Slide 1: Investor Presentation
Investor Presentation March 2023
Slide 2: Disclaimer
Disclaimer This presentation includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statem
Slide 3: Our mission
Our mission To create a better, more engaging healthcare experience 3
Slide 4: Who we are, what we do, how we do it
2 0 1 9 >3,100 Average P h r isisPatient PatientIntake Intake healthcare services clients (“AHSCs”)1,2 e e s i a >$3.2B C o patient payments processed latest twelve n Who we are: Leading provider of comprehensive solutions that transform the f months2,3 i healthcare experience by engaging patients i
Slide 5: Attractive industry tailwinds
Attractive industry tailwinds Staffing Increasing patient Accelerated Changing care Patient-centered challenges responsibility digitization models care • 1.3M intake staff • $610B out-of-pocket • Consumer demand • Providers incentivized • Need to directly represent $37B in spend by 20302 for informa
Slide 6: Our value proposition and how we make money
Our value proposition and how we make money Healthcare Services Orgs Patients Life Sciences and Payer Organizations • Simplified operations and enhanced • Improved patient experience • Direct digital communications Value proposition staff efficiency • High patient usage • Improved brand conversion a
Slide 7: Our end-to-end patient intake solution
Our end-to-end patient intake solution Used over 120M times in the past year1 Used by tens of thousands of staff1 AT HOME, ON THE GO, IN THE OFFICE IN THE OFFICE IN THE OFFICE IN THE OFFICE PhreesiaPad Mobile Arrivals Station Phreesia Dashboard Analytics Real-time integration Electronic Practice Tel
Slide 8: The Phreesia platform
The Phreesia platform Innovative software to improve efficiency, cash flow and the patient experience ACCESS REGISTRATION REVENUE CYCLE NETWORK CONNECT Mobile and in-office Patient and member education and Appointment reminders Point-of-service payments intake modalities engagement Integrated patien
Slide 9: Used by all types of healthcare provider and life sciences organizations
Used by all types of healthcare provider and life sciences organizations Life Sciences and Providers Payer Organizations Independent Hospitals and Pharma Physician Groups Health Systems Manufacturers and Health Plans • More than 80 pharmaceutical brands2 • Eight of the top 10 global pharma companies
Slide 10: Multiple growth opportunities
Multiple growth opportunities Cross-sell new Grow footprint within Increasing investments to Land new clients applications to existing Partnerships and M&A existing clients drive growth clients • Direct sales model • Additional providers • Proven ability to • New product and • Opportunistic approach
Slide 11: Our current addressable market
Our current addressable market Consumer-related transaction Subscription-based revenue Network solutions and payment processing fees ~50K addressable healthcare services clients1 DTC point-of-care in United States $95B addressable out-of-pocket 3 marketing spend4 2 ~1.4M individual providers : in Un
Slide 12: Financial Overview
Financial Overview 12
Slide 13: Scalable and predictable sources of revenue
Scalable and predictable sources of revenue Revenue model Drivers FY23 % rev Subscription • New healthcare services clients and related services1 • Includes base package and add-on applications P • Majority of fees charged per provider per month (PPPM) • Expansion within existing clients 46% r • New
