Q2 2026 Progyny Inc Earnings Call

August 6, 2026

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Speaker #3: Good day, ladies and gentlemen, and welcome to the Progyny, Inc. second quarter 2020 earnings conference call. At this time, all participants are in listen-only mode. The floor will be open for questions and comments later in the call.

Operator 2: Good day, ladies and gentlemen, and welcome to the Progyny, Inc. Q2 2026 Earnings Conference Call. At this time, all participants are on a listen-only mode, and the floor will be open for questions and comments after the presentation. If you wish to join the queue at any time to ask a question, you can press star one on your telephone keypad. Should you wish to remove yourself from queue, you can press star two. It is now my pleasure to turn the call over to your host, James Hart. James, the floor is yours.

Operator: Good day, ladies and gentlemen, and welcome to the Progyny, Inc. Q2 2026 Earnings Conference Call. At this time, all participants are on a listen-only mode, and the floor will be open for questions and comments after the presentation. If you wish to join the queue at any time to ask a question, you can press star one on your telephone keypad. Should you wish to remove yourself from queue, you can press star two. It is now my pleasure to turn the call over to your host, James Hart. James, the floor is yours.

Speaker #3: After the presentation . If you wish to join the queue at any time to ask a question , you can press star one on your telephone keypad .

Speaker #3: Should you wish to remove yourself from queue , you can press star two . It is now my pleasure to turn the call over to your host , James Hart James .

Speaker #3: The floor is yours

Speaker #4: Thank you Tom , and good afternoon everyone . Welcome to our second quarter conference call . With me today are Peter Anevski , CEO of Progyny, Inc. and Mark Livingston , CFO .

James Hart: Thank you, Tom, and good afternoon, everyone. Welcome to our Q2 conference call. With me today are Pete Anevski, CEO of Progyny, and Mark Livingston, CFO. We will begin with some prepared remarks before we open the call for your questions.

Speaker #4: We will begin with some prepared remarks before we open the call for your questions . Before we begin , I'd like to remind you that our comments and responses to your questions today reflect management's views as of today , only and will include statements related to our financial outlook for both the third quarter and full year 2026 , and the assumptions and drivers underlying such guidance .

James Hart: Before we begin, I'd like to remind you that our comments and responses to your questions today reflect management's views as of today only and will include statements related to our financial outlook for both the Q3 and full year 2026 and the assumptions and drivers underlying such guidance, the demand for our solutions, our expectations for our selling season for 2027 launches, anticipated employment levels of our clients in the industries that we serve, the timing of client decisions, our expected utilization rates and mix, the potential benefits of our solution, our ability to acquire new clients and retain and upsell existing clients, our market opportunity, and our business strategy, plans, goals, and expectations concerning our market position, future operations, and other financial and operating information, which are forward-looking statements under the Federal Securities law.

Speaker #4: The demand for our solutions , our expectations for our selling season , for 2027 launches , anticipated employment levels of our clients in the industries that we serve , the timing of client decisions , our expected utilization rates and mix the potential benefits of our solution , our ability to acquire new clients and retain an upsell , existing clients , our market opportunity and our business strategy plans , goals and expectations concerning our market position , future operations , and other financial and operating information which are forward looking statements under the Federal Securities Law Actual results may differ materially from those contained in or implied by these forward looking statements .

James Hart: Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business, as well as other important factors. For a discussion of the material risks, uncertainties, assumptions, and other important factors that could impact our actual results, please refer to our SEC filings and today's press release, both of which can be found on our investor relations website. Any forward-looking statements that we make on this call are based on assumptions as of today, we undertake no obligation to update these statements as a result of new information or future events. During the call, we will also refer to non-GAAP financial measures such as adjusted EBITDA. More information about these non-GAAP financial measures, including reconciliations with the most comparable GAAP measures, are available in the press release, which is available at investors.progyny.com.

Speaker #4: Due to risks and uncertainties associated with our business , as well as other important factors . For a discussion of the material risks , uncertainties , assumptions and other important factors that could impact our actual results , please refer to our SEC filings and today's press release , both of which can be found on our Investor Relations website .

Speaker #4: Any forward looking statements that we make on this call are based on assumptions . As of today , and we undertake no obligation to update these statements as a result of new information or future events During the call , we will also refer to non-GAAP financial measures such as adjusted EBITDA , more information about these non-GAAP financial measures , including reconciliations with the most comparable GAAP measures , are available in the press release , which is available at investors dot Progyny, Inc. dot com .

Speaker #4: I would now like to turn the call over to Pete

James Hart: I would now like to turn the call over to Pete.

Speaker #5: Thanks , Jamie , and thanks , everyone for joining us this afternoon We're pleased to report a strong second quarter highlighted by solid growth over the prior year period , resulting in record quarterly revenue , gross profit , and adjusted EBITDA , as well as further gross margin expansion and the continued generation of significant cash flow fueled by the strength and consistency of this performance .

Pete Anevski: Thanks, Jamie, thanks everyone for joining us this afternoon. We're pleased to report a strong second quarter highlighted by solid growth over the prior year period, resulting in record quarterly revenue, gross profit, and adjusted EBITDA, as well as further gross margin expansion. The continued generation of significant cash flow. Fueled by the strength and consistency of this performance, not just in the most recent quarter, but really over the past several years, we've created flexibility both to invest in the business by laying a foundation for future growth through the expansion of our platform, while also returning value to shareholders through significant share repurchases. Mark will take you through the details of both that and the quarter shortly.

Speaker #5: Not just in the most recent quarter , but really over the past several years . We've created flexibility both to invest in the business by laying a foundation for future growth through the expansion of our platform .

Speaker #5: While also returning value to shareholders through significant share repurchases, Mark will take you through the details of both that and the quarter.

Speaker #5: Shortly . But before that , I'd like to give you some color on how our latest sales season is progressing , because as you know , new sales in any year have the largest impact on our growth trajectory I'm pleased to report our momentum from last quarter has continued , and we enter our most critical time of year for closing new clients in a favorable position .

Pete Anevski: Before that, I'd like to give you some color on how our latest sales season is progressing, because as you know, new sales in any year have the largest impact on our growth trajectory. I'm pleased to report our momentum from last quarter has continued. We enter our most critical time of year for closing new clients in a favorable position. The strong momentum is driven by an acceleration in both early commitments for new sales, as well as retention across our existing book of business led by our largest clients, which has largely de-risked client turnover for 2027 and positioned us for another year of strong retention. In short, we're seeing meaningful momentum in the market. I think it would be useful to help you understand why we believe our solutions continue to resonate so strongly with employers.

Speaker #5: The strong momentum is driven by an acceleration in both early commitments for new sales, as well as retention across our existing book of business, led by our largest clients. This has largely de-risked client turnover for 2027 and positioned us for another year of strong retention.

Speaker #5: In short , we're seeing meaningful momentum in the market , and I think it would be useful to help you understand why we believe our solutions continue to resonate .

Speaker #5: So strongly with employers. It starts with the reality that family building and women's health solutions continue to be a priority for employers of all sizes and across all industries.

Pete Anevski: It starts with the reality that family-building and women's health solutions continue to be a priority for employers of all sizes and across all industries. We're addressing a very real and highly prevalent medical need and one that can be costly to employers when it's not managed well or not managed at all. Employers are also experiencing high cost trends in their traditional medical and pharmacy coverage, with increases of 10% or more and projecting further increases next year. In response, they're turning to solutions and benefit managers with a proven record of not only controlling trend but helping to bend that curve. The buying criteria for employers evaluating options in the market continues to hone in on cost, quality, and member satisfaction with a heightened focus on accountability within each area.

Speaker #5: We're addressing a very real and highly prevalent medical need , and one that can be costly to employers when it's not managed well or not managed at all Employers are also experiencing high cost trends in their traditional medical and pharmacy coverage , with increases of 10% or more and projecting further increases next year .

Speaker #5: In response , they're turning to solutions and benefit managers with a proven record of not only controlling trend , but helping to bend that curve .

Speaker #5: The buying criteria for employers evaluating options in the market continues to hone in on cost , quality and member satisfaction , with a heightened focus on accountability within each area They want to see a track record in achieving total cost and quality management , with a high quality member experience consistently and success is measured on the strength of hard ROI savings .

Pete Anevski: They want to see a track record in achieving total cost and quality management with a high-quality member experience consistently. Success is measured on the strength of hard ROI savings back to the employer and members, yielding short and long-term trend control. While the competitive environment remains active as we look across the landscape, we see the other solutions falling short in one or many of these categories. By contrast, Progyny, on the strength of our detailed transparent reporting, remains the only solution, in our opinion, that has consistently demonstrated the ability to deliver across every one of them. We've done this over a prolonged period, giving buyers confidence that we have the right solution that has been proven to work over the longest period of time.

Speaker #5: Back to the employer and members , yielding short and long term trend control . While the competitive environment remains active , as we look across the landscape , we see the other solutions falling short in one or many of these categories .

Speaker #5: By contrast , progyny on the strength of our detailed , transparent reporting remains the only solution . In our opinion , that has consistently demonstrated the ability to deliver across every one of them .

Speaker #5: And we've done this over a prolonged period , giving buyers confidence that we have the right solution that has been proven to work over the longest period of time This is why we feel uniquely well positioned to compete and win , whether it's a buyer with an existing solution or one who's adding coverage for the first time .

Pete Anevski: This is why we feel uniquely well-positioned to compete and win, whether it's a buyer with an existing solution or one who's adding coverage for the first time. The result of this enhanced focus from employers has us well-positioned across our three areas for growth: adding new logos, maintaining high client retention, and expanding new partners to enhance our position and extend our reach. Looking a bit deeper within each area, on new client acquisition, early commitments are pacing meaningfully ahead of this time last year. While the sales season won't conclude until November, we have seen a meaningful number of early decisions, more than we'd expect at this point in the year. On that strength, we're confident we will meet our annual target of adding one million or more new lives.

