Phreesia (PHR) 31 May 232024 Q1 Earnings call transcript

Company Profile

Participants

Balaji Gandhi	CFO
Chaim Indig	CEO
Anne Samuel	JPMorgan
Ryan Daniels	William Blair
Jessica Tassan	Piper Sandler
Glen Santangelo	Jefferies
Scott Schoenhaus	KeyBanc
Ryan MacDonald	Needham
John Ransom	Raymond James
Tom Kelliher	RBC Capital Markets
Stephanie Davis	SVB
Richard Close	Canaccord Genuity
Daniel Grosslight	Citi
Jeff Garro	Stephens
Robert Simmons	D.A. Davidson

Call transcript

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Operator

Good evening, ladies and gentlemen, and welcome to the Phreesia Fiscal First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode.

We will provide instructions for the question-and-answer session to follow.

First, I would like to introduce Balaji Gandhi, Phreesia’s Chief Financial Officer. Mr. begin. may you Gandhi,

Balaji Gandhi

Good the welcome XXXX, fiscal XX, on operator. conference which Phreesia’s call April for first XXXX. evening, you, to and earnings ended Thank quarter of

today’s Chief on Joining Indig, is our me Executive call Officer. Chaim

Investor closed complete available stakeholder in earnings section found after letter, Relations related X-K both press can SEC, on the markets our our submission in issued of to ir.phreesia.com. results today. and including at A are discussion Form be the These our documents release our website the quarterly

As a call. a ir.phreesia.com on Relations reminder, today’s being the recorded, at call our replay and is following website of available will conclusion the be Investor

today’s our our anticipated financial and During statements the make our outlook including results. of our statements, regarding anticipated business, our regarding industry, we performance trends, future including call, strategies, may forward-looking growth, predictions about

risks, statements to or and uncertainties other to factors materially performance our differ statements. subject from in Forward-looking may results, achievements our described forward-looking are actual various cause that those

events reflect or made. unanticipated of circumstances on based call the reflect or the forward-looking after undertake be this Such made and disclaim our fully will to information the risks be the The letter filings, included that our of to in report Form statements our We or and these factors including statements the call obligation XX-Q to SEC in press SEC release, events. with on statements expressly are date are forward-looking will update our no our risk on obligation stakeholder quarterly new earnings this filed described in update tomorrow. occurrence more to

substitute to to in or principles order with in filed results from were may closed non-GAAP should investors. certain ir.phreesia.com. GAAP to and after a refer provide in with our our isolation our for considered to GAAP measures financial may our and the at accordance X-K Investor accounting which information not in Relations SEC to as be also letter, generally be on results. Form furnished These measures release not additional addition accepted website We today in may and with found A stakeholder reconciliation found the of non-GAAP be earnings markets also

now will Indig. CEO, to over Chaim call our turn I the

Chaim Indig

and earnings Balaji, our for evening, you participating you, in everyone. first Thank Thank call. good quarter

letter stakeholder release an materials and hour key highlights But sharing about few the earnings me ago. call Our start we out came released. a the of let by

Revenue growth. in year-over-year consecutive million, was quarter the first XX% ninth XX% $XX of year-over-year. revenue our over up That’s quarter

who listening. by Another are fantastic team. Phreesia achievement to the you of all Congratulations

of first We for from X,XXX, In quarter Total services quarter, average our fourth to healthcare XX% was quarter. number healthcare up clients year-over-year. revenue clients average the added the XXX the services year-over-year, was average revenue revenue year-over-year, Payment healthcare clients XX% sequentially. Subscription XX% and up year-over-year. X% grew was services grew processing revenue XX% up year-over-year. $XX,XXX, services solutions network and related X%

hand Balaji to over ‘XX about Now, to talk let me it fiscal our outlook.

