Phreesia, Inc. Q1 2024 10-Q Filing

TL;DR

Phreesia's Q1 2024 10-Q is in, detailing revenue streams like subscriptions and payment processing.

AI Summary

Phreesia, Inc. filed its 10-Q for the period ending April 30, 2024. The company reported revenue from Subscription and Services, Payment Processing Fees, and Network Solutions. Specific financial figures for these segments and comparative periods are detailed within the filing.

Why It Matters

This filing provides investors with an update on Phreesia's financial performance and operational details for the first quarter of fiscal year 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — Quarterly reports can reveal shifts in financial health, operational challenges, or market position that may pose risks to investors.

Key Numbers

• 2024-02-01 to 2024-04-30 — Current Fiscal Quarter (Reporting period for Q1 2024)
• 2023-02-01 to 2023-04-30 — Prior Year Fiscal Quarter (Comparative period for Q1 2023)

Key Players & Entities

• Phreesia, Inc. (company) — Filer of the 10-Q
• 20240430 (date) — End of reporting period
• 20240531 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share PHR The New York Stock Exchan

Filing Documents

• phr-20240430.htm (10-Q) — 1252KB
• phr-20240430ex311.htm (EX-31.1) — 14KB
• phr-20240430ex312.htm (EX-31.2) — 14KB
• phr-20240430ex321.htm (EX-32.1) — 8KB
• phr-20240430ex322.htm (EX-32.2) — 8KB
• 0001412408-24-000121.txt ( ) — 7193KB
• phr-20240430.xsd (EX-101.SCH) — 54KB
• phr-20240430_cal.xml (EX-101.CAL) — 114KB
• phr-20240430_def.xml (EX-101.DEF) — 212KB
• phr-20240430_lab.xml (EX-101.LAB) — 710KB
• phr-20240430_pre.xml (EX-101.PRE) — 494KB
• phr-20240430_htm.xml (XML) — 805KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1 .

Financial Statements

Financial Statements: Consolidated Balance Sheets as of April 30, 2024 (unaudited) and January 31, 2024 7 Consolidated Statements of Operations for the Three Months Ended April 30, 2024 and 2023 (unaudited) 8 Consolidated Statements of Comprehensive Loss for the Three Months Ended April 30, 2024 and 2023 (unaudited) 9 Consolidated Statements of Stockholders' Equity for the Three Months Ended April 30, 2024 and 2023 (unaudited) 10 Consolidated Statements of Cash Flows for the Three Months Ended April 30, 2024 and 2023 (unaudited) 11 Notes to Unaudited Consolidated Financial Statements 13

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 41

Controls and Procedures

Item 4. Controls and Procedures 41

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 42

Risk Factors

Item 1A. Risk Factors 42

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 73

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 73

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 73

Other Information

Item 5. Other Information 73

Exhibits

Item 6. Exhibits 74

Signatures

Signatures 75 3 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, cyber-attacks, 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 our business. We have

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Phreesia, Inc. Consolidated Balance Sheets (in thousands, except share and per share data) April 30, 2024 January 31, 2024 (Unaudited) Assets Current: Cash and cash equivalents $ 79,527 $ 87,520 Settlement assets 30,063 28,072 Accounts receivable, net of allowance for doubtful accounts of $ 1,480 and $ 1,392 as of April 30, 2024 and January 31, 2024, respectively 66,255 64,863 Deferred contract acquisition costs 768 768 Prepaid expenses and other current assets 14,288 14,461 Total current assets 190,901 195,684 Property and equipment, net of accumulated depreciation and amortization of $ 80,377 and $ 76,859 as of April 30, 2024 and January 31, 2024, respectively 22,112 16,902 Capitalized internal-use software, net of accumulated amortization of $ 48,048 and $ 45,769 as of April 30, 2024 and January 31, 2024, respectively 48,248 46,139 Operating lease right-of-use assets 857 266 Deferred contract acquisition costs 794 986 Intangible assets, net of accumulated amortization of $ 5,796 and $ 4,925 as of April 30, 2024 and January 31, 2024, respectively 30,754 31,625 Goodwill 75,845 75,845 Other assets 2,575 2,879 Total Assets $ 372,086 $ 370,326 Liabilities and Stockholders' Equity Current: Settlement obligations $ 30,063 $ 28,072 Current portion of finance lease liabilities and other debt 7,745 6,056 Current portion of operating lease liabilities 558 393 Accounts payable 6,684 8,480 Accrued expenses 33,227 37,130 Deferred revenue 24,075 24,113 Other current liabilities 5,930 5,875 Total current liabilities 108,282 110,119 Long-term finance lease liabilities and other debt 8,690 5,400 Operating lease liabilities, non-current 512 134 Long-term deferred revenue 79 97 Long-term deferred tax liabilities 333 270 Other long-term liabilities 1,448 2,857 Total Liabilities 119,344 118,877 Commitments and contingencies (Note 11) Stockholders' Equity: Preferred stock, undesignated, $ 0.01 par value— 20,000,0

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View this 10-Q filing on SEC EDGAR