Phreesia, Inc.
For the period ended Oct 31, 2025. Filed Dec 9, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Oct 31, 2025 · Filed Dec 9, 2025
PHR$12.62-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-07-31; filed 2025-09-05.
0001412408-25-000062
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-10-31; filed 2025-12-09.
0001412408-25-000132
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 163 previous paragraphs and 167 current paragraphs.
75 unchanged; 60 reworded; 31 added; 27 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 27 previous and 27 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (31)
Current report
•Total revenue increased 13% to $120.3 million in the three months ended October 31, 2025, as compared to $106.8 million in the three months ended October 31, 2024.
Current report
•Total revenue increased 14% to $353.5 million in the nine months ended October 31, 2025, as compared to $310.1 million in the nine months ended October 31, 2024.
Current report
•Net income was $1.0 million in the nine months ended October 31, 2025, as compared to net loss of $52.1 million in the nine months ended October 31, 2024.
Current report
•Adjusted EBITDA was $29.1 million in the three months ended October 31, 2025, as compared to $9.8 million in the three months ended October 31, 2024.
Current report
•Adjusted EBITDA was $72.1 million in the nine months ended October 31, 2025, as compared to $20.4 million in the nine months ended October 31, 2024.
Current report
•Net cash provided by operating activities was $15.5 million for the three months ended October 31, 2025, as compared to $5.8 million for the three months ended October 31, 2024.
Current report
•Net cash provided by operating activities was $45.2 million for the nine months ended October 31, 2025, as compared to $16.1 million for the nine months ended October 31, 2024.
Current report
•Free cash flow was $8.8 million for the three months ended October 31, 2025, as compared to $1.6 million for the three months ended October 31, 2024.
Current report
On August 29, 2025, we entered into a definitive agreement (the “Merger Agreement”) to acquire AccessOne for total cash consideration of $160 million, subject to customary closing and post-closing adjustments (such transactions contemplated by the agreement, the “AccessOne Acquisition”). Subsequent to quarter-end, on November 12, 2025 (the "Closing Date"), we completed the transactions contemplated by the Merger Agreement, pursuant to which, upon the terms and subject to the conditions set forth therein, Ace Merger Sub, Inc. merged with and into AccessOne, with AccessOne continuing as the surviving corporation and becoming a wholly owned subsidiary of the Company (such transactions contemplated by the Merger Agreement, the “AccessOne Acquisition”). The purchase price was funded with a combination of cash and the net proceeds from a new, 364-day $110 million secured term loan (the “Bridge Loan”) entered into on the Closing Date.
Current report
Although this Quarterly Report on Form 10-Q was filed after the completion of the AccessOne Acquisition, information set forth herein only relates to the results of operations for Phreesia, Inc. for the quarter and year-to-date periods ended October 31, 2025 and 2024 and does not include any financial information of AccessOne for such periods.
Current report
On the Closing Date, in connection with the closing of the AccessOne Acquisition, the Company entered into a bridge loan credit agreement (the “Bridge Credit Agreement”) by and among the Company, the lenders from time to time party thereto, and Goldman Sachs Bank USA, as administrative agent, collateral agent, sole lead arranger and bookrunner, with respect to the Bridge Loan. The Bridge Loan has an outstanding principal amount of $110 million and bears interest at a fluctuating rate per annum equal to, at the Company’s option, the forward-looking Secured Overnight Financing Rate (such borrowings, “SOFR Loans”) plus an applicable margin. The Bridge Loan matures on November 11, 2026. The interest rate applicable to the Bridge Loan will increase by 0.5% every three months following the closing date of November 12, 2025. We incurred approximately $3 million in debt issuance costs and original issue discount related to the Bridge Loan. We intend to refinance or replace the Bridge Loan with a long-term credit facility.
Current report
First Amendment to the Capital One Credit Facility
Current report
On November 12, 2025, the Company entered into the First Amendment to the Capital One Credit Facility, (as amended, the “Capital One Credit Facility”) The First Amendment to the Capital One Credit Facility amended the covenant limiting acquisitions to permit the acquisition of AccessOne, amended the covenant limiting additional indebtedness to accommodate the Bridge Loan, and amended the security interest supporting the Capital One Credit Facility to permit the security interests granted in connection with the Bridge Loan. The amendment included further changes to sections governing mandatory and voluntary prepayments, negative covenants and events of default to accommodate the existence of the Bridge Loan.
Current report
Income tax expense
Current report
Cost of revenue (excluding depreciation and amortization) increased $0.5 million to $18.3 million for the three months ended October 31, 2025, as compared to $17.9 million for the three months ended October 31, 2024. The increase resulted primarily from a $2.3 million increase in other third-party costs, partially offset by a $1.8 million decrease in labor costs.
Current report
Cost of revenue (excluding depreciation and amortization) increased $2.7 million to $52.4 million for the nine months ended October 31, 2025, as compared to $49.7 million for the nine months ended October 31, 2024. The increase resulted primarily from a $8.1 million increase in other third-party costs, partially offset by a $5.4 million decrease in labor costs.