Balaji Gandhi

Chaim. Thanks

January to outlook on ends XXXX, which fiscal Moving XX, on for XXXX. our

to XX% which our of XX% fiscal to $XXX over are growth implying our XXXX range We million, fiscal is million $XXX XXXX, in outlook revenue. maintaining revenue for of the

a $XX negative EBITDA to $XX negative on our million, of showing $XX We improvement range million our path to a range $XX outlook adjusted to are negative to raising of continued from negative profitability.

in targets on and XXXX also finance million implies to fiscal are a targets profitability profitability sets comfortable adjusted our year annualized our XXXX. us are for position. believe which fiscal ability revenue with deliver our during up our million returning fiscal to We with cash $XXX strategy XXXX during remain our XXXX. capital targets and $XXX beyond. We our We financial Those allocation to XXXX, maintaining EBITDA fiscal for of fiscal targets revenue and quarter revenue of

value. shareholder driving on focus to continue We

Operator, I think Q&A. up to we can now open it

Operator

from afternoon this question first our take of Anne JPMorgan. Samuel We’ll Instructions] [Operator

Anne Samuel

Hi guys. how your I just volumes congrats taking the spoke you higher the hoping what patient of pull-forward think from to the will was you great first In about year? for then, attribute Thanks in And this that on that the talk do letter, a remainder be for more to quarter. maybe Was the evenly cadence year? to. XQ, results. think question. you could spread throughout about And the you just that or

Balaji Gandhi

here. Balaji Annie, Hi Yes.

volumes than to So, what’s that take the quarter, the around the think stronger important it was away we first comment is I anticipated. in just

we it’s thought. but have seasonal obviously, year, strength, there’s entered some there’s the some seasonality than was So, would when it we and stronger

about can this talk think -- maybe and bit. little a I Chaim

time, about at any having our you a off be think business we been little and quarter. long If can on this a bit

there’s visibility, but different can We things of that different on lot have mix that. around around skew things weather. There’s a specialties

Chaim, want I So, you to back cadence. don’t the that, know, add come anything on can and if to I

Chaim Indig

No, you did a great job.

I You great a think we go. did got the And look, to still left months lot think a in job, of innings. early I it’s

Balaji Gandhi

And mention campaigns and Annie, our did that strength first helped our volume quarter. pacing some cadence, also with the the of the the on we in programs of

nonrecurring, know, year throughout campaigns well. as the we’re So, you as that that and revenue is selling

don’t but think So, obviously out. definitely if to bit you of you some think little I just a that -- being quarterly up. of about of things think will We should XQ to cadence, that sort guidance, have about happen provide pulled will that the in fill

Anne Samuel

helpful. Okay. And maybe one Thank you. more. That’s really then just

something just was if quarter can nice really the software level gross if on flat? kind of side. keep unique cost that you that it of assuming hold kind margins should this revenue curious saw be this of helps And there we maybe You or

Balaji Gandhi

this the XXX clients, quarter. across everyone job think everyone. all, mean by important support team, lot I I client ton to great continued it’s of effort Well, first to add a just of obviously a as mean, all we’ve done call a services, just made teams, client has I We and great those continued out investments of

to getting about and now and But on So I but feel when step we big profitability, moderate improvement pretty it. based about say kind be gross improvement yes, here. as do of adjusted to more margin good to that it’s you’re going continue said, -- more talking up think happened, the from we’ve has EBITDA we think back about

Chaim Indig

It was nice. pretty Wasn’t it?

Anne Samuel

the nice. was Congrats It Thanks again. guys. very color, for

Chaim Indig

Thank you.

Operator

next you. Ryan Thank go William now Daniels at We to Blair.

Ryan Daniels

that year? Balaji, How as and forward maybe growth. I’ll with really start item one you. and we marketing was leverage see The XX% maybe think despite It line, the the XX% for we through the going there. sales year-over-year plus great roll about cadence line should off

Balaji Gandhi

worth the again, just Yes. it’s effort team. once I calling out mean, by the

I the but lot, there’s all behind use productivity term -- mean, So, people think a people it’s I that.

we’ve so, I vendors. non-people expenses, about mean, diligent too, been also And pretty how there’s spend. and we there’s

-- that ownership in sort P&L. have the to and the we’ve And most so the tried we’ve be of get of we can out had try lot just expenses an mentality of to a

again, EBITDA source think, and question, of And that get positive. the how on leverage we so I like sales will be the operating just previous another marketing expense

question? you XX.X% percentage getting X, about then think the the of a improvement that If we to answer negative some Does should there revenue. see as

Ryan Daniels

kind kind network signs on interesting Yes. with in payers period. the Yes, And MA curious did I’m order eligible thus, of was an of then, behalf open of revenue stream plan to project the or done and was going enrollment that’s case that capability solutions members study there novel Thanks. internal a on regarding a if of offering, that market to product that for something as forward? you perfect.

