$PHR
Phreesia, Inc.

2019 Q4 Form 10-Q Financial Statement

#000119312519309669 Filed on December 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q1 2018 Q4
Revenue $32.84M $26.48M $24.76M
YoY Change 32.67%
Cost Of Revenue $11.29M
YoY Change
Gross Profit $21.55M
YoY Change
Gross Profit Margin 65.62%
Selling, General & Admin $15.53M $11.74M
YoY Change 32.36%
% of Gross Profit 72.07%
Research & Development $4.774M $3.856M
YoY Change 23.81%
% of Gross Profit 22.15%
Depreciation & Amortization $2.153M $3.160M $1.966M
YoY Change 9.51%
% of Gross Profit 9.99%
Operating Expenses $20.31M $15.59M
YoY Change 30.24%
Operating Profit -$2.231M -$3.299M -$3.036M
YoY Change -26.52%
Interest Expense $557.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$142.0K -$1.136M
YoY Change -87.5%
Pretax Income -$2.373M -$4.172M
YoY Change -43.12%
Income Tax $64.00K $0.00
% Of Pretax Income
Net Earnings -$2.437M -$5.080M -$4.172M
YoY Change -41.59%
Net Earnings / Revenue -7.42% -19.18% -16.85%
Basic Earnings Per Share
Diluted Earnings Per Share -$68.18K
COMMON SHARES
Basic Shares Outstanding 35.89M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $91.40M
YoY Change
Cash & Equivalents $91.39M $1.543M $2.609M
Short-Term Investments
Other Short-Term Assets $6.900M $564.0K
YoY Change
Inventory
Prepaid Expenses $5.287M $3.340M
Receivables $20.01M $16.07M
Other Receivables $10.40M
Total Short-Term Assets $128.7M $33.32M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $14.36M $14.21M
YoY Change
Goodwill $251.0K $250.0K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.324M $710.0K
YoY Change
Total Long-Term Assets $27.21M $25.95M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $128.7M $33.32M
Total Long-Term Assets $27.21M $25.95M
Total Assets $155.9M $59.26M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.949M $3.750M
YoY Change
Accrued Expenses $8.018M $5.507M
YoY Change
Deferred Revenue $6.488M
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00 $97.00K
YoY Change
Total Short-Term Liabilities $32.09M $27.93M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $19.36M $27.92M
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $19.36M $27.92M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $32.09M $27.93M
Total Long-Term Liabilities $19.36M $27.92M
Total Liabilities $53.42M $63.75M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$280.8M -$211.0M
YoY Change
Common Stock $359.0K $20.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares
Shareholders Equity $102.5M -$211.0M
YoY Change
Total Liabilities & Shareholders Equity $155.9M $59.26M
YoY Change

Cashflow Statement

Concept 2019 Q4 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income -$2.437M -$5.080M -$4.172M
YoY Change -41.59%
Depreciation, Depletion And Amortization $2.153M $3.160M $1.966M
YoY Change 9.51%
Cash From Operating Activities -$3.030M -$3.800M $720.0K
YoY Change -520.83%
INVESTING ACTIVITIES
Capital Expenditures -$3.530M -$2.690M -$2.280M
YoY Change 54.82%
Acquisitions
YoY Change
Other Investing Activities -$1.190M
YoY Change
Cash From Investing Activities -$3.530M -$3.880M -$2.280M
YoY Change 54.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.110M 6.610M -260.0K
YoY Change 711.54%
NET CHANGE
Cash From Operating Activities -3.030M -3.800M 720.0K
Cash From Investing Activities -3.530M -3.880M -2.280M
Cash From Financing Activities -2.110M 6.610M -260.0K
Net Change In Cash -8.670M -1.070M -1.820M
YoY Change 376.37%
FREE CASH FLOW
Cash From Operating Activities -$3.030M -$3.800M $720.0K
Capital Expenditures -$3.530M -$2.690M -$2.280M
Free Cash Flow $500.0K -$1.110M $3.000M
YoY Change -83.33%

