Cover
Cover - shares | 3 Months Ended | |
Apr. 30, 2023 | May 29, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-38977 | |
Entity Registrant Name | PHREESIA, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-2275479 | |
Entity Address, Address Line One | 1521 Concord Pike | |
Entity Address, Address Line Two | Suite 301 PMB 221 | |
Entity Address, City or Town | Wilmington | |
Entity Address, State or Province | DE | |
Entity Address, Postal Zip Code | 19803 | |
City Area Code | 888 | |
Local Phone Number | 654-7473 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | PHR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 53,659,257 | |
Amendment Flag | false | |
Entity Central Index Key | 0001412408 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --01-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Current: | ||
Cash and cash equivalents | $ 149,767 | $ 176,683 |
Settlement assets | 26,539 | 22,599 |
Accounts receivable, net of allowance for doubtful accounts of $1,022 and $1,053 as of April 30, 2023 and January 31, 2023, respectively | 52,932 | 51,394 |
Deferred contract acquisition costs | 908 | 1,056 |
Prepaid expenses and other current assets | 10,002 | 10,709 |
Total current assets | 240,148 | 262,441 |
Property and equipment, net of accumulated depreciation and amortization of $63,810 and $59,847 as of April 30, 2023 and January 31, 2023, respectively | 26,228 | 21,670 |
Capitalized internal-use software, net of accumulated amortization of $39,380 and $37,236 as of April 30, 2023 and January 31, 2023, respectively | 38,152 | 35,150 |
Operating lease right-of-use assets | 336 | 569 |
Deferred contract acquisition costs | 1,562 | 1,754 |
Intangible assets, net of accumulated amortization of $2,892 and $2,549 as of April 30, 2023 and January 31, 2023, respectively | 11,058 | 11,401 |
Deferred tax asset | 0 | 81 |
Goodwill | 33,736 | 33,736 |
Other assets | 2,632 | 3,255 |
Total Assets | 353,852 | 370,057 |
Current: | ||
Settlement obligations | 26,539 | 22,599 |
Current portion of finance lease liabilities and other debt | 6,982 | 5,172 |
Current portion of operating lease liabilities | 692 | 934 |
Accounts payable | 7,602 | 10,836 |
Accrued expenses | 23,284 | 21,810 |
Deferred revenue | 17,881 | 17,688 |
Total current liabilities | 82,980 | 79,039 |
Long-term finance lease liabilities and other debt | 6,689 | 2,725 |
Operating lease liabilities, non-current | 257 | 349 |
Long-term deferred revenue | 179 | 125 |
Long-term deferred tax liabilities | 136 | 0 |
Total Liabilities | 90,241 | 82,238 |
Commitments and contingencies (Note 11) | ||
Stockholders’ Equity: | ||
Common stock, $0.01 par value - 500,000,000 shares authorized as of both April 30, 2023 and January 31, 2023; 54,766,872 and 54,187,172 shares issued as of April 30, 2023 and January 31, 2023, respectively | 548 | 542 |
Additional paid-in capital | 947,353 | 926,957 |
Accumulated deficit | (643,615) | (606,084) |
Treasury stock, at cost, 1,186,619 and 971,236 shares as of April 30, 2023 and January 31, 2023, respectively | (40,675) | (33,596) |
Total Stockholders’ Equity | 263,611 | 287,819 |
Total Liabilities and Stockholders’ Equity | $ 353,852 | $ 370,057 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 1,022 | $ 1,053 |
Accumulated depreciation and amortization, property and equipment | 63,810 | 59,847 |
Accumulated amortization, capitalized internal-use software | 39,380 | 37,236 |
Accumulated amortization, intangible assets | $ 2,892 | $ 2,549 |
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, issued (in shares) | 54,766,872 | 54,187,172 |
Treasury stock (in shares) | 1,186,619 | 971,236 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Revenue: | ||
Total revenues | $ 83,845 | $ 63,354 |
Expenses: | ||
Cost of revenue (excluding depreciation and amortization) | 14,907 | 14,386 |
Payment processing expense | 16,090 | 12,158 |
Sales and marketing | 37,413 | 40,031 |
Research and development | 26,469 | 20,635 |
General and administrative | 19,877 | 20,855 |
Depreciation | 4,504 | 4,278 |
Amortization | 2,486 | 1,604 |
Total expenses | 121,746 | 113,947 |
Operating loss | (37,901) | (50,593) |
Other expense, net | (42) | (31) |
Interest income (expense), net | 718 | (383) |
Total other income (expense), net | 676 | (414) |
Loss before provision for income taxes | (37,225) | (51,007) |
Provision for income taxes | (306) | (235) |
Net loss | $ (37,531) | $ (51,242) |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.70) | $ (0.99) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.70) | $ (0.99) |
Weighted-average common shares outstanding, basic (in shares) | 53,347,709 | 51,938,887 |
Weighted-average common shares outstanding, diluted (in shares) | 53,347,709 | 51,938,887 |
Subscription and related services | ||
Revenue: | ||
Total revenues | $ 37,887 | $ 29,101 |
Payment processing fees | ||
Revenue: | ||
Total revenues | 24,253 | 19,381 |
Network solutions | ||
Revenue: | ||
Total revenues | $ 21,705 | $ 14,872 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | APIC | Accumulated Deficit | Treasury stock |
Beginning balance (in shares) at Jan. 31, 2022 | 52,095,964 | ||||
Beginning balance at Jan. 31, 2022 | $ 417,280 | $ 521 | $ 860,657 | $ (429,938) | $ (13,960) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (51,242) | (51,242) | |||
Stock-based compensation | 12,594 | 12,594 | |||
Exercise of stock options and vesting of restricted stock units (in shares) | 326,624 | ||||
Exercise of stock options and vesting of restricted stock units | 548 | $ 4 | 544 | ||
Issuance of stock for share-settled bonus awards (in shares) | 233,135 | ||||
Issuance of stock for share-settled bonus awards | 6,774 | $ 2 | 6,772 | ||
Treasury stock from vesting of restricted stock units - satisfaction of tax withholdings | (4,735) | (4,735) | |||
Ending balance (in shares) at Apr. 30, 2022 | 52,655,723 | ||||
Ending balance at Apr. 30, 2022 | 381,219 | $ 527 | 880,567 | (481,180) | (18,695) |
Beginning balance (in shares) at Jan. 31, 2023 | 54,187,172 | ||||
Beginning balance at Jan. 31, 2023 | 287,819 | $ 542 | 926,957 | (606,084) | (33,596) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (37,531) | (37,531) | |||
Stock-based compensation | $ 14,950 | 14,950 | |||
Exercise of stock options and vesting of restricted stock units (in shares) | 67,186 | 404,012 | |||
Exercise of stock options and vesting of restricted stock units | $ 155 | $ 4 | 151 | ||
Issuance of stock for share-settled bonus awards (in shares) | 175,688 | ||||
Issuance of stock for share-settled bonus awards | 5,297 | $ 2 | 5,295 | ||
Treasury stock from vesting of restricted stock units - satisfaction of tax withholdings | (7,079) | (7,079) | |||
Ending balance (in shares) at Apr. 30, 2023 | 54,766,872 | ||||
Ending balance at Apr. 30, 2023 | $ 263,611 | $ 548 | $ 947,353 | $ (643,615) | $ (40,675) |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Operating activities: | ||
Net loss | $ (37,531) | $ (51,242) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 6,990 | 5,882 |
Stock-based compensation expense | 17,138 | 14,151 |
Amortization of deferred financing costs and debt discount | 85 | 77 |
Cost of Phreesia hardware purchased by customers | 416 | 277 |
Deferred contract acquisition costs amortization | 340 | 467 |
Non-cash operating lease expense | 233 | 289 |
Deferred taxes | 217 | 224 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,538) | (6,092) |
Prepaid expenses and other assets | 1,152 | (450) |
Deferred contract acquisition costs | 0 | (106) |
Accounts payable | (2,983) | 123 |
Accrued expenses and other liabilities | 1,822 | 1,701 |
Lease liabilities | (247) | (306) |
Deferred revenue | 247 | 1,372 |
Net cash used in operating activities | (13,659) | (33,633) |
Investing activities: | ||
Capitalized internal-use software | (4,732) | (5,239) |
Purchases of property and equipment | (1,347) | (1,785) |
Net cash used in investing activities | (6,079) | (7,024) |
Financing activities: | ||
Proceeds from issuance of common stock upon exercise of stock options | 249 | 709 |
Treasury stock to satisfy tax withholdings on stock compensation awards | (6,950) | (4,307) |
Proceeds from employee stock purchase plan | 967 | 1,214 |
Finance lease payments | (1,444) | (1,468) |
Debt issuance costs and loan facility fee payments | 0 | (113) |
Net cash used in financing activities | (7,178) | (3,965) |
Net decrease in cash and cash equivalents | (26,916) | (44,622) |
Cash and cash equivalents – beginning of period | 176,683 | 313,812 |
Cash and cash equivalents – end of period | 149,767 | 269,190 |
Supplemental information of non-cash investing and financing information: | ||
Property and equipment acquisitions through finance leases | 7,067 | 140 |
Purchase of property and equipment and capitalized software included in current liabilities | 3,485 | 1,755 |
Capitalized stock-based compensation | 337 | 348 |
Issuance of stock to settle liabilities for stock-based compensation | 5,297 | 6,774 |
Cash paid for: | ||
Interest | $ 58 | $ 128 |
Background and liquidity
Background and liquidity | 3 Months Ended |
Apr. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and liquidity | Background and liquidity (a) Background Phreesia, Inc. (the "Company") is a leading provider of comprehensive software solutions that improve the operational and financial performance of healthcare organizations by activating patients in their care to optimize patient health outcomes. Through the SaaS-based technology platform (the "Phreesia Platform" or "Platform"), the Company offers healthcare services clients a robust suite of integrated solutions that manage patient access, registration and payments. The Company’s Platform also provides life sciences companies, health plans and other payer organizations (payers), patient advocacy, public interest and other not-for-profit organizations with a channel for direct communication with patients. In connection with the patient intake and registration process, Phreesia offers its healthcare services clients the ability to lease tablets ("PhreesiaPads") and on-site kiosks ("Arrivals Kiosks") along with their monthly subscription. The Company was formed in May 2005. (b) 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 common stock, debt and preferred stock to fund its operations as well as sales of Company products and services in the normal course of business. Management believes that net losses and negative cash flows will continue for at least the next year. On March 10, 2023, Silicon Valley Bank ("SVB") was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation ("FDIC") as receiver. On March 12, 2023, actions were approved enabling the FDIC to complete its resolutions of SVB in a manner that fully protects all depositors. On March 27, 2023, SVB was acquired by and became a division of First Citizens Bank. Prior to these events, on March 9, 2023, the Company transferred a substantial portion of its cash and cash equivalents from SVB to other financial institutions. The Company has determined that all of its cash and cash equivalents continue to be available for use by the Company. The Company is also party to the Second Amended and Restated Loan and Security Agreement with SVB, as amended by the First Loan Modification Agreement (the “Third SVB Facility”), which contains certain restrictive covenants including a covenant that limits the Company's ability to retain specified levels of cash in accounts outside of SVB. On March 10, 2023, the Company obtained consent from SVB to hold up to $165 million of cash in accounts outside SVB until May 15, 2023. On May 8, 2023, the Company obtained an extension of the consent through September 15, 2023, provided the Company continues to hold at least $17 million of cash in accounts at SVB. The consent serves to permit the Company to borrow against the Third SVB Facility once the cash and cash equivalents retained outside of SVB are compliant with the covenant and so long as the Company remains in compliance with all other covenants under the Third SVB Facility. With the exception of this consent, the SVB developments and related FDIC actions noted above have not materially impacted the Company's financial position or its operations. The Company may seek to obtain additional financing, if needed, to successfully implement its long-term strategy. |
Basis of presentation
Basis of presentation | 3 Months Ended |