Chaim Indig

Ryan, that was a of both. So little

revenue to lot the think -- specifically with but I years all capabilities. understand believe members that needs. but Americans, doing lot I more I base So with our they’ve ours, I been it you visibility now. to the was things a excited -- because think driver, very excited don’t plan matters system, to and folks to think think much as a feedback this are capabilities individual often not even planned And have we those coverage. see that of not platform been for it’s that revenue able seen about of one gives we a as the up some was we all that needs got through client of we’re really be being about a their show we what huge pretty did reach is -- a And really to strongly the healthcare that members able might different and use we’ve the It and our

Operator

next go We now to Tassan Piper of Sandler. Jessica

Jessica Tassan

for taking the Nice guys you new Thank the quarter with CFO. question. first

of detail XQ of launch out in would I the for was your of really being for as echo Ryan’s kind fiscal and XXXX ready thought product kind beta about we MemberConnect then and period? helpful. kind Should this priced think full XQ, so I So, just AEP, of sentiment,

Chaim Indig

think different It’s sets. it’s that in bunch GA. I would don’t have we the don’t it’s that? but you product I think How’s fully team customers of tell think on our beta, I a --

just I think How’s not just in we of But -- and say team enrollment the on lot I say, yet. we’re very a let’s it’s for really we’re that? of wouldn’t be what it. with And doing I’m I commenting still proud open think have we’ll investment well, doing it. -- on I’m where

Balaji Gandhi

early. still it’s And

Chaim Indig

the community, from But community phenomenal. response client the been has the

Jessica Tassan

Okay.

survey, just solutions? today it how I It asset talk monetizing but been in that’s network know whether and part the can might you’re think being like that subscriptions you monetized to maybe interested helpful. felt have that’s how predominantly And or MemberConnect seems And that today? PAM it. then in is very about just impacts of

Balaji Gandhi

Sure.

of you sort from Medicare earlier. like think were offering generating, of letter it almost there -- lead gen Nothing Advantage refer piece like would you When as for about the MemberConnect, gen. MemberConnect. that. another monetization. to being call exclusively that lead itself, about of talking to So, there’s on the and out this. in piece an revenue that’s PAM as I offering also Medicare But go of back you It’s sort the to of there’s the our to MemberConnect think really Advantage December two parts and about

came -- revenue tied with which CMS. in is subscription have However, is that’s overwhelmingly, contract the effectively there that acquisition through of we the Insignia, PAM from to

And contract you public, so multiyear it through that. a can up, is look subscription that it’s revenue CMS but has

Operator

next our question take at We’ll Santangelo Glen Jefferies. now from

Glen Santangelo

EBITDA some other Hey, guidance curious, point And obvious the low-XXs revenue here, about, balance the wonder sort that of had again investments is And nice are level I’m for of or follow-up helpful year. of kind talking would throughout the sheet. sort this really just the And be of the another out? planned be then, guys. leverage doesn’t I in the I along the we should think conservatism, beat obviously question on assume a to balance quarter. there of humming of year sort is any that I question or EBITDA with --

Balaji Gandhi

Sure.

say you percentage you when So clear, mean as low-XXs, a first just of all, to be growth?

Glen Santangelo

I’m growth. Yes. Yes, percentage as a sorry.

Balaji Gandhi

Okay. meant the thought there beat I I skipped almost because you -- okay.

margins I know theme Glen, same can’t think of the and of to of job. question I gross done sales on that. right sort is is first I from has the And and of great say the that all, this marketing which team EBITDA, on So and enough goes mean, sort a we like sort -- about

And so, in to the investing business. us keep ability afforded the it’s

et the And invest. ‘XX, think talk we’re in area we do few you and fiscal sort is around seen so, because the about is to which up And get ‘XX outperformance that continue to to us and leverage has of the we’ve should about on quarters area operating what thinking one don’t set EBITDA you’ve we’re said, going that ‘XX, oh, about the that R&D. like, cetera. squeeze past It’s

we’ll So, there’s investing situation Does for to XX be team days. we’ll if that you in well, sure, the -- update continues room a range And R&D. more improvement. think the in there’s range, guidance the when about said, maybe where help? you That execute EBITDA

