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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Prudential Financial JR Sub Nts 12/31/2068 | NYSE:PHR.CL | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.99 | 0.00 | 01:00:00 |
From Jul 2019 to Jul 2024
Phreesia, Inc. (NYSE: PHR) (“Phreesia”) announced financial results today for the first quarter ended April 30, 2020.
Fiscal First Quarter 2021 Highlights
Conference Call Information
The Company will hold a conference call on Tuesday, June 9, 2020, at 8:30 a.m. Eastern Time to review the Company’s first fiscal quarter financial results. To participate in the Company’s live conference call and webcast, please dial (866) 211-4557 (or (647) 689-6750 for international participants) using conference code number 1055118 or visit the “Events & Presentations” section of ir.phreesia.com. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.
Recent Events
The Company filed a Current Report on Form 8-K on April 6, 2020 (the “8-K”) to provide an update related to the outbreak of a novel strain of Coronavirus (“COVID-19”) and its impact on the Company’s business. As set forth in the 8-K, COVID-19 has and could continue to materially and adversely impact Phreesia’s business and results of operations. However, the rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19. During the interim period since the filing of the 8-K, there has been no change to the information disclosed therein. From the middle of March through the end of April, patient visits declined approximately 50% compared to the beginning of March. The visit decline significantly impacted our payment processing revenue in our fiscal first quarter 2021. Consequently, our average revenue per provider client growth was negatively impacted. We estimate that the impact of these trends on provider revenue to be approximately $3.0 million or approximately 13 percentage points of year-over-year average revenue per provider client growth. Patient visit trends across our provider network continue to be below their pre-COVID-19 levels. Further, in light of the evolving and unpredictable effects of COVID-19, Phreesia is currently not in a position to forecast the expected impact of COVID-19 on its financial and operating results for the remainder of fiscal 2021.
Phreesia, Inc. Balance sheets in thousands, except for shares and per share data
April 30, 2020
January 31, 2020
(unaudited)
Assets
Current:
Cash and cash equivalents
$
90,252
$
90,315
Settlement assets
8,672
12,368
Accounts receivable, net of allowance of $1,353 and $943
24,223
21,978
Deferred contract acquisition costs
1,788
1,720
Prepaid expenses and other current assets
5,435
5,157
Total current assets
130,370
131,538
Property and equipment, net of accumulated depreciation and amortization of $37,813 and $35,551
14,986
14,487
Capitalized internal-use software, net of accumulated amortization of $20,847 and $19,554
9,198
8,735
Operating lease right-of-use assets (1)
2,795
—
Deferred contract acquisition costs
1,715
1,594
Intangible assets, net of accumulated amortization of $331 and $271
1,139
1,199
Long-term deferred tax assets
719
775
Goodwill
250
250
Other assets
128
180
Total assets
$
161,300
$
158,758
Liabilities, Redeemable Preferred Stock and Stockholders’ Equity
Current:
Settlement obligations
$
8,672
$
12,368
Current portion of finance lease liabilities (1)
2,366
2,324
Current portion of operating lease liabilities (1)
1,414
—
Accounts payable
7,649
6,017
Accrued expenses
11,374
9,243
Deferred revenue
6,629
5,401
Total current liabilities
38,104
35,353
Long-term debt
19,470
19,444
Finance lease liabilities, noncurrent (1)
2,234
2,096
Operating lease liabilities, noncurrent (1)
1,578
—
Total liabilities
61,386
56,893
Commitments and contingencies (Note 12)
Stockholders’ Equity:
Common stock, $0.01 par value—500,000,000 shares authorized as of April 30, 2020 and January 31, 2020, respectively; 37,599,441 and 36,610,763 shares issued and outstanding as of April 30, 2020 and January 31, 2020, respectively
376
366
Additional paid-in capital
390,981
386,383
Accumulated deficit
(290,597
)
(284,485
)
Treasury stock
(846
)
(399
)
Total stockholders’ Equity
99,914
101,865
Total Liabilities, Redeemable Preferred Stock and Stockholders’ Equity
$
161,300
$
158,758
(1) Figures as of April 30, 2020 reflect the Company's February 1, 2020 adoption of Accounting Standards Update ("ASU") No. 2016-02, Leases.
