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    Phreesia Announces First Quarter Fiscal 2026 Results

    5/28/25 7:03:00 AM ET
    $PHR
    Business Services
    Consumer Discretionary
    Get the next $PHR alert in real time by email

    Phreesia, Inc. (NYSE:PHR) ("Phreesia" or the "Company") announced financial results today for the fiscal first quarter ended April 30, 2025.

    "Our fiscal year 2026 is off to a strong start. I am grateful to our team for their continued commitment to our mission, vision and values. I believe our performance is a reflection of our team truly living our values," said CEO and Co-Founder Chaim Indig.

    Please visit the Phreesia investor relations website at ir.phreesia.com to view the Company's Q1 Fiscal 2026 Stakeholder Letter.

    Fiscal First Quarter Ended April 30, 2025 Highlights

    • Total revenue was $115.9 million in the quarter, up 15% year-over-year.
    • Average number of healthcare services clients ("AHSCs") was 4,411 in the quarter, up 9% year-over-year.
    • Total revenue per AHSC was $26,283 in the quarter, up 6% year-over-year. See "Key Metrics" below for additional information.
    • Net loss was $3.9 million in the quarter, as compared to net loss of $19.7 million in the same period in the prior year.
    • Adjusted EBITDA1 was $20.8 million in the quarter, as compared to $4.1 million in the same period in the prior year.
    • Net cash provided by operating activities was $14.9 million in the quarter, as compared to net cash used in operating activities of $0.7 million in the same period in the prior year.
    • Free cash flow2 was $7.5 million in the quarter, as compared to negative $6.2 million in the same period in the prior year.
    • Cash and cash equivalents as of April 30, 2025 was $90.9 million, up $6.7 million from January 31, 2025.

    Fiscal 2026 Outlook

    We are maintaining our revenue outlook for fiscal 2026. We expect revenue to be in the range of $472 million to $482 million. The revenue range provided for fiscal 2026 assumes no additional revenue from potential future acquisitions completed between now and January 31, 2026.

    We are updating our Adjusted EBITDA outlook for fiscal 2026 to a range of $85 million to $90 million from a previous range of $78 million to $88 million. The Adjusted EBITDA range provided for fiscal 2026 assumes continued improvements in operating leverage across the Company through a focus on efficiency.

    We are maintaining our expectation for AHSCs to reach approximately 4,500 in fiscal 2026. Additionally, we expect total revenue per AHSC in fiscal 2026 to increase from fiscal 2025.

    We believe our $90.9 million in cash and cash equivalents as of April 30, 2025, along with cash generated in our normal operations, gives us sufficient flexibility to reach our fiscal 2026 outlook. Additionally, our available borrowing capacity under our credit facility with Capital One provides us with an additional source of capital to pursue future growth opportunities not incorporated into our fiscal 2026 outlook. As of April 30, 2025 we had no borrowings outstanding under our credit facility.

    Non-GAAP3 Financial Measures

    We have not reconciled our Adjusted EBITDA outlook to GAAP net income (loss) because we do not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of other (income) expense, net and (benefit from) provision for income taxes, which are reconciling items between Adjusted EBITDA and GAAP net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP net income (loss). For further information regarding the non-GAAP financial measures included in this press release, including a reconciliation of GAAP to non-GAAP financial measures and an explanation of these measures, please see "Non-GAAP financial measures" below.

