フリージア（PHR）2027年度第2四半期決算説明会：EBITDAは3,290万ドルに到達、ガイダンスを維持

Phreesia（NYSE: PHR）は、2027年度第2四半期の売上高が前年同期比で10%増加したほか、調整後EBITDAの拡大、フリーキャッシュフローの黒字化、およびさらなる負債の削減を報告しました。経営陣は通期の売上高および調整後EBITDAのガイダンスを維持しました。

主なポイント

• 2027年度第2四半期の売上高は前年同期比10%増の1億2,950万ドルとなりましたが、主に従来の決済処理売上における通常の季節性により、前四半期比では約1%減少しました。
• 調整後EBITDAは前年同期比1,080万ドル増の3,290万ドルとなり、マージンは25%となりました。純利益は190万ドルに達し、5四半期連続で黒字を達成しました。
• フリーキャッシュフローは前年同期比420万ドル増の1,380万ドルとなりました。Phreesiaはキャッシュフローと手元資金を活用し、負債元本を2,300万ドル以上削減しました。
• 平均医療サービス顧客数（AHSC）は前年同期比で277件増加し、4,744件となりました。AHSCあたりの総売上高は4%増の27,289ドルとなりました。
• 経営陣は、2027年度通期の売上高見通し（5億1,000万ドル〜5億2,000万ドル）および調整後EBITDA見通し（1億2,500万ドル〜1億3,500万ドル）を維持しました。
• AccessOneは初期の顧客獲得を開始しており、Provider ConnectおよびGLP-1キャンペーンがNetwork Solutionsのモメンタム改善を後押ししました。

主要財務業績

Phreesiaは9四半期連続で営業キャッシュフローおよびフリーキャッシュフローの黒字を記録しました。経営陣は、四半期ごとのキャッシュフローの改善幅は、請求・支払のタイミング、運転資金の動向、および設備投資によって左右される可能性があると述べました。

事業および業績の動向

決済処理売上は予想通り前四半期比で減少しました。これは、医療保険の免責額がリセットされるPhreesiaの第1会計四半期に売上が最も高くなる傾向があるためです。経営陣は、第2四半期において患者数や免責額の傾向に目立った変化はなかったと述べています。

AccessOneは、高額な医療費に直面する医療消費者向けのサービスを拡大しました。証券化枠の拡大に伴い、同社は投資適格未満の顧客に対して前払い資金を追加提供できるようになりました。経営陣は市場での初期の獲得例を挙げ、AccessOneを今後数年間の潜在的な成長レバーとして捉えています。

Network Solutionsの後半の見通し（ビジビリティ）は、90〜180日前と比較して改善を示しました。経営陣によると、Provider Connectは顧客から好評価を得ています。4ヶ月間のGLP-1調査では、対照群と比較して新規ブランド処方が4%増加し、1,000件以上の新規患者の治療開始につながりました。この結果は新規ビジネスの成約にも貢献しました。

Phreesiaは、Plan Match、有資格確認ツール、見込支払額の試算、給付調整など、フロントエンドのレベニューサイクル機能への投資を継続しています。経営陣は、今後予定されている製品についての詳細は明かしませんでした。

同社はまた、製品開発、営業、顧客サポートの全般においてAIを活用しています。経営陣はボイスAIやPlan Matchをその例として挙げ、AIの導入により製品アイデアのテストとスケールをより迅速かつコスト効率よく実施できるようになったと説明しました。

経営陣による見通し（ガイダンス）

売上高の見通しには、決算発表から2027年1月31日までの間に完了した追加買収による貢献は含まれていません。調整後EBITDAガイダンスには、5月に実施されたリストラ計画による年換算の予想コスト削減効果が反映されています。

経営陣は、成長投資への柔軟性を維持するため、収益性の見通しを据え置きました。また、売上構成比への感応度や、AI活用の初期かつ動的な段階にあることにも言及しました。

リスクと注視すべきポイント

• 支払者の動向変化に関連して医療機関が経済的圧迫に直面する中、サブスクリプションの価格設定は緩和されています。経営陣は売上構成比の変動を見込んでおり、総売上高および顧客あたりの総売上高を重視しています。
• 従来の決済処理事業は、毎年の免責額リセットによる季節的影響を受け続けており、四半期ごとの売上変動要因となっています。
• Network Solutionsの見通しは向上したものの、経営陣は引き続き売上構成比をリスク変動要因として位置づけています。
• キャッシュフローは、請求や支払のタイミング、運転資金の変動、設備投資により、四半期ごとに変動する可能性があります。
• AIへの投資はまだ初期段階にあり、関連支出の時期や規模に関する不確実性が存在します。

