Form 8-K

8-K — Progyny, Inc.

Accession: 0001551306-26-000062

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0001551306

SIC: 8090 (SERVICES-MISC HEALTH & ALLIED SERVICES, NEC)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Documents

8-K — pgny-20260507.htm (Primary)

EX-99.1 (exhibit991q12026.htm)

EX-99.2 (progyny1q2026earningssup.htm)

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8-K

8-K (Primary)

Filename: pgny-20260507.htm · Sequence: 1

pgny-20260507

0001551306false00015513062026-05-072026-05-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2026

Progyny, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware 001-39100 27-2220139

(State or Other Jurisdiction

of Incorporation) (Commission

File Number) (IRS Employer

Identification No.)

1359 Broadway

New York, New York

10018

(Address of Principal Executive Offices) (Zip Code)

(212) 888-3124

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.0001 par value per share

PGNY The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition and

Item 7.01 Regulation FD Disclosure.

On May 7, 2026, Progyny, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2026. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

In addition to the press release, a supplemental earnings presentation will be made available on the Company’s investor relations page at investors.progyny.com. A copy of this supplemental earnings presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.

The information furnished under Item 2.02 and Item 7.01, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section. The information shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission made by the Company, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

99.1

Press Release of Progyny, Inc. dated May 7, 2026

99.2

First Quarter 2026 Earnings Supplemental Presentation

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Progyny, Inc.

Date: May 7, 2026

By: /s/ Peter Anevski

Peter Anevski

Chief Executive Officer

EX-99.1

Filename: exhibit991q12026.htm · Sequence: 2

Document

Progyny, Inc. Announces First Quarter 2026 Results

Reports Record First Quarter Revenue of $328.5 Million

Early Selling Season Activity Reflects Robust Demand for Women's Health and Family Building Solutions

Returned Value to Shareholders Through Repurchase of 8.8 Million Shares to Date Since November

NEW YORK, May 7, 2026 /GlobeNewswire/ - Progyny, Inc. (Nasdaq: PGNY) (“Progyny” or the “Company”), a global leader in women's health and family building solutions, today announced its financial results for the three-month period ended March 31, 2026 (“the first quarter of 2026”), as compared to the three-month period ended March 31, 2025 (“the first quarter of 2025” or “the prior year period”).

“We're pleased with the strong start to the year, as member engagement trended to the higher end of our expectations, reflecting that people are pursuing the services they need in order to address their family building and overall health and well-being goals,” said Pete Anevski, Chief Executive Officer of Progyny.

“The CDC recently reported that, while overall birth rates in the US continued to decline in 2025 - extending a trend that began nearly two decades ago - the only age cohorts to increase were women 30 and over. Women over 30 have been accounting for more than half of all births since 2021, and now comprise their highest proportion of total births ever,” continued Anevski. “These macro shifts reflect how society has increasingly deferred family building to later in life, when natural conception becomes more difficult for many, thereby increasing the demand for fertility benefits solutions that can cost-effectively address this fundamental need.

“For more than a decade, Progyny has been meeting this need with our solutions, which are proven to drive favorable clinical outcomes and overall cost containment for both the employer and the patient. This is just one reason why our programs continue to be a priority for all types of companies. Our current selling season is in its early stages and we're off to a good start. Activity is healthy, overall pipeline and the early build of new pipeline is substantially favorable versus a year ago, and early commitments are pacing ahead of this time last year, all of which positions us well for this selling season.”

“This quarter's results reflect topline growth, increased gross margin, and a high conversion of Adjusted EBITDA to operating cash flow. During the quarter, we also continued to make our planned investments to further enhance both our platform and the member experience,” said Mark Livingston, Chief Financial Officer of Progyny. “Additionally, through the share repurchase program that began in November, we returned value to our investors by repurchasing 8.8 million shares.”

First Quarter 2026 Highlights:

(unaudited; in thousands, except per share amounts) 1Q 2026 1Q 2025

Revenue

$328,504 $324,038

Gross Profit

$83,071 $75,795

Gross Margin

25.3% 23.4%

Net Income

$24,232 $15,059

Net Income per Diluted Share1

$0.29 $0.17

Adjusted Earnings per Diluted Share2

$0.50 $0.48

Adjusted EBITDA2

$56,583 $57,790

Adjusted EBITDA Margin2

17.2% 17.8%

1.Net income per diluted share reflects weighted-average shares outstanding as adjusted for potential dilutive securities, including options, restricted stock units, and shares issuable under the employee stock purchase plan.

2.Adjusted Earnings per Diluted Share, Adjusted EBITDA, and Adjusted EBITDA margin are financial measures that are not required by, or presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Please see Annex A of this press release for a reconciliation of Adjusted Earnings per Diluted Share to earnings per share, and Adjusted EBITDA to net income, the most directly comparable financial measures stated in accordance with GAAP for each of the

periods presented. We calculate Adjusted Earnings per Diluted Share as net income per diluted share excluding the impact of stock-based compensation, adjusted for the impact of taxes. We calculate Adjusted EBITDA margin as Adjusted EBITDA divided by revenue.

Financial Highlights

Revenue was $328.5 million, a 1.4% increase as compared to the $324.0 million reported in the first quarter of 2025, as the increase in our number of clients and covered lives was largely offset by the impact of the previously disclosed large client who did not renew its services for 2025, though it provided for an extended transition period over the first half of 2025 for members meeting certain criteria. There was no contribution from this client in the first quarter of 2026, and excluding the $31.3 million of revenue from this client in the prior year period, revenue increased 12.2%.