Current report
Income tax expense
Current report
Income tax expense increased to $0.9 million for the three months ended October 31, 2025, as compared to $0.4 million for the three months ended October 31, 2024. The increase in income tax expense relates primarily to an increase in Canadian and Indian income tax expense.
Current report
On August 29, 2025, we entered into a definitive agreement to acquire AccessOne for total cash consideration of $160 million, subject to customary closing and post-closing adjustments. Subsequent to quarter-end, on November 12, 2025, we completed the transactions contemplated by the Merger Agreement. The purchase price was funded with a combination of cash and the net proceeds from a new, 364-day $110 million secured term loan (the “Bridge Loan”) entered into on the Closing Date.
Current report
On the Closing Date, in connection with the closing of the AccessOne Acquisition, the Company entered into the Bridge Credit Agreement. The Bridge Loan has an outstanding principal amount of $110 million and bears interest at a per annum rate equal to the three month SOFR rate plus a margin of 4.00% per annum. The Bridge Loan matures on November 11, 2026. The interest rate applicable to the Bridge Loan will increase by 0.5% every three months following the closing date of November 12, 2025. We incurred approximately $3 million in debt issuance costs and original issue discount related to the Bridge Loan. We expect to refinance or replace the Bridge Loan with a long-term credit facility.
Current report
Capital One Credit Facility
Current report
As of October 31, 2025 we had no borrowings outstanding under the Capital One Credit Facility.
Current report
On November 12, 2025, we entered into the First Amendment to the Capital One Credit Facility. The First Amendment to the Capital One Credit Facility amended the covenant limiting acquisitions to permit the acquisition of AccessOne, amended the covenant limiting additional indebtedness to accommodate the Bridge Loan, and amended the security interest supporting the Capital One Credit Facility to permit the security interests granted in connection with the Bridge Loan. The amendment included further changes to sections governing mandatory and voluntary prepayments, negative covenants and events of default to accommodate the existence of the Bridge Loan.
Current report
During the three months ended October 31, 2025, net cash used in investing activities was $6.7 million, principally resulting from capital expenditures, the majority of which consisted of $3.4 million of capitalized internal-use software costs, as well as $3.3 million of purchases of property and equipment, principally for software and computer equipment.
Current report
During the three months ended October 31, 2024, net cash used in investing activities was $4.2 million, principally resulting from capital expenditures, the majority of which consisted of $3.6 million of capitalized internal-use software costs, as well as $0.6 million of purchases of property and equipment, primarily for computer equipment.
Current report
During the nine months ended October 31, 2025, net cash used in investing activities was $19.3 million, principally resulting from capital expenditures, the majority of which consisted of $10.7 million of capitalized internal-use software costs, as well as $8.5 million of purchases of property and equipment, principally for software and computer equipment.
Current report
During the nine months ended October 31, 2024, net cash used in investing activities was $17.0 million, principally resulting from capital expenditures, the majority of which consisted of $11.1 million of capitalized internal-use software costs, as well as $5.9 million of purchases of property and equipment, principally for software and computer equipment.
Current report
During the three months ended October 31, 2025, net cash used in financing activities was $0.7 million, primarily consisting of $2.1 million used for principal payments on finance leases and financing arrangements, partially offset by $1.5 million in proceeds from our equity compensation plans.
Current report
During the nine months ended October 31, 2025, net cash used in financing activities was $3.7 million, primarily consisting of $6.7 million used for principal payments on finance leases and financing arrangements, partially offset by $3.1 million in proceeds from our equity compensation plans.
Current report
During the nine months ended October 31, 2024, net cash used in financing activities was $4.9 million, primarily consisting of $6.1 million used for principal payments on finance leases and financing arrangements and $1.7 million used for principal payments on acquisition-related liabilities, partially offset by $3.0 million in proceeds from our equity compensation plans.
Current report
During the nine months ended October 31, 2025, we entered into the Merger Agreement to acquire AccessOne for total cash consideration of approximately $160 million, subject to customary closing and post-closing adjustments. The AccessOne Acquisition was completed on November 12, 2025 and as of the date of this Report, there are no remaining material cash requirements under the Merger Agreement.
Removed paragraphs (27)
Previous report
•Total revenue increased 15% to $117.3 million in the three months ended July 31, 2025, as compared to $102.1 million in the three months ended July 31, 2024.
Previous report
•Total revenue increased 15% to $233.2 million in the six months ended July 31, 2025, as compared to $203.3 million in the six months ended July 31, 2024.
Previous report
•Net loss was $3.3 million in the six months ended July 31, 2025, as compared to $37.7 million in the six months ended July 31, 2024.
Previous report
•Adjusted EBITDA was $22.1 million in the three months ended July 31, 2025, as compared to $6.5 million in the three months ended July 31, 2024.
Previous report
•Adjusted EBITDA was $42.9 million in the six months ended July 31, 2025, as compared to $10.6 million in the six months ended July 31, 2024.
