$PHR

Phreesia, Inc.

CIK:0001412408|SEC Filings

Unaudited Consolidated Statements of Operations - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jul. 31, 2026

Jul. 31, 2025

Jul. 31, 2026

Jul. 31, 2025

Revenue:

Total revenues

$ 129,458

$ 117,255

$ 260,393

$ 233,191

Expenses:

Cost of revenue (excluding depreciation and amortization)

19,271

17,398

36,930

34,035

Payment solutions expense

^[1]

23,914

20,243

49,589

41,671

Sales and marketing

24,587

25,396

48,796

51,439

Research and development

27,571

29,274

55,899

61,103

General and administrative

16,512

19,042

34,873

35,450

Depreciation

3,340

3,279

6,711

6,265

Amortization

6,655

4,130

13,238

8,022

Total expenses

121,850

118,762

246,036

237,985

Operating income (loss)

7,608

(1,507)

14,357

(4,794)

Other (expense) income, net

(2,888)

336

(2,895)

674

Loss on extinguishment of debt

(17)

Interest expense

(1,729)

(391)

(4,028)

(826)

Interest income

248

999

545

1,204

Total other (expense) income, net

(4,369)

944

(6,395)

1,052

Income (loss) before income tax expense

3,239

(563)

7,962

(3,742)

Income tax (expense) benefit

(1,321)

1,217

(3,081)

482

Net income (loss)

$ 1,918

$ 654

$ 4,881

$ (3,260)

Net income (loss) per share attributable to common stockholders:

Basic (in dollars per share)

$ 0.03

$ 0.01

$ 0.08

$ (0.06)

Diluted (in dollars per share)

$ 0.03

$ 0.01

$ 0.08

$ (0.06)

Weighted-average common shares outstanding:

Basic (in shares)

61,878,316

59,591,545

61,419,374

59,261,722

Diluted (in shares)

62,463,449

61,685,811

62,259,892

59,261,722

Subscription and related services

Revenue:

Total revenues

$ 52,695

$ 53,702

$ 105,416

$ 108,057

Payment solutions

Revenue:

Total revenues

^[1]

38,489

28,392

80,430

58,317

Network solutions

Revenue:

Total revenues

$ 38,274

$ 35,161

$ 74,547

$ 66,817

[1]

(1) Beginning with the fourth quarter of the fiscal year ended January 31, 2026, the revenue line previously labeled “Payment processing fees” was relabeled “Payment solutions” to reflect the expanded scope of our payments offerings following the AccessOne Acquisition (as defined herein), which closed on November 12, 2025. Additionally, “Payment processing expense” was relabeled “Payment solutions expense.” Prior period amounts have not been reclassified, as the Company did not own the acquired operations in prior periods and the change in presentation did not affect any previously reported amounts. See Note 2 - Basis of presentation.

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Operating activities:
Net income (loss)	$ 1,918	$ 654	$ 4,881	$ (3,260)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	9,995	7,409	19,949	14,287
Stock-based compensation expense	11,875	16,230	25,429	33,455
Amortization of deferred financing costs	132	62	566	124
Loss on extinguishment of debt	0	0	17	0
Cost of Phreesia hardware purchased by customers	245	157	433	593
Deferred contract acquisition costs amortization	108	242	224	352
Non-cash operating lease expense	564	218	797	433
Deferred taxes	1,136	(1,583)	1,813	(1,498)
Gains and losses for fair value option	2,812	0	2,812	0
Changes in operating assets and liabilities:
Accounts receivable	185	(1,820)	7,916	(3,310)
Cash received for sale of receivables	995	0	8,706	0
Accrued interest receivable	(12)	0	117	0
Prepaid expenses and other assets	(2,640)	(2,660)	(1,812)	(2,916)
Deferred contract acquisition costs	0	(351)	0	(351)
Accounts payable	489	2,068	648	329
Accrued expenses and other liabilities	4,982	(1,289)	(2,003)	(2,180)
Payment of due to provider for receivables sold to securitization	(8,480)	0	(13,540)	0
Lease liabilities	(452)	(238)	(862)	(490)
Deferred revenue	(5,524)	(4,264)	(13,841)	(5,883)
Net cash provided by operating activities	18,328	14,835	42,250	29,685
Investing activities:
Collections of cardholder receivables held for investment and deferred purchase price	26,672	0	39,024	0
Capitalized internal-use software	(4,012)	(3,435)	(7,252)	(7,323)
Purchases of property and equipment	(492)	(1,767)	(4,802)	(5,271)
Net cash provided by (used in) investing activities	22,168	(5,202)	26,970	(12,594)
Financing activities:
Proceeds from issuance of common stock upon exercise of stock options	10	114	141	242
Treasury stock to satisfy tax withholdings on stock compensation awards	(14)	0	(1,109)	0
Proceeds from employee stock purchase plan	236	575	758	1,343
Finance lease payments	(1,188)	(2,510)	(2,868)	(3,886)
Principal payments on financing agreements	(364)	(328)	(719)	(648)
Debt issuance costs and loan facility fee payments	0	0	(2,259)	(38)
Debt extinguishment costs	0	0	(42)	0
Proceeds from debt instruments	0	0	92,240	0
Principal payments on debt instruments	(23,500)	0	(121,500)	0
Payments due to provider for unfunded receivables	(17,462)	0	(33,017)	0
Net cash used in financing activities	(42,282)	(2,149)	(68,375)	(2,987)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	25	(89)	(39)	(58)
Net (decrease) increase in cash, cash equivalents and restricted cash	(1,761)	7,395	806	14,046
Cash, cash equivalents and restricted cash – beginning of period	76,397	90,871	73,830	84,220
Cash, cash equivalents and restricted cash – end of period	74,636	98,266	74,636	98,266
Supplemental information of non-cash investing and financing information:
Non-cash activity related to credit card receivables and deferred purchase price	20,992	0	48,709	0
Exchange of right of use asset for property and equipment	0	0	57	0
Purchase of property and equipment and capitalized software included in accounts payable and accrued liabilities	2,140	2,461	2,140	2,461
Capitalized stock-based compensation	238	320	580	652
Issuance of stock to settle liabilities for stock-based compensation	919	1,346	8,972	7,854
Cash paid for:
Interest	703	330	4,551	654
Income taxes	2,884	763	4,065	1,314
Reconciliation of cash, cash equivalents and restricted cash shown in statements of cash flows
Cash, cash equivalents and restricted cash per balance sheets	72,945	98,266	72,945	98,266
Restricted cash included in other long-term assets	1,691	0	1,691	0
Total cash, cash equivalents and restricted cash shown in statements of cash flows	$ 74,636	$ 98,266	$ 74,636	$ 98,266

