0001551306-24-000031 | 10-K | XBRL Viewer

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Oct. 31, 2019 shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Feb. 29, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock voting rights per share (in votes) \| vote		1
Treasury stock (in shares)		615,980	615,980	615,980
Incentive stock options and non-statutory stock options, exercise price to fair value of common stock, maximum	100.00%
Stockholders ownership percentage, threshold	10.00%
Shareholder stock options, exercise price to fair value of common stock, maximum	110.00%
Unvested shares subject to repurchase (in shares)		0	0
Annual increase period (in years)	10 years
Annual increase percentage	4.00%
Total intrinsic value of options exercised \| $		$ 79.7	$ 76.7	$ 175.0
Weighted-average grant date fair value (in dollars per share) \| $ / shares		$ 19.10	$ 21.84	$ 30.60
Fair value of options to purchase common stock vested \| $		$ 134.1	$ 62.6	$ 16.0
Compensation cost not yet recognized, options \| $		$ 165.1
Common stock shares reserved for issuance (in shares)		4,194,264	3,306,387
Percentage of capital shares outstanding added to reserve for future issuance	1.00%
Number of shares added to reserve for future issuance	2,500,000
Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program, authorized amount \| $					$ 100.0
Options to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years	4 years
Term of award (in years)	10 years	10 years
Weighted-average remaining recognition period (in years)		2 years 6 months
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		4 years
Weighted-average remaining recognition period (in years)		2 years 7 months 6 days
Intrinsic value of restricted stock units vested \| $		$ 33.0	$ 22.0	$ 11.1
Granted (in dollars per share) \| $ / shares		$ 35.02	$ 44.09	$ 58.13
Fair value of restricted stock units vested \| $		$ 45.5	$ 28.5	$ 5.3
Compensation cost not yet recognized, other than options \| $		$ 91.0
Restricted stock units \| First Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested (in shares)		166,500
Restricted stock units \| Second Tranche
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested (in shares)		166,500
Shares issuable under ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for issuance (in shares)	1,700,000
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares	19,198,875
Maximum number of shares, new shares	2,640,031
Maximum number of shares, additional shares	16,558,844
Available for future grants (in shares)		3,573,416	1,241,365
Warrants to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants outstanding (in shares)		305,595	565,351
Warrants exercised (in shares)		259,756	0	854,065
Warrants exercised, shares issued (in shares)		247,672		824,991
Warrants to purchase common stock \| Weighted average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share) \| $ / shares		$ 1.73		$ 1.73

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregated revenue

The following table disaggregates revenue by service (in thousands):


	Year Ended December 31,
	2023		2022		2021
Revenue
Fertility benefit services revenue	$	676,295	$	510,145	$	355,616
Pharmacy benefit services revenue	412,303		276,768		145,005
Total revenue	$	1,088,598	$	786,913	$	500,621

Concentration of Major Clients

For the year ended December 31, 2023, one client accounted for 13% of total revenue. Two clients accounted for 16% and 10%, or a combined 26%, of total revenue for the year ended December 31, 2022. For the year ended December 31, 2021, two clients accounted for 19%, and 15%, or a combined 34% of total revenue. No other clients accounted for more than 10% for the years ended December 31, 2023, 2022, and 2021.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Leases - Leases Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
Right-of-use assets	$ 17,605	$ 6,903
Short-term lease liabilities	$ 2,149	$ 1,231
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Long-term lease liabilities	$ 17,241	$ 6,482
Other information
Weighted average remaining lease term, operating lease	9 years 7 months 6 days
Weighted average discount rate, operating lease	4.60%

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued claims payable	$ 30,294	$ 31,139
Accrued compensation	11,868	7,706
Accrued commission	$ 3,284	$ 2,832
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Operating lease current liabilities	$ 2,149	$ 1,231
Professional fees	1,242	861
Other accrued expenses	10,504	5,311
Other current liabilities	1,183	1,169
Total accrued expenses and other current liabilities	$ 60,524	$ 50,249

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 13,470	$ 15,898	$ 14,991	$ 17,678	$ 3,408	$ 13,211	$ 8,768	$ 4,971	$ 62,037	$ 30,358	$ 65,769

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
401(k) Plan (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Defined contribution plan expenses	$ 1.4	$ 1.0	$ 0.9

Stockholders' Equity - Assumptions Used in the Option-Pricing Model for Options Granted (Details) - Option	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate, minimum	3.50%	1.40%	0.60%
Risk-free interest rate, maximum	4.80%	4.40%	1.40%
Expected volatility, minimum	52.00%	49.30%	52.40%
Expected volatility, maximum	54.00%	53.30%	59.50%
Expected dividend rate	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term (in years)	5 years 6 months	4 years 7 months 9 days	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term (in years)	6 years 1 month 9 days	6 years 1 month 9 days	6 years 1 month 9 days

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	New York, NY

Income Taxes - Composition of Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal									$ 2,311	$ 0	$ 0
State									2,598	695	(31)
Total current provision (benefit) from income taxes									4,909	695	(31)
Deferred:
Federal									4,433	(6,880)	(25,154)
State									(688)	268	(8,149)
Total deferred provision (benefit) from income taxes									3,745	(6,612)	(33,303)
Total provision (benefit) from income taxes	$ 2,792	$ 5,033	$ 2,176	$ (1,347)	$ 733	$ (1,672)	$ 135	$ (5,113)	$ 8,654	$ (5,917)	$ (33,334)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 269,940	$ 280,891	$ 279,373	$ 258,394	$ 214,321	$ 205,371	$ 195,004	$ 172,217	$ 1,088,598	$ 786,913	$ 500,621
Fertility benefit services revenue
Disaggregation of Revenue [Line Items]
Revenue									676,295	510,145	355,616
Pharmacy benefit services revenue
Disaggregation of Revenue [Line Items]
Revenue									$ 412,303	$ 276,768	$ 145,005

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2023	Jan. 31, 2023	Jul. 31, 2022	Jan. 31, 2022	Jul. 31, 2021	Jan. 31, 2021
Equity [Abstract]
Proceeds used for purchase	$ 528	$ 723	$ 412	$ 683	$ 595	$ 481
Shares purchased (in shares)	17,642	27,492	15,888	19,838	14,505	21,125

Unaudited Quarterly Results of Operations Data (Tables)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Consolidated Results of Operations


	Three Months Ended
	Mar. 31, 2022		Jun. 30, 2022		Sep. 30, 2022		Dec. 31, 2022		Mar. 31, 2023		Jun. 30, 2023		Sep. 30, 2023		Dec. 31, 2023
	(in thousands)
Revenue	$	172,217	$	195,004	$	205,371	$	214,321	$	258,394	$	279,373	$	280,891	$	269,940
Cost of services	139,268		151,117		159,376		169,827		199,754		218,732		218,267		213,046
Gross profit	32,949		43,887		45,995		44,494		58,640		60,641		62,624		56,894
Operating expenses:
Sales and marketing	10,015		11,496		11,166		12,980		14,282		15,384		14,911		14,911
General and administrative	22,992		23,553		23,574		28,208		29,347		30,073		29,524		28,183
Total operating expenses	33,007		35,049		34,740		41,188		43,629		45,457		44,435		43,094
Income (loss) from operations	(58)		8,838		11,255		3,306		15,011		15,184		18,189		13,800
Other income (expense), net	(96)		25		82		275		498		1,277		1,708		1,720
Interest income, net	12		40		202		560		822		706		1,034		742
Total other income (expense), net	(84)		65		284		835		1,320		1,983		2,742		2,462
Income (loss) before income taxes	(142)		8,903		11,539		4,141		16,331		17,167		20,931		16,262
Provision (benefit) for income taxes	(5,113)		135		(1,672)		733		(1,347)		2,176		5,033		2,792
Net income	$	4,971	$	8,768	$	13,211	$	3,408	$	17,678	$	14,991	$	15,898	$	13,470
Net income per share:
Basic	$	0.05	$	0.10	$	0.14	$	0.04	$	0.19	$	0.16	$	0.17	$	0.14
Diluted	$	0.05	$	0.09	$	0.13	$	0.03	$	0.18	$	0.15	$	0.16	$	0.13
Weighted-average shares used in computing net income per share:
Basic	91,410,368		91,964,978		92,316,022		93,056,297		93,832,873		94,738,651		95,502,250		95,980,425
Diluted	99,935,735		99,672,769		99,819,801		100,059,687		100,166,008		100,615,919		100,879,576		100,748,054

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 2,250
2025	2,793
2026	2,793
2027	2,793
2028	2,793
Thereafter	10,848
Total undiscounted lease payments	24,270
Less: imputed interest	4,880
Present value of lease liabilities	19,390
Less: current portion of operating lease liabilities	2,149	$ 1,231
Operating lease noncurrent liabilities	$ 17,241	$ 6,482

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid in Capital	Accumulated Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period (in shares) at Dec. 31, 2020		87,054,329
Balance at beginning of period at Dec. 31, 2020	$ 166,947	$ 9	$ (1,009)	$ 236,139	$ (68,193)	$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of employee equity awards, net of shares withheld (in shares)		3,209,461
Issuance of employee equity awards, net of shares withheld	(14,589)			(14,589)
Stock-based compensation	33,789			33,789
Warrant exercise (in shares)		824,991
Other comprehensive income (loss), net of tax	(94)					(94)
Net income	65,769				65,769
Balance at end of period (in shares) at Dec. 31, 2021		91,088,781
Balance at end of period at Dec. 31, 2021	251,822	$ 9	(1,009)	255,339	(2,424)	(93)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of employee equity awards, net of shares withheld (in shares)		2,212,375
Issuance of employee equity awards, net of shares withheld	(7,327)			(7,327)
Stock-based compensation	101,521			101,521
Other comprehensive income (loss), net of tax	594					594
Net income	$ 30,358				30,358
Balance at end of period (in shares) at Dec. 31, 2022	93,301,156	93,301,156
Balance at end of period at Dec. 31, 2022	$ 376,968	$ 9	(1,009)	349,533	27,934	501
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of employee equity awards, net of shares withheld (in shares)		2,799,694
Issuance of employee equity awards, net of shares withheld	(11,102)			(11,102)
Stock-based compensation	123,208			123,208
Warrant exercise (in shares)		247,672
Other comprehensive income (loss), net of tax	2,318					2,318
Net income	$ 62,037				62,037
Balance at end of period (in shares) at Dec. 31, 2023	96,348,522	96,348,522
Balance at end of period at Dec. 31, 2023	$ 553,429	$ 9	$ (1,009)	$ 461,639	$ 89,971	$ 2,819

