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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 fourth quarter and fiscal year ended January 31, 2021.
"Our team’s strength and resilience throughout a challenging fiscal 2021 supported our clients and helped drive our financial results. We are proud to support the incredible ongoing efforts of healthcare providers across the country while furthering Phreesia's mission of creating a better, more engaging healthcare experience," said Phreesia CEO Chaim Indig.
Fiscal Fourth Quarter 2021 Highlights
Fiscal Year End January 31, 2021 Highlights
Outlook for Fiscal 2022
For the full fiscal year 2022, ending January 31, 2022, the Company expects revenue to be between $178 million and $186 million, consistent with its previous growth guidance of 20 to 25 percent over fiscal year 2021.
Conference Call Information
The Company will hold a conference call on Wednesday, March 31, 2021, at 8:30 a.m. Eastern Time to review the Company’s fiscal fourth quarter and fiscal year 2021 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 3387628 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
In March 2020, the World Health Organization declared the ongoing outbreak of a novel strain of coronavirus (COVID-19) a pandemic and the United States declared a national emergency with respect to COVID-19. The impact of the COVID-19 pandemic has been widespread and rapidly evolving, and has led to the implementation of various responses over the last year, including government-imposed quarantines, travel restrictions, business and school closures, and other public health safety measures. During the last few months, several vaccines for COVID-19 received FDA approval and are currently being administered across the country. Despite growing vaccination rates, we believe COVID-19 will continue to impact the normal operations of our clients, which are primarily healthcare providers. Because our business relies, in part, on the growth and success of our clients, any disruption to our clients' operations will impact our revenue as follows:
During the third quarter of fiscal 2021, patient visits returned to pre-pandemic levels as restrictions were lifted. During the fourth quarter of fiscal 2021, patient visits remained stable despite a surge in COVID-19 cases. We have seen positive trends as a result of our ability to use our Platform and solutions to assist our healthcare provider clients as they implement new safety protocols in order to continue to see patients, including minimizing contact during intake of patients, mobile check-in, transitioning patients to telehealth visits and enabling providers to screen patients for COVID-19 risk factors. Our COVID-19 module was used in over 45 million patient screenings during fiscal 2021. In addition to patient screenings, health care provider clients are also using our COVID-19 Vaccination Management Solution to manage vaccine delivery and identify vaccine-hesitant patients.
Given the unknown timeline and the near-term uncertainty of COVID-19 on our business, there continues to be uncertainty as to the extent to which the global COVID-19 pandemic may adversely impact our business operations, financial performance, and results of operations at this time.
ACQUISITION
On January 8, 2021, we acquired QueueDr Inc. (QueueDr), a SaaS technology company, to enhance our appointments solution. The total consideration for the acquisition consists of $5.8 million in cash paid at the acquisition date, $2.1 million of liabilities incurred and $2.2 million in performance-related contingent payments.
Phreesia, Inc. Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data)
January 31,
2021
2020
Assets
Current:
Cash and cash equivalents
$
218,781
$
90,315
Settlement assets
15,488
12,368
Accounts receivable, net of allowances
29,052
21,978
Deferred contract acquisition costs
1,693
1,720
Prepaid expenses and other current assets
7,254
5,157
Total current assets
$
272,268
$
131,538
Property and equipment, net of accumulated depreciation and amortization of $40,148 and $35,551
26,660
14,487
Capitalized internal-use software, net of accumulated amortization of $25,476 and $19,554
10,476
8,735
Operating lease right-of-use assets (1)
2,654
—
Deferred contract acquisition costs
1,248
1,594
Intangible assets, net of accumulated amortization of $525 and $271
2,725
1,199
Long-term deferred tax assets
658
775
Goodwill
8,307
250
Other assets
1,670
180
Total Assets
$
326,666
$
158,758
Liabilities and Stockholders’ Equity
Current:
Settlement obligations
$
15,488
$
12,368
Short-term debt and finance lease liabilities
4,864
2,324
Current portion of operating lease liabilities (1)
1,087
—
Accounts payable
4,389
6,017
Accrued expenses
18,324
9,243
Deferred revenue
10,838
5,401
Total current liabilities
$
54,990
$
35,353
Long-term debt and finance lease liabilities
6,471
21,540
Operating lease liabilities, non-current (1)
1,899
—
Total liabilities
$
63,360
$
56,893
Commitments and contingencies
Stockholders’ Equity:
Common stock, $0.01 par value—500,000,000 shares authorized as of January 31, 2021 and January 31, 2020, respectively; 44,880,883 and 36,610,763 shares issued and outstanding at January 31, 2021 and 2020, respectively;
449
366
Additional paid-in capital
579,599
386,383
Accumulated deficit
(311,777
)
(284,485
)
Treasury stock, at cost, 99,520 and 13,078 shares at January 31, 2021 and 2020, respectively
(4,965
)
(399
)
Total Stockholders’ Equity
263,306
101,865
Total Liabilities and Stockholders’ Equity
$
326,666
$
158,758
(1) Figures as of January 31, 2021 reflect the Company's February 1, 2020 adoption of Accounting Standards Codification 842, Leases (ASC 842).