Speaker #5: The result of this enhanced focus from employers has us well positioned across our three carriers . Three areas for growth , adding new logos , maintaining high client retention and expanding new partners to enhance our position and extend our reach .

Speaker #5: Looking a bit deeper within each area on new client acquisition early commitments are pacing meaningfully ahead of this time last year . While the sales season won't conclude until November , we have seen a meaningful number of early decisions more than we'd expect at this point in the year .

Speaker #5: On that strength, we're confident we will meet our annual target of adding 1 million or more new lives on client retention, based on current conversations and commitments.

Pete Anevski: On client retention, based on current conversations and commitments, we believe we've removed the vast majority of retention risk, which is also earlier than usual at this point in the year. We think it isn't a coincidence that employers have been able to come to their decisions earlier this year and have chosen Progyny at the point when managing their escalating medical cost trend is a top priority. The wins thus far represent the typical diverse cross-section of the economy, including employers in energy, construction, manufacturing, aerospace, healthcare, labor, financial services, and education. This includes one of the oldest and most prestigious universities in the country. The early commitments have also been diverse in terms of size, spanning from 1,000 covered lives to the jumbos we see every year. Turning to retention, in any season, roughly one-third of the book is up for renewal.

Speaker #5: We believe we've removed the vast majority of retention risk , which is also earlier than usual at this point in the year I think it isn't a coincidence that employers have been able to come to their decisions earlier this year and have chosen progeny at the point when managing their escalating medical cost trend is a top priority .

Speaker #5: The wins thus far represent the typical diverse cross-section of the economy , including employers and energy construction , manufacturing , aerospace , healthcare , labor , financial services and education .

Speaker #5: This includes one of the oldest and most strategic prestigious universities in the country . Their only commitments have also been diverse in terms of size , spanning from 1000 covered lives to the jumbos we see every year Turning to retention in any season , roughly one third of the book is up for renewal .

Speaker #5: As discussed last quarter , when we described the comprehensive review One of our longest standing clients had recently done to measure and validate the efficacy of our program over many years Existing clients are often in the strongest position to directly see the cost control and sustained savings .

Pete Anevski: As discussed last quarter, when we described the comprehensive review one of our longest-standing clients had recently done to measure and validate the efficacy of our program over many years, existing clients are often in the strongest position to directly see the cost control and sustained savings our solutions deliver. That not only yields positive renewal activity, but also an opportunity for expansions, which is when a client adds more services with us beyond core fertility, and we take that business away from the competitors who'd been previously providing some of those services. For those same reasons, our newest clients are selecting the typical level of coverage that we've historically seen, and we aren't seeing existing clients look to reduce their benefit with us for the next year either. Lastly, we're satisfied with our momentum at this point in the year amongst our traditional self-insured employers.

Speaker #5: Our solutions deliver. That not only yields positive renewal activity, but also an opportunity for expansions, which is when a client adds more services with us.

Speaker #5: Beyond core fertility . And we take that business away from the competitors who'd been previously providing some of those services for those same reasons .

Speaker #5: Our newest clients are selecting the typical level of coverage that we've historically seen, and we aren't seeing existing clients look to reduce their benefit with us for the next year, either. Lastly, we're satisfied with our momentum at this point in the year amongst our traditional self-insured employers.

Pete Anevski: Lastly, we're satisfied with our momentum at this point in the year amongst our traditional self-insured employers. We're also pleased with the progress we're making across a number of other strategic areas, including health plan partnerships, public sector clients, and continuing to advance our new fully insured market offering called Progyny Select. We're seeing good results with our existing partnerships, as well as a strong increase in productivity from our health plan partnerships, many of which are now in their second year with us. Additionally, we're pleased with our pipeline of potential new health plan partnerships. We also continue to advance Progyny Select with a focus on building relationships across key distribution areas, like leading general agents and brokers who are focused on the fully insured market. These partnerships are an important step and no different from other relationships we've built and curated.

Speaker #5: We're also pleased with the progress we're making across a number of other strategic areas , including health plan partnerships , public sector clients , and continuing to advance our new fully insured market offering called progeny .

Pete Anevski: We're also pleased with the progress we're making across a number of other strategic areas, including health plan partnerships, public sector clients, and continuing to advance our new fully insured market offering called Progyny Select. We're seeing good results with our existing partnerships, as well as a strong increase in productivity from our health plan partnerships, many of which are now in their second year with us. Additionally, we're pleased with our pipeline of potential new health plan partnerships. We also continue to advance Progyny Select with a focus on building relationships across key distribution areas, like leading general agents and brokers who are focused on the fully insured market. These partnerships are an important step and no different from other relationships we've built and curated. We expect the first year will focus largely on forging those channel partners versus driving meaningful new volume.

Speaker #5: Select We're seeing good results with our existing partnerships , as well as a strong increase in productivity from our health plan partnerships , many of which are now in their second year with us Additionally , we're pleased with our pipeline of potential new health plan partnerships We also continue to advance progeny select with a focus on building relationships across key distribution areas like leading general agents and brokers who are focused on the fully insured market .

Speaker #5: These partnerships are an important step and no different from other relationships we've built and curated . We expect the first year will focus largely on forging those channel partners versus driving meaningful new volume As we've said previously , we're not expecting select to be a meaningful contributor in 2027 .

Pete Anevski: We expect the first year will focus largely on forging those channel partners versus driving meaningful new volume. As we've said previously, we're not expecting Select to be a meaningful contributor in 2027, instead view this as an important addition to the portfolio and a significant contributor to our medium and longer term growth. To conclude, we're pleased with our strong performance over the H1 of the year, given the momentum we're seeing in the market, we're comfortable that we've positioned ourselves exceptionally well to meet our traditional target of adding 1 million or more lives. Let me turn the call now over to Mark.

Pete Anevski: As we've said previously, we're not expecting Select to be a meaningful contributor in 2027, instead view this as an important addition to the portfolio and a significant contributor to our medium and longer term growth. To conclude, we're pleased with our strong performance over the H1 of the year, given the momentum we're seeing in the market, we're comfortable that we've positioned ourselves exceptionally well to meet our traditional target of adding 1 million or more lives. Let me turn the call now over to Mark.

Speaker #5: And instead view this as an important addition to the portfolio and a significant contributor to our medium and longer term growth . We conclude we're pleased with our strong performance over the first half of the year , and given the momentum we're seeing in the market , we're comfortable that we've positioned ourselves exceptionally well to meet our traditional target of adding 1 million or more lives .

Speaker #5: Let me turn the call now over to Mark .

Speaker #6: Thank you , Pete , and good afternoon , everyone . Before I begin , please note that the AK we filed a short while ago includes our customary slide presentation summarizing the results in the quarter , while also highlighting some of the longer term trends that we believe are important in understanding the health and direction of the business .

Mark Livingston: Thank you, Pete. Good afternoon, everyone. Before I begin, please note that the 8-K we filed a short while ago includes our customary slide presentation summarizing the results in the quarter while also highlighting some of the longer-term trends that we believe are important in understanding the health and direction of the business. That material has also been posted on our website. Rather than repeating what those slides address, my remarks today will focus on the four key themes that impacted both the quarter and how we think about the rest of 2026 and beyond. Let's begin with the first theme. Over the H1 of the year, member engagement has remained consistent with our long-established ranges. As it relates to the Q2 specifically, engagement was closer to the higher end of expectations reflected in our May guidance.

Speaker #6: That material has also been posted on our website . Rather than repeating what those slides address , my remarks today will focus on the four key themes that impacted both the quarter and how we think about the rest of 2026 and beyond .

Speaker #6: So let's begin with the first theme . Over the first half of the year , member engagement has remained consistent with our long established ranges as it relates to the second quarter .

Mark Livingston: Over the H1 of the year, member engagement has remained consistent with our long-established ranges. As it relates to the Q2 specifically, engagement was closer to the higher end of expectations reflected in our May guidance. We believe both data points demonstrate how members are continuing to pursue the care and services they need when the time is right for them to do so. Likewise, Q2 revenue was also closer to the higher end of our guidance, reflecting a 5.3% increase on a reported basis, and 11% when you exclude the contribution from a large former client who was under a transition of care agreement in Q2 2025. I will remind you that the transition agreement pertaining to this client ended on 30 June of last year. Accordingly, Q2 is the last quarterly period where you have to take that client's contribution into account when looking at our comparative results.

Speaker #6: Specifically , engagement was closer to the higher end of expectations reflected in our May guidance . We believe both data points demonstrate how members are continuing to pursue the care and services they need .

Mark Livingston: We believe both data points demonstrate how members are continuing to pursue the care and services they need when the time is right for them to do so. Likewise, Q2 revenue was also closer to the higher end of our guidance, reflecting a 5.3% increase on a reported basis, and 11% when you exclude the contribution from a large former client who was under a transition of care agreement in Q2 2025. I will remind you that the transition agreement pertaining to this client ended on 30 June of last year. Accordingly, Q2 is the last quarterly period where you have to take that client's contribution into account when looking at our comparative results.

Speaker #6: And when the time is right for them to do so. Likewise, second quarter revenue was also closer to the higher end of our guidance, reflecting a 5.3% increase on a reported basis, and 11% when you exclude the contribution from a large former client who is under a transition of care agreement in the second quarter of 2025.

Speaker #6: I'll remind you that the transition agreement pertaining to this client ended on June 30th of last year . Accordingly , the second quarter is the last quarterly period where you have to take that clients contribution into account .

