Cover Page
Cover Page - shares | 9 Months Ended | |
Oct. 31, 2019 | Dec. 06, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Registrant Name | Phreesia, Inc. | |
Entity Central Index Key | 0001412408 | |
Document Period End Date | Oct. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --01-31 | |
Trading Symbol | PHR | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Address, State or Province | NY | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 35,885,084 |
Balance sheets
Balance sheets - USD ($) $ in Thousands | Oct. 31, 2019 | Jan. 31, 2019 |
Current: | ||
Cash and cash equivalents | $ 91,389 | $ 1,543 |
Settlement assets | 10,384 | 10,217 |
Accounts receivable, net of allowance for doubtful accounts of $729 and $517 | 20,008 | 16,109 |
Deferred contract acquisition costs | 1,631 | 1,673 |
Prepaid expenses | 5,287 | 3,340 |
Total current assets | 128,699 | 32,882 |
Property and equipment, net of accumulated depreciation and amortization of $34,304 and $27,862 | 14,364 | 14,211 |
Capitalized internal-use software, net of accumulated amortization of $18,266 and $14,621 | 8,501 | 7,816 |
Deferred contract acquisition costs | 1,512 | 1,521 |
Intangible assets, net of accumulated amortization of $212 and $33 | 1,258 | 1,437 |
Goodwill | 251 | 250 |
Other assets | 1,324 | 1,145 |
Total assets | 155,909 | 59,262 |
Current: | ||
Settlement obligations | 10,384 | 10,217 |
Current portion of long-term debt | 0 | 97 |
Current portion of capital leases | 2,413 | 1,869 |
Accounts payable | 5,949 | 4,160 |
Accrued expenses | 8,018 | 5,098 |
Deferred revenue | 5,326 | 6,488 |
Total current liabilities | 32,090 | 27,929 |
Long-term debt, net of current portion | 19,355 | 27,918 |
Capital leases, net of current portion | 1,971 | 2,401 |
Warrant liability | 0 | 5,498 |
Total liabilities | 53,416 | 63,746 |
Commitments and contingencies (Note 12) | ||
Redeemable preferred stock: | ||
Redeemable preferred stock value | 0 | 206,490 |
Stockholders' Equity (Deficit): | ||
Common stock, $0.01 par value - 500,000,000 and 80,000,000 shares authorized as of October 31, 2019 and January 31, 2019, respectively; 35,759,355 and 1,994,721 shares issued and outstanding as of October 31, 2019 and January 31, 2019, respectively | 359 | 20 |
Additional paid-in capital | 382,951 | 0 |
Accumulated deficit | (280,817) | (210,994) |
Total stockholders' equity (deficit) | 102,493 | (210,974) |
Total Liabilities, Redeemable Preferred Stock and Stockholders' Equity (Deficit) | 155,909 | 59,262 |
Senior A Redeemable Preferred Stock [Member] | ||
Redeemable preferred stock: | ||
Redeemable preferred stock value | 0 | 79,311 |
Series B Redeemable Convertible Preferred Stock [Member] | ||
Redeemable preferred stock: | ||
Redeemable preferred stock value | 0 | 51,872 |
Junior Convertible Preferred Stock [Member] | ||
Redeemable preferred stock: | ||
Redeemable preferred stock value | 0 | 32,746 |
Redeemable Preferred Stock [Member] | ||
Redeemable preferred stock: | ||
Redeemable preferred stock value | $ 0 | $ 42,561 |
Balance sheets (Parenthetical)
Balance sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 31, 2019 | Jan. 31, 2019 |
Allowance for doubtful accounts | $ 729 | $ 517 |
Accumulated depreciation and amortization, Property and equipment | 34,304 | 27,862 |
Accumulated amortization, Capitalized internal-use software | 18,266 | 14,621 |
Accumulated amortization, Intangible assets | $ 212 | $ 33 |
Common stock, par or stated value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 80,000,000 |
Common stock, shares issued | 35,872,057 | 1,994,721 |
Common stock, shares outstanding | 35,872,057 | 1,994,721 |
Senior A Redeemable Preferred Stock [Member] | ||
Temporary equity, par or stated value per share | $ 0.01 | |
Temporary equity, shares authorized | 0 | 14,500,000 |
Temporary equity, shares issued | 0 | 13,674,365 |
Temporary equity, shares outstanding | 0 | 13,674,365 |
Series B Redeemable Convertible Preferred Stock [Member] | ||
Temporary equity, par or stated value per share | $ 0.01 | |
Temporary equity, shares authorized | 0 | 10,820,169 |
Temporary equity, shares issued | 0 | 9,197,142 |
Temporary equity, shares outstanding | 0 | 9,197,142 |
Junior Convertible Preferred Stock [Member] | ||
Temporary equity, par or stated value per share | $ 0.01 | |
Temporary equity, shares authorized | 0 | 34,000,000 |
Temporary equity, shares issued | 0 | 32,746,041 |
Temporary equity, shares outstanding | 0 | 32,746,041 |
Redeemable Preferred Stock [Member] | ||
Temporary equity, par or stated value per share | $ 0.01 | |
Temporary equity, shares authorized | 0 | 44,000,000 |
Temporary equity, shares issued | 0 | 42,560,530 |
Temporary equity, shares outstanding | 0 | 42,560,530 |
Statements of operations
Statements of operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Revenue: | ||||
Revenues | $ 32,843 | $ 24,756 | $ 91,968 | $ 73,406 |
Expenses: | ||||
Cost of revenue (excluding depreciation and amortization) | 4,388 | 3,805 | 12,594 | 10,632 |
Payment processing expense | 6,902 | 5,393 | 20,952 | 16,309 |
Sales and marketing | 8,348 | 7,195 | 24,170 | 19,971 |
Research and development | 4,774 | 3,856 | 13,762 | 10,144 |
General and administrative | 7,184 | 4,540 | 20,849 | 14,118 |
Depreciation | 2,153 | 1,966 | 6,444 | 5,515 |
Amortization | 1,325 | 1,037 | 3,823 | 2,912 |
Total expenses | 35,074 | 27,792 | 102,594 | 79,601 |
Operating loss | (2,231) | (3,036) | (10,626) | (6,195) |
Other income (expense) | 77 | 203 | (740) | 167 |
Change in fair value of warrant liability | 0 | (611) | (3,307) | (1,496) |
Interest income (expense) | (219) | (728) | (1,769) | (2,459) |
Total other income (expense) | (142) | (1,136) | (5,816) | (3,788) |
Loss before provision for income taxes | (2,373) | (4,172) | (16,442) | (9,983) |
Provision for income taxes | (64) | 0 | (183) | 0 |
Net loss | (2,437) | (4,172) | (16,625) | (9,983) |
Preferred stock dividend paid | 0 | 0 | (14,955) | 0 |
Accretion of redeemable preferred stock | 0 | (9,236) | (56,175) | (20,962) |
Net loss attributable to common stockholders, basic and diluted | $ (2,437) | $ (13,408) | $ (87,755) | $ (30,945) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.07) | $ (7.02) | $ (5.85) | $ (26.30) |
Weighted-average common shares outstanding, basic and diluted | 35,790,951 | 1,909,858 | 15,007,247 | 1,176,833 |
Subscription And Related Services [Member] | ||||
Revenue: | ||||
Revenues | $ 14,606 | $ 10,929 | $ 41,292 | $ 31,391 |
Payment Processing Fees [Member] | ||||
Revenue: | ||||
Revenues | 11,559 | 9,073 | 34,781 | 27,478 |
Life Sciences [Member] | ||||
Revenue: | ||||
Revenues | $ 6,678 | $ 4,754 | $ 15,895 | $ 14,537 |
Statements of redeemable prefer
Statements of redeemable preferred stock and stockholders' equity (deficit) - USD ($) $ in Thousands | Total | Redeemable Series A Preferred Stock [Member] | Redeemable Series B Preferred Stock [Member] | Junior Convertible Preferred Stock [Member] | Redeemable Preferred Stock [Member] | Total Redeemable Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Beginning Balance at Jan. 31, 2018 | $ 57,022 | $ 43,962 | $ 32,746 | $ 42,561 | $ 176,291 | ||||
Beginning Balance at Jan. 31, 2018 | $ (167,683) | $ 16 | $ 0 | $ (167,699) | |||||
Beginning Balance, Shares at Jan. 31, 2018 | 13,674,365 | 9,197,142 | 32,746,041 | 42,560,530 | |||||
Beginning Balance, Shares at Jan. 31, 2018 | 1,638,331 | ||||||||
Net loss | (3,224) | (3,224) | |||||||
Stock-based compensation expense | 252 | 252 | |||||||
Exercise of stock options | 146 | $ 1 | 145 | ||||||
Exercise of stock options Shares | 131,560 | ||||||||
Accretion of redeemable preferred stock | $ 1,406 | $ 1,084 | 2,490 | ||||||
Accretion of redeemable preferred stock | (2,490) | (397) | (2,093) | ||||||
Ending Balance at Apr. 30, 2018 | $ 58,428 | $ 45,046 | $ 32,746 | $ 42,561 | 178,781 | ||||
Ending Balance at Apr. 30, 2018 | (172,999) | $ 17 | 0 | (173,016) | |||||
Ending Balance, Shares at Apr. 30, 2018 | 13,674,365 | 9,197,142 | 32,746,041 | 42,560,530 | |||||
Ending Balance, Shares at Apr. 30, 2018 | 1,769,891 | ||||||||
Beginning Balance at Jan. 31, 2018 | $ 57,022 | $ 43,962 | $ 32,746 | $ 42,561 | 176,291 | ||||
Beginning Balance at Jan. 31, 2018 | (167,683) | $ 16 | 0 | (167,699) | |||||
Beginning Balance, Shares at Jan. 31, 2018 | 13,674,365 | 9,197,142 | 32,746,041 | 42,560,530 | |||||
Beginning Balance, Shares at Jan. 31, 2018 | 1,638,331 | ||||||||
Net loss | (9,983) | ||||||||
Cashless Exercise Of Common Stock Warrants | 0 | ||||||||
Ending Balance at Oct. 31, 2018 | 197,353 | $ 72,350 | $ 49,596 | $ 32,746 | $ 42,561 | 197,253 | 197,372 | ||
Ending Balance at Oct. 31, 2018 | $ 19 | ||||||||
Ending Balance, Shares at Oct. 31, 2018 | 13,674,365 | 9,197,142 | 32,746,041 | 42,560,782 | |||||
Ending Balance, Shares at Oct. 31, 2018 | 1,944,445 | ||||||||
Beginning Balance at Apr. 30, 2018 | $ 58,428 | $ 45,046 | $ 32,746 | $ 42,561 | 178,781 | ||||
Beginning Balance at Apr. 30, 2018 | (172,999) | $ 17 | 0 | (173,016) | |||||
Beginning Balance, Shares at Apr. 30, 2018 | 13,674,365 | 9,197,142 | 32,746,041 | 42,560,530 | |||||
Beginning Balance, Shares at Apr. 30, 2018 | 1,769,891 | ||||||||
Net loss | (2,587) | (2,587) | |||||||
Stock-based compensation expense | 252 | 252 | |||||||
Exercise of stock options | 12 | 12 | |||||||
Exercise of stock options Shares | 16,057 | ||||||||
Accretion of redeemable preferred stock | $ 6,961 | $ 2,275 | 9,236 | ||||||
Accretion of redeemable preferred stock | (9,236) | (264) | (8,972) | ||||||
Ending Balance at Jul. 31, 2018 | $ 65,389 | $ 47,321 | $ 32,746 | $ 42,561 | 188,017 | ||||
Ending Balance at Jul. 31, 2018 | (184,558) | $ 17 | 0 | (184,575) | |||||
Ending Balance, Shares at Jul. 31, 2018 | 13,674,365 | 9,197,142 | 32,746,041 | 42,560,782 | |||||
Ending Balance, Shares at Jul. 31, 2018 | 1,785,948 | ||||||||
Net loss | (4,172) | (4,172) | |||||||
Stock-based compensation expense | 447 | 447 | |||||||
Exercise of stock options | 166 | $ 2 | 164 | ||||||
Exercise of stock options Shares | 158,497 | ||||||||
Accretion of redeemable preferred stock | $ 6,961 | $ 2,275 | 9,236 | ||||||
Accretion of redeemable preferred stock | (9,236) | (611) | (8,625) | ||||||
Ending Balance at Oct. 31, 2018 | 197,353 | $ 72,350 | $ 49,596 | $ 32,746 | $ 42,561 | 197,253 | 197,372 | ||
Ending Balance at Oct. 31, 2018 | $ 19 | ||||||||
Ending Balance, Shares at Oct. 31, 2018 | 13,674,365 | 9,197,142 | 32,746,041 | 42,560,782 | |||||
Ending Balance, Shares at Oct. 31, 2018 | 1,944,445 | ||||||||
Beginning Balance at Jan. 31, 2019 | 206,490 | $ 79,311 | $ 51,872 | $ 32,746 | $ 42,561 | 206,490 | |||
Beginning Balance at Jan. 31, 2019 | (210,974) | $ 20 | 0 | (210,994) | |||||
Beginning Balance, Shares at Jan. 31, 2019 | 13,674,365 | 9,197,142 | 32,746,041 | 42,560,530 | |||||
Beginning Balance, Shares at Jan. 31, 2019 | 1,994,721 | ||||||||
Net loss | (6,695) | (6,695) | |||||||
Stock-based compensation expense | 599 | 599 | |||||||
Exercise of stock options | 37 | $ 0 | 37 | ||||||
Exercise of stock options Shares | 29,798 | ||||||||
Issuance of common stock warrants | 833 | 833 | |||||||
Accretion of redeemable preferred stock | $ 5,196 | $ 2,667 | 7,863 | ||||||
Accretion of redeemable preferred stock | (7,863) | (1,469) | (6,394) | ||||||
Ending Balance at Apr. 30, 2019 | $ 84,507 | $ 54,539 | $ 32,746 | $ 42,561 | 214,353 | ||||
Ending Balance at Apr. 30, 2019 | (224,063) | $ 20 | 0 | (224,082) | |||||
Ending Balance, Shares at Apr. 30, 2019 | 13,674,365 | 9,197,142 | 32,746,041 | 42,560,530 | |||||
Ending Balance, Shares at Apr. 30, 2019 | 2,024,519 | ||||||||
Beginning Balance at Jan. 31, 2019 | 206,490 | $ 79,311 | $ 51,872 | $ 32,746 | $ 42,561 | 206,490 | |||
Beginning Balance at Jan. 31, 2019 | (210,974) | $ 20 | 0 | (210,994) | |||||
Beginning Balance, Shares at Jan. 31, 2019 | 13,674,365 | 9,197,142 | 32,746,041 | 42,560,530 | |||||
Beginning Balance, Shares at Jan. 31, 2019 | 1,994,721 | ||||||||
Net loss | (16,625) | ||||||||
Cashless Exercise Of Common Stock Warrants | 2,521 | ||||||||
Ending Balance at Oct. 31, 2019 | 0 | $ 0 | $ 0 | $ 0 | |||||
Ending Balance at Oct. 31, 2019 | 102,493 | $ 359 | 382,951 | (280,817) | |||||
Ending Balance, Shares at Oct. 31, 2019 | 0 | 0 | 0 | ||||||
Ending Balance, Shares at Oct. 31, 2019 | 35,872,057 | ||||||||
Beginning Balance at Apr. 30, 2019 | $ 84,507 | $ 54,539 | $ 32,746 | $ 42,561 | 214,353 | ||||
Beginning Balance at Apr. 30, 2019 | (224,063) | $ 20 | 0 | (224,082) | |||||
