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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 Aug 2019 to Aug 2024
Phreesia, Inc. (NYSE: PHR) (“Phreesia”) announced financial results today for the fiscal fourth quarter and year ended January 31, 2020.
Fiscal Fourth Quarter 2020 Highlights
Fiscal Year End January 31, 2020 Highlights
Conference Call Information
The Company will hold a conference call on Thursday, April 23, 2020, at 8:30 a.m. Eastern Time to review the Company’s fiscal fourth quarter and fiscal year 2020 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 2346258 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.
Phreesia, Inc.
Balance sheets
(Unaudited)
in thousands, except for shares and per share data
January 31, 2020
January 31, 2019
Assets
Current:
Cash and cash equivalents
$
90,315
$
1,543
Settlement assets
12,368
10,217
Accounts receivable, net of allowance for doubtful accounts of $943 and $517
21,978
16,073
Deferred contract acquisition costs
1,720
1,673
Prepaid expenses
5,157
3,811
Total current assets
$
131,538
$
33,317
Property and equipment, net of accumulated depreciation and amortization of $35,551 and $27,862
14,487
14,211
Capitalized internal-use software, net of accumulated amortization of $19,554 and $14,621
8,735
7,816
Deferred contract acquisition costs
1,594
1,521
Intangible assets, net of accumulated amortization of $271 and $33
1,199
1,437
Long-term deferred tax assets
775
—
Goodwill
250
250
Other assets
180
710
Total assets
$
158,758
$
59,262
Liabilities, Redeemable Preferred Stock and Stockholders’ Equity (Deficit)
Current:
Settlement obligations
$
12,368
$
10,217
Current portion of long-term debt
—
97
Current portion of capital leases
2,324
1,869
Accounts payable
6,017
3,750
Accrued expenses
9,243
5,507
Deferred revenue
5,401
6,488
Total current liabilities
$
35,353
$
27,929
Long-term debt, net of current portion
19,444
27,918
Capital leases, net of current portion
2,096
2,401
Warrant liability
—
5,498
Total liabilities
$
56,893
$
63,746
Redeemable preferred stock:
Senior A redeemable preferred stock, $0.01 par value—14,500,000 shares authorized as of January 31, 2019; 13,674,365 issued and outstanding as of January 31, 2019;
—
79,311
Series B redeemable convertible preferred stock, $0.01 par value—10,820,169 shares authorized as of January 31, 2019; 9,197,142 shares issued and outstanding as of January 31, 2019;
—
51,872
Junior convertible preferred stock, $0.01 par value—34,000,000 shares authorized as of January 31, 2019; 32,746,041 shares issued and outstanding as of January 31, 2019;
—
32,746
Redeemable preferred stock, $0.01 par value— 44,000,000 shares authorized as of January 31, 2019; 42,560,530 shares issued and outstanding as of January 31, 2019;
—
42,561
Total redeemable preferred stock
—
206,490
Stockholders’ Equity (Deficit):
Common stock, $0.01 par value—500,000,000 and 80,000,000 shares authorized as of January 31, 2020 and January 31, 2019, respectively; 36,610,763 and 1,994,721 shares issued and outstanding as of January 31, 2020 and January 31, 2019, respectively
366
20
Additional paid-in capital
386,383
—
Accumulated deficit
(284,485
)
(210,994
)
Treasury stock
$
(399
)
—
Total stockholders’ equity (deficit)
$
101,865
$
(210,974
)
Total Liabilities, Redeemable Preferred Stock and Stockholders’ Equity (Deficit)
$
158,758
$
59,262
Phreesia, Inc.
Statements of Operation
(Unaudited)
in thousands, except for shares and per share data
Three months ended January 31,
Fiscal year ended January 31,
2020
2019
2020
2019
Revenue:
Subscription and related services
$
15,064
$
12,537
$
56,357
$
43,928
Payment processing fees
11,719
9,403
46,500
36,881
Life sciences
6,032
4,543
21,927
19,080
Total revenues
32,815
26,483
124,784
99,889
Expenses:
Cost of revenue (excluding depreciation and amortization)
4,237
4,473
16,831
15,105
Payment processing expense
6,936
5,582
27,889
21,892
Sales and marketing
8,187
6,396
32,357
26,367
Research and development
4,860
4,205
18,623
14,349
General and administrative
9,609
5,958
30,458
20,076
Depreciation
2,310
2,037
8,753
7,552
Amortization
1,348
1,130
5,171
4,042
Total expenses
37,487
29,782
140,082
109,382
Operating loss
(4,672
)
(3,299
)
(15,298
)
(9,494
)
Other income (expense)
(283)
(173
)
(1,023
)
(7
)
Change in fair value of warrant liability
—
(562
)
(3,307
)
(2,058
)
Interest income (expense)
(676
)
(1,045
)
(2,445
)
(3,504
)
Total other income (expense)
(959
)
(1,780
)
(6,775
)
(5,568
)
Loss before benefit from (provision for) income taxes
(5,631
)
(5,080
)
(22,073
)
(15,062
)
Benefit from (provision for) income taxes
1,963
—
1,780
—
Net loss
(3,668
)
(5,080
)
(20,293
)
(15,062
)
Preferred stock dividend paid
—
—
(14,955
)
—
Accretion of redeemable preferred stock
—
—
(56,175
)
(30,199
)
Net loss attributable to common stockholders, basic and diluted
$
(3,668
)
$
(5,080
)
$
(91,423
)
$
(45,261
)
Net loss per share attributable to common stockholders, basic and diluted
$
(0.10
)
$
(2.58
)
$
(4.50
)
$
(24.53
)
Weighted-average common shares outstanding, basic and diluted
36,010,388
1,971,031
20,301,189
1,844,929
Phreesia, Inc.