    Available Information

    We intend to use our Company website (including our Investor Relations website) as well as our Facebook, X, LinkedIn and Instagram accounts as a means of disclosing material non-public information and for complying with our 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 of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. 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. These statements include, but are not limited to, statements regarding: our future financial and operating performance, including our revenue, operating leverage, margins, Adjusted EBITDA and cash flows; our ability to finance our plans to achieve our fiscal 2026 outlook with our current cash balance and cash generated in the normal course of business; and our outlook for fiscal 2026, including our expectations regarding revenue, Adjusted EBITDA, AHSCs and total revenue per AHSC. 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, risks associated with: our ability to effectively manage our growth and meet our growth objectives; our focus on the long-term and our investments in growth; the competitive environment in which we operate; our ability to comply with the covenants in our credit agreement with Capital One; changes in market conditions and receptivity to our products and services; our ability to develop and release new products and services and successful enhancements, features and modifications to our existing products and services; our ability to maintain the security and availability of our platform; the impact of cyberattacks, security incidents or breaches impacting our business; changes in laws and regulations applicable to our business model; our ability to make accurate predictions about our industry and addressable market; our ability to attract, retain and cross-sell to healthcare services clients; our ability to continue to operate effectively with a primarily remote workforce and attract and retain key talent; our ability to realize the intended benefits of our acquisitions and partnerships; and difficulties in integrating our acquisitions and investments; and other general, market, political, economic and business conditions (including from the change in U.S. presidential administration, tariff and trade issues, and the warfare and/or political and economic instability in Ukraine, the Middle East, India or elsewhere). The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those listed or described in our filings with the Securities and Exchange Commission ("SEC"), including in our Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2025 that will be filed with the SEC following this press 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, with the exception of our Adjusted EBITDA outlook for the reasons described above.

    Conference Call Information

    We will hold a conference call on Wednesday May 28, 2025 at 8:30 a.m. Eastern Time to review our fiscal 2026 first quarter financial results. To participate in our live conference call and webcast, please dial (800) 715-9871 (or (646) 307-1963 for international participants) using conference code number 7404611 or visit the "Events & Presentations" section of our Investor Relations website at 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.

    About Phreesia

    Phreesia is a trusted leader in patient activation, giving healthcare providers, life sciences companies and other organizations tools to help patients take a more active role in their care. Founded in 2005, Phreesia enabled approximately 170 million patient visits in 2024—1 in 7 visits across the U.S.—scale that we believe allows us to make meaningful impact. Offering patient-driven digital solutions for intake, outreach, education and more, Phreesia enhances the patient experience, drives efficiency and improves healthcare outcomes.

     

    Phreesia, Inc.

    Consolidated Balance Sheets

    (in thousands, except share and per share data)

     

     

    April 30, 2025

     

    January 31, 2025

     

    (Unaudited)

     

     

    Assets

     

     

     

    Current:

     

     

     

    Cash and cash equivalents

    $

    90,871

     

     

    $

    84,220

     

    Settlement assets

     

    33,006

     

     

     

    29,176

     

    Accounts receivable, net of allowance for doubtful accounts of $1,811 and $1,468 as of April 30, 2025 and January 31, 2025, respectively

     

    75,099

     

     

     

    73,617

     

    Deferred contract acquisition costs

     

    414

     

     

     

    401

     

    Prepaid expenses and other current assets

     

    16,019

     

     

     

    15,871

     

    Total current assets

     

    215,409

     

     

     

    203,285

     

    Property and equipment, net of accumulated depreciation and amortization of $87,488 and $84,505 as of April 30, 2025 and January 31, 2025, respectively

     

    23,492

     

     

     

    23,651

     

    Capitalized internal-use software, net of accumulated amortization of $59,013 and $55,991 as of April 30, 2025 and January 31, 2025, respectively

     

    53,531

     

     

     

    52,763

     

    Operating lease right-of-use assets

     

    1,262

     

     

     

    1,477

     

    Deferred contract acquisition costs

     

    460

     

     

     

    583

     

    Intangible assets, net of accumulated amortization of $9,277 and $8,407 as of April 30, 2025 and January 31, 2025, respectively

     

    27,273

     

     

     

    28,143

     

    Goodwill

     

    75,845

     

     

     

    75,845

     

    Other assets

     

    3,123

     

     

     

    2,668

     

    Total Assets

    $

    400,395

     

     

    $

    388,415

     

    Liabilities and Stockholders' Equity

     

     

     

    Current:

     

     

     

    Settlement obligations

    $

    33,006

     

     

    $

    29,176

     

    Current portion of finance lease liabilities and other debt

     

    8,348

     

     

     

    8,043

     

    Current portion of operating lease liabilities

     

    957

     

     

     

    964

     