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0.1	$ 0.5	$ 0.6

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements include those of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in United Sates (“U.S. GAAP”). Additionally, the coronavirus (“COVID-19”) pandemic continues to evolve and due to uncertainty of the pandemic, including variants, the Company's customers and members, provider network, specialty pharmacy partners, employees, suppliers, vendors, and other business partners may continue to be impacted in future periods. A resurgence of COVID-19 could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. The Company will continue to assess these potential impacts to its business and will make adjustments to its operations as necessary.
Segment Information	Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company operates and manages in one operating segment, providing fertility and pharmacy benefits solutions. The Company defines its CODM as its Chief Executive Officer. All long-lived assets are located in the United States and substantially all revenue is attributed to the United States. Since the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP generally requires management to make estimates and assumptions that affect the reported amount of certain assets, liabilities, revenue, and expenses, and the related disclosure of contingent assets and liabilities. Such estimates include, but are not limited to, the determination of accrued receivables related to revenue recognition, accrued claims payable, allowance for doubtful accounts, stock-based compensation expense, lease liabilities, and accounting for income taxes. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Cash and cash equivalents	Cash and cash equivalents are stated at fair value. The Company considers all highly liquid investments purchased with original maturities of three months or less at the time of purchase to be cash equivalents.
Marketable securities	Marketable securities, primarily consisting of U.S. Government and agency securities with original maturities greater than three months but less than one year when purchased, are classified as available-for-sale, and are stated at fair value. Unrealized gains and losses on marketable securities are excluded from earnings and reported as a component of other comprehensive income (loss).
Revenue Recognition	Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to clients in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company applies the following five-step model to recognize revenue from contracts with clients: •Identification of the contract, or contracts, with a client •Identification of the performance obligations in the contract •Determination of the transaction price •Allocation of the transaction price to the performance obligations in the contract; and •Recognition of revenue when, or as, a performance obligation is satisfied Progyny’s contracts typically have a stated term of three years and include contractual termination options after the first year, allowing the client to terminate the contract with 30 to 90 days’ notice. Fertility Benefits Solution Revenue Progyny primarily generates revenue through its fertility benefits solution, in which Progyny provides self-insured enterprise entities (‘‘clients’’) and their employees and partners (together, ‘‘members’’) with fertility benefits. As part of the fertility benefits solution, Progyny provides access to effective and cost-efficient fertility treatments, referred to as Smart Cycles, as well as other related services. Smart Cycles are proprietary treatment bundles that include certain medical services available to members through Progyny’s proprietary, credentialed network of provider clinics. In addition to access to Progyny’s Smart Cycle treatment bundles and access to Progyny’s network of provider clinics, the fertility benefits solution includes other comprehensive services, which Progyny refers to as care management services, such as active management of the provider clinic network, real-time member eligibility and treatment authorization, member-facing digital tools throughout the Smart Cycle and detailed quarterly reporting all supported by client facing account management and end-to-end comprehensive member support provided by Progyny’s in house staff of PCAs. The promises within Progyny’s fertility benefits contract with a client represent a single performance obligation because Progyny provides a significant service of integrating the Progyny designed Smart Cycles and access to the fertility treatment services provided by provider clinics with the other comprehensive services into the combined fertility benefits solution that the client contracted to receive. Progyny’s fertility benefits solution is a stand-ready obligation that is satisfied over the contract term. Progyny’s contracts include the following sources of consideration, which are all variable: a per employee per month (‘‘PEPM’’) administration fee (in most, but not all contracts) and a fixed rate per Smart Cycle. The PEPM administration fee is allocated between the fertility benefits solution and the pharmacy benefits solution based on standalone selling price, estimated using an expected cost-plus margin method. The Company allocates the variable consideration related to the fixed rate per Smart Cycle to the distinct period during which the related services were performed as those fees relate specifically to the Company’s efforts to provide its fertility benefits solution to its clients in the period and represents the consideration the Company is entitled to for the fertility benefits services provided. As a result, the fixed rate per Smart Cycle is included in the transaction price and recognized in the period in which the Smart Cycle is provided to the member. Progyny’s contracts also include potential service level agreement refunds related to outcome-based service metrics. These service level refunds, which are determined based on results of a full plan year, if met, are based on a percentage of the PEPM fee paid by clients. The Company estimates the variable consideration related to the total PEPM administration fee, less estimated refunds related to service level agreements, and recognizes the amounts allocated to the fertility benefits solution ratably over the contract term. Progyny’s estimates of service level agreement refunds, have not historically resulted in significant adjustments to the transaction price. Clients are typically invoiced on a monthly basis for the PEPM administration fee. Progyny invoices its clients and members for their respective portions of the fixed rate per Smart Cycle bundle when all treatment services within a Smart Cycle are completed by the provider clinic. Once an invoice is issued, payment terms are typically between 30 to 60 days. The Company assesses whether it is the principal or the agent for each arrangement with a client, since fertility treatment services are provided by a third party—the provider clinics. The Company is the principal in its arrangements with clients and therefore presents revenue gross of the amounts paid to the provider clinics because Progyny controls the specified service (the fertility benefits solution) before it is transferred to the client. Progyny integrates the fertility treatment services provided by the provider clinics into the overall fertility benefits solution that the client contracted to receive. In addition, Progyny defines the scope of the potential services to be performed by the provider clinics and monitors the performance of the provider clinics. Furthermore, Progyny is primarily responsible for fulfilling the promise to the client and has discretion in setting the pricing, as Progyny separately negotiates agreements with the provider clinics, which establish pricing for each treatment service. Pricing of services from provider clinics is independent from the fees charged to clients. Pharmacy Benefits Solution Revenue For clients that have the fertility benefits solution, Progyny offers, as an add-on, its pharmacy benefits solution, which is a separate, fully integrated pharmacy benefit. As part of the pharmacy benefits solution, Progyny provides care management services, which include Progyny’s formulary plan design, prescription fulfillment, simplified authorization and timely delivery of the medications used during treatment through Progyny’s network of specialty pharmacies, and clinical services consisting of member assessments, UnPack It calls, telephone support, online education, medication administration training, pharmacy support services and continuing PCA support. The pharmacy-related promises represent a single performance obligation because Progyny provides a significant service of integrating the formulary plan design, prescription fulfillment, clinical services and PCA support into the combined pharmacy benefits solution that the client contracted to receive. The pharmacy benefits solution is a stand-ready obligation that is satisfied over the contract term. Progyny’s contracts include the following sources of consideration, all of which are variable: a PEPM administration fee (in most, but not all contracts) and a fixed fee per fertility drug. As described above, the PEPM administration fee, less estimated refunds related to service level agreements, is allocated to the pharmacy benefits solution and recognized ratably over the contract term. The Company allocates the variable consideration related to the fixed fee per fertility drug to the distinct period during which the related services were performed, as those fees relate specifically to the Company’s efforts to provide its pharmacy benefits solution to clients in the period and represents the consideration the Company is entitled to for the pharmacy benefits services provided. As a result, the fixed fee per fertility drug is included in the transaction price and recognized in the period in which the Company is entitled to consideration from a client, which is when a prescription is filled and delivered to the members. As stated above, clients are invoiced on a monthly basis for the PEPM administration fee. Progyny invoices the client and the member for their respective portions of the fixed fee per fertility drug, when the prescription services are completed by the specialty pharmacies. Once an invoice is issued, payment terms are typically between 30 to 60 days. The Company assesses whether it is the principal or the agent for each arrangement with a client, as prescription fulfillment and clinical services are provided by a third party—the specialty pharmacies. The Company is the principal in its arrangements with clients, and therefore presents revenue gross of the amounts paid to the specialty pharmacies. Progyny controls the specified service (the pharmacy benefits solution) before it is transferred to the client. Progyny integrates the prescription fulfillment and clinical services provided by the pharmacies and PCAs into the overall pharmacy benefits solution that the client contracted to receive. In addition, Progyny defines the scope of the potential services to be performed by the specialty pharmacies and monitors the performance of the specialty pharmacies. Furthermore, Progyny is primarily responsible for fulfilling the promise to the client and has discretion in setting the pricing, as Progyny separately negotiates agreements with pharmacies, which establish pricing for each drug. Pricing of fertility drugs is independent from the fees charged to clients. The Company does not disclose the transaction price allocated to remaining performance obligations because all of the transaction price is variable and is allocated to the distinct periods to which the services relate, as discussed above. The remaining contract term is typically less than one year, due to the client’s contractual termination options. There were no material contract asset or contract liability balances as of December 31, 2023 and 2022.
Accrued Receivable and Accrued Claims Payable	Accrued Receivables and Accrued Claims Payable Accrued receivables are estimated based on historical experience for those fertility benefits services provided but for which a claim has not been received from the provider clinic at the end of the reporting period, which includes assumptions regarding the lag between authorization date and service date as well as estimates for changes and cancellations of services. At the same time, cost of services and accrued claims payables are estimated based on the amount to be paid to the provider clinic and expected gross margin on fertility benefits services. Estimates are adjusted to actual at the time of billing. Adjustments to original estimates have not been material.Unbilled receivables are typically billed to clients within 30 days of the approved claim based on the contractual billing schedule agreed upon with the client. Unbilled receivables are included in accounts receivable in the consolidated balance sheet.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts The accounts receivable balance primarily includes amounts due from clients and members. The Company estimates the allowance for doubtful accounts based on the lifetime expected credit losses for the client and member receivable pools, respectively. Under this current expected credit losses model, the Company determines the allowance for doubtful accounts based on factors such as the age of the receivable balance, historical experience, current economic conditions, and reasonable and supportable forecasts of future economic conditions. An allowance for credit losses is applied at the time the asset is recognized. Expected credit losses are recorded as general and administrative expenses on the consolidated statements of operations.
Cost of Services	Cost of Services Fertility Benefits Services Fertility benefits services costs include: (1) fees paid to provider clinics within the Company’s network, labs and anesthesiologists; (2) costs incurred (including salaries, bonuses, benefits, stock-based compensation expense, other related costs, and an allocation of the Company's general overhead, depreciation and amortization) for those employees associated with care management service functions: Provider Account Management, PCA, Provider Relations and Claims Processing teams; and (3) related information technology support costs. Contracts with provider clinics are typically for a term of one to two years. Pharmacy Benefits Services Pharmacy benefits services costs include: (1) the fees for prescription drugs dispensed and clinical services provided during the reporting period by specialty pharmacy partners; (2) costs incurred (including salaries, bonuses, benefits, stock-based compensation expense, other related costs, and an allocation of the Company's general overhead, depreciation and amortization) for those employees associated with care management service functions: PCA, Provider Relations and Claims Processing teams; and (3) related information technology support costs. Contracts with the specialty pharmacies are typically for a term of one year. In the specialty pharmacy contracts, the contractual fees of prescription drugs sold includes the cost of the prescription drugs purchased and shipped to members by the Company’s specialty mail service dispensing pharmacies, net of any volume-related or other discounts. Vendor Rebates The Company receives a rebate on formulations purchased and dispensed by the Company’s specialty pharmacies. The Company’s contractual arrangements with pharmacy program partners provide for the Company to receive a discount (or rebate) from established list prices paid subsequent to dispensing when products are purchased indirectly from a pharmacy program partner (such as through a specialty pharmacy). These rebates are recognized as a reduction of cost of services when prescriptions are dispensed and are generally estimated and billed to manufacturers within 20 days after the end of each month. The effect of adjustments resulting from the reconciliation of rebates recognized to the amounts billed and collected has not been material to the Company’s results of operations.
Concentration of Credit Risk and Off-Balance-Sheet Risk	Concentration of Credit Risk and Off-Balance-Sheet Risk Financial instruments that potentially subject the Company to concentrations of credit risk consists primarily of cash and cash equivalents, marketable securities, and accounts receivable. The Company invests its cash and cash equivalents and marketable securities with highly rated financial institutions and management believes that the financial risks associated with its cash equivalents are minimal. Substantially all of the Company’s cash is maintained with two financial institutions with high credit standings. From time to time, such deposits may exceed federally insured limits. The Company regularly reviews the outstanding accounts receivable balances and makes estimates of the lifetime expected credit losses based upon consideration of factors such as the age of the receivable balance, historical experience, current economic conditions, and reasonable and supportable forecasts of future economic conditions. In addition, the Company periodically evaluates the financial condition of its clients and other parties to manage credit risk related to accounts receivable.
Property and Equipment	Property and Equipment Property and equipment consist of computer equipment, machinery and equipment, furniture and fixtures, leasehold improvements, and capitalized software development costs. The assets are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method based on estimated useful lives and in the case of leasehold improvements, the shorter of the useful life or the remaining term of the lease (see Note 5).
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of the consideration transferred over the fair value of the assets acquired and liabilities assumed in a business combination. Other intangible assets consist of trademarks, physician network, and the websites acquired in the Fertility Authority acquisition. Goodwill, including other definite-lived intangible assets, are carried at their initial acquisition date fair value less any impairment. Other intangible assets are recorded at fair value at the date of acquisition, less accumulated amortization. Amortization is calculated using the straight-line method based on estimated useful lives. Goodwill is reviewed for impairment annually as of October 1st of each year or when an interim triggering event has occurred indicating potential impairment. Events or changes in circumstances which could trigger an impairment review, which are assessed at the reporting unit level, include significant changes in the manner of the Company’s use of the acquired assets or the strategy for the Company’s overall business, significant negative industry or economic trends, significant underperformance relative to historical or projected future results of operations, a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition or a loss of key personnel. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then additional impairment testing is not required. However, if an entity concludes otherwise, then it is required to perform the first of a two-step impairment test. The first step involves comparing the estimated fair value of the reporting unit with its respective book value, including goodwill. If the estimated fair value exceeds book value, goodwill is considered not to be impaired and no additional steps are necessary. If the carrying amount of goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to the excess. The Company tests for goodwill impairment for each reporting unit, which is at the operating segment or one level below the operating segment. This analysis requires us to make a series of assumptions to (1) evaluate whether any impairment exists and (2) measure the amount of impairment.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets or asset groups may not be recoverable. In such instances, the recoverability of assets to be held and used is measured first by a comparison of the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the assets. If such assets are considered to be impaired, an impairment loss would be recognized if the carrying amount of the asset exceeds the fair value of the asset or asset group. The fair value is determined based on valuation techniques such as a comparison to fair values of similar assets or using a discounted cash flow analysis.
Leases	Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets, accrued expenses and other current liabilities, and operating lease noncurrent liabilities on the consolidated balance sheets. The Company elects to account for each separate lease and non-lease component as a single lease component. As of December 31, 2023 and 2022, the Company has no financing lease arrangements. In accordance with ASC 842, the Company records a right-of-use asset (“ROU”) and lease liability in connection with its operating leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. To determine the present value of lease payments, the Company utilizes the rate implicit in the lease, if available. If the rate implicit in the lease is not readily determinable, the Company uses its secured incremental borrowing rate to determine the present value of the lease payments. The determination of the Company’s incremental borrowing rate requires judgment and is primarily based on publicly available information for companies within the same industry and with similar credit profiles. The rate is then adjusted for the lease term and other specific terms included in the Company’s lease arrangements. The incremental borrowing rate is subsequently reassessed upon a modification to the lease arrangement. The operating lease ROU asset also includes any lease payments made prior to commencement date and excludes lease incentives and initial direct costs incurred. ROU assets are subsequently assessed for impairment in accordance with the Company’s accounting policy for long-lived assets.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation awards in accordance with FASB ASC Topic 718, Compensation—Stock Compensation (ASC 718). ASC 718 requires all stock-based payments, including restricted stock units and grants of stock options, to be recognized in the consolidated statements of operations based on their respective fair values. The fair value of the Company’s restricted stock units has been determined utilizing the closing market price of the Company’s common stock on the date of the grant, including those with performance-based vesting criteria. The fair value of the Company’s stock options and stock purchased under the employee stock purchase plan has been determined using the Black-Scholes option-pricing model, which requires the input of subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of historical and implied volatility data of the Company’s common stock, the expected stock price volatility has been estimated based on the historical volatilities of the daily closing prices of a specified group of companies in Progyny’s industry for a period equal to the expected term of the option. Progyny selected companies with comparable characteristics to the Company, including enterprise value, risk profiles and position within the industry, that have historical stock price information sufficient to meet the expected term of the stock options. The expected term of the options granted represents the period of time that options granted are expected to be outstanding and is calculated using the simplified method, which is the mid-point between the vesting date and the end of the contractual term for each option. For non-employee service-based awards, the expected term is estimated based on the remaining contractual term of such awards. The risk-free interest rate is based on the yield of zero-coupon, U.S. Treasury securities for the period that is consistent with the expected term of the stock option. The Company has not paid, and does not anticipate paying, cash dividends on its shares of common stock; therefore, the expected dividend yield is zero. The Company’s stock-based awards are subject to service-based or performance-based vesting conditions. The Company recognizes compensation expense for service-based awards over the vesting period of the award on a straight-line basis. Compensation expense related to awards with performance-based vesting conditions is recognized over the requisite service period when achievement of the performance condition is considered probable.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with FASB ASC Topic 740, Income Taxes (“ASC 740”), including updates in ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which the Company adopted as of January 1, 2021. Deferred income taxes are recorded for the expected tax consequences of temporary differences between the tax basis of assets and liabilities for financial reporting purposes and amounts recognized for income tax purposes. The Company periodically reviews the recoverability of deferred tax assets recorded on the consolidated balance sheet and provides valuation allowances as deemed necessary to reduce such deferred tax assets to the amount that will, more likely than not, be realized. Income tax expense consists of taxes currently payable and changes in deferred tax assets and liabilities calculated according to local tax rules. Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence for each jurisdiction including past operating results, estimates of future taxable income and the feasibility of ongoing tax planning strategies. In the event the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to income tax expense in the period in which such determination is made. The amount of deferred tax provided is calculated using tax rates enacted at the balance sheet date. The impact of tax law changes is recognized in periods when the change is enacted. A two-step approach is applied pursuant to ASC 740 in the recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company’s policy is to recognize interest and penalty expenses associated with uncertain tax positions as a component of income tax expense in the consolidated statements of operations and comprehensive income.
Fair Value of Financial Instruments and Fair Value Measurements	Fair Value of Financial Instruments and Fair Value Measurements The Company determines the fair value of financial assets and liabilities using the fair value hierarchy established in the accounting standards. The hierarchy describes three levels of inputs that may be used to measure fair value, as follows: Level 1—Quoted prices in active markets for identical assets and liabilities. Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The carrying amounts of certain of the Company’s financial instruments, including cash equivalents, marketable securities, accounts receivable and accounts payable approximate fair value due to their short maturities.
Net Income per Share	Net Income per Share Basic net income per share is calculated by dividing the net income by the weighted-average number of shares of common stock outstanding for the period. Diluted net income per share is computed by dividing the diluted net income by the weighted-average number of common shares outstanding for the period, including potential dilutive common shares assuming dilutive effect of outstanding common stock options, restricted stock units, shares issuable under the employee stock purchase program and common stock warrants using the treasury stock method. In periods when the Company has incurred a net loss, diluted net loss per share is the same as basic net loss per share because dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Recently Adopted and Issued but Not Yet Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The standard is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, as well as improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted this standard as of January 1, 2021. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation- Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815- 40), which provides guidance on modifications or exchanges of a freestanding equity-classified written call options that are not within the scope of another Topic, such as warrants. The Company adopted this standard as of January 1, 2022 on a prospective basis to modifications or exchanges occurring on or after this date. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. Accounting Pronouncements Issued but Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The standard is intended to provide a better understanding of an entity's overall performance and business activities through improved disclosure about an entity's reportable segments, including more detailed information about reportable segment expenses. The new standard will be effective for the Company for the fiscal year beginning January 1, 2024. While the new standard does require additional footnote disclosure, the Company currently does not expect the adoption of the new standard to have a material effect on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard is intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. The new standard will be effective for the Company for the fiscal year beginning January 1, 2025. While the new standard does require further disaggregation of the income tax footnote, the Company currently does not expect the adoption of the new standard to have a material effect on its consolidated financial statements.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
Net income	$ 62,037	$ 30,358	$ 65,769
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred tax expense (benefit)	3,745	(6,615)	(33,303)
Non-cash interest income	(34)	0	38
Depreciation and amortization	2,281	1,601	1,301
Stock-based compensation expense	122,611	100,748	33,706
Bad debt expense	19,934	13,794	9,783
Realized gain on sale of marketable securities	(4,328)	0	0
Foreign currency exchange rate loss	(8)	0	0
Changes in operating assets and liabilities:
Accounts receivable	(21,738)	(119,304)	(68,676)
Prepaid expenses and other current assets	(22,930)	57	675
Accounts payable	16,235	47,689	17,840
Accrued expenses and other current liabilities	10,361	13,147	2,184
Other noncurrent assets and liabilities	648	(1,080)	(3,280)
Net cash provided by operating activities	188,814	80,395	26,037
INVESTING ACTIVITIES
Purchase of property and equipment, net	(3,644)	(3,241)	(2,129)
Purchase of marketable securities	(429,694)	(163,334)	(111,477)
Sale of marketable securities	232,813	122,709	122,372
Net cash (used in) provided by investing activities	(200,525)	(43,866)	8,766
FINANCING ACTIVITIES
Proceeds from exercise of stock options	4,850	3,073	2,924
Payment of employee taxes related to equity awards	(17,200)	(12,089)	(17,966)
Proceeds from contributions to employee stock purchase plan	1,278	1,152	1,347
Net cash used in financing activities	(11,072)	(7,864)	(13,695)
Effect of exchange rate changes on cash and cash equivalents	1	0	0
Net (decrease) increase in cash and cash equivalents	(22,782)	28,665	21,108
Cash and cash equivalents, beginning of year	120,078	91,413	70,305
Cash and cash equivalents, end of year	97,296	120,078	91,413
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes, net of refunds received	6,181	133	97
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Additions of property and equipment, net included in accounts payable and accrued expenses	$ 421	$ 636	$ 204