Phreesia, Inc. Statements of Operation (Unaudited) in thousands, except for shares and per share data
Three months ended April 30,
2020
2019
Revenue:
Subscription and related services
$
15,599
$
12,683
Payment processing fees
11,707
11,557
Life sciences
6,090
4,070
Total revenues
33,396
28,310
Expenses:
Cost of revenue (excluding depreciation and amortization)
4,734
3,996
Payment processing expense
6,848
6,949
Sales and marketing
9,434
7,702
Research and development
5,005
4,299
General and administrative
8,720
6,245
Depreciation
2,268
2,155
Amortization
1,353
1,219
Total expenses
38,362
32,564
Operating loss
(4,966
)
(4,255
)
Other income (expense)
(715
)
(1,145
)
Change in fair value of warrant liability
—
(423
)
Interest income (expense)
(320
)
(804
)
Total other income (expense)
(1,035
)
(2,372
)
Loss before provision for income taxes
(6,001
)
(6,627
)
Provision for income taxes
(111
)
(68
)
Net loss
$
(6,112
)
$
(6,695
)
Accretion of redeemable preferred stock
—
(7,863
)
Net loss attributable to common stockholders, basic and diluted
$
(6,112
)
$
(14,558
)
Net loss per share attributable to common stockholders, basic and diluted
$
(0.16
)
$
(7.23
)
Weighted-average common shares outstanding, basic and diluted
37,308,084
2,013,839
Phreesia, Inc. Statements of Cash Flows (Unaudited) in thousands, except for shares and per share data
For the three months ended April 30,
2020
2019
Cash flows from operating activities:
Net loss
$
(6,112
)
$
(6,695
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
3,621
3,374
Stock-based compensation expense
2,872
599
Change in fair value of warrants liability
—
423
Amortization of debt discount
126
108
Loss on extinguishment of debt
—
1,073
Cost of Phreesia hardware purchased by customers
172
84
Deferred contract acquisition costs amortization
525
484
Non-cash operating lease expense
389
—
Deferred tax asset
56
—
Changes in operating assets and liabilities
Accounts receivable
(2,245
)
137
Prepaid expenses and other assets
1,614
(585
)
Deferred contract acquisition costs
(714
)
(455
)
Accounts payable
(998
)
1,285
Accrued expenses and other liabilities
1,871
2,297
Lease liability
(502
)
—
Deferred revenue
1,228
(98
)
Net cash provided by operating activities
1,903
2,033
Cash flows used in investing activities:
Capitalized internal-use software
(1,160
)
(1,411
)
Purchase of property and equipment
(1,917
)
(1,314
)
Net cash used in investing activities
(3,077
)
(2,725
)
Cash flows from financing activities:
Proceeds from revolving line of credit
—
7,376
Proceeds from term loan
—
20,000
Repayment of term loan
—
(1,042
)
Repayment of loan payable
—
(20,000
)
Finance lease payments
(525
)
(518
)
Debt extinguishment costs
—
(300
)
Debt issuance costs
—
(112
)
Proceeds from issuance of common stock upon exercise of stock options
1,736
37
Payment of offering costs
—
(378
)
Loan facility fee payment
(100
)
—
Net cash provided by financing activities
1,111
5,062
Net increase in cash and cash equivalents
(63
)
4,370
Cash and cash equivalents – beginning of period
90,315
1,543
Cash and cash equivalents – end of period
$
90,252
$
5,913
Supplemental information of non-cash investing and financing information:
Right-of-use assets obtained in exchange for operating lease liabilities
$
3,185
$
—
Property and equipment acquisitions through finance leases
$
827
$
—
Deferred issuance costs included in accounts payable and accrued expenses
$
—
$
1,658
Purchase of property and equipment and capitalized software included in accounts payable
$
791
$
471
Issuance of warrants related to debt
$
—
$
833
Cash payments for:
Interest
$
306
$
924
Non-GAAP financial measures
Adjusted EBITDA is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income or loss or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of our liquidity. We define Adjusted EBITDA as net income or loss, before net interest expense (income), provision for income taxes, depreciation and amortization, and before non-cash based compensation expense, non-cash change in fair value of warrant liability and net other income (expense).
