Phreesia(PHR)2022-12-08 16:00Revenue Growth - Total revenue increased 31% to 55.9 million for the same period in 2021[130] - Total revenue increased 32% to 155.2 million for the same period in 2021[130] - Total revenue for the three months ended October 31, 2022, increased by 73.1 million compared to 8.6 million, or 35%, to 49.1 million, or 32%, to 155.2 million for the same period in 2021[153] Financial Losses - Net loss was 36.3 million for the same period in 2021[130] - Adjusted EBITDA was negative 17.6 million for the same period in 2021[130] - Adjusted EBITDA for the three months ended October 31, 2022, was a loss of 17.6 million for the same period in 2021[187] - Free cash flow was negative 39.0 million for the same period in 2021[130] - Free cash flow for the three months ended October 31, 2022, was a negative 39.0 million in the same period of 2021[189] Cash and Cash Equivalents - Cash and cash equivalents as of October 31, 2022, were 104.2 million compared to January 31, 2022[130] - As of October 31, 2022, the company had cash and cash equivalents of 313.8 million as of January 31, 2022[191] - The company believes that existing cash and cash equivalents, along with available financial resources, will be sufficient to meet its needs for at least the next 12 months[192] - The net decrease in cash and cash equivalents for the nine months ended October 31, 2022, was 181.6 million in the same period of 2021[197] Operating Activities - Net cash used in operating activities was 24.5 million for the same period in 2021[130] - Cash used in operating activities for the nine months ended October 31, 2022, was 36.7 million in the same period of 2021, reflecting higher employee compensation costs and outside services costs[199] - The increase in cash used in operating activities was driven by higher employee headcount and compensation costs, partially offset by increased cash received from customers due to higher revenues[200] Expenses - Cost of revenue (excluding depreciation and amortization) increased by 14.6 million for the three months ended October 31, 2022, primarily due to higher employee compensation and benefits costs[156] - Research and development expense increased by 22.7 million for the three months ended October 31, 2022, driven by higher compensation and increased headcount[166] - Sales and marketing expense rose by 36.6 million for the three months ended October 31, 2022, primarily due to increased compensation and third-party costs[162] - General and administrative expense increased by 19.6 million for the three months ended October 31, 2022, mainly due to higher compensation costs[170] - Payment processing expense increased by 37.5 million for the nine months ended October 31, 2022, driven by an increase in patient payments processed[161] Depreciation and Amortization - Depreciation expense increased by 4.9 million for the three months ended October 31, 2022, representing a 31% increase compared to 2.6 million to 10.7 million in the prior year[175] - Amortization expense increased by 1.8 million for the three months ended October 31, 2022, reflecting a 20% increase from 10.4 million, compared to a net cash inflow of 245.8 million from a common stock offering[203][204] - The Third SVB Facility allows for borrowings up to $100.0 million, with an interest rate of 5.75% as of October 31, 2022, and no outstanding balance[194] - The company was in compliance with all covenants related to the Third SVB Facility as of October 31, 2022[196] Market Risks and Accounting Policies - The company continues to be exposed to market risks, including interest rate and foreign exchange risks, with no significant changes reported during the nine months ended October 31, 2022[210] - There were no significant changes in critical accounting policies and estimates during the nine months ended October 31, 2022[208] - The primary sources of cash from operating activities include cash received from customers and interest earned on money market mutual funds[198]