PHREESIA, INC., 10-Q filed on 5/28/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Apr. 30, 2026
May 22, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Apr. 30, 2026  
Document Transition Report false  
Entity File Number 001-38977  
Entity Registrant Name PHREESIA, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-2275479  
Entity Address, Address Line One 1521 Concord Pike  
Entity Address, Address Line Two Suite 301 PMB 221  
Entity Address, City or Town Wilmington  
Entity Address, State or Province DE  
Entity Address, Postal Zip Code 19803  
City Area Code 888  
Local Phone Number 654-7473  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol PHR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   61,811,889
Amendment Flag false  
Entity Central Index Key 0001412408  
Document Fiscal Year Focus 2027  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --01-31  
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Apr. 30, 2026
Jan. 31, 2026
Current:    
Cash, cash equivalents and restricted cash (including restricted cash of $— and $1,691 as of April 30, 2026 and January 31, 2026, respectively) $ 74,706 $ 73,830
Settlement assets 32,720 32,999
Accounts receivable, net of allowance for doubtful accounts of $1,467 and $1,523 as of April 30, 2026 and January 31, 2026, respectively 89,607 97,453
Cardholder receivables 29,740 38,330
Deferred purchase price receivables 23,247 18,003
Accrued interest and fees receivables 711 840
Deferred contract acquisition costs 401 410
Prepaid expenses and other current assets 16,129 17,978
Total current assets 267,261 279,843
Property and equipment, net of accumulated depreciation and amortization of $90,385 and $94,193 as of April 30, 2026 and January 31, 2026, respectively 20,568 20,332
Capitalized internal-use software, net of accumulated amortization of $73,362 and $69,390 as of April 30, 2026 and January 31, 2026, respectively 54,624 54,270
Operating lease right-of-use assets 1,769 2,002
Deferred contract acquisition costs 231 338
Intangible assets, net of accumulated amortization of $16,099 and $13,489 as of April 30, 2026 and January 31, 2026, respectively 77,151 79,761
Goodwill 169,513 170,064
Deferred tax assets 1,593 1,593
Other assets (includes $1,691 and $— of long-term restricted cash as of April 30, 2026 and January 31, 2026, respectively) 7,283 2,442
Long-term cardholder receivables 59,494 47,723
Long-term deferred purchase price receivables 6,654 5,422
Total Assets 666,141 663,790
Current:    
Settlement obligations 32,720 32,999
Current portion of debt and finance lease liabilities 5,301 7,971
Current portion of operating lease liabilities 1,062 1,254
Accounts payable 11,891 11,477
Accrued expenses 30,521 41,257
Due to healthcare providers 30,331 38,056
Deferred revenue 39,561 49,522
Other current liabilities 722 705
Total current liabilities 152,109 183,241
Long-term debt and finance lease liabilities 85,303 92,117
Operating lease liabilities, non-current 891 1,107
Long-term due to healthcare providers 60,826 45,329
Long-term deferred revenue 3,223 244
Long-term deferred tax liabilities 4,624 4,498
Other long-term liabilities 75 47
Total Liabilities 307,051 326,583
Commitments and contingencies (Note 11)
Stockholders’ Equity:    
Preferred stock, undesignated, $0.01 par value—20,000,000 shares authorized as of both April 30, 2026 and January 31, 2026; no shares issued or outstanding as of both April 30, 2026 and January 31, 2026 0 0
Common stock, $0.01 par value—500,000,000 shares authorized as of both April 30, 2026 and January 31, 2026; 63,249,229 and 62,020,186 shares issued as of April 30, 2026 and January 31, 2026, respectively 632 620
Additional paid-in capital 1,201,871 1,181,679
Accumulated deficit (796,227) (799,190)
Accumulated other comprehensive loss (571) (382)
Treasury stock, at cost, 1,474,884 and 1,355,169 shares as of April 30, 2026 and January 31, 2026, respectively (46,615) (45,520)
Total Stockholders’ Equity 359,090 337,207
Total Liabilities and Stockholders’ Equity $ 666,141 $ 663,790
v3.26.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Apr. 30, 2026
Jan. 31, 2026
Statement of Financial Position [Abstract]    
Restricted cash $ 0 $ 1,691
Accounts receivable, allowance for doubtful accounts 1,467 1,523
Accumulated depreciation and amortization, property and equipment 90,385 94,193
