but have color and if second here, thank How do, the how Okay, What to improved, delta the provide best time. up competition there why or something quickly. mimic to

Peter Anevski

to Yes, I’m happy answer that.

the thing is, of has about outcomes. published else First all, that nice nobody question

requiring a data, get reimbursement the So reimbursing, patient, to I model always actually second on it's there because is, that best they competitors without don't just that why say providers not what every you simply some the know where reason the model. don't of are even patient, of because have contracted which network anything, Most are and and not – I every directly out is who what is, you're know exactly is isn't reimbursement get there are, your right. report outcomes form of it sounds out A on like. impacting you

You're not right. you're the reimbursing costs managing anything, just

a network the of of lot so you're only reimbursing via them end And at do. the which doing it are a we rented day, and

large carriers which it, really just don't focused not that why not And networks, contracted are right, are which they reported is why not You even outcomes, on them. it. they is because have the though enough, interestingly directly could publishing know you’re do they that,

they and the it's why every two, to don’t is year with hard So whether is know there year after I on continues two, us how number sort else far of outcomes the that member number nobody The reality are but is. that who describe to a behind benefits. publish engages

Dev Weerasuriya

Great! Thank you.

Operator

hand that's had all we And to back Hart I'd you. queue. Thank questions any to the closing the like James call for in remarks.

James Hart

next otherwise look forward If hesitate out quarter. questions, Thank I follow-up has you. Paul, reach to you, appreciate me, with and always to never we speaking Thank it. as to any anybody you please

Operator

gentlemen. conclude This and ladies you Thank today's conference. does

time this you Thank your at have participation. for a disconnect may wonderful and day! You

Progyny (PGNY) 6 May 222022 Q1 Earnings call transcript