Glen Santangelo

to balance Balaji cash. million follow has call I the I the of Company sheet. it, Okay. that’s helpful. Perfect. mean, And want $XX-ish mid-teens, just been burning, on -- up

this quarter, I than little a year. think, maybe last again, bit higher

I path in we ‘XX, know the have ‘XX sheet. on in to fiscal about profitability $XXX and As the million balance you cash think

that comfortable the of related some was than wanted press that have You with just But said I to release. reconcile that SVB in more enough. you you’re -- the to comments

a have sitting, you sort open where another be lending where facility cash outside would your could is If up of plan rehash now, SVB? of to to facility you just quickly for us and the lending

Balaji Gandhi

up for the... Yes. bringing Thanks

Chaim Indig

Glen, those were like…

Glen Santangelo

time. I promised some

Balaji Gandhi

we’ll day, all so Thanks feel we to there’s making like want of disclosure, about at we have how to to who listening, to SVB. this. on I allows who outside waiver look the term the ‘XX. for But people talk lengthy mean, avenues want comfortable us. free are beyond attorneys our growth phone term, cash Glen, our time. lending any language in of time, with a reach what we’ve a of of Q we filings finance lot that can place, of to for some keep that out in and the and Longer see the this end we the community, the last still facility to cash Longer in through more said But look we’ve other in and from finance at received at through us kind you’ll are is feel

continue to that million. drawn have about feel it’s facility. very said, about on that. growth. We the there you $XXX existing is And support And cash good as no The we to debt

as as at the just opportunities. other we’ll But to timing. yes, is that flow, -- other in there So far of on terms continue then, we’ll place look note at is look revolver that losses, in cash things, And the today. and

year, part additional some So, stock. treasury have the the first we of

at look you tax financing cover withholdings the for to If section employees.

remaining don’t those in So, you see the quarters.

see and You’ll QX in actually QX. that

Operator

next Schoenhaus go Scott We at to now KeyBanc.

Scott Schoenhaus

up Hey, of Balaji. on your Chaim Unlimited on to of any this launched partnership was Was that the you and that results that letter subscription deeper into shown update quarter. this quarter, with dig provided I the about your any in Congrats side? Systems. wanted in

Chaim Indig

even slightly. Not No.

Scott Schoenhaus

Okay.

this is you are... something so, And guys that

Chaim Indig

the put R&D line. still real that early. would in It’s I

Scott Schoenhaus

Okay.

solution? growth partner as? basically service something what that a other you year year? opportunity this sell subscription much next way this incremental is specialty Is really view this more are and So, all trying that you do do for IT actively these drive you guys really pursuing your to offerings, healthcare to Thanks. with And

Chaim Indig

a with we their from base Look, our of so got to well, -- be solution sell Phreesia. to integrated we requests clear, lot customer but have solution, wanting look, an

that’s and and is is very are market partners, assessments partner. that we so. frankly, that so, excited -- what a And like decide we and it make early really on have we’ve following where -- team should type sure do we integration we and and it days, we a market wants. market really dollars we’re seemed for of the just like we seemed different Unlimited work of the people the they is whole just about our -- great, product that where And R&D and just -- investments they’re And like making have where great spend it. the had they smart, with

Scott Schoenhaus

on I guess pharma the is lastly, second advertising my digital space. question

Thanks. Just continue quarter? what from seeing there? are generally, peers you different Anything this outperform to last It seems space. you in like

Chaim Indig

worked right? my mind how having works success of clients. is interactions what is had sciences just blows But clients, us methodology it And So we our and in are they’re how that do put a it’s really excited patient, and engaged, is compared really, we could -- I only amazing this is number this they’re the on that just I like a like I think clients out team, the amount very the just with just good the we’ve can that the return -- it think in clients. was for so what pro like it’s just reach reason say like reason for people is well I’d team been -- that’s we they’ve really also -- the like our one and with is just what do happy and the our have Obviously, that how with that working ways our how doing And could team see really the challenging really it we hard, was life every that one consumer. dashboard we -- quarter. often that to of another definitely when very

like It the I a being really job. just went that I I’m -- on it they the times and great I had it, there smile to being They’re near face, uplifting. was of team proud and just my doing and just off-site I went think really had I team. that. -- a was entire --