Accumulated amortization, capitalized internal-use software 73,362 69,390
Accumulated amortization, intangible assets 16,099 13,489
Long term restricted cash $ 1,691 $ 0
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 20,000,000 20,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value per share (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000
Common stock, issued (in shares) 63,249,229 62,020,186
Treasury stock (in shares) 1,474,884 1,355,169
v3.26.1
Unaudited Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Revenue:    
Total revenues $ 130,935 $ 115,936
Expenses:    
Cost of revenue (excluding depreciation and amortization) 17,659 16,637
Payment solutions expense [1] 25,675 21,428
Sales and marketing 24,209 26,043
Research and development 28,328 31,829
General and administrative 18,361 16,408
Depreciation 3,371 2,986
Amortization 6,583 3,892
Total expenses 124,186 119,223
Operating income (loss) 6,749 (3,287)
Other (expense) income, net (7) 338
Loss on extinguishment of debt (17) 0
Interest expense (2,299) (435)
Interest income 297 205
Total other (expense) income, net (2,026) 108
Income (loss) before income tax expense 4,723 (3,179)
Income tax expense (1,760) (735)
Net income (loss) $ 2,963 $ (3,914)
Net income (loss) per share attributable to common stockholders:    
Basic (in dollars per share) $ 0.05 $ (0.07)
Diluted (in dollars per share) $ 0.05 $ (0.07)
Weighted-average common shares outstanding:    
Basic (in shares) 60,944,962 58,920,782
Diluted (in shares) 62,040,865 58,920,782
Subscription and related services    
Revenue:    
Total revenues $ 52,721 $ 54,355
Payment solutions    
Revenue:    
Total revenues [1] 41,941 29,925
Network solutions    
Revenue:    
Total revenues $ 36,273 $ 31,656
[1]
(1) Beginning with the fourth quarter of the fiscal year ended January 31, 2026, the revenue line previously labeled “Payment processing fees” was relabeled “Payment solutions” to reflect the expanded scope of our payments offerings following the AccessOne Acquisition (as defined herein), which closed on November 12, 2025. Additionally, “Payment processing expense” was relabeled “Payment solutions expense.” Prior period amounts have not been reclassified, as the Company did not own the acquired operations in prior periods and the change in presentation did not affect any previously reported amounts. See Note 2 - Basis of presentation.
v3.26.1
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 2,963 $ (3,914)
Other comprehensive (loss) income:    
Net change in unrealized gains on cash flow hedges (81) 407
Change in foreign currency translation adjustments (108) 28
Other comprehensive (loss) income (189) 435
Comprehensive income (loss) $ 2,774 $ (3,479)
v3.26.1
Unaudited Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
APIC
Accumulated Deficit
Accumulated other comprehensive income (loss)
Treasury stock
Beginning balance (in shares) at Jan. 31, 2025   60,083,444        
Beginning balance at Jan. 31, 2025 $ 264,808 $ 601 $ 1,111,274 $ (801,496) $ (51) $ (45,520)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net (loss) income (3,914)     (3,914)    
Other comprehensive income (loss) 435       435  
Stock-based compensation 14,221   14,221      
Exercise of stock options and vesting of restricted stock units (in shares)   463,799        
Exercise of stock options and vesting of restricted stock units 128 $ 4 124      
Issuance of stock for share-settled bonus awards (in shares)   267,687        
Issuance of stock for share-settled bonus awards 6,508 $ 3 6,505      
Ending balance (in shares) at Apr. 30, 2025   60,814,930        
Ending balance at Apr. 30, 2025 $ 282,186 $ 608 1,132,124 (805,410) 384 (45,520)
Beginning balance (in shares) at Jan. 31, 2026 62,020,186 62,020,186        
Beginning balance at Jan. 31, 2026 $ 337,207 $ 620 1,181,679 (799,190) (382) (45,520)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net (loss) income 2,963     2,963    
Other comprehensive income (loss) (189)       (189)  
Stock-based compensation $ 12,020   12,020      
Exercise of stock options and vesting of restricted stock units (in shares) 15,959 348,963        
Exercise of stock options and vesting of restricted stock units $ 131 $ 3 128      
Issuance of stock for share-settled bonus awards (in shares)   880,080        