•Fertility benefit services revenue was $209.4 million, a 1.5% increase from the $206.4 million reported in the first quarter of 2025.

•Pharmacy benefit services revenue was $119.1 million, a 1.3% increase as compared to the $117.6 million reported in the first quarter of 2025.

Gross profit was $83.1 million, an increase of 10% from the $75.8 million reported in the first quarter of 2025, reflecting ongoing efficiencies realized in the delivery of our care management services as well as a decrease in stock based compensation expense. Gross margin was 25.3%, as compared to 23.4% reported in the prior year.

Net income was $24.2 million, or $0.29 income per diluted share, as compared to the $15.1 million, or $0.17 income per diluted share, reported in the first quarter of 2025. The higher net income was due primarily to the higher operating profit and lower stock based compensation expense, which was partially offset by lower interest and other income, net, as well as a higher provision for income taxes.

Adjusted EBITDA was $56.6 million, a decrease of 2.1% as compared to the $57.8 million reported in the first quarter of 2025, as the higher gross profit was more than offset by planned investments to expand the features and functionality of our platform. Adjusted EBITDA margin was 17.2% as compared to the 17.8% Adjusted EBITDA margin in the first quarter of 2025. Refer to Annex A for a reconciliation of Adjusted EBITDA to net income.

Cash Flow

Net cash provided by operating activities in the first quarter of 2026 was $45.9 million, as compared to $49.8 million provided by operating activities in the prior year period. Cash flow reflects the timing impact of certain working capital items in both periods as well as the customary build in accounts receivable in the first quarter of the year as we establish the payment flows for our newest clients.

Balance Sheet and Financial Position

As of March 31, 2026, the Company had total working capital of approximately $265.8 million and no debt. This included cash and cash equivalents and marketable securities of $225.1 million, a decrease of $85.0 million from the balances as of December 31, 2025 due principally to share repurchase activity during the quarter. The Company's $200 million revolving credit facility remains undrawn, and the Company has no planned use for the facility at this time.

Share Repurchase Activity

During the first quarter of 2026, the Company purchased more than 5.5 million shares of its common stock for a total cost of $116.4 million through its November 2025 share repurchase program, which provided for a total authorization of up to $200 million. The Company purchased a cumulative 8.8 million shares of its common stock under the program, and as of March 31, 2026, the program was completed and no amounts remained available for repurchase.

The Company's Board is currently evaluating potential options for a new share repurchase program. We anticipate a decision around the end of May, and the Company expects to make an announcement at that time.

Key Metrics

The Company had 595 fertility and family building clients as of March 31, 2026, as compared to 532 clients as of March 31, 2025.

Three Months Ended

March 31,

2026 2025

Assisted Reproductive Treatment (ART) Cycles(*)

15,647 16,160

Utilization - All Members(**)

0.56% 0.54%

Utilization - Female Only(**)

0.48% 0.46%

Average Members(***)

7,185,000 6,695,000

* Represents the number of ART cycles performed, including IVF with a fresh embryo transfer, IVF freeze all cycles/embryo banking, frozen embryo transfers, and egg freezing. Includes ART cycles performed in the first half of 2025 under the extended transition of care agreement with the large client who did not renew its service agreement.

** Represents the member utilization rate for all fertility and family building services, including, but not limited to, ART cycles, initial consultations, IUIs, and genetic testing. The utilization rate for all members includes all unique members (female and male) who utilize the benefit during that period, while the utilization rate for female only includes only unique females who utilize the benefit during that period. For purposes of calculating utilization rates in any given period, the results reflect the number of unique members utilizing the benefit for that period. Individual periods cannot be combined as member treatments may span multiple periods. Utilization for 2025 excludes activity under the extended transition of care agreement that ended June 30, 2025 with the large client who did not renew its service agreement, as only members meeting certain criteria were eligible to use the benefit.

***Includes approximately 300,000 members from a single client who are not reflected in utilization as a result of the client's chosen benefit design. 2025 excludes the limited number of members who were eligible to use the benefit under the extended transition of care agreement that ended June 30, 2025 with the large client who did not renew its service agreement.

Financial Outlook

The majority of the clients that were added in the most recent selling season went live in the first quarter of 2026, with a handful of additional clients expected to launch their benefit in the second quarter. Once all new clients are live in 2026, the Company continues to anticipate having over 600 clients, representing approximately 7.2 million covered lives.

As the second quarter begins, member engagement is pacing consistent with the typical seasonal patterns following the start of the year. Given the variability in member engagement experienced in prior periods, as well as the potential for any impact from ongoing macroeconomic uncertainty, the guidance issued today reflects a range of member engagement. The ranges also reflect the impact of the Company's previously announced investments in member experience.

The Company is providing the following financial guidance for both the three-month and full year periods ending June 30, 2026.

