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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 fiscal first quarter ended April 30, 2021.
"We carried the momentum of the strong finish to our fiscal year 2021 into the first quarter of fiscal 2022. As we look ahead, we’re excited to continue providing health systems, hospitals and ambulatory providers with tools that will help them optimize their performance and improve the patient experience,” said Phreesia CEO Chaim Indig.
Fiscal First Quarter 2022 Highlights
Outlook for Fiscal 2022
We are increasing our revenue outlook for fiscal 2022 to a range of $191 million to $194 million from the previous range of $178 million to $186 million. We continue to expect our overall cash outflow to increase in fiscal 2022 compared to fiscal 2021 as we continue to ramp up hiring and infrastructure across the organization to support our anticipated growth.
Conference Call Information
The Company will hold a conference call on Friday, June 4, 2021, 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 3966898 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
COVID-19
The impact of the COVID-19 (a novel strain of coronavirus) pandemic has been widespread and rapidly evolving. Over the last six months, several vaccines for COVID-19 received FDA approval and are currently being administered across the country. To date, more than a third of Americans are fully vaccinated against the virus. Despite the promising vaccination rates and many states' reopening plans, we believe COVID-19 may continue to impact the normal operations of our clients, which are primarily healthcare providers. As more individuals are vaccinated, we expect these impacts to be diminished.
Phreesia, Inc. Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data)
April 30, 2021
January 31, 2021
(unaudited)
Assets
Current:
Cash and cash equivalents
$
450,680
$
218,781
Settlement assets
16,788
15,488
Accounts receivable, net of allowance for doubtful accounts of $666 and $699 as of April 30, 2021 and January 31, 2021, respectively
29,964
29,052
Deferred contract acquisition costs
1,895
1,693
Prepaid expenses and other current assets
7,906
7,254
Total current assets
507,233
272,268
Property and equipment, net of accumulated depreciation and amortization of $43,442 and $40,148 as of April 30, 2021 and January 31, 2021, respectively
25,068
26,660
Capitalized internal-use software, net of accumulated amortization of $26,998 and $25,476 as of April 30, 2021 and January 31, 2021, respectively
11,225
10,476
Operating lease right-of-use assets
2,497
2,654
Deferred contract acquisition costs
2,438
1,248
Intangible assets, net of accumulated amortization of $653 and $525 as of April 30, 2021 and January 31, 2021, respectively
2,597
2,725
Deferred tax asset
533
658
Goodwill
8,211
8,307
Other assets
1,401
1,670
Total assets
$
561,203
$
326,666
Liabilities and Stockholders’ Equity
Current:
Settlement obligations
$
16,788
$
15,488
Current portion of debt and finance lease liabilities
4,103
4,864
Current portion of operating lease liabilities
1,153
1,087
Accounts payable
313
4,389
Accrued expenses
15,116
18,324
Deferred revenue
13,223
10,838
Total current liabilities
50,696
54,990
Long-term debt and finance lease liabilities
5,532
6,471
Operating lease liabilities, non-current
1,701
1,899
Total liabilities
57,929
63,360
Commitments and contingencies
Stockholders’ Equity:
Common stock, $0.01 par value - 500,000,000 shares authorized as of April 30, 2021 and January 31, 2021, respectively; 50,270,229 and 44,880,883 shares issued as of April 30, 2021 and January 31, 2021, respectively
503
449
Additional paid-in capital
831,632
579,599
Accumulated deficit
(322,751
)
(311,777
)
Treasury stock, at cost, 119,138 and 99,520 shares at April 30, 2021 and January 31, 2021, respectively
(6,110
)
(4,965
)
Total Stockholders’ Equity
503,274
263,306
Total Liabilities and Stockholders’ Equity
$
561,203
$
326,666
Phreesia, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data)
Three months ended April 30,
2021
2020
Revenue:
Subscription and related services
$
21,819
$
15,599
Payment processing fees
16,644
11,707
Life sciences
9,828
6,090
Total revenues
48,291
33,396
Expenses:
Cost of revenue (excluding depreciation and amortization)
8,534
4,734
Payment processing expense
9,725
6,848
Sales and marketing
15,012
9,434
Research and development
8,054
5,005
General and administrative
12,671
8,720
Depreciation
3,297
2,268
Amortization
1,651
1,353
Total expenses
58,944
38,362
Operating loss
(10,653
)
(4,966
)
Other income (expense), net
66
(715
)
Interest (expense) income, net
(238
)
(320
)
Total other expense, net
(172
)
(1,035
)
Loss before provision for income taxes
(10,825
)
(6,001
)
Provision for income taxes
(149
)
(111
)
Net loss
$
(10,974
)
$
(6,112
)
Net loss per share attributable to common stockholders, basic and diluted
$
(0.24
)
$
(0.16
)
Weighted-average common shares outstanding, basic and diluted
45,416,431
37,308,084