アナリストQ&Aのハイライト

AccessOneの商用化：経営陣は初期の成果と既存顧客からの好意的なフィードバックを報告しました。今後数四半期にわたり、商業的トラクションを示す証拠がさらに得られると見込んでいます。

EHRとの競合：Phreesiaは、EHRベースのチェックインツールとの競合について、新たな展開ではなく業界で長年見られる動向であると説明しました。同社は製品の差別化、市場参入モデル、顧客サービスを通じて競合を続けています。

サブスクリプション価格設定と売上構成：経営陣は財務的圧迫を受ける医療機関への価値提供を優先しており、全体売上高レベルで業績を評価しています。サブスクリプションの貢献低下はNetwork Solutionsの好調な動きによって相殺される可能性があり、収益源の構成比は変動する可能性があります。

製品およびAI戦略：Phreesiaは医療機関のワークフロー、レベニューサイクル、決済ツールへの投資を継続する計画です。経営陣は、AIが製品開発スピードを向上させ、従来はより多くの人的関与を必要としていた機能を実現可能にしていると述べました。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good evening, ladies and gentlemen, and welcome to the Phreesia Second Quarter Fiscal 2027 Earnings Conference Call. [Operator Instructions] First, I would like to introduce Balaji Gandhi, Phreesia's Chief Financial Officer. Mr. Gandhi, you may begin.

Balaji Gandhi

Thank you, operator. Good evening, and welcome to Phreesia's earnings conference call for the second quarter of fiscal 2027, which ended on July 31, 2026. Joining me on today's call is Chaim 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-K 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.phreesia.com.

As a reminder, today's call is being recorded, and a replay will be available on our Investor Relations website at ir.phreesia.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 and visibility 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 refer to certain financial measures not in accordance with generally accepted accounting principles, such as adjusted EBITDA and free cash flow 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 8-K filed after the close today with the SEC and may also be found on our Investor Relations website at ir.phreesia.com. I will now turn the call over to our CEO, Chaim Indig.

Chaim Indig

Thank you, Balaji, and good evening, everyone. Thank you for joining our second quarter fiscal year 2027 earnings call. We delivered a solid fiscal second quarter with revenue growth and profitability expansion in line with our expectations. We generated positive operating and free cash flow again this quarter, which together with available cash, allowed us to reduce debt principal by over $23 million while maintaining a healthy cash balance.

Balaji will cover the results and our outlook. We believe we are uniquely positioned in the market through our diverse set of product offerings to drive meaningful value to every patient visit in the U.S. AccessOne is an important extension of our value proposition because health care consumers are bearing a greater share of the ever-growing cost of health care. We've heard from our clients and many other providers across the country that the need for humane and predictable financing solution for health care consumers has never been greater.

Provider Connect, our newest Network Solutions offering, also extends our value proposition and addressable market. Momentum for this new product continues to build. In the GLP-1 category, a 4-month study showed a 4% incremental lift in new-to-brand prescriptions versus a matched control group and more than 1,000 new patient starts. I am proud of our team's commitment to our mission and values.

Now I'll turn it over to Balaji to walk through Q2 results and our fiscal 2027 outlook.

Balaji Gandhi

Thank you, Chaim. Let me begin with a review of our second quarter financial performance, and we'll then dive into our outlook for fiscal year 2027. Revenue for the second quarter was $129.5 million, an increase of 10% year-over-year. On a sequential basis, total revenue declined approximately 1% from the first quarter, driven primarily by our legacy payment processing revenue.

As a reminder, given the seasonality in our payment processing business associated with the reset of health plan deductibles, payment processing revenue is typically highest during the first fiscal quarter of each year. We ended the quarter with average health care services clients of 4,744, an increase of 36 from the prior quarter and 277 from the prior year. Client additions in the quarter were in line with our expectations and consistent with our full year outlook for AHSC growth in the mid-single-digit percentage range. Total revenue per AHSC was $27,289, up 4% year-over-year.

On a sequential basis, total revenue per AHSC declined approximately 2%, reflecting the payment processing seasonality I just described, along with continued growth in our client base. Moving on to profitability. Adjusted EBITDA was $32.9 million, an increase of $10.8 million year-over-year with an adjusted EBITDA margin of 25% Net income was $1.9 million compared to net income of $700,000 in the prior year period, representing our fifth consecutive quarter of positive net income. Total managed payments were $1.626 billion in the quarter, and our Payment Solutions revenue rate was 2.4%.