Facts In Submission

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<div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2. Basis of presentation </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(a)&#160;Basis of presentation </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) and include the accounts of Phreesia, Inc. and its branch operation in Canada. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(b) Fiscal year </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s fiscal year ends on January 31. References to fiscal 2018 and 2019 refer to the fiscal year ended January&#160;31, 2018 and 2019, respectively. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; line-height: 12pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(c) Unaudited interim financial statements </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The accompanying financial statements and the related footnote disclosures are unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual audited&#160;financial statements and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for the fair statement of the Company&#8217;s interim financial position as of October&#160;31, 2019 and the results of its operations and its cash flows for the periods ended October&#160;31, 2019 and 2018. The results for the interim periods are not necessarily indicative of results to be expected for the full year, any other interim periods, or any future year or period. The Company&#8217;s management believes that the disclosures are adequate to make the information presented not misleading when read in conjunction with the audited financial statements and accompanying notes for the year ended January&#160;31, 2019.</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(a) Use of estimates </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience, known trends and events and various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments. Although management believes its estimates and assumptions are reasonable under the circumstances at the time they are made, they are based upon information available at the time they are made. Management evaluates the estimates and assumptions on an ongoing basis and, if necessary, makes adjustments. Actual results may differ from those estimates made under different assumptions or circumstances. The most significant assumptions and estimates relate to the allowance for doubtful accounts, capitalized <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">internal-use</div> software, the determination of the useful lives of property and equipment, the fair value of securities underlying stock-based compensation, the fair value of stock warrants, the fair value of its business acquisitions, and the realization of deferred tax assets.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Concentration Risk Credit Risk
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<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(b) Concentrations of credit risk </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and settlement assets. The Company&#8217;s cash and cash equivalents are held by established financial institutions. The Company does not require collateral from its customers and generally requires payment within 30 to 60 days of billing. Settlement assets are amounts due from well-established payment processing companies and normally take one or two business days to settle which mitigates the associated risk of concentration. The Company has one third-party payment processor. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s customers are primarily physician&#8217;s offices located in the United States and pharmaceutical companies. The Company did not have any individual customers that represented more than 10% of total revenues for the three and nine months ended October&#160;31, 2019 and 2018. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2019Q4 phr Capital Leases Accumulated Amortization
CapitalLeasesAccumulatedAmortization
7127000
CY2019Q1 phr Capital Leases Accumulated Amortization
CapitalLeasesAccumulatedAmortization
5369000
CY2019Q4 us-gaap Billed Contract Receivables
BilledContractReceivables
19759000
CY2019Q1 us-gaap Billed Contract Receivables
BilledContractReceivables
15990000
CY2019Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
978000
CY2019Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
636000
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
576000
us-gaap Contract With Customer Asset Purchase
ContractWithCustomerAssetPurchase
918000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
11168000
us-gaap Debt Instrument Fee
DebtInstrumentFee
5
CY2019Q4 us-gaap Debt Instrument Fee Amount
DebtInstrumentFeeAmount
300000
dei Entity Registrant Name
EntityRegistrantName
Phreesia, Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0001412408
dei Document Period End Date
DocumentPeriodEndDate
2019-10-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
CY2019Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
6084000
us-gaap Year Founded
YearFounded
2005
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--01-31
dei Trading Symbol
TradingSymbol
PHR
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Shell Company
EntityShellCompany
false
dei Entity Small Business
EntitySmallBusiness
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
dei Entity Address State Or Province
EntityAddressStateOrProvince
NY
dei Security12b Title
Security12bTitle
Common Stock, par value $0.01 per share
dei Security Exchange Name
SecurityExchangeName
NYSE
CY2019Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
35885084
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(b) Fiscal year </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s fiscal year ends on January 31. References to fiscal 2018 and 2019 refer to the fiscal year ended January&#160;31, 2018 and 2019, respectively. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1465000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1179000
phr Payment On Capital Lease
PaymentOnCapitalLease
1870000
CY2019Q4 phr Cashless Exercise Of Common Stock Warrants
CashlessExerciseOfCommonStockWarrants
2000
CY2019Q4 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
56000
CY2018Q4 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
9236000
CY2019Q4 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
56000
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2019Q3 phr Shares Issued Upon Exercise Of Warrants
SharesIssuedUponExerciseOfWarrants
230492
CY2019Q3 phr Shares Issued Upon Exercise Of Warrants
SharesIssuedUponExerciseOfWarrants
53023
CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
252000
CY2018Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
146000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
-172999000
CY2018Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
197353000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
-184558000
CY2018Q2 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
2490000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
173000
CY2019Q1 us-gaap Interest Payable Current
InterestPayableCurrent
0
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
173000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
-167683000

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