PHR - Earnings call transcript Q4 2021

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Operator

Good morning, ladies and gentlemen. And welcome to the Phreesia's fiscal fourth quarter and full year 2021 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. I would now like to introduce Balaji Gandhi [indiscernible].

Balaji Gandhi

operator. you Thank Good morning. conference which of XXXX. ended earnings for fiscal Phreesia's the call on quarter to XXXX, fourth welcome And January XX, on Financial Phreesia Co-Founder, from Marketing and Senior today's Executive Michael of Participating and Davidoff. Development, Officer Vice are President Chaim Tom Officer, Chief Chief Business Altier and Indig, call

issued Chaim, well in Tom, complete ir.phreesia.com. remarks we the in our of Following our our disclosure of Form to a press can conduct X-K website as available Relations from Investor the of results prepared found yesterday will our related Michael SEC, at section and on be as which earnings release A evening, Q&A submission session. are both

the call being replay reminder, conclusion and today's the a As call. is available recorded a of following will be

within we of Section XXE During will meaning of Securities Act. statements Exchange Securities forward-looking make Act the the call, of and XXA Section today's the

also expectations reasonable, future to any risks, from predictions Although control in filings revenue on will by our anticipated described our attract, in forward-looking of actual ability or disclaim SEC on flows, our unanticipated different factors SEC, industry, be filed These that costs variety risks differ may as in believe uncertainties without or on with statements. will expenses, revenue, later and made expressly performance, financial about as no and fully made. cash are these are described those including and the results, update achievements operational in or those statements and except by information affected statements and forward-looking statements future any are operating events our events including limitation, future or to XX-K COVID-XX forward-looking to by Report to a obligation expressed and are the healthcare future our performance financial and of our circumstances our new our the on Furthermore, materially required known the performance occurrence events, or cause beyond and with retain from provider that including, actual to uncertainties, be to and to to of including other subject about update statements other which more Annual growth, and we law. cross-sell results today. obligation to We reflect our The of that the be forward-looking or results, call, the business pandemic forward-looking the risks clients. of our our may statements involve impact undertake the speak any these materially date statements relate unknown reflected this statements or the implied or reflect statements that only achievements Form these performance our factors

website GAAP results. will also should a information may and reconciliation on closed may the which XX of press earnings results Relations furnished the GAAP March were Investor found ir.phreesia.com. to with our at after market X-K release on supplemental non-GAAP SEC our filed in be Form be with and found and Principles to Accounting our materials, financial also from in not A measures order considered to refer non-GAAP additional in with substitute measures our Accepted provide isolation not or investors. We These certain Generally addition to for as in to in be accordance

Indig. CEO, so today's patience different over turn As now from appreciate call participating will locations us. our we with Chaim four the to on are a reminder, we call your I

Chaim Indig

and you for Good Thank in Phreesia. interest Balaji. thank your you morning

of year-over-year. decline up The Adjusted year-over-year. revenue provider year-over-year. in Life client $XX,XXX, X% average Average reflecting fourth growth. million, $X.X was continued clients revenue million our was Our EBITDA year-over-year, reflects $X.X million, $XX.X XX% Total up up was X,XXX, sciences long a $XX,XXX, of was provider investment negative term revenue quarter continued was solid year-over-year. XX% XX% performance. per number up

over performance the that highlight truly the a would and effort. like acknowledge. I year of was fiscal Our to two team past past year There unique aspects are

communities. First, the continue working our grow Phreesia earliest adopt folks everyone tirelessly living to our in days well. who often From remote allowed at remotely and worked XXX transition families as work. were of the has pandemic, who the learning remote roommates to their full-time clients to to the same as spaces over work, tried and This team us or their for to

our the service The team pandemic development across recruitments from. to team all grew and challenging. onboarding in environment new organization, is hundreds XXXX. members sales marketing, support, spread Our XX% research of particularly in playbook This was no draw and growth and There areas and G&A. was fiscal of of and

forward. Our the to and approaches and new environment human resources across managers team going recruitment processes organization adapted our that the testing to by we believe strengthen new will onboarding

company invest our permanently remote-first to together as learn to we continue will We and adapt environment.