Beginning Balance, Shares at Apr. 30, 2019 | 13,674,365 | 9,197,142 | 32,746,041 | 42,560,530 | |||||
Beginning Balance, Shares at Apr. 30, 2019 | 2,024,519 | ||||||||
Net loss | (7,493) | (7,493) | |||||||
Stock-based compensation expense | 1,467 | 1,467 | |||||||
Exercise of stock options | 41 | $ 0 | 41 | ||||||
Exercise of stock options Shares | 22,038 | ||||||||
Accretion of redeemable preferred stock | $ 27,510 | $ 20,802 | 48,312 | ||||||
Accretion of redeemable preferred stock | (48,312) | (1,508) | (46,804) | ||||||
Payment of preferred stock dividends | (14,955) | (14,955) | |||||||
Issuance of common stock in initial public offering, net of issuance costs of $6,083,648 | 124,697 | $ 78 | 124,619 | ||||||
Issuance of common stock in initial public offering, net of issuance costs of $6,083,648 Shares | 7,812,500 | ||||||||
Conversion of preferred stock into common stock and cancellation of redeemable preferred stock | 262,665 | $ (112,018) | $ (75,341) | $ (32,746) | $ (42,561) | (262,665) | $ 253 | 262,412 | |
Conversion of preferred stock into common stock and cancellation of redeemable preferred stock Shares | (13,674,365) | (9,197,142) | (32,746,041) | (42,560,530) | 25,311,535 | ||||
Conversion and exercise of preferred stock warrants into common stock | 8,805 | $ 6 | 8,799 | ||||||
Conversion and exercise of preferred stock warrants into common stock Shares | 588,763 | ||||||||
Ending Balance at Jul. 31, 2019 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Ending Balance at Jul. 31, 2019 | 102,852 | $ 357 | 380,875 | (278,380) | |||||
Ending Balance, Shares at Jul. 31, 2019 | 0 | 0 | 0 | 0 | |||||
Ending Balance, Shares at Jul. 31, 2019 | 35,759,355 | ||||||||
Net loss | (2,437) | (2,437) | |||||||
Stock-based compensation expense | 1,766 | 1,766 | |||||||
Exercise of stock options | 366 | $ 1 | 365 | ||||||
Exercise of stock options Shares | 59,679 | ||||||||
Cashless Exercise Of Common Stock Warrants | 2 | $ 1 | 1 | ||||||
Cashless exercise of common stock warrants Shares | 53,023 | ||||||||
Deferred offering costs | (56) | (56) | |||||||
Ending Balance at Oct. 31, 2019 | 0 | $ 0 | $ 0 | $ 0 | |||||
Ending Balance at Oct. 31, 2019 | $ 102,493 | $ 359 | $ 382,951 | $ (280,817) | |||||
Ending Balance, Shares at Oct. 31, 2019 | 0 | 0 | 0 | ||||||
Ending Balance, Shares at Oct. 31, 2019 | 35,872,057 |
Statements of redeemable pref_2
Statements of redeemable preferred stock and stockholders' equity (deficit) (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2019 | Jul. 22, 2019 |
Statement of Stockholders' Equity [Abstract] | ||
Deferred Offering Costs | $ 6,084 | $ 6,084 |
Statements of cash flows
Statements of cash flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (16,625) | $ (9,983) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 10,267 | 8,427 |
Stock-based compensation expense | 3,832 | 950 |
Change in fair value of warrants liability | 3,307 | 1,496 |
Amortization of debt discount | 412 | 579 |
Loss on extinguishment of debt | 1,073 | 0 |
Cost of Phreesia hardware purchased by customers | 512 | 0 |
Deferred contract acquisition costs amortization | 1,465 | 1,179 |
Changes in operating assets and liabilities | ||
Accounts receivable | (3,899) | (346) |
Prepaid expenses and other assets | (2,943) | 130 |
Deferred contract acquisition costs | (1,414) | (1,468) |
Accounts payable | 1,629 | 1,208 |
Accrued expenses | 3,098 | (145) |
Deferred revenue | (1,162) | (359) |
Net cash provided by (used in) operating activities | (448) | 1,668 |
Cash flows used in investing activities: | ||
Capitalized internal-use software | (4,329) | (3,744) |
Purchase of property and equipment | (4,826) | (3,397) |
Net cash used in investing activities | (9,155) | (7,141) |
Cash flows from financing activities: | ||
Proceeds from IPO | 130,781 | 0 |
Proceeds from revolving line of credit | 9,876 | 3,500 |
Payments of revolving line of credit | (17,676) | (3,500) |
Proceeds from term loan | 20,000 | 0 |
Repayment of term loan | (1,042) | (875) |
Repayment of loan payable | (20,000) | 0 |
Payment of preferred stock dividends | (14,955) | 0 |
Payment on capital leases | (1,624) | (1,870) |
Debt extinguishment costs | (300) | 0 |
Debt issuance costs | (112) | 0 |
Proceeds from issuance of common stock upon exercise of stock options | 445 | 324 |
Payment of offering costs | (5,944) | 0 |
Net cash (used in) provided by financing activities | 99,449 | (2,421) |
Net increase (decrease) in cash and cash equivalents | 89,846 | (7,894) |
Cash and cash equivalents – beginning of period | 1,543 | 10,503 |
Cash and cash equivalents – end of period | 91,389 | 2,609 |
Supplemental information: | ||
Property and equipment acquisitions through capital leases | 1,738 | 2,053 |
Deferred issuance costs included in accounts payable and accrued expenses | 0 | 0 |
Purchase of property and equipment included in accounts payable | 546 | 0 |
Issuance of warrants related to debt | 833 | 0 |
Cashless exercise of common stock warrants | 2,521 | 0 |
Cash payments for: | ||
Interest | $ 1,834 | $ 1,732 |
Background and liquidity
Background and liquidity | 9 Months Ended |
Oct. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and liquidity | 1. Background and liquidity (a) Background Phreesia, Inc. (the Company) is a leading provider of comprehensive solutions that transform the healthcare experience by engaging patients in their care and enabling healthcare provider organizations to optimize operational efficiency, improve profitability and enhance clinical care. Through the SaaS-based Phreesia Platform (the Phreesia Platform), the Company offers healthcare provider organizations a robust suite of solutions to manage the patient intake process and a leading payments solution for secure processing of patient payments. The Company’s Platform also provides life sciences companies with an engagement channel for targeted and direct communication with patients. The Company was formed in May 2005, and has its corporate headquarters in New York, and operations offices in Raleigh, North Carolina and Ottawa, Canada. (b) Initial public offering On July 22, 2019, the Company closed its initial public offering (IPO), in which the Company issued and sold 7,812,500 shares of common stock at a public offering price of $18.00 per share, resulting in net proceeds of $130,781, after deducting underwriting discounts and commissions of $9,844 but before deducting deferred offering costs of $6,084. In addition to the shares of common stock sold by the Company upon the IPO, certain selling stockholders sold an aggregate of 2,868,923 shares of common stock as part of the IPO. Upon closing of the IPO, the Company’s outstanding shares of Senior A redeemable convertible preferred stock (Senior A Preferred), Senior B redeemable convertible preferred stock (Senior B Preferred, and together with the Senior A Preferred, the Senior Preferred), and the Junior convertible preferred stock (the Junior Preferred, and together with the Senior Preferred, the Convertible Preferred) automatically converted into shares of common stock and all of the outstanding shares of the Company’s redeemable preferred stock (Redeemable Preferred) were automatically extinguished and cancelled at the closing of the IPO. In addition, the Company’s warrants to purchase shares of Senior Preferred were converted into warrants to purchase shares of the Company’s common stock upon the closing of the IPO. Additionally, 588,763 shares of common stock were issued upon the cashless exercise of common stock warrants (See Note 10). Also, in connection with the IPO, the Company paid $14,955 in dividends to the Senior Preferred stockholders. (c) Recapitalization The Company effected a 0.4551-for-1 (d) Liquidity Since the Company commenced operations, it has not generated sufficient revenue to meet its operating expenses and has continued to incur significant net losses. To date, the Company has primarily relied upon the proceeds from issuances of preferred stock and debt , , and services Management believes that the Company’s cash and cash equivalents at October 31, 2019, along with cash generated in the normal course of business, and available borrowing capacity under its February 2019 Credit Facility ( See The ability of the Company to achieve successful operations will depend on, among other things, new business, the retention of customers, and the effectiveness of sales and marketing initiatives. The Company is subject to a number of risks similar to other companies in its stage of business life cycle, including dependence on key individuals, competition in the marketplace, and the need to fund future product and services development. |
Basis of presentation
Basis of presentation | 9 Months Ended |
Oct. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | 2. Basis of presentation (a) Basis of presentation 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. (b) Fiscal year The Company’s fiscal year ends on January 31. References to fiscal 2018 and 2019 refer to the fiscal year ended January 31, 2018 and 2019, respectively. (c) Unaudited interim financial statements 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 financial statements and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for the fair statement of the Company’s interim financial position as of October 31, 2019 and the results of its operations and its cash flows for the periods ended October 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’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 31, 2019. |
Summary of significant accounti
Summary of significant accounting policies | 9 Months Ended |
Oct. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 3. Summary of significant accounting policies The Company’s significant accounting policies are disclosed in the audited financial statements for the year ended January 31, 2019. Since the date of those audited financial statements, there have been no changes to the Company’s significant accounting policies, including the status of recent accounting pronouncements, other than those detailed below. (a) Use of estimates 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 internal-use (b) Concentrations of credit risk 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’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. The Company’s customers are primarily physician’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 31, 2019 and 2018. (c) New accounting pronouncements Recent accounting pronouncements not yet adopted In August 2018, the FASB issued ASU No. 2018-13, : Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 2018-13). 2018-13 In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, internal-use In February 2016, the FASB issued ASU 2016-02, Leases right-of-use 20 use-of-hindsight |
Composition of certain financia
Composition of certain financial statement captions | 9 Months Ended |
Oct. 31, 2019 | |
Composition Of Certain Financial Statement [Abstract] | |