Speaker #6: When looking at our comparative results . Moving on to our second theme , we've continued to maintain healthy margins even as we continue to invest to expand our product platform , enhance features for our members , and also lay the foundation to support our future growth Gross margin expanded 180 basis points from the second quarter last year , comparable to the level of expansion .

Mark Livingston: Moving on to our second theme, we continue to maintain healthy margins, even as we continue to invest to expand our product platform, enhance features for our members, and also lay the foundation to support our future growth. Gross margin expanded 180 basis points from Q2 last year, comparable to the level of expansion we also saw in Q1. This is due to the efficiencies we have continued to realize in our care management and service delivery, as well as a reduction in stock compensation expense. Adjusted EBITDA margin also expanded from the year ago period, though at a lesser rate than we have seen with gross margin, as the platform investments we are making are more concentrated within our operating expense lines. Nonetheless, we are pleased with our ability to consistently maintain a level of overall profitability.

Speaker #6: We also saw this in the first quarter. This is due to the efficiencies we've continued to realize in our care management and service delivery, as well as a reduction in stock compensation expense. Adjusted EBITDA margin also expanded from the year-ago period, though at a lesser rate than we've seen with gross margin.

Speaker #6: As the platform investments we're making are more concentrated within our operating expense lines Nonetheless , we're pleased with our ability to consistently maintain a level of overall profitability as measured on a 12 month basis , trailing 12 month basis .

Mark Livingston: As measured on a trailing 12-month basis, Adjusted EBITDA margin was 17.2%, consistent with where it has trended throughout this period of increased investment. Demonstrating our ability to invest to grow while simultaneously creating efficiencies throughout the business. As it relates to those investments, Q2 CapEx was $6.2 million. This was in line with our Q1 spend, as well as a $1 million increase over the prior year period. Although it is premature to offer detailed commentary beyond this year, we continue to expect that this investment program will begin to taper down starting in 2027. Turning now to the third theme. Through the ongoing disciplined and prudent management of the business, we have continued to achieve a high conversion of adjusted EBITDA to operating cash flow.

Speaker #6: Adjusted EBITDA margin was 17.2% , consistent with where it's trended throughout this period of increased investment , demonstrating our ability to invest to grow while simultaneously creating efficiencies throughout the business .

Speaker #6: As it relates to those investments , second quarter CapEx was 6.2 million . This was in line with our first quarter spend , as well as $1 million increase over the prior year period Although it's premature to offer detailed commentary beyond this year , we continue to expect that this investment program will begin to taper down starting in 2027 .

Speaker #6: Turning now to the third theme through the ongoing , disciplined and prudent management of the business . We've continued to achieve a high conversion of adjusted EBITDA to operating cash flow This allowed us to once again meet and somewhat exceed our 75% conversion target , both in the second quarter and over the first half of the year For the fourth time in the last five quarters , we generated more than 50 million in operating cash flow This yielded $201 million on a trailing 12 month basis , and we've now exceeded 200 million in last trailing , sorry , last trailing months , 12 months operating cash flow for six consecutive quarters .

Mark Livingston: Turning now to the third theme. Through the ongoing disciplined and prudent management of the business, we have continued to achieve a high conversion of adjusted EBITDA to operating cash flow. This allowed us to once again meet, and somewhat exceed, our 75% conversion target, both in Q2 and over the H1 of the year. For the fourth time in the last five quarters, we generated more than $50 million in operating cash flow. This yielded $201 million on a trailing 12-month basis, and we have now exceeded $200 million in last trailing 12 months operating cash flow for six consecutive quarters.

Mark Livingston: This allowed us to once again meet, and somewhat exceed, our 75% conversion target, both in Q2 and over the H1 of the year. For the fourth time in the last five quarters, we generated more than $50 million in operating cash flow. This yielded $201 million on a trailing 12-month basis, and we have now exceeded $200 million in last trailing 12 months operating cash flow for six consecutive quarters. Through our ongoing focus on managing the revenue to cash process, we drove further improvements in our DSOs, which ended Q2 more than seven days lower from where it was in the year ago period. DSO also improved on a sequential basis from 31 March this year, reflecting the typical dynamic we see as the payment flows with our newest clients get up and running.

Speaker #6: Through our ongoing focus on managing the revenue to cash process , we drove further improvements in our DSOs , which ended the second quarter more than seven days lower from where it was in the year ago period DSO also improved on a sequential basis from March 31st this year , reflecting the typical dynamic we see as the payment flows with our newest clients get up and running As of June 30th , we had approximately 273 million in total working capital , which includes 237 million in cash , cash equivalents and marketable securities There were no borrowings against our $200 million revolving credit facility .

Mark Livingston: Through our ongoing focus on managing the revenue to cash process, we drove further improvements in our DSOs, which ended Q2 more than seven days lower from where it was in the year ago period.DSO also improved on a sequential basis from 31 March this year, reflecting the typical dynamic we see as the payment flows with our newest clients get up and running. As of 30 June, we had approximately $273 million in total working capital, which includes $237 million in cash equivalents, and marketable securities. There were no borrowings against our $200 million revolving credit facility and no debt of any kind, and we have no planned use for the facility at this time.

Mark Livingston: As of 30 June, we had approximately $273 million in total working capital, which includes $237 million in cash equivalents, and marketable securities. There were no borrowings against our $200 million revolving credit facility and no debt of any kind, and we have no planned use for the facility at this time. Finally, our fourth theme is how our strong and consistent financial performance has provided us with the flexibility to both invest in the business while simultaneously returning value to our shareholders through ongoing share repurchases. In late May, we announced our latest share repurchase program through a $200 million authorization, which permits us to acquire shares via open market purchases as well as under structured plans. Under this latest program, which was in effect for a little over a month during Q2, we purchased nearly 1.2 million shares by 30 June for $31.5 million.

Speaker #6: And no debt of any kind. And we have no plans to use the facility at this time. And finally, our fourth theme is how our strong and consistent financial performance has provided us with the flexibility to both invest in the business.

Mark Livingston: Finally, our fourth theme is how our strong and consistent financial performance has provided us with the flexibility to both invest in the business while simultaneously returning value to our shareholders through ongoing share repurchases. In late May, we announced our latest share repurchase program through a $200 million authorization, which permits us to acquire shares via open market purchases as well as under structured plans. Under this latest program, which was in effect for a little over a month during Q2, we purchased nearly 1.2 million shares by 30 June for $31.5 million. Including the activity that's happened subsequent to 30 June, we've now purchased a cumulative 2 million shares to date under the most recent program, and approximately $142.5 million remains available under the existing authorization.

Speaker #6: While simultaneously returning value to our shareholders . Through ongoing share repurchases In late May , we announced our latest share repurchase program through a $200 million authorization , which permits us to acquire shares via open market purchases , as well as under structured plans Under this latest program , which was in effect for a little over a month during the second quarter , we purchased nearly 1.2 million shares by June 30th for $31.5 million , including the activity that's happened subsequent to June 30th .

Mark Livingston: Including the activity that's happened subsequent to 30 June, we've now purchased a cumulative 2 million shares to date under the most recent program, and approximately $142.5 million remains available under the existing authorization. On an aggregate basis, combining this current program as well as our prior $200 million program, which concluded earlier this year, we have now purchased an aggregate 10.8 million shares overall since November. This has reduced our overall shares outstanding by approximately 12.5%. Turning now to our expectations for Q3 and the remainder of 2026. As Q3 begins, encompassing the peak of the summer, a seasonally less active time for members, we've seen a slightly more pronounced seasonal impact and have reflected that in our Q3 guidance.

Speaker #6: We've now purchased a cumulative 2 million shares to date under the most recent program , and approximately 142 and one half million remains available under the existing authorization on an aggregate basis .

Mark Livingston: On an aggregate basis, combining this current program as well as our prior $200 million program, which concluded earlier this year, we have now purchased an aggregate 10.8 million shares overall since November. This has reduced our overall shares outstanding by approximately 12.5%. Turning now to our expectations for Q3 and the remainder of 2026. As Q3 begins, encompassing the peak of the summer, a seasonally less active time for members, we've seen a slightly more pronounced seasonal impact and have reflected that in our Q3 guidance. We view this to be the ordinary rhythm of activity and not an indication of a new macro trend or a change in the overall trajectory of engagement. Although our view into September is inherently limited at this point, we aren't seeing this seasonality extend beyond the summer.

Speaker #6: Combining this current program as well as our prior $200 million program , which concluded earlier this year . We have now purchased an aggregate 10.8 million shares overall since November .

Speaker #6: This has reduced our overall shares outstanding by approximately 12.5% . Turning now to our expectations for the third quarter and the remainder of 2026 .

Speaker #6: As the third quarter begins encompassing the peak of the summer , a seasonally less active time for members , we've seen a slightly more pronounced seasonal impact and have reflected that in our third quarter guidance We view this to be the ordinary rhythm of activity and not an indication of a new macro trend or a change in the overall trajectory of engagement .

Mark Livingston: We view this to be the ordinary rhythm of activity and not an indication of a new macro trend or a change in the overall trajectory of engagement. Although our view into September is inherently limited at this point, we aren't seeing this seasonality extend beyond the summer. Accordingly, we continue to expect that our engagement metrics for the full year will remain consistent with our long-established historical ranges, with the low end of our range consistent with our 5-year low for annual utilization. The table at the back of today's press release outlines our assumptions at both ends of the full year guidance ranges. On the basis of these assumptions, we're projecting revenue in 2026 of between $1.36 to 1.385 billion, reflecting growth of between 5.5% to 7.5%.

Speaker #6: Although our view into September is inherently limited at this point, we aren’t seeing this seasonality extend beyond the summer. Accordingly, we continue to expect that our engagement metrics for the full year will remain consistent with our long-established historical ranges.