quarter, development were near part the efficiently These Intake our roadmap the of such our relationship were will client helping safely practices entered systems XXX that their health quickly average Second, product interim for over not were who management, fourth over expand of our us clients year-over-year. solutions, look with onboard which term with XXXX. fiscal in likely through growth modules are client large and operate new us by to our clients client time. Telehealth of pandemic. We we to delivery all provider increasing and count COVID-XX These engaged as ambulatory small significant screener, saw vaccine the when and

the our organization work the across support invest clients. to continue all with existing will new and We to

join applications through by overview QueueDr In innovative Business acquisition. that today Michael? these perspective. known six Phreesia I medication the QueueDr, web-based Marketing on additions codeveloped we us to Davidoff, and we of provide of integrated by led Merck operating have Development, executive. XXXX, Michael an for focus space adherence have were company workflow to we XXXX, acquisition. acquired SVP communication our Both patient years. our two and to October In Geisinger January asked in grew we our an Finally, and of

Michael Davidoff

and XXXX offering. founded features Patrick expand QueueDr for and to set and to morning appointment in value cancellation that cancellation Thank team QueueDr a of Chaim providers will need reschedule high-value those QueueDr was Patrick no-shows fill everyone. no-shows in patient appointment out accelerate to no-shows of software identify appointment gaps designed care. by revenue our SaaS space and its patient the to by automatically you over cancellation, future was take provider's replicate too to many the reduce it appointments. set address reduce internal it patient development. determined access and would can to long was that What and us schedule Randolph. good data, patient According ultimately industry and XX%. and his pulling tracked in through QueueDr's forward We to progress space for the by years this attracted

one-third are In complementary fit, to existing we which, Phreesia QueueDr's of addition to nature the client and QueueDr's clients believe, our strong roughly of cultural product offering speaks product.

the and As turn contingent our we Chaim. call indicated acquisition performance-related healthcare acquisition million our $X.X on earnings for QueueDr Over overall $X.X of time, total the of value now the to release, platform underlying providers payments. and of back I solution the to paid will in consideration in the we million technology Phreesia employment date, will behind press enhance cash consists space patients. the and liabilities incurred in million the $X.X believe

Chaim Indig

Michael. you Thank

technology the a of of financials, contributions in in He Tom over would I that in acknowledge next to played begins wish quarterly businesses. to his to for Tom joined final family handing brought Directors, the for the end growing us XXXX of Phreesia. Before of in the I small best including century thanking accounting his at you to like for in and as to contributions from in the in IPO review half and our Board was speak Phreesia public experience and he our transition retirement him entire company his important Phreesia role our team, all a Tom Tom's successful semi April. him chapter an venture-backed with introduced his through all XXXX. of

continue role and enjoy friendship. I from will a Going we his in experience will also his new forward, benefit to advisory Tom?

Tom Altier

and outlook XXXX. and Chaim fourth and you will review balance morning fiscal good fiscal I flows our the quarter the sheet cash statement, Thank update for income everyone. for

year-over-year. revenue the trends quarter, in the related $XX.X and services services payment were up the XX% of XX% revenue up with per revenue in revenue year-over-year, up fees, $XX.X XX% was average $XX.X revenue million, up XX% client revenue, X% and but was levels. was quarter, provider $XX.X was in up year-over-year and processing our million below million year-over-year. two XX% drivers patient revenue which up year-over-year. slightly the First, continued visit from Subscription quarter growth growth in year-over-year. in The total average provider pre-pandemic the reflecting quarter, million XX% Provider Payment processing client related provider combines subscription recovery still

XX% quarter, years sciences has per show. go-to-market million been tends growth and up Life historical the year-over-year. provider revenue been our and As increased higher client said, in we client. to client expand indicated trending growth has That for quarter, in offerings. for land case of This as result contribution the the demand many variability $X.X our revenue results strategy our being between quarter-to-quarter was last reflecting

to to execute Our patients. continues messages targeted and delivering closing very business your team on

million to our basis SEC. organization line up expense earnings a adjusted which client XX.X% quarter cost revenue line excludes the compensation year-over-year On a Now, ramp to reconciliation we an year-over-year. let's basis, of from discussed in was reflects review on adjusted of that with to included marketing each or Cost services $X.X Sales basis is over GAAP quarter a products of or we revenue, basis year-over-year. the stock-based will expense including accelerate and General revenue, Please will item. measures, EBITDA points current our non-GAAP Form press The investment XX.X% of dollars solutions. basis to was total up development as support year-over-year, accelerated fiscal was XXX was a expense of we up to million existing our $XX XX revenue. the as the percentage increase as in and release note last move basis into sequential of allocated $X.X our to several was expense year XX-K trend XX that full R&D expenses. next percentage million down points. earlier basis points revenue revenue. a of year-over-year points Research filed future support total I expect items up growth. in revenue and revenue, in total non-GAAP XXX on the million revenue, be of and The the XXX of anticipated and and as be reflects XX% administrative and or Note total quarters well growth. of of investments points platform or several expense percentage previewed $X.X as across XX.X% pace and the level new down our

