Phreesia, Inc.

Good evening, ladies and gentlemen, and welcome to the Freesia Fiscal Second 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, Freesia's Chief Financial Officer. Mr. Gandhi, you may begin.

Thank you, Operator. Good evening, and welcome to Freesia's Earnings Conference Call for the Fiscal Second Quarter of 2024 Earnings which ended on July 31st of 2023. Joining me on today's call is Haim Indig, our Chief Executive Officer. A more complete discussion of our results can be found in our earnings press release and in our related Form 8 submission to the SEC, including our quarterly stakeholder letter, both issued after the markets closed today. These documents 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 on our investor relations website at ir.freesia.com following the conclusion of the call. During today's call, we may make forward-looking statements, including statements regarding trends, our anticipated growth, our strategies, predictions about our industry, and the anticipated performance of our business, including our outlook regarding future financial results. Forward-looking statements are subject to various risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to differ materially from those described in our forward-looking statements. Such risks are described more fully in our earnings press release, our stakeholder letter, and our risk factors included in our SEC filings, including in our quarterly report on Form 10-Q that will be filed with the SEC tomorrow. The forward-looking statements made on this call will be based on our current views and expectations and speak only as of the date on which the statements are made. We undertake no obligation to update and expressly disclaim the obligation to update these forward-looking statements to reflect events or circumstances after the date of this call or to reflect new information or the occurrence of unanticipated events. We may 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 stakeholder letter. which were furnished with our Form 8K filed after the market closed today with the SEC, and may also be found on our investor relations website at ir.freesia.com. I will now turn the call over to our CEO, Ayam Indig.

Thank you, Balaji, and good evening, everyone. Thank you for participating in our second quarter earnings call. Our stakeholder letter earnings release came out about an hour ago, so let me start the call by sharing a few key highlights of the material we released. Total revenue in the second quarter was $86 million, up 26% year-over-year. Subscription and related services revenue grew 26% year-over-year, and your processing revenue grew 21% year-over-year. and network solutions revenue was up 33% year-over-year. Adjusted EBITDA was negative $12 million, $14 million improvement year-over-year. Our average number of healthcare services clients in the quarter was 3,445, up 24% year-over-year. We inched up total revenue per client to $24,914, up 2% year-over-year. I want to thank the team for delivering solid revenue growth while also driving another quarter of nice operating leverage. I speak for all of our employee owners when I say we look forward to returning to profitability. Let me hand it over to Balaji to talk about our fiscal 2024 outcome.