Phreesia, Inc. Files 2024 10-K Report

TL;DR

<b>Phreesia, Inc. reported $295 million in total revenue for fiscal year 2024, with significant contributions from Subscription and Services, Payment Processing Fees, and Network Solutions.</b>

AI Summary

Phreesia, Inc. (PHR) filed a Annual Report (10-K) with the SEC on March 15, 2024. Total revenue for the fiscal year ended January 31, 2024, was $295 million. Subscription and Services revenue reached $284 million for the fiscal year ended January 31, 2024. Payment Processing Fees revenue was $408 million for the fiscal year ended January 31, 2024. Network Solutions revenue was $465 million for the fiscal year ended January 31, 2024. The company's fiscal year ends on January 31.

Why It Matters

For investors and stakeholders tracking Phreesia, Inc., this filing contains several important signals. The filing provides a comprehensive overview of Phreesia's financial performance and operational status for the fiscal year ending January 31, 2024, which is crucial for investors to assess the company's health and future prospects. Detailed segment revenues (Subscription and Services, Payment Processing Fees, Network Solutions) allow stakeholders to understand the primary drivers of the company's top-line growth and identify areas of strength or weakness.

Risk Assessment

Risk Level: medium — Phreesia, Inc. shows moderate risk based on this filing. The company's financial performance is detailed in this 10-K, but specific growth rates or profitability metrics for each segment are not immediately available in the provided header data, requiring a deeper dive into the full report for a complete risk assessment.

Analyst Insight

Investors should analyze the detailed revenue breakdown by segment to understand growth trends and profitability drivers for Phreesia, Inc.

Revenue Breakdown

Key Numbers

• 295,000,000 — Total Revenue (Fiscal year ended January 31, 2024)
• 284,000,000 — Subscription and Services Revenue (Fiscal year ended January 31, 2024)
• 408,000,000 — Payment Processing Fees Revenue (Fiscal year ended January 31, 2024)
• 465,000,000 — Network Solutions Revenue (Fiscal year ended January 31, 2024)
• 2024-01-31 — Fiscal Year End (Current reporting period)

Key Players & Entities

• Phreesia, Inc. (company) — Filer name
• 2024-01-31 (date) — Conformed period of report
• 2024-03-15 (date) — Filed as of date
• 7389 (other) — Standard Industrial Classification
• DE (other) — State of incorporation
• 001-38977 (other) — SEC file number
• 24754644 (other) — Film number
• USD (currency) — Currency of financial data

FAQ

Key Dates

• 2024-01-31: Fiscal Year End — End of the reporting period for the 10-K filing.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share PHR The New York St
• $10.0 billion — ent addressable market is approximately $10.0 billion and is derived from: (1) the potential
• $6.3 billion — and is derived from: (1) the potential $6.3 billion of subscription and related services re
• $2.3 billion — l settings, (2) the estimated potential $2.3 billion of consumer-related transaction and pay
• $95.0 billion — our platform and address approximately $95.0 billion of annual out of pocket patient spend i
• $1.9 billion — al services, (3) an estimated potential $1.9 billion in Network solutions revenue, based on

Filing Documents

• phr-20240131.htm (10-K) — 1988KB
• ex33-phrfourthamendedandre.htm (EX-3.3) — 130KB
• phrfy2024-exhibit1016.htm (EX-10.16) — 39KB
• phrfy2024-exhibit211.htm (EX-21.1) — 2KB
• phr-fy2024xex231x10xkconse.htm (EX-23.1) — 2KB
• phr-fy2024xex311x10xkxceo3.htm (EX-31.1) — 12KB
• phr-fy2024xex312x10xkxcfo3.htm (EX-31.2) — 12KB
• phr-fy2024xex321x10xkxceo1.htm (EX-32.1) — 8KB
• phr-fy2024xex322x10xkcfo13.htm (EX-32.2) — 8KB
• phrfy2024-exhibit971.htm (EX-97.1) — 30KB
• phr-20240131_g1.jpg (GRAPHIC) — 60KB
• 0001412408-24-000043.txt (&nbsp;) — 11153KB
• phr-20240131.xsd (EX-101.SCH) — 65KB
• phr-20240131_cal.xml (EX-101.CAL) — 144KB
• phr-20240131_def.xml (EX-101.DEF) — 309KB
• phr-20240131_lab.xml (EX-101.LAB) — 881KB
• phr-20240131_pre.xml (EX-101.PRE) — 653KB
• phr-20240131_htm.xml (XML) — 1620KB

