Phreesia, Inc. Files 10-Q for Q2 FY25

TL;DR

Phreesia's Q2 FY25 10-Q is in. Check financials.

AI Summary

Phreesia, Inc. filed its 10-Q for the period ending July 31, 2024. The filing covers the second quarter and first six months of fiscal year 2025. Key financial details and operational updates for this period are presented.

Why It Matters

This filing provides investors with a detailed look at Phreesia's financial performance and operational status for the second quarter of fiscal year 2025, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: medium — As a public company, Phreesia is subject to market fluctuations, regulatory changes, and competitive pressures inherent in the business services sector.

Key Numbers

• 2024-07-31 — End of Fiscal Period (The 10-Q covers financial results up to this date.)
• 2024-09-05 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Phreesia, Inc. (company) — Filer of the 10-Q
• 20240731 (date) — End of the reporting period
• 20240905 (date) — Filing date
• 001-38977 (other) — SEC File Number

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-20240731.htm (10-Q) — 1618KB
• phr-20240731ex311.htm (EX-31.1) — 14KB
• phr-20240731ex312.htm (EX-31.2) — 14KB
• phr-20240731ex321.htm (EX-32.1) — 8KB
• phr-20240731ex322.htm (EX-32.2) — 8KB
• 0001412408-24-000139.txt ( ) — 8403KB
• phr-20240731.xsd (EX-101.SCH) — 59KB
• phr-20240731_cal.xml (EX-101.CAL) — 129KB
• phr-20240731_def.xml (EX-101.DEF) — 267KB
• phr-20240731_lab.xml (EX-101.LAB) — 775KB
• phr-20240731_pre.xml (EX-101.PRE) — 557KB
• phr-20240731_htm.xml (XML) — 1002KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1 .

Financial Statements

Financial Statements: Consolidated Balance Sheets as of July 31, 2024 (unaudited) and January 31, 2024 7 Consolidated Statements of Operations for the Three and Six Months Ended July 31, 2024 and 2023 (unaudited) 8 Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended July 31, 2024 and 2023 (unaudited) 9 Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended July 31, 2024 and 2023 (unaudited) 10 Consolidated Statements of Cash Flows for the Three and Six Months Ended July 31, 2024 and 2023 (unaudited) 12 Notes to Unaudited Consolidated Financial Statements 14

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 33

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 48

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 49

Risk Factors

Item 1A. Risk Factors 49

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 78

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 78

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 78

Other Information

Item 5. Other Information 78

Exhibits

Item 6. Exhibits 80

Signatures

Signatures 81 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. 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. Our operating results have in the past and may continue to fluctuate significantly and if we fail to meet the expectations of analysts or investors, our stock price and the value of your investment could decline substantially. 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. We are a fully remote company that does not maintain a physical office presence, which subjects us to unique operational risks. Our operations in India subject us to additional risks which could have an adverse effect on our business, operating results, and financial condition . 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. The estimates and assumptions we use t

– 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) July 31, 2024 January 31, 2024 (Unaudited) Assets Current: Cash and cash equivalents $ 81,798 $ 87,520 Settlement assets 25,320 28,072 Accounts receivable, net of allowance for doubtful accounts of $ 1,365 and $ 1,392 as of July 31, 2024 and January 31, 2024, respectively 61,274 64,863 Deferred contract acquisition costs 841 768 Prepaid expenses and other current assets 11,695 14,461 Total current assets 180,928 195,684 Property and equipment, net of accumulated depreciation and amortization of $ 84,295 and $ 76,859 as of July 31, 2024 and January 31, 2024, respectively 20,955 16,902 Capitalized internal-use software, net of accumulated amortization of $ 50,559 and $ 45,769 as of July 31, 2024 and January 31, 2024, respectively 49,767 46,139 Operating lease right-of-use assets 1,863 266 Deferred contract acquisition costs 742 986 Intangible assets, net of accumulated amortization of $ 6,666 and $ 4,925 as of July 31, 2024 and January 31, 2024, respectively 29,884 31,625 Goodwill 75,845 75,845 Other assets 2,251 2,879 Total Assets $ 362,235 $ 370,326 Liabilities and Stockholders' Equity Current: Settlement obligations $ 25,320 $ 28,072 Current portion of finance lease liabilities and other debt 7,161 6,056 Current portion of operating lease liabilities 989 393 Accounts payable 6,976 8,480 Accrued expenses 32,668 37,130 Deferred revenue 21,370 24,113 Other current liabilities 7,515 5,875 Total current liabilities 101,999 110,119 Long-term finance lease liabilities and other debt 7,297 5,400 Operating lease liabilities, non-current 1,075 134 Long-term deferred revenue 63 97 Long-term deferred tax liabilities 390 270 Other long-term liabilities 76 2,857 Total Liabilities 110,900 118,877 Commitments and contingencies (Note 11) Stockholders' Equity: Preferred stock, undesignated, $ 0.01 par value— 20,000,000 s

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View this 10-Q filing on SEC EDGAR