Composition of certain financial statement captions | 4. Composition of certain financial statement captions (a) Accrued expenses Accrued expenses as of October 31, 2019 and January 31, 2019 are as follows: October 31, January 31, 2019 2019 Payment processing fees liability $ 2,428 $ 2,267 Commission and bonus 2,653 320 Accrued payment related to acquisition of Vital Score 350 350 Vacation 543 417 Other 2,044 1,744 Total $ 8,018 $ 5,098 (b) Property and equipment Property and equipment as of October 31, 2019 and January 31, 2019 are as follows: Useful Life (years) 31 2019 2019 PhreesiaPads and Arrivals Stations 3 $ 26,470 $ 22,747 Computer equipment 3 17,093 14,338 Computer software 3 2,223 2,166 Hardware development 3 1,024 1,024 Furniture and fixtures 7 683 647 Leasehold improvements 2 1,175 1,151 Total property and equipment $ 48,668 $ 42,073 Less accumulated depreciation and amortization (34,304 ) (27,862 ) Property and equipment — net $ 14,364 $ 14,211 Depreciation expense related to property and equipment amounted to $2,153 and $1,966 for the three months ended October 31, 2019 and 2018, respectively. Depreciation expense related to property and equipment amounted to $6,444 and $5,515 for the nine months ended October 31, 2019 and 2018, respectively. Capital lease depreciation, included in depreciation expense, was $1,758 for the nine months ended October 31, 2019. Assets under capital leases included in computer equipment were $11,973 and $10,235 as of October 31, 2019 and January 31, 2019. Accumulated amortization of assets under capital leases was $7,127 and $5,369 as of October 31, 2019 and January 31, 2019, respectively. (c) Capitalized internal use software For the three months ended October 31, 2019 and 2018, the Company capitalized $1,452 and $1,274, respectively, of costs related to the Phreesia Platform. For the nine months ended October 31, 2019 and 2018, the Company capitalized $4,329 and $3,744 of costs related to the Phreesia Platform. During the three months ended October 31, 2019 and 2018, amortization expense of capitalized internal-use internal-use (d) Intangible assets The following presents the details of intangible assets as of October 31, 2019 and January 31, 2019. Useful Life (years) October 31, January 31, 2019 Acquired technology gross carrying value 5 $ 490 $ 490 Customer relationship gross carrying value 7 980 980 Total intangible assets $ 1,470 $ 1,470 Less accumulated amortization (212 ) (33 ) Net carrying value $ 1,258 $ 1,437 The remaining useful life for acquired technology in years is 4.1 and 4.8 as of October 31, 2019 and January 31, 2019, respectively. The remaining useful life for customer relationships in years is 6.1 and 6.8 as of October 31 Amortization expense associated with intangible assets amounted to $59 and $0 for the three months ended October 31, 2019 and 2018, respectively. Amortization expense associated with intangible assets amounted to $178 and $0 for the nine months ended October 31, 2019 and 2018, respectively. The estimated amortization expense for intangible assets for the next five years and thereafter is as follows as of October 31, 2019: 2020 (Remaining three months) $ 60 Years ending January 31, 2021 238 2022 238 2023 238 2024 224 2025 - thereafter 260 Total $ 1,258 (e) Deferred offering costs Deferred offering costs consist primarily of accounting, legal, and other fees related to the Company’s IPO. Prior to the IPO, all deferred offering costs were capitalized in other assets on the accompanying balance sheet. Upon the closing of the IPO on July 22, 2019, $6,084 were recorded in stockholders’ deficit as a reduction of additional paid in capital. An additional $56 in deferred offering costs related to the IPO were recorded in stockholders’ deficit as a reduction of paid in capital during the three months ended The Company recorded $540 of deferred offering costs within other assets on the accompanying balance sheet as of January 31, 2019. (f) Accounts receivable Accounts receivable as of October 31, 2019 and January 31, 2019 are as follows: October 31, January 31, 2019 2019 Billed $ 19,759 $ 15,990 Unbilled 978 636 Total accounts receivable, gross $ 20,737 $ 16,626 Less allowance for doubtful accounts (729 ) (517 ) Total accounts receivable $ 20,008 $ 16,109 |
Revenues
Revenues | 9 Months Ended |
Oct. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 5. Revenue The Company generates revenue primarily from providing an integrated SaaS-based software and payment platform for the healthcare industry. The Company derives revenue from subscription fees and related services generated from the Company’s provider customers for access to the Phreesia Platform, payment processing fees based on patient payment volume processed through the Phreesia Platform, and from digital patient engagement revenue from life sciences companies to reach, educate and communicate with patients when they are most receptive and actively seeking care. The amount of subscription and related services revenue recorded pursuant to ASC 840 for the leasing of the Company’s self-service intake tablets and onsite kiosks was $1,496 and $1,197 for the three months ended October 31, 2019 and 2018, respectively. The amount of subscription and related services revenues recorded pursuant to ASC 840 for the leasing of the Company’s self-service intake tablets and onsite kiosks was $4,462 and $3,388 for the nine months ended October 31, 2019 and 2018, respectively. Contract balances The following table represents a rollforward of contract assets and contract liabilities: Contract assets Contract January 31, 2019 $ 636 $ 6,488 Amount transferred to receivables from contract assets (576 ) — Contract asset additions 918 — Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period — (11,168 ) Increases due to invoicing prior to satisfaction or performance obligations — 10,006 October 31, 2019 $ 978 $ 5,326 Cost to obtain a contract The Company capitalizes certain incremental costs to obtain customer contract and amortizes these costs over the life of the contracts. Amortization expense is included in sales and marketing expenses in the accompanying statements of operations and totaled $491 and $416 for the three months ended October 31, 2019 and 2018, respectively. Amortization expense totaled $1,465 and $1,179 for the nine months ended October 31, 2019 and 2018, respectively. The Company periodically reviews these deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit. There were no impairment losses recorded during the periods presented. The following table represents a rollforward of deferred contract acquisition costs: 2019 2019 Beginning balance $ 3,194 $ 2,334 Additions to deferred contract acquisition costs 1,414 2,500 Amortization of deferred contract acquisition costs (1,465 ) (1,640 ) Ending balance 3,143 3,194 Deferred contract acquisition costs, current (to be amortized in next 12 months) 1,631 1,673 Deferred contract acquisition costs, non current 1,512 1,521 Total deferred contract acquisition costs $ 3,143 $ 3,194 |
Debt
Debt | 9 Months Ended |
Oct. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt As of October 31, 2019 and January 31, 2019, the Company had the following outstanding loan balances: October 31, January 31, Term loan $ 20,000 $ 1,042 Line of credit — 7,800 Loan payable — 20,000 Total debt $ 20,000 $ 28,842 Less current maturities — (97 ) Less deferred financing costs (983 ) (996 ) Plus accrued interest 121 — Plus accrued final payment 217 169 Long term debt, net of current portion $ 19,355 $ 27,918 The Company had a loan facility with a commercial bank that provided for a term loan with an original principal amount of $3,500 and a $10,000 revolving line of credit, which was later increased to $20,000. The term loan was interest only, at a floating per annum rate equal to the Prime Rate as quoted by Wall Street Journal print edition less three-quarters of one percent (0.75%), for 12 months from the date of borrowing followed by 36 monthly payments of principal and interest. The Prime Rate was 5.50% as of January 31, 2019. In addition to principal and interest payments due under the l Borrowings under the revolving line of credit bore interest at the prime rate plus 1.00% and were limited to the greater of $20,000 or an amount determined pursuant to a borrowing base. The revolving credit facility had a maturity date of November 2019. Borrowings under this facility were collateralized by substantially all of the assets of the Company and the Company was required to comply with certain financial covenants related to this facility. The Company was in compliance with all covenants related to the revolving line of credit as of January 31, 2019 and until the total balance of $17,676 was fully repaid on July 22, 2019 with proceeds from the IPO. Weighted-average borrowings outstanding under the revolving line of credit were $979 and $971 for the nine months ended October 31, 2019 and 2018, respectively. Interest expense under the revolving line of credit was $0 and $ 42 including amortization of deferred financing costs of $0 and $18, for the three months ended October 31, 2019 and 2018, respectively. Interest expense under the revolving line of credit was $166 and $115 including amortization of deferred financing costs of $13 and $53, for the nine months ended October 31, 2019 and 2018, respectively. On November 7, 2016, the Company entered into a 5-year On February 28, 2019 (the Effective Date), the Company entered into an Amended and Restated Loan and Security Agreement (the New Loan Agreement) that provides for a $20,000 term loan and a revolving credit facility with up to $25,000 of availability. The proceeds from the New Loan Agreement were used to repay in full the term loan, which had a balance of $1,042 as of January 31, 2019 and the $20,000 outstanding under the Loans Payable. The Company is also permitted to borrow an additional $10,000 term loan (the Term Loan B Advance) and, subject to the bank’s approval, another $15,000 (the Term Loan C Advance) prior to February 28, 2020. The term loans under the New Loan Agreement bear interest, which is payable monthly, at a floating rate equal to the bank’s prime rate plus 1.50% until such time that EBITDA reaches a defined level, after which time the interest rate is reduced to the prime plus 0.75%. Principal payments due under the term loans are due in 36 equal monthly installments beginning in March 2021. In addition to principal and interest payments due under the term loans, the Company is required to make a final payment to the lenders due upon the earlier of prepayment or maturity of the term loan, which is equal to 2.75% of the original principal amount. The Company accrues the estimated final payment fee using the effective interest method resulting in a charge to interest expense of $217 for the nine months ended October 31, 2019. In connection with the New Loan Agreement, the Company issued warrants to the lenders to purchase an aggregate of 150,274 shares of common stock at an exercise price of $8.02 per share. The w The Company accounted for the settlement of the Loans Payable and the term loan as a debt extinguishment and recorded an expense of $1,073, which is included in other income (expense), and is comprised of the write-off Borrowings under the revolving credit facility are subject to a borrowing base equal to 80% of eligible accounts receivable plus a percentage of recurring revenue, as defined, not to exceed $25,000 in the aggregate. The Company has $25,000 of availability as of October 31, 2019. Borrowings under the revolving credit facility bear interest, which is payable monthly, at a floating rate equal to the greater of the bank’s prime rate less 0.50%, or 5.0% until such time that EBITDA reaches a defined level, after which time the interest rate is reduced to the greater of prime less 0.75%, or 4.75%. In addition to principal and interest due under the revolving credit facility, the Company is required to pay an annual fee of $100 per year during the first three years of the facility and then $75 per year in years four and five. Amortization of deferred financing fees N L A D The Company’s obligations under the New Loan Agreement are secured by a first priority security interest in substantially all of its assets, other than intellectual property. The New Loan Agreement includes a financial covenant that requires the Company to achieve specified revenue levels, as defined, through January 31, 2020, after which time revenue levels for covenants purposes will be determined by the bank based on the Company’s forecast, subject to certain minimums. The Company is also required to maintain certain liquidity levels, as defined. The Company was in compliance with all covenants related to the New Loan Agreement as of October 31, 2019. The New Loan Agreement contains events of default, including, without limitation, events of default upon: (i) failure to make payment pursuant to the terms of the agreement; (ii) violation of covenants; (iii) material adverse changes to the Company’s business; (iv) attachment or levy on the Company’s assets or judicial restraint on its business; (v) insolvency; (vi) significant judgments, orders or decrees for payments by the Company not covered by insurance; (vii) incorrectness of representations and warranties; (viii) incurrence of subordinated debt; (ix) revocation of governmental approvals necessary for the Company to conduct its business; and (x) failure by the Company to maintain a valid and perfected lien on the collateral securing the borrowing. As of October 31, 2019, the Company’s long-term debt is payable as follows: 2020 (Remaining three months) $ — Year ending January 31, 2021 — 2022 6,111 2023 6,667 2024 6,667 2025 - thereafter 555 Total long-term debt payment s $ 20,000 |
Common stock
Common stock | 9 Months Ended |
Oct. 31, 2019 | |
Common Stock [Member] | |
Common Stock [Line Items] | |