XXX We fourth quarter finance sales continue to processing expect as XX million. ramp operating in Shares down and was XX mix Cash transaction fourth $XX,XXX, up from we due in fiscal leverage $XX.X a company, up year-over-year. of seeing was begin to across of the range points sheet the XX% year-over-year. mix and million, on with outstanding we XX.X the but $XXX.X XX% and margins public the legal balance to million expect in a market. in largely processing EBITDA routing the a growth basis $X.X particularly was of of term, most transaction million to January the notably lower capture decline XXXX. as and expense Payment Adjusted The return margin payments. type quarter was million, to March year-over-year October XX%, expenses, due we investment variability $X.X the fees. Longer company of is marketing to see the Payment XX. to up opportunities and are we payments cost of loss at in interchange the to type acceleration due was decline quarter-to-quarter

Capital quarter was operations flow a $X.X software we compared were expenditures and in increase the $X.X paid support quarter. for our the growth. to down up reflects prior data in million, $X.X quarter capitalized to year-over-year, However, from our up million quarter. Cash fourth in the for $XX million million our the center equipment ramp revolver significant million $X.X year purchases

revenue revenue into million. XXXX for which XX% a million outlook $XXX $XXX to in of Our translates growth remains XX% to range fiscal

so ramp overall up our fiscal XXXX, as infrastructure In in cash across their support for mission to to to been years our past to who team and the members wish growth partnership we XXXX, an Chaim expect increase to over anticipated closing, like fiscal Phreesia the to and growth. We the our to entire Randy organization I and the the with think continue and have would compared Phreesia outflow and been incredible journey years. hiring support team have and dedicated and best eight finance I the

ready Operator? questions. are We take your to

Operator

[Operator Instructions].

question Your Ryan Daniels William open. from is comes the first of line with Blair. line your Ryan,

Jared Haase

guys. start morning question. is revenues. Thanks on Ryan. for This sciences Good to Jared in Yes. you Haase, wanted to I taking for one just quick life a ask the the

some that the and So you line as well the strong where you talked versus both a a I maybe last to better continuing again, that was on marketplace. investments bit feeling quarter. think year-over-year basis positioned to quarter as And team obviously, make sequentially about in little is last about product

it any with flush team and with is curious sort seasonality So has just here thinking continued with sales the to year-end pharma just really budget of factors, do strong quarter environment? Or just strength if really a demand execution clients? the maybe this more

Tom Altier

morning. Good

life deliver day is the thing, but articulating the focusing really ROIs would and been I love at I we of one-time able just much What so really doing And value. a phenomenal talking would to strong of it's seasonal execution. be end clearly that, want are to sciences. point making sure clients on to, has job just a as to good and and value I about love I the our team say that as

Jared Haase

picture maybe it. kind more And that. thinking color. term. Thanks That's a for good longer Got bigger I then guess of Yes. just question

margin that changed kind transformed well the demand sort like a have to you over a longer structure the Or of feel perspective of cost in kind line hiring as the is have and is the term or about the business? meaningful right do way year have targets from term that things adjusted longer so still last difference there eventually product little reason bit, for any the the think you all of margin developed the maybe to of XX% in you any and target? Given EBITDA getting which as pace your

Chaim Indig

That's us. sort for of the target right

I think grab investment ability as what see share we have only increased market. to fair is thing levels our support our we done to our of the

my We are excited very is voice. enthused. This

to keep that We about enthused in are client reaction and and leaning getting base are very going share. from we feedback the our and are investing to we capture

Jared Haase

Thanks for Okay. Great. that.

Chaim Indig

Cheers.

Operator

line your SVB from Stephanie, line Your of is the next with question open. comes Stephanie Davis Leerink.