Operator

now We Ryan Needham. to go next at MacDonald

Ryan MacDonald

sort clinical Chaim, first my the for extending the and of the talk interesting application for utilized the the that on quarterly insights for I clinical you think into Can was And you. information questions. thought discussion one on quarter. of network being how trial Thanks letter, patients. about stakeholder nice enrollment potential to gather from it monetizing you sort around maybe congrats taking there In solutions potentially trials of over time? and patient about

Chaim Indig

think continuation how in. and want trials excited think it just expect a we more of we to wonderful coming thing been I access that in think and that how investments making giving them just It’s natural the available, to clinical I space. in patients going area from are us trials different and get that we’re cutting-edge making hear to an Look, And and do. we’re it’s a in there’s to to sure that access for therapies, should we’ve making It’s be the do do. things you I what -- can some on -- that years

I a for for too but are early, patients think want win it’s in think win, big still it’s just we everyone and science. we we think a it. it’s like what knows investing And just monetary not that we

Ryan MacDonald

prioritize patient you to too intake the over sort to of to and if time, the have and potentially the from what in balance when I experience now the within or And as Thanks. maybe will, you how that prevent to evolve -- becoming experience marketing do a over clinical out on offerings trial showing for being a enrollment, follow-up you time. life you you’re as MemberConnect that, you mean, win core patients have there the sciences, continue

Chaim Indig

machine But learning make investments and how and when everything tied driven data into content, huge to you have there’s patient decisions, permission how is engage gets frankly I’d consent first say just what years with made have to patient. a us we smart in what permission, is sure and and the right? of type people data And that, right do, we be science that of lean which outcomes. into really over core able to the allows do making I and And that it’s think that we we of it to different in improve do. what should tons very in Look, which that foremost lot we to

Operator

at now next Raymond John go We to James. Ransom

John Ransom

of I’d and to you reflection, your experiments Chaim, to and kind hear the marketing investments, up like -- Just ran sales crank R&D.

Just the as that And you out would not if kind that point this done would hadn’t then of decision, something reflect what after learned highlight? you you this what on is would as a have point out this? as we we is particular

Chaim Indig

I time on think right. those call, Ransom Mr. go have me we of through enough All this things. don’t all for

there -- understand to If really at the decisions and and made seem that have misspent I together to a of that the is, And have. the without thing don’t And worked are that a for business the a be data information the comfortable think made have is team I have us dollars fact would those time of leadership I the decisions think quickly. that lot understand which very one lot just read all long one, felt the quickly. times. and things, the this not, I clients and doing how been

you iterate the everything I’m why ability all and all as spread happening the me decision And so to all comfortable. we’ve over based the I that’s been different having foremost, And continuously over in their team, is team, at on of And quarter-after-quarter is successful levels, comfort the made -- first right? really result, market. on that’s frankly, think, as the have reaffirmed

this single I second, for you say time client, don’t as thing every you know say to do. to as far and a that when do got the going get you’re a -- I’d you’ve

great really already as think doing keep to keep really a And fair got and You time, building a -- right? even we going as of well. for we’ll to long business test and sake, the has a product going it be big really, treat impact is do a got we’re giving in get getting And old, using them to all healthcare. better, make the value, that I’m just stand I to you I’m them and that to more well, system needs just just not am. than just I of will right, healthcare our

John Ransom

to bad going That’s was a I that. joke. Yes, mention

Chaim Indig

I Did question? answer your

John Ransom

later. talk We’ll

Chaim Indig

sure… I’m

John Ransom

of follow-up yes. -- Kind

is the The are and second what how -- you productivity hiring question SDR I into And you is much right this X board? can’t And -- differently number as driving are sales is the of these what’s in of technology, that anything, so your or it -- new much and on you doing seeing much of force? there door sales how talent if you’re have now? your bring think how as just then selection season, how that productivity of you I selling go people just this