Common stock | 7. Common Stock The Company closed an IPO on July 22, 2019 and filed an A R C I Upon completion of the IPO, the Company issued and sold 7,812,500 shares of common stock at an issuance price of $18.00 per share resulting in net proceeds of $130,781, after deducting underwriting discounts and commissions. In addition, all outstanding shares of Convertible Preferred stock converted into 25,311,515 shares of common stock (See Note 8) and the Company issued 588,763 shares of common stock as a result of the cashless exercise of warrants (See Note 10). An additional 53,023 shares of common stock were issued as a result of the cashless exercise of warrants as of October 31, 2019 (See Note 10). |
Preferred stock
Preferred stock | 9 Months Ended |
Oct. 31, 2019 | |
Preferred Stock [Abstract] | |
Preferred stock | 8. Preferred stock Upon completion of the IPO on July 22, 2019, all of the Company’s then outstanding shares of Senior Preferred and Junior Preferred stock automatically converted into an aggregate of 25,311,515 shares of common stock and all of the Company’s then outstanding 42,560,530 shares of redeemable preferred stock were cancelled. As of October 31, 2019, there were no shares of convertible or redeemable preferred stock issued and outstanding. In connection with the IPO, the Company’s Amended and Restated Certificate of Incorporation became effective, which authorized 20,000,000 shares of undesignated preferred stock with a par value of $0.01 per share. Preferred stock dividends of $14,955 were paid in connection with the IPO. |
Equity-based compensation
Equity-based compensation | 9 Months Ended |
Oct. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity-based compensation | 9. Equity-based compensation (a) Stock options In 2006, the Board of Directors adopted the Company’s 2006 Stock Option Plan, which provided for the issuance of options to purchase up to 151,548 shares of the Company’s common stock to officers, directors, employees, and consultants. Over the years, the Company amended the plan to increase the shares available for issuance. On October 14, 2014, the Company increased the number of shares available for issuance under the 2006 plan to 4,424,986. The 2006 Stock Option Plan expired in August 2017. In January 2018, the Board of Directors adopted the Company’s 2018 Stock Option Plan (as amended), which currently provides for the issuance of additional options to purchase up to 3,048,490 shares of the Company’s common stock to officers, directors, employees, and consultants. The option exercise price per share is determined by the Board of Directors based on the estimated fair value of the Company’s common stock. In June 2019, the Board of Directors adopted the Company’s 2019 Stock Option and Incentive Plan, which replaced the 2018 Plan upon the completion of the IPO. The 2019 Plan allows the Compensation Committee to make equity-based incentive awards to the Company’s officers, employees, directors, and consultants. The initial reserve for the issuance of awards under this Plan is 2,139,683 shares of common stock. The initial number of shares reserved and available for issuance will automatically increase on February 1, 2020 and each February 1 thereafter by 5% of the number of shares of common stock outstanding on the immediately preceding January 31 (or such lesser number of shares determined by the Compensation Committee). Options granted under the plans ha ve one-year Effective July 2019, all available shares from expired, terminated, or forfeited awards that remained under the 2006 or 2018 prior stock compensation plans will be available for grant under the 2019 Plan. In June 2019, the Board of Directors also adopted the Company’s 2019 Employee Stock Purchase Plan (The ESPP), which became effective immediately prior to the effectiveness of the registration statement for the Company’s initial public offering. The total shares of common stock initially reserved under the ESPP is limited to 855,873 shares. The fair value of stock options is estimated on the date of the grant using the Black-Scholes option pricing model for each of the stock option awards granted. The Company historically has been a private company and lacked company-specific historical and implied volatility information for shares. Accordingly, expected volatility is based on the stock volatility for comparable publicly traded companies. The Company uses the simplified method as described in S EC Staff Accounting Bullet in SAB) For the three months ended For the nine months ended October 31, October 31, October 31, October 31, 2019 2018 2019 2018 Risk-free interest rate 1.81 % 2.90 % 2.18 % 2.83 % Expected dividends None None None None Expected term (in years) 6.25 6.25 6.25 6.25 Volatility 45.90 % 45.00 % 45.15 % 45.00 % Weighted average fair market value of grants $ 12.42 $ 3.99 $ 4.99 $ 3.72 Stock option activity for the nine months ended October 31, 2019 are as follows: Number of Weighted- Weighted- Aggregate (in thousands) Outstanding 5,055,505 $ 2.45 Granted in nine months ended October 31, 2019 1,230,382 $ 8.78 Exercised (111,515 ) $ 3.98 Forfeited and expired (53,627 ) $ 3.38 Outstanding and expected to vest 6,120,745 $ 3.67 6.35 $ 140,339 Exercisable 4,197,481 $ 2.09 4.84 $ 103,178 Amount vested in nine months ended October 31, 2019 621,206 $ 4.03 As of October 31, 2019, there are 2,129,560 The aggregate intrinsic value represents the total pre-tax in-the-money For the three months ended October 31, 2019 and 2018, the Company recorded stock-based compensation expense for stock options of $809 and $447, respectively. For the nine months ended October 31, 2019 and 2018, the Company recorded stock-based compensation expense for stock options of $2,051 , Incremental expense associated with the modification of stock options during the three and nine months ended October 31, 2019 was $173. The Company has not recognized and does not expect to recognize in the foreseeable future, any tax benefit related to employee stock-based compensation expense. (b) Restricted stock units On March 25, 2019 and June 20, 2019, the Company issued 390,794 and 58,589 stock units, respectively, to employees and directors that vest based on both a time-based condition and a performance-based condition. Pursuant to the time-based condition, 10% of the restricted stock units vest after one year, 20% vest after two years, 30% vest after three years and 40% vest after four years. The performance-based condition is based on a sale of the Company or an IPO, as defined. The restricted stock units expire seven years from the grant date . Upon completion of the Company’s IPO in July 2019, the Company immediately recognized the fair value of the vested units with the unvested portion recognized over the remaining service period. In addition, in August 2019, the Company approved allowing executive officers the ability to elect to receive all or a portion of the bonus (based on its target bonus opportunity for the last half of the fiscal year) in the form of restricted stock units instead of cash. For such executive officers that elected to receive restricted stock units, such award was granted immediately after such election with a value equal to the portion of the target bonus opportunity that the executive officer elected not to receive in cash, and such award vests based on the achievement of the Company’s pre-defined performance targets. Further, such executive officer may earn up to 200% of the target number of restricted stock units based on actual performance, provided that certain stipulations are met. The Company issued 4,873 time-based restricted stock units and 72,126 performance-based restricted stock units in August 2019. These time-based restricted stock units are subject to the same four-year vesting period as the previously granted units. The performance-based units, issued to key employees, are subject to the Company’s pre-defined targets. These performance-based units will vest over a six month period. Restricted stock unit activity for the nine months ended October 31, 2019 are as follows: Restricted stock units Balance - January 31, 2019 20,164 Granted 526,382 Forfeited (22,185 ) Balance - October 31, 2019 524,361 For the three and nine months ended October 31, 2019, the Company recognized $957 and $1,781 respectively, in restricted stock unit compensation expense, with $3,779 remaining of total unrecognized compensation costs related to these awards as of October 31, 2019. |
Stock warrants
Stock warrants | 9 Months Ended |
Oct. 31, 2019 | |
Warrant [Member] | |
Stock warrants | 10. Stock warrants As of October 31, 2019 and January 31, 2019, the following warrants to purchase common and preferred stock were outstanding: Number of warrants Warrants to purchase October 31, January 31, Exercise price Expiration Senior A Preferred — 116,232 $ 2.19 October 1, 2021 Senior A Preferred — 672,560 $ 3.00 November 1, 2026 Junior Preferred — 489,605 $ 0.01 September 5, 2020 Redeemable Preferred 358,244 $ 0.01 September 5, 2020 Total preferred stock (liability-classified) — 1,636,641 Common stock — 166,952 $ 2.02 October 21, 2025 Common stock — 89,459 $ 3.49 November 1, 2026 Common stock 75,137 — $ 8.02 February 28, 2029 Common stock (converted from preferred stock) 153,041 — $ 6.59 November 1, 2026 Total common stock (equity-classified) 228,178 256,411 The following table summarizes the activity for the Company’s warrants for the periods presented: Common Preferred Balance - 256,411 1,636,641 Granted 150,274 — Conversion of preferred stock warrants to common stock warrants 581,798 — Exercised (760,305 ) (1,636,641 ) Balance - 228,178 — The following table is a reconciliation of the warrant liability measured at fair value: Warrant Liability Balance at January 31, 2019 $ 5,498 Change in fair value of stock warrants nine months ended October 31, 2019 3,307 Conversion of convertible preferred stock warrants (8,805 ) Balance at October 31, 2019 $ — Upon the closing of the IPO in July 2019, the Company’s outstanding warrants to purchase shares of preferred stock automatically converted into warrants to purchase an aggregate of 581,798 shares of common stock. Upon the conversion, the Company reclassified the warrants to equity and recorded the then current value of the warrant liability on the date of reclassification to additional paid-in-capital. 153,041 sh a f to purchase c ommon stock In July and September , the existing common stock warrant holders completed the cashless exercise of the warrants, resulting in the issuance of 256,411 and 75,137 shares of common stock , respectively , whereby 25,919 and 22,114 shares of common stock , respectively, were withheld by the Company to pay for the exercise price of the warrants , and 230,492 and 53,023 shares of common stock were issued, respectively. |
Fair value measurements
Fair value measurements | 9 Months Ended |
Oct. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 11. Fair value measurements The carrying value of the Company’s short-term financial instruments, including accounts receivable and accounts payable approximate fair value due to the short-term nature of these instruments. The Company uses certain derivative financial instruments as part of its risk management strategy to reduce its foreign currency risk. The Company recognizes all derivatives on the balance sheet at fair value based on quotes obtained from financial institutions. The fair value of its foreign currency contracts as of October 31, 2019 and January 31, 2019 was a liability of $24 and $143, respectively, which are included in Accounts payable on the accompanying balance sheet. The fair value of the foreign currency contracts are considered Level 2 in the fair value hierarchy as of October 31, 2019 and January 31, 2019, respectively. Warrant Liability—The warrant liability is related to the warrants to purchase shares of preferred stock ( S The Company used the Black-Scholes option-pricing model, which incorporated weighted-average inputs and assumptions, to value the warrant liability as of January 31, 2019 and as of the date of conversion. As of January 31, 2019, the warrant liability was valued at $5,498 as a non-current The Black-Scholes M pre-stock January 31, 2019 Series A Junior Redeemable Estimated fair value of preferred stock $ 5.80 $ 4.88 $ 0.01 Exercise price $ 2.88 $ 0.01 $ 0.01 Remaining term (in years) 7.01 1.60 1.60 Risk-free interest rate 2.6 % 2.5 % 2.5 % Expected volatility 45.1 % 45.1 % 45.1 % Dividend yield 0.0 % 0.0 % 0.0 % The Black Scholes Method and following assumptions were used to measure the fair market value of the warrant liability upon the conversion date: Series A Junior Estimated fair value of preferred stock $ 18.00 $ 18.00 Exercise price $ 6.33 $ 0.01 Remaining term (in years) 6.55 1.13 Risk-free interest rate 1.9 % 1.9 % Expected volatility 45.9 % 45.9 % Dividend yield 0.0 % 0.0 % As the Company refinanced all of its debt on February 28, 2019 ( S The Company did not have any transfers of assets and liabilities between levels of the fair value measurement hierarchy during the nine months ended October 31, 2019 and 2018. The Company’s cash and cash equivalents includes money market funds which is measured at fair value. The Company consider these investments within Level 1 of the fair value hierarchy. |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended |
