Progyny, Inc. (PGNY) Earnings Call Transcript & Summary

Great. Good morning. First and foremost, thank you for all of you joining us here in person and for those joining us via the webcast. My name is Ben Rossi and I'm the health care facilities analyst here at JPMorgan. We're excited to welcome Progyny to the stage. With us here today, we have CEO, Pete Anevski; CFO, Mark Livingston; Chief Commercial Officer, Katie Higgins; and COO, Melissa Cummings. Thank you all for being here.

Thanks, Ben. Thanks for having us. For those of you on the webcast, you can put the voice with the name. My name is Mark Livingston. I'm the CFO for Progyny. And with me here on the stage, as Ben said, is CEO, Pete Anevski, who many of you know. We also have Melissa Cummings, our COO. Melissa joined us earlier last year from Blue Cross Blue Shield of Rhode Island, where she led record growth, retention and brand recognition across both their commercial and government sectors as well as Katie Higgins our Chief Commercial Officer. Katie has been leading our go-to-market sales and client success teams actually for the last 2 years. So I'll take a moment here to allow you to take in our safe harbor statement covering comments that we're going to make here today. Over the next few minutes, we're going to go through a fireside format Q&A to try to address those questions and things that we think are top of mind for investors, we often get a lot of that kind of interest. And so hopefully, we're going to cover some of the things that you're most interested in hearing this morning. But before we do that, I just wanted to give a brief overview about Progyny, for those of you who may not be as familiar with our story, we provide comprehensive women's health and family building benefits for a global workforce. And today, our solutions include trying to conceive and preconception, fertility adoption and surrogacy, pregnancy, postpartum and return to work, parent and child well-being as well as menopause and midlife. And so for our members, we provide expert care and support to help them navigate through these -- some of these difficult life events. And for our clients, we provide real value through outstanding clinical outcomes and helping them control their overall benefits costs. And then from a financial standpoint, what that's led to is significant revenue growth, significant profitability in operating cash flow since our IPO back in 2019.

And so let's just take -- let's just jump right into it. So Pete, often, we're hearing from investor, I think, probably most common, trying to get an understanding of our clients and what's on their minds, what they're thinking about is they're approaching their benefits. So why do they prioritize these types of services? And why do they choose Progyny?

Good morning, everybody. So look, it starts with the employers focus on the needs of their employees and making sure their benefits cover those needs. The incidents and prevalence of infertility is 1 in 5 for the CDC higher than even diabetes. So this is a very real need for employees. And when you add to it, the complexity of treating infertility, the combination of the medical treatment and specialty medication properly this can prove to be a costly benefit. And when employers are now more than ever focused on medical cost trends, while balancing the need of their employees, we've demonstrated over 10 years, total program management, containing overall unit costs, average cost per utilizing member and significant cost savings driven by significantly favorable medical outcomes, not to mention a way better member experience. This resonates with the employers desire to cover the benefits that matter while at the same time, being cognitive of medical cost trends that they deal with each and every year. Let me give you a couple of data points to reinforce our impact on cost management and medical cost trends. In the slide on the left, it compares medical cost trends in the U.S. based on the study by PwC versus the trend with Progyny in just over the last 3 years. And it shows over a 3-year period, there's only a 5% compounded increase in costs across Progyny's medical book of business for both the medication and the medical treatment as compared to 27% over the same period. That's a difference of 5x an increase over the last 3 years. And on the right side, it demonstrates, based on our clinical outcomes across the board, 30% overall savings on top of our ability to manage overall unit costs and utilization for our sponsors. And these are key points that matter when plan sponsors choose a, whether they're going to cover the benefit; and b, who they cover it with.

Thanks, Pete. So let's click down to the current here for a second. So Katie, as somebody who talks to prospective clients and clients pretty much every day, what insights did we glean from this last selling season? What's on people's minds?