Phreesia, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data)
Three months ended January 31,
Fiscal year ended January 31,
2021
2020
2021
2020
Revenue:
Subscription and related services
$
18,846
$
15,064
$
69,042
$
56,357
Payment processing fees
13,448
11,719
49,900
46,500
Life sciences
9,514
6,032
29,735
21,927
Total revenue
41,808
32,815
148,677
124,784
Expenses:
Cost of revenue (excluding depreciation and amortization)
6,984
4,237
23,461
16,831
Payment processing expense
7,800
6,936
28,925
27,889
Sales and marketing
12,959
8,187
42,972
32,357
Research and development
6,355
4,860
22,622
18,623
General and administrative
11,739
9,609
40,460
30,458
Depreciation
2,645
2,310
9,770
8,753
Amortization
1,607
1,348
6,138
5,171
Total expenses
50,089
37,487
174,348
140,082
Operating loss
(8,281
)
(4,672
)
(25,671
)
(15,298
)
Other income (expense), net
Other income (expense), net
230
(283
)
1
(1,023
)
Change in fair value of warrant liability
—
—
—
(3,307
)
Interest (expense) income, net
(367
)
(676
)
(1,573
)
(2,445
)
Total other expense, net
(137
)
(959
)
(1,572
)
(6,775
)
Loss before benefit from (provision for) income taxes
(8,418
)
(5,631
)
(27,243
)
(22,073
)
Benefit from (provision for) income taxes
322
1,963
(49
)
1,780
Net loss
(8,096
)
(3,668
)
(27,292
)
(20,293
)
Preferred stock dividends paid
—
—
—
(14,955
)
Accretion of redeemable preferred stock
—
—
—
(56,175
)
Net loss attributable to common stockholders, basic and diluted
$
(8,096
)
$
(3,668
)
$
(27,292
)
$
(91,423
)
Net loss per share attributable to common stockholders, basic and diluted (1)
$
(0.18
)
$
(0.10
)
$
(0.69
)
$
(4.50
)
Weighted-average common shares outstanding, basic and diluted (1)
44,324,718
36,010,388
39,519,640
20,301,189
(1) The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.
Phreesia, Inc. Consolidated Statements of Cash Flows (Unaudited) (in thousands, except for shares and per share data)
For the fiscal years ended January 31,
2021
2020
2019
Cash flows from operating activities:
Net loss
$
(27,292
)
$
(20,293
)
$
(15,062
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
15,908
13,924
11,594
Stock compensation expense
13,489
6,177
1,447
Change in fair value of warrants liability
—
3,307
2,058
Amortization of debt discount
389
445
798
Loss on extinguishment of debt
—
1,073
—
Cost of Phreesia hardware purchased by customers
762
741
585
Deferred contract acquisition cost amortization
2,025
1,977
1,640
Non-cash operating lease expense
1,766
—
—
Deferred tax asset
(65
)
(775
)
—
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable
(6,619
)
(5,905
)
(3,765
)
Prepaid expenses and other assets
(1,600
)
(312
)
(576
)
Deferred contract acquisition costs
(1,652
)
(2,097
)
(2,500
)
Accounts payable
(3,821
)
(30
)
2,367
Accrued expenses and other liabilities
6,004
3,681
(2,317
)
Lease liability
(1,786
)
—
—
Deferred revenue
5,382
(1,087
)
1,601
Net cash provided by (used in) operating activities
$
2,890
$
826
$
(2,130
)
Cash flows used in investing activities:
Acquisitions, net of cash acquired
(6,510
)
—
(1,190
)
Capitalized internal-use software
(7,334
)
(5,305
)
(5,109
)
Purchases of property and equipment
(11,241
)
(7,015
)
(4,724
)
Net cash used in investing activities
$
(25,085
)
$
(12,320
)
$
(11,023
)
Cash flows from financing activities:
Proceeds from issuance of common stock in equity offerings, net of underwriters' discounts and commissions
174,800
130,781
—
Payment of preferred stock dividends
—
(14,955
)
—
Proceeds from issuance of common stock upon exercise of stock options
4,385
1,809
361
Tax withholdings on stock compensation awards
(4,965
)
—
—
Payment of offering costs
(290
)
(6,217
)
(195
)
Proceeds from revolving line of credit
—
9,876
14,800
Payments of revolving line of credit
(20,663
)
(17,676
)
(7,000
)
Proceeds from term loan
—
20,000
—
Repayment of term loan and loan payable
—
(21,042
)
(1,167
)
Insurance financing arrangement
2,009
—
—
Principal portion of finance lease payments
(2,630
)
(1,898
)
(2,470
)
Principal payments on financing arrangements
(1,691
)
—
—
Debt extinguishment costs
—
(300
)
—
Debt issuance costs
(69
)
(112
)
(136
)
Loan facility fee payment
(225
)
—