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowances for accounts receivable	$ 46,636	$ 28,328
Common stock/treasury stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	96,348,522	93,301,156
Common stock, outstanding (in shares)	96,348,522	93,301,156
Treasury stock, outstanding (in shares)	615,980	615,980

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates revenue by service (in thousands):


	Year Ended December 31,
	2023		2022		2021
Revenue
Fertility benefit services revenue	$	676,295	$	510,145	$	355,616
Pharmacy benefit services revenue	412,303		276,768		145,005
Total revenue	$	1,088,598	$	786,913	$	500,621

Business and Basis of Presentation	12 Months Ended
Business and Basis of Presentation	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Description of Business Progyny, Inc. (together with its subsidiaries referred to as “Progyny” or the “Company”) was incorporated in the state of Delaware on April 3, 2008, and maintains its corporate headquarters in New York, NY. Progyny is a provider of a fertility benefits solution and pharmacy benefits solution and operates and manages in one operating segment. The fertility benefits solution consists of a significant service that integrates: (1) the treatment services (“Smart Cycles”) that the Company has designed, (2) access to the Progyny network of high-quality fertility specialists that perform the Smart Cycle treatments and (3) active management of the selective network of high-quality provider clinics, real-time member eligibility and treatment authorization, member-facing digital tools and detailed quarterly reporting supported by the Company’s dedicated client success teams, and end-to-end comprehensive concierge member support provided by Progyny’s in-house staff of Patient Care Advocates (“PCAs”) (collectively, the “care management services”). The Company enhanced its fertility benefits solution with the launch of Progyny Rx, its pharmacy benefits solution, effective January 1, 2018. Progyny Rx provides the Company's members with access to the medications needed during their fertility treatment. As part of this solution, the Company provides care management services, which include formulary plan design, simplified authorization, assistance with prescription fulfillment, and timely delivery of the medications by the Company’s network of specialty pharmacies, as well as medication administration training, pharmacy support services, and continuing PCA support. As a pharmacy benefits solution provider, Progyny manages the dispensing of pharmaceuticals through the Company’s specialty pharmacy contracts. The pharmacy benefits solution is only available as an add-on service to its fertility benefits solution. Basis of Presentation The accompanying consolidated financial statements include those of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in United Sates (“U.S. GAAP”). Additionally, the coronavirus (“COVID-19”) pandemic continues to evolve and due to uncertainty of the pandemic, including variants, the Company's customers and members, provider network, specialty pharmacy partners, employees, suppliers, vendors, and other business partners may continue to be impacted in future periods. A resurgence of COVID-19 could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. The Company will continue to assess these potential impacts to its business and will make adjustments to its operations as necessary. Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company operates and manages in one operating segment, providing fertility and pharmacy benefits solutions. The Company defines its CODM as its Chief Executive Officer. All long-lived assets are located in the United States and substantially all revenue is attributed to the United States. Since the Company operates in one operating segment, all required financial segment information can be found in the consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP generally requires management to make estimates and assumptions that affect the reported amount of certain assets, liabilities, revenue, and expenses, and the related disclosure of contingent assets and liabilities. Such estimates include, but are not limited to, the determination of accrued receivables related to revenue recognition, accrued claims payable, allowance for doubtful accounts, stock-based compensation expense, lease liabilities, and accounting for income taxes. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Income Taxes - Reconciliation of Statutory Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax provision at statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	2.00%	3.00%	(25.00%)
Stock-based compensation	(18.00%)	(48.00%)	(99.00%)
Section 162(m) compensation limitation	6.00%	0.00%	0.00%
Other	1.00%	0.00%	0.00%
Effective tax rate	12.00%	(24.00%)	(103.00%)

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

In September 2019, the Company’s sublease agreement for its corporate headquarters in New York, NY commenced and is scheduled to expire in May 2029. Pursuant to the sublease, the Company will pay the base rent of approximately $1.3 million per annum through the end of the fifth lease year and approximately $1.4 million per annum thereafter through the expiration date.

In February 2023, the Company's lease agreement for the additional 24,099 square foot office in its corporate offices commenced in New York, NY and is expected to expire in the fourth quarter of 2035. In accordance with ASC 842, the Company recorded right-of-use assets and lease liabilities of $12.2 million and $12.1 million, respectively. Pursuant to the lease, the Company is obligated to pay the base rent of approximately $1.4 million per annum beginning in April 2024 through the end of the fifth lease year and approximately $1.5 million per annum thereafter through the expiration date.

The Company recognizes lease expense on a straight-line basis over the lease term. Lease expense for the Company’s operating leases was $2.4 million for the year ended December 31, 2023. For the years ended December 31, 2022 and 2021 lease expense for the Company's operating leases was $1.3 million.

Cash outflows from operating activities attributable to the operating leases for the years ended December 31, 2023, 2022, and 2021 was $1.3 million.

Information related to the Company’s leases is as follows (in thousands):

Balance Sheet Location

December 31, 2023

Operating Leases

Right-of-use assets

Operating lease right-of-use assets

17,605

Short-term lease liabilities

Accrued expenses and other current liabilities

2,149

Long-term lease liabilities

Operating lease noncurrent liabilities

17,241

Other information

Weighted average remaining lease term, operating lease

9.6 years

Weighted average discount rate, operating lease

4.60%

Future minimum facility lease payments as of December 31, 2023, are as follows (in thousands):


Year Ending December 31:	Operating Lease Payments as of December 31, 2023
2024	$	2,250
2025	2,793
2026	2,793
2027	2,793
2028	2,793
Thereafter	10,848
Total undiscounted lease payments	$	24,270
Less: imputed interest	4,880
Present value of lease liabilities	$	19,390
Less: current portion of operating lease liabilities	2,149
Operating lease noncurrent liabilities	$	17,241

February 2022 Lease Agreement

As noted above, the Company commenced its lease for the 24,099 square foot office in its corporate offices in New York, NY in February 2023, pursuant to a lease agreement entered into by the Company in February 2022. The lease agreement also provides for additional space in the Company's corporate offices, including an additional 21,262 square foot office and continued occupancy of the 25,212 square foot office after the expiration of the current sublease. For the 21,262 square foot office, the lease commencement date, which is when the premises will become available to the Company for use, is expected to be in the fourth quarter of 2024. The Company is obligated to pay the base rent of approximately $1.3 million starting in the fourth quarter of 2025 for five years and approximately $1.4 million per year thereafter through the fourth quarter of 2035, the expected expiration date. For the current 25,212 square foot office, the Company is obligated to pay the base rent of approximately $1.6 million per year beginning in June 2029 through the fourth quarter of 2035, the expected expiration date.

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following (in thousands):


	Estimated Useful Life (in years)	December 31,
		2023		2022
Machinery and equipment	3-5	$	312	$	179
Computers and hardware	3	1,811		1,252
Leasehold improvements	lease term	3,733		3,394
Furniture and fixtures	7	1,488		1,296
Capitalized software	3-5	8,170		5,369
Property and equipment, gross		15,514		11,490
Less: accumulated depreciation		(5,301)		(3,119)
Total property and equipment, net		$	10,213	$	8,371

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Composition of the Income Tax (Benefit) Provision

The provision (benefit) from income taxes is composed of the following (in thousands):


	Year Ended December 31,
	2023		2022		2021
Current
Federal	$	2,311	$	—	$	—
State	2,598		695		(31)
Total current provision (benefit) from income taxes	4,909		695		(31)
Deferred:
Federal	4,433		(6,880)		(25,154)
State	(688)		268		(8,149)
Total deferred provision (benefit) from income taxes	3,745		(6,612)		(33,303)
Total provision (benefit) from income taxes	$	8,654	$	(5,917)	$	(33,334)

Schedule of Reconciliation of the Statutory Income Tax Rate to the Effective Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows:


	Year Ended December 31,
	2023		2022		2021
Income tax provision at statutory rate	21	%	21	%	21	%
State income taxes, net of federal benefit	2		3		(25)
Stock-based compensation	(18)		(48)		(99)
Section 162(m) compensation limitation	6		—		—
Other	1		—		—
Effective tax rate	12	%	(24)	%	(103)	%

Schedule of Components of Net Deferred Tax Assets and Liabilities

The components of the Company’s net deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	16,818	$	41,106
Capitalized start‑up costs	3		6
Research and development credits	310		1,039
Stock-based compensation	42,257		26,996
Accruals and reserves	15,190		9,373
Operating lease liabilities	5,171		2,062
Intangibles	568		547
Total deferred tax assets	80,317		81,129
Valuation allowance	(513)		(224)
Deferred tax assets after valuation allowance	$	79,804	$	80,905
Deferred tax liabilities:
Property and equipment	(104)		(461)
Goodwill	(832)		(709)
Operating lease right-of-use assets	(4,695)		(1,846)
Unrealized gain on marketable securities	(1,025)		—
Capitalized research and development costs	(28)		—
Total deferred tax liabilities	(6,684)		(3,016)
Net deferred tax assets	$	73,120	$	77,889

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	December 31,
	2023		2022		2021
Balance at the beginning of the year	$	390	$	390	$	390
Reductions based upon tax positions related to the current year	—		—		—
Balance at the end of the year	$	390	$	390	$	390

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

The holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders. The common stock confers upon its holders the right to receive dividends out of any assets legally available, when and as declared by the Board of Directors.

The Company had 615,980 shares of treasury stock as of December 31, 2023, 2022 and 2021.

Share Repurchase Program

In February 2024, the Company’s Board of Directors authorized a share repurchase program of up to $100 million in shares of common stock. Repurchases may be made in the form of open market repurchases, including through plans

complying with Rule 10b5-1 under the Securities Exchange Act of 1934 as amended, depending on stock price, market conditions and other factors, as determined by the Company. There can be no assurance as to the number of shares to be repurchased by us, if any.