It's a good question. It's nice to be with you all here today. Before I answer your question, Mark, let me just pause to say that we are so proud of our results from the 2025 selling season. The team added an additional 900,000 lives across diversified list of clients. The team also achieved close to 100% client retention. And we are now very closely partnering and integrated into over 600 clients across that diversified list that I mentioned earlier. And I've been leading go-to-market teams in this industry for over 25 years. Know that I really can't remember a time I've been this proud of the passion, the energy, the persistence that this team demonstrated in market, and it definitely paid off with these results. But to go to Mark's questions in terms of when I think back to this past selling season, what did we learn, what do we hear? The first thing is that we're hearing from benefit leaders and from benefit consultants that benefits related to conditions that impact women's health and family building are really an expectation of employees, not a nice to have. And this has further reinforced when we talk to the benefit consultants in our industry, most of whom the larger firms have teams that are focused on family building benefits, those teams have never been busier. So that's a great sign of the interest, the activity and the demand in the market. The second thing I would comment on, and it goes a little bit to some of Pete's comments, is that we're entering a third year of escalating medical trend. And for a benefit leader, I don't know of a single client or prospective client I've talked to where those benefit leaders are not hard pressed to make sure that they can demonstrate that for every dollar they spend that they can link that dollar back high quality care that's linked to outcomes at a competitive and affordable price. And they're looking to their benefit partners like Progyny to sign up for that accountability of managing costs and outcomes with them. The other thing they're looking toward is for those partners to address more than one condition with the ambition that they can reduce the number of partners that they're working with across their ecosystem. So those are very important points. And when I think back to our success in this past selling season as well as the subsequent selling seasons, it gives me confidence that Progyny is leading the industry in terms of providing this exact value proposition. Earlier this fall, we had the opportunity to meet with a group of well-respected benefit consultants. And the thing that I heard from that group resoundingly is that finding benefit solution partners that can provide the level of data, insights and patient-level outcomes the way Progyny does is uncommon and it reinforces the fact that when you can show that transparency at value, it makes partnering with progeny a no-brainer. As I look forward to 2026, we feel enthusiastic about our opportunity ahead of us. Already, we have great traction with our partners across health plans, consultants, our channel resellers. The team did really a fantastic job generating pipeline in the back half of 2025 that carries over to '26. And we're already having very promising conversations with employers today for this year. I don't know, Pete, if you would add anything from your perspective?

Yes. Let me connect the dots a little bit relative to some of what I said on some of what you're saying. What emphasizes to me the importance of this benefit of plan sponsors is not only you and your team, adding 100 -- 900,000 lives in terms of new clients and growth. But when we achieve near 100% retention, again, now 10 years. And when not only is that retention there, but those clients aren't cutting back the benefit and every year they choose their plan design and can do that. But they're also adding to the benefit in some way. So of our book of business added to the benefit, whether they added Smart Cycles, whether they added egg freezing, whether they added pharmacy where they added some of our expanded products. They added to the benefit and all of those are huge indicators in a world and an environment where medical cost trends are at record highs now 3 years in a row.

It's a good point.

So let's talk a bit about the base itself. Obviously, earlier and on existence, we were much more significantly concentrated around tech clients. They were our founding clients. And we've gotten a lot of questions from investors over the years around individual client risk, individual industry concentration risk. And obviously -- and again, given the off the back of this last selling season and these last several years, we've talked a lot about diversification. But Pete, maybe you could tell us a little bit more about where we stand now entering into 2026.

Sure. So a really nice byproduct of our ability to continue to grow and add lives, significant lives each and every year is not only obviously the financial contribution, but helps mitigate and reduce those risks, right? So early on in Progyny's business, we were primarily tech industry clients. And that created exposure, obviously, to the extent that whatever reason tech gets hit and the number of employees that they employ gets reduced, right? Just in the last couple of years, we've reduced that risk. We're, in '24 our largest industry from a lives perspective, was 18%. We're now down to 15% in just 2 years. And then as it relates to concentration of risk relative to any individual client just a few years ago, we had 3 clients that were over 10% in terms of revenue. And our projection for this year in '26 is our largest client will only be a mid-single-digit client. So from my perspective, we've gotten pass and grown past sort of those 2 areas of risk that people have been turned about in the past. And the continued success continues to mitigate that risk even going forward.