Previous report
•Net cash provided by operating activities was $14.8 million for the three months ended July 31, 2025, as compared to $11.1 million for the three months ended July 31, 2024.
Previous report
•Net cash provided by operating activities was $29.7 million for the six months ended July 31, 2025, as compared to $10.3 million for the six months ended July 31, 2024.
Previous report
•Free cash flow was $9.6 million for the three months ended July 31, 2025, as compared to $3.7 million for the three months ended July 31, 2024.
Previous report
AccessOne Acquisition
Previous report
On August 29, 2025, we entered into a definitive agreement (the “Merger Agreement”) to acquire AccessOne Parent Holdings, Inc. (together with its subsidiaries, “AccessOne”), for total cash consideration of $160 million, subject to customary closing and post-closing adjustments (the "AccessOne Acquisition"). The transaction is expected to close during the third quarter or early fourth quarter of our 2026 fiscal year, subject to customary closing conditions and regulatory approvals. In connection with, and concurrently with entry into, the Merger Agreement, we entered into a debt commitment letter which provides for a new senior secured bridge loan facility (the “Bridge Loan”), subject to the satisfaction of certain conditions. We intend to finance the acquisition through a combination of cash from our balance sheet and proceeds from the Bridge Loan.
Previous report
AccessOne is a market leader in providing financing solutions for healthcare receivables, working with some of the largest health systems in the U.S. AccessOne takes minimal credit risk and offers healthcare providers a scalable, compliant and operationally efficient tool that improves collections without undermining patient trust. We believe the addition of AccessOne’s platform is a natural progression that will integrate well with our existing products.
Previous report
Income tax benefit (expense)
Previous report
Cost of revenue (excluding depreciation and amortization) increased $1.3 million to $17.4 million for the three months ended July 31, 2025, as compared to $16.1 million for the three months ended July 31, 2024. The increase resulted primarily from a $2.8 million increase in other third-party costs, partially offset by a $1.6 million decrease in labor costs.
Previous report
Cost of revenue (excluding depreciation and amortization) increased $2.2 million to $34.0 million for the six months ended July 31, 2025, as compared to $31.9 million for the six months ended July 31, 2024. The increase resulted primarily from a $5.0 million increase in other third-party costs, partially offset by a $2.8 million decrease in labor costs.
Previous report
Income tax benefit (expense)
Previous report
Income tax benefit (expense) was a tax benefit of $0.5 million for the six months ended July 31, 2025, as compared to a tax expense of $1.3 million for the six months ended July 31, 2024. The increase in benefit from income taxes relates primarily to a deferred tax benefit recognized as a discrete item during the six months ended July 31, 2025.
Previous report
Subsequent to quarter end, on August 29, 2025, we entered into the Merger Agreement to acquire AccessOne for total cash consideration of $160 million, subject to customary closing and post-closing adjustments. In connection with, and concurrently with entry into, the Merger Agreement, we entered into a debt commitment letter which provides for a new senior secured bridge loan facility, subject to the satisfaction of certain conditions. The Company intends to finance the AccessOne Acquisition through a combination of cash from its balance sheet and proceeds from the Bridge Loan.
Previous report
Capital One facility
Previous report
The obligations under the Capital One Credit Facility are secured by a first priority security interest in substantially all of our tangible and intangible assets, and by pledges of the equity of certain of our U.S. subsidiaries, in each case subject to customary exclusions.
Previous report
We believe that our cash and cash equivalents along with cash generated in the normal course of business are sufficient to fund our operations for at least the next twelve months.
Previous report
During the three months ended July 31, 2025, net cash used in investing activities was $5.2 million, principally resulting from $3.4 million of capitalized internal-use software costs, as well as $1.8 million of purchases of property and equipment, principally for software and computer equipment.
Previous report
During the three months ended July 31, 2024, net cash used in investing activities was $7.4 million, principally resulting from capital expenditures, the majority of which consisted of $4.4 million of purchases of property and equipment, principally for software and computer equipment, as well as $3.0 million of capitalized internal-use software costs.
Previous report
During the six months ended July 31, 2025, net cash used in investing activities was $12.6 million, principally resulting from $7.3 million of capitalized internal-use software costs, as well as $5.3 million of purchases of property and equipment, principally for software and computer equipment.
Previous report
During the six months ended July 31, 2024, net cash used in investing activities was $12.8 million, principally resulting from capital expenditures, the majority of which consisted of $7.5 million of capitalized internal-use software costs, as well as $5.3 million of purchases of property and equipment, principally for software and computer equipment.
Previous report
During the three months ended July 31, 2025, net cash used in financing activities was $2.1 million, primarily consisting of $2.8 million used for principal payments on finance leases and financing arrangements, partially offset by $0.7 million in proceeds from our equity compensation plans.
Previous report
During the three months ended July 31, 2024, net cash used in financing activities was $1.4 million, primarily consisting of $2.3 million used for principal payments on finance leases and financing arrangements, partially offset by $0.9 million in proceeds from our equity compensation plans.