Common Stock Warrants

In connection with the IPO on October 25, 2019, all outstanding convertible preferred warrants were converted to common stock warrants. As of December 31, 2023 and 2022, the Company had 305,595 and 565,351 common stock warrants outstanding, respectively.

For the year ended December 31, 2023, 259,756 common stock warrants were exercised for 247,672 shares of common stock at a weighted-average exercise price of $1.73. No common stock warrants were exercised during the year ended December 31, 2022. For the year ended December 31, 2021, 854,065 common stock warrants were exercised for 824,991 shares of common stock at a weighted-average exercise price of $1.73. The Company did not recognize compensation expense relating to the common stock warrants for the years ended December 31, 2023, 2022 and 2021 as they were all fully vested.

Stock Incentive Plan

In October 2019, the Company’s Board of Directors and stockholders adopted and approved the 2019 Equity Incentive Plan, as amended (the “2019 Plan”), as the successor to the Company’s 2017 Equity Incentive Plan, as amended (the “2017 Plan”). No further grants were made under the 2017 Plan from the date that the 2019 Plan became effective. Initially, the maximum number of shares issuable under the 2019 Plan will not exceed 19,198,875 shares of common stock, which is the sum of 1) 2,640,031 new shares and 2) an additional number of shares not to exceed 16,558,844 consisting of (a) shares that remained available for the issuance of awards under the 2017 Plan immediately prior to the effective date of the 2019 Plan and (b) shares of common stock subject to outstanding stock options or other stock awards granted under the 2017 Plan that, on or after the date the 2019 Plan became effective, terminate, expire or are cancelled prior to exercise or settlement; are forfeited or repurchased because of the failure to vest; or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price, if any, as such shares become available from time to time.

Under the Company’s 2017 Plan and consistent with the Company's prior 2008 Equity Incentive Plan, options and other stock awards to purchase shares of common stock may be granted to employees, directors, and consultants. Incentive stock options are granted to employees and non-statutory stock options are granted to consultants and directors at an exercise price not less than 100% of the fair value (as determined by the Board of Directors) of the Company’s common stock on the date of grant. The exercise price of options granted to stockholders who hold 10% or more of the Company’s common stock on the option grant date shall not be less than 110% of the fair value of the Company’s common stock on the date of grant for both incentive and non-qualified stock option grants. These options generally vest over four years and expire ten years from the date of grant. Stock option grants may be exercisable upon grant, and any unvested shares purchased are subject to repurchase. There were no unvested shares subject to repurchase as of December 31, 2023 and 2022.

As of December 31, 2023 and 2022, 3,573,416 and 1,241,365 shares of common stock, respectively, remained available for future grants under the 2019 Plan. Under the 2019 Plan, subject to any adjustments necessary to implement any capitalization adjustments, an annual increase to the number of shares issuable is automatically added on January 1 of each year for a period of ten years commencing on January 1, 2020 and ending on (and including) January 1, 2029, in an amount equal to 4% of the total number of shares of common stock outstanding on December 31 of the preceding year or such smaller amount as determined by the Company's Board of Directors.

Stock Options

Stock options are exercisable based on the terms and conditions outlined in the applicable award agreement. Stock options generally vest over four years and typically expire ten years from the date of grant. A summary of the Company’s stock option activity for the year ended December 31, 2023 is as follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
					(In thousands)
Outstanding at December 31, 2022	18,808,026	$	32.13	7.9	$	188,241
Granted	1,953,993	35.20
Exercised	(2,444,104)	4.32
Forfeited	(914,705)	48.70
Cancelled	(174,795)	61.75
Outstanding at December 31, 2023	17,228,415	$	35.24	7.4	$	158,773

Exercisable at December 31, 2022	8,015,001	$	15.21	6.3	$	169,601

Exercisable at December 31, 2023	9,379,508	$	27.82	6.3	$	152,166

The total intrinsic value of options exercised was $79.7 million, $76.7 million, and $175.0 million for the years ended December 31, 2023, 2022, and 2021, respectively.

The weighted-average grant date fair value of options granted was $19.10, $21.84, and $30.60 in the years ended December 31, 2023, 2022, and 2021, respectively.

The total grant date fair value of options vested was $134.1 million, $62.6 million, and $16.0 million as of December 31, 2023, 2022, and 2021, respectively.

The total unrecognized compensation cost related to unvested options was approximately $165.1 million at December 31, 2023. The weighted-average remaining recognition period is approximately 2.5 years.

Certain assumptions used in the option-pricing model for options granted to employees, directors, and non-employees are as follows:


	Year Ended December 31,
	2023	2022	2021
Expected term (in years)	5.50 - 6.11	4.61 - 6.11	3.00 - 6.11
Risk-free interest rate	3.5% - 4.8%	1.4% - 4.4%	0.6% - 1.4%
Expected volatility	52.0% - 54.0%	49.3% - 53.3%	52.4% - 59.5%
Expected dividend rate	—	—	—

Restricted Stock Units

Restricted stock units are subject to service-based or performance-based vesting criteria. The restricted stock units vest based on the terms outlined in the applicable award agreement, which, for service-based awards, is generally over a period of 4 years. The Company's performance-vesting awards are based on the achievement of specified revenue targets and continued employment through the date of achievement of such targets. If the targets have not been achieved prior to the fifth anniversary of the grant, the awards will be forfeited. During the year ended December 31, 2023, the revenue targets associated with the first tranche of the performance-vesting awards were achieved, resulting in the vesting of 166,500 shares. As of December 31, 2023, the second tranche of 166,500 shares of the performance-vesting awards remained unvested.

A summary of the Company’s restricted stock unit activity, including those with performance-based vesting criteria, is as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value

Outstanding at December 31, 2022	2,416,162	$	48.74
Granted	1,306,487	$	35.02
Vested	(959,772)	$	47.34
Forfeited	(201,664)	$	49.14
Outstanding at December 31, 2023	2,561,213	$	42.19

The total intrinsic value of restricted stock units vested was $33.0 million, $22.0 million, and $11.1 million for the years ended December 31, 2023, 2022, and 2021, respectively.

The weighted-average grant date fair value of restricted stock units granted was $35.02, $44.09, and $58.13 for the years ended December 31, 2023, 2022, and 2021, respectively.

The total grant date fair value of restricted stock units vested was $45.5 million, $28.5 million and $5.3 million for the years ended December 31, 2023, 2022, and 2021, respectively.

The total unrecognized compensation cost related to unvested restricted stock units was approximately $91.0 million at December 31, 2023. The weighted-average remaining recognition period is approximately 2.6 years.

Employee Stock Purchase Plan

In October 2019, the Board of Directors and stockholders also adopted and approved the 2019 Employee Stock Purchase Plan (the “ESPP”). Following the IPO, the ESPP authorized the issuance of 1,700,000 shares of common stock to purchase rights granted to the Company’s employees. Subject to the ESPP, the maximum number of shares of common stock that may be issued under the Plan will not exceed 1,700,000 shares, plus the number of shares that are automatically added on January 1st of each year, in an amount equal to the lesser of 1% of the total number of shares of capital stock outstanding on December 31st of the preceding calendar year, and 2,500,000 shares of common stock, or such smaller amount as determined by the Company's Board of Directors. As of December 31, 2023 and December 31, 2022, 4,194,264 and 3,306,387 shares of common stock remained available to be issued under the ESPP, respectively.

The following table summarizes the purchases that were made for each purchase period of the ESPP in the years ending December 31, 2023, 2022, and 2021 (in thousands, except for share amounts):


Purchase Period	Proceeds used for purchase		Shares purchased
August 1, 2020 to January 31, 2021	$	481	21,125
February 1, 2021 to July 31, 2021	595		14,505
August 1, 2021 to January 31, 2022	683		19,838
February 1, 2022 to July 31, 2022	412		15,888
August 1, 2022 to January 31, 2023	723		27,492
February 1, 2023 to July 31, 2023	528		17,642

The next purchase period commenced on August 1, 2023 and ended on January 31, 2024.

Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense, which was included in the statements of operations as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Cost of services	$	34,490	$	25,918	$	8,969
Sales and marketing	27,015		21,135		5,462
General and administrative	61,106		53,695		19,275
Total stock-based compensation expense	$	122,611	$	100,748	$	33,706

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Allowance for Doubtful Accounts on Accounts Receivable

The following table provides a summary of the activity in this allowance (in thousands):


	Years Ended December 31, 2023, 2022 and 2021
December 31, 2023	Balance at Beginning of Period		Charged to Costs and Expenses		Write-offs		Balance at End of Period
Allowance for doubtful accounts	$	28,328	$	19,934	$	(1,626)	$	46,636

December 31, 2022
Allowance for doubtful accounts	$	17,379	$	13,794	$	(2,845)	$	28,328

December 31, 2021
Allowance for doubtful accounts	$	9,502	$	9,783	$	(1,906)	$	17,379

Unaudited Quarterly Results of Operations Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 269,940	$ 280,891	$ 279,373	$ 258,394	$ 214,321	$ 205,371	$ 195,004	$ 172,217	$ 1,088,598	$ 786,913	$ 500,621
Cost of services	213,046	218,267	218,732	199,754	169,827	159,376	151,117	139,268	849,799	619,588	388,486
Gross profit	56,894	62,624	60,641	58,640	44,494	45,995	43,887	32,949	238,799	167,325	112,135
Operating expenses:
Sales and marketing	14,911	14,911	15,384	14,282	12,980	11,166	11,496	10,015	59,488	45,657	20,179
General and administrative	28,183	29,524	30,073	29,347	28,208	23,574	23,553	22,992	117,127	98,327	59,616
Total operating expenses	43,094	44,435	45,457	43,629	41,188	34,740	35,049	33,007	176,615	143,984	79,795
Income from operations	13,800	18,189	15,184	15,011	3,306	11,255	8,838	(58)	62,184	23,341	32,340
Other income (expense), net	1,720	1,708	1,277	498	275	82	25	(96)	5,203	286	(366)
Interest income, net	742	1,034	706	822	560	202	40	12	3,304	814	461
Total other income (expense), net	2,462	2,742	1,983	1,320	835	284	65	(84)	8,507	1,100	95
Income (loss) before income taxes	16,262	20,931	17,167	16,331	4,141	11,539	8,903	(142)	70,691	24,441	32,435
Provision (benefit) for income taxes	2,792	5,033	2,176	(1,347)	733	(1,672)	135	(5,113)	8,654	(5,917)	(33,334)
Net income	$ 13,470	$ 15,898	$ 14,991	$ 17,678	$ 3,408	$ 13,211	$ 8,768	$ 4,971	$ 62,037	$ 30,358	$ 65,769
Net income per share:
Basic (in dollars per share)	$ 0.14	$ 0.17	$ 0.16	$ 0.19	$ 0.04	$ 0.14	$ 0.10	$ 0.05	$ 0.65	$ 0.33	$ 0.74
Diluted (in dollars per share)	$ 0.13	$ 0.16	$ 0.15	$ 0.18	$ 0.03	$ 0.13	$ 0.09	$ 0.05	$ 0.62	$ 0.30	$ 0.66
Weighted-average shares used in computing net income per share:
Basic (in shares)	95,980,425	95,502,250	94,738,651	93,832,873	93,056,297	92,316,022	91,964,978	91,410,368	95,021,175	92,195,068	89,105,562
Diluted (in shares)	100,748,054	100,879,576	100,615,919	100,166,008	100,059,687	99,819,801	99,672,769	99,935,735	100,672,399	99,957,173	100,358,047

Unaudited Quarterly Results of Operations Data

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Results of Operations Data

The following table sets forth the unaudited quarterly consolidated results of operations for each of the eight quarterly periods in the period ended December 31, 2023. The unaudited quarterly results of operations have been prepared on the same basis as the audited consolidated financial statements, and we believe they reflect all normal recurring adjustments necessary for the fair statement of the Company’s results of operations for these periods. This information should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report. The Company’s historical operating data may not be indicative of the Company’s future performance.


