Phreesia, Inc 8-K, filed Mar 30, 2021

Phreesia, Inc. (PHR)

8-K 2021-03-30 For: 2021-03-30

View Original

Added on April 04, 2026

About this 8-K

Phreesia, Inc filed this 8-K on March 30, 2021.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Exhibit Number						Description
99.1						Press release, dated March 3 0, 2021 , by Phreesia, Inc.


Date: March 30, 2021	Phreesia, Inc.

	By:	/s/ Thomas Altier
	Name:	Thomas Altier
	Title:	Chief Financial Officer


	January 31,
	2021		2020
Assets
Current:
Cash and cash equivalents	$	218,781	$	90,315
Settlement assets	15,488		12,368
Accounts receivable, net of allowances	29,052		21,978
Deferred contract acquisition costs	1,693		1,720
Prepaid expenses and other current assets	7,254		5,157
Total current assets	$	272,268	$	131,538
Property and equipment, net of accumulated depreciation and amortization of $40,148 and $35,551	26,660		14,487
Capitalized internal-use software, net of accumulated amortization of $25,476 and $19,554	10,476		8,735
Operating lease right-of-use assets (1)	2,654		—
Deferred contract acquisition costs	1,248		1,594
Intangible assets, net of accumulated amortization of $525 and $271	2,725		1,199
Long-term deferred tax assets	658		775
Goodwill	8,307		250
Other assets	1,670		180
Total Assets	$	326,666	$	158,758
Liabilities and Stockholders’ Equity
Current:
Settlement obligations	$	15,488	$	12,368
Short-term debt and finance lease liabilities	4,864		2,324
Current portion of operating lease liabilities (1)	1,087		—
Accounts payable	4,389		6,017
Accrued expenses	18,324		9,243
Deferred revenue	10,838		5,401
Total current liabilities	$	54,990	$	35,353
Long-term debt and finance lease liabilities	6,471		21,540
Operating lease liabilities, non-current (1)	1,899		—
Total liabilities	$	63,360	$	56,893
Commitments and contingencies
Stockholders’ Equity:
Common stock, $0.01 par value—500,000,000 shares authorized as of January 31, 2021 and January 31, 2020, respectively; 44,880,883 and 36,610,763 shares issued and outstanding at January 31, 2021 and 2020, respectively;	449		366
Additional paid-in capital	579,599		386,383
Accumulated deficit	(311,777)		(284,485)
Treasury stock, at cost, 99,520 and 13,078 shares at January 31, 2021 and 2020, respectively	(4,965)		(399)
Total Stockholders’ Equity	263,306		101,865
Total Liabilities and Stockholders’ Equity	$	326,666	$	158,758
(1) Figures as of January 31, 2021 reflect the Company's February 1, 2020 adoption of Accounting Standards Codification 842, Leases (ASC 842).


	Three months ended January 31,				Fiscal year ended January 31,
	2021		2020		2021		2020
Revenue:
Subscription and related services	$	18,846	$	15,064	$	69,042	$	56,357
Payment processing fees	13,448		11,719		49,900		46,500
Life sciences	9,514		6,032		29,735		21,927
Total revenue	41,808		32,815		148,677		124,784
Expenses:
Cost of revenue (excluding depreciation and amortization)	6,984		4,237		23,461		16,831
Payment processing expense	7,800		6,936		28,925		27,889
Sales and marketing	12,959		8,187		42,972		32,357
Research and development	6,355		4,860		22,622		18,623
General and administrative	11,739		9,609		40,460		30,458
Depreciation	2,645		2,310		9,770		8,753
Amortization	1,607		1,348		6,138		5,171
Total expenses	50,089		37,487		174,348		140,082
Operating loss	(8,281)		(4,672)		(25,671)		(15,298)
Other income (expense), net
Other income (expense), net	230		(283)		1		(1,023)
Change in fair value of warrant liability	—		—		—		(3,307)
Interest (expense) income, net	(367)		(676)		(1,573)		(2,445)
Total other expense, net	(137)		(959)		(1,572)		(6,775)
Loss before benefit from (provision for) income taxes	(8,418)		(5,631)		(27,243)		(22,073)
Benefit from (provision for) income taxes	322		1,963		(49)		1,780
Net loss	(8,096)		(3,668)		(27,292)		(20,293)
Preferred stock dividends paid	—		—		—		(14,955)
Accretion of redeemable preferred stock	—		—		—		(56,175)
Net loss attributable to common stockholders, basic and diluted	$	(8,096)	$	(3,668)	$	(27,292)	$	(91,423)
Net loss per share attributable to common stockholders, basic and diluted (1)	$	(0.18)	$	(0.10)	$	(0.69)	$	(4.50)
Weighted-average common shares outstanding, basic and diluted (1)	44,324,718		36,010,388		39,519,640		20,301,189
(1)The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.