So that's a good sort of overview of where we stand today. Let's like to turn it -- start to look forward. On our last earnings call, we talked about new plans to address the small and middle market sized employer. Can you talk a little bit about this, Pete, on this market, how it compares to the market that we've been servicing now for 10 years? Maybe some of the things are the same. And I think importantly, what's different about it?

Sure. So let me talk about a new solution that we created to address this market, all Progyny Select. Progyny Select is our solution to address the needs of small employers that generally buy their coverage on a fully insured basis. As I mentioned before, infertility is a high prevalent condition relevant to all humans regardless of the industry you work in or the size of the company that you work for. The market we're going after is employers now down to a small as 100-plus employers. Before this, we went down to 1,000-plus employees. And these smaller importers are generally used to buying their medical and pharmacy on a fully insured basis. Infertility today is generally not part of full use of our medical plans in most states. The only way that these insurers would have been able to cover infertility is by doing it on a self-insured basis, and they're too small to take the risk around utilization to do that. This overall market is 50 million additional covered lives as an addressable market for us. It's a market today, as I mentioned before, we don't sell to.

So Melissa, let me come to you. Can you tell us a little bit more about exactly what Progyny Select is and maybe a bit about why we believe Progyny is so uniquely positioned to be able to serve that market.

For sure. Thanks, Mark. First, let me start by saying I'm excited to be here. And I would say that my time at Progeny has only served to reinforce that I've joined a company with a great team and it's very vibrant at Progyny. Progyny Select is purpose-built for that 100-plus employer, and it's informed by the data and outcomes we've generated over the last 10 years. Progyny Select is a fully insured pooled risk, fixed PEPM offering and like our standard ASO offering, it comes with the same things that differentiate progeny. That includes access to our managed network, our Smart Cycle benefit and personalized member navigation through our Progeny Care Advocate team. Progyny Select is also going to broaden where we play and so provide a hedge against the ASO book we have in place today. We have been very intentional in building go-to-market capabilities. So things like eligibility, enrollment, billing and commissions are all powered through one integration to afford scaling across that fully insured market. And we're busy building distribution awareness now. And so that comes in the form of partner with general agents, with PEOs, with health plans and brokers such that we imagine the results of our distribution effort will show up in '27 similar to how our ASO selling cycle works.

Thanks, Melissa. So that's a good groundwork of the why and the what here around Progyny Select. But let's talk about timing. So Pete, like why now? Why is now the right time?

Look, as I mentioned before, there's really no reason you shouldn't have access to a benefit like this regardless of the size of the company you work for because, again, you still have the need. We identified this gap a few years ago. We've been investing in it since then in order to create the first fully insured premium funded plan. This plan is payer agnostic. It has characteristics that meet the unique demands of how these companies buy in the market. We built the operational infrastructure in order to be able to, a, go to market and leverage the distribution partners that generally sell to these employers. And the infrastructure to service this market with the long tail of smaller employers. And maybe the most important factor is we built it in a way to investors and we built it in a way that we expect that we will be able to deliver this service without any decline in overall margins.

So moving on, obviously, Progyny Select isn't the only new product that we have. We've launched a number of them over the last year or so. Melissa, can you remind everybody what are some of these new services? And in particular, how do they fit into our overall strategy?