Mark Livingston: Accordingly, we continue to expect that our engagement metrics for the full year will remain consistent with our long-established historical ranges, with the low end of our range consistent with our 5-year low for annual utilization. The table at the back of today's press release outlines our assumptions at both ends of the full year guidance ranges. On the basis of these assumptions, we're projecting revenue in 2026 of between $1.36 to 1.385 billion, reflecting growth of between 5.5% to 7.5%. If we exclude the $48.5 million in revenue from the client who was under a transition of care agreement over H1 of 2025, our full year revenue growth is projected to be between 9.7% to 11.7%. With respect to profitability, we expect a range of $233 to 240 million in adjusted EBITDA with net income of $104.8 to 109.9 million.

Speaker #6: With the low end of our range consistent with our five year low for annual utilization The table at the back of today's press release outlines our assumptions at both ends of the full year guidance ranges on the basis of these assumptions , projecting revenue in 2026 of between 1.36 to 1.385 billion , reflecting growth of between 5.5 to 7.5% .

Speaker #6: If we exclude the 48.5 million in revenue from the client who was under a transition of care agreement over the first half of 2025 , our full year revenue growth is projected to be between 9.7% to 11.7% , with respect to profitability , we expect a range of 233 to 240 million in adjusted EBITDA , with net income of 104.8 to 109.9 million .

Mark Livingston: If we exclude the $48.5 million in revenue from the client who was under a transition of care agreement over H1 of 2025, our full year revenue growth is projected to be between 9.7% to 11.7%. With respect to profitability, we expect a range of $233 to 240 million in adjusted EBITDA with net income of $104.8 to 109.9 million. This equates to $1.26 and $1.32 in earnings per diluted share and $2.04 and $2.10 of adjusted EPS on the basis of approximately 83 million fully diluted shares. As it relates to Q3, we expect between $335 to 345 million in revenue, reflecting growth of 6.9% to 10.1%, with the sequential change in Q2 revenue reflecting the slightly more pronounced seasonality in activity this year.

Speaker #6: This equates to $1.26 and $1.32 in earnings per diluted share and $2.04 and $2.10 of adjusted EPS . On the basis of approximately 83 million fully diluted shares As it relates to the third quarter , we expect 5 to 345 million in revenue , reflecting growth of 6.9% to 10.1% .

Mark Livingston: This equates to $1.26 and $1.32 in earnings per diluted share and $2.04 and $2.10 of adjusted EPS on the basis of approximately 83 million fully diluted shares. As it relates to Q3, we expect between $335 to 345 million in revenue, reflecting growth of 6.9% to 10.1%, with the sequential change in Q2 revenue reflecting the slightly more pronounced seasonality in activity this year. On profitability, we expect between $56 to 59 million in adjusted EBITDA in the quarter, along with net income of between $24.5 to 26.7 million. This equates to $0.30 and $0.33 of earnings per diluted share or $0.50 and $0.52 of adjusted EPS on the basis of approximately 82 million fully diluted shares. At the midpoints of the ranges for both the quarter and the year, you can see we expect to maintain a consistent adjusted EBITDA margin even with the investment to grow the business.

Speaker #6: With the sequential sequential change in second quarter revenue reflecting the slightly more pronounced seasonality in activity this year . On profitability . We expect between 56 to 59 million in adjusted EBITDA in the quarter , along with net income of between 24.5 to 26.7 million .

Mark Livingston: On profitability, we expect between $56 to 59 million in adjusted EBITDA in the quarter, along with net income of between $24.5 to 26.7 million. This equates to $0.30 and $0.33 of earnings per diluted share or $0.50 and $0.52 of adjusted EPS on the basis of approximately 82 million fully diluted shares. At the midpoints of the ranges for both the quarter and the year, you can see we expect to maintain a consistent adjusted EBITDA margin even with the investment to grow the business. With that, we'd like to open the call for questions. Operator, can you please provide the instructions?

Speaker #6: This equates to $0.30 and $0.33 of earnings per diluted share , or $0.50 , and $0.52 of adjusted EPS , on the basis of approximately 82 million fully diluted shares at the midpoint of the ranges for both the quarter and the year , you can see we expect to maintain a consistent EBITDA adjusted EBITDA margin Even with the investment to grow the business and with that , we'd like to open the call for questions .

Mark Livingston: With that, we'd like to open the call for questions. Operator, can you please provide the instructions?

Speaker #6: Operator , can you please provide the instructions

Speaker #3: Certainly. The floor is now open for questions. If you wish to join the queue to ask a question at this time, please press star one on your telephone keypad.

Operator 2: Certainly. The floor is now open for questions. If you wish to join the queue to ask a question at this time, please press star one on your telephone keypad. We do ask, if listening on speakerphone today, that you pick up your handset while asking your question to provide optimal sound quality. Once again, please press star one on your keypad at this time if you wish to join queue. Please hold a moment while we poll for questions. Our first question today is coming from Brian Tanquilut from Jefferies. Brian, your line is live. Please go ahead.

Operator: Certainly. The floor is now open for questions. If you wish to join the queue to ask a question at this time, please press star one on your telephone keypad. We do ask, if listening on speakerphone today, that you pick up your handset while asking your question to provide optimal sound quality. Once again, please press star one on your keypad at this time if you wish to join queue. Please hold a moment while we poll for questions. Our first question today is coming from Brian Tanquilut from Jefferies. Brian, your line is live. Please go ahead.

Speaker #3: We do ask if listening on speakerphone today that you pick up your handset while asking your question to provide optimal sound quality . Once again , please press star one on your keypad at this time if you wish to join queue , please hold a moment while we poll for questions .

Speaker #3: And our first question today is coming from Brian Tequila from Jefferies . Brian , your line is live . Please go ahead .

Speaker #6: Thank you and good afternoon guys . Maybe just on the comments on r t cycle seasonality Just curious if you can expand further on that slowdown that you're seeing this summer and you know , if you have any thoughts on what drove this increase seasonality and when do you think this peaks and when do we get back to more normal trends ?

Brian Tanquilut: Thank you, good afternoon, guys. Maybe just on the comments on ART cycle seasonality, just curious if you can expand further on that slowdown that you're seeing this summer, if you have any thoughts on what drove this increased seasonality, when do you think this peaks, when do we get back to more normal trends?

Speaker #6: So I think what's important , Brian , is to is to also look at what we've done here for the first half of the year , although we've had a good strong Q1 and Q2 , we haven't hit the high end of our of our ranges .

Mark Livingston: I think what's important, Brian, is to also look at what we've done here for the H1 of the year. Although we've had a good strong Q1 and Q2, we haven't hit the high end of our ranges. Part of what we're doing here is recalibrating, narrowing the year, just in recognition of where we're at here six months in. As far as the Q3, the comments around the slightly more pronounced seasonality, it's really limited to just this middle part of the summer here. We do have some visibility, as we get into September as the appointment scheduling builds there. Look, we don't see it as anything that is prolonged or any kind of change in trend. Our guidance reflects really more of a stable utilization and consumption pattern consistent with what we've seen in other years.

Speaker #6: And so part of what we're doing here is recalibrating and narrowing the year just in recognition of where we're at here . Six months in as far as the third quarter , you know , comments around the slightly more pronounced seasonality , it's really limited to just this middle part of the summer here .

Speaker #6: And we do have some visibility as we get into September as the appointment scheduling builds there . So , look , we don't see it as anything that is , you know , prolonged or , you know , any kind of change in trend .

Speaker #6: And , and so our guidance reflects , you know , really more of a stable utilization and consumption pattern consistent with what we've seen in other years .

Speaker #7: Got it . And then when I think about the sequential improvement in fertility revs per cycle , what is driving that is that ancillary .

Brian Tanquilut: Got it. When I think about the sequential improvement in fertility revs per cycle, what is driving that? Is that ancillary? Maybe another part of that question would just be any comment you can share on pricing, both on the PBM side and on the services side?

Speaker #7: So then maybe another part of that question would just be any comment you can share on pricing , both on the PBM side and on the services side

Speaker #6: Yeah . So on the , you know , on fertility pricing , we do have the ability to modestly increase pricing based on CPI .

Mark Livingston: Yeah. On fertility pricing, we do have the ability to modestly increase pricing based on CPI. On the fertility side, that's something that we've done over the last couple of years. That contributes, but we're talking low single-digit percentages. On the pharmacy side, we've looked to absorb some of the cost increases that we see in order to keep our clients whole.

Speaker #6: So on the fertility side , that's something that we've done over the last couple of years . So that contributes . But we're talking , you know , low single digit percentages .

Speaker #6: And then , you know , on the on the pharmacy side , we've looked to absorb some of the cost increases that we see in order to , to keep our clients whole

Speaker #5: I think , I think if you're , I think if you're focused on sequential , sequential is impacted by a lower proportion of cycles in the art cycles .

Pete Anevski: I think if you're focused, though, on sequential is impacted by a lower proportion of cycles in the ART cycles in Q1, and a higher proportion of initial consults, but the average is calculated in terms of revenue per cycle. Q2 seasonally has a bump up in ART cycles versus Q1, and a lower proportion of initial consults. That's normal every year. As you talk about sequential revenue per cycle, that's what impacts that.

Speaker #5: In the first quarter and a higher proportion of initial consults . But the average is calculated in terms of revenue per cycle . Second quarter , seasonally has a bump up in in cycles in art cycles versus the first quarter .

Speaker #5: And so and a lower proportion of initial consults . That's normal every year . So as you talk about sequential revenue , that per cycle , that's what impacts that

Speaker #7: Got it . Thank you

Brian Tanquilut: Got it. Thank you.