Stephanie Davis

you taking on questions Thank congrats my for the quarter. guys. Hi and

year, looking growth force had So because subscription we at lines, likely processing payment you revenue your your sales as a likely COVID of saw three in in you comp. just look forward acceleration to huge because next acceleration these investment,

dramatically. that make market all leaves decelerating signals the that recent to plug and shouldn't be to as there sciences So XX% life growth. But that suggest performance XX%

So could you help that? me reconcile

Tom Altier

are across I will to early paying have But reconcile life team investments the I business can't I the numbers of we too. see capturing that feel board very, that share also sciences not we I your are And indicators think made gains by really off. plugging. depend say an and And run the we unfair our all very of positive. is market our that

way board. So supporting good any which we being idea have know possible. And what keep across like. our feel going to the are I look we going that we to that But said, clients recovery just no is the

Stephanie Davis

sciences Maybe revenue? cause that asked another that would way, is deceleration there in anything life

Tom Altier

know I enough up sure I -- I I could decelerate think about if are But don't the decelerate business. is it. on am focus really ways to could wake thought growing really and how ways, we continue that's you if it. you like there don't

Stephanie Davis

Fair. Okay.

Tom Altier

just about hard Like running like all, sorry. still everyone's am pretty pumped here. we I are

excited. we really are So

Stephanie Davis

you So how growth I get mid-point, at three points only, of guess, revenue do to acceleration?

Tom Altier

get numbers The bigger.

Stephanie Davis

[indiscernible]? No. I it point three that guess is, points. only that is the It's not

Balaji Gandhi

is it This to Maybe just say, think our is of that acceleration a up and about start Yes. Definitely, move I historically. Balaji. from way. in itself rate growth that would

Stephanie Davis

as Fair. have client going like It third expansion? And have you capabilities Or only biz. overlap a a it. You there? a got sounds base. that your QueueDr two-thirds use on there is a cross-sell this for is Sounds follow-up incremental Are revenues opportunity doesn't to the good. in there quick

Tom Altier

both are think other to application. that to It cross-sell it our client we will applications allow this capabilities are us integrated. cross-selling fit into We is and already It's will we base.

We have had early success to-date already.

So it's been good.

Stephanie Davis

All you. right. Thank

Chaim Indig

Cheers.

Operator

question Scott, comes next Scott Your line the of from Stephens. line is open. Schoenhaus with your

Scott Schoenhaus

question if wondered a sheet color team. means for on was you Property, there investments and last you your Thank ask interesting. that wanted I business? provide related quarter. you. thought I plant more doubled what you are equipment balance Hi Chaim what making and nearly could I from and to

Tom Altier

making we are also the significant big because centers. in making are ramp of We data fairly in investments volume,

more of So significantly add to a just that lot is capacity.

Scott Schoenhaus

that succeed hospital you that need centers? data you larger is also And are larger a or to continuing sign upmarket into data system more centers as

Tom Altier

ambulatory to Look, the health is phenomenal in I And I not surgery are the large systems, mid-tier succeeding frankly, think in job groups, clear, the a board. in and be large we doing just centers. across team think

I have have some markets And we we nice pleased. am all the just been think that had of really in tackling. I very swings

to sure share market to winning. are continue gains support want that And we to to we so that the invest continue we make

Scott Schoenhaus

Great.

there. Just a follow-up

the in get more back Just the system? once up-selling into average board and cross-selling of larger You revenue growth in Is there. change expand XXXX? average land trying hospital into to growth these dynamic have there seen opportunities larger of color taking between share. client way think expand here, just with half per does the obviously success fiscal and base client, specific revenue systems, about and a accelerating client to the selling provider in per year you across How the and to the opportunities kind be the provider given of

Tom Altier

Yes.

think of our in I be to think systems. even about out able we grab you volume the large we that going are when TAM, things we that the one to in payment think didn't much pointed as hospital

seeing strongly look, tied as tightly shift metrics leadership Those are that team to. and all is entire we internally together, the client. So per of metrics But you happen. are average are that those review some revenue both tied revenue

Scott Schoenhaus

Thanks Tom. it. Got

Chaim Indig

Cheers.