For sure. So we've been very purposeful in continuing to expand to add services in ways that continue to add value to clients and members, but equally broaden our reach across a given employer's population. Our newest services include pregnancy postpartum parenting, leave and benefit navigation and menopause. And they're all power by our personalized member navigation team, our Progyny care advocates. These services are really intentionally designed to augment what is provided by a traditional health plan and provide increased coordination, navigation and education for conditions that are frankly often underserved and under-recognized. We've also heard, as we've developed products, the input from our customers that's informed our build. I'll give you the example that I often hear from members. "I've loved working with my Progyny care advocate and now that I'm pregnant, I have to work with someone outside of Progyny." That reality helped shape our opportunity to add more services to the populations we serve. I would also double-click for a second on leave and benefit navigation to share that this is more than just a traditional leave administration service. But it really is an integrator and a navigator of an entire suite of benefits an employer might provide such that they get the benefit of our Progyny care advocate, helping make sure those benefits are utilized and made known to the employee population they have. We've had really excited traction and as referenced earlier in the conversation, 1/3 of our core book has participated in these services in 2026. And we're very excited about the momentum and look forward to more.

Thanks, Melissa. And Katie, I think likewise for Global, we did an acquisition middle of last year. And there's been a lot going on and around that. It's evolved quite a bit. Maybe you could talk a little bit about that. I think, in particular, what are those aspects of the global offering that are most interesting to our clients?

Yes. I think as Melissa mentioned, we're constantly listening to our clients in terms of what are the needs. And one area that we have observed across the past few years is the need for especially U.S. employers to be able to provide a unified equitable benefit that focuses on women's and family building services, knowing that that's also very complex to do in the global landscape. So as Mark mentioned, in 2024, we did complete the acquisition of Apryl, which provided an offering focused on family building. Going into 2026, we will add to that offering in terms of offering pregnancy, postpartum and menopause care resources to those populations. And when I take a step back and think about what our clients appreciating and finding as differentiators in that solution. First, we're leaning very heavily on our Progyny care advocates, which has been such a key to our success in delivering excellent care U.S. and pushing that out from a global perspective. I'm also making sure that the offering is customized based on country-specific cultural, social and regulatory. And for our clients, they have the opportunity to have a much more simplified administration of the benefit that is also secure and GDPR compliant. So what we're offering with Global is a way of having local customization with global consistency and providing a unified benefit across the whole of their employee population.

The only thing I'll add to that, and just really to emphasize the importance of the strategic decision to invest in Global is when you're a multinational company based in the U.S., it's really important you have parity in terms of addressing across all of your employees around the world and having the ability to have the products and services that do that, not only in the U.S., but in any country we have employees is a really, really important component overall offering.

Thanks, everybody. And not to be left out, there's one for me. So look, I think cash flow is certainly an important part of the story of Progyny. We've had excellent conversion of our adjusted EBITDA to cash flow. We've been working very hard on making this as efficient a business as possible, both on our model and our back-end processes. And in fact, we've been beating our long-term target of 75% conversion rate over these last few years. And so what do we do with that cash? And we've talked a lot about and we remain unchanged in our capital deployment priorities. So we're always looking to expand the business by expanding the offerings that we're providing, which you've heard about. We obviously then need to also invest in our go-to-market resources to be sure that we're in all of the opportunities that we can possibly be in and win. We'll also maintain a selective mergers and acquisitions program wherever we can go through the process of build versus partner versus buy, we'll do that. And to the extent an acquisition makes sense, we'll do it. And then finally, as you've seen, we've been returning value to shareholders over these last couple of years through share repurchase programs, first $300 million a year or so ago. and now a $200 million program, which we announced in November. And so those 4 capital priorities remain the same, and we expect to continue to follow them in the coming year. Now before I hand the reins back over to Ben here for some Q&A, I just wanted to give Pete a quick last word on 2026 and ask him what do you think you're most excited about for the next year or so?