Now turning to the balance sheet and cash flow updates. We ended the quarter with $74.6 million in cash, cash equivalents and restricted cash. This compares to $76.4 million in the prior quarter. We delivered our ninth consecutive quarter of positive operating cash flow and free cash flow. Operating cash flow was $18.3 million, up $3.5 million year-over-year. Free cash flow was $13.8 million, up $4.2 million year-over-year. This cash flow, together with available cash, allowed us to reduce debt principal by over $23 million while maintaining a healthy cash balance.

We expect that the magnitude of improvement on a quarter-to-quarter basis to vary based on specific timing of invoicing and payments, which you can see in working capital along with CapEx. Our second quarter results demonstrate our team's focus on growing our network, expanding our offerings, driving operating leverage and strengthening our balance sheet. I'd like to acknowledge the entire Phreesia team for their contributions.

Transitioning to our outlook for fiscal 2027. We are maintaining our revenue outlook for fiscal 2027 at a range of $510 million to $520 million. The revenue range provided for fiscal 2027 assumes approximately $37 million of contribution from AccessOne and no additional revenue from potential future acquisitions completed between now and January 31, 2027.

We are maintaining our adjusted EBITDA outlook for fiscal 2027 at a range of $125 million to $135 million. The restructuring plan we implemented in May is expected to result in meaningful annualized run rate expense savings, which were reflected in the outlook we provided on March 30 and reaffirmed on May 27. We are maintaining our expectation for AHSC growth in the mid-single-digit percentage range and for total revenue per AHSC growth in the low single-digit percentage range in fiscal 2027.

Operator, I think we can now open up the lines for the Q&A session.

Operator

[Operator Instructions] Your first question comes from the line of Sean Dodge with BMO Capital Markets.

質疑応答

Sean Dodge

Maybe just starting on AccessOne. Last quarter, you all talked about the changes you made to your securitization facility and how that enables you to offer the upfront funding to other non-investment-grade clients. Just any updates you can share on how selling into this kind of new part of the base is going? And then maybe just how the process of restarting the AccessOne selling motion just in general is going?

Balaji Gandhi

Yes. Thanks, Sean. This is Balaji. I'll start and kick it over to Chaim to add anything. We're feeling really good about this acquisition. I think better now than at the time when we closed the acquisition. We've got lots of conversations, both internally and externally around the value proposition, specifically to that segment of the market that you cited. And so obviously, these things do take time, but I'd say the progress we've made over the past several months, you mentioned it starts with the securitization expansion. And then it's just really go-to-market and product fit, everything like that. I'm looking at Chaim.

Chaim Indig

I agree. We are seeing some early wins in the market. And hopefully, in the next couple of quarters, we'll be talking about this a lot more, but we are starting to see wins in the market, and we're really excited. The whole team is -- we're getting very, very positive feedback from clients around the offering. So existing clients. So we are very excited. We think this is going to be a growth lever over the next couple of years. So stay tuned.

Operator

Your next question comes from the line of Brian Tanquilut with Jefferies.

Cameron Harbilas

Congrats on the quarter. This is Cameron on for Brian. Could you guys talk a little bit about what you're seeing in Network Solutions, particularly the areas you called out earlier in the year that you were having a lack of visibility in? Has anything changed there? And just any update you could give us there?

Balaji Gandhi

Sure. So first of all, as you saw in a lot of our materials that we released tonight, we're speaking to total revenue. And so if you just sort of step back and think about where we are from a revenue perspective, it's pretty much the same place from a total revenue perspective. Underneath, we have seen a lot of progress on the second half in Network Solutions. In terms of business activity. The team has done an excellent job. I think our new products like Provider Connect are resonating. So I think we're pretty encouraged by where we are today relative to 90 days ago or even 180 days ago.

Operator

Your next question comes from the line of Stan Berenshteyn with Wells Fargo.

Stanislav Berenshteyn

I guess sticking with network, you called out in the prepared remarks that you saw a GLP-1 campaign that you tested and generated positive ROI. Can you just comment on how that pilot went? Did it convert any follow-on contract or any expanded opportunities as a result of the results that you saw in the pilot?

Balaji Gandhi

Yes. Thanks, Stan. And yes, we did mention that in our letter, and it did -- the answer is yes, it did help convert some new business activity and relates to the prior question, too.

Operator

Your next question comes from the line of Jessica Tassan with Piper Sandler.

Jessica Tassan

So our question is maybe can you help us understand your exposure to kind of EHRs that have a competitive check-in management solution? And I think the AHSC growth continues to be really impressive to us. So just interested to know, are these new sales occurring in providers whose EHR does not offer a check-in management solution? Or just maybe can you update us on how you are selling into new AHSCs just given the kind of changing competitive dynamics on the virtual intake management?