Net cash provided by financing activities
$
150,661
$
100,266
$
4,193
Net increase (decrease) in cash and cash equivalents
128,466
88,772
(8,960
)
Cash and cash equivalents—beginning of year
90,315
1,543
10,503
Cash and cash equivalents—end of year
$
218,781
$
90,315
$
1,543
Disclosures of additional investing and financing activities:
Supplemental information:
Right-of-use assets recorded in exchange for operating lease liabilities (1)
$
4,359
$
—
$
—
Property and equipment acquisitions through finance leases
$
8,885
$
2,047
$
4,425
Capitalized software acquired through financings
$
174
$
—
$
—
Purchase of property and equipment and capitalized software included in accounts payable
$
3,359
$
1,253
$
—
Cashless transfer of term loan and related accrued fees into increase in debt balance
$
20,257
$
—
$
—
Cashless transfer of lender fees through increase in debt balance
$
406
$
—
$
—
Deferred issuance costs included in accounts payable and accrued expenses
$
—
$
—
$
344
Issuance of warrants related to debt
$
—
$
833
$
—
Receivables for cash in-transit on stock option exercises
$
915
$
—
$
—
Cashless exercise of common stock warrants
$
3,060
$
3,530
$
—
Shares issued in connection with acquisition
$
—
$
—
$
162
Cash paid for:
Interest
$
1,465
$
2,310
$
2,799
Income taxes
$
64
$
—
$
—
(1) Includes $2,741 initial right of use asset recorded upon adoption of ASC 842.
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, (benefit from) provision for income taxes, depreciation and amortization, and before stock-based compensation expense, change in fair value of warrant liability, 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 January 31,
Fiscal year ended January 31,
(in thousands)
2021
2020
2021
2020
Net loss
$
(8,096
)
$
(3,668
)
$
(27,292
)
$
(20,293
)
Interest expense (income), net
367
676
1,573
2,445
(Benefit from) provision for income taxes
(322
)
(1,963
)
49
(1,780
)
Depreciation and amortization
4,252
3,657
15,908
13,924
Stock-based compensation expense
3,873
2,345
13,489
6,177
Change in fair value warrant liability
—
—
—
3,307
Change in fair value of contingent consideration liabilities
71
—
71
—
Other (income) expense, net
(230
)
283
(1
)
1,023
Adjusted EBITDA
$
(85
)
$
1,330
$
3,797
$
4,803
Phreesia, Inc. Reconciliation of GAAP and Adjusted Operating Expenses (Unaudited)
Three months ended January 31,
Fiscal year ended January 31,
(in thousands)
2021
2020
2021
2020
GAAP operating expenses
General and administrative
11,739
9,609
$
40,460
$
30,458
Sales and marketing
12,959
8,187
42,972
32,357
Research and development
6,355
4,860
22,622
18,623
Cost of revenue
6,984
4,237
23,461
16,831
$
38,037
$
26,893
$
129,515
$
98,269
Stock compensation included in GAAP operating expenses
General and administrative
2,192
1,548
7,361
3,901
Sales and marketing
967
507
3,497
1,370
Research and development
501
311
1,995
796
Cost of revenue
213
(21
)
636
110
$
3,873
$
2,345
$
13,489
$
6,177
Adjusted operating expenses
General and administrative
$
9,547
$
8,061
$
33,099
$
26,557
Sales and marketing
11,992
7,680
39,475
30,987
Research and development
5,854
4,549
20,627
17,827
Cost of revenue
6,771
4,258
22,825
16,721
$
34,164
$
24,548
$
116,026
$
92,092
Phreesia, Inc. Key Metrics (Unaudited)
Three months ended January 31,
Fiscal year ended January 31,
2021
2020
2021
2020
Key Metrics:
Provider clients (average over period)
1,808
1,603
1,711
1,571
Average revenue per provider client
$
17,858
$
16,708
$
69,499
$
65,486
Additional Information (Unaudited)
Three months ended January 31,
Fiscal year ended January 31,
2021
2020
2021
2020
Patient payment volume (in millions)
$
552
$
477
$
1,997
$
1,865
Payment facilitator volume percentage
79
%
82
%
81
%
82
%
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 Annual Report on Form 10-K for the fiscal year ended January 31, 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 healthcare and provides a modern, consistent experience, while enabling healthcare organizations to enhance clinical care and drive efficiency.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210330006020/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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