Investor Presentation December 2021 DISCLAIMERS AND FORWARD-LOOKING STATEMENTS This presentation 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 projecti ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38977 PHREESIA, INC. (Exact name of registrant as specified in its charter) Delaware 20-2275479 (State or o ...

Investor Presentation September 2021 DISCLAIMERS AND FORWARD-LOOKING STATEMENTS This presentation 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 project ...

Phreesia, Inc. (NYSE:PHR) Q2 2022 Earnings Conference Call September 2, 2021 8:30 AM ET Company Participants Balaji Gandhi - Senior Vice President, Investor Relations Chaim Indig - Chief Executive Officer and Co-Founder Randy Rasmussen - Chief Financial Officer Conference Call Participants Anne Samuel - JPMorgan Ryan Daniels - William Blair John Ransom - Raymond James Donald Hooker - KeyBanc Sean Wieland - Piper Sandler Scott Schoenhaus - Stephens Iris Long - Berenberg Joe Goodwin - JMP Securities Richard ...

[PART I — FINANCIAL INFORMATION](index=7&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) This section presents Phreesia, Inc.'s unaudited consolidated financial statements for the quarter ended July 31, 2021, showing revenue growth, widening net losses, and a substantial cash increase from an April 2021 equity offering [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) The financial statements show total assets growing to **$551.2 million**, driven by a **$221.1 million** increase in cash, with total revenue up **45%** to **$99.3 million**, but net loss widened to **$35.4 million** due to higher operating expenses, offset by **$243.3 million** in financing cash flow Balance Sheet Highlights (in thousands) | Financial Metric | July 31, 2021 (in thousands) | January 31, 2021 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $439,854 | $218,781 | | Total assets | $551,226 | $326,666 | | Total liabilities | $64,662 | $63,360 | | Total Stockholders' Equity | $486,564 | $263,306 | Consolidated Statements of Operations (in thousands) | Income Statement (in thousands) | Three Months Ended July 31, 2021 | Three Months Ended July 31, 2020 | Six Months Ended July 31, 2021 | Six Months Ended July 31, 2020 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $51,007 | $35,009 | $99,298 | $68,405 | | Operating loss | $(23,808) | $(6,310) | $(34,461) | $(11,276) | | Net loss | $(24,393) | $(6,371) | $(35,367) | $(12,483) | | Net loss per share, diluted | $(0.48) | $(0.17) | $(0.73) | $(0.33) | Consolidated Statements of Cash Flows (in thousands) | Cash Flow (in thousands) | Six Months Ended July 31, 2021 | Six Months Ended July 31, 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | $(12,202) | $(520) | | Net cash used in investing activities | $(10,053) | $(7,396) | | Net cash provided by financing activities | $243,328 | $1,800 | [Notes to Unaudited Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes detail accounting policies and financial items, including a **$245.8 million** net proceeds from an April 2021 equity offering, revenue breakdown by stream, a doubling of stock-based compensation to **$13.1 million**, and details on debt and lease obligations - On April 12, 2021, the company completed a follow-on public offering, issuing 5,175,000 shares of common stock and generating net proceeds of **$245.8 million** after deducting underwriting discounts and expenses[34](index=34&type=chunk) - Revenue is derived from three primary sources: subscription fees from provider customers, payment processing fees based on patient payment volume, and fees from life sciences companies for digital patient engagement[60](index=60&type=chunk) Stock-Based Compensation Expense (in thousands) | Stock-Based