	For the fiscal years ended January 31,
	2021		2020		2019
Cash flows from operating activities:
Net loss	$	(27,292)	$	(20,293)	$	(15,062)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	15,908		13,924		11,594
Stock compensation expense	13,489		6,177		1,447
Change in fair value of warrants liability	—		3,307		2,058
Amortization of debt discount	389		445		798
Loss on extinguishment of debt	—		1,073		—
Cost of Phreesia hardware purchased by customers	762		741		585
Deferred contract acquisition cost amortization	2,025		1,977		1,640
Non-cash operating lease expense	1,766		—		—
Deferred tax asset	(65)		(775)		—
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(6,619)		(5,905)		(3,765)
Prepaid expenses and other assets	(1,600)		(312)		(576)
Deferred contract acquisition costs	(1,652)		(2,097)		(2,500)
Accounts payable	(3,821)		(30)		2,367
Accrued expenses and other liabilities	6,004		3,681		(2,317)
Lease liability	(1,786)		—		—
Deferred revenue	5,382		(1,087)		1,601
Net cash provided by (used in) operating activities	$	2,890	$	826	$	(2,130)
Cash flows used in investing activities:
Acquisitions, net of cash acquired	(6,510)		—		(1,190)
Capitalized internal-use software	(7,334)		(5,305)		(5,109)
Purchases of property and equipment	(11,241)		(7,015)		(4,724)
Net cash used in investing activities	$	(25,085)	$	(12,320)	$	(11,023)
Cash flows from financing activities:
Proceeds from issuance of common stock in equity offerings, net of underwriters' discounts and commissions	174,800		130,781		—
Payment of preferred stock dividends	—		(14,955)		—
Proceeds from issuance of common stock upon exercise of stock options	4,385		1,809		361
Tax withholdings on stock compensation awards	(4,965)		—		—
Payment of offering costs	(290)		(6,217)		(195)
Proceeds from revolving line of credit	—		9,876		14,800
Payments of revolving line of credit	(20,663)		(17,676)		(7,000)
Proceeds from term loan	—		20,000		—
Repayment of term loan and loan payable	—		(21,042)		(1,167)
Insurance financing arrangement	2,009		—		—
Principal portion of finance lease payments	(2,630)		(1,898)		(2,470)
Principal payments on financing arrangements	(1,691)		—		—
Debt extinguishment costs	—		(300)		—
Debt issuance costs	(69)		(112)		(136)
Loan facility fee payment	(225)		—
Net cash provided by financing activities	$	150,661	$	100,266	$	4,193
Net increase (decrease) in cash and cash equivalents	128,466		88,772		(8,960)
Cash and cash equivalents—beginning of year	90,315		1,543		10,503
Cash and cash equivalents—end of year	$	218,781	$	90,315	$	1,543



Disclosures of additional investing and financing activities:
Supplemental information:
Right-of-use assets recorded in exchange for operating lease liabilities (1)	$	4,359	$	—	$	—
Property and equipment acquisitions through finance leases	$	8,885	$	2,047	$	4,425
Capitalized software acquired through financings	$	174	$	—	$	—
Purchase of property and equipment and capitalized software included in accounts payable	$	3,359	$	1,253	$	—
Cashless transfer of term loan and related accrued fees into increase in debt balance	$	20,257	$	—	$	—
Cashless transfer of lender fees through increase in debt balance	$	406	$	—	$	—
Deferred issuance costs included in accounts payable and accrued expenses	$	—	$	—	$	344
Issuance of warrants related to debt	$	—	$	833	$	—
Receivables for cash in-transit on stock option exercises	$	915	$	—	$	—
Cashless exercise of common stock warrants	$	3,060	$	3,530	$	—
Shares issued in connection with acquisition	$	—	$	—	$	162
Cash paid for:
Interest	$	1,465	$	2,310	$	2,799
Income taxes	$	64	$	—	$	—


	Three months ended January 31,				Fiscal year ended January 31,
(in thousands)	2021		2020		2021		2020
Net loss	$	(8,096)	$	(3,668)	$	(27,292)	$	(20,293)
Interest expense (income), net	367		676		1,573		2,445
(Benefit from) provision for income taxes	(322)		(1,963)		49		(1,780)
Depreciation and amortization	4,252		3,657		15,908		13,924
Stock-based compensation expense	3,873		2,345		13,489		6,177
Change in fair value warrant liability	—		—		—		3,307
Change in fair value of contingent consideration liabilities	71		—		71		—
Other (income) expense, net	(230)		283		(1)		1,023
Adjusted EBITDA	$	(85)	$	1,330	$	3,797	$	4,803


	Three months ended January 31,				Fiscal year ended January 31,
	2021		2020		2021		2020
Key Metrics:
Provider clients (average over period)	1,808		1,603		1,711		1,571
Average revenue per provider client	$	17,858	$	16,708	$	69,499	$	65,486