Apr. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of presentation (a) Consolidated financial statements The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and regulations of the Securities and Exchange Commission ("SEC") regarding quarterly financial reporting and include the accounts of Phreesia, Inc., its branch operation in Canada and its consolidated subsidiaries (or collectively, the "Company"). (b) Fiscal year The Company’s fiscal year ends on January 31. References to fiscal 2024 and 2023 refer to the fiscal years ending on January 31, 2024 and January 31, 2023, respectively. (c) Unaudited interim financial statements The accompanying unaudited interim consolidated financial statements have been prepared in accordance with GAAP and applicable rules and regulations of the SEC regarding interim financial reporting. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, which include normal recurring adjustments, necessary for the fair statement of the Company’s interim financial position as of April 30, 2023 and the results of its operations, changes in its stockholders' equity and its cash flows for the periods ended April 30, 2023 and 2022. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. 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 herein are adequate to make the information presented not misleading when read in conjunction with the audited financial statements and accompanying notes for the fiscal year ended January 31, 2023. (d) Network solutions revenue During the year ended January 31, 2023, the Company relabeled its Life sciences category of revenue presented on its Consolidated Statements of Operations to Network solutions revenue. The Company’s Network solutions revenue includes fees from life sciences and payer clients for delivering direct communications to help activate, engage and educate patients about topics critical to their health using the Phreesia Platform. During the three months ended April 30, 2022, the Company's Network solutions revenue was generated by its life sciences clients. There have been no changes to previously reported revenues. |
Summary of significant accounti
Summary of significant accounting policies | 3 Months Ended |
Apr. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies The Company’s significant accounting policies are disclosed in the audited financial statements for the fiscal year ended January 31, 2023. Since the date of those audited financial statements, there have been no material 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 the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated 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 could 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 software, the determination of the useful lives of property and equipment, the fair value of securities underlying stock-based compensation, the fair value of identifiable assets and liabilities and contingent consideration in business acquisitions, and the realization of deferred tax assets. (b) Concentrations of credit risk Financial instruments that 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 two The Company’s customers are primarily physician’s offices and other healthcare services organizations located in the United States as well as pharmaceutical companies. The Company did not have any individual customers that represented more than 10% of total revenues for the three months ended April 30, 2023 and 2022. As of both April 30, 2023 and January 31, 2023, the Company had receivables from at least one entity that accounted for at least 10% of total accounts receivable. (c) Risks and uncertainties The Company is subject to a variety of risk factors, including the economy, data privacy and security laws and government regulations. Additionally, the Company is subject to other risks associated with the markets in which it operates including reliance on third-party vendors, partners, and service providers. Certain of the Company's service providers, including certain third-party software developers, are located in international locations subject to warfare and/or political and economic instability, such as Russia, Ukraine and India. As with any business, operation of the Company involves risk, including the risk of service interruption impacting the operations of the Company's business and the Company's customer’s facilities below expected levels of operation, shut downs due to the breakdown or failure of information technology and communications systems, changes in laws or regulations, political and economic instability, or catastrophic events such as fires, earthquakes, floods, explosions, global health concerns such as pandemics or other similar occurrences affecting the delivery of our productions and services. The occurrence of any of these events could significantly reduce or eliminate revenues generated, or significantly increase the expenses of the Company's operations, adversely impacting the Company’s operating results and the Company's ability to meet the Company's obligations and commitments. (d) New accounting pronouncements Impact of recently adopted accounting pronouncements During the three months ended April 30, 2023, the Company did not adopt any accounting pronouncements that materially impacted the Company's financial statements. Recent accounting pronouncements not yet adopted There are no recently issued accounting pronouncements the Company has not yet adopted that will materially impact the Company's consolidated financial statements. |
Composition of certain financia
Composition of certain financial statement captions | 3 Months Ended |
Apr. 30, 2023 | |
Composition of Certain Financial Statements [Abstract] | |
Composition of certain financial statement captions | Composition of certain financial statement captions (a) Accrued expenses Accrued expenses as of April 30, 2023 and January 31, 2023 are as follows: April 30, 2023 January 31, 2023 Payroll-related expenses and taxes $ 7,813 $ 10,345 Payment processing fees liability 5,212 4,796 Acquisition-related liabilities 47 96 Tax liabilities 1,686 1,491 Information technology 4,586 2,249 Other 3,940 2,833 Total $ 23,284 $ 21,810 (b) Property and equipment Property and equipment as of April 30, 2023 and January 31, 2023 are as follows: Useful Life (years) April 30, 2023 January 31, 2023 PhreesiaPads and Arrivals Kiosks 3 $ 17,803 $ 17,932 Computer equipment 3 61,380 54,485 Computer software 3 to 5 10,326 8,571 Hardware development 3 529 529 Total property and equipment $ 90,038 $ 81,517 Less accumulated depreciation (63,810) (59,847) Property and equipment — net $ 26,228 $ 21,670 Depreciation expense related to property and equipment amounted to $4,504 and $4,278 for the three months ended April 30, 2023 and 2022, respectively. Assets acquired under finance leases included in computer equipment were $34,880 and $27,813 as of April 30, 2023 and January 31, 2023, respectively. Accumulated amortization of assets under finance leases was $22,168 and $20,657 as of April 30, 2023 and January 31, 2023, respectively. (c) Capitalized internal use software For the three months ended April 30, 2023 and 2022, the Company capitalized $5,146 and $6,425, respectively, of costs related to the Phreesia Platform. During the three months ended April 30, 2023 and 2022, amortization expense related to capitalized internal-use software was $2,143 and $1,261, respectively. (d) Intangible assets and goodwill The following presents the details of intangible assets as of April 30, 2023 and January 31, 2023: Useful Life (years) April 30, 2023 January 31, 2023 Acquired technology 5 $ 1,410 $ 1,410 Customer relationship 7 to 10 6,340 6,340 License 15 6,200 6,200 Total intangible assets, gross carrying value $ 13,950 $ 13,950 Less accumulated amortization (2,892) (2,549) Net carrying value $ 11,058 $ 11,401 The remaining useful life for acquired technology in years was 2.5 and 2.7 as of April 30, 2023 and January 31, 2023, respectively. The remaining useful life for customer relationships in years was 8.0 and 8.3 as of April 30, 2023 and January 31, 2023, respectively. The remaining useful life for the license to the Patient Activation Measure ("PAM"®) in years was 13.6 and 13.8 as of April 30, 2023 and January 31, 2023, respectively. Amortization expense associated with intangible assets amounted to $343 for each of the three months ended April 30, 2023 and 2022. The estimated amortization expense for intangible assets for the next five years and thereafter is as follows as of April 30, 2023: April 30, 2023 2024 (Remaining nine months) $ 1,015 Fiscal Years Ending January 31, 2025 1,273 2026 1,242 2027 949 2028 - thereafter 6,579 Total $ 11,058 There were no changes to the Company's goodwill balance during the three months ended April 30, 2023. The Company did not record any impairments of goodwill during the three months ended April 30, 2023 or 2022. (e) Accounts receivable Accounts receivable as of April 30, 2023 and January 31, 2023 are as follows: April 30, 2023 January 31, 2023 Billed $ 49,775 $ 51,458 Unbilled 4,179 989 Total accounts receivable, gross $ 53,954 $ 52,447 Less accounts receivable allowances (1,022) (1,053) Total accounts receivable $ 52,932 $ 51,394 Activity in the Company's allowance for doubtful accounts was as follows for the three months ended April 30, 2023: April 30, 2023 Balance, January 31, 2023 $ 1,053 Bad debt expense 38 Write-offs and adjustments (69) Balance, April 30, 2023 $ 1,022 The Company’s allowance for doubtful accounts represents the current estimate of expected future losses based on prior bad debt experience as well as considerations for specific customers as applicable. The Company's accounts receivable are considered past due when they are outstanding past the due date listed on the invoice to the customer. The Company writes off accounts receivable and removes the associated allowance for doubtful accounts when the Company deems the receivables to be uncollectible. (f) Prepaid and other current assets Prepaid and other current assets as of April 30, 2023 and January 31, 2023 are as follows: April 30, 2023 January 31, 2023 Prepaid software and business systems $ 4,201 $ 3,426 Prepaid data center expenses 2,602 2,389 Prepaid insurance 752 1,552 Other prepaid expenses and other current assets 2,447 3,342 Total prepaid and other current assets $ 10,002 $ 10,709 (g) Cloud computing implementation costs The Company enters into cloud computing service contracts to support its sales and marketing, product development and administrative activities. The Company capitalizes certain implementation costs for cloud computing arrangements that meet the definition of a service contract. The Company includes these capitalized implementation costs within Prepaid expenses and other current assets and within other assets on its consolidated balance sheets. Once placed in service, the Company amortizes these costs over the remaining subscription term to the same caption in the consolidated statements of operations as the related cloud subscription. As of both April 30, 2023 and January 31, 2023 capitalized implementation costs for cloud computing arrangements accounted for as service contracts were $1,532. Accumulated amortization of capitalized implementation costs for these arrangements was $710 and $610 as of April 30, 2023 and January 31, 2023, respectively. (h) Other expense, net Other expense, net for the three months ended April 30, 2023 and 2022 was $42 and $31, respectively. For all periods presented, other expense, net was composed primarily of foreign exchange losses, partially offset by other miscellaneous income. |
Revenue and contract costs
Revenue and contract costs | 3 Months Ended |
Apr. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue and contract costs | Revenue and contract costsThe 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 healthcare services clients for access to the Phreesia Platform, payment processing fees based on patient payment volume, and fees from life sciences and payer clients for delivering direct communications to patients using the Phreesia Platform. The amount of subscription and related services revenue recorded pursuant to ASC 842 for the leasing of the Company’s PhreesiaPads and Arrivals Kiosks was $2,662 and $2,492 for the three months ended April 30, 2023 and 2022, respectively. Contract balances The following table represents a roll-forward of contract assets: January 31, 2023 $ 989 Amount transferred to receivables from beginning balance of contract assets (968) Contract asset additions, net of reclassification to receivables 4,158 April 30, 2023 $ 4,179 The following table represents a roll-forward of deferred revenue: January 31, 2023 $ 17,813 Revenue recognized that was included in deferred revenue at the beginning of the period (10,346) Net increase in current period deferred revenue 10,593 April 30, 2023 $ 18,060 Cost to obtain a contract The Company capitalizes certain incremental costs to obtain customer contracts and amortizes these costs over a period of benefit that the Company has estimated to be three The following table represents a roll forward of deferred contract acquisition costs: Beginning balance, January 31, 2023 $ 2,810 Amortization of deferred contract acquisition costs (340) Ending balance, April 30, 2023 2,470 Deferred contract acquisition costs, current (to be amortized in next 12 months) 908 Deferred contract acquisition costs, non-current 1,562 Total deferred contract acquisition costs $ 2,470 |