Issuance of stock for share-settled bonus awards 8,053 $ 9 8,044      
Treasury stock from vesting of restricted stock units - satisfaction of tax withholdings $ (1,095)         (1,095)
Ending balance (in shares) at Apr. 30, 2026 63,249,229 63,249,229        
Ending balance at Apr. 30, 2026 $ 359,090 $ 632 $ 1,201,871 $ (796,227) $ (571) $ (46,615)
v3.26.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Operating activities:    
Net income (loss) $ 2,963 $ (3,914)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 9,954 6,878
Stock-based compensation expense 13,554 17,225
Amortization of deferred financing costs 434 62
Loss on extinguishment of debt 17 0
Cost of Phreesia hardware purchased by customers 188 436
Deferred contract acquisition costs amortization 116 110
Non-cash operating lease expense 233 215
Deferred taxes 677 85
Changes in operating assets and liabilities:    
Accounts receivable 7,731 (1,490)
Cash received for sale of receivables 7,711 0
Accrued interest receivable 129 0
Prepaid expenses and other assets 828 (256)
Accounts payable 159 (1,739)
Accrued expenses and other liabilities (6,985) (891)
Payment of due to provider for receivables sold to securitization (5,060) 0
Lease liabilities (410) (252)
Deferred revenue (8,317) (1,619)
Net cash provided by operating activities 23,922 14,850
Investing activities:    
Collections of cardholder receivables held for investment and deferred purchase price 12,352 0
Capitalized internal-use software (3,240) (3,888)
Purchases of property and equipment (4,310) (3,504)
Net cash provided by (used in) investing activities 4,802 (7,392)
Financing activities:    
Proceeds from issuance of common stock upon exercise of stock options 131 128
Treasury stock to satisfy tax withholdings on stock compensation awards (1,095) 0
Proceeds from employee stock purchase plan 522 768
Finance lease payments (1,680) (1,376)
Principal payments on financing agreements (355) (320)
Debt issuance costs and loan facility fee payments (2,259) (38)
Financing payments of acquisition-related liabilities 0 0
Debt extinguishment costs (42) 0
Proceeds from debt instruments 92,240 0
Principal payments on debt instruments (98,000) 0
Payments due to provider for unfunded receivables (15,555) 0
Net cash used in financing activities (26,093) (838)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (64) 31
Net increase in cash, cash equivalents and restricted cash 2,567 6,651
Cash, cash equivalents and restricted cash – beginning of period 73,830 84,220
Cash, cash equivalents and restricted cash – end of period 76,397 90,871
Supplemental information of non-cash investing and financing information:    
Non-cash activity related to credit card receivables and deferred purchase price 27,717 0
Exchange of right of use asset for property and equipment 57 0
Purchase of property and equipment and capitalized software included in accounts payable and accrued liabilities 2,304 1,117
Capitalized stock-based compensation 342 332
Issuance of stock to settle liabilities for stock-based compensation 8,053 6,508
Cash paid for:    
Interest 3,848 324
Income taxes 1,181 551
Reconciliation of cash, cash equivalents and restricted cash shown in statements of cash flows    
Cash, cash equivalents and restricted cash per balance sheets 74,706 90,871
Restricted cash included in other long-term assets 1,691  
Total cash, cash equivalents and restricted cash shown in statements of cash flows $ 76,397 $ 90,871
v3.26.1
Background and liquidity
 3 Months Ended
Apr. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Background and liquidity Background and liquidity
Phreesia, Inc. (“Phreesia” or the “Company”) provides an integrated software, payments, and engagement platform designed to address three foundational challenges in healthcare delivery: access to care, affordability of care, and health patient outcomes. The Company’s platform is embedded directly into provider workflows and patient interactions, enabling healthcare organizations to activate patients, streamline administrative processes, and improve financial performance across the care continuum. The Company’s integrated platform is designed to address challenges patients and healthcare providers face in three core areas: Access, Affordability, and Outcomes.