Oct. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 12. Commitments and contingencies (a) Operating and capital leases The Company leases its office premises in New York, North Carolina, and Ottawa under operating leases which expire on various dates through August 2022. The Company recognizes rent expense under such arrangements on a straight-line basis. Rent expense under such operating leases amounted to $462 and $453 for the three months ended October 31, 2019 and 2018, respectively. Rent expense under such operating leases amounted to $1,373 and $1,350 for the nine months ended October 31, 2019 and 2018, respectively. As of October 31, 2019, the aggregate minimum net rental payments for non-cancelable 2020 (Remaining three months) $ 443 Year ending January 31, 2021 1,824 2022 819 2023 464 Total operating lease payments $ 3,550 During the nine months ended October 31, 2019 and in prior years, the Company entered into several capital leases for equipment and software. The leases are for 30-36 2020 (Remaining three months) $ 611 Year ending January 31, 2021 2,404 2022 1,621 2023 200 Total capital lease payments $ 4,836 Less amounts representing interest (452 ) Total capital lease payments, net of interest 4,384 Less current portion (2,413 ) Total capital lease payments, net of interest and current portio n $ 1,971 Interest expense related to capital leases was $64 and $78 for the three months ended October 31, 2019 and 2018, respectively. Interest expense related to capital leases was $215 and $190 for the nine months ended October 31, 2019 and 2018, respectively. (b) Legal proceedings In the ordinary course of business, the Company may be subject from time to time to various proceedings, lawsuits, disputes or claims. Although the Company cannot predict with assurance the outcome of any litigation, the Company does not believe there are currently any such actions that, if resolved unfavorably, would have a material impact on its financial condition, results of operations or cash flows. |
Income taxes
Income taxes | 9 Months Ended |
Oct. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 13. Income taxes The effective tax rate is 0% and 0% in the nine months ended October 31, 2019 and 2018, respectively. The difference between the U.S. Statutory rate of 21% and the effective tax rate is primarily due to the change in valuation allowance. The Company has recorded a full valuation allowance against its deferred tax assets at October 31, 2019 and January 31, 2019. |
Net loss per share attributable
Net loss per share attributable to common stockholders | 9 Months Ended |
Oct. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net loss per share attributable to common stockholders | 14. Net loss per share attributable to common stockholders Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Three months ended October 31, Nine months ended October 31, 2019 2018 2019 2018 Numerator: Net loss $ (2,437 ) $ (4,172 ) $ (16,625 ) $ (9,983 ) Preferred stock dividend paid — — (14,955 ) — Accretion of redeemable convertible preferred stock to redemption value — (9,236 ) (56,175 ) (20,962 ) Net loss attributable to common stockholders $ (2,437 ) $ (13,408 ) $ (87,755 ) $ (30,945 ) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 35,790,951 1,909,858 15,007,247 1,176,833 Net loss attributable to common stockholders $ (0.07 ) $ (7.02 ) $ (5.85 ) $ (26.30 ) The Company’s potential dilutive securities, which include Convertible Preferred, stock options, restricted stock units and outstanding warrants to purchase shares of common and preferred stock, 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. The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: October 31, 2019 October 31, Redeemable convertible preferred stock (as-converted — 25,311,535 Stock options to purchase common stock and restricted stock units 6,645,106 5,094,108 Warrants to purchase convertible preferred stock — 581,798 Warrants to purchase common stock 228,178 256,411 6,873,284 31,243,853 |
Related party transactions
Related party transactions | 9 Months Ended |
Oct. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related party transactions | 15. Related party transactions The Company recognized revenue totaling approximately $1,223 and $1,115 from an affiliate of a stockholder of the Company for the three months ended October 31, 2019 and 2018, respectively. The Company recognized revenue totaling approximately $4,098 and $3,693 from an affiliate of a stockholder of the Company for the nine months ended October 31, 2019 and 2018, respectively. Accounts receivable from the affiliate totaled approximately $1,277 and $598 as of October 31, 2019 and January 31, 2019, respectively. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 9 Months Ended |
Oct. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation | (a) Basis of presentation 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. |
Fiscal Period | (b) Fiscal year The Company’s fiscal year ends on January 31. References to fiscal 2018 and 2019 refer to the fiscal year ended January 31, 2018 and 2019, respectively. |
Use of estimates | (a) Use of estimates 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 internal-use |
Concentrations of credit risk | (b) Concentrations of credit risk 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’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. The Company’s customers are primarily physician’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 31, 2019 and 2018. |
New accounting pronouncements | (c) New accounting pronouncements Recent accounting pronouncements not yet adopted In August 2018, the FASB issued ASU No. 2018-13, : Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement 2018-13). 2018-13 In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, internal-use In February 2016, the FASB issued ASU 2016-02, Leases right-of-use 20 use-of-hindsight |
Composition of certain financ_2
Composition of certain financial statement captions (Tables) | 9 Months Ended |
Oct. 31, 2019 | |
Composition Of Certain Financial Statement [Abstract] | |
Schedule of accrued liabilities | Accrued expenses as of October 31, 2019 and January 31, 2019 are as follows: October 31, January 31, 2019 2019 Payment processing fees liability $ 2,428 $ 2,267 Commission and bonus 2,653 320 Accrued payment related to acquisition of Vital Score 350 350 Vacation 543 417 Other 2,044 1,744 Total $ 8,018 $ 5,098 |
Schedule of property and equipment | Property and equipment as of October 31, 2019 and January 31, 2019 are as follows: Useful Life (years) 31 2019 2019 PhreesiaPads and Arrivals Stations 3 $ 26,470 $ 22,747 Computer equipment 3 17,093 14,338 Computer software 3 2,223 2,166 Hardware development 3 1,024 1,024 Furniture and fixtures 7 683 647 Leasehold improvements 2 1,175 1,151 Total property and equipment $ 48,668 $ 42,073 Less accumulated depreciation and amortization (34,304 ) (27,862 ) Property and equipment — net $ 14,364 $ 14,211 |
Schedule of intangible assets | The following presents the details of intangible assets as of October 31, 2019 and January 31, 2019. Useful Life (years) October 31, January 31, 2019 Acquired technology gross carrying value 5 $ 490 $ 490 Customer relationship gross carrying value 7 980 980 Total intangible assets $ 1,470 $ 1,470 Less accumulated amortization (212 ) (33 ) Net carrying value $ 1,258 $ 1,437 |
Schedule of estimated amortization expense for intangible assets | The estimated amortization expense for intangible assets for the next five years and thereafter is as follows as of October 31, 2019: 2020 (Remaining three months) $ 60 Years ending January 31, 2021 238 2022 238 2023 238 2024 224 2025 - thereafter 260 Total $ 1,258 |
Schedule of accounts receivable | Accounts receivable as of October 31, 2019 and January 31, 2019 are as follows: October 31, January 31, 2019 2019 Billed $ 19,759 $ 15,990 Unbilled 978 636 Total accounts receivable, gross $ 20,737 $ 16,626 Less allowance for doubtful accounts (729 ) (517 ) Total accounts receivable $ 20,008 $ 16,109 |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Oct. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Rollforward of contract assets and contract liabilities | The following table represents a rollforward of contract assets and contract liabilities: Contract assets Contract January 31, 2019 $ 636 $ 6,488 Amount transferred to receivables from contract assets (576 ) — Contract asset additions 918 — Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period — (11,168 ) Increases due to invoicing prior to satisfaction or performance obligations — 10,006 October 31, 2019 $ 978 $ 5,326 |
Deferred contract acquisition costs | The following table represents a rollforward of deferred contract acquisition costs: 2019 2019 Beginning balance $ 3,194 $ 2,334 Additions to deferred contract acquisition costs 1,414 2,500 Amortization of deferred contract acquisition costs (1,465 ) (1,640 ) Ending balance 3,143 3,194 Deferred contract acquisition costs, current (to be amortized in next 12 months) 1,631 1,673 Deferred contract acquisition costs, non current 1,512 1,521 Total deferred contract acquisition costs $ 3,143 $ 3,194 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt instruments | As of October 31, 2019 and January 31, 2019, the Company had the following outstanding loan balances: October 31, January 31, Term loan $ 20,000 $ 1,042 Line of credit — 7,800 Loan payable — 20,000 Total debt $ 20,000 $ 28,842 Less current maturities — (97 ) Less deferred financing costs (983 ) (996 ) Plus accrued interest 121 — Plus accrued final payment 217 169 Long term debt, net of current portion $ 19,355 $ 27,918 |
Schedule of maturities of long-term debt | As of October 31, 2019, the Company’s long-term debt is payable as follows: 2020 (Remaining three months) $ — Year ending January 31, 2021 — 2022 6,111 2023 6,667 2024 6,667 2025 - thereafter 555 Total long-term debt payment s $ 20,000 |
Equity-based compensation (Tabl
Equity-based compensation (Tables) | 9 Months Ended |
Oct. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock option activity | Stock option activity for the nine months ended October 31, 2019 are as follows: Number of Weighted- Weighted- Aggregate (in thousands) Outstanding 5,055,505 $ 2.45 Granted in nine months ended October 31, 2019 1,230,382 $ 8.78 Exercised (111,515 ) $ 3.98 Forfeited and expired (53,627 ) $ 3.38 Outstanding and expected to vest 6,120,745 $ 3.67 6.35 $ 140,339 Exercisable 4,197,481 $ 2.09 4.84 $ 103,178 Amount vested in nine months ended October 31, 2019 621,206 $ 4.03 |
Schedule of restricted stock units | Restricted stock unit activity for the nine months ended October 31, 2019 are as follows: Restricted stock units Balance - January 31, 2019 20,164 Granted 526,382 Forfeited (22,185 ) Balance - October 31, 2019 524,361 |
Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of weighted average assumptions | The weighted average assumptions are provided below. For the three months ended For the nine months ended October 31, October 31, October 31, October 31, 2019 2018 2019 2018 Risk-free interest rate 1.81 % 2.90 % 2.18 % 2.83 % Expected dividends None None None None Expected term (in years) 6.25 6.25 6.25 6.25 Volatility 45.90 % 45.00 % 45.15 % 45.00 % Weighted average fair market value of grants $ 12.42 $ 3.99 $ 4.99 $ 3.72 |
Stock warrants (Tables)
Stock warrants (Tables) | 9 Months Ended |
Oct. 31, 2019 | |
Warrants and Rights Note Disclosure [Abstract] | |