Operator

with Your line question line open. Sean from Sandler. the next is your Wieland Sean, of comes Piper

Sean Wieland

I least science you. the Thank volume. like understand, payment Hi. of XX%, there discuss visit morning. correlation to some those life up at both Can XX%. Good you have would better I suspect to up that revenue is is? separation would what

Chaim Indig

correlation visit There is to some volume.

investment You are has cross-selling correct. you drivers as customers tied different to job we drop great pack it was done does also did in volume, of sciences pay since science. But the But other revenue slight our sciences see life we visits significant a paper the Phreesia. in where the a to data more have using was life the payment to

Sean Wieland

you across visit payments Okay. just, holding follow-up, Can out in business? for is as And the in the overall the the pricing what trend was volume a platform? year how

Balaji Gandhi

Balaji. want got out, fiscal we spans much within from year anything Commonwealth putting of it year-over-year. data the Hi it clearly data that. be was to pre-COVID the year. down I the levels overall single can data But have KPI which by or the visit as like mean you low digits is pretty we of don't entire Sean. end been a Commonwealth basically But This The which see clear disclose we that

payments payments tied to more its and you it's a more sciences processing helps impact. to direct life life that much of nuances than There hope some there's sciences. to So

Sean Wieland

payments the And pricing business? about the Okay. in how

Balaji Gandhi

get can you more on that? Maybe specific

Sean Wieland

characterize payments in Can the environment pricing the business? you

Tom Altier

our rate. think correct? Sean, talking I take Is that you about are

Sean Wieland

Yes.

Tom Altier

much sounds pretty like been hair a It It's but not Yes. flat sequentially. sequentially.

Sean Wieland

very Okay. Thank much. you

Operator

line from Hannah comes open. the D.A. Hannah, your question is line Davidson. with next Baade Your of

Hannah Baade

for Hi. taking my Thanks question.

the ballpark health this on As Phreesia coming expect larger with should moved you system moderate? online, percent process patient processed we upmarket of clients volumes putting Phreesia, pressure to can through where

Balaji Gandhi

that, repeat Hannah? Can you

Hannah Baade

Yes.

expect statistic. processed clients XX% system pressure larger through move as health going on this where obviously ballpark Can Phreesia, you we should more you online, this we downward upmarket? patient to volume to put moderate upmarket, that that's move quarter the more as coming some On those

Balaji Gandhi

type of I I I on quarter-to-quarter this the clients Yes. of in later we type think mean a add time just growth function would follow-up But we one. of the get. it's and

mix definitely in there. So there's

percentage be. egg you So it's what us you Tom? hard to want or in am of But for comfortable reflection chicken delta the little Anything that tell here think, the I serve. upmarket and moving we a bit clients add, It's but changed think a that I is rates to, Chaim paycheck of with there. the to I going and

Tom Altier

No.

Chaim Indig

we health take and don't add they As you decline. payments, see systems that if will

Hannah Baade

And Okay. one Thank follow-up. you. just That's very helpful.

and you episodic ambulatory visit as customers regards the centers, seeing been shift the they mass sites, that With grocery have any COVID pharmacies and likely traditional opposed to uplift expecting vaccination to recent vaccines, stores vaccines? might specifically impacted are in to for care

Chaim Indig

not I I to understand sure am the you question. --? try Can

Hannah Baade

Yes, absolutely.

customers As a vaccines outpatient any pharmacy? regards care be you office traditional doctor's to to CVS, because shift kind centers office in like have these shifted to away revenue kind of vaccines say, are customer seen a from impacted a care and they expecting in to external get a may center have of

Chaim Indig

thinking and with that vaccines we revenue driver. don't our conversations are up clients them think are waking have I had a is this

this locally monetize population in to pharmacies bunch we goal think about I as looking other are this are as as profit provider try how driver. as we don’t and is think a as groups the with what effectively any that meaningful not do the is vaccinate Like possible, organizations. that mostly to and it possible. way. effective the partnering And vaccinate seeing to clients And think I are their I and know health our they and a fast is, communities as at systems

Hannah Baade

Got Thanks guys. it.

Chaim Indig

Thanks.

Operator

Ryan, comes line with MacDonald next from Ryan question of your open. The Needham. the is line

Ryan MacDonald

semi Tom, you. working in morning. of best Good Great with luck Yes. retirement.

Tom Altier

Thank you.

Ryan MacDonald

for guess, I is, question first My Chaim.