Chaim Indig

I we of product well within a lost just and leadership a testament things it frankly, the I we’re to absolutely sales how ability the shouldn’t a like lovely. think they’ve the our And team, And customers lovely of our and has to upsell been and team The the that do, performing just think how folks sales decade, think team the is then awe going it, best frankly, be great Phreesia teams, that organization, and the And of job. They’re on on amazing retain team pretty and over our way and that which of, that just the way I -- I say been has doing probably And to know done. the tenure right? mean SDR on right? and of I part been our team is average cross-sell, it’s treating ability that. performing, -- basic. is that’s well doing our retain leadership like on is attract one we -- to of attract building

Operator

now next Sean at to Capital Dodge go Markets. RBC We

Tom Kelliher

And for Sean. business growth? me. that fiscal for in the to guess, been big One I guess, hospital ‘XX? is questions. This And Thanks has be meaningful taking now? contributor for how the it you Tom and I expect maybe Keller a to is on ‘XX

Balaji Gandhi

about I it a don’t mean, think business. as we hospital

so, some associated And tend country think practices system type have you physician them. all health about about in of providers with to and affiliated be and the to you hospitals think healthcare and systems with tend

point. typically hospital been side our that’s entry physician enter Historically, worked of the we’ve and So, with practice organization piece. the then that

And so, have work hospitals we of lots with. we

we think been I market about entered X.X publicly, for we the ago. product announced on We’ve working years that that. several years before

think where I happy Chaim? we’re Would so, you And pretty about we agree, are.

Chaim Indig

Yes. Yes.

I -- my been even expectations. it’s own everyone’s think frankly, beat

Balaji Gandhi

think clients So, delivery patients other universe the plenty and hospital, it’s of when you about just the patients it’s also of settings. care, but in and receive where

Operator

We go Davis Stephanie SVB. next at now to

Stephanie Davis

guys. on believe how being quarter. few the stop months. I press much to releases. for It’s I Hey, been SVB tell cannot a can’t long Congrats in you

Balaji Gandhi

Yes.

required We’re to stuff, so. disclose that some of

Stephanie Davis

rest implies a never us I just revenue given year. because the of points that, the Is of was payer guidance any your we’ve like in hear little for that. help it seasonality revenue the growth? that. hoping step-down before business in the or anything bit that you I could I seen understand X of level deceleration hear there

Balaji Gandhi

even the was volume I one in in brought I earlier of strength letter, the had things mean, than better think, quarter. -- this I expected and first we and think was up, we the

points. percentage said So, say percentage you you think when I X I X -- heard

we Am the X, if something? right? XX that’s XX reported, that of missing I just and end think you the took low I that

Stephanie Davis

that had midpoint? at it down to you growth XX% growth then that would Is and it imply XX% goes

Balaji Gandhi

Oh, Yes. I see Got it. it. saying. you’re Got

so I I And things move definitely mean, there’s look, think around. that

and And letter, we going talked in stronger-than-expected we we year. strong that some services to first the just as the the growth in the that business same exactly we sort to trends even of -- -- try in And the the the in the is beginning that also be payments way about pacing don’t of I know delta letter. quarter. in pointed that $X out to had you processing, think think as up I take also outlook out, volume went noteworthy payment And solutions in in quarter. of call, only skipped impacted closely, we But of or guess, what our decile the And actually of Stephanie, quarter. payment -- I somebody because the brought to quarter from the it’s we in as operate think it biggest you to we billion hundred million related volume I try billion volume XXX network away there’s we sort a follow $XXX not this impacted that I whatever thing but put over of the the -- million, in who but quarter, first we it’s every the campaigns. $X

of even just the And the some so with I seasonality, speaks think that of volumes the just sort strong in to first quarter.

Stephanie Davis

Okay.

perfect a that’s So lead into my question. next

improvements prepared more we remarks? much versus in segment given a quarter? How You a function discounting called that still the some the of sustainable a just in way there utilization to just Is this in saw of huge quarter. of beat but healthy was volume saw that we that what way, discount out

Balaji Gandhi

last we’ll that of have economics couple continue experimented with the intention quarters we of -- over been do it the out if profit in pricing it. mean we different and think, something that’s time good that we’ve clear with can I to I get and

Chaim, So amount. I say correlation. don’t to anything a know specific if you yes, there want some we is add?