Finance leases and other debt
Finance leases and other debt | 3 Months Ended |
Apr. 30, 2023 | |
Debt Disclosure [Abstract] | |
Finance leases and other debt | Finance leases and other debt As of April 30, 2023 and January 31, 2023, the Company had the following outstanding finance lease liabilities and other debt: April 30, 2023 January 31, 2023 Finance leases $ 13,362 $ 7,651 Financing arrangements 46 46 Accrued interest and payments 263 200 Total finance lease liabilities and other debt 13,671 7,897 Less - current portion of finance lease liabilities and other debt (6,982) (5,172) Long-term finance lease liabilities and other debt $ 6,689 $ 2,725 (a) Finance leases See Note 10 - Leases for more information regarding finance leases. (b) Amended and Restated Loan and Security Agreement On February 28, 2019 (the "Effective Date"), the Company entered into the Amended and Restated Loan and Security Agreement (the "First SVB Facility") that provided for a $20,000 term loan. On May 5, 2020 (the "Second SVB Effective Date"), the Company entered into the Second SVB Facility. The Second SVB Facility modified the First SVB Facility. The Second SVB Facility provided for a revolving credit facility with an initial borrowing capacity of $50,000. The borrowing capacity could be increased to $65,000 at the sole discretion of Silicon Valley Bank. Upon entering into the Second SVB Facility, the Company borrowed $20,663 against the revolving credit facility and used the proceeds to repay all amounts due under the First SVB Facility term loan. The Company repaid the balance on the Second SVB Facility during the fiscal year ended January 31, 2021. On March 28, 2022 (the "Third SVB Effective Date"), the Company entered into a First Loan Modification Agreement to the Second SVB Facility (as amended, the "Third SVB Facility") to increase the borrowing capacity from $50,000 to $100,000 and to reduce the interest rate on the facility. Borrowings under the Third SVB Facility are payable on May 5, 2025. Borrowings under the Third SVB Facility bear interest, which is payable monthly, at a floating rate equal to the greater of 3.25% or the Wall Street Journal Prime Rate minus 0.5%. As of April 30, 2023, the interest rate on the Third SVB Facility was 7.50%. In addition to principal and interest due under the revolving credit facility, the Company is required to pay an annual commitment fee of approximately $250 per year and a quarterly fee of 0.15% per annum of the average unused revolving line under the facility. The Company had $100,000 of availability under the facility as of April 30, 2023. In the event that the Company terminates the Third SVB Facility prior to May 5, 2024, the Company will be required to pay a termination fee of up to 1.5% of borrowing capacity based on the length of time between termination and maturity. Any Company obligations under the Third SVB Facility are secured by a first priority security interest in substantially all of its assets, other than intellectual property. The Third SVB Facility includes a financial covenant that requires the Company to maintain a minimum Adjusted Quick Ratio as defined in the Third SVB Facility. The Third SVB Facility also includes a financial covenant that requires the Company to achieve certain profitability and liquidity thresholds. The financial covenant will not be effective if the Company maintains certain levels of liquidity as defined. Additionally, the Third SVB Facility contains a covenant limiting the amount of cash and cash equivalents the Company can hold outside SVB. The Third SVB Facility also contains customary events of default. The Company was in compliance with all covenants related to the Third SVB Facility as of April 30, 2023. As of April 30, 2023 and January 31, 2023, there was no debt outstanding related to the Third SVB Facility and the Second SVB Facility, respectively. As a result, the Company presented all unamortized deferred costs within other assets as of April 30, 2023 and January 31, 2023, respectively. The Company is amortizing the remaining unamortized costs over the remaining term of the Third SVB Facility. Maturities of finance leases and other debt, in each of the next five years and thereafter are as follows: Total Finance Leases Other Debt 2024 (Remaining nine months) $ 5,754 $ 5,445 $ 309 Fiscal year ending January 31: 2025 4,852 4,852 — 2026 2,655 2,655 — 2027 410 410 — 2028 — — — Total maturities of finance leases and other debt $ 13,671 $ 13,362 $ 309 The following table presents the components of interest income (expense), net: Three months ended 2023 2022 Interest expense (1) $ (293) $ (402) Interest income 1,011 19 Interest income (expense), net $ 718 $ (383) (1) Includes amortization of deferred financing costs and original issue discount. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Apr. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity (a) Common stock The Company closed an IPO on July 22, 2019 and filed an Amended and Restated Certificate of Incorporation authorizing the issuance of up to 500,000,000 shares of common stock, par value $0.01 per share. (b) Treasury stock The Company's equity-based compensation plan allows for the grant of non-vested stock options, restricted stock units ("RSUs") and total shareholder return ("TSR") performance-based stock units ("PSUs") to its employees pursuant to the terms of its stock option and incentive plans (See Note 8). Under the provision of the plans, for RSU and PSU awards, unless otherwise elected, participants fulfill their related income tax withholding obligation by having shares withheld at the time of vesting. On the date of vesting of the RSU or PSU, the Company divides the participant's estimated income tax obligation in dollars by the closing price of its common stock and withholds the resulting number of vested shares. The shares withheld are then transferred to the Company's treasury stock at cost. |
Equity-based compensation
Equity-based compensation | 3 Months Ended |
Apr. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-based compensation | Equity-based compensation (a) Equity award plans In January 2018, the Board of Directors adopted the Company’s 2018 Stock Option Plan (as amended, the "2018 Stock Option Plan") which provided for the issuance of 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 (the "2019 Plan"), which replaced the 2018 Stock Option Plan upon the completion of the IPO. The 2019 Plan allows the Compensation Committee of the Board of Directors (the "Compensation Committee") to make equity-based incentive awards including stock options, RSUs and PSUs to the Company’s officers, employees, directors, and consultants. The initial reserve for the issuance of awards under this plan was 2,139,683 shares of common stock. The initial number of shares reserved and available for issuance automatically increased on February 1, 2020 and automatically increases 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). As the 2018 Stock Option Plan was replaced by the 2019 Plan, all grants of stock options, RSUs and PSUs during the three months ended April 30, 2023 were made pursuant to the 2019 plan, respectively. 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 was limited to 855,873 shares. In August 2021, the Company amended its fiscal 2022 incentive bonus to allow eligible employees to elect to receive all or a portion of their fiscal 2022 year-end incentive compensation in the form of immediately vested restricted stock units instead of cash. The Company's fiscal 2023 and fiscal 2024 incentive bonuses allow eligible employees to elect to receive all or a portion of their fiscal 2023 and fiscal 2024 incentive compensation in the form of immediately vested restricted stock units instead of cash. As of April 30, 2023, there are 4,682,769 shares available for future grant pursuant to the 2019 Plan after factoring in the automatic increase which occurs on February 1 of each fiscal year, as well as an additional 581,925 shares available for future grant pursuant to the ESPP. The ESPP has two six-month offering periods each calendar year beginning in January and July. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a 15% discount through payroll deductions. (b) Summary of stock-based compensation The following table sets forth stock-based compensation by type of award: Three months ended 2023 2022 RSUs $ 12,899 $ 9,949 Liability awards 2,525 1,905 PSUs 1,644 1,642 ESPP 370 487 Stock options 37 516 Total stock based compensation $ 17,475 $ 14,499 The following table sets forth the presentation of stock-based compensation in the Company's financial statements: Three months ended 2023 2022 Stock-based compensation expense recorded to additional paid-in capital $ 14,950 $ 12,594 Stock-based compensation expense recorded to accrued expenses 2,525 1,905 Total stock-based compensation 17,475 14,499 Less stock-based compensation expense capitalized as internal-use software (337) (348) Stock-based compensation expense per consolidated statements of operations $ 17,138 $ 14,151 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. (c) Restricted stock units The Company has issued restricted stock units to employees and independent directors that vest based on a time-based condition. For RSUs granted to employees prior to January 2021, pursuant to a 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 restricted stock units expire seven years from the grant date. During the year ended January 31, 2023, the Company modified the vesting of RSUs granted subsequent to January 1, 2021 for employees other than its named executive officers listed in its 2022 proxy statement ("2022 NEOs") and other members of its executive management team. Pursuant to the modified vesting schedule, RSUs granted after January 1, 2021 for employees other than 2022 NEOs and other members of its executive management team vest 6.25% each quarter over four years based on continued service. For 2022 NEOs and other members of the Company's executive management team, RSUs granted from January 1, 2022 vest 6.25% each quarter over four years based on continued service. Beginning January 2023, all new RSUs granted generally vest 25% each year over four years based on continued service. Additionally, the Company provides certain employees the option to settle their incentive bonus in immediately vested RSUs. During the three months ended April 30, 2023, the Company issued 175,688 immediately vested RSUs to settle full-year fiscal 2023 share-settled bonus awards. The RSUs granted to settle bonus awards are included in RSUs granted and vested in the table below. See section (g) Liability awards below for additional information regarding share-settled bonus awards. Restricted stock units Unvested, January 31, 2023 3,917,753 Granted in three months ended April 30, 2023 1,699,138 Vested (572,758) Forfeited and expired (178,541) Unvested, April 30, 2023 4,865,592 As of April 30, 2023, there is $142,988 remaining of total unrecognized compensation cost related to these awards. The total unrecognized costs are expected to be recognized over a weighted-average term of 3.06 years. (d) Stock options Options granted under the equity award plans have a maximum term of ten years and vest over a period determined by the Board of Directors (generally four years from the date of grant or the commencement of the grantee’s employment with the Company). Options generally vest 25% at the one-year anniversary of the grant date, after which point they generally vest pro rata on a monthly basis. Number of Weighted- Weighted- Aggregate Outstanding — January 31, 2023 1,385,193 $ 6.26 Granted in thee months ended April 30, 2023 — $ — Exercised (67,186) $ 2.26 Forfeited and expired (415) $ 4.71 Outstanding and expected to vest — April 30, 2023 1,317,592 $ 6.46 4.97 $ 33,172 Exercisable — April 30, 2023 1,293,027 $ 6.33 4.94 $ 32,724 Amount vested in three months ended April 30, 2023 — $ — The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s estimated stock price at the time of exercise and the exercise price, multiplied by the number of related in-the-money options) that would have been received by the option holders had they exercised their options at the end of the period. This amount changes based on the market value of the Company’s common stock. The total intrinsic value of options exercised for the three months ended April 30, 2023 and 2022 (based on the difference between the Company’s estimated stock price on the exercise date and the respective exercise price, multiplied by the number of options exercised), was $2,118 and $2,452, respectively. (e) TSR performance-based restricted stock units (PSUs) The Company grants PSUs to certain members of its management team. PSUs vest over approximately three years from the grant date upon satisfaction of both time-based requirements and market targets based on Phreesia's TSR relative to the TSR of each member of the Russell 3000 Index (the "Peer Group"). Depending on the percentage level at which the market-based condition is satisfied, the number of shares vesting could be between 0% and 220% of the number of PSUs originally granted. To earn the target number of PSUs (which represents 100% of the number of PSUs granted), the Company must perform at the 60th percentile, with the maximum number of PSUs earned if the Company performed at least at the 90th percentile. If Phreesia's TSR for the performance period is negative, the maximum number of PSUs that can be earned will be capped at 100%. The Company estimated the fair value of the PSUs using a Monte Carlo Simulation model which projected TSR for Phreesia and each member of the Peer Group over the performance period. The Company recognizes the grant date fair value of PSUs as compensation expense over the vesting period. Market-based PSU activity for the three months ended April 30, 2023 are as follows: Performance stock units Outstanding, January 31, 2023 648,233 Granted in three months ended April 30, 2023 13,492 Vested — Forfeited and expired (74,472) Outstanding, April 30, 2023 587,253 As of April 30, 2023, unrecognized compensation cost related to PSUs was $21,360, to be recognized on a straight-line basis over a weighted average term of 2.2 years, subject to the participants' continued employment with the Company. (f) Employee stock purchase plan The ESPP is a compensatory plan because it provides participants with terms that are more favorable than those offered to other holders of the Company's common stock. Employees purchase shares at the lesser of (1) 85% of the closing stock price on the first day of the offering period or (2) 85% of the closing stock price on the last day of the offering period. In the U.S., t he ESPP is structured as a qualified employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986. As of January 31, 2023, the Company issued 162,154 shares of common stock under the ESPP. In connection with these issuances, the Company recorded increases of $3,470 to common stock and additional paid-in capital within stockholders' equity. As of April 30, 2023, unrecognized compensation cost related to the ESPP was $191, to be recognized over the next two months. (g) Liability awards At the beginning of each year, the Company provides eligible employees the option to elect to receive all or a portion of their incentive compensation in the form of immediately vested restricted stock units instead of cash. Restricted stock units issued to settle liability awards are covered by the 2019 Plan. Share-settled bonus awards will be settled at a value equal to 115% of the bonuses converted. These share-settled bonus awards vest based on the achievement of the Company’s predefined performance targets. As share-settled bonus awards will be settled in a variable number of shares, the Company classifies share-settled bonus awards as liabilities within accrued expenses in the accompanying consolidated balance sheets until they are settled in shares and included in stockholders' equity. During the three months ended April 30, 2023, the Company settled $5,297 of share-settled bonus awards by issuing 175,688 immediately vested RSUs. See (c) Restricted Stock Units above for additional discussion regarding RSUs. |
Fair value measurements
Fair value measurements | 3 Months Ended |
Apr. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair value measurements The following table presents information about the Company's assets and liabilities that are measured at fair value as of April 30, 2023 and indicates the classification of each item within the fair value hierarchy (in thousands): Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Balance as of April 30, 2023 Money market mutual funds $ 100,416 $ — $ — $ 100,416 Total assets $ 100,416 $ — $ — $ 100,416 The following table presents information about the Company's assets and liabilities that are measured at fair value as of January 31, 2023 and indicates the classification of each item within the fair value hierarchy (in thousands): Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Balance as of January 31, 2023 Money market mutual funds $ 163,563 $ — $ — $ 163,563 Total assets $ 163,563 $ — $ — $ 163,563 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 carrying value of the Company's debt approximates fair value because the interest rates approximate market rates and the debt maturities are relatively short-term. The Company did not have any transfers of assets and liabilities between levels of the fair value measurement hierarchy during both the three months ended April 30, 2023 and 2022. |
Leases
Leases | 3 Months Ended |
Apr. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases (a) Phreesia as Lessee The Company leases several office premises and third-party data center space in the U.S. and Canada under operating leases which expire on various dates through March 2027. Certain of these arrangements have escalating rent payment provisions or optional renewal clauses. The Company has also entered into various finance lease arrangements for computer equipment. These agreements are typically three years and are secured by the underlying equipment. For office leases and leased equipment, the Company has elected the practical expedient to not separate lease and non-lease components, and as such, the variable lease cost primarily represents variable payments such as common area maintenance, utilities and equipment maintenance. As of April 30, 2023, for operating leases, the weighted-average remaining lease term is 1.6 years and the weighted-average discount rate is 3.5%. As of April 30, 2023, for finance leases, the weighted-average remaining lease term is 2.2 years, and the weighted-average discount rate is 5.7%. The components of lease expense for the three months ended April 30, 2023 were as follows: April 30, 2023 Operating leases: Operating lease cost $ 243 Variable lease cost 16 Total operating lease cost $ 259 Finance leases: Amortization of right-of-use assets $ 1,511 Interest on lease liabilities 105 Total finance lease cost $ 1,616 The following represents a schedule of maturing lease commitments for operating and finance leases as of April 30, 2023: April 30, 2023 Operating Finance Maturity of lease liabilities 2024 (remaining nine months) $ 617 $ 5,839 Fiscal year ending January 31, 2025 225 5,204 2026 86 2,847 2027 42 440 Thereafter 7 — Total future minimum lease payments $ 977 $ 14,330 Less: interest (28) (968) Present value of lease liabilities $ 949 $ 13,362 As of April 30, 2023, the Company has signed a finance lease for computer equipment which is not expected to commence until the fiscal quarter ended July 31, 2023. Total undiscounted payments through the fiscal year ended January 31, 2027 related to the lease are $338 and are excluded from the table above but are included in our other contractual purchase commitments. See Note 11 - Commitments and contingencies for additional information regarding other contractual purchase commitments. Other supplemental cash flow information for the three months ended April 30, 2023 was as follows: April 30, 2023 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash used for operating leases $ 360 Operating cash used for finance leases 61 Financing cash used for finance leases 1,444 Total $ 1,865 Right-of-use assets obtained in exchange for lease liabilities: Operating $ — Finance 7,067 Total $ 7,067 (b) Phreesia as Lessor In connection with the patient intake and registration process, Phreesia offers its customers the ability to lease PhreesiaPads and Arrivals Kiosks along with their monthly subscription. These rentals fall under the guidance of ASC 842. The Company elected the practical expedient to not separate lease and non-lease components. More specifically, all contractual hardware maintenance is included with the hardware lease components. The leases contain no variable lease payments, no options to extend the lease that are reasonably certain to be exercised, and do not give the lessee an option to purchase the hardware at the end of the lease term. Additionally, the lease term does not represent a major part of the remaining economic life of the assets, and the present value of the lease payments does not equal or exceed substantially all of the fair value of the assets. As a result, all leased hardware in the SaaS arrangements are classified as operating leases. During the three months ended April 30, 2023, the Company recognized $2,662 in subscription and related services revenue related to the leasing of PhreesiaPads and Arrivals Kiosks. |
Leases | Leases (a) Phreesia as Lessee The Company leases several office premises and third-party data center space in the U.S. and Canada under operating leases which expire on various dates through March 2027. Certain of these arrangements have escalating rent payment provisions or optional renewal clauses. The Company has also entered into various finance lease arrangements for computer equipment. These agreements are typically three years and are secured by the underlying equipment. For office leases and leased equipment, the Company has elected the practical expedient to not separate lease and non-lease components, and as such, the variable lease cost primarily represents variable payments such as common area maintenance, utilities and equipment maintenance. As of April 30, 2023, for operating leases, the weighted-average remaining lease term is 1.6 years and the weighted-average discount rate is 3.5%. As of April 30, 2023, for finance leases, the weighted-average remaining lease term is 2.2 years, and the weighted-average discount rate is 5.7%. The components of lease expense for the three months ended April 30, 2023 were as follows: April 30, 2023 Operating leases: Operating lease cost $ 243 Variable lease cost 16 Total operating lease cost $ 259 Finance leases: Amortization of right-of-use assets $ 1,511 Interest on lease liabilities 105 Total finance lease cost $ 1,616 The following represents a schedule of maturing lease commitments for operating and finance leases as of April 30, 2023: April 30, 2023 Operating Finance Maturity of lease liabilities 2024 (remaining nine months) $ 617 $ 5,839 Fiscal year ending January 31, 2025 225 5,204 2026 86 2,847 2027 42 440 Thereafter 7 — Total future minimum lease payments $ 977 $ 14,330 Less: interest (28) (968) Present value of lease liabilities $ 949 $ 13,362 As of April 30, 2023, the Company has signed a finance lease for computer equipment which is not expected to commence until the fiscal quarter ended July 31, 2023. Total undiscounted payments through the fiscal year ended January 31, 2027 related to the lease are $338 and are excluded from the table above but are included in our other contractual purchase commitments. See Note 11 - Commitments and contingencies for additional information regarding other contractual purchase commitments. Other supplemental cash flow information for the three months ended April 30, 2023 was as follows: April 30, 2023 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash used for operating leases $ 360 Operating cash used for finance leases 61 Financing cash used for finance leases 1,444 Total $ 1,865 Right-of-use assets obtained in exchange for lease liabilities: Operating $ — Finance 7,067 Total $ 7,067 (b) Phreesia as Lessor In connection with the patient intake and registration process, Phreesia offers its customers the ability to lease PhreesiaPads and Arrivals Kiosks along with their monthly subscription. These rentals fall under the guidance of ASC 842. The Company elected the practical expedient to not separate lease and non-lease components. More specifically, all contractual hardware maintenance is included with the hardware lease components. The leases contain no variable lease payments, no options to extend the lease that are reasonably certain to be exercised, and do not give the lessee an option to purchase the hardware at the end of the lease term. Additionally, the lease term does not represent a major part of the remaining economic life of the assets, and the present value of the lease payments does not equal or exceed substantially all of the fair value of the assets. As a result, all leased hardware in the SaaS arrangements are classified as operating leases. During the three months ended April 30, 2023, the Company recognized $2,662 in subscription and related services revenue related to the leasing of PhreesiaPads and Arrivals Kiosks. |