XXXX in to Curious that your are versus newest logo new are are impacting they logo of productivity You customer seeing How terms obviously how internal new added ramping some SCRs throughout see in the in growth. growth. you group expectations? that here of continued strength

Chaim Indig

through the effectively. able weekly good have gen a And job. to They very would effectively. They I too. Tom I understatement. of people know they sat sat are demand doing an are just are their been I And calls week. last pleased couple be reach a one out doing of calls them through really to

We are say good very on not demand excited as surprised want am seeing phenomenal don’t the have folks organization. we doing they gen. And I I that am because But group, surprised are I because seven-odd have to are team. expected. a we pleasantly very for the new we

Ryan MacDonald

early as And reps of calls you your vendors listen I other anything that prospective Great. in are the that, the space. are of out We same of and market, seeing dynamics from this hear the on other curious vendors of in it's change you is types market noise sit customers, terms of financing as follow-up heard But to a is have sort here? whether demand heightened are those noise is to there lot feel talking a of markets of and there how as am incrementals in that stage or now? to certainly in the opportunity right to

Chaim Indig

right. All

to our space general all of or phenomenal release. amount drive press websites out is have heard it years. create the easy solutions, raising product money website is thought that Everyone's noise putting We in and be to XX and a for view releases press value. always is and delivering this doesn't requires a

any we get that we years are great making phenomenally more drive seeing a and out customers our phenomenal value products. that. us has So at well not And more I amount in products and sure for thesis is that value for that doing are even proved think then rolling trusting of and change what

when When get not the transfer that products think any use our use patient usage don’t to we different. ROI. get work but now to think sold patients bigger is I think this press just get as make the sure the we numbers amazing the star, want Like I and that we get we it. I louder. releases just north that our

Ryan MacDonald

Great. Thanks and on a color quarter. for congrats good the again

Chaim Indig

Cheers.

Operator

line open. of RBC Sean your question with next is line the Your Sean, Capital Markets. comes from Dodge

Sean Dodge

trying to Maybe hospital better on share we with good frame complicated. a Thanks that anything a about potential is that, help there and Yes. workflows think lot can out? are morning. in opportunities. When ramp you us [indiscernible] for And the more obviously

So are timing? having work integration Anything along kind is sales you lot processes of then are that? sales of novo you work? imagine too. de lot Is to a think I frame the different there better out more How to just just cycles, there do? a would development far you are on And

Chaim Indig

greater people, keep workflow, the value and clients. and going doing success think formula just we even we with is previously process and integrations, degrees. same in probably to are I Look, in keep And closer inning. don't our think that the to hopefully the I are the going at in rinsing I we at to are in and and we we if value this yes, wins. the going it had fifth investing. And have keep to think scale, the in the keep keep inning. real provide are second It's the And seeing repeating propositions in heavily we investing we product, that having we the

Sean Dodge

Okay.

Chaim Indig

we clarify, to don't say just And any cycle sales have data that longer. is to the

Sean Dodge

to Okay. there. determinants. a about be guys began the ago highlight year now work It social are you on you was May doing

development you is Carolina, process. think North interesting share there was initially integrating ability that the those, for any in updates to with I can there? building on intake it screen the

Chaim Indig

Yes.

just the vaccine hesitancy to the our and around hesitancy bunch have understanding did this think -- I been we on understanding vaccine in also, virus a of different we doing could communities talk difference to a work Michael and impact and Michael, America. delivery determinants. slowed you that? investment. But in healthcare social add to communities, which want we an We it their tied think patients makes have to down different material is area our to this not often in of

Michael Davidoff

Yes, Chaim. question. Thanks the for

measuring would hesitancy vaccine think group expanding and improve right our comfortable clinical understand they in invest how team are delivery ability to groups vaccine really doing of might and we now. the that and work just of clients getting that the I I the are add with the that be some continuing they can not just our with to working incredible to

So and the it the makes us company. extremely really of to proud mission speaks

Sean Dodge

Thanks Okay. again. Great.

Operator

line question line Daniel, Daniel Your next the open. of Citi. is from your Grosslight with comes

Daniel Grosslight

quick I XQ Thanks Congrats the a to taking just I client a to the guys. in I versus increase the of strong question. XQ get payment an from volume. about X% X% divide volume patient on quarter, XQ. quarter. Hi sequential a payment for provider the If by versus average increase patient have sequential question

on am any I you in patient Was And patient have to large how think fiscal seen due we XXXX. of aboard about recently payment payment volume curious in of sequential the year clients for growth? growth cetera? increase provider the coming per should volume per larger the bolus a just trends et provider So XQ

Chaim Indig

you to that? Tom get want

Tom Altier

Yes, There in that is question. a lot

it So down, maybe Daniel. break just

to maybe first part understand sequentially, trend XQ Daniel, the versus from, to it payment to So XQ XQ is, XQ? was volume was are it you trying

Daniel Grosslight

Exact.

