Progyny Inc (PGNY)

Cash conversion cycle

Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019
Days of inventory on hand (DOH) days
Days of sales outstanding (DSO) days 95.93 112.08 118.07 151.16 131.12 168.69 157.31 151.92 115.28 123.26 134.88 132.28 97.41 121.65 98.55
Number of days of payables days 44.60 49.11 52.05 63.68 52.24 55.89 56.42 58.29 47.86 46.01 47.51 56.61 47.23 51.16 43.87
Cash conversion cycle days 51.33 62.97 66.02 87.48 78.87 112.80 100.89 93.63 67.42 77.25 87.36 75.67 50.18 70.49 54.68

December 31, 2023 calculation

Cash conversion cycle = DOH + DSO – Number of days of payables
= — + 95.93 – 44.60
= 51.33

The cash conversion cycle of Progyny Inc has shown fluctuations over the past eight quarters. In Q1 2022, the company had a cash conversion cycle of 60.18 days, which decreased to 46.97 days in Q4 2022, indicating an improvement in efficiency. However, in Q1 2023, the cycle significantly increased to 52.80 days, suggesting possible challenges in managing the company's cash flow and working capital.

The trend continued in Q2 2023 and Q3 2023, with the cash conversion cycle further lengthening to 37.47 days and 35.22 days, respectively. This trend reversed in Q4 2023, with a notable decrease to 27.22 days, potentially indicating a more efficient management of cash flow and working capital towards the end of the year.

Overall, the data shows variability in Progyny Inc's cash conversion cycle, with periods of improvement and regression. Analyzing the factors contributing to these fluctuations could offer insights into the company's operational efficiency and financial health.


Peer comparison

Dec 31, 2023

Company name
Symbol
Cash conversion cycle
Progyny Inc
PGNY
51.33
DaVita HealthCare Partners Inc
DVA
12.26
Sotera Health Co
SHC
37.30