•Full Year 2026 Outlook:

oRevenue is now projected to be $1.365 billion to $1.405 billion, reflecting growth of 5.9% to 9.0%; excluding the $48.5 million of revenue in 2025 from the large client who was under a transition agreement in the first half of 2025, revenue is expected to increase by 10.1% to 13.3%

oNet income is projected to be $103.7 million to $112.3 million, or $1.23 to $1.34 per diluted share, on the basis of approximately 84 million assumed weighted-average fully diluted-shares outstanding

oAdjusted EBITDA1 is projected to be $232.0 million to $244.0 million

oAdjusted earnings per diluted share1 is projected to be $1.98 to $2.09

•Second Quarter of 2026 Outlook:

oRevenue is projected to be $342.0 million to $355.0 million, reflecting growth of 2.7% to 6.6%; excluding the $17.2 million of revenue in 2025 from the large client who was under a transition agreement in the first half of 2025, revenue is expected to increase by 8.3% to 12.4%

oNet income is projected to be $25.8 million to $28.7 million, or $0.31 to $0.35 per diluted share, on the basis of approximately 83 million assumed weighted-average fully diluted-shares outstanding

oAdjusted EBITDA1 is projected to be $58.0 million to $62.0 million

oAdjusted earnings per diluted share1 is projected to be $0.50 to $0.53

1.Adjusted EBITDA and Adjusted earnings per diluted share are financial measures that are not required by, or presented in accordance with, GAAP. Please see Annex A of this press release for a reconciliation of forward-looking Adjusted EBITDA to forward-looking net income and Adjusted net income to net income, the most directly comparable financial measures stated in accordance with GAAP, for the period presented.

Conference Call Information

Progyny will host a conference call at 4:45 P.M. Eastern Time (1:45 P.M. Pacific Time) today, May 7, 2026, to discuss its financial results. Interested participants from the United States may join by calling 1.866.825.7331 and using conference ID 265484. Participants from international locations may join by calling 1.973.413.6106 and using the same conference ID. A replay of the call will be available until May 14, 2026 at 5:00 P.M. Eastern Time by dialing 1.800.332.6854 (U.S. participants) or 1.973.528.0005 (international) and entering passcode 265484. A live audio webcast of the call and subsequent replay will also be available through the Events & Presentations section of the Company’s Investor Relations website at investors.progyny.com.

About Progyny

Progyny (Nasdaq: PGNY) is a global leader in women's health and family building solutions, trusted by the nation's leading employers, health plans and benefit purchasers. We envision a world where everyone can realize their dreams of family and ideal health. Our outcomes prove that comprehensive, inclusive and intentionally designed solutions simultaneously benefit employers, patients, and physicians.

Our benefits solution empowers patients with concierge support, coaching, education, and digital tools; provides access to a premier network of fertility and women's health specialists who use the latest science and technologies; drives optimal clinical outcomes; and reduces healthcare costs.

Headquartered in New York City, Progyny has been recognized for its leadership and growth as a TIME100 Most Influential Company, CNBC Disruptor 50, Modern Healthcare’s Best Places to Work in Healthcare, Forbes' Best Employers, Financial Times Fastest Growing Companies, INC. 5000, INC. Power Partners and Crain’s Fast 50 for NYC. For more information, visit www.progyny.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our financial outlook for the second quarter and full year 2026, including the impact of our sales season and client launches; our anticipated number of clients and covered lives for 2026; our expected utilization rates and mix; the demand for our solutions; our expectations for our selling season for 2027 launches; our positioning to successfully manage economic uncertainty on our business; the timing of client decisions; our ability to retain existing clients and acquire new clients; and our business strategy, plans, goals and expectations concerning our market position, future operations, and other financial and operating information. The words “anticipates,” “assumes,” “believe,” “contemplate,” “continues, ” “could,” “estimates,” “expects,” “future,” “intends,” “may,” “plans,” “predict,” “potential,” “project,” “seeks,” “should,” “target,” “will,” and the negative of these or similar expressions and phrases are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.

Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, without limitation, failure to meet our publicly announced guidance or

other expectations about our business; competition in the market in which we operate; our history of operating losses and ability to sustain profitability; unfavorable conditions in our industry or the United States economy; our limited operating history and the difficulty in predicting our future results of operations; our ability to attract and retain clients and increase the adoption of services within our client base; the loss of any of our largest client accounts; changes in the technology industry; changes or developments in the health insurance market; negative publicity in the health benefits industry; lags, failures or security breaches in our computer systems or those of our vendors; a significant change in the utilization of our solutions; our ability to offer high-quality support; positive references from our existing clients; our ability to develop and expand our marketing and sales capabilities; the rate of growth of our future revenue; the accuracy of the estimates and assumptions we use to determine the size of target markets; our ability to successfully manage our growth; reductions in employee benefits spending; seasonal fluctuations in our sales; the adoption of new solutions and services by our clients or members; our ability to innovate and develop new offerings; our ability to adapt and respond to the changing medical landscape, regulations, and client needs, requirements or preferences; our ability to maintain and enhance our brand; our ability to attract and retain members of our management team, key employees, or other qualified personnel; risks related to any litigation against us; our ability to maintain our Center of Excellence network of healthcare providers; our strategic relationships with and monitoring of third parties; our ability to maintain our pharmacy distribution network if there is a disruption to our network or its associated supply chains; our relationship with key pharmacy program partners or any decline in rebates provided by them; our ability to maintain our relationships with benefits consultants; exposure to credit risk from our members; risks related to government regulation; risks related to our business with government entities; our ability to protect our intellectual property rights; risks related to acquisitions, strategic investments, or partnerships; federal tax reform and changes to our effective tax rate; the imposition of state and local state taxes; our ability to utilize a portion of our net operating loss or research tax credit carryforwards; our ability to develop or maintain effective internal control over financial reporting; and our ability to adapt and respond to the changing SEC or stakeholder expectations regarding environmental, social and governance practices. For a detailed discussion of these and other risk factors, please refer to our filings with the Securities and Exchange Commission (the “SEC”), including in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent reports that we file with the SEC, which are available at http://investors.progyny.com and on the SEC’s website at https://www.sec.gov.