Chaim Indig

did No, great. you

Operator

now Jack We’ll from take next Wallace at our Guggenheim. question

Unidentified Analyst

count? could Hi, we on I’m quickly if taking SDR team. question. for the wondering touch was on I Thanks my Jack. for

Balaji Gandhi

quarter? mean You the in

Unidentified Analyst

Yes.

Balaji Gandhi

me second. Yes. Give one

Chaim Indig

pages. are These laminated

Balaji Gandhi

have number and you ahead, the question, I’ll If for another go get you.

Unidentified Analyst

Yes. How have changes in the labor end market demand? market impacted

Chaim Indig

look, lot everyone’s and wages to And don’t having for the it But anytime the to still compared very see And the part pretty these of costs. say all say time, watch still on coming still I’d of it’s a -- healthcare. pretty systems their the health I and a down level. having tight, that it’s way wages -- are accelerated by long labor think and pre-COVID, an -- this I I organization, at is done pretty dependent region. soon. expensive practices biggest would labor most it’s is was

Balaji Gandhi

And representatives, inclusive of John, too. That’s number inside or is sales ISRs our that XXX.

as So about number same pretty much the last quarter.

Unidentified Analyst

Got it.

I in. one just envision application Later payment use And Do Apple announced Okay. of I side March, sort business? if this and of in that understand impact any the can the you having Pay Apple squeeze functionality. to on process actually

Chaim Indig

Phreesia I they’ve it enabled No, we -- Pay don’t But in if our platform. Apple healthcare. I don’t. know on do accepts

Operator

We Close Richard go Canaccord now to at Genuity. next

Richard Close

Congratulations. Thanks. Yes.

of Sorry, off dropped a I couple times.

all the let presence know. there? So at about repeat, you market talk Did if and Unlimited maybe me relationship just I the Systems

Chaim Indig

spent the We like call It getting... minutes on XX did. it. we Yes, of was

Balaji Gandhi

You read should transcript. the

Richard Close

Okay.

So then. we’ll the next to one move

sales Just on on out marketing. there up a of marketing, some know question and could in a cost or headcount Maybe bit bit maybe those just maybe the sales and you headcount if little fine-tuning you more detail I some called little Ryan’s R&D, lower and sales on areas. on marketing services following and into just comments for in and and growth changes. go a

Balaji Gandhi

mean R&D, XX mean, in think to invest mean, of was I have the continue and I sequentially. in Richard. that I the sort we other you -- it, I hit minus then you it’s areas, numbers

to other a continues on I -- to So, sort areas, just basis, you be R&D of those up. allocate could those net mean, but

Richard Close

out trending? thoughts the a rolled referral with you offering that respect of years that’s How Any Okay. management couple to ago?

Chaim Indig

of up with a maybe I and a is value And It’s beneficial we’ve success, it’s how really still know little more give you -- of pleased keep on quarters, I in been offering out. lighting as traction. more continuously looking. that getting more and that and it. lot very have practices next its -- been with the couple it update growing tell more really that pretty rolling to our But nicely. we’ll they that’s practices been it’s I’d

Operator

now Citi. We Daniel from question next will take our at Grosslight

Daniel Grosslight

I year, want just here to some to MemberConnect headwinds changes. next star get go Medicare scores market. There on, advanced the are back the product notice, Advantage of general, given and the rate for the your some the given in views calendar

‘XX? growth you’re the And how to about So, how Medicare calendar for are you product in does about general? thinking translate thinking year how in the MemberConnect that market

Chaim Indig

tell members that that to can early, providers their the are that decisions so, it’s satisfied with still with we’re day, the is, are at one you the members, the is look, important network. hearing sure from And make huge people that with making a when is Well, want the I pretty the is available plans when I their And end they sure plan of carriers, think unbelievably plans doc the my they recovered? and market. of their align most that make what engaging in it’s is a feedback possible, plans but picking

around, And more changes. been I think long about being we’re think to had it’s pretty serve more it’s able I as different it’s Americans excited -- as ways. in

Daniel Grosslight

go channel, carriers ahead. -- That brokers Yes. to right? applicability it broker the this I too, guess, e-brokers, as particular. the just I makes carriers, general sell And beyond has could assume the product, about are as think the right thinking in yes, clients sense. the e-brokers in about here? you I You now them, potentially How And the

Chaim Indig

some the think I with team too. but mostly know it’s that plans, is engaged brokers, I

Daniel Grosslight

Okay. forward, to we this expect a But product? mostly carrier be should going

Chaim Indig

Yes. the I think that’s plan.