Previous report
During the six months ended July 31, 2025, net cash used in financing activities was $3.0 million, primarily consisting of $4.5 million used for principal payments on finance leases and financing arrangements, partially offset by $1.6 million in proceeds from our equity compensation plans.
Reworded paragraphs (60)
Previous wording
You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited consolidated financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q and our financial statements and related notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025, filed with the SEC on March 13, 2025. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements based upon current plans, expectations and beliefs that involve risks and uncertainties. As a result of many factors, including those factors set forth under “Risk Factors” and “Special Note Regarding Forward-Looking Statements”: in this Quarterly Report on Form 10-Q, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the follow discussion and analysis.
Current wording
You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited consolidated financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q and our financial statements and related notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025, filed with the SEC on March 13, 2025. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements based upon current plans, expectations and beliefs that involve risks and uncertainties. As a result of many factors, including those factors set forth under “Risk Factors” and “Special Note Regarding Forward-Looking Statements”: in this Quarterly Report on Form 10-Q, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the follow discussion and analysis. When we use the terms “we,” “us,” “our,” “Phreesia,” the “Company” or similar words in this report, we are referring to, as the context may require, (i) for periods prior to November 12, 2025, Phreesia, Inc., a Delaware corporation, together with its subsidiaries Access eForms, LLC, a Texas limited liability company; ConnectOnCall.com, LLC, a New York limited liability company; Insignia Health, LLC, an Oregon limited liability company; MediFind, Inc., a Delaware corporation; Phreesia International LLC , a Delaware limited liability company; and Phreesia India Private Limited, an India private limited company and (ii) for periods on or after November 12, 2025, this also includes AccessOne Parent Holdings, Inc., a Delaware corporation, and its subsidiaries (“AccessOne”). Because the AccessOne Acquisition (as defined below) was completed on November 12, 2025, subsequent to the end of the quarter, AccessOne’s results are not included in this discussion and, unless the context provides otherwise, the disclosures included herein are solely with respect to our business prior to the closing of the AccessOne Acquisition.
Previous wording
•Net income was $0.7 million in the three months ended July 31, 2025, as compared to net loss of $18.0 million in the three months ended July 31, 2024.
Current wording
•Net income was $4.3 million in the three months ended October 31, 2025, as compared to net loss of $14.4 million in the three months ended October 31, 2024.
Previous wording
•Free cash flow was $17.1 million for the six months ended July 31, 2025, as compared to negative $2.5 million for the six months ended July 31, 2024.
Current wording
•Free cash flow was $25.9 million for the nine months ended October 31, 2025, as compared to negative $0.9 million for the nine months ended October 31, 2024.
Previous wording
•Cash and cash equivalents as of July 31, 2025 was $98.3 million, an increase of $14.1 million as compared to January 31, 2025.
Current wording
•Cash and cash equivalents as of October 31, 2025 was $106.4 million, an increase of $22.2 million as compared to January 31, 2025.
Previous wording
We are a leading provider of comprehensive software solutions that improve the operational and financial performance of healthcare organizations and improve health outcomes by helping patients take a more active role in their care. Phreesia’s mission is to make care easier every day. We have created an integrated and streamlined system that automates data capture and activates patients before, during and after their interaction with their healthcare services provider. Our solutions include SaaS-based integrated tools that manage patient access, registration and payments. We offer tools to communicate with patients about their health that have demonstrated increased rates of preventive care and vaccinations. Additionally, our solutions include clinical assessments to screen patients for a variety of physical, behavioral and mental health conditions, helping providers better understand their patients and connect them to needed services, resulting in improved health outcomes. We also provide life sciences companies, government entities, patient advocacy, public interest and not-for-profit and other organizations with a channel for direct education and communication with patients in a privacy-protected environment. Our solutions also include additional products and services such as the MediFind provider directory, which helps patients find care based on providers' specialty and condition expertise.
Current wording
We are a leading provider of comprehensive software solutions that improve the operational and financial performance of healthcare organizations and improve health outcomes by helping patients take a more active role in their care. Phreesia’s mission is to make care easier every day. We have created an integrated and streamlined system that automates data capture and activates patients before, during and after their interaction with their healthcare services provider. Our solutions include SaaS-based integrated tools that manage patient access, registration and payments. We offer tools to communicate with patients about their health that have demonstrated increased rates of preventive care and vaccinations. Additionally, our solutions include clinical assessments to screen patients for a variety of physical, behavioral and mental health conditions, helping providers better understand their patients and connect them to needed services, resulting in improved health outcomes. We also provide life sciences companies, government entities, patient advocacy, public interest and not-for-profit and other organizations with a channel for direct education and communication with patients in a privacy-protected environment. Our solutions also include additional products and services such as the MediFind provider directory, which helps patients find care based on providers' specialty and condition expertise. As of November 12, 2025, subsequent to the end of the third quarter, we completed the acquisition of AccessOne, which provides financing solutions for healthcare receivables and offers healthcare providers a scalable, compliant and operationally efficient tool that improves collections without undermining patient trust.