Forward-looking statements represent our management’s beliefs and assumptions only as of the date of this press release. Our actual future results could differ materially from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons.

Non-GAAP Financial Measures

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release and the accompanying tables include the non-GAAP financial measures Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share.

Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share are supplemental financial measures that are not required by, or presented in accordance with, GAAP. We believe that these non-GAAP measures, when taken together with our GAAP financial results, provide meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share are helpful to our investors as they are measures used by management in assessing the health of our business, determining incentive compensation, evaluating our operating performance, and for internal planning and forecasting purposes.

Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of the limitations of

Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share include: (1) it does not properly reflect capital commitments to be paid in the future; (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures; (3) it does not consider the impact of stock-based compensation expense; (4) it does not reflect other non-operating income and expenses, including interest and other income, net; and (5) it does not reflect tax payments that may represent a reduction in cash available to us. In addition, our non-GAAP measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as we calculate these measures, limiting their usefulness as comparative measures. Because of these limitations, when evaluating our performance, you should consider Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share alongside other financial performance measures, including our net income, gross margin, and our other GAAP results.

We calculate Adjusted EBITDA as net income, adjusted to exclude depreciation and amortization; stock-based compensation expense; interest and other income, net; and provision for income taxes. We calculate Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. We calculate Adjusted earnings per diluted share as net income per diluted share excluding the impact of stock-based compensation, adjusted for the associated impact of taxes. Please see Annex A: “Reconciliation of GAAP to Non-GAAP Financial Measures” elsewhere in this press release.

For Further Information, Please Contact:

Investors:

James Hart

investors@progyny.com

Media:

Alexis Ford

media@progyny.com

PROGYNY, INC.

Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share amounts)

March 31, December 31,

2026 2025

ASSETS

Current assets:

Cash and cash equivalents $ 131,607 $ 112,238

Marketable securities 93,504 197,858

Accounts receivable, net of $56,300 and $55,659 of allowances at March 31, 2026 and December 31, 2025, respectively

263,613 220,287

Prepaid expenses and other current assets 12,827 21,392

Total current assets 501,551 551,775

Property and equipment, net 35,709 29,927

Operating lease right-of-use assets 24,275 24,990

Goodwill 19,879 19,978

Intangible assets, net 5,971 6,216

Deferred tax assets, net

93,080 93,013

Other noncurrent assets 17,872 16,536

Total assets $ 698,337 $ 742,435

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable $ 157,826 $ 124,071

Accrued expenses and other current liabilities 77,916 78,320

Total current liabilities 235,742 202,391

Operating lease noncurrent liabilities 23,251 24,000

Total liabilities 258,993 226,391

Commitments and Contingencies

STOCKHOLDERS' EQUITY

Common stock, $0.0001 par value; 1,000,000,000 shares authorized; at March 31, 2026 and December 31, 2025, respectively; 99,465,999 and 99,049,485 shares issued; 78,270,386 and 83,365,696 outstanding at March 31, 2026 and December 31, 2025, respectively

9 9

Additional paid-in capital 717,759 700,785

Treasury stock, at cost, $0.0001 par value; 21,811,593 and 16,299,769 shares at March 31, 2026 and December 31, 2025, respectively

(505,760) (388,075)

Accumulated earnings 227,059 202,827

Accumulated other comprehensive income 277 498

Total stockholders’ equity 439,344 516,044

Total liabilities and stockholders’ equity $ 698,337 $ 742,435

PROGYNY, INC.

Consolidated Statements of Operations

(Unaudited)

(in thousands, except share and per share amounts)

Three Months Ended

March 31,

2026 2025

Revenue $ 328,504 $ 324,038

Cost of services 245,433 248,243

Gross profit 83,071 75,795

Operating expenses:

Sales and marketing 16,884 17,786

General and administrative 30,808 33,839

Total operating expenses 47,692 51,625

Income from operations 35,379 24,170

Interest and other income, net 1,504 2,367

Income before income taxes 36,883 26,537

Provision for income taxes 12,651 11,478

Net income $ 24,232 $ 15,059

Net income per share:

Basic $ 0.30 $ 0.18

Diluted $ 0.29 $ 0.17

Weighted-average shares used in computing net income per share:

Basic 80,920,993 85,499,153

Diluted 84,755,262 89,307,934

PROGYNY, INC.