Schedule of warrants to purchase common and preferred stock outstanding | As of October 31, 2019 and January 31, 2019, the following warrants to purchase common and preferred stock were outstanding: Number of warrants Warrants to purchase October 31, January 31, Exercise price Expiration Senior A Preferred — 116,232 $ 2.19 October 1, 2021 Senior A Preferred — 672,560 $ 3.00 November 1, 2026 Junior Preferred — 489,605 $ 0.01 September 5, 2020 Redeemable Preferred 358,244 $ 0.01 September 5, 2020 Total preferred stock (liability-classified) — 1,636,641 Common stock — 166,952 $ 2.02 October 21, 2025 Common stock — 89,459 $ 3.49 November 1, 2026 Common stock 75,137 — $ 8.02 February 28, 2029 Common stock (converted from preferred stock) 153,041 — $ 6.59 November 1, 2026 Total common stock (equity-classified) 228,178 256,411 |
Schedule of summarizes the activity for the company's warrants | The following table summarizes the activity for the Company’s warrants for the periods presented: Common Preferred Balance—January 31, 2019 256,411 1,636,641 Granted 150,274 — Conversion of preferred stock warrants to common stock warrants 581,798 — Exercised (760,305 ) (1,636,641 ) Balance—October 31, 2019 228,178 — |
Schedule of reconciliation of the warrant liability measured at fair value | The following table is a reconciliation of the warrant liability measured at fair value: Warrant Liability Balance at January 31, 2019 $ 5,498 Change in fair value of stock warrants nine months ended October 31, 2019 3,307 Conversion of convertible preferred stock warrants (8,805 ) Balance at October 31, 2019 $ — |
Fair value measurements (Tables
Fair value measurements (Tables) | 9 Months Ended |
Oct. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of weighted-average inputs and assumptions | The Black-Scholes method and the following weighted-average inputs and assumptions was utilized to determine the fair value of the warrants as of January 31, 2019, pre-stock January 31, 2019 Series A Junior Redeemable Estimated fair value of preferred stock $ 5.80 $ 4.88 $ 0.01 Exercise price $ 2.88 $ 0.01 $ 0.01 Remaining term (in years) 7.01 1.60 1.60 Risk-free interest rate 2.6 % 2.5 % 2.5 % Expected volatility 45.1 % 45.1 % 45.1 % Dividend yield 0.0 % 0.0 % 0.0 % |
Schedule of measure the fair market value of the warrant liability | The Black Scholes Method and following assumptions were used to measure the fair market value of the warrant liability upon the conversion date: Series A Junior Estimated fair value of preferred stock $ 18.00 $ 18.00 Exercise price $ 6.33 $ 0.01 Remaining term (in years) 6.55 1.13 Risk-free interest rate 1.9 % 1.9 % Expected volatility 45.9 % 45.9 % Dividend yield 0.0 % 0.0 % |
Commitments and contingencies (
Commitments and contingencies (Tables) | 9 Months Ended |
Oct. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of aggregate minimum net rental payments | As of October 31, 2019, the aggregate minimum net rental payments for non-cancelable 2020 (Remaining three months) $ 443 Year ending January 31, 2021 1,824 2022 819 2023 464 Total operating lease payments $ 3,550 |
Schedule of minimum lease payments | During the nine months ended October 31, 2019 and in prior years, the Company entered into several capital leases for equipment and software. The leases are for 30-36 2020 (Remaining three months) $ 611 Year ending January 31, 2021 2,404 2022 1,621 2023 200 Total capital lease payments $ 4,836 Less amounts representing interest (452 ) Total capital lease payments, net of interest 4,384 Less current portion (2,413 ) Total capital lease payments, net of interest and current portio n $ 1,971 |
Net loss per share attributab_2
Net loss per share attributable to common stockholders (Tables) | 9 Months Ended |
Oct. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Three months ended October 31, Nine months ended October 31, 2019 2018 2019 2018 Numerator: Net loss $ (2,437 ) $ (4,172 ) $ (16,625 ) $ (9,983 ) Preferred stock dividend paid — — (14,955 ) — Accretion of redeemable convertible preferred stock to redemption value — (9,236 ) (56,175 ) (20,962 ) Net loss attributable to common stockholders $ (2,437 ) $ (13,408 ) $ (87,755 ) $ (30,945 ) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 35,790,951 1,909,858 15,007,247 1,176,833 Net loss attributable to common stockholders $ (0.07 ) $ (7.02 ) $ (5.85 ) $ (26.30 ) |
Schedule of shares excluded from computation of diluted net loss per share | The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: October 31, 2019 October 31, Redeemable convertible preferred stock (as-converted — 25,311,535 Stock options to purchase common stock and restricted stock units 6,645,106 5,094,108 Warrants to purchase convertible preferred stock — 581,798 Warrants to purchase common stock 228,178 256,411 6,873,284 31,243,853 |
Background and liquidity - Addi
Background and liquidity - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jul. 22, 2019USD ($)$ / sharesshares | Jul. 03, 2019 | Oct. 31, 2019USD ($) | Oct. 31, 2018USD ($) | Oct. 31, 2019USD ($) | Oct. 31, 2018USD ($) |
Background And Liquidity [Line Items] | ||||||
Proceeds from issuance initial public offering | $ 130,781 | $ 0 | ||||
Deferred offering costs | 5,944 | 0 | ||||
Payments of preferred stock dividends | $ 0 | $ 0 | $ 14,955 | $ 0 | ||
Stockholder equity reverse stock splits | 0.4551-for-1 | |||||
Reverse stock splits shares combined | 2.1973 | |||||
Year formed | 2005 | |||||
Minimum [Member] | ||||||
Background And Liquidity [Line Items] | ||||||
Number of months the company have sufficient to fund its operations | 12 months | |||||
IPO [Member] | ||||||
Background And Liquidity [Line Items] | ||||||
Stock issued during period initial public offering | shares | 7,812,500 | |||||
Share price | $ / shares | $ 18 | |||||
Proceeds from issuance initial public offering | $ 130,781 | |||||
Underwriting discounts and commission | 9,844 | |||||
Deferred offering costs | $ 6,084 | |||||
Conversion and exercise of preferred stock warrants | shares | 588,763 | |||||
Payments of preferred stock dividends | $ 14,955 | $ 14,955 | ||||
IPO [Member] | Stockholders [Member] | ||||||
Background And Liquidity [Line Items] | ||||||
Stock issued during period initial public offering | shares | 2,868,923 |
Composition of certain financ_3
Composition of certain financial statement captions - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Oct. 31, 2019 | Jan. 31, 2019 |
Accrued Expenses [Abstract] | ||
Payment processing fees liability | $ 2,428 | $ 2,267 |
Commission and bonus | 2,653 | 320 |
Accrued payment related to acquisition of Vital Score | 350 | 350 |
Vacation | 543 | 417 |
Other | 2,044 | 1,744 |
Total | $ 8,018 | $ 5,098 |
Composition of certain financ_4
Composition of certain financial statement captions - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2019 | Jan. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment Gross | $ 48,668 | $ 42,073 |
Less accumulated depreciation and amortization | (34,304) | (27,862) |
Property and equipment — net | 14,364 | 14,211 |
PhreesiaPads and Arrivals Stations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment Gross | $ 26,470 | 22,747 |
Property and equipment Useful Life | 3 years | |
Computer equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment Gross | $ 17,093 | 14,338 |
Property and equipment Useful Life | 3 years | |
Computer software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment Gross | $ 2,223 | 2,166 |
Property and equipment Useful Life | 3 years | |
Hardware development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment Gross | $ 1,024 | 1,024 |
Property and equipment Useful Life | 3 years | |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment Gross | $ 683 | 647 |
Property and equipment Useful Life | 7 years | |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment Gross | $ 1,175 | $ 1,151 |
Property and equipment Useful Life | 2 years |
Composition of certain financ_5
Composition of certain financial statement captions - Schedule Of Finite Lived Intangible Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2019 | Jan. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 1,470 | $ 1,470 |
Less accumulated amortization | (212) | (33) |
Net carrying value | 1,258 | 1,437 |
Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 490 | 490 |
Finite-lived intangible asset, useful life | 5 years | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 980 | $ 980 |
Finite-lived intangible asset, useful life | 7 years |
Composition of certain financ_6
Composition of certain financial statement captions - Schedule of Finite Lived Intangible Assets Future Amortization Expense (Detail) - USD ($) $ in Thousands | Oct. 31, 2019 | Jan. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2020 (Remaining three months) | $ 60 | |
2021 | 238 | |
2022 | 238 | |
2023 | 238 | |
2024 | 224 | |
2025 - thereafter | 260 | |
Net carrying value | $ 1,258 | $ 1,437 |
Composition of certain financ_7
Composition of certain financial statement captions - Schedule Of Accounts Notes Loans And Financing Receivable (Detail) - USD ($) $ in Thousands | Oct. 31, 2019 | Jan. 31, 2019 |
Accounts Receivable Additional Disclosures [Abstract] | ||
Billed | $ 19,759 | $ 15,990 |
Unbilled | 978 | 636 |
Total accounts receivable, gross | 20,737 | 16,626 |
Less allowance for doubtful accounts | (729) | (517) |
Total accounts receivable | $ 20,008 | $ 16,109 |
Composition of certain financ_8
Composition of certain financial statement captions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2019 | Jul. 22, 2019 | |
Composition Of Certain Financial Statement [Line Items] | |||||||
Depreciation | $ 2,153 | $ 1,966 | $ 6,444 | $ 5,515 | |||
Capitalized computer software net | 8,501 | 8,501 | $ 7,816 | ||||
Amortization of intangible assets | 59 | 0 | 178 | 0 | |||
Deferred offering costs | $ 6,084 | $ 6,084 | |||||
Accumulated amortization of capital lease assets | 7,127 | 7,127 | 5,369 | ||||
Capital Leased Assets, Gross | 11,973 | 11,973 | 10,235 | ||||
Additional deferred offering costs | 56 | ||||||
Phreesia Platform Software [Member] | |||||||
Composition Of Certain Financial Statement [Line Items] | |||||||
Capitalized cost of computer software | 1,452 | 1,274 | 4,329 | 3,744 | |||
Capitalized computed software amortization | 1,266 | $ 1,037 | 3,645 | $ 2,912 | |||
Capitalized computer software net | 8,501 | $ 8,501 | $ 7,816 | ||||
Acquired Technology [Member] | |||||||
Composition Of Certain Financial Statement [Line Items] | |||||||
Remaining useful life of acquired intangible assets | 4 years 1 month 6 days | 4 years 9 months 18 days | |||||
Customer Relationships [Member] | |||||||
Composition Of Certain Financial Statement [Line Items] | |||||||
Remaining useful life of finite lived intangible assets | 6 years 1 month 6 days | 6 years 9 months 18 days | |||||
Depreciation [Member] | |||||||
Composition Of Certain Financial Statement [Line Items] | |||||||
Capital leases depreciation | $ 1,758 | ||||||
Other Assets [Member] | |||||||
Composition Of Certain Financial Statement [Line Items] | |||||||
Deferred offering costs | $ 0 | $ 0 | $ 540 |
Revenues - Schedule Of Rollforw
Revenues - Schedule Of Rollforward of contract assets and contract liabilities (Detail) $ in Thousands | 9 Months Ended |
Oct. 31, 2019USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Beginning balance - Contract assets (unbilled accounts receivable) | $ 636 |
Amount transferred to receivables from contract assets | (576) |
Contract asset additions | 918 |
Ending balance - Contract assets (unbilled accounts receivable) | 978 |
Beginning balance - Contract liabilities (deferred revenue) | 6,488 |
Performance obligations satisfied during the period that were included in the contract liability balance at the beginning of the period | (11,168) |
Increases due to invoicing prior to satisfaction or performance obligations | 10,006 |
Ending balance - Contract liabilities (deferred revenue) | $ 5,326 |
Revenues - Schedule Of Deferred
Revenues - Schedule Of Deferred contract acquisition costs (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Oct. 31, 2019 | Oct. 31, 2018 | Jan. 31, 2019 | Oct. 31, 2019 | Jan. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |||||
Beginning balance | $ 3,194 | $ 2,334 | $ 2,334 | ||
Additions to deferred contract acquisition costs | 1,414 | 2,500 | |||
Amortization of deferred contract acquisition costs | (1,465) | (1,179) | (1,640) | ||