Compensation (in thousands) | Six Months Ended July 31, 2021 | Six Months Ended July 31, 2020 | | :--- | :--- | :--- | | RSUs | $10,842 | $4,842 | | Stock options | $1,150 | $1,458 | | PSUs | $1,037 | $0 | | ESPP | $100 | $0 | | **Total** | **$13,129** | **$6,300** | [Item 2. Management's Discussion and Analysis (MD&A)](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, noting a 45% revenue increase, significant operating expense growth leading to wider net losses and negative Adjusted EBITDA, and a strengthened liquidity position from an equity offering [Overview and Key Metrics](index=29&type=section&id=Overview%20and%20Key%20Metrics) Phreesia provides a SaaS platform for patient intake, payments, and life sciences marketing, tracking performance through key metrics like average provider clients and revenue per client, with patient payment volume significantly increasing to **$1.4 billion** Key Operating Metrics | Key Metric | Six Months Ended July 31, 2021 | Six Months Ended July 31, 2020 | | :--- | :--- | :--- | | Provider clients (average) | 1,945 | 1,650 | | Average revenue per provider client | $39,932 | $34,099 | | Patient payment volume (in millions) | $1,397 | $921 | [Results of Operations](index=35&type=section&id=Results%20of%20Operations) This section details financial results, showing total revenue growth of **46%** for the quarter and **45%** for six months, with Life Sciences revenue up **95%**, but operating expenses, particularly Sales & Marketing (**120%**) and R&D (**107%**), significantly increased, leading to wider operating losses Revenue Growth by Segment (in thousands) | Revenue Growth (Three Months Ended July 31) | 2021 (in thousands) | 2020 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Subscription and related services | $22,885 | $17,129 | 34% | | Payment processing fees | $16,306 | $11,828 | 38% | | Life sciences | $11,816 | $6,052 | 95% | | **Total revenue** | **$51,007** | **$35,009** | **46%** | - Sales and marketing expenses increased by **120%** to **$22.2 million** for the three months ended July 31, 2021, primarily due to a **$10.8 million** increase in compensation and benefits from higher headcount[156](index=156&type=chunk) - Research and development expenses grew **107%** to **$11.4 million** for the quarter, driven by a **$2.4 million** increase in compensation costs and a **$2.8 million** increase in outside services costs to support product development[160](index=160&type=chunk) [Non-GAAP Financial Measures](index=39&type=section&id=Non-GAAP%20Financial%20Measures) The company uses Adjusted EBITDA and Free Cash Flow as non-GAAP measures, with Adjusted EBITDA declining to negative **$11.0 million** and Free Cash Flow to negative **$22.3 million** for the six-month period, reflecting increased operating losses and capital expenditures Adjusted EBITDA Reconciliation (in thousands) | (in thousands) | Three Months Ended July 31, 2021 | Three Months Ended July 31, 2020 | | :--- | :--- | :--- | | Net loss | $(24,393) | $(6,371) | | **Adjusted EBITDA** | **$(11,045)** | **$1,160** | Free Cash Flow Reconciliation (in thousands) | (in thousands) | Six Months Ended July 31, 2021 | Six Months Ended July 31, 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | $(12,202) | $(520) | | **Free cash flow** | **$(22,255)** | **$(7,916)** | [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity significantly improved with **$245.8 million** net proceeds from an April 2021 equity offering, resulting in **$439.9 million** cash and equivalents, deemed sufficient to fund operations for at least 12 months - In April 2021, a follow-on offering of common stock resulted in net proceeds of **$245.8 million**, significantly boosting liquidity[184](index=184&type=chunk) - As