Speaker #3: Thank you . Your next question is coming from Jailendra Singh from Truist Securities . Jailendra your line is live . Please go ahead .

Operator 2: Thank you. Your next question is coming from Jailendra Singh from Truist Securities. Jailendra, your line is live. Please go ahead.

Operator: Thank you. Your next question is coming from Jailendra Singh from Truist Securities. Jailendra, your line is live. Please go ahead.

Speaker #8: Yeah . Thank thanks for taking my question . So I want to go back to this seasonality point . You raised . I know it's only one month of data , but given the experience the company has had in the past couple of years , back , what additional data points or observations you have , which makes you believe this is really more of seasonal softness .

Jailendra Singh: Yeah, thank you, and thanks for taking my question. I want to go back to this seasonality point you raised. I know it's only one month of data, but given the experience the company has had in the past couple of years back, what additional data points or observations you have, which makes you believe this is really more of seasonal softness you're seeing? Outside of being prudent in your guidance approach, anything else you're doing proactively to make sure you don't get caught off guard once you get out of this seasonal weak period?

Speaker #8: You're seeing outside of being a prudent in your guidance approach . Anything else you're doing proactively to make sure you don't get caught off guard once you get out of this seasonal peak period .

Speaker #5: Just to answer your first question , in terms of data points , every year we see seasonality . This . This in the summer , in the middle of the summer , this year is a little bit more pronounced .

Pete Anevski: Just to answer your first question, in terms of data points, every year we see seasonality in the summer, in the middle of the summer. This year is a little bit more pronounced. If you recall, I think three or four years ago, we saw the same thing, then exiting the quarter, we saw the same thing in terms of engagement returning to normal levels. Of the visibility we have so far for September, that appears to be the case for this year as well. That's why we added the color and commentary relative to what we're seeing, not only this year, but in periods past. We do see that seasonality as more pronounced in this quarter, then coming back to normal engagement levels in the balance of the year. It's just a little bit more pronounced this year than normal.

Speaker #5: If you recall , you know , I think 3 or 4 years ago , we saw the same thing . And then exiting the quarter , we saw the same thing in terms of , of engagement returning to normal levels of the visibility we have so far for September .

Speaker #5: That appears to be the case for this year as well . And so that's why we we added the color and commentary relative to what we're seeing , not only this year , but but in periods past , we do see that seasonality as , as you know , more pronounced in this quarter .

Speaker #5: And then and then coming back to normal engagement levels in the balance of the year , it's just a little bit more pronounced this year than normal

Speaker #8: Okay . And then my follow up and thanks for the color on the selling season , Pete . It's good to see you feel good about meeting or exceeding annual target of 1 million lives .

Jailendra Singh: Okay, my follow-up, thanks for all the color on the sell thing, Pete. It's good to see you feel good about meeting or exceeding annual target of 1 million lives. A quick follow-up there. As you look at these type of lives, industries these lives are coming from, expected utilization or number of offerings they might have access to, how do you think about the revenue attached to these lives? Do you think it's similar to this year or better or worse? Any color will be helpful.

Speaker #8: A quick follow up there . As you look at these type of lives , are industries . These lives are coming from expected utilization or number of offerings .

Speaker #8: They might have access to . How do you think about the revenue attached to these lives ? Do you think similar to this year or better or worse ?

Speaker #8: Any color will be helpful .

Speaker #5: I know , obviously we're not going to quantify it , but but I think my commentary spoke to not only the , the commitments , but the contribution from them , which is what our , which is sort of what you're alluding to being , being , you know , meaningfully ahead of last year at this point

Pete Anevski: Obviously, we're not going to quantify it. I think my commentary spoke to not only the commitments, but the contribution from them, which is sort of what you're alluding to, being meaningfully ahead of last year at this point.

Speaker #8: Got it . Thank you

Jailendra Singh: Got it. Thank you.

Speaker #3: Thank you. Your next question is coming from Michael Cherny from Leerink. Michael, your line is live. Please go ahead.

Operator 2: Thank you. Your next question is coming from Michael Cherny from Leerink. Michael, your line is live. Please go ahead.

Operator: Thank you. Your next question is coming from Michael Cherny from Leerink. Michael, your line is live. Please go ahead.

Speaker #9: Good afternoon and thanks for taking the question . I sorry to harp on this same topic , but this is not the first time .

Michael Cherny: Good afternoon, and thanks for taking the question. Yeah, I started to harp on this same topic, but this is not the first time, obviously, we've seen summer seasonality as you've alluded to, maybe a bit more than before. When you think about the visibility you had at this point last quarter, you talked about utilization improving. I guess, how much was this on the foresight, given that, again, you're seeing an uptick in September. As the work you've done over the years to improve your visibility has been significant, how did that play out specifically tied to ending the quarter and into the print?

Speaker #9: Obviously , we've seen some seasonality . If you've alluded to maybe a bit more than before , when you think about the visibility you had at this point last quarter , you talked about utilization improving , but I guess how much was this on the foresight , given that , again , you're seeing an uptick in September , like as the work you've done over the years to improve your visibility has been significant ?

Michael Cherny: When you think about the visibility you had at this point last quarter, you talked about utilization improving. I guess, how much was this on the foresight, given that, again, you're seeing an uptick in September. As the work you've done over the years to improve your visibility has been significant, how did that play out specifically tied to ending the quarter and into the print?

Speaker #9: How did that play out specifically tied to ending the quarter and into the print

Speaker #5: The the visibility . Mike hasn't changed The the algorithms that we use have improved , which is what you're referring to in terms of the work we've done .

Pete Anevski: The visibility, Mike, hasn't changed. The algorithms that we use have improved, which is what you're referring to in terms of the work we've done. The visibility is still the same, right? We have good visibility into the month ahead and a little less visibility into the month after that. That's not new. That's generally how far ahead people are scheduling appointments. We look at a lot of things underlying that data. That's what we use when we guide always, and that's what we used Q1 when we reported in May, and that's what we're using now as we report Q2, and what we're seeing so far exiting the quarter. Also looking at past history relative to that being normal in terms of normalizing back to normal levels of engagement for the remainder of the year.

Speaker #5: But the visibility is still the same , right ? We have visibility . Good visibility into the month ahead and a little less visibility into the month after that .

Speaker #5: That's not new . That's generally how far ahead people are scheduling appointments . And then we look at a lot of things underlying that data .

Speaker #5: And so , you know , and that's what we use when we guide always . And that's what we used last quarter when we reported in May .

Speaker #5: And that's what we're using now as we report Q2 . And , and what we're seeing , you know , so far exiting the quarter and then also looking at past history relative to to that being normal in terms of normalizing back to normal levels , engagement , you know , for the remainder of the year .

Speaker #9: Got it . And just one more additional question . I mean , cash flow build has been very strong . You obviously have going on .

Michael Cherny: Got it. Just one more additional question. The cash flow build has been very strong. You obviously have Progyny Select going on. You have some of the other ancillary programs. How do you think about the future usage of capital deployment for both internal, external investments as you continue to broaden your lead in the market?

Speaker #9: You have some of the other ancillary programs . How do you think about the future usage of capital deployment for both internal and external investments as you continue to broaden your lead in the market

Speaker #5: Well , like I mentioned in my remarks , the good news is we have strong enough cash flow to continue to invest if we need to .

Pete Anevski: Well, like I mentioned in my remarks, the good news is we have strong enough cash flow to continue to invest if we need to. The level of investment will come down, as we had mentioned a couple of times on the last couple of calls. Next year and in the future, based on what we have planned, our large investments happened over the last two years, and will finish out in terms of incremental investments through the end of this year. As you mentioned, we have the capital to make decisions whether there are any opportunities around M&A, whether they're tuck-ins or otherwise, whether there's additional repurchases that we're going to do or any other additional investments. We have the cash flow to do all three.

Speaker #5: The level of investment will come down as we had mentioned a couple of times in the last couple of calls next year . And in the future , based on what we have planned , our large investments happen over the last two years , and we'll finish out in terms of incremental investments , you know , through the end of this year .

Speaker #5: But but as you as you mentioned , we have the the capital to make decisions , whether they're , you know , any opportunities around , around M&A , whether they're , you know , tuck ins are otherwise , whether there's , you know , additional repurchases that we're going to do or any other additional investments , you know , we have , we have the cash flow to , to do all three .

Speaker #3: Thank you . Your next question is coming from Sarah James from Cantor Fitzgerald .

Operator 2: Thank you. Your next question is coming from Sarah James from Cantor Fitzgerald.

Operator: Thank you. Your next question is coming from Sarah James from Cantor Fitzgerald.

Speaker #10: Thank you . On the improved algorithm that you were talking about , can you give us an idea of what the slope of level of confidence looks like ?

Sarah James: Thank you. On the improved algorithm that you were talking about, can you give us an idea of what the slope of level of confidence looks like? How is your confidence in your two-week out forecast versus four versus six? What does that look like for you now?

Speaker #10: So, how is your confidence in your two-week out forecast versus four weeks versus six weeks? What does that look like for you now?

Speaker #5: Well , given the actual visibility we have and given that it's a consumption model , right ? You know , obviously any periods further out inherently are going to have , you know , less .

Pete Anevski: Well, given the actual visibility we have, and given that it's a consumption model, obviously any periods further out inherently are going to have less. Again, the algorithms have improved significantly. They've proven to be pretty predictable. Things like a more pronounced seasonality than you otherwise didn't have visibility into can happen, and that's what we're experiencing. By the way, overall, if you look at sort of the midpoint, it's a 1% adjustment. We're not talking about a large adjustment and change in consumption. Either way it's a fair question.

