Phreesia, Inc. (NYSE:PHR) Q2 2021 Earnings Conference Call September 9, 2020 8:30 AM ET Company Participants Balaji Gandhi - VP, IR Chaim Indig - CEO Thomas Altier - CFO Conference Call Participants Anne Samuel - JPMorgan Ryan Daniels - William Blair Stephanie Davis - SVB Leerink John Ransom - Raymond James Donald Hooker - KeyBanc Sean Wieland - Piper Sandler Glen Santangelo - Guggenheim Securities Daniel Grosslight - Citi Sean Dodge - RBC Capital Markets David Larsen - Verity Research Operator Good morning ...

Company Overview - Phreesia serves approximately 1,600 healthcare provider organizations [8,36] - The company processed $1.9 billion in patient payments in FY20 [8] - Phreesia generated $125 million in revenue in FY20, representing a 25% year-over-year growth [8,9] Market Opportunity - The total addressable market (TAM) is estimated to be around $7 billion [9,34] - The subscription-based revenue opportunity is $4.3 billion, targeting approximately 890,000 addressable providers in the United States [34] - The consumer-related transaction and payment processing fees represent a $91 billion addressable out-of-pocket market in the United States [34] - The life sciences market presents a $750 million opportunity based on DTC point-of-care marketing spend [34] Financial Performance - Subscription and related services accounted for 45% of FY20 revenue [52] - Payment processing fees contributed 37% to FY20 revenue [52] - Life Sciences revenue made up 18% of FY20 revenue [52]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2020 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 other jurisdic ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2021 was $33.4 million, an increase of 18% year-over-year [8][9] - Adjusted EBITDA was $1.5 million, up $1.8 million year-over-year [15] - Average number of provider clients increased by 5% year-over-year to 1,632 [8] - Average revenue per provider client rose by 7% year-over-year to $16,735 [8] Business Line Data and Key Metrics Changes - Subscription and related services revenue was $15.6 million, up 23% year-over-year [9] - Payment processing fees were $11.7 million, an increase of 1% year-over-year [9] - Life Sciences revenue reached $6.1 million, up 50% year-over-year [9][12] Market Data and Key Metrics Changes - Patient visits across the provider network declined approximately 50% from mid-March to the end of April compared to the beginning of March [11] - The decline in patient visits negatively impacted provider revenue growth by approximately $3 million in the quarter [11] Company Strategy and Development Direction - The company aims to enhance healthcare experiences through innovative solutions like virtual waiting rooms and zero contact intake [7][24] - Management acknowledges the increasing competition in the digital patient solutions space but believes that innovation is essential for the industry [24][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt and thrive despite the challenges posed by the COVID-19 pandemic [7][36] - There is uncertainty regarding the recovery timeline for healthcare services, with management emphasizing the need for safety and comfort for patients and providers [32][33] Other Important Information - Cash on the balance sheet as of April 30, 2020, was $90.3 million, unchanged from January 31, 2020 [16] - The company is seeing some stretching out of payments from clients, which may impact cash flow from operations in the upcoming quarters [48] Q&A Session Summary Question: Demand for virtual waiting rooms - Management noted that demand is primarily from existing clients, with successful implementation of two-way chat features [18] Question: Impact of sales process on client growth - Management acknowledged that the sales organization has been impacted but highlighted strong execution in client implementation [19] Question: Changes in market dynamics and new competitors - Management indicated that new entrants have always been present in the space, but the company remains a market leader [24] Question: Financial health of the client base - Management stated that healthcare organizations are facing economic hardships, impacting payment volumes and cash flow [46] Question: Life Sciences revenue performance - Management credited strong execution and support from Life Sciences partners for the significant year-over-year growth [50] Question: Sensitivity of subscription revenue to patient volume - Management clarified that most subscription revenue is not heavily tied to patient visit volumes [56] Question: Future hiring plans - Management confirmed plans to restart hiring in their early career program to support long-term growth [81] Question: Tele-health offering usage - Management reported that over 50% of clients are utilizing the tele-health solution [83] Question: Relationship with RCM and Cerner - Management expressed confidence in their partnership with RCM and noted ongoing innovation efforts [85]

Investor Presentation April 2020 DISCLAIMERS AND FORWARD-LOOKING STATEMENTS Statements we make in this presentation 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, which are usually identified by the use of words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "seeks," "should," "will," "could," "appears," "shall," ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.) 432 Park Avenue South, 12 th Floor New York, NY (Address of Principal Executive Offices) (Zip Code) (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 31, 2020 OR ☐ TRANSITION REPOR ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2019 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. (I.R.S. Employer Identification No.) (888) 654-7473 (Registrant's telephone number, including are ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2019 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 other jurisdict ...