Phreesia, Inc.

Good morning, ladies and gentlemen, and welcome to the Freesia Fiscal Third Quarter 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, Vice President, Investor Relations for Freesia. Mr. Gandhi, you may begin.

Thank you, Operator. Good morning and welcome to Freesia's earnings conference call for the third quarter of fiscal year 2021, which ended on October 31, 2020. Participating on today's call from Freesia are Chief Executive Officer and Co-Founder Chaim Indig, Chief Financial Officer Tom Altier, and Senior Vice President, Human Resources, Amy VanDuyn. Following prepared remarks from Chaim, Amy, and Tom, we will conduct a Q&A session. A complete disclosure of our results can be found in our earnings press release issued yesterday evening, as well as in our related Form 8K submission to the SEC, both of which are available on the investor relations section of our website at ir.freesia.com. As a reminder, today's call is being recorded and a replay will be available following the conclusion of the call. During today's call, we will make forward-looking statements pursuant to the safe harbor provisions or forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, including statements relating to the expected performance of our business, future financial results, our strategy, our partnerships, expected launches of products and services, long-term growth, overall future prospects, including our revenue, costs of revenue, and operating expenses, Our business outlook for the fiscal years ended January 31st, 2021 and 2022 and the impact of the COVID-19 pandemic on our business. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those projected or implied during this call. In particular, those described in our risk factors included in our Form 10-Q, which will be filed with the SEC later today. You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call are based on assumptions and beliefs as of today, and we undertake no obligation to update them as required by applicable law. We will also refer to certain financial measures not in accordance with generally accepted accounting principles in order to provide additional information to investors. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. A reconciliation of GAAP to non-GAAP results may be found in our earnings release and supplemental materials which were furnished with our Form 8-K filed after the market closed on December 8th with the SEC and may also be found on our investor relations website at ir.freesia.com. As a reminder, we're participating on today's call from four different locations, so we appreciate your patience with us. I will now turn the call over to our CEO, Chaim Indig.

Thank you, Balaji. Good morning, everyone. We hope you are safely navigating the pandemic. Our third quarter results reflect solid performance across our organization. For the fiscal third quarter, total revenue was $38.5 million, up 17% year-over-year. The average number of provider clients was 1,737, up 10% year-over-year. Average revenue per provider client was $17,490, up 5% year-over-year. Life Sciences revenue was $8.1 million, up 21% year over year. Adjusted EBITDA was $1.2 million, down approximately $1.8 million year over year, reflecting our continued investment in long-term growth. I want to take a moment to recognize our team's continued commitment to our clients and their communities throughout the pandemic. In November, their performance was recognized by CLAS Research. In a report based on first-hand perspective of Frisia's clients through the pandemic, CLAS rated our patient intake management solution with the highest overall score and the highest COVID-19 response rating amongst 10 vendors evaluated. Specifically, Frisia was recognized for having the broadest, deepest adoption of our various functionalities, including preregistration, clinical screenings, payments, and eligibility and benefits. I would like to acknowledge our entire team for this latest third-party validation of their important work and the value it brings to healthcare providers across the country. Now turning to an important and planned leadership transition at Freesia. In conjunction with our earnings report yesterday, we issued a press release announcing the planned transition of our CFO role from Tom Altier to Randy Rasmussen in May 2021. Since joining Freesia in 2012, Tom has had a meaningfully positive impact across the organization. His impact goes well beyond our strong financial performance and deep into our culture. Tom is retiring from the CFO post after a long and successful career. We are thrilled that he will stay on as a trusted advisor to the executive team. I speak for the entire Freesia team in thanking Tom for his contributions and wish him and his family the best as he transitions to semi-retirement next year. In anticipation of Tom's retirement and as part of our succession planning, we prioritized recruiting a strong finance and accounting leader with deep public company experience in healthcare and software. We found that individual in Randy, who joined us as Chief Accounting Officer in November 2019. Over the past year, Randy has played an important role in our evolution as a public company as he continues to strengthen and expand our finance team to position us for long-term growth. Mazel tov, Randy, on your new role. Moving on to a brief update on our company's physical footprint. Back in March, Freesia prepared our company to operate remotely indefinitely. We continue to operate 100% remotely. Consistent with those plans, we made the decision to allow our New York City office lease to expire at the end of January. We will continue to have significant employee presence in the New York area, including many members of our leadership team, including Evan and me. However, from a legal and regulatory perspective, our Raleigh, North Carolina office will assume the address of principal executive offices in our SEC filings. Now, we would like to provide an update on our environmental, social, and governance reporting initiatives. I have asked our Senior Vice President of Human Resources, Amy VanDuyn, to share the findings of an important report on gender equality that we recently published. For those of you who have not met Amy, she has led our HR organization for over a decade and has been instrumental in our growth. Amy?