Phreesia(US:PHR)2021-06-03 16:00Financial 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]