Access: The Company’s solutions facilitate access to care by reducing friction in how patients find, schedule, and register for care, while enabling providers to improve capacity utilization and reduce administrative burden. Key capabilities include care discovery and scheduling through MediFind, the Company’s online provider directory, and self-scheduling tools; appointment optimization and referral management using AI-enabled workflows; and the Company’s AI-based smart answering solution patient communications supported by voice and messaging solutions.
Affordability: The Company’s solutions directly address affordability challenges and improve the patient experience while helping providers improve collections, accelerate cash flow, and reduce revenue cycle friction. Capabilities include eligibility and cost transparency tools, integrated payment solutions embedded in intake and post-visit workflows, and financing solutions that enable healthcare organizations to accelerate cash collections while offering flexible payment options to patients.
Outcomes: The Company’s solutions are designed to improve patient outcomes by promoting patient engagement, treatment adherence and satisfaction, while enabling healthcare stakeholders, including providers and life sciences organizations, to measure and influence patient behavior in a compliant and scalable manner. Capabilities include digital intake and clinical data capture, patient engagement and activation tools, and measurement and analytics solutions.
The Company was formed in May 2005. On November 12, 2025 (the “Closing Date”), the Company completed the acquisition (the “AccessOne Acquisition”) of AccessOne Parent Holdings, Inc. and its subsidiaries (collectively, “AccessOne”), which expands the Company’s addressable market for healthcare payments. The Company’s payment solutions now offer healthcare providers a trusted, scalable, compliant and operationally efficient healthcare payment card that accelerates cash flow. Upon the closing of the AccessOne Acquisition, AccessOne Parent Holdings, Inc. became a wholly owned subsidiary of the Company.
(b) Liquidity
For most of the Company’s history, the Company did not generate sufficient revenue to meet its operating expenses. Although the Company generated net income for the three months ended April 30, 2026, it may incur net losses in the future. To date, the Company has primarily relied upon the proceeds from issuances of common stock, debt and preferred stock, as well as sales of Company products and services in the normal course of business, to fund its operations.
During the fourth quarter of fiscal 2026, in connection with the AccessOne Acquisition, the Company entered into a bridge loan credit agreement (the “Bridge Credit Agreement”), with respect to a new, 364-day $110,000 secured term loan (the “Bridge Loan”). As of January 31, 2026, the outstanding principal balance of the Bridge Loan was $90,000.
On March 13, 2026 (the “Refinancing Date”), the Company completed a refinancing whereby it terminated without penalty, and repaid all outstanding indebtedness and obligations under, the Bridge Loan and the Previous Capital One Credit Facility (as defined herein) using borrowings from a new, 5-year $275,000 senior secured revolving credit facility with Capital One (the "New Capital One Credit Facility"), which matures on March 13, 2031. The Bridge Credit Agreement, and the Previous Capital One Credit Facility, which had no outstanding borrowings, were terminated on the Refinancing Date. The unused borrowing capacity on the New Capital One Credit Facility is available to the Company for working capital, capital expenditures, permitted acquisitions and general corporate purposes. The transactions that occurred on the Refinancing Date are referred to collectively as the “Refinancing.” See Note 6 - Debt and finance leases for more information regarding the Bridge Loan and the New Capital One Credit Facility.
Management believes that the Company’s cash and cash equivalents, along with cash generated in its normal operations will be sufficient to meet the Company’s needs for at least the next 12 months.
The Company may seek to obtain additional financing, if needed, to successfully implement its long-term strategy.
v3.26.1
Basis of presentation
 3 Months Ended
Apr. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation Basis of presentation
(a) Consolidated financial statements
The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and regulations of the Securities and Exchange Commission ("SEC") regarding quarterly financial reporting and include the accounts of Phreesia, Inc., its branch operation in Canada, its consolidated subsidiaries and its consolidated variable interest entity (or collectively, the "Company"). In addition to the subsidiaries the Company controls through its equity ownership, the Company consolidates a variable interest entity because it is the primary beneficiary. See Note 18 - Securitization program and variable interest entities for additional information on the Company’s variable interest entity.