Statements of Cash Flows
(Unaudited)
in thousands, except for shares and per share data
For the fiscal years ended January 31,
2020
2019
2018
Cash flows from operating activities:
Net loss
$
(20,293
)
$
(15,062
)
(18,192
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
13,924
11,594
9,640
Stock-based compensation expense
6,177
1,447
805
Change in fair value of warrants liability
3,307
2,058
598
Amortization of debt discount
445
798
904
Loss on extinguishment of debt
1,073
—
—
Cost of Phreesia hardware purchased by customers
741
585
—
Deferred contract acquisition costs amortization
1,977
1,640
1,389
Deferred tax asset
(775
)
—
—
Changes in operating assets and liabilities
Accounts receivable
(5,905
)
(3,765
)
(3,382
)
Prepaid expenses and other assets
(312
)
(576
)
(319
)
Deferred contract acquisition costs
(2,097
)
(2,500
)
(1,773
)
Accounts payable
(30
)
2,367
(2,057
)
Accrued expenses and other
3,681
(2,317
)
1,968
Deferred revenue
(1,087
)
1,601
(723
)
Net cash provided by (used in) operating activities
$
826
$
(2,130
)
$
(11,142
)
Cash flows used in investing activities:
Acquisition
—
(1,190
)
—
Capitalized internal-use software
(5,305
)
(5,109
)
(5,375
)
Purchase of property and equipment
(7,015
)
(4,724
)
(6,590
)
Net cash used in investing activities
$
(12,320
)
$
(11,023
)
$
(11,965
)
Cash flows from financing activities:
Proceeds from IPO
$
130,781
$
—
—
Proceeds from revolving line of credit
9,876
14,800
12,400
Payments of revolving line of credit
(17,676
)
(7,000
)
(20,400
)
Proceeds from term loan
20,000
—
—
Proceeds from loan payable
—
—
10,000
Repayment of term loan
(1,042
)
(1,167
)
(1,167
)
Repayment of loan payable
(20,000
)
—
—
Payment of preferred stock dividends
(14,955
)
—
—
Payment on capital leases
(1,898
)
(2,470
)
(1,929
)
Debt extinguishment costs
(300
)
—
—
Debt issuance costs
(112
)
(136
)
(224
)
Proceeds from issuance of preferred stock, net
—
—
32,459
Proceeds from issuance of common stock upon exercise of stock options
1,809
361
147
Payment of offering costs
(6,217
)
(195
)
—
Net cash provided by financing activities
$
100,266
$
4,193
$
31,286
Net increase in cash and cash equivalents
88,772
(8,960
)
8,179
Cash and cash equivalents – beginning of period
1,543
10,503
2,323
Cash and cash equivalents – end of period
$
90,315
$
1,543
$
10,503
Disclosures of additional investing and financing activities:
Supplemental information:
Property and equipment acquisitions through capital leases
$
2,047
$
4,425
$
781
Deferred debt issuance costs included in accrued expenses
$
—
$
—
$
100
Deferred issuance costs included in accounts payable and accrued expenses
$
—
$
344
$
—
Purchase of property and equipment and capitalized software included in accounts payable
$
1,253
$
—
$
—
Shares issued in connection with acquisition
$
—
$
162
$
—
Issuance of warrants related to debt
$
833
$
—
$
—
Net exercise of preferred stock warrant
$
—
$
—
$
28
Cash payments for:
Interest
$
2,310
$
2,799
$
2,799
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 January 31,
Fiscal year ended January 31,
(in thousands, unaudited)
2020
2019
2020
2019
Net loss
$
(3,668
)
$
(5,080
)
$
(20,293
)
$
(15,062
)
Interest (income) expense
676
1,045
2,445
3,504
Depreciation and amortization
3,657
3,167
13,924
11,594
Stock-based compensation expense
2,345
497
6,177
1,447
Change in fair value warrant liability
—
562
3,307
2,058
(Benefit from) provision for income taxes
(1,963
)
—
(1,780
)
—
Other (income) expense
283
173
1,023
7
Adjusted EBITDA
$
1,330
$
364
$
4,803
$
3,548
Phreesia, Inc.
Reconciliation of GAAP and Adjusted Operating Expenses (Unaudited)
Three months ended January 31,
Fiscal year ended January 31,
(in thousands)
2020
2019
2020
2019
GAAP operating expenses
General and administrative
9,609
5,958
$
30,458
$
20,076
Sales and marketing
8,187
6,396
32,357
26,367
Research and development
4,860
4,205
18,623
14,349
Cost of revenue
4,237
4,473
16,831
15,105
$
26,893
$
21,032
$
98,269
$
75,897
Stock compensation included in GAAP operating expenses
General and administrative
1,548
361
3,901
902
Sales and marketing
507
75
1,370
298
Research and development
311
61
796
247
Cost of revenue
(21
)
—
110
—
$
2,345
$
497
$
6,177
$
1,447
Adjusted operating expenses
General and administrative
$
8,061
$
5,597
$
26,557
$
19,174
Sales and marketing
7,680
6,321
30,987
26,069
Research and development
4,549
4,144
17,827
14,102
Cost of revenue
4,258
4,473
16,721
15,105
$
24,548
$
20,535
$
92,092
$
74,450
Phreesia, Inc.
Key Metrics
Three months ended January 31,
Fiscal year ended January 31,
2020
2019
2020
2019
Key Metrics:
Provider clients (average over period)
1,603
1,543
1,571
1,490
Average revenue per provider client
$
16,708
$
14,219
$
65,486
$
54,231
Patient payment volume (in millions)
$
477
$
369
$
1,865
$
1,446
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 and our business outlook for fiscal 2020; 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 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/20200422005964/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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