	Three Months Ended
	Mar. 31, 2022		Jun. 30, 2022		Sep. 30, 2022		Dec. 31, 2022		Mar. 31, 2023		Jun. 30, 2023		Sep. 30, 2023		Dec. 31, 2023
	(in thousands)
Revenue	$	172,217	$	195,004	$	205,371	$	214,321	$	258,394	$	279,373	$	280,891	$	269,940
Cost of services	139,268		151,117		159,376		169,827		199,754		218,732		218,267		213,046
Gross profit	32,949		43,887		45,995		44,494		58,640		60,641		62,624		56,894
Operating expenses:
Sales and marketing	10,015		11,496		11,166		12,980		14,282		15,384		14,911		14,911
General and administrative	22,992		23,553		23,574		28,208		29,347		30,073		29,524		28,183
Total operating expenses	33,007		35,049		34,740		41,188		43,629		45,457		44,435		43,094
Income (loss) from operations	(58)		8,838		11,255		3,306		15,011		15,184		18,189		13,800
Other income (expense), net	(96)		25		82		275		498		1,277		1,708		1,720
Interest income, net	12		40		202		560		822		706		1,034		742
Total other income (expense), net	(84)		65		284		835		1,320		1,983		2,742		2,462
Income (loss) before income taxes	(142)		8,903		11,539		4,141		16,331		17,167		20,931		16,262
Provision (benefit) for income taxes	(5,113)		135		(1,672)		733		(1,347)		2,176		5,033		2,792
Net income	$	4,971	$	8,768	$	13,211	$	3,408	$	17,678	$	14,991	$	15,898	$	13,470
Net income per share:
Basic	$	0.05	$	0.10	$	0.14	$	0.04	$	0.19	$	0.16	$	0.17	$	0.14
Diluted	$	0.05	$	0.09	$	0.13	$	0.03	$	0.18	$	0.15	$	0.16	$	0.13
Weighted-average shares used in computing net income per share:
Basic	91,410,368		91,964,978		92,316,022		93,056,297		93,832,873		94,738,651		95,502,250		95,980,425
Diluted	99,935,735		99,672,769		99,819,801		100,059,687		100,166,008		100,615,919		100,879,576		100,748,054

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,
	2023		2022
Accrued claims payable	$	30,294	$	31,139
Accrued compensation	11,868		7,706
Accrued commission	3,284		2,832
Operating lease current liabilities	2,149		1,231
Professional fees	1,242		861
Other accrued expenses	10,504		5,311
Other current liabilities	1,183		1,169
Total accrued expenses and other current liabilities	$	60,524	$	50,249

Revenue - Narrative (Details) - Revenue benchmark - Customer concentration risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
One client, 2023
Concentration Risk [Line Items]
Concentration risk (as percent)	13.00%
Two clients, 2022
Concentration Risk [Line Items]
Concentration risk (as percent)		26.00%
Two clients, 2022, client one
Concentration Risk [Line Items]
Concentration risk (as percent)		16.00%
Two clients, 2022, client two
Concentration Risk [Line Items]
Concentration risk (as percent)		10.00%
Two clients, 2021
Concentration Risk [Line Items]
Concentration risk (as percent)		34.00%
Two clients, 2021, client one
Concentration Risk [Line Items]
Concentration risk (as percent)		19.00%
Two clients, 2021, client two
Concentration Risk [Line Items]
Concentration risk (as percent)		15.00%

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 62,037	$ 30,358	$ 65,769
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on marketable securities	2,333	594	(94)
Foreign currency translation loss	(15)	0	0
Total other comprehensive income (loss), net of tax	2,318	594	(94)
Total comprehensive income	$ 64,355	$ 30,952	$ 65,675

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 269,940	$ 280,891	$ 279,373	$ 258,394	$ 214,321	$ 205,371	$ 195,004	$ 172,217	$ 1,088,598	$ 786,913	$ 500,621
Cost of services	213,046	218,267	218,732	199,754	169,827	159,376	151,117	139,268	849,799	619,588	388,486
Gross profit	56,894	62,624	60,641	58,640	44,494	45,995	43,887	32,949	238,799	167,325	112,135
Operating expenses:
Sales and marketing	14,911	14,911	15,384	14,282	12,980	11,166	11,496	10,015	59,488	45,657	20,179
General and administrative	28,183	29,524	30,073	29,347	28,208	23,574	23,553	22,992	117,127	98,327	59,616
Total operating expenses	43,094	44,435	45,457	43,629	41,188	34,740	35,049	33,007	176,615	143,984	79,795
Income from operations	13,800	18,189	15,184	15,011	3,306	11,255	8,838	(58)	62,184	23,341	32,340
Other income, net:
Other income (expense), net	1,720	1,708	1,277	498	275	82	25	(96)	5,203	286	(366)
Interest income, net	742	1,034	706	822	560	202	40	12	3,304	814	461
Total other income (expense), net	2,462	2,742	1,983	1,320	835	284	65	(84)	8,507	1,100	95
Income (loss) before income taxes	16,262	20,931	17,167	16,331	4,141	11,539	8,903	(142)	70,691	24,441	32,435
Provision (benefit) for income taxes	2,792	5,033	2,176	(1,347)	733	(1,672)	135	(5,113)	8,654	(5,917)	(33,334)
Net income	$ 13,470	$ 15,898	$ 14,991	$ 17,678	$ 3,408	$ 13,211	$ 8,768	$ 4,971	$ 62,037	$ 30,358	$ 65,769
Net income per share:
Basic (in dollars per share)	$ 0.14	$ 0.17	$ 0.16	$ 0.19	$ 0.04	$ 0.14	$ 0.10	$ 0.05	$ 0.65	$ 0.33	$ 0.74
Diluted (in dollars per share)	$ 0.13	$ 0.16	$ 0.15	$ 0.18	$ 0.03	$ 0.13	$ 0.09	$ 0.05	$ 0.62	$ 0.30	$ 0.66
Weighted-average shares used in computing net income per share:
Basic (in shares)	95,980,425	95,502,250	94,738,651	93,832,873	93,056,297	92,316,022	91,964,978	91,410,368	95,021,175	92,195,068	89,105,562
Diluted (in shares)	100,748,054	100,879,576	100,615,919	100,166,008	100,059,687	99,819,801	99,672,769	99,935,735	100,672,399	99,957,173	100,358,047

Stockholders' Equity - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Balance at beginning of period (in shares)	18,808,026
Granted (in shares)	1,953,993
Exercised (in shares)	(2,444,104)
Forfeited (in shares)	(914,705)
Cancelled (in shares)	(174,795)
Balance at end of period (in shares)	17,228,415	18,808,026
Weighted-Average Exercise Price
Balance at beginning of period (in dollars per share)	$ 32.13
Granted (in dollars per share)	35.20
Exercised (in dollars per share)	4.32
Forfeited (in dollars per share)	$ 48.70
Cancelled (in dollars per share)	61.75
Balance at end of period (in dollars per share)	$ 35.24	$ 32.13
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-Average Remaining Contractual Life (Years)	7 years 4 months 24 days	7 years 10 months 24 days
Aggregate intrinsic value	$ 158,773	$ 188,241
Exercisable, number of shares	9,379,508	8,015,001
Exercisable, weighted average grant date fair vale (in dollars per share)	$ 27.82	$ 15.21
Exercisable, weighted average remaining contractual life (years)	6 years 3 months 18 days	6 years 3 months 18 days
Exercisable, aggregate intrinsic value	$ 152,166	$ 169,601

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 97,296	$ 120,078
Marketable securities	273,791	69,222
Accounts receivable, net of $46,636 and $28,328 of allowances at December 31, 2023 and 2022, respectively	241,869	240,067
Prepaid expenses and other current assets	27,451	4,489
Total current assets	640,407	433,856
Property and equipment, net	10,213	8,371
Operating lease right-of-use assets	17,605	6,903
Goodwill	11,880	11,880
Intangible assets, net	0	99
Deferred tax assets	73,120	77,889
Other noncurrent assets	3,395	3,988
Total assets	756,620	542,986
Current liabilities:
Accounts payable	125,426	109,287
Accrued expenses and other current liabilities	60,524	50,249
Total current liabilities	185,950	159,536
Operating lease noncurrent liabilities	17,241	6,482
Total liabilities	203,191	166,018
Commitments and Contingencies
STOCKHOLDERS' EQUITY
Common stock, $0.0001 par value; 1,000,000,000 shares authorized at December 31, 2023 and 2022, respectively; 96,348,522 and 93,301,156 shares issued and outstanding at December 31, 2023 and 2022, respectively	9	9
Additional paid-in capital	461,639	349,533
Treasury stock, at cost, $0.0001 par value; 615,980 shares outstanding at December 31, 2023 and 2022, respectively	(1,009)	(1,009)
Accumulated earnings	89,971	27,934
Accumulated other comprehensive income	2,819	501
Total stockholders’ equity	553,429	376,968
Total liabilities and stockholders’ equity	$ 756,620	$ 542,986

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment consist of the following (in thousands):


	Estimated Useful Life (in years)	December 31,
		2023		2022
Machinery and equipment	3-5	$	312	$	179
Computers and hardware	3	1,811		1,252
Leasehold improvements	lease term	3,733		3,394
Furniture and fixtures	7	1,488		1,296
Capitalized software	3-5	8,170		5,369
Property and equipment, gross		15,514		11,490
Less: accumulated depreciation		(5,301)		(3,119)
Total property and equipment, net		$	10,213	$	8,371

Depreciation expense was approximately $2.2 million, $1.1 million and $0.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.

During the years ended December 31, 2023, 2022, and 2021, the Company capitalized $0.6 million, $0.8 million, and $0.1 million respectively, in stock-based compensation expense related to the development of internal-use software.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

For the year ended December 31, 2023, a tax provision of $8.7 million was recorded. A tax benefit of $5.9 million and $33.3 million was recorded for the years ended December 31, 2022, and 2021, respectively.

The provision (benefit) from income taxes is composed of the following (in thousands):


	Year Ended December 31,
	2023		2022		2021
Current
Federal	$	2,311	$	—	$	—
State	2,598		695		(31)
Total current provision (benefit) from income taxes	4,909		695		(31)
Deferred:
Federal	4,433		(6,880)		(25,154)
State	(688)		268		(8,149)
Total deferred provision (benefit) from income taxes	3,745		(6,612)		(33,303)
Total provision (benefit) from income taxes	$	8,654	$	(5,917)	$	(33,334)

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows:


	Year Ended December 31,
	2023		2022		2021
Income tax provision at statutory rate	21	%	21	%	21	%
State income taxes, net of federal benefit	2		3		(25)
Stock-based compensation	(18)		(48)		(99)
Section 162(m) compensation limitation	6		—		—
Other	1		—		—
Effective tax rate	12	%	(24)	%	(103)	%

The Company's effective tax rate for the years ended December 31, 2023, 2022, and 2021 was 12%, (24)%, and (103)%, respectively. For the year ended December 31, 2023, the effective tax rate differs from the U.S. federal statutory rate primarily due to permanent tax adjustments, including windfalls upon the exercise of stock options and vesting of RSUs as well as the disallowance of certain compensation deductions based on Section 162(m) of the Internal Revenue Code, which limits the compensation deduction of certain highly compensated employees. For the years ended December 31, 2022, and 2021, the effective tax rate differs from the U.S. federal statutory rate primarily due to permanent tax adjustments, including windfalls upon the exercise of stock options and vesting of RSUs.

Deferred Tax Balances

The components of the Company’s net deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	16,818	$	41,106
Capitalized start‑up costs	3		6
Research and development credits	310		1,039
Stock-based compensation	42,257		26,996
Accruals and reserves	15,190		9,373
Operating lease liabilities	5,171		2,062
Intangibles	568		547
Total deferred tax assets	80,317		81,129
Valuation allowance	(513)		(224)
Deferred tax assets after valuation allowance	$	79,804	$	80,905
Deferred tax liabilities:
Property and equipment	(104)		(461)
Goodwill	(832)		(709)
Operating lease right-of-use assets	(4,695)		(1,846)
Unrealized gain on marketable securities	(1,025)		—
Capitalized research and development costs	(28)		—
Total deferred tax liabilities	(6,684)		(3,016)
Net deferred tax assets	$	73,120	$	77,889

Assessing the realizability of deferred tax assets requires the determination of whether it is more-likely-than-not that some portion or all the deferred tax assets will not be realized. In assessing the need for a valuation allowance, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, loss carryback and tax-planning strategies. The valuation allowance increased by $0.3 million during the year ended December 31, 2023. As of December 31, 2023, management believes there is sufficient positive evidence to conclude that it is more likely than not that the net deferred tax assets were realizable. During the year ended December 31, 2022, the net change in the valuation allowance was not significant.

As of December 31, 2023, the Company has net operating loss carryforwards for federal and state income tax purposes of approximately$1.2 million and $67.6 million, respectively, which expire beginning in the year 2027. In addition to the above federal net operating losses, the Company has net operating losses of $55.5 million with an indefinite carryforward period. There are certain state net operating losses that follow the federal carryforward period and are indefinite in nature. In addition, the Company has research and development tax credits in California of approximately $0.8 million that have no expiration date. Utilization of the net operating loss carryforwards and credits may be subject to a substantial annual limitation due to ownership changes that may occur, as provided by Section 382 of the Internal Revenue Code of 1986, as well as similar state provisions. Such annual limitation could result in the expiration of net operating losses and credits before their utilization.

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	December 31,
	2023		2022		2021
Balance at the beginning of the year	$	390	$	390	$	390
Reductions based upon tax positions related to the current year	—		—		—
Balance at the end of the year	$	390	$	390	$	390

In order for these unrecognized tax benefits to be realized, the net operating loss carryforwards must be utilized first. The Company does not anticipate any material change in its unrecognized tax benefits over the next twelve months.

The Company files U.S. federal and state income tax returns with varying statutes of limitations. All tax years since inception remain open to examination due to the carryover of unused net operating losses and tax credits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 390	$ 390	$ 390
Reductions based upon tax positions related to the current year	0	0	0
Balance at the end of the year	$ 390	$ 390	$ 390

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-39100
Entity Registrant Name	Progyny, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2220139
Entity Address, Address Line One	1359 Broadway
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10018
City Area Code	212
Local Phone Number	888-3124
Title of 12(b) Security	Common Stock,$0.0001 par value per share
Trading Symbol	PGNY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 3.3
Entity Common Stock, Shares Outstanding		96,499,402
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement relating to its 2024 Annual Meeting of Stockholders to be filed within 120 days after the end of the fiscal year ended December 31, 2023 are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001551306
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Amendment Flag	false

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax Credit Carryforward [Line Items]
Provision (benefit) for income taxes	$ 2,792	$ 5,033	$ 2,176	$ (1,347)	$ 733	$ (1,672)	$ 135	$ (5,113)	$ 8,654	$ (5,917)	$ (33,334)
Effective income tax rate reconciliation percentage									12.00%	(24.00%)	(103.00%)
Net change in valuation allowance									$ 300	$ 0
Operating loss carryforwards, indefinite carryover period	55,500								55,500
Domestic tax authority
Tax Credit Carryforward [Line Items]
Operating loss carryforwards, with expiration period	1,200								1,200
State and local jurisdiction
Tax Credit Carryforward [Line Items]
Operating loss carryforwards, with expiration period	67,600								67,600
State and local jurisdiction \| California
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 800								$ 800

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 15,514	$ 11,490
Less: accumulated depreciation	(5,301)	(3,119)
Property and equipment, net	10,213	8,371
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 312	179
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years
Computers and hardware
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Property and equipment, gross	$ 1,811	1,252
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,733	3,394
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	7 years
Property and equipment, gross	$ 1,488	1,296
Capitalized software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,170	$ 5,369
Capitalized software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	3 years
Capitalized software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life (in years)	5 years

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets consist of the following (in thousands):