Speaker #5: But again , the , the algorithms have improved significantly . They've proven to be pretty predictable . But , but things like , you know , a more pronounced seasonality than you otherwise didn't have visibility into can happen .

Speaker #5: And that's what we're experiencing . And by the way , I mean , overall , it's a , it's a , if you look at sort of the midpoint .

Speaker #5: It's a 1% adjustment . So we're not talking about a large adjustment and change in consumption . But either way , it's a , you know , it's a fair question

Speaker #10: And then you mentioned also the growing pipeline of your broker relationships . Can you talk about how material that channel now to your business and where you think it could go over time ?

Sarah James: You mentioned also the growing pipeline of your broker relationships. Can you talk about how material that channel is now to your business and where you think it could go over time?

Speaker #5: Sure . It's it's not material today . And as I mentioned in my prepared remarks at not expected to be material at all relative to what it's going to contribute in terms of new lives next year .

Pete Anevski: Sure. It's not material today, and as I mentioned in my prepared remarks, not expected to be material at all relative to what it's going to contribute in terms of new lives next year. That's consistent with the comments we've been making. Those channel partners will take time, both in terms of signing up, which we've been successful in doing so far. More importantly, in getting throughput from them, relative to the reality of when their renewals happen, the majority of which are for 1/1, the reality of getting through those organizations, because many of them are inherently roll-ups of a lot of small companies, and it's a little bit more of a grassroots effort in terms of getting the message through to all their brokers, et cetera.

Speaker #5: That's consistent with the comments we've been making that that those channel partners will take time , both in terms of signing up , which we've been successful in doing so far , but more importantly , in getting throughput from them relative to the reality of when their renewals happen .

Speaker #5: The majority of which are are , for one , one . The reality of getting through those organizations , because many of them are inherently roll ups of a lot of small companies .

Speaker #5: And it's a little bit more of a grassroots effort in terms of getting the message through to all their brokers, etc.

Speaker #5: . And so and so it's just , it will , the relationships we've built so far are , are positive . And they are inclined to work with us and work with their people to do that .

Pete Anevski: The relationships we've built so far are positive, and they are inclined to work with us and work with their people to do that. That's why it's more of a medium-to-long-term strategy. I would say it's more important to the medium-and-long-term, in terms of being additive as opposed to looking for something for 2027.

Speaker #5: But that's why it's more of a medium to long term strategy . So I would say it's more important to the medium and long term in terms of being additive , as opposed to , you know , looking for something for , for 2027 .

Speaker #10: Thank you

Sarah James: Thank you.

Speaker #3: Thank you . Your next question is coming from Scott Schoenholtz from KeyBanc . Scott , your line is live . Please go ahead .

Operator 2: Thank you. Your next question is coming from Scott Schoenhaus from KeyBanc. Scott, your line is live. Please go ahead.

Operator: Thank you. Your next question is coming from Scott Schoenhaus from KeyBanc. Scott, your line is live. Please go ahead.

Speaker #11: Thanks , guys , for taking my question . Just to drill in a little bit more on the summertime softness here You know , if I think about it , is there a way to is there anything that's glaringly different than you expected in terms of a certain cohort ?

Scott Schoenhaus: Thanks, guys, for taking my question. Just to drill in a little bit more on the summertime softness here. If I think about it, is there anything that's glaringly different than you expected in terms of a certain cohort? Is it this new cohort that you onboarded from new wins this year that you saw a less amount of egg retrievals happening into the summer, but now you're starting to see those appointments being booked for those surgeries, or you're seeing the medications being ordered now for September into the fall? Was it a regional softness? Any color as to explain to why this was more pronounced this year?

Speaker #11: Right . Is it this new cohort that you onboarded from new wins this year that you saw , you know , a less amount of egg retrievals happening into the summer , but now you're starting to see those appointments being booked for those surgeries , or you're seeing the medications being ordered now for September into the fall .

Speaker #11: Was it a regional softness ? Any like color as to explain to why this was more pronounced this year versus other years ? And you know what ?

Scott Schoenhaus: Any color as to explain to why this was more pronounced this year versus other years if you're actually seeing from a one from one delay in a certain population of employees from a certain employer that delayed an egg retrieval with medication in the summer, now you're seeing that pick up in the fall?

Scott Schoenhaus: versus other years if you're actually seeing from a one from one delay in a certain population of employees from a certain employer that delayed an egg retrieval with medication in the summer, now you're seeing that pick up in the fall?

Speaker #11: If you're if you're actually seeing it from a one from one delay in a certain population of employees , from a certain employer , that delayed an egg retrieval with medication in the summer , and now you're seeing that pickup in the fall .

Speaker #5: Yeah . The short answer is there isn't anything pronounced in any one of those categories that you described . We certainly take a look at that to see if there's anything that that would be different than , than a seasonality event .

Pete Anevski: Yeah. The short answer is there isn't anything pronounced in any one of those categories that you described. We certainly take a look at that to see if there's anything that would be different than a seasonality event. It's more across the board, really, in all those categories that you're describing.

Speaker #5: It's more across the board , really , in all those categories that you're describing

Speaker #11: Okay . And then on the selling season , the one comment that I thought was really interesting was that you're seeing the most sort of competitive conversation , you know , customer conversations from people that had previously had , you know , a competitor's benefit , maybe .

Scott Schoenhaus: Okay. On the selling season, the one comment that I thought was really interesting was that you're seeing the most sort of competitive customer conversations from people that had previously had a competitor's benefit. Maybe can you dive into more color, Pete, on what exactly they're telling you and why they're coming to you to explore options? Is it ROI? Is it the fact that their employees want a more robust benefit? This is, I think, the first time you've ever commented on something like this, I kind of want to hear what the customers are saying when they're coming to you. Thanks.

Speaker #11: Can you dive into more color ? On what exactly they're telling you and why they're coming to you to explore options ? Is it ROI ?

Speaker #11: Is it the fact that their employees want a more robust benefit ? You know , this is , I think , the first time you've ever commented on something like this .

Speaker #11: And I kind of want to hear what the, what the, what the customers are saying when they're coming to you. Thanks.

Speaker #5: Sure . It's important to note that the reason , the only reason why I'm calling it out is because it's more than what we've seen in the past .

Pete Anevski: Sure. It's important to note that the only reason why I'm calling it out is because it's more than what we've seen in the past. We're getting all sorts of opportunities from brownfield and some greenfield as well. When you do get these opportunities, you don't always get the opportunity to understand everything they're unhappy about. They just simply are out there, and they're just out there in more volume this year. You compete for them. You spend more time talking about your solution, and you just infer that something isn't right when they're going out to RFP. A lot of them many times do market checks. Either way, there isn't a lot of discussion around sort of what's not working.

Speaker #5: But but we're getting all sorts of opportunities from , from brownfield and Greenfield as well . When , when you do get these opportunities , you don't always get the opportunity to understand everything .

Speaker #5: They're unhappy about . They just simply are out there and they're just out there in more volume this year . And so you compete for them .

Speaker #5: So you spend more time talking about your solution and you just infer that that something isn't right when they're , when they're going out to RFP or a lot of them are doing , you know , many times do market checks .

Pete Anevski: A lot of them many times do market checks. Either way, there isn't a lot of discussion around sort of what's not working. There's some anecdotal stuff, I don't want to comment on anecdotal stuff as opposed to we're hearing sort of something constant and systemic. I think the more insightful commentary is that it's happening and that we're winning a lot of it.

Speaker #5: But either way , there isn't a lot of discussion around sort of what's not working . There's some anecdotal stuff , but I don't want to comment on anecdotal stuff as opposed to , you know , we're hearing sort of , you know , something constant and systemic .

Pete Anevski: There's some anecdotal stuff, I don't want to comment on anecdotal stuff as opposed to we're hearing sort of something constant and systemic. I think the more insightful commentary is that it's happening and that we're winning a lot of it.

Speaker #5: But but , you know , I think that the more insightful commentary is that it's happening and that we're winning as a lot of it

Speaker #6: Yes . Scott . The only thing I'd maybe I'd add to that is , is Pete's prepared remarks around cost containment and the pressures on employers .

Mark Livingston: Yes, Scott, the only thing maybe I'd add to that is Pete's prepared remarks around cost containment and the pressures on employers now, which I think we believe is part of that root cause of why they're coming to us. We obviously have a proven model that helps control costs, we believe that's part of what's driving it.

Speaker #6: Now , which I think we believe is part of that root cause of why they're coming to us . We obviously have a proven model that helps control costs and and so , you know , we believe that's part of what's driving it .

Speaker #11: That's helpful color . Thanks

Scott Schoenhaus: That's helpful color. Thanks.

Speaker #3: Thank you . Your next question is coming from Allen Lutz from Bank of America . Allen , your line is live . Please go ahead .

Operator 2: Thank you. Your next question is coming from Allen Lutz from Bank of America. Allen, your line is live. Please go ahead.

Operator: Thank you. Your next question is coming from Allen Lutz from Bank of America. Allen, your line is live. Please go ahead.

Speaker #12: Good afternoon , and thanks for taking the questions . One for Peter . Mark here around . I guess the follow up on the selling season piece here .

Allen Lutz: Good afternoon, thanks for taking the questions. One for Peter Mark here. I guess to follow up on the selling season piece here, is there any way to bifurcate between the engagement you're getting from prospects that are looking at fertility benefits for the first time versus those that are potential competitive conversions? Would love to get a sense of anything's changed there with those that currently don't offer a fertility benefit. Second, we've talked about this a little bit in the past, but the conversation around GLP-1s continues to evolve. Some of the big PBMs are talking about employers just offering that type of benefit less. If employers are not offering GLP-1 coverage, are you seeing any increased interest in fertility benefits? Just trying to get a sense of, to triangulate if any of those things are hitting your prospects or if it's just too early.