    Accounts payable

     

    3,204

     

     

     

    5,622

     

    Accrued expenses

     

    34,059

     

     

     

    37,460

     

    Deferred revenue

     

    31,146

     

     

     

    32,758

     

    Total current liabilities

     

    110,720

     

     

     

    114,023

     

    Long-term finance lease liabilities and other debt

     

    6,162

     

     

     

    8,150

     

    Operating lease liabilities, non-current

     

    401

     

     

     

    646

     

    Long-term deferred revenue

     

    112

     

     

     

    119

     

    Long-term deferred tax liabilities

     

    568

     

     

     

    484

     

    Other long-term liabilities

     

    246

     

     

     

    185

     

    Total Liabilities

     

    118,209

     

     

     

    123,607

     

    Commitments and contingencies

     

     

     

    Stockholders' Equity:

     

     

     

    Preferred stock, undesignated, $0.01 par value—20,000,000 shares authorized as of both April 30, 2025 and January 31, 2025; no shares issued or outstanding as of both April 30, 2025 and January 31, 2025

     

    —

     

     

     

    —

     

    Common stock, $0.01 par value—500,000,000 shares authorized as of both April 30, 2025 and January 31, 2025; 60,814,930 and 60,083,444 shares issued as of April 30, 2025 and January 31, 2025, respectively

     

    608

     

     

     

    601

     

    Additional paid-in capital

     

    1,132,124

     

     

     

    1,111,274

     

    Accumulated deficit

     

    (805,410

    )

     

     

    (801,496

    )

    Accumulated other comprehensive income (loss)

     

    384

     

     

     

    (51

    )

    Treasury stock, at cost, 1,355,169 shares as of both April 30, 2025 and January 31, 2025

     

    (45,520

    )

     

     

    (45,520

    )

    Total Stockholders' Equity

     

    282,186

     

     

     

    264,808

     

    Total Liabilities and Stockholders' Equity

    $

    400,395

     

     

    $

    388,415

     

     

    Phreesia, Inc.

    Unaudited Consolidated Statements of Operations

    (in thousands, except share and per share data)

     

     

    Three months ended

    April 30,

     

     

    2025

     

     

     

    2024

     

    Revenue:

     

     

     

    Subscription and related services

    $

    54,355

     

     

    $

    46,742

     

    Payment processing fees

     

    29,925

     

     

     

    27,060

     

    Network solutions

     

    31,656

     

     

     

    27,415

     

    Total revenues

     

    115,936

     

     

     

    101,217

     

    Expenses:

     

     

     

    Cost of revenue (excluding depreciation and amortization)

     

    16,637

     

     

     

    15,723

     

    Payment processing expense

     

    21,428

     

     

     

    18,297

     

    Sales and marketing

     

    26,043

     

     

     

    32,011

     

    Research and development

     

    31,829

     

     

     

    28,881

     

    General and administrative

     

    16,408

     

     

     

    19,052

     

    Depreciation

     

    2,986

     

     

     

    3,524

     

    Amortization

     

    3,892

     

     

     

    3,149

     

    Total expenses

     

    119,223

     

     

     

    120,637

     

    Operating loss

     

    (3,287

    )

     

     

    (19,420

    )

    Other income (expense), net

     

    338

     

     

     

    (31

    )

    Interest (expense) income, net

     

    (230

    )

     

     

    239

     

    Total other income, net

     

    108

     

     

     

    208

     

    Loss before provision for income taxes

     

    (3,179

    )

     

     

    (19,212

    )

    Provision for income taxes

     

    (735

    )

     

     

    (510

    )

    Net loss

    $

    (3,914

    )

     

    $

    (19,722

    )

    Net loss per share attributable to common stockholders, basic and diluted

    $

    (0.07

    )

     

    $

    (0.35

    )

    Weighted-average common shares outstanding, basic and diluted

     

    58,920,782

     

     

     

    56,666,311

     

    (1) Our 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.