Thanks, Mark. Look, there's a lot of things to be excited about. As I mentioned before, I think the opportunity to help so many more people in the small employer market with Progyny Select is going to be really exciting. I think the investments we've been making and continue to make across our products, not only in the U.S. and globally, leveraging everything from new tech, AI, creating better member experiences, and ability to service every one of our customers through the best ways possible and every member is also really exciting. I'm really excited about the team we put together, including the expansion of the C-suite to take advantage of these on is we couldn't be better well positioned for '26 in the future. So we look forward to updating you all in future earnings announcements.

Great. Thank you for that additional commentary. And I think that is a nice segue into the Q&A portion. So yesterday, you announced that fourth quarter results would be slightly above your guidance range. Can you just talk about what's driving that and maybe some of the puts and takes being factored?

Sure. So we're a utilization and care consumption model. We do our best to predict based on activity we're seeing at the time of net earnings, what we expect for the quarter. The demand for the benefit continues to be strengthened throughout the quarter. And as a result, our top line, we expect to be above our top line and the related drop-through in terms of earnings.

Excellent. You said Progyny Select is a pooled risk model. Can you just talk about what that means?

Sure. So if you're a small employer, right, one of the most important things that you want to prevent right? So in the world of medical coverage, what you can't predict as a small employer because you don't have enough employees to sort of predict instance prevalence across conditions is what your expense will be. So therefore, you join larger pools of smaller employers, larger pools of people, unlike a large employer that has enough employees statistically to predict what their expense might be so that you predict and you buy that in that market on a PEPM basis so that your costs are predictable relative to your medical expense. That's a really important way to buy. Otherwise, all employers can't and don't and that's why they don't today, buy a self-insured employers, but fully insured, afford to take that utilization reset.

Makes sense. You said that Select creates a hedge against your existing self-insured populations. What do you mean by that?

Sure. So when Select gets to scale, if you think about the first question of why our earnings are topping our guidance range. It's when consumption is higher, right. Select, we get more contribution from our ASO model and that will offset a little bit the higher experience if the same experience happens in Select that you might get in terms of margin compression, fully insured side. The inverse is also true. If consumption is down and utilization is down on the ASO model, Select PEPM revenue will be more predictable and offset any reduction you might get in the ASO model. And then on top of it, the earnings contribution higher from Select because you have less experience on that portion of your book of business.

And then one final one here on Select is just going into the high-level economics, I think that kind of ties in nicely. Are you expecting gross margins to be higher or lower than what you're seeing today with your self-insurance?

Mark, do you want to take that?

Yes, sure. Well, look, I think a couple of important things that Melissa said. So essentially, the offering is the same or very similar to what our ASO model is. That does include some of the newer services, but the reality is that we very well understand what that cost and experience is. We're probably one of the only entities anywhere that can really understand what utilization looks like across broad pools. And so we've designed the product to be able to hit that right point. So the gross margins will be similar, although slightly higher because we obviously include a risk premium included in that fully insured product. Now there will be some incremental sales and distribution costs, which will fall below gross margins. But we expect that the incremental risk premium to be able to cover that, so net-net, when you get down to EBITDA, we're going to be basically on parity with the ASO model.

Great. Just on a broad level, what is driving some of the differences between the high rate of overall medical cost inflation versus some of Progyny's rate development over the last few years?

Melissa, do you want to take this?

I love to. I would love to. We all know medical cost is sort of 2 pieces, right, unit cost and utilization. And so in our case, there's 2 factors I'd point out. One is scale. Our growth over the last 10 years has afforded us the benefit of a favorable unit cost position with the network we manage. That's one huge piece relative to the difference has been. The second is around the quality outcomes that we've delivered. Our total program management drives really reduce costs. When you think about things like NICU and preterm birth and better outcomes overall for a maternal situation, we're proud to say that our investments have delivered program management that helps meet a better medical cost position.

Great. And then how should we think about the gross margin profile for your newer services, are you adding costs in order to deliver these products?

And the spirit of all margin questions to Mark.

