Progyny Inc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
PGNY$36.43+1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| OPERATING ACTIVITIES | |||
| Net income | $62,037 | $30,358 | $65,769 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Deferred tax expense (benefit) | 3,745 | (6,615) | (33,303) |
| Non-cash interest income | (34) | — | 38 |
| Depreciation and amortization | 2,281 | 1,601 | 1,301 |
| Stock-based compensation expense | 122,611 | 100,748 | 33,706 |
| Bad debt expense | 19,934 | 13,794 | 9,783 |
| Realized gain on sale of marketable securities | (4,328) | — | — |
| Foreign currency exchange rate loss | (8) | — | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (21,738) | (119,304) | (68,676) |
| Prepaid expenses and other current assets | (22,930) | 57 | 675 |
| Accounts payable | 16,235 | 47,689 | 17,840 |
| Accrued expenses and other current liabilities | 10,361 | 13,147 | 2,184 |
| Other noncurrent assets and liabilities | 648 | (1,080) | (3,280) |
| Net cash provided by operating activities | 188,814 | 80,395 | 26,037 |
| INVESTING ACTIVITIES | |||
| Purchase of property and equipment, net | (3,644) | (3,241) | (2,129) |
| Purchase of marketable securities | (429,694) | (163,334) | (111,477) |
| Sale of marketable securities | 232,813 | 122,709 | 122,372 |
| Net cash (used in) provided by investing activities | (200,525) | (43,866) | 8,766 |
| FINANCING ACTIVITIES | |||
| Proceeds from exercise of stock options | 4,850 | 3,073 | 2,924 |
| Payment of employee taxes related to equity awards | (17,200) | (12,089) | (17,966) |
| Proceeds from contributions to employee stock purchase plan | 1,278 | 1,152 | 1,347 |
| Net cash used in financing activities | (11,072) | (7,864) | (13,695) |
| Effect of exchange rate changes on cash and cash equivalents | 1 | — | — |
| Net (decrease) increase in cash and cash equivalents | (22,782) | 28,665 | 21,108 |
| Cash and cash equivalents, beginning of year | 120,078 | 91,413 | 70,305 |
| Cash and cash equivalents, end of year | $97,296 | $120,078 | $91,413 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
| Cash paid for income taxes, net of refunds received | $6,181 | $133 | $97 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
| Additions of property and equipment, net included in accounts payable and accrued expenses | $421 | $636 | $204 |
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