	Estimated Useful Life (in years)	December 31,
		2023		2022
Trademarks	8	$	4,000	$	4,000
Physician Network	6	3,500		3,500
Website	5	2,000		2,000
Intangible assets, gross		9,500		9,500
Less: accumulated amortization		(9,500)		(9,401)
Total intangible assets, net		$	—	$	99

Summary of Significant Accounting Policies - Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 28,328	$ 17,379	$ 9,502
Charged to Costs and Expenses	19,934	13,794	9,783
Write-offs	(1,626)	(2,845)	(1,906)
Balance at End of Period	$ 46,636	$ 28,328	$ 17,379

Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 9,500	$ 9,500
Less: accumulated amortization	(9,500)	(9,401)
Total intangible assets, net	$ 0	99
Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	8 years
Intangible assets, gross	$ 4,000	4,000
Physician Network
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	6 years
Intangible assets, gross	$ 3,500	3,500
Website
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	5 years
Intangible assets, gross	$ 2,000	$ 2,000

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Net Income and Number of Shares in the Calculation of Basic and Diluted Net Income per Share

A reconciliation of net income and the number of shares in the calculation of basic and diluted net income per share is as follows (in thousands, except share and per share amounts):


	Year Ended December 31,
	2023		2022		2021
Basic net income per common share:
Numerator:
Net income	$	62,037	$	30,358	$	65,769

Denominator:
Weighted-average shares used in computing basic net income per share	95,021,175		92,195,068		89,105,562
Basic net income per share	$	0.65	$	0.33	$	0.74

Diluted net income per common share:
Numerator:
Net income	$	62,037	$	30,358	$	65,769

Denominator:
Weighted-average shares used in computing basic net income per share	95,021,175		92,195,068		89,105,562
Effect of dilutive securities:
Options to purchase common stock	4,813,004		6,981,512		10,103,473
Shares issuable under ESPP	804		3,292		1,104
Warrants to purchase common stock	458,537		539,702		799,844
Restricted stock units	378,879		237,599		348,064
Total effect of dilutive securities	5,651,224		7,762,105		11,252,485
Weighted-average shares used in computing diluted net income per share	100,672,399		99,957,173		100,358,047
Diluted net income per share	$	0.62	$	0.30	$	0.66

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following weighted-average outstanding shares of potentially dilutive securities were excluded from the computation of diluted net income per share for the periods presented because including them would have been antidilutive:


	Year Ended December 31,
	2023	2022	2021
Options to purchase common stock	11,901,773	8,019,010	1,562,029
Shares issuable under ESPP	919	—	—

Restricted stock units	1,111,634	1,733,420	186547
Total potential dilutive shares	13,014,326	9,752,430	1,748,576

Leases - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
Leases - Narrative (Details) $ in Thousands	Feb. 28, 2022 ft²	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2030 USD ($)	Jun. 30, 2029 USD ($)	Mar. 31, 2029 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Feb. 28, 2023 USD ($)	Sep. 30, 2019 USD ($)
Lessee, Operating Lease, Description [Abstract]
Operating lease right-of-use assets		$ 17,605	$ 6,903
Present value of lease liabilities		19,390
Lease expense		2,400	1,300	$ 1,300
Cash outflows from operating activities attributable to operating leases		$ 1,300	$ 1,300	$ 1,300
Operating lease, base rent per annum, first term, period (in years)	5 years
Corporate headquarters, New York, September 2019
Lessee, Operating Lease, Description [Abstract]
Leased area (in square feet) \| ft²	25,212
Corporate headquarters, New York, September 2019 \| Forecast
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum						$ 1,600
Corporate headquarters, New York, September 2019 \| Through fifth lease year
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum											$ 1,300
Corporate headquarters, New York, September 2019 \| After fifth lease year
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum											$ 1,400
Corporate offices lease, New York, February 2022
Lessee, Operating Lease, Description [Abstract]
Leased area (in square feet) \| ft²	24,099
Corporate offices lease, New York, February 2022 \| Forecast
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum							$ 1,500		$ 1,400
Corporate headquarters lease, New York, February 2023
Lessee, Operating Lease, Description [Abstract]
Operating lease right-of-use assets										$ 12,200
Present value of lease liabilities										$ 12,100
Corporate offices lease two, New York, February 2022
Lessee, Operating Lease, Description [Abstract]
Leased area (in square feet) \| ft²	21,262
Corporate offices lease two, New York, February 2022 \| Forecast
Lessee, Operating Lease, Description [Abstract]
Operating lease, base rent per annum					$ 1,400			$ 1,300

Net Income Per Share - Reconciliation of Net Income and Number of Shares in the Calculation of Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income									$ 62,037	$ 30,358	$ 65,769
Denominator:
Weighted-average shares used in computing basic net income per share (in shares)	95,980,425	95,502,250	94,738,651	93,832,873	93,056,297	92,316,022	91,964,978	91,410,368	95,021,175	92,195,068	89,105,562
Basic net income per share (in dollars per share)									$ 0.65	$ 0.33	$ 0.74
Numerator:
Net income									$ 62,037	$ 30,358	$ 65,769
Denominator:
Weighted-average shares used in computing basic net income per share (in shares)	95,980,425	95,502,250	94,738,651	93,832,873	93,056,297	92,316,022	91,964,978	91,410,368	95,021,175	92,195,068	89,105,562
Effect of dilutive securities (in shares)									5,651,224	7,762,105	11,252,485
Weighted-average shares used in computing diluted net income per share (in shares)	100,748,054	100,879,576	100,615,919	100,166,008	100,059,687	99,819,801	99,672,769	99,935,735	100,672,399	99,957,173	100,358,047
Diluted net income per share (in dollars per share)	$ 0.13	$ 0.16	$ 0.15	$ 0.18	$ 0.03	$ 0.13	$ 0.09	$ 0.05	$ 0.62	$ 0.30	$ 0.66
Options to purchase common stock
Denominator:
Effect of dilutive securities (in shares)									4,813,004	6,981,512	10,103,473
Shares issuable under ESPP
Denominator:
Effect of dilutive securities (in shares)									804	3,292	1,104
Warrants to purchase common stock
Denominator:
Effect of dilutive securities (in shares)									458,537	539,702	799,844
Restricted stock units
Denominator:
Effect of dilutive securities (in shares)									378,879	237,599	348,064

Debt	12 Months Ended
Debt	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt In June 2018, the Company entered into a loan agreement with Silicon Valley Bank for a revolving line of credit up to $15.0 million based upon an advance rate of 80% on “eligible” accounts receivable to fund its working capital and other general corporate needs, which was amended in April 2019, January 2020, June 2020, and February 2021 (“SVB Line of Credit”). Eligible accounts receivable was defined in the loan agreement as accounts billed with aging 90 days or less and excluded accounts receivable due for member copayments, coinsurance, and deductibles. The SVB Line of Credit matured in June 2021. The Company was required to pay a revolving line commitment fee of $225,000 in three equal annual installments of $75,000 starting on the one-year anniversary of the revolving line. The Company made the first installment payment of $75,000 in June 2019 and accrued this cost monthly. When the Company held unrestricted cash balances greater than $5.0 million, interest accrued at a floating rate per annum equal to the greater of prime rate or 4.75%. If the unrestricted cash balance was less than $5.0 million, interest accrued at a floating rate per annum equal to the greater of prime rate plus 0.50% or 4.75%, with interest payable monthly. Interest was paid based upon the borrowed funds. The SVB Line of Credit contained customary affirmative covenants, financial covenants, as well as negative covenants that, among other things, restricted the Company’s ability to incur additional indebtedness (including guarantees of certain obligations); create liens; engage in mergers, consolidations, liquidations and dissolutions; sell assets; maintain collateral; pay dividends or make other payments in respect of capital stock; make acquisitions; make investments, loans and advances; enter into transactions with affiliates; make payments with respect to or modify subordinated debt instruments; and enter into agreements with negative pledge clauses or clauses restricting subsidiary distributions. The financial covenant required the Company to achieve a specified minimum quarterly revenue as defined by the SVB Line of Credit. The Company recorded interest expense on the SVB Line of Credit of $38,000 during the year ended December 31, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Information

Information related to the Company’s leases is as follows (in thousands):

Balance Sheet Location

December 31, 2023

Operating Leases

Right-of-use assets

Operating lease right-of-use assets

17,605

Short-term lease liabilities

Accrued expenses and other current liabilities

2,149

Long-term lease liabilities

Operating lease noncurrent liabilities

17,241

Other information

Weighted average remaining lease term, operating lease

9.6 years

Weighted average discount rate, operating lease

4.60%

Schedule of Future Minimum Facility Lease Payments

Future minimum facility lease payments as of December 31, 2023, are as follows (in thousands):


Year Ending December 31:	Operating Lease Payments as of December 31, 2023
2024	$	2,250
2025	2,793
2026	2,793
2027	2,793
2028	2,793
Thereafter	10,848
Total undiscounted lease payments	$	24,270
Less: imputed interest	4,880
Present value of lease liabilities	$	19,390
Less: current portion of operating lease liabilities	2,149
Operating lease noncurrent liabilities	$	17,241

Stockholders' Equity - Restricted Stock Units Activity (Details) - Restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Balance at beginning of period (in shares)	2,416,162
Granted (in shares)	1,306,487
Vested (in shares)	(959,772)
Forfeited (in shares)	(201,664)
Balance at end of period (in shares)	2,561,213	2,416,162
Weighted-Average Grant Date Fair Value
Balance at beginning of period (in dollars per share)	$ 48.74
Granted (in dollars per share)	35.02	$ 44.09	$ 58.13
Vested (in dollars per share)	47.34
Forfeited (in dollars per share)	49.14
Balance at end of period (in dollars per share)	$ 42.19	$ 48.74

Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible assets consist of the following (in thousands):


	Estimated Useful Life (in years)	December 31,
		2023		2022
Trademarks	8	$	4,000	$	4,000
Physician Network	6	3,500		3,500
Website	5	2,000		2,000
Intangible assets, gross		9,500		9,500
Less: accumulated amortization		(9,500)		(9,401)
Total intangible assets, net		$	—	$	99

Amortization expense was $0.1 million, $0.5 million, and $0.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023, there was no future amortization expense of other intangible assets remaining.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 122,611	$ 100,748	$ 33,706
Cost of services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	34,490	25,918	8,969
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	27,015	21,135	5,462
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 61,106	$ 53,695	$ 19,275

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business and Basis of Presentation (Details)	12 Months Ended
Business and Basis of Presentation (Details)	Dec. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Depreciation expense	$ 2.2	$ 1.1	$ 0.7
Capitalized software
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense capitalized	$ 0.6	$ 0.8	$ 0.1

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) institution	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract term (in years)	3 years
Contract termination, notice period, low end of range (in days)	30 days
Contract termination, notice period, high end of range (in days)	90 days
Remaining contract term related to remaining performance obligations (in years)	1 year
Accrued receivables	$ 45,800,000	$ 54,600,000
Accrued claims payable	$ 30,294,000	31,139,000
Claims payable, payment period (within)	30 days
Unbilled receivables	$ 45,100,000	42,900,000
Period in which unbilled receivables are billed to clients (within) (in days)	30 days
Contract term, clinics, low end of range (in years)	1 year
Contract term, clinics, high end of range (in years)	2 years
Contract term with specialty pharmacies (in years)	1 year
Period after month end where vendor rebates are billed (within) (in days)	20 days
Number of financial institutions where substantially all of the cash is maintained \| institution	2
Goodwill and intangible asset impairment	$ 0	0	$ 0
Impairment of long-lived assets	0	0	0
Income tax penalties and interest expense	$ 0	$ 0	$ 0
Options to purchase common stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expected dividend rate	0.00%	0.00%	0.00%
One vendor \| Accounts receivable \| Credit concentration risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk (as percent)	22.00%	30.00%
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract with customer, payment period (in days)	30 days
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract termination, notice period, high end of range (in days)	60 days

Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 16,818	$ 41,106
Capitalized start‑up costs	3	6
Research and development credits	310	1,039
Stock-based compensation	42,257	26,996
Accruals and reserves	15,190	9,373
Operating lease liabilities	5,171	2,062
Intangibles	568	547
Total deferred tax assets	80,317	81,129
Valuation allowance	(513)	(224)
Deferred tax assets after valuation allowance	79,804	80,905
Deferred tax liabilities:
Property and equipment	(104)	(461)
Goodwill	(832)	(709)
Operating lease right-of-use assets	(4,695)	(1,846)
Unrealized gain on marketable securities	(1,025)	0
Capitalized research and development costs	(28)	0
Total deferred tax liabilities	(6,684)	(3,016)
Net deferred tax assets	$ 73,120	$ 77,889

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments As of December 31, 2023 and 2022, the Company had $35.2 million and $120.6 million, respectively, in financial assets held in money market accounts and $273.8 million and $69.2 million, respectively, held in marketable securities, including U.S. treasury bills. All were classified as Level 1 in the fair value hierarchy. The Company measured these assets at fair value. The Company classified these assets as Level 1 because the values of these assets are determined using unadjusted quoted prices in active markets for identical assets. During the year ended December 31, 2023, the Company had $5.2 million of gross realized gains related to marketable securities and money market accounts included within earnings. There were no related gross realized losses included within earnings for this period. The gross realized gains and losses included within earnings for marketable securities and money market accounts for the year ended December 31, 2022 were $0.4 million and $0.1 million, respectively. The gross realized losses included within earnings for the year ended December 31, 2021 were $0.4 million. The gross realized gains for the year ended December 31, 2021 were not significant. The Company reclassified $3.9 million and $0.3 million of net unrealized holding gains out of other comprehensive income and into earnings for the years ended December 31, 2023 and 2022, respectively. The amount of net unrealized holding losses reclassified out of other comprehensive loss into earnings for the year ended December 31, 2021 was $0.4 million. These amounts were reclassified into other income (expense), net line per the consolidated statement of operations. The total gains for marketable securities and money market accounts with net gains in other comprehensive income as of December 31, 2023 and December 31, 2022 was $3.9 million and $0.5 million, respectively. The total losses for the period as well as the total gains and losses for marketable securities and money market accounts in other comprehensive loss as of December 31, 2021 was not significant. During the years ended December 31, 2023, 2022, and 2021, the Company did not maintain any assets or liabilities classified as Level 2 or Level 3 in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

401(k) Plan	12 Months Ended
401(k) Plan	Dec. 31, 2023
Retirement Benefits [Abstract]
401(k) Plan	401(k) Plan The Company sponsors a 401(k) defined contribution plan covering all employees and began employer contributions in 2018. The Company incurred expenses related to employer contributions of $1.4 million, $1.0 million, and $0.9 million for the years ended December 31, 2023, 2022, and 2021 respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Arbitration/Litigation The Company records accruals for loss contingencies when it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. If the Company determines that a loss is reasonably possible, the Company discloses the matter, and the amount or range of the possible loss, if estimable, in the notes to the consolidated financial statements. From time to time, the Company is involved in certain claims and litigation arising in the normal course of business. The Company is not aware of any legal proceedings or claims, that the Company believes will have, individually or in the aggregate, a material adverse effect on the Company’s financial position or results of operations. Indemnifications The Company indemnifies each of its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company’s request in such capacity, as permitted under Delaware law and in accordance with its certificate of incorporation and bylaws. The term of the indemnification period lasts as long as an officer or a director may be subject to any proceeding arising out of acts or omissions of such officer or director in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company currently holds director and officer liability insurance. This insurance allows the transfer of risk associated with the Company’s exposure and may enable it to recover a portion of any future amounts paid. The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, it has not recognized any liabilities relating to these obligations for any period presented.