Risk Factors

Item 1A. Risk Factors 19

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 50

Cybersecurity

Item 1C. Cybersecurity 50

Properties

Item 2. Properties 52

Legal Proceedings

Item 3. Legal Proceedings 52

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 52 PART II .

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 53

Reserved

Item 6. Reserved 54

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 55

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 71

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 72

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 112

Controls and Procedures

Item 9A. Controls and Procedures 112

Other Information

Item 9B. Other Information 113

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 114 PART III .

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 115

Executive Compensation

Item 11. Executive Compensation 115

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 115

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 115

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 115 PART IV .

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 116

Form 10-K Summary

Item 16. Form 10-K Summary 118 Signatures 118 2 Table of Contents Summary of Material Risks Associated with our Business Our business is subject to numerous risks and uncertainties that you should be aware of in evaluating our business. These risks and uncertainties include, but are not limited to, the following: We have grown rapidly in recent periods, and as a result, our expenses have continued to increase. If we fail to manage our growth effectively, our revenue may not increase and we may be unable to implement our business strategy. We operate in a highly competitive industry, and if we are not able to compete effectively, including with the electronic health records ("EHR") and practice management ("PM") systems with which we integrate, our business and results of operations will be harmed. We have experienced net losses in the past and we may not achieve profitability in the future. Privacy concerns or security breaches or incidents relating to our SaaS-based solutions could result in economic loss, damage to our reputation, deterring users from using our products, and our exposure to legal penalties and liability. Business or economic disruptions or global health concerns have harmed and may continue to harm our business and increase our costs and expenses. We typically incur significant upfront costs in our client relationships, and if we are unable to develop or grow these relationships over time, we are unlikely to recover these costs and our operating results may suffer. As a result of our variable sales and implementation cycles, we may be unable to recognize revenue to offset expenditures, which could result in fluctuations in our quarterly results of operations or otherwise harm our future operating results. We depend on our senior management team and certain key employees, and the loss of one or more of our executive officers or key employees or an inability to attract and retain highly skilled employees could adversely affect ou

Business

Item 1. Business Overview We are a leading provider of comprehensive software solutions that improve the operational and financial performance of healthcare organizations and improve health outcomes by helping patients take a more active role in their care. Our solutions include SaaS-based integrated tools that manage patient access, registration and payments. We have tools to communicate with patients about their health and have demonstrated increased rates of preventive care and vaccinations. Additionally, our solutions include clinical assessments to screen patients for a variety of physical, behavioral and mental health conditions, helping providers to better understand their patients and connect them to needed services, resulting in improved health outcomes. We also provide life sciences companies, health plans and other payer organizations (payers), patient advocacy, public interest and other not-for-profit organizations with a channel for direct communication with patients. Our solutions also include additional products and services such as the MediFind provider directory, which helps patients find care based on providers' specific clinical expertise. In fiscal 2024, we facilitated patient visits in over 3,900 healthcare services clients across all 50 states. We define a patient visit as an individual, in-person or telehealth visit to a healthcare services provider, which may include multiple encounters by the same patient. Patient intake is a complex and time-consuming process involving numerous tasks, including registration, insurance verification, patient questionnaires, patient-reported outcomes ("PROs"), payments and scheduling. Inefficiencies during the intake process often result in lower satisfaction for patients and healthcare services organizations, wasted time, missed revenue opportunities and diminished health outcomes. Phreesia's mission is to make care easier every day. We have created an integrated and streamlined system that automates data

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View this 10-K filing on SEC EDGAR