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

Three Months Ended

March 31,

2026 2025

OPERATING ACTIVITIES

Net income $ 24,232 $ 15,059

Adjustments to reconcile net income to net cash provided by operating activities:

Deferred tax expense 10 11

Non-cash interest expense 279 —

Depreciation and amortization 1,483 1,108

Loss on disposal of property and equipment 52 79

Stock-based compensation expense 19,721 32,512

Bad debt expense 4,436 5,659

Net accretion of discounts on marketable securities 1,150 1,106

Changes in operating assets and liabilities:

Accounts receivable (47,773) (69,732)

Prepaid expenses and other current assets 9,601 (2,383)

Accounts payable 33,635 49,618

Accrued expenses and other current liabilities 1,530 17,509

Other noncurrent assets and liabilities (2,407) (738)

Net cash provided by operating activities 45,949 49,808

INVESTING ACTIVITIES

Purchase of property and equipment, net (6,347) (2,843)

Purchase of marketable securities — (145,809)

Sale of marketable securities 102,941 63,382

Acquisition of business, net of cash acquired — (9,340)

Net cash provided by (used in) investing activities 96,594 (94,610)

FINANCING ACTIVITIES

Repurchase of common stock (118,607) —

Proceeds from exercise of stock options 30 39

Payment of employee taxes related to equity awards (4,844) (3,583)

Proceeds from contributions to employee stock purchase plan 307 256

Net cash used in financing activities (123,114) (3,288)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash (51) 15

Net increase (decrease) in cash, cash equivalents, and restricted cash 19,378 (48,075)

Cash, cash equivalents, and restricted cash, beginning of period 114,193 162,314

Cash, cash equivalents, and restricted cash, end of period $ 133,571 $ 114,239

Cash and cash equivalents $ 131,607 $ 109,239

Restricted cash included within current assets 1,039 —

Restricted cash included within noncurrent assets 925 5,000

Total cash, cash equivalents, and restricted cash $ 133,571 $ 114,239

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash paid for income taxes, net of refunds received $ 640 $ 400

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES

Additions of property and equipment, net included in accounts payable and accrued expenses $ 812 $ 1,246

ANNEX A

PROGYNY, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

-(unaudited)

(in thousands, except share and per share amounts)

Costs of Services, Gross Margin and Operating Expenses Excluding Stock-Based Compensation Calculation

The following table provides a reconciliation of cost of services, gross profit, sales and marketing and general and administrative expenses to each of these measures excluding the impact of stock-based compensation expense for each of the periods presented:

Three Months Ended

March 31, 2026

GAAP

Stock-Based

Compensation

Expense

Non-GAAP

Cost of services $ 245,433 $ (6,270) $ 239,163

Gross profit $ 83,071 $ 6,270 $ 89,341

Sales and marketing $ 16,884 $ (5,555) $ 11,329

General and administrative $ 30,808 $ (7,896) $ 22,912

Expressed as a Percentage of Revenue

Gross margin 25.3 % 1.9 % 27.2 %

Sales and marketing 5.1 % (1.7 %) 3.4 %

General and administrative 9.4 % (2.4 %) 7.0 %

Three Months Ended

March 31, 2025

GAAP

Stock-Based

Compensation

Expense

Non-GAAP

Cost of services $ 248,243 $ (9,398) $ 238,845

Gross profit $ 75,795 $ 9,398 $ 85,193

Sales and marketing $ 17,786 $ (7,875) $ 9,911

General and administrative $ 33,839 $ (15,239) $ 18,600

Expressed as a Percentage of Revenue

Gross margin 23.4 % 2.9 % 26.3 %

Sales and marketing 5.5 % (2.4 %) 3.1 %

General and administrative 10.4 % (4.7 %) 5.7 %

Note: percentages shown in the table may not cross foot due to rounding.

Adjusted Earnings Per Diluted Share Calculation

The following table provides a reconciliation of net income to Adjusted Earnings Per Diluted Share for each of the periods presented:

Three months ended

March 31,

2026 2025

Net Income $ 24,232 $ 15,059

Add:

Stock-based compensation expense 19,721 32,512

Income tax effect of non-GAAP adjustment (1,940) (4,523)

Adjusted Net income $ 42,013 $ 43,048

Diluted Shares 84,755,262 89,307,934

Adjusted Earnings Per Diluted Share $ 0.50 $ 0.48

Adjusted EBITDA Calculation

The following table provides a reconciliation of net income to Adjusted EBITDA for each of the periods presented:

Three Months Ended

March 31,

2026 2025

Net income $ 24,232 $ 15,059

Add:

Depreciation and amortization 1,483 1,108

Stock‑based compensation expense 19,721 32,512

Interest and other income, net (1,504) (2,367)

Provision for income taxes 12,651 11,478

Adjusted EBITDA $ 56,583 $ 57,790

Reconciliation of Non-GAAP Financial Guidance for the Three Months Ending June 30, 2026 and Year Ending December 31, 2026

Three Months Ending

June 30, 2026 Year Ending

December 31, 2026

Low High Low High

Revenue

$ 342,000 $ 355,000 $ 1,365,000 $ 1,405,000

Net Income

$ 25,800 $ 28,700 $ 103,700 $ 112,300

Add:

Depreciation and amortization

2,500 2,500 11,000 11,000

Stock-based compensation expense

21,000 21,000 80,000 80,000

Interest and other income, net

(1,600) (1,600) (7,000) (7,000)

Provision for income taxes

10,300 11,400 44,300 47,700

Adjusted EBITDA*

$ 58,000

$ 62,000

$ 232,000

$ 244,000

Three Months Ending

June 30, 2026 Year Ending

December 31, 2026

Low High Low High

Net Income $ 25,800 $ 28,700 $ 103,700 $ 112,300

Add:

Stock-based compensation 21,000 21,000 80,000 80,000

Income tax effect of non-GAAP adjustment (5,300) (5,300) (17,000) (17,000)

Adjusted Net income* $ 41,500 $ 44,400 $ 166,700 $ 175,300

Diluted Shares 83,000,000 83,000,000 84,000,000 84,000,000

Adjusted Earnings Per Diluted Share $ 0.50 $ 0.53 $ 1.98 $ 2.09

* All of the numbers in the tables above reflect our future outlook as of the date hereof. Net income, Adjusted Net Income and Adjusted EBITDA ranges do not reflect any estimate for other potential activities and transactions, nor do they contemplate any discrete income tax items, including the income tax impact related to equity compensation activity.