Balaji Gandhi

Sure. One of the greatest hits questions we've received for 7 years. And I think the only kind of correction maybe we would make to your question, Jess, is, I think you said changing dynamics, and this has pretty much been sort of a normal dynamic for the entire history of the company. And I think we're trying to be very clear about where we differentiate ourselves from a product perspective, from a go-to-market perspective, how we work with clients, et cetera.

So there's really nothing new to call out, but they are all competitive with us, and that's just the nature of the space. And I think as we've talked about for the last several years now, we do lean into different markets really based on the economic profile. That is a big influence in how we make decisions. But again, nothing really new to report there.

Chaim Indig

I would probably add that the team is doing just really just great job, and our clients seem to be very, very happy as I spend a lot of time with them.

Operator

Your next question comes from the line of Scott Schoenhaus with KeyBanc.

Scott Schoenhaus

You guys had a nice quarter in Network Solutions. Anything specific to call out there if it indeed is maybe a little bit from Provider Connect early traction? And then between the 2 budgets between Provider Connect and your legacy D2C, are there anything notable in terms of the macro or the backdrop between those 2 that's evolving or changing?

Balaji Gandhi

I mean just the earlier question around as the year has progressed, we've had some nice wins that the team has done an excellent job. And I think you just point out the aspect of our business model, part of the reason the team is able to do an excellent job is because we're also adding more footprint on the provider side. So those things go together. So all that continues to have good momentum.

Operator

Your next question comes from the line of Daniel Grosslight with Citi.

Daniel Grosslight

I want to focus a little bit on the subscription offering and really the pricing within subscription. I know there's a deliberate effort on your end to kind of moderate price a little bit to encourage more downstream revenue from your HSCs. I'm curious if you can maybe provide a little bit more guidance on how we should be thinking about pricing within the subscription offering and then on a sequential basis for the remainder of the year, if we should kind of think about that line item as flat sequentially in 3Q and 4Q?

Chaim Indig

So I'll let Balaji answer the question with specifics on how to think about it. But I think what we're seeing now is providers are under a significant amount of strain with a lot of the changes happening across the payer. And as we've always said throughout our history, one of our North Stars is just making sure that we could be great partners to those providers that are serving American patients. And so we're acutely aware of having to provide as much value to them right now while they are facing severe economic strain because of the changes in the payer dynamics.

Balaji Gandhi

Yes. And I think to Chaim's point, you have lots of data on this now over the years. I remember him saying almost the same thing during the pandemic and obviously, a different set of challenges then. And what we did in terms of how we work with clients then, we're pretty happy with those results. So I think this is a very similar situation. And then, Daniel, just to be helpful on the modeling side, I think if you just sort of listen to the commentary here, we're maintaining our revenue. If you took some of that revenue in the second half out of subscription, and we do have a little bit more clarity on the second half on Network Solutions, you could bump that up. But I think overall, nothing has really changed from a total revenue perspective and things are going in the direction we anticipated.

Operator

Your next question comes from the line of Ryan MacDonald with Needham.

Ryan MacDonald

Congrats on a nice quarter. Maybe to discuss sort of the product strategy and R&D investment that you're making for the provider practices and new features and functionality. It seems like with Plan Match and sort of expansion of capabilities around eligibility and verification that you're sort of continuing to round out, let's call it, the front end of the revenue cycle there. I think you offer payment estimation and coordination of benefits now.

How do you think about sort of additional expansion into areas like prior authorization, given it's a high-value problem. You talked about providers being under a lot of financial strain. And if you look at that area, is there a way to monetize that it's more directly monetizable for Phreesia when the provider benefits and sort of shifting the pricing model over time?

Chaim Indig

Look, Romeela (sic) [ Ryan ], I think what you highlighted, you did a great job of highlighting some of the things that have been just wildly well received by our client base as of late. And I think the front-end revenue cycle is an area that it just has a lot of room for continuous improvement. And we expect to continue to help our clients out. We're not going to comment on some of the new products that we are coming out with, but we are very excited about our ability to help providers run their practices in the most thoughtful and efficient manner while helping them with their revenue cycle and all their other operational needs. So we are doubling down and continuing our commitment in providing phenomenal tools to providers that help them help their patients.

Balaji Gandhi

Yes. The only thing I was going to add is, Ryan, the AccessOne thesis was really exactly an extension of everything you articulated.

Operator

Your next question comes from the line of Richard Close with Canaccord Genuity.

Richard Close

Congratulations on the quarter. Just maybe on the AI front and maybe diving a little bit deeper into Ryan's last question. But like on the payment side, whether it's your patient payments, your legacy offerings or like with AccessOne, how are you thinking the opportunity to inject AI functionality into that drive greater engagement with patients? Just a little open-ended question, but curious on your thoughts.