Speaker #12: Is there any way to bifurcate between the engagement you're getting from prospects that are looking at fertility benefits for the first time versus those that are potential competitive conversions ?

Speaker #12: Would love to get a sense of anything's changed there with with those that currently don't offer a fertility benefit . And then second , you know , we've talked about this a little bit in the past , but the , the conversation around GLP one continues to evolve .

Speaker #12: Some of the big PBMs are talking about employers just offering that type of benefit less . If employers are not offering GLP one coverage , are you seeing any increased interest in fertility benefits ?

Speaker #12: Just trying to get a sense of to triangulate if any of those things are , are hitting your your prospects or if it's just to early .

Speaker #12: Thanks .

Allen Lutz: Thanks.

Speaker #5: Yeah , I'll try and capture the spirit of all the . Asked Alan . The first thing is building on Mark's comment . The .

Pete Anevski: Yeah. I'll try and capture the spirit of all that you asked, Allen. First thing is building on Mark's comment. What we are seeing more of this year is more brownfield than greenfield. We'll start with that. It is from all competitors, not just the VC-backed competitors, but also those that have a carrier solution today. We still view them and always view them as a competitor, probably the largest competitor still relative to where others are getting a fertility benefit beyond our VC-backed competitors. That's not surprising given the fact that, as we sort of talked about ending last year and coming into this year, medical cost inflation is real. A lot of what's driving that is some of what you're alluding to, which is GLP-1s and other sort of new drugs in the market that are driving higher utilization and overall increase in medical costs.

Speaker #5: What we are seeing more of this year is more brownfield than than Greenfield . We'll start with that . It is . It is from all competitors , not just the .

Speaker #5: The VC backed competitors , but also those that have a carrier solution today . So we still view them and always view them as a competitor .

Speaker #5: Probably the largest competitor , still relative to where others are getting a fertility benefit beyond beyond our VC backed competitors . And and that's not surprising given the fact that as we sort of talked about , you know , ending last year and coming into this year , medical cost inflation is real .

Speaker #5: A lot of what's driving that is some of what you're alluding to , which is GLP one . And other sort of , you know , new drugs in the market that are driving higher utilization and overall increase in medical costs .

Speaker #5: So it's not surprising that it's those that are looking to , contain costs or save money , i.e. in a brownfield situation , are the ones that are doing more looking and more committing this year versus the greenfield , right .

Pete Anevski: It's not surprising that it's those that are looking to contain costs or save money, i.e., in a brownfield situation, are the ones that are doing more looking and more committing this year, versus the greenfield, right? We're still getting greenfield, but it's more pronounced in the brownfield. That's probably the easiest way I could answer, I think, most of what you asked. As related specifically to GLP-1s, I don't know that I have enough good information to say as a result of companies cutting back on GLP-1s, now they feel that they're in a better position to buy fertility or not. I think there's an overall reality that they're trying to manage costs overall and that higher utilization from things like GLP-1s and therefore are adjusting just to keep doing what they can to bend that cost curve a little bit for themselves.

Speaker #5: We're still getting greenfield , but but it's more pronounced in the brownfield and so and so that's probably the , the easiest way I can answer .

Speaker #5: I think most of what you asked And really specifically the GOP ones , I don't know that I have enough good information to say as a result of companies cutting back on GLP one .

Speaker #5: Now they feel that their they're in a in a better position to , you know , sort of buy fertility or not . I think it's just there's an overall reality that they're trying to manage costs overall and that , you know , higher utilization from things like GLP one and therefore are adjusting just , just to keep , you know , doing what they can to , to bend that cost curve .

Speaker #5: A little bit for themselves

Operator 2: Thank you. Your next question is coming from Peter Warendorf from Barclays. Peter, your line is live. Please go ahead.

Operator: Thank you. Your next question is coming from Peter Warendorf from Barclays. Peter, your line is live. Please go ahead.

Speaker #3: Thank you . Your next question is coming from Peter Dorf from Barclays . Peter , your line is live . Please go ahead

Speaker #13: Hey . Yeah . Thanks for the question . It looks like clients may ticked up slightly in the second quarter , but membership was closer to flat .

Peter Warendorf: Hey. Yeah, thanks for the question.

Peter Warendorf: Hey. Yeah, thanks for the question. It looks like clients may be ticked up slightly in Q2, but membership was closer to flat. It's not a huge difference, but I'm just curious if you're seeing any impact from the broader employment trends, and maybe a weaker employment environment. What you're assuming in guidance over the H2 of the year in terms of membership at current clients. Thanks.

Peter Warendorf: It looks like clients may be ticked up slightly in Q2, but membership was closer to flat. It's not a huge difference, but I'm just curious if you're seeing any impact from the broader employment trends, and maybe a weaker employment environment. What you're assuming in guidance over the H2 of the year in terms of membership at current clients. Thanks.

Speaker #13: I mean , it's not a huge difference , but I'm just curious if you're seeing any impact from the broader employment trends and maybe a weaker employment environment .

Speaker #13: And then what you're assuming in guidance over the second half of the year in terms of membership at current clients ? Thanks .

Speaker #6: Yeah . So just as a reminder , we typically count only those clients that have a thousand lives or more . We have a number of them that are smaller , but we've always excluded them .

Mark Livingston: Yeah. Just as a reminder, we typically count only those clients that have 1,000 lives or more. We have a number of them that are smaller, but we've always excluded them. We include the lives, but not the counts. There were a handful of clients that graduated beyond the 1,000 life level. Obviously, in and of themselves, not going to drive your overall averages. From a projection standpoint, we're projecting the same. We have the same level of full year estimate as we've been maintaining for a couple of quarters now. We do have a couple of very small clients that are starting here in the H2, not anything meaningful from a revenue contribution or whatnot. You see a little bit in the coming quarters, but frankly, it's just more rounding than anything.

Speaker #6: We include the lives , but not the counts . So there were a handful of clients that graduated beyond the thousand life level .

Speaker #6: Obviously , in and of themselves , not going to drive your overall averages . So and then as far as lives are , they've been , you know , pretty consistent that we've seen , you know , some clients go up a little , some go down a little , but it's been relatively stable .

Speaker #6: And then from a projection standpoint , we're projecting the same . We have the same level of full year estimate as we've been maintaining for a couple of couple of quarters .

Speaker #6: Now . And so yeah , we do have a couple of very small clients that are starting here in the second half , not anything meaningful from a revenue contribution or whatnot .

Mark Livingston: we do have a couple of very small clients that are starting here in the H2, not anything meaningful from a revenue contribution or whatnot. You see a little bit in the coming quarters, but frankly, it's just more rounding than anything.

Speaker #6: So you see a little bit in the coming quarters, but, you know, frankly, it's just more rounding than anything.

Speaker #13: Great . And then just quickly on the selling season , it's encouraging that you guys reiterated the million targets for this year . Just curious how much visibility you guys have into that target for next year .

Peter Warendorf: Great. Just quickly on the selling season, it's encouraging that you guys reiterated the million target for this year. Just curious how much visibility you guys have into that target for next year at this point, then maybe what the expectation might be for how many of those lives come from Select versus traditional membership. Thanks.

Speaker #13: At this point . And then maybe what the expectation might be for how many of those lives come from select versus traditional membership .

Speaker #13: Thanks .

Speaker #5: Well , I'll start by saying our target our target is always that pretty much every year we do have a pretty nice pipeline build for us .

Pete Anevski: Well, I'll start by saying our target is always that pretty much every year. We do have a pretty nice pipeline build for the next year's selling season so far. Also we expect more pipeline to come in from now going forward, most of which will be carryover pipeline into next year. There is some pretty good activity, in particular from some jumbo opportunities for next year. It's early to comment on whether or not they will or won't get us to 1 million lives. I can't reiterate sort of the same kind of clarity around achieving that target. I can tell you that we're pleased with the overall pipeline build, even for next year as well, as we sit here now.

Speaker #5: The next year , selling far . And also we expect more pipeline to come in from now going forward , most of which will be carryover pipeline into next year .

Speaker #5: But there is some some pretty good in particular from some some jumbo opportunities for next year . It's early to comment on whether or not they will or won't get us to a million lives .

Speaker #5: And so I can't reiterate sort of , you know , the same kind of , of , of clarity around achieving that target .

Speaker #5: But I can tell you that we're pleased with , with the overall pipeline build , even for next year as well as we sit here now

Speaker #4: And .

Peter Warendorf: Thanks a lot.

Speaker #14: Select

Speaker #5: And then as it relates to select , you know , as , as I said in my previous comments , you know , I , I , as soon as we have more clarity into how much and when select will start to contribute , you know , more meaningfully , we'll add that color in our commentary .

Pete Anevski: As it relates to Select, as I said in my previous comments, as soon as we have more clarity into how much and when Select will start to contribute more meaningfully, we'll add that color in our commentary. As I said before, most of what's going to happen now and over the next, I'll call it 12 to 18 months, is going to be us signing up those relationships and then working with those companies and entities to get to as many of their brokers through tactics that we both will do, the companies and us, in order to get adoption going.

Speaker #5: But as I said before, most of what's going to happen now and over the next, you know, I'll call it 12 to 18 months, is going to be us.

Speaker #5: You know , signing up those relationships . And then , you know , working with those companies and entities to get to as many their brokers through , through , you know , tactics that we both will do .

Speaker #5: The companies in the US, in order to get adoption going,

Speaker #13: Great .

Peter Warendorf: Great. Thank you.

Speaker #3: Thank you .

Speaker #15: Thank you .

Mark Livingston: Thank you.

Pete Anevski: Thank you.