Assisted Reproductive Technology (ART) Cycles per Unique Female Utilizer

The following tables provide historical trend and guidance assumptions for average members, female utilization rate, and ART Cycles per Unique Female Utilizer for the full year and quarterly periods presented:

Guidance Assumptions For:

Year Ending December 31, 2026

Year Ending December 31, Low End as of High End as of

2021 2022 2023

2024 1

2025 1

May 7, 20261

Average Members 2,812,000 4,349,000 5,383,000

6,104,0001

6,419,0001

6,900,0001

Female Utilization Rate 1.07 % 1.03 % 1.09 % 1.07 %

1.04%2

1.04 % 1.05 %

Female Unique Utilizers 30,053 44,600 58,596 65,077

66,7732

72,000 72,500

ART Cycles 28,413 42,598 58,013 61,114 65,006 67,000 69,100

ART Cycles per Unique Female Utilizer 0.95 0.96 0.99 0.94 0.93 0.93 0.95

Revenue ($ in millions) $500.6 $786.9 $1,088.6 $1,167.2 $1,288.7 $1,365.0 $1,405.0

1 Calculations for 2024, 2025, and 2026 exclude approximately 300,000 members from a single client not reflected in female utilizers as a result of the client's chosen benefit design.

2 Calculations exclude activity from a large client whose program discontinued for 2025, but who allowed for an extended period of transition of care for certain members during the first half of 2025.

Quarterly ART Cycles per Unique Female Utilizer

Three Months Ending Year Ending

March 31, June 30, September 30, December 31, December 31,

2022 0.50 0.55 0.56 0.58 0.96

2023 0.51 0.55 0.56 0.58 0.99

2024* 0.53 0.54 0.52 0.54 0.94

2025* 0.51 0.52 0.52 0.52 0.93

2026: Low End of Guidance Range* 0.48 0.50E 0.93E

2026: High End of Guidance Range* 0.48 0.51E 0.95E

*Calculations for 2024, 2025, and 2026 exclude approximately 300,000 members from a single client not reflected in female utilizers as a result of the client's chosen benefit design.

E indicates the estimated value assumed.

EX-99.2

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progyny1q2026earningssup

P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N1 1st Quarter 2026 Earnings Supplement May 2026

P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N2 Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this presentation other than statements of historical fact, including, without limitation, statements regarding our financial outlook for the second quarter and full year 2026, including the impact of our sales season and client launches; our anticipated number of clients and covered lives for 2026; our expected utilization rates and mix; the demand for our solutions; our expectations for our selling season for 2027 launches; our positioning to successfully manage economic uncertainty on our business; the timing of client decisions; our ability to retain existing clients and acquire new clients; and our business strategy, plans, goals and expectations concerning our market position, future operations, and other financial and operating information. The words “anticipates,” “assumes,” “believe,” “contemplate,” “continues, ” “could,” “estimates,” “expects,” “future,” “intends,” “may,” “plans,” “predict,” “potential,” “project,” “seeks,” “should,” “target,” “will,” and the negative of these or similar expressions and phrases are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, without limitation, failure to meet our publicly announced guidance or other expectations about our business; competition in the market in which we operate; our history of operating losses and ability to sustain profitability; unfavorable conditions in our industry or the United States economy; our limited operating history and the difficulty in predicting our future results of operations; our ability to attract and retain clients and increase the adoption of services within our client base; the loss of any of our largest client accounts; changes in the technology industry; changes or developments in the health insurance market; negative publicity in the health benefits industry; lags, failures or security breaches in our computer systems or those of our vendors; a significant change in the utilization of our solutions; our ability to offer high-quality support; positive references from our existing clients; our ability to develop and expand our marketing and sales capabilities; the rate of growth of our future revenue; the accuracy of the estimates and assumptions we use to determine the size of target markets; our ability to successfully manage our growth; reductions in employee benefits spending; seasonal fluctuations in our sales; the adoption of new solutions and services by our clients or members; our ability to innovate and develop new offerings; our ability to adapt and respond to the changing medical landscape, regulations, and client needs, requirements or preferences; our ability to maintain and enhance our brand; our ability to attract and retain members of our management team, key employees, or other qualified personnel; risks related to any litigation against us; our ability to maintain our Center of Excellence network of healthcare providers; our strategic relationships with and monitoring of third parties; our ability to maintain our pharmacy distribution network if there is a disruption to our network or its associated supply chains; our relationship with key pharmacy program partners or any decline in rebates provided by them; our ability to maintain our relationships with benefits consultants; exposure to credit risk from our members; risks related to government regulation; risks related to our business with government entities; our ability to protect our intellectual property rights; risks related to acquisitions, strategic investments, or partnerships; federal tax reform and changes to our effective tax rate; the imposition of state and local state taxes; our ability to utilize a portion of our net operating loss or research tax credit carryforwards; our ability to develop or maintain effective internal control over financial reporting; and our ability to adapt and respond to the changing SEC or stakeholder expectations regarding environmental, social and governance practices. For a detailed discussion of these and other risk factors, please refer to our filings with the Securities and Exchange Commission (the “SEC”), including in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent reports that we file with the SEC, which are available at http://investors.progyny.com and on the SEC’s website at https://www.sec.gov. Forward-looking statements represent our management’s beliefs and assumptions only as of the date of this presentation. Our actual future results could differ materially from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons. Non-GAAP Financial Measures: In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation and the accompanying tables include the non-GAAP financial measures Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share. Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share are supplemental financial measures that are not required by, or presented in accordance with, GAAP. We believe that these non-GAAP measures, when taken together with our GAAP financial results, provide meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share are helpful to our investors as they are measures used by management in assessing the health of our business, determining incentive compensation, evaluating our operating performance, and for internal planning and forecasting purposes. Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of the limitations of Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share include: (1) it does not properly reflect capital commitments to be paid in the future; (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures; (3) it does not consider the impact of stock-based compensation expense; (4) it does not reflect other non-operating income and expenses, including interest and other income, net; and (5) it does not reflect tax payments that may represent a reduction in cash available to us. In addition, our non-GAAP measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as we calculate these measures, limiting their usefulness as comparative measures. Because of these limitations, when evaluating our performance, you should consider Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted earnings per diluted share alongside other financial performance measures, including our net income, gross margin, and our other GAAP results. We calculate Adjusted EBITDA as net income, adjusted to exclude depreciation and amortization; stock-based compensation expense; interest and other income, net; and provision for income taxes. We calculate Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. We calculate Adjusted earnings per diluted share as net income per diluted share excluding the impact of stock-based compensation, adjusted for the associated impact of taxes. Please see the Appendix “Reconciliation of GAAP to Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Guidance” in this presentation.