    Unaudited Consolidated Statements of Comprehensive Loss

    (in thousands)

     

     

    Three months ended

    April 30,

     

     

    2025

     

     

     

    2024

     

    Net loss

    $

    (3,914

    )

     

    $

    (19,722

    )

    Other comprehensive income:

     

     

     

    Net change in unrealized gains on cash flow hedges

     

    407

     

     

     

    —

     

    Change in foreign currency translation adjustments

     

    28

     

     

     

    1

     

    Other comprehensive income

     

    435

     

     

     

    1

     

    Comprehensive loss

    $

    (3,479

    )

     

    $

    (19,721

    )

     

    Phreesia, Inc.

    Unaudited Consolidated Statements of Cash Flows

    (in thousands)

     

     

    Three months ended

    April 30,

     

     

    2025

     

     

     

    2024

     

    Operating activities:

     

     

     

    Net loss

    $

    (3,914

    )

     

    $

    (19,722

    )

    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

     

     

     

    Depreciation and amortization

     

    6,878

     

     

     

    6,673

     

    Stock-based compensation expense

     

    17,225

     

     

     

    16,840

     

    Amortization of deferred financing costs and debt discount

     

    62

     

     

     

    61

     

    Cost of Phreesia hardware purchased by customers

     

    436

     

     

     

    343

     

    Deferred contract acquisition costs amortization

     

    110

     

     

     

    192

     

    Non-cash operating lease expense

     

    215

     

     

     

    173

     

    Deferred taxes

     

    85

     

     

     

    63

     

    Changes in operating assets and liabilities:

     

     

     

    Accounts receivable

     

    (1,490

    )

     

     

    (1,393

    )

    Prepaid expenses and other assets

     

    (256

    )

     

     

    414

     

    Accounts payable

     

    (1,739

    )

     

     

    (2,936

    )

    Accrued expenses and other liabilities

     

    (891

    )

     

     

    (1,155

    )

    Lease liabilities

     

    (252

    )

     

     

    (219

    )

    Deferred revenue

     

    (1,619

    )

     

     

    (55

    )

    Net cash provided by (used in) operating activities

     

    14,850

     

     

     

    (721

    )

    Investing activities:

     

     

     

    Capitalized internal-use software

     

    (3,888

    )

     

     

    (4,570

    )

    Purchases of property and equipment

     

    (3,504

    )

     

     

    (876

    )

    Net cash used in investing activities

     

    (7,392

    )

     

     

    (5,446

    )

    Financing activities:

     

     

     

    Proceeds from issuance of common stock upon exercise of stock options

     

    128

     

     

     

    347

     

    Proceeds from employee stock purchase plan

     

    768

     

     

     

    913

     

    Finance lease payments

     

    (1,376

    )

     

     

    (1,280

    )

    Principal payments on financing agreements

     

    (320

    )

     

     

    (289

    )

    Debt issuance costs and loan facility fee payments

     

    (38

    )

     

     

    (152

    )

    Financing payments of acquisition-related liabilities

     

    —

     

     

     

    (1,364

    )

    Net cash used in financing activities

     

    (838

    )

     

     

    (1,825

    )

    Effect of exchange rate changes on cash and cash equivalents

     

    31

     

     

     

    (1

    )

    Net increase (decrease) in cash and cash equivalents

     

    6,651

     

     

     

    (7,993

    )

    Cash and cash equivalents – beginning of period

     

    84,220

     

     

     

    87,520

     

    Cash and cash equivalents – end of period

    $

    90,871

     

     

    $

    79,527

     

     

     

     

     

     

     

     

     

    Supplemental information of non-cash investing and financing information:

     

     

     

    Right of use assets acquired in exchange for operating lease liabilities

    $

    —

     

     

    $

    764

     

    Property and equipment acquisitions through finance leases

    $

    —

     

     

    $

    6,529

     

    Purchase of property and equipment and capitalized software included in current liabilities

    $

    1,117

     

     

    $

    2,440

     

    Capitalized stock-based compensation

    $

    332

     

     

    $

    348

     

    Issuance of stock to settle liabilities for stock-based compensation

    $

    6,508

     

     

    $

    6,177

     

    Cash paid for:

     

     

     

    Interest

    $

    324

     

     

    $

    483

     

    Income taxes

    $

    551

     

     

    $

    1,593

     

    Non-GAAP Financial Measures

    This press release and statements made during the above-referenced webcast may include certain non-GAAP financial measures as defined by SEC rules.