Speaker #3: Your next question is coming from John Pine from Canaccord Genuity . John , your line is live . Please go ahead .

Operator 2: Your next question is coming from John Piney from Canaccord Genuity. John, your line is live. Please go ahead.

Operator: Your next question is coming from John Piney from Canaccord Genuity. John, your line is live. Please go ahead.

Speaker #16: Hi . Yeah , John Penny on for Richard . Thanks for the questions . Good to hear about the selling season . I guess I just want to provide any commentary about like , how what gives you the confidence for anyone who hasn't been signed as of yet at this point in the season that they're that they're their intent is to to sign by the end of the year for next year .

John Piney: Hi. Yeah, John Piney. I am for Richard Close. Thanks for the questions. Good to hear about the selling season. I guess, just provide any commentary about what gives you the confidence for anyone who hasn't been signed as of yet at this point in the selling season, that their intent is to sign by the end of the year for next year. I guess it's just like, what gives you the confidence they won't turn into not nows?

John Pinney: Hi. Yeah, John Piney. I am for Richard Close. Thanks for the questions. Good to hear about the selling season. I guess, just provide any commentary about what gives you the confidence for anyone who hasn't been signed as of yet at this point in the selling season, that their intent is to sign by the end of the year for next year. I guess it's just like, what gives you the confidence they won't turn into not nows?

Speaker #16: I guess it's just like , what gives you the confidence that they won't turn into not now's .

Speaker #5: Yeah . As you might . We have a lot of tracking and tools and obviously then conversations with our sales force and our sales leaders , you know , in particular around the larger opportunities that are in pipeline .

Pete Anevski: Yeah. We have a lot of tracking and tools. Obviously then conversations with our sales force and our sales leaders, in particular around the larger opportunities that are in pipeline. We track a lot of activities. A lot of our criteria as to what we call pipeline is objective in terms of sales progression. It's a combination of the commentary from our sales teams, the objective data that we have around the sales activity, what they're looking at, the buying questions, that kind of thing. Then our past history around that to estimate where we're going to get to.

Speaker #5: But we attract a lot of activities , a lot of our criteria as to what we call pipeline is objective in terms of sales progression .

Speaker #5: And it's , it's , you know , a combination of , of , of , of the commentary from our sales teams . The objective data that we have around the sales activity , what they're looking at , the buying questions , that kind of thing .

Speaker #5: And then our past history around , around that to , to estimate where we're going to get to

Speaker #16: Okay . And just as a follow up is , is there any way you can quantify how much the investments , the investments for this year are like factoring into like EBITDA guidance for the year ?

John Piney: Okay. Just as a follow-up, is there any way you can quantify how much the investments for this year are factoring into EBITDA guidance for the year?

John Pinney: Okay. Just as a follow-up, is there any way you can quantify how much the investments for this year are factoring into EBITDA guidance for the year?

Speaker #6: Yeah , we've never quantified it , but you know , what we've said historically and still the case is that the increase in CapEx that you've seen over from 24 to 25 and now sort of equivalent here in 26 , there's about an equivalent amount of opex running through the as well .

Mark Livingston: Yeah. We've never really quantified it. What we've said historically, and it's still the case, is that the increase in CapEx that you've seen from 2024 to 2025, and now sort of equivalent here in 2026, there's about an equivalent amount of OpEx running through the P&L as well.

Speaker #5: Related to the investment .

Pete Anevski: Related to the investments.

Speaker #6: Related to the investments, yeah.

Mark Livingston: Related to the investments, yeah.

Speaker #16: All right . Thank you

John Piney: All right. Thank you.

John Pinney: All right. Thank you.

Speaker #3: Thank you . And our final question this afternoon is coming from David Larson from Btig . David , your line is live . Please go ahead .

Operator 2: Thank you. Our final question this afternoon is coming from David Larsen from BTIG. David, your line is live. Please go ahead.

Operator: Thank you. Our final question this afternoon is coming from David Larsen from BTIG. David, your line is live. Please go ahead.

Speaker #17: Hi . We spoke recently with a benefits consultant said that of his , you know , 12 or 13 clients that he supports .

David Larsen: Hi. We spoke recently with a benefits consultant, he said that of his 12 or 13 clients that he supports, Progyny was in about seven of them, which I was positively surprised to hear. It makes me think that you have somewhat of a dominant fertility support position in the market. I guess, what are your thoughts in terms of growing your revenue and what opportunities there are to in-sell additional services into your existing base? What products or services may you develop that could drive incremental revenue growth? Can you also comment on international expansion efforts since you're doing so well in the US? It seems like Europe and the international markets are the next frontier.

Speaker #17: Progyny, Inc. was in about seven of them , which I was positively surprised to hear . It makes me think that you have somewhat of a dominant .

Speaker #17: You know , fertility support position in the market . So I guess , what are your thoughts in terms of like growing your revenue and what opportunities there are to sell additional services into your existing base ?

Speaker #17: What products or services might you develop that could drive incremental revenue growth? And then, can you also comment on international expansion efforts, since you're doing so well in the U.S.?

Speaker #17: I mean , it seems like , you know , Europe and the international markets are the next frontier

Pete Anevski: As it relates to our existing base, we don't own as much market share in the market as what that consultant said. That's not representative. Nonetheless, we are one of the larger providers of fertility and family benefits in the country for sure. As it relates to opportunities with existing clients, it's the stuff we already do, which is, whether it's any of the expanded products that we have and/or whether it's them expanding the fertility benefit with us. Most clients start with the two to three cycle benefit. Not everybody starts with egg freezing.

Speaker #5: As it relates to our existing base , we don't we don't own as much market share in the market as what that , you know , consultant said .

Speaker #5: So that's not representative . Nonetheless , we do we are , you know , one of the larger providers of fertility and family benefits in the country , for sure as it relates to opportunities with existing clients .

Speaker #5: It's the stuff we already do , which is , you know , whether , you know , whether it's any of the expanded products that we have and or whether it's them expanding the fertility benefit with us .

Speaker #5: Most clients start with a 2 to 3 cycle benefit . Not everybody starts with egg freezing and over time . And we've , we've shown in the past charts around this , but over each sales year cohort generally buys up a little bit more .

Pete Anevski: Over time, and we've shown in the past charts around this, but over time, each sales year cohort generally buys up a little bit more, whether they add more cycles, whether they add egg freezing, small portion that doesn't buy pharmacy every year, whether they add that, whether they add any of the expanded products, or the opportunities around the existing base. The opportunities for us still, as I mentioned in my prepared remarks, is still around adding new logos all the time. Although what we're winning this year is more pronounced in brownfields, that doesn't mean there isn't significant opportunity out there for brownfield and greenfield, as indicated by our expectations for the sales year so far. As it relates to opportunities OUS, the OUS opportunity isn't the same in terms of financial contribution as it is in the US.

Speaker #5: Whether they add more cycles ,

Speaker #13: I like freezing small portion that doesn't buy pharmacy every year . Whether they add that or whether they add any of the expanded products .

Speaker #13: Or the to run the existing base , the opportunities for us still , as I mentioned in my prepared remarks , is still around adding new logos all the time .

Speaker #13: So others , you know , although the , the , what we're winning this year is , is more pronounced in brownfields , that doesn't mean there's an significant , significant opportunity out there for brownfield and greenfield as indicated by , by our expectations for , for the sales year so far as it relates to opportunities for us , the US opportunity is the same in terms of financial contribution as it is in the US .

Speaker #13: It's more of an opportunity around winning multinational U.S. companies in particular, whose parent is in the U.S., and having a solution that will address the needs of their global population.

Pete Anevski: It's more of an opportunity around winning multinational companies, in particular, whose parent is in the US, and having a solution that will address the needs of their global population that's at least similar in terms of what it's addressing, even if it's not the same type of solution due to many limitations like regulatory limitations, et cetera, OUS. It continues to be an opportunity that we invest in, and have invested in, but continue to invest in order to win as many multinational companies as we continue forward fueling the overall fertility and family building business that we have today.

Speaker #13: That's at least similar in terms of what it's addressing, even if it's not the same type of solution due to many limitations, like regulatory limitations, etc.

Speaker #13: . Us . So so it continues to be an opportunity that we invest in and have invested in and continue to invest in , in order to win as many multinational companies , you know , as we continue forward , you know , fueling the overall fertility and family building business that we have today .

Speaker #9: Okay . Thanks very much . Congrats on a good quarter .

David Larsen: Okay, thanks very much. Congrats on a good quarter.

Speaker #13: Thank you

Pete Anevski: Thank you.

Speaker #11: Thank you . This does conclude today's question and answer session . I would now like to hand the floor back to James Hart for closing remarks .

Operator 2: Thank you. This does conclude today's question and answer session. I would now like to hand the floor back to James Hart for closing remarks.

Operator: Thank you. This does conclude today's question and answer session. I would now like to hand the floor back to James Hart for closing remarks.

Speaker #12: Thank you , Tom , and thank you , everyone for joining us . This afternoon . Please feel free to reach out . Of course , if you have any follow up questions .

James Hart: Thank you, Tom, and thank you everyone for joining us this afternoon. Please feel free to reach out, of course, if you have any follow-up questions. We'll also be attending a conference next week, so perhaps we'll see some of you there in Boston. Otherwise, enjoy the rest of the summer.

Speaker #12: We'll also be attending a conference next week , so perhaps we'll see some of you there in Boston . Otherwise , enjoy the rest of the summer

Operator 2: Thank you. This does conclude today's conference call. You may disconnect at this time, and have a wonderful day. Thank you once again for your participation.

Operator: Thank you. This does conclude today's conference call. You may disconnect at this time, and have a wonderful day. Thank you once again for your participation.

Q2 2026 Progyny Inc Earnings Call

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