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets, Fair Value Disclosure [Abstract]
Gross realized gains on marketable securities and money market accounts	$ 5.2	$ 0.4	$ 0.4
Gross realized loss on marketable securities and money market accounts		0.1
Net unrealized holding gains (losses) out of other comprehensive loss and into earnings	3.9	0.3	0.4
Total gains with net gains in other comprehensive income for short-term investments	3.9	0.5	$ 0.0
Level 1 \| Fair value, recurring
Assets, Fair Value Disclosure [Abstract]
Financial assets held in marketable securities	273.8	69.2
Money market funds \| Level 1 \| Fair value, recurring
Assets, Fair Value Disclosure [Abstract]
Financial assets held in money market accounts	$ 35.2	$ 120.6

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Cash and Cash Equivalents and Marketable Securities

Cash and cash equivalents are stated at fair value. The Company considers all highly liquid investments purchased with original maturities of three months or less at the time of purchase to be cash equivalents. Marketable securities, primarily consisting of U.S. Government and agency securities with original maturities greater than three months but less than one year when purchased, are classified as available-for-sale, and are stated at fair value. Unrealized gains and losses on marketable securities are excluded from earnings and reported as a component of other comprehensive income (loss).

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to clients in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.

The Company applies the following five-step model to recognize revenue from contracts with clients:

•Identification of the contract, or contracts, with a client

•Identification of the performance obligations in the contract

•Determination of the transaction price

•Allocation of the transaction price to the performance obligations in the contract; and

•Recognition of revenue when, or as, a performance obligation is satisfied

Progyny’s contracts typically have a stated term of three years and include contractual termination options after the first year, allowing the client to terminate the contract with 30 to 90 days’ notice.

Fertility Benefits Solution Revenue

Progyny primarily generates revenue through its fertility benefits solution, in which Progyny provides self-insured enterprise entities (‘‘clients’’) and their employees and partners (together, ‘‘members’’) with fertility benefits. As part of the fertility benefits solution, Progyny provides access to effective and cost-efficient fertility treatments, referred to as Smart Cycles, as well as other related services. Smart Cycles are proprietary treatment bundles that include certain medical services available to members through Progyny’s proprietary, credentialed network of provider clinics. In addition to access to Progyny’s Smart Cycle treatment bundles and access to Progyny’s network of provider clinics, the fertility benefits solution includes other comprehensive services, which Progyny refers to as care management services, such as active management of the provider clinic network, real-time member eligibility and treatment authorization, member-facing digital tools throughout the Smart Cycle and detailed quarterly reporting all supported by client facing account management and end-to-end comprehensive member support provided by Progyny’s in house staff of PCAs.

The promises within Progyny’s fertility benefits contract with a client represent a single performance obligation because Progyny provides a significant service of integrating the Progyny designed Smart Cycles and access to the fertility treatment services provided by provider clinics with the other comprehensive services into the combined fertility benefits solution that the client contracted to receive. Progyny’s fertility benefits solution is a stand-ready obligation that is satisfied over the contract term.

Progyny’s contracts include the following sources of consideration, which are all variable: a per employee per month (‘‘PEPM’’) administration fee (in most, but not all contracts) and a fixed rate per Smart Cycle. The PEPM administration fee is allocated between the fertility benefits solution and the pharmacy benefits solution based on standalone selling price, estimated using an expected cost-plus margin method. The Company allocates the variable consideration related to the fixed rate per Smart Cycle to the distinct period during which the related services were performed as those fees relate specifically to the Company’s efforts to provide its fertility benefits solution to its clients

in the period and represents the consideration the Company is entitled to for the fertility benefits services provided. As a result, the fixed rate per Smart Cycle is included in the transaction price and recognized in the period in which the Smart Cycle is provided to the member.

Progyny’s contracts also include potential service level agreement refunds related to outcome-based service metrics. These service level refunds, which are determined based on results of a full plan year, if met, are based on a percentage of the PEPM fee paid by clients. The Company estimates the variable consideration related to the total PEPM administration fee, less estimated refunds related to service level agreements, and recognizes the amounts allocated to the fertility benefits solution ratably over the contract term. Progyny’s estimates of service level agreement refunds, have not historically resulted in significant adjustments to the transaction price.

Clients are typically invoiced on a monthly basis for the PEPM administration fee. Progyny invoices its clients and members for their respective portions of the fixed rate per Smart Cycle bundle when all treatment services within a Smart Cycle are completed by the provider clinic. Once an invoice is issued, payment terms are typically between 30 to 60 days.

The Company assesses whether it is the principal or the agent for each arrangement with a client, since fertility treatment services are provided by a third party—the provider clinics. The Company is the principal in its arrangements with clients and therefore presents revenue gross of the amounts paid to the provider clinics because Progyny controls the specified service (the fertility benefits solution) before it is transferred to the client. Progyny integrates the fertility treatment services provided by the provider clinics into the overall fertility benefits solution that the client contracted to receive. In addition, Progyny defines the scope of the potential services to be performed by the provider clinics and monitors the performance of the provider clinics. Furthermore, Progyny is primarily responsible for fulfilling the promise to the client and has discretion in setting the pricing, as Progyny separately negotiates agreements with the provider clinics, which establish pricing for each treatment service. Pricing of services from provider clinics is independent from the fees charged to clients.

Pharmacy Benefits Solution Revenue

For clients that have the fertility benefits solution, Progyny offers, as an add-on, its pharmacy benefits solution, which is a separate, fully integrated pharmacy benefit. As part of the pharmacy benefits solution, Progyny provides care management services, which include Progyny’s formulary plan design, prescription fulfillment, simplified authorization and timely delivery of the medications used during treatment through Progyny’s network of specialty pharmacies, and clinical services consisting of member assessments, UnPack It calls, telephone support, online education, medication administration training, pharmacy support services and continuing PCA support.

The pharmacy-related promises represent a single performance obligation because Progyny provides a significant service of integrating the formulary plan design, prescription fulfillment, clinical services and PCA support into the combined pharmacy benefits solution that the client contracted to receive. The pharmacy benefits solution is a stand-ready obligation that is satisfied over the contract term.

Progyny’s contracts include the following sources of consideration, all of which are variable: a PEPM administration fee (in most, but not all contracts) and a fixed fee per fertility drug. As described above, the PEPM administration fee, less estimated refunds related to service level agreements, is allocated to the pharmacy benefits solution and recognized ratably over the contract term. The Company allocates the variable consideration related to the fixed fee per fertility drug to the distinct period during which the related services were performed, as those fees relate specifically to the Company’s efforts to provide its pharmacy benefits solution to clients in the period and represents the consideration the Company is entitled to for the pharmacy benefits services provided. As a result, the fixed fee per fertility drug is included in the transaction price and recognized in the period in which the Company is entitled to consideration from a client, which is when a prescription is filled and delivered to the members.

As stated above, clients are invoiced on a monthly basis for the PEPM administration fee. Progyny invoices the client and the member for their respective portions of the fixed fee per fertility drug, when the prescription services are completed by the specialty pharmacies. Once an invoice is issued, payment terms are typically between 30 to 60 days.

The Company assesses whether it is the principal or the agent for each arrangement with a client, as prescription fulfillment and clinical services are provided by a third party—the specialty pharmacies. The Company is the principal in its arrangements with clients, and therefore presents revenue gross of the amounts paid to the specialty pharmacies. Progyny controls the specified service (the pharmacy benefits solution) before it is transferred to the client. Progyny integrates the prescription fulfillment and clinical services provided by the pharmacies and PCAs into the overall pharmacy

benefits solution that the client contracted to receive. In addition, Progyny defines the scope of the potential services to be performed by the specialty pharmacies and monitors the performance of the specialty pharmacies. Furthermore, Progyny is primarily responsible for fulfilling the promise to the client and has discretion in setting the pricing, as Progyny separately negotiates agreements with pharmacies, which establish pricing for each drug. Pricing of fertility drugs is independent from the fees charged to clients.

The Company does not disclose the transaction price allocated to remaining performance obligations because all of the transaction price is variable and is allocated to the distinct periods to which the services relate, as discussed above. The remaining contract term is typically less than one year, due to the client’s contractual termination options. There were no material contract asset or contract liability balances as of December 31, 2023 and 2022.

Accrued Receivables and Accrued Claims Payable

Accrued receivables are estimated based on historical experience for those fertility benefits services provided but for which a claim has not been received from the provider clinic at the end of the reporting period, which includes assumptions regarding the lag between authorization date and service date as well as estimates for changes and cancellations of services. At the same time, cost of services and accrued claims payables are estimated based on the amount to be paid to the provider clinic and expected gross margin on fertility benefits services. Estimates are adjusted to actual at the time of billing. Adjustments to original estimates have not been material.

As of December 31, 2023 and 2022, accrued receivables were $45.8 million and $54.6 million, respectively. Accrued receivables are included within accounts receivable in the consolidated balance sheet.

Accrued claims payable of $30.3 million and $31.1 million as of December 31, 2023 and 2022, respectively, are included within accrued expenses and other current liabilities in the consolidated balance sheet. Claims payable are generally paid within 30 days based on contractual terms.

As of December 31, 2023 and December 31, 2022, unbilled receivables, which represent claims received and approved but unbilled at the end of the reporting period, were $45.1 million and $42.9 million, respectively. Unbilled receivables are typically billed to clients within 30 days of the approved claim based on the contractual billing schedule agreed upon with the client. Unbilled receivables are included in accounts receivable in the consolidated balance sheet.

Accounts Receivable and Allowance for Doubtful Accounts

The accounts receivable balance primarily includes amounts due from clients and members. The Company estimates the allowance for doubtful accounts based on the lifetime expected credit losses for the client and member receivable pools, respectively. Under this current expected credit losses model, the Company determines the allowance for doubtful accounts based on factors such as the age of the receivable balance, historical experience, current economic conditions, and reasonable and supportable forecasts of future economic conditions. An allowance for credit losses is applied at the time the asset is recognized. Expected credit losses are recorded as general and administrative expenses on the consolidated statements of operations. The following table provides a summary of the activity in this allowance (in thousands):


	Years Ended December 31, 2023, 2022 and 2021
December 31, 2023	Balance at Beginning of Period		Charged to Costs and Expenses		Write-offs		Balance at End of Period
Allowance for doubtful accounts	$	28,328	$	19,934	$	(1,626)	$	46,636

December 31, 2022
Allowance for doubtful accounts	$	17,379	$	13,794	$	(2,845)	$	28,328

December 31, 2021
Allowance for doubtful accounts	$	9,502	$	9,783	$	(1,906)	$	17,379

Cost of Services

Fertility Benefits Services

Fertility benefits services costs include: (1) fees paid to provider clinics within the Company’s network, labs and anesthesiologists; (2) costs incurred (including salaries, bonuses, benefits, stock-based compensation expense, other related costs, and an allocation of the Company's general overhead, depreciation and amortization) for those employees associated with care management service functions: Provider Account Management, PCA, Provider Relations and Claims Processing teams; and (3) related information technology support costs. Contracts with provider clinics are typically for a term of one to two years.

Pharmacy Benefits Services

Pharmacy benefits services costs include: (1) the fees for prescription drugs dispensed and clinical services provided during the reporting period by specialty pharmacy partners; (2) costs incurred (including salaries, bonuses, benefits, stock-based compensation expense, other related costs, and an allocation of the Company's general overhead, depreciation and amortization) for those employees associated with care management service functions: PCA, Provider Relations and Claims Processing teams; and (3) related information technology support costs. Contracts with the specialty pharmacies are typically for a term of one year.

In the specialty pharmacy contracts, the contractual fees of prescription drugs sold includes the cost of the prescription drugs purchased and shipped to members by the Company’s specialty mail service dispensing pharmacies, net of any volume-related or other discounts.

Vendor Rebates

The Company receives a rebate on formulations purchased and dispensed by the Company’s specialty pharmacies. The Company’s contractual arrangements with pharmacy program partners provide for the Company to receive a discount (or rebate) from established list prices paid subsequent to dispensing when products are purchased indirectly from a pharmacy program partner (such as through a specialty pharmacy). These rebates are recognized as a reduction of cost of services when prescriptions are dispensed and are generally estimated and billed to manufacturers within 20 days after the end of each month. The effect of adjustments resulting from the reconciliation of rebates recognized to the amounts billed and collected has not been material to the Company’s results of operations.

Concentration of Credit Risk and Off-Balance-Sheet Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consists primarily of cash and cash equivalents, marketable securities, and accounts receivable.

The Company invests its cash and cash equivalents and marketable securities with highly rated financial institutions and management believes that the financial risks associated with its cash equivalents are minimal.