Leases | Leases (a) Phreesia as Lessee The Company leases several office premises and third-party data center space in the U.S. and Canada under operating leases which expire on various dates through March 2027. Certain of these arrangements have escalating rent payment provisions or optional renewal clauses. The Company has also entered into various finance lease arrangements for computer equipment. These agreements are typically three years and are secured by the underlying equipment. For office leases and leased equipment, the Company has elected the practical expedient to not separate lease and non-lease components, and as such, the variable lease cost primarily represents variable payments such as common area maintenance, utilities and equipment maintenance. As of April 30, 2023, for operating leases, the weighted-average remaining lease term is 1.6 years and the weighted-average discount rate is 3.5%. As of April 30, 2023, for finance leases, the weighted-average remaining lease term is 2.2 years, and the weighted-average discount rate is 5.7%. The components of lease expense for the three months ended April 30, 2023 were as follows: April 30, 2023 Operating leases: Operating lease cost $ 243 Variable lease cost 16 Total operating lease cost $ 259 Finance leases: Amortization of right-of-use assets $ 1,511 Interest on lease liabilities 105 Total finance lease cost $ 1,616 The following represents a schedule of maturing lease commitments for operating and finance leases as of April 30, 2023: April 30, 2023 Operating Finance Maturity of lease liabilities 2024 (remaining nine months) $ 617 $ 5,839 Fiscal year ending January 31, 2025 225 5,204 2026 86 2,847 2027 42 440 Thereafter 7 — Total future minimum lease payments $ 977 $ 14,330 Less: interest (28) (968) Present value of lease liabilities $ 949 $ 13,362 As of April 30, 2023, the Company has signed a finance lease for computer equipment which is not expected to commence until the fiscal quarter ended July 31, 2023. Total undiscounted payments through the fiscal year ended January 31, 2027 related to the lease are $338 and are excluded from the table above but are included in our other contractual purchase commitments. See Note 11 - Commitments and contingencies for additional information regarding other contractual purchase commitments. Other supplemental cash flow information for the three months ended April 30, 2023 was as follows: April 30, 2023 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash used for operating leases $ 360 Operating cash used for finance leases 61 Financing cash used for finance leases 1,444 Total $ 1,865 Right-of-use assets obtained in exchange for lease liabilities: Operating $ — Finance 7,067 Total $ 7,067 (b) Phreesia as Lessor In connection with the patient intake and registration process, Phreesia offers its customers the ability to lease PhreesiaPads and Arrivals Kiosks along with their monthly subscription. These rentals fall under the guidance of ASC 842. The Company elected the practical expedient to not separate lease and non-lease components. More specifically, all contractual hardware maintenance is included with the hardware lease components. The leases contain no variable lease payments, no options to extend the lease that are reasonably certain to be exercised, and do not give the lessee an option to purchase the hardware at the end of the lease term. Additionally, the lease term does not represent a major part of the remaining economic life of the assets, and the present value of the lease payments does not equal or exceed substantially all of the fair value of the assets. As a result, all leased hardware in the SaaS arrangements are classified as operating leases. During the three months ended April 30, 2023, the Company recognized $2,662 in subscription and related services revenue related to the leasing of PhreesiaPads and Arrivals Kiosks. |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Apr. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies (a) Indemnifications The Company’s agreements with certain customers include certain provisions for indemnifying customers against liabilities if its services infringe a third party’s intellectual property rights. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances that may be involved in each particular agreement. To date, the Company has not incurred any material costs as a result of such provisions and have not accrued a ny liabilities related to such obligations in its consolidated financial statements. In addition, the Company has indemnification agreements with its directors and its executive officers that require it, among other things, to indemnify its directors and executive officers for costs associated with any fees, expenses, judgments, fines and settlement amounts incurred by any of those persons in any action or proceedi n g to which any of those persons is, or is threatened to be, made a party by reason of the person’s service as a director or officer, including any action by us, arising out of that person’s services as a director or officer or that person’s services provided to any other company or enterprise at the Company’s request. The Company maintains director and officer insurance coverage that may enable it to recover a portion of any future indemnification amounts paid. To date, there have been no claims under any of its directors and executive officers indemnification provisions. (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. (c) Other contractual commitments Other contractual commitments consist primarily of non-cancelable purchase commitments to support our technology infrastructure. During fiscal 2023, the Company signed a finance lease which commenced during the three months ended April 30, 2023. Total undiscounted payments through the fiscal year ended January 31, 2027 related to the lease of $7,720 were included in other contractual commitments as of January 31, 2023 and are included at present value within finance lease liabilities as of April 30, 2023. During the three months ended April 30, 2023, the Company entered into a new non-cancelable purchase commitment to support its technology infrastructure. Total undiscounted payments through the fiscal year ended January 31, 2026 are $2,114. |
Income taxes
Income taxes | 3 Months Ended |
Apr. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes For the three months ended April 30, 2023 and 2022, the Company recorded tax provisions of $306 and $235, respectively. The Company's provision for income taxes was 0.8% and 0.5% of loss before income taxes for the three months ended April 30, 2023 and 2022, respectively. The Company's effective tax rate differs from the U.S. statutory tax rate of 21% primarily because the Company records a valuation allowance against its U.S. deferred tax assets, and due to foreign income tax expense primarily related to the use of its Canadian net operating loss carry forwards attributable to the Company's Canadian branch.Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. Management of the Company has evaluated the positive and negative evidence pertaining to the realizability of its deferred tax assets, including the Company’s history of losses, and concluded that it is more likely than not that the Company will not recognize the benefits for its U.S. deferred tax assets. On the basis of this evaluation, the Company has recorded a valuation allowance against its deferred tax assets that are not more likely than not to be realized at both April 30, 2023 and January 31, 2023. |
Net loss per share attributable
Net loss per share attributable to common stockholders | 3 Months Ended |
Apr. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net loss per share attributable to common stockholders | Net loss per share attributable to common stockholders (a) 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 2023 2022 Numerator: Net loss $ (37,531) $ (51,242) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 53,347,709 51,938,887 Net loss per share attributable to common stockholders $ (0.70) $ (0.99) (b) Potential dilutive securities The Company’s potential dilutive securities, which include stock options, restricted stock units, performance stock awards and grants under the Company's ESPP, 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: As of April 30, 2023 2022 Stock options to purchase common stock, restricted stock and performance stock awards 7,428,704 6,846,560 Employee stock purchase plan 76,634 69,480 Total 7,505,338 6,916,040 |
Related party transactions
Related party transactions | 3 Months Ended |
Apr. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions For the three months ended April 30, 2023 and 2022, the Company recognized revenue totaling $288 and $153, respectively, for advertisements placed by a pharmaceutical company, respectively. One of the Company's independent members of its board of directors serves on the board of directors for this pharmaceutical company. As of April 30, 2023 and January 31, 2023, accounts receivable from the pharmaceutical company totaled approximately $147 and $339, respectively. For the three months ended April 30, 2023 and 2022, the Company recognized general and administrative expenses totaling $118 and $142, respectively, for software agreements with a software company. One of the Company's independent members of its board of directors serves as the chief executive officer and on the board of directors for this software company. As of April 30, 2023, accounts payable include approximately $67 due to this software company. As of January 31, 2023, prepaid expenses and other current assets include approximately $51 of payments made to this software company. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 3 Months Ended |
Apr. 30, 2023 | |
Accounting Policies [Abstract] | |
Consolidated financial statements | Consolidated financial statementsThe accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and regulations of the Securities and Exchange Commission ("SEC") regarding quarterly financial reporting and include the accounts of Phreesia, Inc., its branch operation in Canada and its consolidated subsidiaries (or collectively, the "Company"). |
Fiscal year | Fiscal yearThe Company’s fiscal year ends on January 31. References to fiscal 2024 and 2023 refer to the fiscal years ending on January 31, 2024 and January 31, 2023, respectively. |
Use of estimates | Use of estimatesThe preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated 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 could 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 software, the determination of the useful lives of property and equipment, the fair value of securities underlying stock-based compensation, the fair value of identifiable assets and liabilities and contingent consideration in business acquisitions, and the realization of deferred tax assets. |
Concentrations of credit risk | Concentrations of credit riskFinancial instruments that 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 two |