Previous wording
See Note 17 - Subsequent events in Part I - Item 8 of this Quarterly Report on Form 10-Q for additional information regarding the AccessOne Acquisition.
Current wording
See Note 17 - Subsequent events in Part I - Item 8 of this Quarterly Report on Form 10-Q for additional information regarding the AccessOne Acquisition and the Bridge Loan.
Previous wording
Our business is directly and indirectly affected by macroeconomic conditions, geopolitical conditions and the state of global financial markets. Geopolitical uncertainty resulting, in part, from the military conflict between Russia and Ukraine and the conflict in the Middle East, as well as other macro-economic conditions, such as the impact of pandemics, changes in interest rates, inflation in the cost of goods, services and labor, tariff and trade issues, or a recession or an economic slowdown in the U.S. or internationally, have contributed to significant volatility and declines in global financial markets. The uncertainty over the extent and duration of the ongoing conflicts and these macroeconomic conditions continues to cause disruptions to businesses and markets worldwide. Additionally, the change in U.S. presidential administration has resulted in, and may continue to cause, additional geopolitical and macroeconomic uncertainty. While none of these factors individually has had a material impact on our business to date, it is difficult to predict the potential impact these factors may have on our future business results or in the financial condition or purchasing patterns of our customers, partners and suppliers, and each could adversely impact our business operations, financial performance and results of operations. We continue to closely monitor these macroeconomic and geopolitical developments and their potential impact on our business and financial condition.
Current wording
Our business is directly and indirectly affected by macroeconomic conditions, geopolitical conditions and the state of global financial markets. Geopolitical uncertainty resulting, in part, from the military conflict between Russia and Ukraine and the conflict in the Middle East, as well as other macro-economic conditions, such as the impact of pandemics, changes in interest rates, inflation in the cost of goods, services and labor, tariff and trade issues, or a recession or an economic slowdown in the U.S. or internationally, have contributed to significant volatility and declines in global financial markets. The uncertainty over the extent and duration of the ongoing conflicts and these macroeconomic conditions continues to cause disruptions to businesses and markets worldwide. Additionally, the U.S. federal government has caused, and may continue to cause, additional geopolitical and macroeconomic uncertainty. While none of these factors individually has had a material impact on our business to date, it is difficult to predict the potential impact these factors may have on our future business results or in the financial condition or purchasing patterns of our customers, partners and suppliers, and each could adversely impact our business operations, financial performance and results of operations. We continue to closely monitor these macroeconomic and geopolitical developments and their potential impact on our business and financial condition.
Previous wording
•Total revenue per AHSC. We define total revenue per AHSC as total revenue in a given period divided by the number of AHSCs during that same period. Our healthcare services clients directly generate subscription and related services and payment processing fees revenue. Additionally, our relationships with healthcare services clients who subscribe to our solutions give us the opportunity to engage with life sciences companies, government entities, patient advocacy, public interest and not-for-profit and other organizations who deliver direct communication to patients through our solutions. As a result, we believe that our ability to increase total revenue per AHSC provides useful information to investors as an indicator of the long-term value of our solutions. Total revenue per AHSC was $26,249 for the three months ended
Current wording
•Total revenue per AHSC. We define total revenue per AHSC as total revenue in a given period divided by the number of AHSCs during that same period. Our healthcare services clients directly generate subscription and related services and payment processing fees revenue. Additionally, our relationships with healthcare services clients who subscribe to our solutions give us the opportunity to engage with life sciences companies, government entities, patient advocacy, public interest and not-for-profit and other organizations who deliver direct communication to patients through our solutions. As a result, we believe that our ability to increase total revenue per AHSC provides useful information to investors as an indicator of the long-term value of our solutions. Total revenue per AHSC was $26,622 for the three months ended October 31, 2025 compared to $25,207 for the same period in the prior year, an increase of 6%. The increase was primarily driven by revenue growth that outpaced AHSC growth.
Previous wording
•Other income (expense), net. Other expense, net consists of foreign currency-related losses and gains and other miscellaneous income (expense).
Current wording
•Other income (expense), net. Other income (expense), net consists of foreign currency-related losses and gains and other miscellaneous income (expense).
Previous wording
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act ("OBBBA"). We reflected the estimated impact of the OBBBA in the year-to-date and quarterly tax provision as of July 31, 2025. Further analysis will be performed through year-end; however, it is not expected to have a material impact on our effective tax rate due to the valuation allowance position recorded against the Company’s deferred tax assets that are not more likely than not to be realized.
Current wording
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act ("OBBBA"). We reflected the estimated impact of the OBBBA in the year-to-date tax provision as of October 31, 2025. Further analysis will be performed through year-end; however, it is not expected to have a material impact on our effective tax rate due to the valuation allowance position recorded against the Company’s deferred tax assets that are not more likely than not to be realized.