of July 31, 2021, the company had cash and cash equivalents of **$439.9 million** and no outstanding balance on its **$50.0 million** revolving credit facility[185](index=185&type=chunk)[188](index=188&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are minimal interest rate exposure and foreign currency risk from Canadian dollar expenses, with no outstanding hedging contracts as of July 31, 2021 - The company is exposed to interest rate risk, but does not believe a **100 basis point** change would have a material effect on operating results[208](index=208&type=chunk) - Foreign currency risk is related to expenses denominated in Canadian dollars. No foreign currency forward contracts were outstanding as of July 31, 2021[209](index=209&type=chunk) [Item 4. Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective due to a material weakness in IT general controls over financial reporting, with remediation efforts ongoing but not yet complete - Management concluded that disclosure controls and procedures were not effective due to a material weakness in internal control over financial reporting[210](index=210&type=chunk) - The material weakness is due to ineffective user access and program change management controls over certain IT systems that support financial reporting processes[213](index=213&type=chunk) - A remediation plan is in progress, which includes hiring more IT personnel and enhancing controls, but the material weakness was not fully remediated as of the end of the quarter[214](index=214&type=chunk) [PART II — OTHER INFORMATION](index=44&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Item 1A. Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) This section details numerous risks, including the impact of COVID-19, growth management challenges, internal control weaknesses, historical net losses, intense competition, data privacy concerns, and an evolving regulatory landscape - A material weakness in internal control over financial reporting has been identified, which could lead to material misstatements in financial statements or a failure to meet reporting obligations[227](index=227&type=chunk)[228](index=228&type=chunk) - The company has a history of net losses, including a **$35.4 million** loss for the six months ended July 31, 2021, and may not achieve profitability as it continues to invest heavily in growth[235](index=235&type=chunk) - The company faces intense competition from a fragmented market and could also compete with its own partners, such as EHR and PM solution providers[244](index=244&type=chunk)[245](index=245&type=chunk) - The business is subject to numerous data privacy and security laws, including HIPAA. A security breach could result in significant economic loss, reputational damage, and legal penalties[279](index=279&type=chunk)[282](index=282&type=chunk) - The healthcare regulatory framework is uncertain and evolving, with potential impacts from changes to the ACA and new rules from ONC and CMS regarding data interoperability and information blocking[310](index=310&type=chunk)[311](index=311&type=chunk) [Other Part II Items](index=44&type=section&id=Other%20Part%20II%20Items) This section covers other disclosures, including no material legal proceedings, no unregistered equity sales, no material change in IPO proceeds use, and no defaults on senior securities - The company is not currently subject to any legal proceedings that would have a material impact on its financial condition or results of operations[112](index=112&type=chunk)[219](index=219&type=chunk) - There has been no material change in the planned use of proceeds from the company's initial public offering as described in the final prospectus[369](index=369&type=chunk)