    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 calculate Adjusted EBITDA as net income or loss before interest expense (income), net, provision for income taxes, depreciation and amortization, and before stock-based compensation expense 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 Quarterly Report on Form 10-Q to be filed after this press release 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. We have not reconciled our Adjusted EBITDA outlook to GAAP net income (loss) because we do not provide an outlook for GAAP net income (loss) due to the uncertainty and potential variability of other (income) expense, net and (benefit from) provision for income taxes, which are reconciling items between Adjusted EBITDA and GAAP net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP net income (loss).

    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:

    • Although depreciation and amortization expense are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
    • Adjusted EBITDA does not reflect: (1) changes in, or cash requirements for, our working capital needs; (2) the potentially dilutive impact of non-cash stock-based compensation; (3) tax payments that may represent a reduction in cash available to us; or (4) interest expense (income), net; and
    • Other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled measures differently, which reduces its usefulness as a comparative measure.

    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, the most directly comparable GAAP financial measure, for each of the periods indicated:

     

    Phreesia, Inc.

    Adjusted EBITDA

     

     

    Three months ended

    April 30,

    (in thousands, unaudited)

     

    2025

     

     

     

    2024

     

    Net loss

    $

    (3,914

    )

     

    $

    (19,722

    )

    Interest expense (income), net

     

    230

     

     

     

    (239

    )

    Provision for income taxes

     

    735

     

     

     

    510

     

    Depreciation and amortization

     

    6,878

     

     

     

    6,673

     

    Stock-based compensation expense

     

    17,225

     

     

     

    16,840

     

    Other (income) expense, net

     

    (338

    )

     

     

    31

     

    Adjusted EBITDA

    $

    20,816

     

     

    $

    4,093

     

    We calculate free cash flow as net cash provided by (used in) operating activities less capitalized internal-use software development costs and purchases of property and equipment.

    Additionally, free cash flow is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities, including investing in our business, making strategic investments, partnerships and acquisitions and strengthening our financial position.

    The following table presents a reconciliation of free cash flow from net cash provided by (used in) operating activities, the most directly comparable GAAP financial measure, for each of the periods indicated:

     

    Phreesia, Inc.

    Free cash flow

     

     

    Three months ended

    April 30,

    (in thousands, unaudited)

     

    2025

     

     

     

    2024

     

    Net cash provided by (used in) operating activities

    $

    14,850

     

     

    $

    (721

    )

    Less:

     

     

     

    Capitalized internal-use software

     

    (3,888

    )

     

     

    (4,570

    )

    Purchases of property and equipment

     

    (3,504

    )

     

     

    (876

    )

    Free cash flow

    $

    7,458

     

     

    $

    (6,167

    )

     

    Phreesia, Inc.

    Reconciliation of GAAP and Adjusted Operating Expenses

     

     

    Three months ended

    April 30,

    (in thousands, unaudited)

     

    2025

     

     

    2024

    GAAP operating expenses

     

     

     

    General and administrative

    $

    16,408

     

    $

    19,052

    Sales and marketing

     

    26,043

     

     

    32,011

    Research and development

     

    31,829

     

     

    28,881

    Cost of revenue (excluding depreciation and amortization)

     

    16,637

     

     

    15,723

     

    $

    90,917

     

    $

    95,667

    Stock compensation included in GAAP operating expenses

     

     

     

    General and administrative

    $

    6,573

     

    $

    6,209

    Sales and marketing

     

    5,174

     

     

    5,766

    Research and development

     

    4,393

     

     

    3,627

    Cost of revenue (excluding depreciation and amortization)

     

    1,085

     

     

    1,238

     

    $

    17,225

     

    $

    16,840

    Adjusted operating expenses

     

     

     

    General and administrative

    $

    9,835

     

    $

    12,843

    Sales and marketing

     

    20,869

     

     

    26,245

    Research and development

     

    27,436

     

     

    25,254

    Cost of revenue (excluding depreciation and amortization)

     

    15,552

     

     

    14,485

     

    $

    73,692

     

    $

    78,827

     

    Phreesia, Inc.