Previous wording
Comparison of results of operations for the three and six months ended July 31, 2025 and 2024
Current wording
Comparison of results of operations for the three and nine months ended October 31, 2025 and 2024
Previous wording
•Subscription and related services. Our subscription and related services revenue from healthcare services organizations increased $5.1 million to $53.7 million for the three months ended July 31, 2025, as compared to $48.6 million for the three months ended July 31, 2024, primarily due to new healthcare services clients as well as expansion of and cross-selling to existing healthcare services clients.
Current wording
•Subscription and related services. Our subscription and related services revenue from healthcare services organizations increased $6.1 million to $55.5 million for the three months ended October 31, 2025, as compared to $49.4 million for the three months ended October 31, 2024, primarily due to new healthcare services clients as well as expansion of and cross-selling to existing healthcare services clients.
Previous wording
•Payment processing fees. Our revenue from patient payments processed through our solutions increased $3.1 million to $28.4 million for the three months ended July 31, 2025, as compared to $25.3 million for the three months ended July 31, 2024, due to the addition of new healthcare services clients, which drove increases in patient visits and patient payments processed through our platform.
Current wording
•Payment processing fees. Our revenue from patient payments processed through our solutions increased $2.7 million to $27.4 million for the three months ended October 31, 2025, as compared to $24.7 million for the three months ended October 31, 2024, due to the addition of new healthcare services clients, which drove increases in patient visits and patient payments processed through our platform.
Previous wording
•Network solutions. Our revenue from life sciences companies and other organizations increased $7.0 million to $35.2 million for the three months ended July 31, 2025, as compared to $28.2 million for the three months ended July 31, 2024, due to an increase in engagement, education programs and deeper patient outreach among the existing programs.
Current wording
•Network solutions. Our revenue from life sciences companies and other organizations increased $4.7 million to $37.4 million for the three months ended October 31, 2025, as compared to $32.7 million for the three months ended October 31, 2024, due to an increase in engagement, education programs and deeper patient outreach among the existing programs.
Previous wording
•Subscription and related services. Our subscription and related services revenue from healthcare services organizations increased $12.7 million to $108.1 million for the six months ended July 31, 2025, as compared to $95.4 million for the six months ended July 31, 2024, primarily due to new healthcare services clients as well as expansion of and cross-selling to existing healthcare services clients.
Current wording
•Subscription and related services. Our subscription and related services revenue from healthcare services organizations increased $18.8 million to $163.5 million for the nine months ended October 31, 2025, as compared to $144.7 million for the nine months ended October 31, 2024, primarily due to new healthcare services clients as well as expansion of and cross-selling to existing healthcare services clients.
Previous wording
•Payment processing fees. Our revenue from patient payments processed through our solutions increased $6.0 million to $58.3 million for the six months ended July 31, 2025, as compared to $52.4 million for the six months ended July 31, 2024, due to the addition of new healthcare services clients, which drove increases in patient visits and patient payments processed through our platform.
Current wording
•Payment processing fees. Our revenue from patient payments processed through our solutions increased $8.7 million to $85.7 million for the nine months ended October 31, 2025, as compared to $77.1 million for the nine months ended October 31, 2024, due to the addition of new healthcare services clients, which drove increases in patient visits and patient payments processed through our platform.
Previous wording
•Network solutions. Our revenue from life sciences companies and other organizations increased $11.2 million to $66.8 million for the six months ended July 31, 2025, as compared to $55.6 million for the six months ended July 31, 2024, due to an increase in engagement, education programs and deeper patient outreach among the existing programs.
Current wording
•Network solutions. Our revenue from life sciences companies and other organizations increased $15.9 million to $104.2 million for the nine months ended October 31, 2025, as compared to $88.4 million for the nine months ended October 31, 2024, due to an increase in engagement, education programs and deeper patient outreach among the existing programs.
Previous wording
Stock compensation incurred related to cost of revenue was $0.9 million and $1.2 million for the three months ended July 31, 2025 and 2024, respectively.
Current wording
Stock compensation incurred related to cost of revenue was $1.0 million and $1.3 million for the three months ended October 31, 2025 and 2024, respectively.
Previous wording
Stock compensation incurred related to cost of revenue was $2.0 million and $2.5 million for the six months ended July 31, 2025 and 2024, respectively.
Current wording
Stock compensation incurred related to cost of revenue was $3.0 million and $3.7 million for the nine months ended October 31, 2025 and 2024, respectively.
Previous wording
Payment processing expense increased $3.6 million to $20.2 million for the three months ended July 31, 2025, as compared to $16.7 million for the three months ended July 31, 2024. The increase resulted primarily from the increase in payment processing fees revenue and patient payments processed through our solutions, each driven by an increase in patient visits over the prior year.
Current wording
Payment processing expense increased $3.0 million to $19.7 million for the three months ended October 31, 2025, as compared to $16.7 million for the three months ended October 31, 2024. The increase resulted primarily from the increase in payment processing fees revenue and patient payments processed through our solutions, each driven by an increase in patient visits over the prior year.