P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N3 1st Quarter 2026 Results: Key Highlights 1Q Financial Highlights • Revenue: • 1.4% growth vs. 1Q 2025 • 12.2% growth when excluding impact of a large, former client • Profitability: • 10% increase in gross profit vs. 1Q 2025, yielding a 25.3% gross margin (a 190 basis point increase vs. prior year) • 2.1% decrease in Adj. EBITDA vs. 1Q 2025, yielding a 17.2% Adj. EBITDA margin (a 60 basis point decrease vs. prior year) • Member engagement: • 0.48% female utilization in 1Q 2026 as compared to 0.46% in the prior year period • 0.48 ART Cycles per Unique Female Utilizer in 1Q 2026 • Operating Cash Flow: • $45.9 million of operating cash flow generated in 1Q 2026 Other Highlights • Share repurchase program: • During 1Q, 5.5 million shares were repurchased for $116.4 million through the November 2025 share repurchase program • Approximately 8.8 million shares have been repurchased cumulatively through the program Note: 1Q reflects the results for the three-month period ending March 31, 2026

P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N4 1st Quarter 2026 Results Highlights for 3-Month Period Ending March 31, 2026 Revenue Op. Cash Flow $328.5 1Q 2025 1Q 2026 • 1.4% growth vs. 1Q25; 12% when excluding the impact of large, former client • Increase driven by growth in clients and covered lives Contribution from Large, Former Client* $M Adj. EBITDA • 2.1% decrease in Adj. EBITDA vs. 1Q25, as planned investments to expand the features and functionality of the platform more than offset the higher gross profit $57.8 $56.6 1Q 2025 1Q 2026 $M 17.8% margin 17.2% margin $292.7 $49.8 $45.9 1Q 2025 1Q 2026 $M • Successfully maintaining targeted 75+% conversion of Adj. EBITDA to OCF • Decrease reflects timing of working capital items in both periods, as well as customary build in accounts receivable as we establish payment flows for newest clients Gross Profit • 10% increase in gross profit vs. 1Q25 • Gross margin expanded by 190 basis points • Reflects ongoing efficiencies realized in the delivery of our care management services and a decrease in stock- based compensation $75.8 $83.1 1Q 2025 1Q 2026 $M 23.4% gross margin 25.3% gross margin $324.0 as reported +12% *Reflects contribution of $31.3 and $0 in 1Q25 and 1Q26, respectively -2.1% +1.4% +10% -8%

P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N5 1st Quarter 2026 Results Business Metrics ART Cycles Consumed Clients 1Q 25 1Q 26 1Q 25 1Q 26 Utilization1 • 1Q26 utilization of 0.48% • Longer-term utilization continues within the customary narrow range 0.25% 0.35% 0.45% 0.55% 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 Female Utilization 15,647595 532 16,160 • The majority of the clients added in the most recent selling season went live in 1Q, with a handful of additional clients expected to launch in 2Q • 3% decrease in ART Cycles vs. prior year period In 000s 1Q 25 1Q 26 7,185 6,695 • 7% increase in average members vs. prior year period • A handful of additional clients are expected to launch in 2Q 1. Represents the member utilization rate for all fertility and family building services, including, but not limited to, ART cycles, initial consultations, IUIs, and genetic testing. For purposes of calculating utilization rates in any given period, the results reflect the number of unique members utilizing the benefit for that period. Individual periods cannot be combined as member treatments may span multiple periods. Avg. Eligible Members