There you go. So yes, certainly, we need to bring on teams to be able to help manage that. But we do expect to be able to leverage our PCA and our platforms to be able to do so. Those newer products are obviously coming up to scale. So we've been making some investments in building those teams as that comes up. You saw that, that was embedded within our P&L in '25, and we expect that to continue as we go forward into '26.

Okay. And then how should we think about the cadence of adding new lives via Progyny Select maybe in 2026 and then beyond? And then does Select raise your target of at least 1 million new lives?

The short answer is, yes, it does. Right, because it is a 50 million life increase in addressable market, right? But I want to make sure we also address sort of the expectation around the contribution from Select. So this will be the first year in market we'll have Select. Renewals are generally happening for the most part for most of these companies at the end of the year. So financial contribution won't start to happen until '27. As Select gets into the market and more and more people become aware of it, and we sign more and more distribution partners, the contribution in terms of adding lives from Select will grow over the years. And then we'll start have almost a compounding effect in terms of being more pervasive across many more distribution partners. So that's sort of the quick summary. The nice thing about Select is based on our data, in my opinion, the opportunity around Select from a coverage standpoint is even bigger than it was for Progyny 10 years ago, ASO business. So we look forward to helping many more people.

Great. In that spirit then, how are buyers thinking about women's health in context of other priorities, maybe such as weight management, MSK and mental health?

Katie's closest to this.

I'm happy to. So I think you can rely on benefit leaders are always going to be focused on the needs that address their population and are obviously going to have an impact on lowering medical trend. So as you think about some of the conditions that you just referenced, for example, I think how we look at that is where we can solve for gaps in care that create a more cohesive member experience that can drive the cost outcomes and that we can then provide a more seamless partner management experience on behalf of our clients, those are places we're very interested in making sure that we're continuing to add.

Great. Just thinking about competition. Several other companies in your categories have begun to offer metabolic health or GLP-1 programs. Is that something you'd consider adding to your portfolio?

Sure, Melissa.

Sure. The short answer is yes. And when you think about the whole person reality of women's health, obesity plays a huge role in so many related conditions. I think for us, in any evaluation we do, it's building on what Katie just said. It's about that whole person care. And so whether that is something that we offer through our network or through a partner, we're going to be keenly aware of how do we make sure that we're in the middle of the total set of services that impact overall fusion. So the answer is yes, and it has to be in the right form. We remain open to that and really fueling that whole person care.

Great. And just in the spirit of how your competition has been reacting to higher benefit costs, maybe seeing some stress to varying degrees. I guess, should we think about that pressure being specific to them? Or is this maybe an overall indicator health for your ...

It's a great question, right? Without getting into the details of our competitors and their models. In my opinion, Progyny demonstration then -- this is an area you can address and you can address successfully, and you can help as many people as you grow at scale and continue to deliver financial results for investors. The struggle with our competitors, I believe, is rooted in their models, right? Their models are different in terms of how they're approaching it. They generally are burning cash. One of our smaller competitors went out of business this year, and there are many reports of competitors struggling to raise money and continue to just be around, if you will. So I think the market is healthy. We're the best evidence that it can be healthy for many competitors. We welcome competitors. We think it's a big enough market for many to play in, and it's an important enough market that should be addressed by as many people as possible. But again, how others approach their market or whether or not they'll pay or adjust their models, that's up to them.

How much of your base is up for renewal in 2026 and our largest clients included in that?

So generally speaking, we are 3 years contracts with all of our clients. So based on the years that we've been in business and based on the fact that we every year add large clients, every single year, we have more clients coming to renew. We never take for granted any of our clients. We focus on all of them every year, not only because they're in a renewal year in our opinion, every client is up for renewal every year because a client could cut their benefit whenever they want. So despite the 3-year contracts, the reality is that they could cut it back significantly or they can cut it. So in our mind, every year is a new year, but formally in terms of contract renewals every 3 years, they come up for renewal.

Great. And then you've talked about exposures across your industry in the opening comments. For your selling team, how are you thinking about specific industries and maybe what's driven some of your diversification decisions?