(b) Fiscal year
The Company’s fiscal year ends on January 31. References to fiscal 2027 and 2026 refer to the fiscal years ending on January 31, 2027 and January 31, 2026, respectively.
(c) Unaudited interim financial statements
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with GAAP and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, which include normal recurring adjustments, necessary for the fair statement of the Company’s interim financial position as of April 30, 2026 and the results of its operations, changes in its stockholders' equity and its cash flows for the periods ended April 30, 2026 and 2025. The results for the interim periods are not necessarily indicative of results to be expected for the full year, any other interim periods, or any future year or period. The Company’s management believes that the disclosures herein are adequate to make the information presented not misleading when read in conjunction with the audited financial statements and accompanying notes for the fiscal year ended January 31, 2026.
(d) Reclassifications and Changes in Financial Statement Captions
The Company has presented interest expense and interest income separately on its consolidated statements of operations. The Company has separately presented interest expense and interest income in its consolidated statement of operations for the three months ended April 30, 2025 to conform to the current period classification. In prior periods, the Company had separately presented interest expense and interest income in the notes to its financial statements but had presented interest expense and interest income on a combined basis on its consolidated statements of operations because the individual amounts were not material.
Beginning with the three months ended January 31, 2026, the revenue line previously labeled “Payment processing fees” was relabeled “Payment solutions” to reflect the expanded scope of the Company’s payments offerings following the AccessOne Acquisition, which closed on November 12, 2025. “Payment solutions” includes all revenue previously presented as “Payment processing fees” and all revenue from the operations acquired in the AccessOne Acquisition. Additionally, “Payment processing expense” was relabeled “Payment solutions expense” and includes all expenses previously presented as “Payment processing expense” and direct costs of revenue related to the operations acquired in the AccessOne Acquisition. Prior period amounts have not been reclassified, as the Company did not own the acquired operations in prior periods and the change in presentation did not affect any previously reported amounts.
v3.26.1
Summary of significant accounting policies
 3 Months Ended
Apr. 30, 2026
Accounting Policies [Abstract]  
Summary of significant accounting policies Summary of significant accounting policies
The Company’s significant accounting policies are disclosed in the audited financial statements for the fiscal year ended January 31, 2026. Since the date of those audited financial statements, there have been no material changes to the Company’s significant accounting policies, including the status of recent accounting pronouncements, other than those detailed below.
(a) Use of estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These judgments, estimates and assumptions are used for, but not limited to revenue recognition, the fair value of cardholder receivables, the fair value of deferred purchase price receivables, the fair value of due to provider liabilities. the allowance for doubtful accounts, contingent liabilities, the determination of the useful lives of long-lived assets, the capitalization, valuation and recoverability of long-lived assets, the fair value of securities underlying stock-based compensation and the fair value of identifiable assets and liabilities and deferred consideration in business acquisitions.
(b) Concentrations of credit risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and settlement assets. For cardholder receivables, the Company does not bear credit risk from the patient cardholder, as the Company has full recourse to the healthcare provider for unpaid principal. Accordingly, the primary exposure relates to the healthcare provider’s obligation to remit the recourse payment under the financial services arrangement. For information regarding credit risk and maximum exposure to loss associated with the deferred purchase price receivable, refer to Note 18 — Securitization program and variable interest entities.
The Company’s cash and cash equivalents are held by established financial institutions. At times, the Company’s cash on deposit at financial institutions may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. The Company does not require collateral from its customers and generally requires payment within 30 to 60 days of billing. Settlement assets are amounts due from well-established payment processing companies and normally take one to two business days to settle, which mitigates the associated risk of concentration. The Company utilizes two third-party payment processors.
The Company’s customers are primarily physician’s offices and other healthcare services organizations located in the United States as well as pharmaceutical companies. The Company did not have any individual customers that represented more than 10% of total revenues for the three months ended April 30, 2026 and 2025. The Company had receivables from two entities and one entity as of April 30, 2026 and January 31, 2026, respectively, that accounted for at least 10% of total accounts receivable.