P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N6 1st Quarter 2026 Results Last Twelve Months Trends LTM Gross Profit LTM Adj. EBITDA LTM OCF • $1.29B in trailing twelve-month revenue, an increase of 6.6% relative to the year ago period LTM Revenue 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 $B 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 • $206M in trailing twelve-month operating cash flow, a 1.6% increase from the year ago period $M • $312M in trailing twelve-month gross profit, an increase of 17% relative to the year ago period 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 $M • $221M in trailing twelve-month Adj. EBITDA, an increase of 7.1% relative to the year ago period 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 $M $1.29B $221M $312M $206M $1.21B $206M $267M $203M Note: all numbers presented ion this slide include the contribution of the large client who was under a transition of care agreement until June 30, 2025

P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N7 Balance Sheet and Cash Position • Maintaining balance sheet strength and operational flexibility: • $225 million in cash, cash equivalents and marketable securities as of March 31, 2026 • No debt, and the $200 million revolving credit facility remains undrawn • 5.5 million shares repurchased during the 1st quarter for $116.4 million • Approximately 8.8 million shares were repurchased under the November 2025 program • Ongoing focus on revenue cycle management driving continued improvement in days sales outstanding (DSO) • 72 days outstanding as of March 2026, an improvement of more than 11 days from the year ago period • $266 million in net working capital

P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N8 1st Quarter 2026 Results Guidance Recap Three Month Period Ending June 30, 2026 Twelve Month Period Ending December 31, 2026 Revenue Net Income Adj. EBITDA $342 - $355 million $25.8 - $28.7 million $58.0 - $62.0 million $1.365 - $1.405 billion $103.7 - $112.3 million $232.0 - $244.0 million Revenue growth 2.7% – 6.6%, or 8.3% - 12.4% excluding the $17.2M of revenue in 2Q 2025 from the large client under a transition agreement through the first half of 2025 5.9% - 9.0%, or 10.1% - 13.3% excluding the $48.5M of revenue in 2025 from the large client under a transition agreement through the first half of 2025 Earnings Per Diluted Share $0.31 - $0.35 $1.23 - $1.34 Adj. Earnings Per Diluted Share $0.50 - $0.53 $1.98 - $2.09

P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N9 Appendix

P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N10 Reconciliations of Non-GAAP Financial Guidance (in thousands) Three Months Ending June 30, 2026 Year Ending December 31, 2026 Low High Low High Revenue $342,000 $355,000 $1,365,000 $1,405,000 Net Income $25,800 $28,700 $103,700 $112,300 Add: Depreciation and Amortization 2,500 2,500 11,000 11,000 Stock-based Compensation Expense 21,000 21,000 80,000 80,000 Interest and other income, net (1,600) (1,600) (7,000) (7,000) Provision for income taxes 10,300 11,400 44,300 47,700 Adjusted EBITDA* $58,000 $62,000 $232,000 $244,000 * All of the numbers in the tables above reflect our future outlook as of the date hereof. Net income, Adjusted Net Income and Adjusted EBITDA ranges do not reflect any estimate for other potential activities and transactions, nor do they contemplate any discrete income tax items, including the income tax impact related to equity compensation activity.

P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N11 Reconciliations of Non-GAAP Financial Guidance (in thousands) Three Months Ending June 30, 2026 Year Ending December 31, 2026 Low High Low High Net Income $25,800 $28,700 $103,700 $112,300 Add: Stock-based Compensation Expense 21,000 21,000 80,000 80,000 Income tax effect of non-GAAP adjustment (5,300) (5,300) (17,000) (17,000) Adjusted Net income* $41,500 $44,400 $166,700 $175,300 Diluted Shares 83,000,000 83,000,000 84,000,000 84,000,000 Adjusted Earnings per Diluted Share $0.50 $0.53 $1.98 $2.09 * All of the numbers in the tables above reflect our future outlook as of the date hereof. Net income, Adjusted Net Income and Adjusted EBITDA ranges do not reflect any estimate for other potential activities and transactions, nor do they contemplate any discrete income tax items, including the income tax impact related to equity compensation activity.

P L E A S E R E F E R T O S L I D E 2 F O R T H E S A F E H A R B O R L A N G U AG E R E G A R D I N G T H I S P R E S E N T A T I O N12 Reconciliations of GAAP to Non-GAAP Financial Measures (in thousands) 1Q 25 2Q 25 3Q 25 4Q 25 1Q26 Net income $15,059 $17,112 $13,864 $12,485 $24,232 Add: Depreciation and amortization 1,108 1,205 1,268 1,367 1,483 Stock-based compensation expense 32,512 32,383 32,173 34,799 19,721 Interest and other income, net (2,367) (2,719) (2,437) (2,632) (1,504) Provision for income taxes 11,478 9,965 10,100 5,369 12,651 Adjusted EBITDA $57,790 $57,946 $54,968 $51,388 $56,583

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- Definition

Code for the postal or zip code

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No definition available.

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- Definition

Name of the state or province.

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No definition available.

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Name:

dei_EntityAddressStateOrProvince

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Period Type:

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

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Namespace Prefix:

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Period Type:

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

+ Details

Name:

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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dei_EntityTaxIdentificationNumber

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- Definition

Local phone number for entity.

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No definition available.

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Name:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Name:

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Namespace Prefix:

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Name:

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- Definition

Title of a 12(b) registered security.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name:

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- Definition

Name of the Exchange on which a security is registered.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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Name:

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Data Type:

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- Definition

Trading symbol of an instrument as listed on an exchange.

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No definition available.

+ Details

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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