Previous wording
Payment processing expense increased $6.7 million to $41.7 million for the six months ended July 31, 2025, as compared to $35.0 million for the six months ended July 31, 2024. The increase resulted primarily from the increase in payment processing fees revenue and patient payments processed through our solutions, each driven by an increase in patient visits over the prior year.
Current wording
Payment processing expense increased $9.7 million to $61.4 million for the nine months ended October 31, 2025, as compared to $51.6 million for the nine months ended October 31, 2024. The increase resulted primarily from the increase in payment processing fees revenue and patient payments processed through our solutions, each driven by an increase in patient visits over the prior year.
Previous wording
Sales and marketing expense decreased $4.8 million to $25.4 million for the three months ended July 31, 2025, as compared to $30.2 million for the three months ended July 31, 2024. The decrease resulted primarily from a $6.2 million decrease in labor costs, partially offset by a $1.4 million increase in other third-party sales and marketing costs.
Current wording
Sales and marketing expense decreased $5.9 million to $24.1 million for the three months ended October 31, 2025, as compared to $30.1 million for the three months ended October 31, 2024. The decrease resulted primarily from a $7.3 million decrease in labor costs, partially offset by a $1.3 million increase in other third-party sales and marketing costs.
Previous wording
Stock compensation incurred related to sales and marketing expense was $4.7 million and $5.3 million for the three months ended July 31, 2025 and 2024, respectively.
Current wording
Stock compensation incurred related to sales and marketing expense was $4.8 million and $5.4 million for the three months ended October 31, 2025 and 2024, respectively.
Previous wording
Sales and marketing expense decreased $10.8 million to $51.4 million for the six months ended July 31, 2025, as compared to $62.2 million for the six months ended July 31, 2024. The decrease resulted primarily from a $12.2 million decrease in labor costs, partially offset by a $1.5 million increase in other third-party sales and marketing costs.
Current wording
Sales and marketing expense decreased $16.7 million to $75.6 million for the nine months ended October 31, 2025, as compared to $92.3 million for the nine months ended October 31, 2024. The decrease resulted primarily from a $19.5 million decrease in labor costs, partially offset by a $2.8 million increase in other third-party sales and marketing costs.
Previous wording
Stock compensation incurred related to sales and marketing expense was $9.9 million and $11.1 million for the six months ended July 31, 2025 and 2024, respectively.
Current wording
Stock compensation incurred related to sales and marketing expense was $14.7 million and $16.5 million for the nine months ended October 31, 2025 and 2024, respectively.
Previous wording
Research and development expense decreased $0.3 million to $29.3 million for the three months ended July 31, 2025, as compared to $29.5 million for the three months ended July 31, 2024. The decrease resulted primarily from a $0.6 million decrease in other third-party costs, partially offset by a $0.4 million increase in software costs.
Current wording
Research and development expense increased $0.1 million to $29.5 million for the three months ended October 31, 2025, as compared to $29.3 million for the three months ended October 31, 2024. The increase resulted primarily from a $0.8 million increase in software costs, partially offset by a $0.7 million decrease in labor costs.
Previous wording
Stock compensation incurred related to research and development expense was $4.2 million and $3.6 million for the three months ended July 31, 2025 and 2024, respectively.
Current wording
Stock compensation incurred related to research and development expense was $3.9 million and $3.8 million for the three months ended October 31, 2025 and 2024, respectively.
Previous wording
Research and development expense increased $2.7 million to $61.1 million for the six months ended July 31, 2025, as compared to $58.4 million for the six months ended July 31, 2024. The increase resulted primarily from a $1.5 million increase in software costs, a $0.9 million increase in labor costs and a $0.3 million increase in other third-party costs.
Current wording
Research and development expense increased $2.8 million to $90.6 million for the nine months ended October 31, 2025, as compared to $87.7 million for the nine months ended October 31, 2024. The increase resulted primarily from a $2.7 million increase in software costs and a $0.3 million increase in other third-party costs, partially offset by a $0.2 million decrease in labor costs.
Previous wording
Stock compensation incurred related to research and development expense was $8.6 million and $7.3 million for the six months ended July 31, 2025 and 2024, respectively.
Current wording
Stock compensation incurred related to research and development expense was $12.5 million and $11.0 million for the nine months ended October 31, 2025 and 2024, respectively.
Previous wording
General and administrative expense decreased $0.5 million to $19.0 million for the three months ended July 31, 2025, as compared to $19.5 million for the three months ended July 31, 2024. The decrease primarily resulted from a $1.8 million decrease in labor costs, partially offset by a $1.3 million increase in other third-party costs.
Current wording
General and administrative expense decreased $2.1 million to $17.5 million for the three months ended October 31, 2025, as compared to $19.6 million for the three months ended October 31, 2024. The decrease primarily resulted from a $1.7 million decrease in labor costs and a $2.4 million decrease in other third-party costs, partially offset by a $2.0 million increase in acquisition-related costs.