Risks and uncertainties | Risks and uncertaintiesThe Company is subject to a variety of risk factors, including the economy, data privacy and security laws and government regulations. Additionally, the Company is subject to other risks associated with the markets in which it operates including reliance on third-party vendors, partners, and service providers. Certain of the Company's service providers, including certain third-party software developers, are located in international locations subject to warfare and/or political and economic instability, such as Russia, Ukraine and India. As with any business, operation of the Company involves risk, including the risk of service interruption impacting the operations of the Company's business and the Company's customer’s facilities below expected levels of operation, shut downs due to the breakdown or failure of information technology and communications systems, changes in laws or regulations, political and economic instability, or catastrophic events such as fires, earthquakes, floods, explosions, global health concerns such as pandemics or other similar occurrences affecting the delivery of our productions and services. The occurrence of any of these events could significantly reduce or eliminate revenues generated, or significantly increase the expenses of the Company's operations, adversely impacting the Company’s operating results and the Company's ability to meet the Company's obligations and commitments. |
New accounting pronouncements | New accounting pronouncements Impact of recently adopted accounting pronouncements During the three months ended April 30, 2023, the Company did not adopt any accounting pronouncements that materially impacted the Company's financial statements. Recent accounting pronouncements not yet adopted There are no recently issued accounting pronouncements the Company has not yet adopted that will materially impact the Company's consolidated financial statements. |
Composition of certain financ_2
Composition of certain financial statement captions (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Composition of Certain Financial Statements [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses as of April 30, 2023 and January 31, 2023 are as follows: April 30, 2023 January 31, 2023 Payroll-related expenses and taxes $ 7,813 $ 10,345 Payment processing fees liability 5,212 4,796 Acquisition-related liabilities 47 96 Tax liabilities 1,686 1,491 Information technology 4,586 2,249 Other 3,940 2,833 Total $ 23,284 $ 21,810 |
Schedule of Property and Equipment | Property and equipment as of April 30, 2023 and January 31, 2023 are as follows: Useful Life (years) April 30, 2023 January 31, 2023 PhreesiaPads and Arrivals Kiosks 3 $ 17,803 $ 17,932 Computer equipment 3 61,380 54,485 Computer software 3 to 5 10,326 8,571 Hardware development 3 529 529 Total property and equipment $ 90,038 $ 81,517 Less accumulated depreciation (63,810) (59,847) Property and equipment — net $ 26,228 $ 21,670 |
Schedule of Intangible Assets | The following presents the details of intangible assets as of April 30, 2023 and January 31, 2023: Useful Life (years) April 30, 2023 January 31, 2023 Acquired technology 5 $ 1,410 $ 1,410 Customer relationship 7 to 10 6,340 6,340 License 15 6,200 6,200 Total intangible assets, gross carrying value $ 13,950 $ 13,950 Less accumulated amortization (2,892) (2,549) Net carrying value $ 11,058 $ 11,401 |
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 April 30, 2023: April 30, 2023 2024 (Remaining nine months) $ 1,015 Fiscal Years Ending January 31, 2025 1,273 2026 1,242 2027 949 2028 - thereafter 6,579 Total $ 11,058 |
Schedule of Accounts Receivable | Accounts receivable as of April 30, 2023 and January 31, 2023 are as follows: April 30, 2023 January 31, 2023 Billed $ 49,775 $ 51,458 Unbilled 4,179 989 Total accounts receivable, gross $ 53,954 $ 52,447 Less accounts receivable allowances (1,022) (1,053) Total accounts receivable $ 52,932 $ 51,394 |
Schedule of Allowance for Doubtful Accounts | Activity in the Company's allowance for doubtful accounts was as follows for the three months ended April 30, 2023: April 30, 2023 Balance, January 31, 2023 $ 1,053 Bad debt expense 38 Write-offs and adjustments (69) Balance, April 30, 2023 $ 1,022 |
Schedule of Prepaid and Other Current Assets | Prepaid and other current assets as of April 30, 2023 and January 31, 2023 are as follows: April 30, 2023 January 31, 2023 Prepaid software and business systems $ 4,201 $ 3,426 Prepaid data center expenses 2,602 2,389 Prepaid insurance 752 1,552 Other prepaid expenses and other current assets 2,447 3,342 Total prepaid and other current assets $ 10,002 $ 10,709 |
Revenue and contract costs (Tab
Revenue and contract costs (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Rollforward of Contract Assets and Contract Liabilities | The following table represents a roll-forward of contract assets: January 31, 2023 $ 989 Amount transferred to receivables from beginning balance of contract assets (968) Contract asset additions, net of reclassification to receivables 4,158 April 30, 2023 $ 4,179 The following table represents a roll-forward of deferred revenue: January 31, 2023 $ 17,813 Revenue recognized that was included in deferred revenue at the beginning of the period (10,346) Net increase in current period deferred revenue 10,593 April 30, 2023 $ 18,060 |
Schedule of Deferred Contract Acquisition Costs | The following table represents a roll forward of deferred contract acquisition costs: Beginning balance, January 31, 2023 $ 2,810 Amortization of deferred contract acquisition costs (340) Ending balance, April 30, 2023 2,470 Deferred contract acquisition costs, current (to be amortized in next 12 months) 908 Deferred contract acquisition costs, non-current 1,562 Total deferred contract acquisition costs $ 2,470 |
Finance leases and other debt (
Finance leases and other debt (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Finance Lease Liabilities and Other Debt | As of April 30, 2023 and January 31, 2023, the Company had the following outstanding finance lease liabilities and other debt: April 30, 2023 January 31, 2023 Finance leases $ 13,362 $ 7,651 Financing arrangements 46 46 Accrued interest and payments 263 200 Total finance lease liabilities and other debt 13,671 7,897 Less - current portion of finance lease liabilities and other debt (6,982) (5,172) Long-term finance lease liabilities and other debt $ 6,689 $ 2,725 |
Schedule of Maturities of Finance Leases and Other Debt | Maturities of finance leases and other debt, in each of the next five years and thereafter are as follows: Total Finance Leases Other Debt 2024 (Remaining nine months) $ 5,754 $ 5,445 $ 309 Fiscal year ending January 31: 2025 4,852 4,852 — 2026 2,655 2,655 — 2027 410 410 — 2028 — — — Total maturities of finance leases and other debt $ 13,671 $ 13,362 $ 309 |
Schedule of Components of Interest Income (Expense), Net | The following table presents the components of interest income (expense), net: Three months ended 2023 2022 Interest expense (1) $ (293) $ (402) Interest income 1,011 19 Interest income (expense), net $ 718 $ (383) (1) Includes amortization of deferred financing costs and original issue discount. |
Equity-based compensation (Tabl
Equity-based compensation (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock - Based Compensation by Type of Award | The following table sets forth stock-based compensation by type of award: Three months ended 2023 2022 RSUs $ 12,899 $ 9,949 Liability awards 2,525 1,905 PSUs 1,644 1,642 ESPP 370 487 Stock options 37 516 Total stock based compensation $ 17,475 $ 14,499 |
Schedule of Stock-Based Compensation in Financial Statements | The following table sets forth the presentation of stock-based compensation in the Company's financial statements: Three months ended 2023 2022 Stock-based compensation expense recorded to additional paid-in capital $ 14,950 $ 12,594 Stock-based compensation expense recorded to accrued expenses 2,525 1,905 Total stock-based compensation 17,475 14,499 Less stock-based compensation expense capitalized as internal-use software (337) (348) Stock-based compensation expense per consolidated statements of operations $ 17,138 $ 14,151 |
Schedule of Restricted Stock Unit Activity | Restricted stock units Unvested, January 31, 2023 3,917,753 Granted in three months ended April 30, 2023 1,699,138 Vested (572,758) Forfeited and expired (178,541) Unvested, April 30, 2023 4,865,592 |
Schedule of Stock Option Activity | Number of Weighted- Weighted- Aggregate Outstanding — January 31, 2023 1,385,193 $ 6.26 Granted in thee months ended April 30, 2023 — $ — Exercised (67,186) $ 2.26 Forfeited and expired (415) $ 4.71 Outstanding and expected to vest — April 30, 2023 1,317,592 $ 6.46 4.97 $ 33,172 Exercisable — April 30, 2023 1,293,027 $ 6.33 4.94 $ 32,724 Amount vested in three months ended April 30, 2023 — $ — |
Schedule of Market-Based Performance Stock Unit Activity | Market-based PSU activity for the three months ended April 30, 2023 are as follows: Performance stock units Outstanding, January 31, 2023 648,233 Granted in three months ended April 30, 2023 13,492 Vested — Forfeited and expired (74,472) Outstanding, April 30, 2023 587,253 |
Fair value measurements (Tables
Fair value measurements (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents information about the Company's assets and liabilities that are measured at fair value as of April 30, 2023 and indicates the classification of each item within the fair value hierarchy (in thousands): Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Balance as of April 30, 2023 Money market mutual funds $ 100,416 $ — $ — $ 100,416 Total assets $ 100,416 $ — $ — $ 100,416 The following table presents information about the Company's assets and liabilities that are measured at fair value as of January 31, 2023 and indicates the classification of each item within the fair value hierarchy (in thousands): Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Balance as of January 31, 2023 Money market mutual funds $ 163,563 $ — $ — $ 163,563 Total assets $ 163,563 $ — $ — $ 163,563 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
Leases [Abstract] | |
Schedule of Lease Expense and Other Supplemental Cash Flow Information | The components of lease expense for the three months ended April 30, 2023 were as follows: April 30, 2023 Operating leases: Operating lease cost $ 243 Variable lease cost 16 Total operating lease cost $ 259 Finance leases: Amortization of right-of-use assets $ 1,511 Interest on lease liabilities 105 Total finance lease cost $ 1,616 Other supplemental cash flow information for the three months ended April 30, 2023 was as follows: April 30, 2023 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities: Operating cash used for operating leases $ 360 Operating cash used for finance leases 61 Financing cash used for finance leases 1,444 Total $ 1,865 Right-of-use assets obtained in exchange for lease liabilities: Operating $ — Finance 7,067 Total $ 7,067 |
Schedule of Maturities of Operating Leases | The following represents a schedule of maturing lease commitments for operating and finance leases as of April 30, 2023: April 30, 2023 Operating Finance Maturity of lease liabilities 2024 (remaining nine months) $ 617 $ 5,839 Fiscal year ending January 31, 2025 225 5,204 2026 86 2,847 2027 42 440 Thereafter 7 — Total future minimum lease payments $ 977 $ 14,330 Less: interest (28) (968) Present value of lease liabilities $ 949 $ 13,362 |
Schedule of Maturities of Finance Leases | The following represents a schedule of maturing lease commitments for operating and finance leases as of April 30, 2023: April 30, 2023 Operating Finance Maturity of lease liabilities 2024 (remaining nine months) $ 617 $ 5,839 Fiscal year ending January 31, 2025 225 5,204 2026 86 2,847 2027 42 440 Thereafter 7 — Total future minimum lease payments $ 977 $ 14,330 Less: interest (28) (968) Present value of lease liabilities $ 949 $ 13,362 |
Net loss per share attributab_2
Net loss per share attributable to common stockholders (Tables) | 3 Months Ended |
Apr. 30, 2023 | |
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 2023 2022 Numerator: Net loss $ (37,531) $ (51,242) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 53,347,709 51,938,887 Net loss per share attributable to common stockholders $ (0.70) $ (0.99) |
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: As of April 30, 2023 2022 Stock options to purchase common stock, restricted stock and performance stock awards 7,428,704 6,846,560 Employee stock purchase plan 76,634 69,480 Total 7,505,338 6,916,040 |
Background and liquidity (Detai
Background and liquidity (Details) - Third SVB Facility - Revolving Credit Facility - USD ($) $ in Millions | May 08, 2023 | Mar. 10, 2023 |