Substantially all of the Company’s cash is maintained with two financial institutions with high credit standings. From time to time, such deposits may exceed federally insured limits.

The Company regularly reviews the outstanding accounts receivable balances and makes estimates of the lifetime expected credit losses based upon consideration of factors such as the age of the receivable balance, historical experience, current economic conditions, and reasonable and supportable forecasts of future economic conditions. In addition, the Company periodically evaluates the financial condition of its clients and other parties to manage credit risk related to accounts receivable. As of December 31, 2023 and 2022, one vendor accounted for 22% and 30%, respectively, of total receivables.

Property and Equipment

Property and equipment consist of computer equipment, machinery and equipment, furniture and fixtures, leasehold improvements, and capitalized software development costs. The assets are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method based on estimated useful lives and in the case of leasehold improvements, the shorter of the useful life or the remaining term of the lease (see Note 5).

Goodwill and Intangible Assets

Goodwill represents the excess of the consideration transferred over the fair value of the assets acquired and liabilities assumed in a business combination. Other intangible assets consist of trademarks, physician network, and the websites acquired in the Fertility Authority acquisition. Goodwill, including other definite-lived intangible assets, are carried at their initial acquisition date fair value less any impairment. Other intangible assets are recorded at fair value at the date of acquisition, less accumulated amortization. Amortization is calculated using the straight-line method based on estimated useful lives.

Goodwill is reviewed for impairment annually as of October 1st of each year or when an interim triggering event has occurred indicating potential impairment. Events or changes in circumstances which could trigger an impairment review, which are assessed at the reporting unit level, include significant changes in the manner of the Company’s use of the acquired assets or the strategy for the Company’s overall business, significant negative industry or economic trends, significant underperformance relative to historical or projected future results of operations, a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition or a loss of key personnel. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then additional impairment testing is not required. However, if an entity concludes otherwise, then it is required to perform the first of a two-step impairment test.

The first step involves comparing the estimated fair value of the reporting unit with its respective book value, including goodwill. If the estimated fair value exceeds book value, goodwill is considered not to be impaired and no additional steps are necessary. If the carrying amount of goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to the excess.

The Company tests for goodwill impairment for each reporting unit, which is at the operating segment or one level below the operating segment. This analysis requires us to make a series of assumptions to (1) evaluate whether any impairment exists and (2) measure the amount of impairment. There was no impairment of goodwill or intangible assets for the years ended December 31, 2023, 2022, and 2021.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets or asset groups may not be recoverable. In such instances, the recoverability of assets to be held and used is measured first by a comparison of the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the assets. If such assets are considered to be impaired, an impairment loss would be recognized if the carrying amount of the asset exceeds the fair value of the asset or asset group. The fair value is determined based on valuation techniques such as a comparison to fair values of similar assets or using a discounted cash flow analysis. There were no impairments recorded for the years ended December 31, 2023, 2022 and 2021.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets, accrued expenses and other current liabilities, and operating lease noncurrent liabilities on the consolidated balance sheets. The Company elects to account for each separate lease and non-lease component as a single lease component. As of December 31, 2023 and 2022, the Company has no financing lease arrangements.

In accordance with ASC 842, the Company records a right-of-use asset (“ROU”) and lease liability in connection with its operating leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. To determine the present value of lease payments, the Company utilizes the rate implicit in the lease, if available. If the rate implicit in the lease is not readily determinable, the Company uses its secured incremental borrowing rate to determine the present value of the lease payments. The determination of the Company’s incremental borrowing rate requires judgment and is primarily based on publicly available information for companies within the same industry and with similar credit profiles. The rate is then adjusted for the lease term and other specific terms included in the Company’s lease arrangements. The incremental borrowing rate is subsequently reassessed upon a modification to the lease arrangement. The operating lease ROU asset also includes any lease payments made prior to commencement date and excludes lease incentives and initial direct costs incurred. ROU assets are subsequently assessed for impairment in accordance with the Company’s accounting policy for long-lived assets.

Stock-Based Compensation

The Company accounts for stock-based compensation awards in accordance with FASB ASC Topic 718, Compensation—Stock Compensation (ASC 718). ASC 718 requires all stock-based payments, including restricted stock units and grants of stock options, to be recognized in the consolidated statements of operations based on their respective fair values. The fair value of the Company’s restricted stock units has been determined utilizing the closing market price of the Company’s common stock on the date of the grant, including those with performance-based vesting criteria.

The fair value of the Company’s stock options and stock purchased under the employee stock purchase plan has been determined using the Black-Scholes option-pricing model, which requires the input of subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of historical and implied volatility data of the Company’s common stock, the expected stock price volatility has been estimated based on the historical volatilities of the daily closing prices of a specified group of companies in Progyny’s industry for a period equal to the expected term of the option. Progyny selected companies with comparable characteristics to the Company, including enterprise value, risk profiles and position within the industry, that have historical stock price information sufficient to meet the expected term of the stock options. The expected term of the options granted represents the period of time that options granted are expected to be outstanding and is calculated using the simplified method, which is the mid-point between the vesting date and the end of the contractual term for each option. For non-employee service-based awards, the expected term is estimated based on the remaining contractual term of such awards. The risk-free interest rate is based on the yield of zero-coupon, U.S. Treasury securities for the period that is consistent with the expected term of the stock option. The Company has not paid, and does not anticipate paying, cash dividends on its shares of common stock; therefore, the expected dividend yield is zero.

The Company’s stock-based awards are subject to service-based or performance-based vesting conditions. The Company recognizes compensation expense for service-based awards over the vesting period of the award on a straight-line basis. Compensation expense related to awards with performance-based vesting conditions is recognized over the requisite service period when achievement of the performance condition is considered probable.

Income Taxes

The Company accounts for income taxes in accordance with FASB ASC Topic 740, Income Taxes (“ASC 740”), including updates in ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which the Company adopted as of January 1, 2021. Deferred income taxes are recorded for the expected tax consequences of temporary differences between the tax basis of assets and liabilities for financial reporting purposes and amounts recognized for income tax purposes. The Company periodically reviews the recoverability of deferred tax assets recorded on the consolidated balance sheet and provides valuation allowances as deemed necessary to reduce such deferred tax assets to the amount that will, more likely than not, be realized. Income tax expense consists of taxes currently payable and changes in deferred tax assets and liabilities calculated according to local tax rules.

Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, the Company considers all available evidence for each jurisdiction including past operating results, estimates of future taxable income and the feasibility of ongoing tax planning strategies. In the event the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to income tax expense in the period in which such determination is made.

The amount of deferred tax provided is calculated using tax rates enacted at the balance sheet date. The impact of tax law changes is recognized in periods when the change is enacted.

A two-step approach is applied pursuant to ASC 740 in the recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement.

The Company’s policy is to recognize interest and penalty expenses associated with uncertain tax positions as a component of income tax expense in the consolidated statements of operations and comprehensive income. As of December 31, 2023, 2022 and 2021, the Company had no significant accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s consolidated statements of operations.

Fair Value of Financial Instruments and Fair Value Measurements

The Company determines the fair value of financial assets and liabilities using the fair value hierarchy established in the accounting standards. The hierarchy describes three levels of inputs that may be used to measure fair value, as follows:

Level 1—Quoted prices in active markets for identical assets and liabilities.

Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.

The carrying amounts of certain of the Company’s financial instruments, including cash equivalents, marketable securities, accounts receivable and accounts payable approximate fair value due to their short maturities.

Net Income per Share

Basic net income per share is calculated by dividing the net income by the weighted-average number of shares of common stock outstanding for the period.

Diluted net income per share is computed by dividing the diluted net income by the weighted-average number of common shares outstanding for the period, including potential dilutive common shares assuming dilutive effect of outstanding common stock options, restricted stock units, shares issuable under the employee stock purchase program and common stock warrants using the treasury stock method. In periods when the Company has incurred a net loss, diluted net loss per share is the same as basic net loss per share because dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The standard is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, as well as improve consistent application of and simplify U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted this standard as of January 1, 2021. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation- Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815- 40), which provides guidance on modifications or exchanges of a freestanding equity-classified written call options that are not within the scope of another Topic, such as warrants. The Company adopted this standard as of January 1, 2022 on a prospective basis to modifications or exchanges occurring on or after this date. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Accounting Pronouncements Issued but Not Yet Adopted

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The standard is intended to provide a better understanding of an entity's overall performance and business activities through improved disclosure about an entity's reportable segments, including more detailed information about reportable segment expenses. The new standard will be effective for the Company for the fiscal year beginning January 1, 2024. While the new standard does require additional footnote disclosure, the Company currently does not expect the adoption of the new standard to have a material effect on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard is intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. The new standard will be effective for the Company for the fiscal year beginning January 1, 2025. While the new standard does require further disaggregation of the income tax footnote, the Company currently does not expect the adoption of the new standard to have a material effect on its consolidated financial statements.

Debt (Details) - Line of credit - Silicon Valley Bank Revolving Line of Credit $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2018 USD ($) installment	Dec. 31, 2021 USD ($)
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 15,000
Advance rate upon which the borrowing capacity is based (as percent)	80.00%
Threshold period of accounts receivable aging (in days)	90 days
Commitment fee	$ 225
Commitment fee, number of installments \| installment	3
Commitment fee, installment amount	$ 75,000
First commitment fee due period (in years)	1 year
Debt instrument, covenant, unrestricted cash balance, minimum	$ 5,000
Interest rate (as percent)	4.75%
Interest expense		$ 38
Prime rate
Short-term Debt [Line Items]
Variable rate spread (as percent)	0.50%

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s stock option activity for the year ended December 31, 2023 is as follows:


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
					(In thousands)
Outstanding at December 31, 2022	18,808,026	$	32.13	7.9	$	188,241
Granted	1,953,993	35.20
Exercised	(2,444,104)	4.32
Forfeited	(914,705)	48.70
Cancelled	(174,795)	61.75
Outstanding at December 31, 2023	17,228,415	$	35.24	7.4	$	158,773

Exercisable at December 31, 2022	8,015,001	$	15.21	6.3	$	169,601

Exercisable at December 31, 2023	9,379,508	$	27.82	6.3	$	152,166

Schedule of Assumptions used in the Option-Pricing Model for Options Granted

Certain assumptions used in the option-pricing model for options granted to employees, directors, and non-employees are as follows:


	Year Ended December 31,
	2023	2022	2021
Expected term (in years)	5.50 - 6.11	4.61 - 6.11	3.00 - 6.11
Risk-free interest rate	3.5% - 4.8%	1.4% - 4.4%	0.6% - 1.4%
Expected volatility	52.0% - 54.0%	49.3% - 53.3%	52.4% - 59.5%
Expected dividend rate	—	—	—

Schedule of Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity, including those with performance-based vesting criteria, is as follows:


	Number of Shares	Weighted-Average Grant Date Fair Value

Outstanding at December 31, 2022	2,416,162	$	48.74
Granted	1,306,487	$	35.02
Vested	(959,772)	$	47.34
Forfeited	(201,664)	$	49.14
Outstanding at December 31, 2023	2,561,213	$	42.19

Schedule of Employee Stock Purchase Plan

The following table summarizes the purchases that were made for each purchase period of the ESPP in the years ending December 31, 2023, 2022, and 2021 (in thousands, except for share amounts):


Purchase Period	Proceeds used for purchase		Shares purchased
August 1, 2020 to January 31, 2021	$	481	21,125
February 1, 2021 to July 31, 2021	595		14,505
August 1, 2021 to January 31, 2022	683		19,838
February 1, 2022 to July 31, 2022	412		15,888
August 1, 2022 to January 31, 2023	723		27,492
February 1, 2023 to July 31, 2023	528		17,642

Schedule of Stock Based Compensation Expense for Employees

The following table summarizes stock-based compensation expense, which was included in the statements of operations as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Cost of services	$	34,490	$	25,918	$	8,969
Sales and marketing	27,015		21,135		5,462
General and administrative	61,106		53,695		19,275
Total stock-based compensation expense	$	122,611	$	100,748	$	33,706

Net Income Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive shares (in shares)	13,014,326	9,752,430	1,748,576
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive shares (in shares)	11,901,773	8,019,010	1,562,029
Shares issuable under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive shares (in shares)	919	0	0
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potential dilutive shares (in shares)	1,111,634	1,733,420	186,547

Net Income Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income Per Share

A reconciliation of net income and the number of shares in the calculation of basic and diluted net income per share is as follows (in thousands, except share and per share amounts):


	Year Ended December 31,
	2023		2022		2021
Basic net income per common share:
Numerator:
Net income	$	62,037	$	30,358	$	65,769

Denominator:
Weighted-average shares used in computing basic net income per share	95,021,175		92,195,068		89,105,562
Basic net income per share	$	0.65	$	0.33	$	0.74

Diluted net income per common share:
Numerator:
Net income	$	62,037	$	30,358	$	65,769

Denominator:
Weighted-average shares used in computing basic net income per share	95,021,175		92,195,068		89,105,562
Effect of dilutive securities:
Options to purchase common stock	4,813,004		6,981,512		10,103,473
Shares issuable under ESPP	804		3,292		1,104
Warrants to purchase common stock	458,537		539,702		799,844
Restricted stock units	378,879		237,599		348,064
Total effect of dilutive securities	5,651,224		7,762,105		11,252,485
Weighted-average shares used in computing diluted net income per share	100,672,399		99,957,173		100,358,047
Diluted net income per share	$	0.62	$	0.30	$	0.66


	Year Ended December 31,
	2023	2022	2021
Options to purchase common stock	11,901,773	8,019,010	1,562,029
Shares issuable under ESPP	919	—	—

Restricted stock units	1,111,634	1,733,420	186547
Total potential dilutive shares	13,014,326	9,752,430	1,748,576

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,
	2023		2022
Accrued claims payable	$	30,294	$	31,139
Accrued compensation	11,868		7,706
Accrued commission	3,284		2,832
Operating lease current liabilities	2,149		1,231
Professional fees	1,242		861
Other accrued expenses	10,504		5,311
Other current liabilities	1,183		1,169
Total accrued expenses and other current liabilities	$	60,524	$	50,249