Previous wording
Stock compensation incurred related to general and administrative expense was $6.4 million and $6.3 million for the three months ended July 31, 2025 and 2024, respectively.
Current wording
Stock compensation incurred related to general and administrative expense was $6.3 million and $6.0 million for the three months ended October 31, 2025 and 2024, respectively.
Previous wording
General and administrative expense decreased $3.1 million to $35.5 million for the six months ended July 31, 2025, as compared to $38.5 million for the six months ended July 31, 2024. The decrease primarily resulted from a $2.6 million decrease in labor costs and a $0.5 million decrease in other third-party costs.
Current wording
General and administrative expense decreased $5.2 million to $52.9 million for the nine months ended October 31, 2025, as compared to $58.2 million for the nine months ended October 31, 2024. The decrease primarily resulted from a $4.3 million decrease in labor costs and a $4.3 million decrease in other third-party costs, partially offset by a $3.3 million increase in acquisition-related costs.
Previous wording
Stock compensation incurred related to general and administrative expense was $12.9 million and $12.5 million for the six months ended July 31, 2025 and 2024, respectively.
Current wording
Stock compensation incurred related to general and administrative expense was $19.2 million and $18.5 million for the nine months ended October 31, 2025 and 2024, respectively.
Previous wording
Depreciation expense decreased $0.6 million to $3.3 million for the three months ended July 31, 2025, as compared to $3.9 million for the three months ended July 31, 2024. The decrease was primarily attributable to lower computer equipment depreciation.
Current wording
Depreciation expense decreased $0.4 million to $3.2 million for the three months ended October 31, 2025, as compared to $3.6 million for the three months ended October 31, 2024. The decrease was primarily attributable to lower computer equipment depreciation.
Previous wording
Depreciation expense decreased $1.2 million to $6.3 million for the six months ended July 31, 2025, as compared to $7.4 million for the six months ended July 31, 2024. The decrease was primarily attributable to lower computer equipment depreciation.
Current wording
Depreciation expense decreased $1.5 million to $9.5 million for the nine months ended October 31, 2025, as compared to $11.0 million for the nine months ended October 31, 2024. The decrease was primarily attributable to lower computer equipment depreciation.
Previous wording
Amortization expense increased $0.7 million to $4.1 million for the three months ended July 31, 2025 as compared to $3.4 million for the three months ended July 31, 2024. The increase was primarily driven by higher amortization of capitalized internal-use software development costs.
Current wording
Amortization expense increased $0.8 million to $4.3 million for the three months ended October 31, 2025 as compared to $3.5 million for the three months ended October 31, 2024. The increase was primarily driven by higher amortization of capitalized internal-use software development costs.
Previous wording
Amortization expense increased $1.5 million to $8.0 million for the six months ended July 31, 2025 as compared to $6.5 million for the six months ended July 31, 2024. The increase was primarily driven by higher amortization of capitalized internal-use software development costs.
Current wording
Amortization expense increased $2.2 million to $12.3 million for the nine months ended October 31, 2025 as compared to $10.1 million for the nine months ended October 31, 2024. The increase was primarily driven by higher amortization of capitalized internal-use software development costs.
Previous wording
Other income (expense), net was income of $0.3 million for the three months ended July 31, 2025 as compared to expense of $0.1 million for the three months ended July 31, 2024. Other income (expense), net is comprised primarily of foreign exchange gains and losses due to changes in rates and other miscellaneous income (expense).
Current wording
Other income (expense), net was income of $1.0 million for the three months ended October 31, 2025 as compared to expense of $0.1 million for the three months ended October 31, 2024. Other income (expense), net is comprised primarily of other miscellaneous income (expense) and foreign exchange gains and losses due to changes in rates.
Previous wording
Other income (expense), net was income of $0.7 million for the six months ended July 31, 2025 as compared to expense of $0.1 million for the six months ended July 31, 2024. Other income (expense), net is comprised primarily of foreign exchange gains and losses due to changes in rates and other miscellaneous income (expense).
Current wording
Other income (expense), net was income of $1.7 million for the nine months ended October 31, 2025 as compared to expense of $0.3 million for the nine months ended October 31, 2024. Other income (expense), net is comprised primarily of other miscellaneous income (expense) and foreign exchange gains and losses due to changes in rates.
Previous wording
Interest income, net was income of $0.6 million for the three months ended July 31, 2025, as compared to income of less than $0.1 million for the three months ended July 31, 2024. The increase is primarily attributable to the timing of interest received during the three months ended July 31, 2025.
Current wording
Interest income, net was income of $0.4 million for the three months ended October 31, 2025, as compared to income of less than $0.1 million for the three months ended October 31, 2024. The increase is primarily attributable to interest received during the three months ended October 31, 2025.
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Current report — wording carried from elsewhere
The following table presents a reconciliation of Adjusted EBITDA to net income (loss) for each of the periods indicated:
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
July 31, 2025 compared to $24,494 for the same period in the prior year, an increase of 7%. The increase was primarily driven by revenue growth that outpaced AHSC growth.