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026
Current:
Cash, cash equivalents and restricted cash (including restricted cash of $— and $1,691 as of July 31, 2026 and January 31, 2026, respectively)	$ 72,945	$ 73,830
Settlement assets	26,746	32,999
Accounts receivable, net of allowance for doubtful accounts of $879 and $1,523 as of July 31, 2026 and January 31, 2026, respectively	89,406	97,453
Cardholder receivables	29,351	38,330
Deferred purchase price receivables	14,799	18,003
Accrued interest and fees receivables	723	840
Deferred contract acquisition costs	394	410
Prepaid expenses and other current assets	19,139	17,978
Total current assets	253,503	279,843
Property and equipment, net of accumulated depreciation and amortization of $90,281 and $94,193 as of July 31, 2026 and January 31, 2026, respectively	18,122	20,332
Capitalized internal-use software, net of accumulated amortization of $77,389 and $69,390 as of July 31, 2026 and January 31, 2026, respectively	54,127	54,270
Operating lease right-of-use assets	1,205	2,002
Deferred contract acquisition costs	130	338
Intangible assets, net of accumulated amortization of $18,728 and $13,489 as of July 31, 2026 and January 31, 2026, respectively	74,522	79,761
Goodwill	171,468	170,064
Deferred tax assets	990	1,593
Other assets (includes $1,691 and $— of long-term restricted cash as of July 31, 2026 and January 31, 2026, respectively)	6,669	2,442
Long-term cardholder receivables	59,587	47,723
Long-term deferred purchase price receivables	6,654	5,422
Total Assets	646,977	663,790
Current:
Settlement obligations	26,746	32,999
Current portion of debt and finance lease liabilities	5,281	7,971
Current portion of operating lease liabilities	824	1,254
Accounts payable	12,237	11,477
Accrued expenses	35,706	41,257
Due to healthcare providers	29,737	38,056
Deferred revenue	32,573	49,522
Other current liabilities	731	705
Total current liabilities	143,835	183,241
Long-term debt and finance lease liabilities	61,165	92,117
Operating lease liabilities, non-current	677	1,107
Long-term due to healthcare providers	59,734	45,329
Long-term deferred revenue	4,687	244
Long-term deferred tax liabilities	4,589	4,498
Other long-term liabilities	439	47
Total Liabilities	275,126	326,583
Commitments and contingencies (Note 11)
Stockholders’ Equity:
Preferred stock, undesignated, $0.01 par value—20,000,000 shares authorized as of both July 31, 2026 and January 31, 2026; no shares issued or outstanding as of both July 31, 2026 and January 31, 2026	0	0
Common stock, $0.01 par value—500,000,000 shares authorized as of both July 31, 2026 and January 31, 2026; 63,516,793 and 62,020,186 shares issued as of July 31, 2026 and January 31, 2026, respectively	635	620
Additional paid-in capital	1,212,775	1,181,679
Accumulated deficit	(794,309)	(799,190)
Accumulated other comprehensive loss	(621)	(382)
Treasury stock, at cost, 1,476,215 and 1,355,169 shares as of July 31, 2026 and January 31, 2026, respectively	(46,629)	(45,520)
Total Stockholders’ Equity	371,851	337,207
Total Liabilities and Stockholders’ Equity	$ 646,977	$ 663,790