Sure. Katie runs the team so I'll let her take that.

Yes. I would just say that our teams are principally organized geographies, not industry. So that's because of the first point, I think in some places, there is a need for specialization. So labor, tapped hardly populations, public sector. Now with Progyny Select will be organized in that way. And I think it is our approach to market and knowing that these needs are not industry specific. They are human needs that impact anyone at any company they work for really represents the success we've had in diversification across the industry.

Okay. And just as a follow-up, are there any industries where you feel you're underpenetrated across your total book of business?

The short answer is no, and I'll give you a couple of data points. We didn't talk about -- our addressable market today, again, before Select is 105 million lives. We have -- we'll have 7.6 million lives covered in 2026. So we're still single-digit penetrated across that market across 45 million there's no industry that we're even 20% penetrated and penetrate significantly of our biggest ones, as I mentioned before. So overall, we're not even close to penetrated relative to the overall opportunity to help as many people as possible.

Okay. You've discussed investments in 2025 to support your newest products. How does the member experience change because of that? And do you expect to continue investing in 2026 and beyond?

Sure. So I think the first piece around the member experience, and then I'll let Mark take the second piece. So the member experience is really important. And when you think about it, right, it's everything from the stuff they actually touch every day, whether it's digital assets, their apps, online, through their laptops, through their computers. But it's also everything that we do and invest in relative to all the folks that engage with those members, right? So our Progyny care advocates have, on average, 15 touch points with the member throughout their treatment journey. And everything that we do is designed to lift as much what we call homework from the member to make their journey as frictionless as possible and also at the same time, as we partner with the providers in our network to make sure that we're working as closely as possible to do 2 things. One, help again that member's journey as much as possible, but also make sure that the administrative burden that clinics have is lighter than they experienced generally with any other payer. Mark, do you want to take the second part?

Yes, sure. And so as far as investments go, like we do have some discrete projects that we're working through that we do expect to continue into and through 2026. As I said in the capital priorities, we will continue to do is so that we can have all of the platforms and the resources around making sure that we're driving around these new products. We'll certainly be giving even more detail when we provide our guidance here on our next call after February. But I think the right way to be thinking about it is that like the investments will be sort of proportional to the scale of the business and not a stair step as we've seen perhaps in the past.

Great. Thanks for that clarification. So just as we're wrapping up here on time, we spent a lot on the retrospective. On a prospective basis, what do you think investors will appreciate about Progyny in 12 months that they don't currently today?

A couple of things, right? I think there's always a question as to whether or not we'd grab the low-hanging fruit and can we continue to grow? And the answer is we believe we can. I think reporting, as I talked about before, on our progress on Progyny Select and our ability to start to capture that market hopefully as quickly possible they'll appreciate. I think they'll appreciate as they see -- as it goes in market, the investments, all the different assets that we have, when you bring to bear around all of the issues that employers are facing experience that members can have in what is a really difficult journey otherwise and make that journey as easily as possible and show the ability to do that and show that improvement, not only here, but around the world. All of those things, I think, are going to be things that investors will appreciate.

And if I can just add to it, I think, because it's important, I'm going to look backwards a little bit, but I think 12 months from now, they're going to look at a stable growing company. And I think part of the story of Progyny for these last several years is that we've been growing through so many other sort of macroeconomic challenges. We grew through -- will this company continue in a challenging economy. Will it expand in an inflationary environment? Will it expand in a challenged labor environment? The COVID even regulatory concerns, which 5 years ago, people were talking about. Nobody talks about that now because it's not a concern. But I think we've continued to grow through all of those. And I think now -- I think investors are reacting to that, they see sort of an open road for us, and we're excited to drive down.

Excellent. Well, that's all the time we have here today. Thank you for all -- the team at Progyny for joining us and all of those listening at the webcast and in person. Thank you.

Thank you.

Thank you, Ben.

Thanks, Ben.