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 ...

Financial Performance - The company processed $463.0 million in patient payments during the three months ended October 31, 2019, representing a 29% increase from $358.0 million in the same period of 2018[104]. - Total revenue increased by approximately 33% to $32.8 million for the three months ended October 31, 2019, compared to $24.8 million for the same period in 2018[109]. - The average revenue per provider client rose to $16,637 for the three months ended October 31, 2019, up from $13,308 in the same period of 2018[112]. - The company reported a net loss of $2.4 million for the three months ended October 31, 2019, an improvement from a net loss of $4.2 million in the same period of 2018[109]. - Adjusted EBITDA was positive $3.0 million for the three months ended October 31, 2019, compared to positive $0.4 million for the same period in 2018[109]. - Free cash flow was negative $6.6 million for the three months ended October 31, 2019, compared to negative $1.6 million in the same period of 2018[120]. - Patient payment volume for the nine months ended October 31, 2019, was $1,388.2 million, a 29% increase from $1,076.3 million in the same period of 2018[104]. Revenue Breakdown - Total revenue increased by $8.1 million to $32.8 million in the three months ended October 31, 2019, representing a 33% increase compared to the same period in 2018[134]. - Subscription and related services revenue from healthcare provider organizations increased by $3.7 million to $14.6 million in the three months ended October 31, 2019, a 34% increase year-over-year[133]. - Payment processing fees revenue rose by 27% to $11.6 million in the three months ended October 31, 2019, compared to $9.1 million in the same period in 2018[133]. - Revenue from life sciences clients for digital patient engagement increased by 40% to $6.7 million in the three months ended October 31, 2019, compared to $4.8 million in the same period in 2018[133]. Client Metrics - The average number of provider clients increased to 1,573 for the three months ended October 31, 2019, compared to 1,503 in the same period of 2018[112]. Expense Analysis - Total expenses increased by 26% to $35.1 million in the three months ended October 31, 2019, compared to $27.8 million in the same period in 2018[133]. - Operating loss improved by 27% to $2.2 million in the three months ended October 31, 2019, compared to a loss of $3.0 million in the same period in 2018[133]. - General and administrative expenses increased by 58% to $7.2 million in the three months ended October 31, 2019, compared to $4.5 million in the same period in 2018[133]. - Research and development expenses increased by 24% to $4.8 million in the three months ended October 31, 2019, compared to $3.9 million in the same period in 2018[133]. - Payment processing expense increased by 28% to $6.9 million in the three months ended October 31, 2019, compared to $5.4 million in the same period in 2018[141]. - Depreciation expense increased by $0.2 million to $2.2 million for the three months ended October 31, 2019, reflecting a 10% increase compared to the prior year[157]. - Amortization expense increased by $0.3 million to $1.3 million for the three months ended October 31, 2019, which is a 28% increase year-over-year[159]. - Other income decreased by $126,000 to $77,000 for the three months ended October 31, 2019, a decline of 62% compared to the same period in 2018[162]. - Interest expense decreased by $0.5 million to $0.2 million for the three months ended October 31, 2019, a reduction of 70% year-over-year due to debt refinancing[166]. IPO and Financing - The company closed its initial public offering in July 2019, raising $130.8 million in net proceeds[110]. - As of October 31, 2019, the company had cash and cash equivalents of $91.4 million, a significant increase from $1.5 million as of January 31, 2019[169]. - The company reported a net cash provided by financing activities of $99.4 million for the nine months ended October 31, 2019, compared to a net cash used of $2.4 million in the same period of 2018[174]. - Net cash provided by financing activities was $99.4 million, including $130.8 million from the IPO, offset by $15.0 million in dividends and $21.0 million in loan repayments[179]. Cash Flow and Debt - For the nine months ended October 31, 2019, cash used in operating activities was $0.4 million, resulting from a net loss of $16.6 million and changes in working capital of $4.7 million[175]. - Cash used in investing activities during the same period was $9.2 million, primarily due to capital expenditures of $4.8 million for hardware and data center equipment, and $4.3 million for capitalized internal-use software costs[177]. - Total long-term debt obligations as of October 31, 2019, amounted to $20.0 million, with $6.1 million due within one year and $13.3 million due in 1-3 years[182]. - Interest on long-term debt is projected at $4.3 million, with $2.5 million due in the next 1-3 years[182]. - Capital lease obligations total $4.4 million, with $2.4 million due within one year[182]. Risk Management - The company has engaged in foreign currency hedging transactions to mitigate risks associated with expenses in Canadian dollars, which have not materially affected financial statements[190]. - The company does not anticipate significant impact from interest rate changes on its cash and cash equivalents, given their short maturity[188]. Accounting Policies - There have been no significant changes in critical accounting policies during the nine months ended October 31, 2019, compared to the previous disclosures[184].

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 ...