    Key Metrics

    (Unaudited)

     

     

    Three months ended

    April 30,

     

     

    2025

     

     

    2024

    Key Metrics:

     

     

     

    Average number of healthcare services clients ("AHSCs")

     

    4,411

     

     

    4,065

    Total revenue per AHSC

    $

    26,283

     

    $

    24,900

    The definitions of our key metrics are presented below.

    • AHSCs. We define AHSCs as the average number of clients that generate subscription and related services or payment processing revenue each month during the applicable period. In cases where we act as a subcontractor providing white-label services to our partner's clients, we treat the contractual relationship as a single healthcare services client. We believe growth in AHSCs is a key indicator of the performance of our business and depends, in part, on our ability to successfully develop and market our solutions to healthcare services organizations that are not yet clients. We believe growth in AHSCs provides useful information to investors as an important indicator of expected revenue growth. In addition, growth in AHSCs informs our management of the areas of our business that will require further investment to support expected future AHSC growth. For example, as AHSCs increase, we may need to add to our customer support team and invest to maintain effectiveness and performance of our solutions for our healthcare services clients and their patients.
    • Total revenue per AHSC. We define total revenue per AHSC as total revenue in a given period divided by AHSCs during that same period. Our healthcare services clients directly generate subscription and related services and payment processing revenue. Additionally, our relationships with healthcare services clients who subscribe to our solutions give us the opportunity to engage with life sciences companies, government entities, patient advocacy, public interest and not-for-profit and other organizations who deliver direct communication to patients through our solutions. As a result, we believe that our ability to increase total revenue per AHSC provides useful information to investors as an indicator of the long-term value of our solutions.
     

    Phreesia, Inc.

    Additional Information

    (Unaudited)

     

     

    Three months ended

    April 30,

     

     

    2025

     

     

     

    2024

     

    Patient payment volume (in millions)

    $

    1,314

     

     

    $

    1,166

     

    Payment facilitator volume percentage

     

    82

    %

     

    81

    %

    • Patient payment volume. We believe that patient payment volume is an indicator of both the underlying health of our healthcare services clients' businesses and the continuing shift of healthcare costs to patients. We measure patient payment volume as the total dollar volume of transactions between our healthcare services clients and their patients utilizing our payment platform, including via credit and debit cards that we process as a payment facilitator as well as cash and check payments and credit and debit transactions for which we act as a gateway to other payment processors.
    • Payment facilitator volume percentage. We define payment facilitator volume percentage as the volume of credit and debit card patient payment volume that we process as a payment facilitator as a percentage of total patient payment volume. Payment facilitator volume is a major driver of our payment processing revenue. Our payment facilitator volume percentage could decline slightly over time should we increase our penetration of enterprise customers that are less likely to use Phreesia as a payment facilitator.

    1 Adjusted EBITDA is a non-GAAP measure. We calculate Adjusted EBITDA as net loss before interest income, net, provision for income taxes, depreciation and amortization, stock-based compensation expense and other income, net. See "Non-GAAP Financial Measures" for a reconciliation of Adjusted EBITDA to the closest GAAP measure.

    2 Free cash flow is a non-GAAP measure. We calculate free cash flow as net cash provided by (used in) operating activities less capitalized internal-use software development costs and purchases of property and equipment. See "Non-GAAP Financial Measures" for a reconciliation of free cash flow to the closest GAAP measure.

    3 GAAP is defined as generally accepted accounting principles in the United States.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250528312855/en/

    Investor Relations Contact:

    Balaji Gandhi

    Phreesia, Inc.

    [email protected]

    (929) 506-4950

    Media Contact:

    Nicole Gist

    Phreesia, Inc.

    [email protected]

    (407) 760-6274

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