We have provided below a reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure. We have presented Adjusted EBITDA in this release and our Annual Report on Form 10-K because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short and long-term operational plans. In particular, we believe that the exclusion of the amounts eliminated in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows:
Because of these and other limitations, you should consider Adjusted EBITDA along with other GAAP-based financial performance measures, including various cash flow metrics, net loss, and our GAAP financial results. The following table presents a reconciliation of Adjusted EBITDA to net loss for each of the periods indicated:
Phreesia, Inc. Adjusted EBITDA
Three months ended April 30,
(in thousands, unaudited)
2020
2019
Net loss
$
(6,112
)
$
(6,695
)
Interest (income) expense
320
804
Depreciation and amortization
3,621
3,374
Stock-based compensation expense
2,872
599
Change in fair value warrant liability
—
423
Provision for income taxes
111
68
Other (income) expense
715
1,145
Adjusted EBITDA
$
1,527
$
(282
)
Phreesia, Inc. Reconciliation of GAAP and Adjusted Operating Expenses (Unaudited)
Three months ended April 30,
(in thousands)
2020
2019
GAAP operating expenses
General and administrative
$
8,720
$
6,245
Sales and marketing
9,434
7,702
Research and development
5,005
4,299
Cost of revenue
4,734
3,996
$
27,893
$
22,242
Stock compensation included in GAAP operating expenses
General and administrative
$
1,606
$
321
Sales and marketing
728
156
Research and development
452
89
Cost of revenue
86
33
$
2,872
$
599
Adjusted operating expenses
General and administrative
$
7,114
$
5,924
Sales and marketing
8,706
7,546
Research and development
4,553
4,210
Cost of revenue
4,648
3,963
$
25,021
$
21,643
Phreesia, Inc. Key Metrics
Three months ended April 30,
2020
2019
Key Metrics:
Provider clients (average over period)
1,632
1,549
Average revenue per provider client
$
16,735
$
15,649
Patient payment volume (in millions)
$
454
$
461
Available Information
Phreesia intends to use its Company website (including its Investor Relations website) as well as its Facebook, Twitter and LinkedIn accounts as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Forward Looking Statements Statements we make in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Phreesia’s plans, intentions, expectations, strategies and prospects. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, statements about our future financial performance, including our revenue, costs of revenue and operating expenses; our anticipated growth; our predictions about our industry; the impact of the COVID-19 pandemic on our business and our ability to attract, retain and cross-sell to healthcare provider clients. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Phreesia’s filings with the Securities and Exchange Commission (“SEC”), including in our Annual Report on Form 10-K for the fiscal year ended January 31, 2020 and in our Quarterly Report on Form 10-Q that will be filed with the SEC following this earnings release. The forward-looking statements in this release are based on information available to Phreesia as of the date hereof, and Phreesia disclaims any obligation to update any forward-looking statements, except as required by law.
This press release includes certain non-GAAP financial measures as defined by SEC rules. We have provided a reconciliation of those measures to the most directly comparable GAAP measures.
ABOUT PHREESIA
Phreesia gives healthcare organizations a suite of robust applications to manage the patient intake process. Our innovative SaaS platform engages patients in their care and provides a modern, consistent experience, while enabling healthcare organizations to optimize their staffing, boost profitability and enhance clinical care.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200608005679/en/
Investors: Balaji Gandhi Phreesia, Inc. investors@phreesia.com (929) 506-4950 Media: Maureen McKinney Phreesia Inc. mmckinney@phreesia.com 773-330-8908
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