Phreesia, Inc. Consolidated Statements of Cash Flows (unaudited) (in thousands)
Three Months Ended April 30,
2021
2020
Operating activities:
Net loss
$
(10,974
)
$
(6,112
)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization
4,948
3,621
Stock-based compensation expense
5,774
2,872
Amortization of debt discount
72
126
Cost of Phreesia hardware purchased by customers
135
172
Deferred contract acquisition cost amortization
575
525
Non-cash operating lease expense
256
389
Deferred tax asset
125
56
Changes in operating assets and liabilities:
Accounts receivable
(912
)
(2,245
)
Prepaid expenses and other assets
(809
)
1,614
Deferred contract acquisition costs
(1,967
)
(714
)
Accounts payable
(1,068
)
(998
)
Accrued expenses and other liabilities
(3,678
)
1,871
Lease liability
(335
)
(502
)
Deferred revenue
2,385
1,228
Net cash (used in) provided by operating activities
(5,473
)
1,903
Investing activities:
Capitalized internal-use software
(2,916
)
(1,160
)
Purchase of property and equipment
(3,983
)
(1,917
)
Net cash used in investing activities
(6,899
)
(3,077
)
Financing activities:
Proceeds from issuance of common stock in equity offerings, net of underwriters' discounts and commissions
245,813
—
Proceeds from issuance of common stock upon exercise of stock options
1,356
1,736
Treasury stock to satisfy tax withholdings on stock compensation awards
(1,145
)
—
Payments of offering costs
(30
)
—
Finance lease payments
(1,050
)
(525
)
Principal payments on financing arrangements
(673
)
—
Loan facility fee payment
—
(100
)
Net cash provided by financing activities
$
244,271
$
1,111
Net increase (decrease) in cash and cash equivalents
231,899
(63
)
Cash and cash equivalents – beginning of period
218,781
90,315
Cash and cash equivalents – end of period
$
450,680
$
90,252
Supplemental information of non-cash investing and financing information:
Right-of-use assets obtained in exchange for operating lease liabilities
$
81
$
3,185
Property and equipment acquisitions through finance leases
$
203
$
827
Deferred offering costs included in accounts payable and accrued expenses
$
362
$
—
Purchase of property and equipment and capitalized software included in accounts payable
$
351
$
791
Cash payments for:
Interest
$
156
$
306
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 interest expense (income), net, provision for (benefit from) income taxes, depreciation and amortization, and before stock-based compensation expense, change in fair value of contingent consideration liabilities and other (income) expense, net.
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 press 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 (Unaudited)
Three Months ended April 30,
(in thousands)
2021
2020
Net loss
$
(10,974
)
$
(6,112
)
Interest expense (income), net
238
320
Provision for income taxes
149
111
Depreciation and amortization
4,948
3,621
Stock-based compensation expense
5,774
2,872
Other (income) expense, net
(66
)
715
Adjusted EBITDA
$
69
$
1,527
Phreesia, Inc. Reconciliation of GAAP and Adjusted Operating Expenses (Unaudited)
Three Months ended April 30,
(in thousands)
2021
2020
GAAP operating expenses
General and administrative
12,671
8,720
Sales and marketing
15,012
9,434
Research and development
8,054
5,005
Cost of revenue
8,534
4,734
$
44,271
$
27,893
Stock compensation included in GAAP operating expenses
General and administrative
$
2,918
$
1,606
Sales and marketing
1,646
728
Research and development
844
452
Cost of revenue
366
86
$
5,774
$
2,872
Adjusted operating expenses
General and administrative
$
9,753
$
7,114
Sales and marketing
13,366
8,706
Research and development
7,210
4,553
Cost of revenue
8,168
4,648
$
38,497
$
25,021
Phreesia, Inc. Key Metrics (Unaudited)
Three months ended April 30,
2021
2020
Key Metrics:
Provider clients (average over period)
1,902
1,632
Average revenue per provider client
$
20,222
$
16,735
Additional Information (Unaudited)
Three months ended April 30,
2021
2020
Patient payment volume (in millions)
$
701
$
454
Payment facilitator volume percentage
78
%
84
%
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
This press release includes express or implied statements that 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. Forward-looking statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward looking statements. 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, cash flows, 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 our filings with the Securities and Exchange Commission (“SEC”), including in our Quarterly Report on Form 10-Q for the fiscal year ended April 30, 2021 that will be filed with the SEC following this earnings release. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, 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/20210603005887/en/
Investors: Balaji Gandhi Phreesia, Inc. investors@phreesia.com (929) 506-4950 Media: Annie Harris Phreesia, Inc. aharris@phreesia.com (929) 526-2611
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