Chaim Indig

I think we are very thoughtful. So obviously, we're embracing AI across our organization, and it's had meaningful impact on all aspects of how we operate, run and build product at Phreesia inclusive of selling product, supporting it for our clients. And as I think about new products that we're building, there are ones such as voice AI that change how the providers are engaging with their patients. There's things like Plan Match that allow them to do things that were just human in the loop before we're automating how they understand and pick the right plan.

And those are things that, frankly, were just hard to imagine doing in a non-AI world. And as we keep investing in new products in and around Network Solutions and around payments and around workflow, our realization is that AI is not just a way of thinking, it's allowing us to do things that, frankly, are -- were beyond the scope of imagination even 3 to 5 years ago.

And empowering our team to be able to think that way has opened up massive opportunities and given us the ability to test out those opportunities and those ideas in a much faster, more cost-effective manner. And we've seen that throughout the operations of the business where we were able to produce things, put it out there, see this reaction and at the same time, then very effectively let's scale it if it does make sense.

So AI has frankly changed the playing field. And from my own personal perspective, it made me more excited about Phreesia and what lays in front of us and the opportunity set than I would say, ever in our history. And I think we're well positioned as an organization to not only continue to grow, but frankly, in the future, I think, accelerate our growth.

Operator

Your next question comes from the line of Jailendra Singh with Truist Securities.

Unknown Analyst

This is Peyton Engel on for Jailendra. I just wanted to hit on the EBITDA performance in the quarter. It was another solid quarter on the EBITDA line. So I just want to get your thoughts on why you guys decided to maintain the EBITDA guidance there. Does that primarily reflect the continued prudence around Network Solutions revenue and the mix with that? Or is there anything you want to call out incremental that you are expecting in the second half why you guys decided to maintain?

Balaji Gandhi

Yes, Peyton, I'd say it's a host of things. I think that we have been -- our team has done an excellent job and been very disciplined about expense management and around return on investment. And I think we've shown that over time, we want to leave ourselves room to make investments for growth and we've done that for many, many years. It's that. It's -- the revenue mix piece is sensitive. That's another component of this.

AI is another one. I mean, as you probably know from following other companies, it is a very dynamic and fluid time, and we're in the early innings of our AI deployment. And so we also want to be kind of prudent about how we share that as well. So it's all of those things, but nothing inconsistent with how we've thought about investments in the past.

Operator

Your next question comes from the line of Alexei Gogolev with JPMorgan.

Destiny Ann Jackson

This is Destiny Jackson on for Alexei. As you moderate your subscription pricing to drive downstream payments and network growth, how are retention and attach rates evolving? And how should we think about the long-term mix shift in revenue per client?

Balaji Gandhi

You might have to repeat that. There are like a bunch of things in there, Destiny, if you repeat that question.

Destiny Ann Jackson

As you moderate the subscription pricing to drive down the payments and network growth, just how are you thinking -- what are you seeing in terms of retention and attach rates in terms of how are they evolving and then the long-term mix shift in revenue per client?

Balaji Gandhi

Yes. What we'd say there is we holistically think about total revenue. I think we've been clear about that. And I think Chaim's point earlier about really working with our clients through the operating environment they're in is what really rules the day. And I think we're going to continue to communicate with all of you about total revenue, thinking about total revenue per client.

I think you'll see the mix fluctuate. I think that's just something that we think is okay and is a sign of our diversity and our business model. So I would just say fluctuation more than anything else. and we'll try to get in front of that as much as we can with all of you.

Operator

Your next question comes from the line of Ryan Halsted with RBC.

Ryan Halsted

Maybe a question regarding your Payment Solutions business. Any color on macro trends into patient volumes from your perspective of facilitating 180 million visits. And then I know, obviously, you mentioned that the deductibles reset last quarter. Just any visibility into pace of how patients are kind of getting through their deductibles into the back half of your year?

Balaji Gandhi

Yes. I mean I think we look at all this data very carefully and do a lot of trending. I think we did talk about earlier this year there being a little bit more weakness even beyond seasonality, but nothing really notable to call out in the second quarter as it relates to volume trends or as it relates to deductible sort of reset trends. So nothing to call out.

Operator

We have now reached the end of the Q&A. I will now pass the call off to Chaim for closing remarks.

Chaim Indig

I'd like to thank everyone for joining us for another earnings call, and we'll talk to you all in 90 days. And if you have any questions, please feel free to reach out to Balaji investors@phreesia.com or myself. Thank you, everyone, and have a great evening.