Ending balance | 3,143 | 3,194 | |||
Deferred contract acquisition costs, current (to be amortized in next 12 months) | $ 1,631 | $ 1,673 | |||
Deferred contract acquisition costs, non current | 1,512 | 1,521 | |||
Total deferred contract acquisition costs | $ 3,143 | $ 2,334 | $ 2,334 | $ 3,143 | $ 3,194 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Jan. 31, 2019 | |
Revenue From Contract With Customer [Line Items] | |||||
Revenue from Contract with Customer | $ 32,843 | $ 24,756 | $ 91,968 | $ 73,406 | |
Capitalized contract cost, amortization | 1,465 | 1,179 | $ 1,640 | ||
Selling and Marketing Expense [Member] | |||||
Revenue From Contract With Customer [Line Items] | |||||
Capitalized contract cost, amortization | 491 | 416 | 1,465 | 1,179 | |
Subscription And Related Services [Member] | |||||
Revenue From Contract With Customer [Line Items] | |||||
Revenue from Contract with Customer | 14,606 | 10,929 | 41,292 | 31,391 | |
Subscription And Related Services [Member] | Onsite kiosks [Member] | |||||
Revenue From Contract With Customer [Line Items] | |||||
Revenue from Contract with Customer | $ 1,496 | $ 1,197 | $ 4,462 | $ 3,388 |
Debt - Schedule Of Outstanding
Debt - Schedule Of Outstanding loan balances (Detail) - USD ($) $ in Thousands | Oct. 31, 2019 | Jan. 31, 2019 | Nov. 07, 2016 |
Debt Instrument [Line Items] | |||
Long term debt gross | $ 20,000 | $ 28,842 | |
Less current maturities | 0 | (97) | |
Less deferred financing costs | (983) | (996) | |
Plus accrued interest | 121 | 0 | |
Plus accrued final payment | 217 | 169 | |
Long term debt, net of current portion | 19,355 | 27,918 | |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt gross | 20,000 | 1,042 | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt gross | 0 | 7,800 | |
Loans Payable [Member] | |||
Debt Instrument [Line Items] | |||
Long term debt gross | $ 0 | $ 20,000 | $ 20,000 |
Debt - Schedule of long-term de
Debt - Schedule of long-term debt maturities (Detail) $ in Thousands | Oct. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 (Remaining three months) | $ 0 |
2021 | 0 |
2022 | 6,111 |
2023 | 6,667 |
2024 | 6,667 |
2025 - thereafter | 555 |
Total long-term debt payments | $ 20,000 |
Debt - Additional information (
Debt - Additional information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 22, 2019 | Feb. 28, 2019 | Jan. 31, 2019 | May 31, 2017 | Nov. 07, 2016 | Feb. 28, 2019 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 |
Debt [Line Items] | ||||||||||
Final fee charged to interest | $ 169 | $ 217 | $ 217 | |||||||
Repayments of revolving credit | $ 17,676 | 17,676 | $ 3,500 | |||||||
Long term debt gross | 28,842 | $ 20,000 | $ 20,000 | |||||||
Number of securities called by warrants | 428,757 | 428,757 | ||||||||
Write-off of deferred financing costs | $ 773 | |||||||||
Extinguishment and modification fee | 1,073 | 0 | ||||||||
Debt issuance costs | $ 112 | 0 | ||||||||
Debt instrument fee percentage | 5 | |||||||||
Prepayment fee | $ 300 | $ 300 | ||||||||
Amended and Restated Loan and Security Agreement [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Number of securities called by warrants | 150,274 | 150,274 | ||||||||
Exercise price | $ 8.02 | $ 8.02 | ||||||||
Prepayment fee percentage | 3.00% | 3.00% | ||||||||
Prepayment fee percentage | 2.00% | 2.00% | ||||||||
Prepayment fee percentage | 1.00% | 1.00% | ||||||||
Warrants fair value disclosure | $ 833 | $ 833 | ||||||||
Warrants expiration period | 2029-02 | |||||||||
Loans Payable [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Maximum borrowing capacity | $ 10,000 | |||||||||
Interest expense | 0 | $ 498 | 168 | 1,663 | ||||||
Amortization of financing costs | 0 | $ 30 | 0 | $ 89 | ||||||
Effective interest rate percentage | 12.50% | 12.50% | ||||||||
Expiration period | 5 years | |||||||||
Proceeds from lines of credit | $ 10,000 | |||||||||
Stated interest percentage | 11.00% | |||||||||
Loan agreement, term | principal due in 30 equal installments beginning in June 2019. | |||||||||
Long term debt gross | 20,000 | $ 20,000 | 0 | 0 | ||||||
Term Loan [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Maximum borrowing capacity | $ 3,500 | |||||||||
Interest rate description | Prime Rate as quoted by Wall Street Journal print edition less three-quarters of one percent (0.75%) | |||||||||
Final fee charged to interest | 0 | $ 7 | 6 | $ 21 | ||||||
Interest expense | 0 | 23 | 16 | 73 | ||||||
Amortization of financing costs | 0 | $ 6 | $ 5 | $ 18 | ||||||
Effective interest rate percentage | 5.10% | 5.10% | ||||||||
Description of variable rate basis | Prime Rate was 5.50% | |||||||||
Expiration period | 36 months | |||||||||
Long term debt gross | $ 1,042 | 20,000 | $ 20,000 | |||||||
Prepayment fee | 175 | 175 | ||||||||
Term Loan [Member] | Amended and Restated Loan and Security Agreement [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Final fee charged to interest | $ 217 | $ 217 | ||||||||
Interest expense | 386 | 1,046 | ||||||||
Amortization of financing costs | $ 38 | $ 103 | ||||||||
Effective interest rate percentage | 3.90% | 3.90% | ||||||||
Description of variable rate basis | prime rate plus 1.50% | |||||||||
Loan agreement, term | Principal payments due under the term loans are due in 36 equal monthly installments beginning in March 2021. | |||||||||
Long term debt gross | $ 20,000 | $ 1,042 | 20,000 | |||||||
Description of variable rate basis | prime plus 0.75% | |||||||||
Unused capacity fee percentage | 0.15% | |||||||||
Termination fee percentage | 1.50% | |||||||||
Debt instrument fee percentage | 2.75% | |||||||||
Term Loan B Advance [Member] | Amended and Restated Loan and Security Agreement [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Maximum borrowing capacity | $ 10,000 | 10,000 | ||||||||
Term Loan C Advance [Member] | Amended and Restated Loan and Security Agreement [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Maximum borrowing capacity | 15,000 | 15,000 | ||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Interest expense | $ 0 | $ 42 | $ 166 | $ 115 | ||||||
Amortization of financing costs | 0 | $ 18 | $ 13 | 53 | ||||||
Description of variable rate basis | prime rate plus 1.00% | |||||||||
Maturity date | Nov. 30, 2019 | |||||||||
Weighted-average borrowings outstanding | $ 979 | $ 971 | ||||||||
Revolving line of credit | $ 10,000 | 20,000 | $ 20,000 | |||||||
Revolving Credit Facility [Member] | Amended and Restated Loan and Security Agreement [Member] | ||||||||||
Debt [Line Items] | ||||||||||
Maximum borrowing capacity | 25,000 | 25,000 | ||||||||
Interest rate description | Borrowings under the revolving credit facility bear interest, which is payable monthly, at a floating rate equal to the greater of the bank’s prime rate less 0.50%, or 5.0% until such time that EBITDA reaches a defined level, after which time the interest rate is reduced to the greater of prime less 0.75%, or 4.75%. | |||||||||
Interest expense | 32 | $ 342 | ||||||||
Amortization of financing costs | $ 84 | |||||||||
Maturity date | Feb. 28, 2024 | |||||||||
Expiration period | 5 years | |||||||||
Borrowing capacity decription | Borrowings under the revolving credit facility are subject to a borrowing base equal to 80% of eligible accounts receivable plus a percentage of recurring revenue, as defined, not to exceed $25,000 in the aggregate. | |||||||||
Annual fee per year during the first three years | $ 100 | |||||||||
Annual fee per year in years four and five | 75 | |||||||||
Revolving line of credit | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 |
Common Stock - Additional infor
Common Stock - Additional information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 22, 2019 | Oct. 31, 2019 | Oct. 31, 2018 | Jan. 31, 2019 |
Class of Stock [Line Items] | ||||
Common stock authorized | 500,000,000 | 80,000,000 | ||
Common stock par value | $ 0.01 | $ 0.01 | ||
Proceeds from proceeds from issuance intial public offering | $ 130,781 | $ 0 | ||
IPO [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock authorized | 500,000,000 | |||
Common stock par value | $ 0.01 | |||
Stock issued during period initial public offering | 7,812,500 | |||
Share price | $ 18 | |||
Proceeds from proceeds from issuance intial public offering | $ 130,781 | |||
Convertible preferred stock converted | 588,763 | |||
Cashless exercise of common stock warrants | 53,023 | |||
Convertible Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Convertible preferred stock converted | 25,311,515 |
Preferred stock - Additional in
Preferred stock - Additional information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 22, 2019 | Oct. 31, 2019 | Jul. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Apr. 30, 2019 | Jan. 31, 2019 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 |
Preferred Stock [Line Items] | |||||||||||
Aggregate of common stock | 35,872,057 | 35,872,057 | 1,994,721 | ||||||||
Preferred stock authorized | 20,000,000 | ||||||||||
Preferred stock par value | $ 0.01 | ||||||||||
Dividend paid | $ 0 | $ 0 | $ 14,955 | $ 0 | |||||||
IPO [Member] | |||||||||||
Preferred Stock [Line Items] | |||||||||||
Aggregate of common stock | 25,311,515 | ||||||||||
Dividend paid | $ 14,955 | $ 14,955 | |||||||||
Junior Convertible Preferred Stock [Member] | |||||||||||
Preferred Stock [Line Items] | |||||||||||
Temporary equity cancelled | (32,746,041) | ||||||||||
Temporary equity, shares outstanding | 0 | 0 | 32,746,041 | 0 | 32,746,041 | 32,746,041 | 32,746,041 | 32,746,041 | 32,746,041 | 32,746,041 | |
Temporary equity, shares issued | 0 | 0 | 32,746,041 | ||||||||
Redeemable Preferred Stock [Member] | |||||||||||
Preferred Stock [Line Items] | |||||||||||
Temporary equity cancelled | 42,560,530 | (42,560,530) | |||||||||
Temporary equity, shares outstanding | 0 | 0 | 42,560,782 | 0 | 42,560,782 | 42,560,530 | 42,560,530 | 42,560,782 | 42,560,530 | 42,560,530 | |
Temporary equity, shares issued | 0 | 0 | 42,560,530 |
Equity-based compensation - Wei
Equity-based compensation - Weighted Average Assumptions (Detail) - Stock Option [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.81% | 2.90% | 2.18% | 2.83% |
Expected dividends | $ 0 | $ 0 | $ 0 | $ 0 |
Expected term (in years) | 6 years 3 months | 0 years | 6 years 3 months | 6 years 3 months |
Volatility | 45.90% | 45.00% | 45.15% | 45.00% |
Weighted average fair market value of grants | $ 12.42 | $ 3.99 | $ 4.99 | $ 3.72 |
Equity-based compensation - Sto
Equity-based compensation - Stock Option Activity (Detail) - Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended |
Oct. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options outstanding | 5,055,505 |
Granted | 1,230,382 |
Exercised | (111,515) |
Forfeited and expired | (53,627) |
Number of options outstanding and expected to vest | 6,120,745 |
Exercisable | 4,197,481 |
Amount vested at the end of the period | 621,206 |
Weighted- average exercise price outstanding | $ 2.45 |
Granted | 8.78 |
Exercised | 3.98 |
Forfeited and expired | 3.38 |
Weighted- average exercise price outstanding and expected to vest | 3.67 |
Exercisable | 2.09 |
Amount vested at the end of the period | $ 4.03 |
Weighted- average remaining contractual life outstanding and expected to vest | 6 years 4 months 6 days |
Weighted- average remaining contractual life exercisable | 4 years 10 months 2 days |
Aggregate intrinsic value outstanding and expected to vest | $ 140,339 |
Aggregate intrinsic value exercisable | $ 103,178 |
Equity-based compensation - Add
Equity-based compensation - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 20, 2019 | Mar. 25, 2019 | Oct. 14, 2014 | Aug. 31, 2019 | Jun. 30, 2019 | Jan. 31, 2019 | Jan. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Intrinsic value | $ 1,728 | $ 1,658 | |||||||||
Weighted average Term | 2 years 11 months 23 days | ||||||||||
Option plan expense | $ 809 | $ 447 | $ 2,051 | $ 950 | |||||||
Unrecognized compensation cost to stock option | 6,975 | 6,975 | |||||||||
Incremental expense | 173 | $ 173 | |||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Expiration date | 2026-03 | ||||||||||
RSU's granted | 390,794 | 526,382 | |||||||||
Restricted stock expense | 957 | $ 1,781 | |||||||||