Debt Instrument [Line Items] | ||
Allowable cash hold outside of facility | $ 165 | |
Subsequent Event | Minimum | ||
Debt Instrument [Line Items] | ||
Allowable cash hold outside of facility | $ 17 |
Summary of significant accoun_3
Summary of significant accounting policies (Details) - processor | 3 Months Ended | 12 Months Ended |
Apr. 30, 2023 | Jan. 31, 2023 | |
Concentration Risk [Line Items] | ||
Number of third-party payment processors | 1 | |
Revenue Benchmark | Customer Concentration Risk | Customer One | ||
Concentration Risk [Line Items] | ||
Concentration risk (as a percent) | 10% | 10% |
Minimum | ||
Concentration Risk [Line Items] | ||
Customer payment period | 30 days | |
Settlement period (in days) | 1 day | |
Maximum | ||
Concentration Risk [Line Items] | ||
Customer payment period | 60 days | |
Settlement period (in days) | 2 days |
Composition of certain financ_3
Composition of certain financial statement captions - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Composition of Certain Financial Statements [Abstract] | ||
Payroll-related expenses and taxes | $ 7,813 | $ 10,345 |
Payment processing fees liability | 5,212 | 4,796 |
Acquisition-related liabilities | 47 | 96 |
Tax liabilities | 1,686 | 1,491 |
Information technology | 4,586 | 2,249 |
Other | 3,940 | 2,833 |
Total | $ 23,284 | $ 21,810 |
Composition of certain financ_4
Composition of certain financial statement captions - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Jan. 31, 2023 | |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 90,038 | $ 81,517 |
Less accumulated depreciation | (63,810) | (59,847) |
Property and equipment — net | $ 26,228 | 21,670 |
PhreesiaPads and Arrivals Kiosks | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 3 years | |
Total property and equipment | $ 17,803 | 17,932 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 3 years | |
Total property and equipment | $ 61,380 | 54,485 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 10,326 | 8,571 |
Computer software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 3 years | |
Computer software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 5 years | |
Hardware development | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 3 years | |
Total property and equipment | $ 529 | $ 529 |
Composition of certain financ_5
Composition of certain financial statement captions - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | Jan. 31, 2023 | |
Composition of Certain Financial Statements [Line Items] | |||
Depreciation | $ 4,504 | $ 4,278 | |
Capitalized cost of computer software | 5,146 | 6,425 | |
Capitalized computed software amortization | 2,143 | 1,261 | |
Amortization of intangible assets | 343 | 343 | |
Changes in goodwill balance | 0 | ||
Goodwill, impairment loss | 0 | 0 | |
Capitalized implementation costs | 1,532 | $ 1,532 | |
Capitalized implementation costs, accumulated amortization | 710 | $ 610 | |
Other income (expense) | $ (42) | $ (31) | |
Acquired technology | |||
Composition of Certain Financial Statements [Line Items] | |||
Finite-lived intangible assets, remaining amortization period | 2 years 6 months | 2 years 8 months 12 days | |
Customer relationship | |||
Composition of Certain Financial Statements [Line Items] | |||
Finite-lived intangible assets, remaining amortization period | 8 years | 8 years 3 months 18 days | |
License | |||
Composition of Certain Financial Statements [Line Items] | |||
Finite-lived intangible assets, remaining amortization period | 13 years 7 months 6 days | 13 years 9 months 18 days | |
Computer Equipment | |||
Composition of Certain Financial Statements [Line Items] | |||
Assets acquired under finance leases | $ 34,880 | $ 27,813 | |
Assets under finance lease, accumulated amortization | $ 22,168 | $ 20,657 |
Composition of certain financ_6
Composition of certain financial statement captions - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Jan. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross carrying value | $ 13,950 | $ 13,950 |
Less accumulated amortization | (2,892) | (2,549) |
Net carrying value | $ 11,058 | 11,401 |
Acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 5 years | |
Total intangible assets, gross carrying value | $ 1,410 | 1,410 |
Customer relationship | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets, gross carrying value | $ 6,340 | 6,340 |
Customer relationship | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 7 years | |
Customer relationship | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 10 years | |
License | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 15 years | |
Total intangible assets, gross carrying value | $ 6,200 | $ 6,200 |
Composition of certain financ_7
Composition of certain financial statement captions - Schedule of Estimated Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Composition of Certain Financial Statements [Abstract] | ||
2024 (Remaining nine months) | $ 1,015 | |
2025 | 1,273 | |
2026 | 1,242 | |
2027 | 949 | |
2028 - thereafter | 6,579 | |
Net carrying value | $ 11,058 | $ 11,401 |
Composition of certain financ_8
Composition of certain financial statement captions - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Composition of Certain Financial Statements [Abstract] | ||
Billed | $ 49,775 | $ 51,458 |
Unbilled | 4,179 | 989 |
Total accounts receivable, gross | 53,954 | 52,447 |
Less accounts receivable allowances | (1,022) | (1,053) |
Total accounts receivable | $ 52,932 | $ 51,394 |
Composition of certain financ_9
Composition of certain financial statement captions - Schedule of Allowance for Doubtful Accounts (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2023 USD ($) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 1,053 |
Bad debt expense | 38 |
Write-offs and adjustments | (69) |
Ending balance | $ 1,022 |
Composition of certain finan_10
Composition of certain financial statement captions - Schedule of Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Composition of Certain Financial Statements [Abstract] | ||
Prepaid software and business systems | $ 4,201 | $ 3,426 |
Prepaid data center expenses | 2,602 | 2,389 |
Prepaid insurance | 752 | 1,552 |
Other prepaid expenses and other current assets | 2,447 | 3,342 |
Total prepaid and other current assets | $ 10,002 | $ 10,709 |
Revenue and contract costs - Na
Revenue and contract costs - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Revenue from External Customer [Line Items] | ||
Capitalized contract cost, amortization | $ 340 | $ 467 |
Capitalized contract cost, impairment loss | $ 0 | 0 |
Minimum | ||
Revenue from External Customer [Line Items] | ||
Capitalized contract cost, amortization period | 3 years | |
Maximum | ||
Revenue from External Customer [Line Items] | ||
Capitalized contract cost, amortization period | 5 years | |
Subscription and Related Services | ||
Revenue from External Customer [Line Items] | ||
Lease income | $ 2,662 | $ 2,492 |
Revenue and contract costs - Sc
Revenue and contract costs - Schedule of Rollforward of Contract Assets and Contract Liabilities (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2023 USD ($) | |
Contract with Customer Asset [Roll Forward] | |
Beginning balance | $ 989 |
Amount transferred to receivables from beginning balance of contract assets | (968) |
Contract asset additions, net of reclassification to receivables | 4,158 |
Ending balance | 4,179 |
Contract with Customer Liability [Roll Forward] | |
Beginning balance | 17,813 |
Revenue recognized that was included in deferred revenue at the beginning of the period | (10,346) |
Net increase in current period deferred revenue | 10,593 |
Ending balance | $ 18,060 |
Revenue and contract costs - _2
Revenue and contract costs - Schedule of Deferred Contract Acquisition Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Jan. 31, 2023 | |
Capitalized Contract Cost [Roll Forward] | |||
Beginning balance | $ 2,810 | ||
Amortization of deferred contract acquisition costs | (340) | $ (467) | |
Ending balance | 2,470 | ||
Deferred contract acquisition costs, current (to be amortized in next 12 months) | 908 | $ 1,056 | |
Deferred contract acquisition costs, non-current | 1,562 | 1,754 | |
Total deferred contract acquisition costs | $ 2,470 | $ 2,810 |
Finance leases and other debt -
Finance leases and other debt - Schedule of Outstanding Finance Lease Liabilities and Other Debt (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Debt Instrument [Line Items] | ||
Finance leases | $ 13,362 | $ 7,651 |
Debt | 309 | |
Total finance lease liabilities and other debt | 13,671 | 7,897 |
Less - current portion of finance lease liabilities and other debt | (6,982) | (5,172) |
Long-term finance lease liabilities and other debt | 6,689 | 2,725 |
Financing arrangements | ||
Debt Instrument [Line Items] | ||
Debt | 46 | 46 |
Accrued interest and payments | ||
Debt Instrument [Line Items] | ||
Debt | $ 263 | $ 200 |
Finance leases and other debt_2
Finance leases and other debt - Amended and Restated Loan and Security Agreement (Narrative) (Details) - USD ($) | 3 Months Ended | |||||
Apr. 30, 2023 | Jan. 31, 2023 | Mar. 28, 2022 | Mar. 27, 2022 | May 05, 2020 | Feb. 28, 2019 | |
Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 20,000,000 | |||||
Second SVB Facility | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 50,000,000 | |||||
Accordion feature, potential new maximum borrowing capacity | 65,000,000 | |||||
Long term debt | $ 0 | $ 0 | $ 20,663,000 | |||
Third SVB Facility | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate (as a percent) | 7.50% | |||||
Remaining borrowing capacity | $ 100,000,000 | |||||
Third SVB Facility | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 100,000,000 | $ 50,000,000 | ||||
Stated interest rate (as a percent) | 3.25% | |||||
Annual fee amount | $ 250,000 | |||||
Quarterly fee (as a percent) | 0.15% | |||||
Termination fee percentage (up to) (as a percent) | 1.50% | |||||
Third SVB Facility | Revolving Credit Facility | Prime Rate | ||||||
Debt Instrument [Line Items] | ||||||
Scheduled reduction in interest rate (as a percent) | 0.50% |
Finance leases and other debt_3
Finance leases and other debt - Schedule of Maturities of Finance Leases and Other Debt (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Total | ||
2024 (Remaining nine months) | $ 5,754 | |
2025 | 4,852 | |
2026 | 2,655 | |
2027 | 410 | |
2028 | 0 | |
Total maturities of finance leases and other debt | 13,671 | |
Finance Leases | ||
2024 (Remaining nine months) | 5,445 | |
2025 | 4,852 | |
2026 | 2,655 | |
2027 | 410 | |
2028 | 0 | |
Total maturities of finance leases and other debt | 13,362 | $ 7,651 |
Other Debt | ||
2024 (Remaining nine months) | 309 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Total maturities of finance leases and other debt | $ 309 |
Finance leases and other debt_4
Finance leases and other debt - Schedule of Components of Interest Income (Expense), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Debt Disclosure [Abstract] | ||
Interest expense | $ (293) | $ (402) |
Interest income | 1,011 | 19 |
Interest income (expense), net | $ 718 | $ (383) |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - $ / shares | Apr. 30, 2023 | Jan. 31, 2023 | Jul. 22, 2019 |
Equity [Abstract] | |||
Common stock, authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Equity-based compensation - Nar
Equity-based compensation - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jan. 02, 2023 | Jan. 01, 2022 | Jan. 01, 2021 | Dec. 31, 2020 | Jun. 30, 2019 shares | Apr. 30, 2023 USD ($) offering_period shares | Apr. 30, 2022 USD ($) | Jan. 31, 2023 USD ($) shares | Jan. 31, 2018 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Intrinsic value | $ | $ 2,118 | $ 2,452 | |||||||
Share settled bonuses | $ | $ 5,297 | ||||||||
ESPP | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Employee purchase price of common stock (as a percent) | 85% | ||||||||
ESPP | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
ESPP, employee common stock purchase discount (as a percent) | 15% | ||||||||
Unrecognized compensation costs | $ | $ 191 | ||||||||
Weighted average remaining expense term | 2 months | ||||||||
ESPP | Common Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Issuance of common stock for employee stock purchase plan (in shares) | 162,154 | ||||||||
Issuance of common stock for employee stock purchase plan | $ | $ 3,470 | ||||||||