Operator

Garro to now go next Jeff Stephens. at We’ll

Jeff Garro

quarter practice quarter good or specialty drive or in anything out of you mix geography? another us if of healthcare about size the service see clients the like anything those worked to by in adds? you’d And adds. Looked to adds of Want what terms call the could tell there’s

Chaim Indig

country, all board. the country, the multi-specialty, No. whole health Unbelievably system. They the large, all across a specialty, across unbelievably middle, all were across country, bunch the the in over single-specialty, small, all

You name it, it was the [indiscernible].

did -- treating and customers did so our a just and great we because a well did And job product. really having implementing clients really, selling, really well. phenomenal And well team and the

Jeff Garro

to client a to do way bit That little have And it. The quarter fourth a recent quarter. adds That’s as most second up letter set on of last subject expectation the follow or fiscal this for adds. good quarter the works. stakeholder similar the

about roughly it, on a months? XXX. the achieved in in So XXX XXX to call fiscal match to think incremental the Company’s to adds range you nine we the current FYXX potentially Curious of your the year next as get ability comments

Balaji Gandhi

Jeff, going mean, are whole to models what inputs do speak to helpful. understand we’re like having in to we I year, some but your trying Yes. is the we’re not

in client. we’ll range. you year. it that some the of quarter. XXX general back comment counterbalance next this just per the sort -- to going an you it about with just obviously like in revenue to XXX the speak come of even saying and give that And to But we’ll was next the we’re was fourth quarter update, to but not And quarter, in quarter, then to So, be going sort there’s we’re it’s

Chaim Indig

that see we we -- it’s can can And visibility because it. give

We where not to ball. at going this point. know be it’s hide like generally So, the it’s

Balaji Gandhi

Yes.

if do. But there. of you in follow you anchor what So, that’s think to is trying just want to we’re at some I least have kind if put do up, -- please

Jeff Garro

No, that helps. again. Thanks

Operator

next at Davidson. now And D.A. we’ll Simmons Robert to go

Robert Simmons

Thanks Hey. question. the [Technical Difficulty] taking for

Chaim Indig

Is us, or it? that is Hello?

Balaji Gandhi

you. hear Couldn’t

Operator

sir. having Mr. hearing Simmons, a we’re hard time you,

Chaim Indig

All right.

crappy Just service. Everyone checking. have that always phone complains I

it I So us. was just assumed

Robert Simmons

me switched back Do now? and then my on and reason. off me you for was headset hear some That

-- but the so from of you to terms X gotten sorry, of pharmas same about stayed improved, tone touched last, worse, the months? competition their the are earlier, spend over you I X it, saying in what So, was the call on intentions? this the hearing Has

Chaim Indig

products, market. speak on think with good are can’t everywhere is and the pretty I of It’s execute. still a the scale they’ve still life work, softer continue with return I And and in been early to think market of types selling lot happy. organizations about working obviously very been could investment whole the to just I sciences the we a of about than still I aligned and years. cognizant -- doing the right and necessarily pretty have in being still think pretty -- know us. in But market I teams making sure that the previous is still left year. team we we here do speak

Operator

have turn And conference this back questions Indig, you. for you I’d appears any to the closing Mr. it gentlemen, no to like afternoon. further remarks. we Thank

Chaim Indig

days. joining everyone everyone want to for hopefully, want XXish talk call. has I another a to thank the in Yes. for And just quarter. I about to everyone Phreesia nice And thank And we’ll summer. great at everyone

Operator

conclude Mr. earnings of to all much wish first XXXX all you Phreesia conference. thank the your day. joining us will you quarter Indig. so fiscal and that for you, remainder Thank and a like gentlemen, Goodbye. great I’d Ladies

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