(c) Risks and uncertainties
The Company is subject to a variety of risk factors, including the economy, data privacy and security laws and government regulations. Additionally, the Company is subject to other risks associated with the markets in which it operates including reliance on third-party vendors, partners, and service providers. The Company has a substantial number of employees in Canada and India, and the Company supplements its workforce with contractors and consultants in domestic and international locations. Certain of the Company's service providers, including certain third-party software developers, are located in international locations subject to warfare and/or political and economic instability, such as Ukraine and India. As with any business, operation of the Company involves risk, including the risk of service interruption impacting the operations of the Company's business and the Company's customer’s facilities below expected levels of operation, shut downs due to the breakdown or failure of information technology and communications systems, changes in laws or regulations, political and economic instability, or catastrophic events such as fires, earthquakes, floods, explosions, global health concerns such as pandemics or other similar occurrences affecting the delivery of the Company’s products and services. The occurrence of any of these events could significantly reduce or eliminate revenues generated, or significantly increase the expenses of the Company's operations, adversely impacting the Company’s operating results and the Company's ability to meet the Company's obligations and commitments. See Note 6 - Debt and finance leases and Note 11 - Commitments and contingencies, for a summary of the Company’s contractual commitments as of April 30, 2026.
(d) New accounting pronouncements
Impact of recently adopted accounting pronouncements
On February 1, 2026, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2025‑05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets on a prospective basis. ASU 2025-05 provides a practical expedient that permits entities to assume that current economic conditions as of the balance‑sheet date do not change over the remaining life of current accounts receivable and current contract assets arising from transactions within the scope of Accounting Standard Codification (“ASC”) 606. The Company did not elect to apply the practical expedient upon adoption of ASU 2025-05. As a result, the adoption did not impact the Company’s allowance for credit losses.
During the three months ended April 30, 2026, the Company did not adopt any other accounting pronouncements that materially impacted the Company's financial statements.
Recent accounting pronouncements not yet adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, Clarifying the Effective Date. The new standards require companies to disclose disaggregated information about certain income statement expense line items. The provisions of ASU 2024-03, as amended by ASU 2025-01, are effective for annual periods beginning after December 15, 2026, and interim reporting periods in fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company plans to adopt ASU 2024-03 and ASU 2025-01 for annual periods beginning in the fiscal year ending January 31, 2028 and for interim periods beginning in the fiscal year ending January 31, 2029. The Company is currently evaluating the impact that ASU 2024-03 and ASU 2025-01 will have on its financial statements and related disclosures. The Company does not expect the disclosure changes that result from the adoption of ASU 2024-03 and ASU 2025-01 to materially impact its consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU amends the existing standard to remove all references to prescriptive and sequential software development project stages. Under this guidance, eligible software development costs will begin capitalization when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. In evaluating whether it is probable the project will be completed; management is required to consider whether there is significant uncertainty associated with the development activities of the software. This guidance is effective for all annual periods beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The guidance may be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. The Company is currently evaluating the impact of this ASU to determine the impact on the consolidated financial statements and related disclosures.
There are no other recently issued accounting pronouncements the Company has not yet adopted that will materially impact the Company's consolidated financial statements.
v3.26.1
Composition of certain financial statement captions
 3 Months Ended
Apr. 30, 2026
Composition of Certain Financial Statements [Abstract]  
Composition of certain financial statement captions Composition of certain financial statement captions
(a) Accrued expenses
Accrued expenses as of April 30, 2026 and January 31, 2026 are as follows:
 April 30, 2026January 31, 2026
Payroll-related expenses and taxes$7,647 $12,535 
Stock-based compensation liability1,475 7,652 
Payment processing fees liability7,482 7,056 
Acquisition-related liabilities119 119 
Income and other tax liabilities3,529 2,674 
Information technology6,560 5,546 
Other3,709 5,675 
Total accrued expenses$30,521 $41,257 
(b) Property and equipment
Property and equipment as of April 30, 2026 and January 31, 2026 are as follows:
 April 30, 2026January 31, 2026
PhreesiaPads and Arrivals Kiosks$17,557 $16,523 
Computer equipment77,975 84,380 
Computer software14,685 12,887 
Hardware development575 577 
Other161 158 
Total property and equipment$110,953 $114,525 
Less: accumulated depreciation(90,385)(94,193)
Property and equipment — net$20,568 $20,332 
Depreciation expense related to property and equipment amounted to $3,371 and $2,986 for the three months ended April 30, 2026 and 2025, respectively.