Unrecognised compensation costs | $ 3,779 | $ 3,779 | |||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Year 1 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Percentage of vest option | 10.00% | ||||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Year 2 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Percentage of vest option | 20.00% | ||||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Year 3 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Percentage of vest option | 30.00% | ||||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Year 4 [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Percentage of vest option | 40.00% | ||||||||||
Performance Shares [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
RSU's granted | 72,126 | ||||||||||
Time Based Restricted Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
RSU's granted | 4,873 | ||||||||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Percentage of vest option | 200.00% | ||||||||||
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Expiration date | 2026-06 | ||||||||||
RSU's granted | 58,589 | ||||||||||
2006 Stock Option Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of options issued | 151,548 | ||||||||||
Expiration date | 2017-08 | ||||||||||
Number of shares available for issuance | 4,424,986 | ||||||||||
2018 Stock Option Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Additional shares authorized | 3,048,490 | ||||||||||
2019 Stock Option And Incentive Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common stock reserve for future issuance | 2,139,683 | 2,129,560 | 2,129,560 | ||||||||
Percentage increase in number of shares reserved | 5.00% | ||||||||||
Percentage of vest option | 25.00% | ||||||||||
2019 Stock Option And Incentive Plan [Member] | Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
vesting term | 4 years | ||||||||||
2019 Stock Option And Incentive Plan [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
vesting term | 10 years | ||||||||||
2019 Employee Stock Purchse Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common stock reserve for future issuance | 855,873 | 855,873 | 855,873 |
Equity-based compensation - Res
Equity-based compensation - Restricted stock Units (Detail) - Restricted Stock Units (RSUs) [Member] - shares | Mar. 25, 2019 | Oct. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balance | 20,164 | |
Granted | 390,794 | 526,382 |
Forfeited | (22,185) | |
Ending balance | 524,361 |
Stock warrants - warrants to pu
Stock warrants - warrants to purchase common and preferred stock (Detail) - $ / shares | Oct. 31, 2019 | Jan. 31, 2019 |
Preferred stock | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants | 0 | 1,636,641 |
Senior A Preferred | Exercise price 2.19, Expiration October 1, 2021 | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants | 0 | 116,232 |
Exercise price | $ 2.19 | |
Exercise price Expiration | Oct. 1, 2021 | |
Senior A Preferred | Exercise price 3.00, Expiration November 1, 2026 | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants | 0 | 672,560 |
Exercise price | $ 3 | |
Exercise price Expiration | Nov. 1, 2026 | |
Junior Preferred | Exercise price 0.01, Expiration September 5, 2020 | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants | 0 | 489,605 |
Exercise price | $ 0.01 | |
Exercise price Expiration | Sep. 5, 2020 | |
Redeemable Preferred | Exercise price 0.01, Expiration September 5, 2020 | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants | 0 | 358,244 |
Exercise price | $ 0.01 | |
Exercise price Expiration | Sep. 5, 2020 | |
Common stock | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants | 228,178 | 256,411 |
Common stock | Exercise price 2.02, Expiration October 21, 2025 | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants | 0 | 166,952 |
Exercise price | $ 2.02 | |
Exercise price Expiration | Oct. 21, 2025 | |
Common stock | Exercise price 3.49, Expiration November 1, 2026 | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants | 0 | 89,459 |
Exercise price | $ 3.49 | |
Exercise price Expiration | Nov. 1, 2026 | |
Common stock | Exercise price 8.02, Expiration February 28, 2029 | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants | 75,137 | 0 |
Exercise price | $ 8.02 | |
Exercise price Expiration | Feb. 28, 2029 | |
Common stock (converted from preferred stock) | Exercise price 6.59, Expiration November 1, 2026 | ||
Class of Warrant or Right [Line Items] | ||
Number of warrants | 153,041 | 0 |
Exercise price | $ 6.59 | |
Exercise price Expiration | Nov. 1, 2026 |
Stock warrants - Activity for t
Stock warrants - Activity for the Company's warrants (Detail) | 9 Months Ended |
Oct. 31, 2019shares | |
Common Stock [Member] | |
Class of Warrant or Right [Line Items] | |
Beginning, balance | 256,411 |
Granted | 150,274 |
Conversion of preferred stock warrants to common stock warrants | 581,798 |
Exercised | (760,305) |
Ending, balance | 228,178 |
Preferred Stock [Member] | |
Class of Warrant or Right [Line Items] | |
Beginning, balance | 1,636,641 |
Exercised | (1,636,641) |
Ending, balance | 0 |
Stock warrants - Reconciliation
Stock warrants - Reconciliation of warrant liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Warrants and Rights Note Disclosure [Abstract] | ||||
Beginning, balance | $ 5,498 | |||
Change in fair value of stock warrants nine months ended October 31, 2019 | $ 0 | $ 611 | 3,307 | $ 1,496 |
Conversion of convertible preferred stock warrants | (8,805) | |||
Ending, balance | $ 0 | $ 0 |
Stock warrants - Additional inf
Stock warrants - Additional information (Detail) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Jul. 31, 2019 | Oct. 31, 2019 | Jan. 31, 2019 | |
Class of Warrant or Right [Line Items] | ||||
Common stock issued upon the exercise of warrants | 75,137 | 256,411 | ||
Common stock withheld | 22,114 | 25,919 | ||
Common stock warrants outstanding | $ 0 | $ 5,498,000 | ||
Securities called by warrants | 428,757 | |||
Shares Issued Upon Exercise of warrants | 53,023 | 230,492 | ||
Convertible Common Stock Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Common stock warrants outstanding | $ 153,041 | |||
Common Stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Common stock warrants outstanding | $ 228,178 | |||
Conversion of preferred stock warrants to common stock warrants | 581,798 | |||
Warrant [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Common stock issued upon the exercise of warrants | 428,757 | |||
Common stock withheld | 70,485 |
Fair value measurements - Sched
Fair value measurements - Schedule Of weighted-average to determine the fair value of warrants (Detail) - Black Scholes Model [Member] - $ / shares | 1 Months Ended | 9 Months Ended |
Jan. 31, 2019 | Oct. 31, 2019 | |
Redeemable Series A Preferred Stock [Member] | Fair Value Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated fair value of preferred stock | $ 5.80 | |
Exercise price | $ 2.88 | |
Remaining term | 7 years 3 days | |
Risk-free interest rate | 2.60% | |
Expected volatility | 45.10% | |
Dividend yield | 0.00% | |
Redeemable Series A Preferred Stock [Member] | Fair Value Warrant Liability Member [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated fair value of preferred stock | $ 18 | |
Exercise price | $ 6.33 | |
Remaining term | 6 years 6 months 18 days | |
Risk-free interest rate | 1.90% | |
Expected volatility | 45.90% | |
Dividend yield | 0.00% | |
Junior Preferred Stock [Member] | Fair Value Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated fair value of preferred stock | $ 4.88 | |
Exercise price | $ 0.01 | |
Remaining term | 1 year 7 months 6 days | |
Risk-free interest rate | 2.50% | |
Expected volatility | 45.10% | |
Dividend yield | 0.00% | |
Junior Preferred Stock [Member] | Fair Value Warrant Liability Member [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated fair value of preferred stock | $ 18 | |
Exercise price | $ 0.01 | |
Remaining term | 1 year 1 month 17 days | |
Risk-free interest rate | 1.90% | |
Expected volatility | 45.90% | |
Dividend yield | 0.00% | |
Redeemable Preferred Stock [Member] | Fair Value Warrants [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated fair value of preferred stock | $ 0.01 | |
Exercise price | $ 0.01 | |
Remaining term | 1 year 7 months 6 days | |
Risk-free interest rate | 2.50% | |
Expected volatility | 45.10% | |
Dividend yield | 0.00% |
Fair value measurements - Addit
Fair value measurements - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 31, 2019 | Jan. 31, 2019 | Oct. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Warrant liability | $ 0 | $ 5,498 | |
Fair value, assets, level 1 to level 2 transfers, amount | 0 | $ 0 | |
Fair value, assets, level 2 to level 1 transfers, amount | 0 | 0 | |
Fair value, liabilities, level 1 to level 2 transfers, amount | 0 | 0 | |
Fair value, liabilities, level 2 to level 1 transfers, amount | 0 | $ 0 | |
Accounts Payable [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of foreign currency contracts | $ 24 | $ 143 |
Commitments and contingencies -
Commitments and contingencies - Schedule of aggregate minimum net rental payments (Detail) $ in Thousands | Oct. 31, 2019USD ($) |
Commitments And Contingencies [Line Items] | |
2020 (Remaining three months) | $ 443 |
Year ending January 31, 2021 | 1,824 |
Year ending January 31, 2022 | 819 |
Year ending January 31, 2023 | 464 |
Total operating lease payments | $ 3,550 |
Commitments and contingencies_2
Commitments and contingencies - Schedule of minimum lease payments (Detail) - USD ($) $ in Thousands | Oct. 31, 2019 | Jan. 31, 2019 |
Commitments And Contingencies [Line Items] | ||
2020 (Remaining three months) | $ 611 | |
Year ending January 31, 2021 | 2,404 | |
Year ending January 31, 2022 | 1,621 | |
Year ending January 31, 2023 | 200 | |
Total capital lease payments | 4,836 | |
Less amounts representing interest | (452) | |
Total capital lease payments, net of interest | 4,384 | |
Less current portion | (2,413) | $ (1,869) |
Total capital lease payments, net of interest and current portion | $ 1,971 | $ 2,401 |
Commitments and contingencies_3
Commitments and contingencies - Additional information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Commitments And Contingencies [Line Items] | ||||
Operating lease rent expense | $ 462 | $ 453 | $ 1,373 | $ 1,350 |
Capital lease interest expense | $ 64 | $ 78 | $ 215 | $ 190 |
Maximum [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Lease period | 36 months | 36 months | ||
Minimum [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Lease period | 30 months | 30 months |
Income taxes - Additional infor
Income taxes - Additional information (Detail) | 9 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 0.00% | 0.00% |
U.S. statutory tax rate | 21.00% |
Net loss per share attributab_3
Net loss per share attributable to common stockholders - Schedule of earnings per share basic and diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Numerator: | ||||||||
Net loss | $ (2,437) | $ (7,493) | $ (6,695) | $ (4,172) | $ (2,587) | $ (3,224) | $ (16,625) | $ (9,983) |
Preferred stock dividend paid | 0 | 0 | (14,955) | 0 | ||||
Accretion of redeemable convertible preferred stock to redemption value | 0 | (9,236) | (56,175) | (20,962) | ||||
Net loss attributable to common stockholders | $ (2,437) | $ (13,408) | $ (87,755) | $ (30,945) | ||||
Denominator: | ||||||||
Weighted-average shares of common stock outstanding, basic and diluted | 35,790,951 | 1,909,858 | 15,007,247 | 1,176,833 | ||||
Net loss attributable to common stockholders | $ (0.07) | $ (7.02) | $ (5.85) | $ (26.30) |
Net loss per share attributab_4
Net loss per share attributable to common stockholders - Schedule of antidilutive securities excluded from computation of earnings per share (Detail) - shares | 9 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 6,873,284 | 31,243,853 |
Redeemable convertible preferred stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 25,311,535 |
Stock options to purchase common stock and restricted stock units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 6,645,106 | 5,094,108 |
Warrants to purchase convertible preferred stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 581,798 |
Warrants to purchase common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 228,178 | 256,411 |
Related party transactions - Ad
Related party transactions - Additional Information (Detail) - Affiliated Entity [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Jan. 31, 2019 | |
Related Party Transaction [Line Items] | |||||
Recognized revenue | $ 1,223 | $ 1,115 | $ 4,098 | $ 3,693 | |
Accounts receivable | $ 1,277 | $ 1,277 | $ 598 |