ESPP | APIC | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Issuance of common stock for employee stock purchase plan | $ | $ 3,470 | ||||||||
Restricted stock units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting term | 7 years | ||||||||
Awards vested during period (in shares) | 572,758 | ||||||||
Unrecognized compensation costs | $ | $ 142,988 | ||||||||
Weighted average remaining expense term | 3 years 21 days | ||||||||
Bonus settlement in shares (as a percent) | 115% | ||||||||
Restricted stock units | Employees Other than Named Executive Officers | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting term | 4 years | ||||||||
Quarterly vesting rate (as a percent) | 6.25% | ||||||||
Restricted stock units | Executive Officer | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting term | 4 years | 4 years | |||||||
Quarterly vesting rate (as a percent) | 25% | 6.25% | |||||||
Restricted stock units | Share-based Payment Arrangement, Year 1 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Annual vesting rate (as a percent) | 10% | ||||||||
Vesting term | 1 year | ||||||||
Restricted stock units | Share-based Payment Arrangement, Year 2 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Annual vesting rate (as a percent) | 20% | ||||||||
Vesting term | 2 years | ||||||||
Restricted stock units | Share-based Payment Arrangement, Year 3 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Annual vesting rate (as a percent) | 30% | ||||||||
Vesting term | 3 years | ||||||||
Restricted stock units | Share-based Payment Arrangement, Year 4 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Annual vesting rate (as a percent) | 40% | ||||||||
Vesting term | 4 years | ||||||||
Stock options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting term | 4 years | ||||||||
Maximum term | 10 years | ||||||||
Performance stock units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Annual vesting rate (as a percent) | 100% | ||||||||
Vesting term | 3 years | ||||||||
Awards vested during period (in shares) | 0 | ||||||||
Unrecognized compensation costs | $ | $ 21,360 | ||||||||
Weighted average remaining expense term | 2 years 2 months 12 days | ||||||||
Performance stock units | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Annual vesting rate (as a percent) | 0% | ||||||||
Performance stock units | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Annual vesting rate (as a percent) | 220% | ||||||||
2018 Stock Option Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares available for issuance (in shares) | 3,048,490 | ||||||||
2019 Stock Option and Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock reserve for future issuance (in shares) | 2,139,683 | ||||||||
Percentage increase in number of shares reserved (as a percent) | 5% | ||||||||
2019 Stock Option and Incentive Plan | ESPP | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares available for grant (in shares) | 855,873 | 4,682,769 | |||||||
Additional shares authorized (in shares) | 581,925 | ||||||||
ESPP, number of offering periods per year | offering_period | 2 | ||||||||
ESPP offering period (in months) | 6 months | ||||||||
2019 Stock Option and Incentive Plan | Stock options | Share-based Payment Arrangement, Year 1 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Annual vesting rate (as a percent) | 25% | ||||||||
Vesting term | 1 year | ||||||||
2019 Stock Option and Incentive Plan | Stock options | Share-based Payment Arrangement, Year 2 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Annual vesting rate (as a percent) | 25% | ||||||||
Vesting term | 1 year | ||||||||
2019 Stock Option and Incentive Plan | Stock options | Share-based Payment Arrangement, Year 3 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Annual vesting rate (as a percent) | 25% | ||||||||
Vesting term | 1 year | ||||||||
2019 Stock Option and Incentive Plan | Stock options | Share-based Payment Arrangement, Year 4 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Annual vesting rate (as a percent) | 25% | ||||||||
Vesting term | 1 year | ||||||||
2022 Share Settled Bonus Award Program | Restricted stock units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Awards vested during period (in shares) | 175,688 |
Equity-based compensation - Sch
Equity-based compensation - Schedule of Stock - Based Compensation by Type of Award (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock based compensation | $ 17,475 | $ 14,499 |
RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock based compensation | 12,899 | 9,949 |
Liability awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock based compensation | 2,525 | 1,905 |
PSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock based compensation | 1,644 | 1,642 |
ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock based compensation | 370 | 487 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock based compensation | $ 37 | $ 516 |
Equity-based compensation - S_2
Equity-based compensation - Schedule of Stock-Based Compensation in Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock based compensation | $ 17,475 | $ 14,499 |
Less stock-based compensation expense capitalized as internal-use software | (337) | (348) |
Stock-based compensation expense per consolidated statements of operations | 17,138 | 14,151 |
Stock-based compensation expense recorded to additional paid-in capital | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock based compensation | 14,950 | 12,594 |
Stock-based compensation expense recorded to accrued expenses | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock based compensation | $ 2,525 | $ 1,905 |
Equity-based compensation - S_3
Equity-based compensation - Schedule of Restricted Stock Units and Performance Stock Units (Details) | 3 Months Ended |
Apr. 30, 2023 shares | |
Restricted stock units | |
Restricted Stock and Performance Stock Activity [Roll Forward] | |
Beginning balance (in shares) | 3,917,753 |
Granted (in shares) | 1,699,138 |
Vested (in shares) | (572,758) |
Forfeited and expired (in shares) | (178,541) |
Ending balance (in shares) | 4,865,592 |
Performance stock units | |
Restricted Stock and Performance Stock Activity [Roll Forward] | |
Beginning balance (in shares) | 648,233 |
Granted (in shares) | 13,492 |
Vested (in shares) | 0 |
Forfeited and expired (in shares) | (74,472) |
Ending balance (in shares) | 587,253 |
Equity-based compensation - S_4
Equity-based compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Apr. 30, 2023 USD ($) $ / shares shares | |
Number of options | |
Number of options outstanding, beginning (in shares) | shares | 1,385,193 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (67,186) |
Forfeited and expired (in shares) | shares | (415) |
Number of options outstanding, ending (in shares) | shares | 1,317,592 |
Exercisable (in shares) | shares | 1,293,027 |
Amount vested during the period (in shares) | shares | 0 |
Weighted- average exercise price | |
Weighted- average exercise price outstanding, beginning balance (in dollars per share) | $ / shares | $ 6.26 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 2.26 |
Forfeited and expired (in dollars per share) | $ / shares | 4.71 |
Weighted- average exercise price outstanding, ending balance (in dollars per share) | $ / shares | 6.46 |
Exercisable (in dollars per share) | $ / shares | 6.33 |
Amount vested at the end of the period (in dollars per share) | $ / shares | $ 0 |
Outstanding and expected to vest- end of the period | 4 years 11 months 19 days |
Exercisable- end of period | 4 years 11 months 8 days |
Aggregate intrinsic value outstanding and expected to vest | $ | $ 33,172 |
Aggregate intrinsic value exercisable | $ | $ 32,724 |
Fair value measurements (Detail
Fair value measurements (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Money market mutual funds | $ 100,416 | $ 163,563 |
Total assets | 100,416 | 163,563 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Money market mutual funds | 100,416 | 163,563 |
Total assets | 100,416 | 163,563 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Money market mutual funds | 0 | 0 |
Total assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Money market mutual funds | 0 | 0 |
Total assets | $ 0 | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease, weighted average remaining lease term | 1 year 7 months 6 days | |
Operating lease, weighted average discount rate (as a percent) | 3.50% | |
Finance lease, weighted average remaining lease term | 2 years 2 months 12 days | |
Finance lease, weighted average discount rate (as a percent) | 5.70% | |
Subscription and Related Services | ||
Lessee, Lease, Description [Line Items] | ||
Lease income | $ 2,662 | $ 2,492 |
Computer Equipment | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease, term of contract | 3 years | |
Purchase obligation | $ 338 |
Leases - Schedule of Lease Expe
Leases - Schedule of Lease Expense (Details) $ in Thousands | 3 Months Ended |
Apr. 30, 2023 USD ($) | |
Operating leases: | |
Operating lease cost | $ 243 |
Variable lease cost | 16 |
Total operating lease cost | 259 |
Finance leases: | |
Amortization of right-of-use assets | 1,511 |
Interest on lease liabilities | 105 |
Total finance lease cost | $ 1,616 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating and Finance Leases (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Operating | ||
2024 (remaining nine months) | $ 617 | |
2025 | 225 | |
2026 | 86 | |
2027 | 42 | |
Thereafter | 7 | |
Total future minimum lease payments | 977 | |
Less: interest | (28) | |
Present value of lease liabilities | 949 | |
Finance Leases | ||
2024 (Remaining nine months) | 5,839 | |
2025 | 5,204 | |
2026 | 2,847 | |
2027 | 440 | |
Thereafter | 0 | |
Total future minimum lease payments | 14,330 | $ 7,720 |
Less: interest | (968) | |
Present value of lease liabilities | $ 13,362 | $ 7,651 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash used for operating leases | $ 360 | |
Operating cash used for finance leases | 61 | |
Financing cash used for finance leases | 1,444 | $ 1,468 |
Total | 1,865 | |
Right-of-use assets obtained in exchange for lease liabilities: | ||
Operating | 0 | |
Finance | 7,067 | |
Total | $ 7,067 |
Commitments and contingencies (
Commitments and contingencies (Details) - USD ($) $ in Thousands | Apr. 30, 2023 | Jan. 31, 2023 |
Loss Contingencies [Line Items] | ||
Contractual commitments | $ 14,330 | $ 7,720 |
Technology Infrastructure | ||
Loss Contingencies [Line Items] | ||
Purchase obligation | $ 2,114 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax provision (benefit) | $ 306 | $ 235 |
Effective tax rate (as a percent) | 0.80% | 0.50% |
Net loss per share attributab_3
Net loss per share attributable to common stockholders - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Numerator: | ||
Net loss | $ (37,531) | $ (51,242) |
Denominator: | ||
Weighted-average shares of common stock outstanding, basic (in shares) | 53,347,709 | 51,938,887 |
Weighted-average shares of common stock outstanding, diluted (in shares) | 53,347,709 | 51,938,887 |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.70) | $ (0.99) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.70) | $ (0.99) |
Net loss per share attributab_4
Net loss per share attributable to common stockholders - Schedule of Shares Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | |
Apr. 30, 2023 | Apr. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 7,505,338 | 6,916,040 |
Stock options to purchase common stock, restricted stock and performance stock awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 7,428,704 | 6,846,560 |
ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 76,634 | 69,480 |
Related party transactions (Det
Related party transactions (Details) - Affiliate of Director - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2023 | Apr. 30, 2022 | Jan. 31, 2023 | |
Advertisements with Pharmaceutical Company | |||
Related Party Transaction [Line Items] | |||
Recognized revenue from related parties | $ 288 | $ 153 | |
Accounts receivable from related parties | 147 | $ 339 | |
Software Agreement | |||
Related Party Transaction [Line Items] | |||
General and administrative expenses from transactions with related party | 118 | $ 142 | |
Software Agreement | Accounts Payable | |||
Related Party Transaction [Line Items] | |||
Due from related parties, noncurrent | $ 67 | ||
Software Agreement | Prepaid and Other Current Assets | |||
Related Party Transaction [Line Items] | |||
Due from related parties, current | $ 51 |