Property and equipment — net and related depreciation expense includes assets acquired under finance leases. Assets acquired under finance leases included in computer equipment was $41,571 and $49,009 as of April 30, 2026 and January 31, 2026, respectively. Accumulated amortization of assets under finance leases was $36,192 and $42,060 as of April 30, 2026 and January 31, 2026, respectively. See Note 10 - Leases for additional information regarding finance leases.
(c) Capitalized internal-use software
For the three months ended April 30, 2026 and 2025, the Company capitalized $4,326 and $3,791 of costs related to the Company’s solutions, respectively.
During the three months ended April 30, 2026 and 2025, amortization expense related to capitalized internal-use software was $3,972 and $3,022, respectively.
(d) Intangible assets and goodwill
The following presents the details of intangible assets as of April 30, 2026 and January 31, 2026:
Useful Life
 (years)April 30, 2026January 31, 2026
Acquired technology
5 to 7
$22,910 $22,910 
Customer relationship
7 to 15
53,940 53,940 
License156,200 6,200 
Trademarks
12 to 15
10,200 10,200 
Total intangible assets, gross carrying value$93,250 $93,250 
Less: accumulated amortization(16,099)(13,489)
Net carrying value$77,151 $79,761 
The weighted-average remaining useful life for acquired technology in years was 5.1 and 5.4 as of April 30, 2026 and January 31, 2026, respectively. The remaining useful life for customer relationships in years was 8.4 and 8.6 as of April 30, 2026 and January 31, 2026, respectively. The remaining useful life for the license to the Patient Activation Measure ("PAM"®) in years was 10.6 and 10.8 as of April 30, 2026 and January 31, 2026, respectively. The remaining useful life for the trademarks in years was 11.7 and 12.0 as of April 30, 2026 and January 31, 2026, respectively.
Amortization expense associated with intangible assets for the three months ended April 30, 2026 and 2025, was $2,611 and $870, respectively.
The estimated amortization expense for intangible assets for the next five years and thereafter is as follows as of April 30, 2026:
April 30, 2026
2027 (Remaining nine months)
$7,885 
Fiscal year ending January 31,
202810,513 
202910,412 
203010,212 
2031 - thereafter38,129 
Total$77,151 
The following table presents a roll-forward of goodwill for the three months ended April 30, 2026:
Balance, January 31, 2026
$170,064 
Goodwill from measurement period adjustments on acquisitions(551)
Balance, April 30, 2026
$169,513 
As of April 30, 2026, the Company completed its quarterly triggering event assessments and determined that the decline in the market value of its publicly-traded stock, which resulted in a corresponding decline in its market capitalization, constituted a triggering event. Due to the decline in the Company’s market capitalization during the three months ended April 30, 2026, the Company has evaluated whether changes in the Company’s market capitalization indicate that the carrying value of goodwill in the Company’s single reporting unit is impaired. As of April 30, 2026, the Company’s market capitalization exceeded the carrying value of the Company’s equity. As a result, the Company does not believe that changes in the Company’s market capitalization during the three months ended April 30, 2026 indicate that the carrying amount of the Company’s goodwill is impaired as of April 30, 2026.
As of January 31, 2026, the Company determined that it was more likely than not that the fair value of its single reporting unit exceeded its carrying value. As a result, the Company does not believe that the Company’s goodwill was impaired as of January 31, 2026.
During the measurement period, in the three months ended April 30, 2026, the Company recorded a decrease to acquired deferred tax liabilities of $551 and a corresponding adjustment to goodwill in connection with the acquisition of AccessOne. The Company did not record any impairments of goodwill during the three months ended April 30, 2026 or 2025.