Investor Presentation June 2021 DISCLAIMERS AND FORWARD-LOOKING STATEMENTS This presentation 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 ...

Phreesia, Inc. (NYSE:PHR) Q1 2022 Results Earnings Conference Call June 4, 2021 8:30 AM ET Company Participants Balaji Gandhi - Senior Vice President, Investor Relations Chaim Indig - Chief Executive Officer Randy Rasmussen - Chief Financial Officer Conference Call Participants Anne Samuel - J.P. Morgan Ryan Daniels - William Blair Ryan MacDonald - Needham & Company Scott Schoenhaus - Stephens, Inc. Donald Hooker - KeyBanc Capital Markets Inc. Joe Vruwink - Robert W. Baird & Co. John Ransom - Raymond James ...

Phreesia Announces Fiscal First Quarter 2022 Results Raleigh, North Carolina, April 30, 2021 – 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 pati ...

Financial Performance - Total revenue increased 45% to $48.3 million for the three months ended April 30, 2021, compared to $33.4 million for the same period in 2020[124] - Net loss was $11.0 million for the three months ended April 30, 2021, compared to a net loss of $6.1 million for the same period in 2020[124] - Adjusted EBITDA was positive $0.1 million for the three months ended April 30, 2021, compared to positive $1.5 million for the same period in 2020[124] - Adjusted EBITDA decreased to $69,000 for the three months ended April 30, 2021, compared to $1.5 million in 2020, reflecting a decline in core operating performance[164] Cash Flow - Cash used in operating activities was $5.5 million for the three months ended April 30, 2021, compared to cash provided by operating activities of $1.9 million for the same period in 2020[124] - Free cash flow was negative $12.4 million for the three months ended April 30, 2021, compared to negative $1.2 million for the same period in 2020[124] - The company had a net increase in cash and cash equivalents of $231.9 million for the three months ended April 30, 2021, compared to a decrease of $63,000 in the same period of 2020[176] - As of April 30, 2021, the company had cash and cash equivalents of $450.7 million, up from $218.8 million as of January 31, 2021, following a follow-on offering that raised net proceeds of $245.8 million[168] - Cash used in investing activities during the three months ended April 30, 2021, was $6.9 million, primarily due to $4.0 million in property and equipment purchases and $2.9 million in capitalized internal-use software costs[179] - Net cash provided by financing activities for the three months ended April 30, 2021, was $244.3 million, driven by $245.8 million from a common stock offering[181] Revenue Breakdown - Average revenue per provider client increased to $20,222 for the three months ended April 30, 2021, from $16,735 for the same period in 2020[130] - Patient payment volume increased to $701 million for the three months ended April 30, 2021, compared to $454 million for the same period in 2020[132] - Subscription and related services revenue increased by $6.2 million to $21.8 million for the three months ended April 30, 2021, compared to $15.6 million for the same period in 2020[144] - Life sciences revenue increased by 61% to $9.8 million for the three months ended April 30, 2021, compared to $6.1 million for the same period in 2020[144] - Revenue from patient payments processed through the Phreesia Platform increased by $4.9 million to $16.6 million for the three months ended April 30, 2021, compared to $11.7 million in 2020, attributed to new and expanded provider clients[147] Expenses - Cash used in operating activities was $5.5 million for the three months ended April 30, 2021, compared to cash provided of $1.9 million in the same period of 2020[178] - Cost of revenue (excluding depreciation and amortization) increased by $3.8 million to $8.5 million for the three months ended April 30, 2021, representing an 80% increase compared to $4.7 million for the same period in 2020, driven by higher headcount and data center expansion costs[145] - Payment processing expense rose by $2.9 million to $9.7 million for the three months ended April 30, 2021, a 42% increase from $6.8 million in the prior year, primarily due to increased patient payments processed through the Phreesia Platform[147] - Sales and marketing expense increased by $5.6 million to $15.0 million for the three months ended April 30, 2021, a 59% increase from $9.4 million in 2020, mainly due to a rise in total compensation costs[148] - Research and development expense increased by $3.0 million to $8.1 million for the three months ended April 30, 2021, reflecting a 61% increase from $5.0 million in 2020, driven by higher compensation costs and outside services[150] - General and administrative expense rose by $4.0 million to $12.7 million for the three months ended April 30, 2021, a 45% increase from $8.7 million in 2020, primarily due to increased compensation costs and software expenses[152] - Depreciation expense increased by $1.0 million to $3.3 million for the three months ended April 30, 2021, a 45% increase from $2.3 million in 2020, mainly due to higher data center equipment depreciation[154] Financial Obligations - Total contractual obligations as of April 30, 2021, amounted to $13.6 million, with $4.98 million due within one year[184] - The company’s principal commitments include finance lease and operating lease obligations, as well as debt obligations and interest on debt[183] - The company’s finance lease obligations decreased by $0.8 million during the three months ended April 30, 2021[183] - As of April 30, 2021, the company was in compliance with all covenants related to the Second SVB Facility[175] - The Second SVB Facility has an interest rate of 4.5% as of April 30, 2021, with potential reductions based on Adjusted EBITDA levels[175] Currency and Foreign Transactions - The company had no foreign currency forward contracts outstanding as of April 30, 2021, and foreign currency transaction gains and losses have not been material[191]

Phreesia, Inc. (NYSE:PHR) Q4 2021 Results Earnings Conference Call March 31, 2021 8:30 AM ET Company Participants Balaji Gandhi - Vice President of Investor Relations Chaim Indig - Chief Executive Officer, Co-Founder Michael Davidoff - Senior Vice President of Marketing and Business Development Tom Altier - Chief Financial Officer Conference Call Participants Jared Haase - William Blair Stephanie Davis - SVB Leerink Scott Schoenhaus - Stephens Sean Wieland - Piper Sandler Hannah Baade - D.A. Davidson Ryan M ...