Slide 14: More than tripled quarterly revenue since fiscal 2019
More than tripled quarterly revenue since fiscal 2019 Quarterly Revenue1 (FY2019-FY20232) Subscription and Related Services Network Solutions Payment Processing Fees $77M $73M $68M $63M 3.2x $58M $56M $36M $33M $51M $48M $31M $29M $42M $24M $26M $38M $23M $35M $22M $33M $33M $33M $31M $16M $28M $19M
Slide 15: AHSC (FY2019-FY2023)
AHSC AHSC1 (FY2019-FY20232) 3,140 2,982 2,776 2,526 $11.5k 2,311 $10.4 2,097k 1,987 1,902 1,808 $9.0 1,668 1,737 1,543 1,549 1,558 1,573k 1,603 $9.31,632 $9.4 k 1,450 1463 1,503 $8.2 k $8.1 k k Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’2
Slide 16: Total revenue per AHSC (FY2019-FY2023)
TOTAL REVENUE PER AHSC2 (FY2019-FY2023) Subscription and Related Services Network Solutions Payment Processing Fees $26.7K $25.4K $25.7K $25.1K $25.1K $24.4K $24.5K $24.4K $23.1K $22.1K $20.9K $21.0K $20.5K $20.5K $19.8K $11.6K $11.5K $11.5K $18.3K $11.4K $11.5K $11.1K $11.2K $11.4K $16.9K $17.2K $1
Slide 17: Consistent payment volume and transaction-level economics
Consistent payment volume and transaction-level economics Patient Payment Volume (FY2019-FY20234) $837 Take Rate Percentage1 $811 $815 $821 Patient Payment Volume (in millions)2 Payment Facilitator Volume Percentage3 $701 $696 $689 $682 84% 83% 83% 83% 83% 84% 82% 82% 82% 82% 80% $552 $524 80% 80% 8
Slide 18: Fiscal fourth quarter 2023 results
Fiscal fourth quarter 2023 results Total Revenue ($M) AHSCs1 Total Revenue Per AHSC2 Adj. EBITDA3 ($M) $(716) Network Solutions 36% Healthcare Services 32% 3,140 2,982 $25,106 $24,515 $24,390 $76.6 $73.1 2,311 $58 31% $52.6 $55.6 $42.6 36% $(18.3) $(17.6) $20.5 $21.0 $(30.5) $15.4 Q4 Q3 Q4 Q4 Q3 Q4
Slide 19: Fiscal year 2023 results
Fiscal year 2023 results Total Revenue ($M) AHSCs1 Total Revenue Per AHSC2 Adj. EBITDA3 ($M) Network Solutions (4)% Healthcare Services 38% $3.8 32% 2,856 $102,812 $280.9 $98,358 $280.9MM $86,895 $213.2 $213.2MM 29% 2,074 1,711 $207.3 $148.7 $148.7MM $160.7 $(59.0) $118.9 40% $73.6 $52.5 $(92.5) $29
Slide 20: Fiscal year 2024 outlook and fiscal year 2025 target
Fiscal year 2024 outlook and fiscal year 2025 target FY2024 Outlook1 FY2025 Target2 $353M to $356M Total Revenue +26%-27% y/y $500M Annualized4 Revenue $(65)M to $(60)M Adj. EBITDA3 1 Outlook issued on March 22, 2023. 2 Targets issued on March 30, 2022 and reaffirmed on March 22, 2023. 3 We have not
Slide 21: Financial Appendix
Financial Appendix 21
Slide 22: Detailed Income Statement
Detailed Income Statement1 $ and shares in Millions Fiscal year ended January 31 Fiscal quarter ended January 31 FY 2021 FY 2022 FY 2023 Q4 2022 Q4 2023 Revenue: Subscription and related services $ 69.0 $ 95.5 $ 129.0 $ 26.4 $ 35.8 Payment processing fees 49.9 65.2 78.4 16.1 19.8 Total healthcare se
Slide 23: Adjusted EBITDA Reconciliation (annual)
Adjusted EBITDA Reconciliation1 $M Fiscal year ended Jan 31 2020 2021 2022 2023 Net loss $ (20.3) $ (27.3) $ (118.2) $ (176.1) Interest expense (income), net 2.4 1.6 1.1 (1.1) (Benefit) provision for income taxes (1.8) — 0.2 0.5 Depreciation and amortization 13.9 15.9 21.3 25.3 Stock-based compensat
Slide 24: Adjusted EBITDA Reconciliation (quarterly)
Adjusted EBITDA Reconciliation1 $M Fiscal quarter ended January 31, January 31, 2022 2023 Net loss $ (46.5) $ (38.0) Interest expense (income), net 0.3 (1.6) Provision for income taxes (0.4) (0.2) Depreciation and amortization 5.8 6.9 Stock-based compensation expense 10.3 15.3 Change in fair value o