a sequential to increase, and sequential grew in provider still to trend. about the I trying good growth increase to sequential client XQ, sequential payment pretty per then relative an slowed So slowdown. but rapidly historical patient around provider X% very X% am understand per volume Because it

in I XXXX? just about underlying understand provider am and that how the trends So payments per sequential to year in think growth fiscal trying to the

Tom Altier

in there question seasonal et that it, some somewhat strategy it that answer land crisply. size and think make decline the payment patient lot provider impacts customers, some I expand most from in volume into cetera. factors Dan, a impacts of difficult has to that per of and probably our there's go The

forecast give to for it's in going to me a to what be as So you the that's future. tough

Daniel Grosslight

guess are All pipeline? rollout, year XXXX, right. been clients helping the i.e., sales that a press the have I on I telehealth free those that some some then learned good you the curious intake in this been exploration modules. in there. your on I charge, may what Understood. you you is, vaccine of the process rollout with And giving into question did during another or with I similar the you had away the of of will some fiscal leverage reports know capabilities accelerate of prospects goodwill you vaccine growth am Okay. there's But have the some how learning how to you

Chaim Indig

do untraditionally the something in I think you is, by positive amazing clients I that all the seen build massive products has usually and I outcomes and you things, it help traditionally amounts of we that people, when have And existence everyone that's these here and follow. us, through think really entire our years. have helps view XX right general

it's halo. So not a

really amazing some us clients think have that have I products of it. win built helped because we

relationship our We have of we And clients through endeavor do to because part we try right won them to thing. always to And times. do. really build. that, tough us to clients thing also feel of the just able that it. want understand I It's good that's being And will important. support to it's the about But always everyone right

Daniel Grosslight

Thanks. guys. understand. I right All

Operator

John Ransom your is of comes question open. final from line line with James. the Raymond Your John,

John Ransom

recently Good to voice morning. fee. political back that that business? little MasterCard what mean us help interchange for you that question, was and maybe does if size, after the They a payment But talked Chaim, need some excited. just That Visa up, think pressure. go bit. pulled But about the not does dropping practice up that I excited your

Chaim Indig

take want you me to do John, this? Hi

John Ransom

it you excited first, But your about are excited do in do. pretty voice given that. I

Chaim Indig

John. Thanks

they assume. they what backed or off in I think about their prices on, in February announced list increase XX that's I a January bip and

all I the price would know but exact have April. in in what that’s read to I what their a Now basis a been on press increases number list price the don’t rumor. as that's

time. some that of at So get that could size

John Ransom

it our translate Phreesia down So Because revenue? can calculator here if broken, get is to does you through?

Chaim Indig

It we increased have on means don't that to pass cost providers. to our an

MasterCard So hold care and Visa got it thing. little taxing put It's that good in just for America a providers bit. a on was means health unfairly

I think have pressure. that it's really, it's great they that

John Ransom

God Okay. you.

that are lower only you the again with doesn't some XXX you referred but that doing what could The guy that this, as we number? question on ratio be clients, that that other than understand Why would is mostly I larger that smaller you it why say is ratio doctors? transition to and put pressure probably

Chaim Indig

relationships systems, of treasury they what and sales cycle, the the large the part large as in give relationships. have very tight banks credit them In large group often often found have with health card we is of their systems processing health those

bit to seen it. and relationships. tied for taxing it's often generally often it charging maneuvering we away from some the lending what pry and so That's of have to And takes that be able to who them unfairly banks are

John Ransom

got I you.

Okay.

Chaim Indig

Okay.

John Ransom

-- know you And

Chaim Indig

are Go ahead. John, there? you

Operator

John [Operator Instructions]. now is Ryan open.

John Ransom

off. fill in Just that in you is a delta me though headcount I me this? mostly The cut on SDR? just in issue marketing,

Chaim Indig

for is. it The Yes in future that investing team cross sales.

John Ransom

Right. Thank you.

Chaim Indig

you. Thank

Operator

to concludes closing I the back now remarks. for turn call This session. will over Chaim the Indig question-and-answer

Chaim Indig

Thank Cheers. again, we call we support last talk will you a everyone to earnings and you your you for Tom, in months. everyone's of appreciate thank and and couple

Operator

conference you gentlemen, for and of this On call. thank participating. Ladies behalf concludes today's Phreesia,

now disconnect. may You

Phreesia (PHR) 31 Mar 212021 Q4 Earnings call transcript