(e) Accounts receivable
Accounts receivable as of April 30, 2026 and January 31, 2026 are as follows:
 April 30, 2026January 31, 2026
Billed$83,201 $93,296 
Unbilled7,873 5,680 
Total accounts receivable, gross$91,074 $98,976 
Less: accounts receivable allowances(1,467)(1,523)
Total accounts receivable$89,607 $97,453 
Activity in the Company's allowance for doubtful accounts was as follows for the three months ended April 30, 2026:
 April 30, 2026
Balance, January 31, 2026
$1,523 
Bad debt expense14 
Write-offs and adjustments(70)
Balance, April 30, 2026
$1,467 
The Company’s allowance for doubtful accounts represents the current estimate of expected future losses based on prior bad debt experience as well as expected future changes in credit losses and considerations for specific customers as applicable. The Company's accounts receivable are considered past due when they are outstanding past the due date listed on the invoice to the customer. Activity in the allowance for doubtful accounts and write-offs of accounts receivable were not material for the three months ended April 30, 2026 and 2025.
(f) Prepaid and other current assets
Prepaid and other current assets as of April 30, 2026 and January 31, 2026 are as follows:
 April 30, 2026January 31, 2026
Prepaid software and business systems$6,177 $7,246 
Prepaid data center expenses4,226 4,661 
Prepaid insurance1,216 1,721 
Other prepaid expenses and other current assets4,510 4,350 
Total prepaid and other current assets$16,129 $17,978 
(g) Cloud computing implementation costs
The Company enters into cloud computing service contracts to support its sales and marketing, product development and administrative activities. The Company capitalizes certain implementation costs for cloud computing arrangements that meet the definition of a service contract. The Company includes these capitalized implementation costs within prepaid expenses and other current assets and within other assets on its consolidated balance sheets. Once placed in service, the Company amortizes these costs over the remaining subscription term to the same caption in the consolidated statements of operations as the related cloud subscription. Capitalized implementation costs for cloud computing arrangements accounted for as service contracts were $1,532. These arrangements were fully amortized by the three months ended April 30, 2025.
(h) Other income, net
Other income, net for the three months ended April 30, 2026 and 2025 were composed primarily of miscellaneous other income and expense and foreign exchange gains and losses due to changes in rates.
v3.26.1
Revenue and contract costs
 3 Months Ended
Apr. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue and contract costs Revenue and contract costs
The Company generates revenue primarily from providing integrated SaaS-based software and payment solutions for the healthcare industry. The Company derives revenue from subscription fees and related services generated from the Company’s healthcare services clients for access to the Company's solutions, payment processing fees based on patient payment volume and financing fees based on a portfolio of cardholder receivables, and fees from life sciences companies and other organizations for delivering qualified direct communications to patients who consent to receive this type of engagement using the Company's solutions.
The amount of subscription and related services revenue recorded pursuant to ASC 842, Leases for the leasing of the Company’s PhreesiaPads and Arrivals Kiosks was $2,074 and $2,419 for the three months ended April 30, 2026 and 2025, respectively.
Contract balances
The following table represents a roll-forward of contract assets:
Balance, January 31, 2026
$5,680 
Amount transferred to receivables from beginning balance of contract assets(5,639)
Contract asset additions, net of reclassification to receivables7,832 
Balance, April 30, 2026
$7,873 
The following table represents a roll-forward of deferred revenue:
Balance, January 31, 2026
$49,766 
Revenue recognized that was included in deferred revenue at the beginning of the period(29,908)
Deferred revenue from measurement period adjustments on acquisitions1,335 
Current period activity in deferred revenue
21,591 
Balance, April 30, 2026
$42,784 
Cost to obtain a contract
The Company capitalizes certain incremental costs to obtain customer contracts and amortizes these costs over a period of benefit that the Company has estimated to be three to five years. The Company determined the period of benefit by taking into consideration its customer contracts, its technology and other factors. Amortization expense is included in sales and marketing expenses in the accompanying consolidated statements of operations and totaled $116 and $110 for the three months ended April 30, 2026 and 2025, respectively. The Company periodically reviews these deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit. During fiscal 2025, the Company updated its estimate of the period of benefit from five years to three years for certain deferred contract acquisition costs. There were no impairment losses recorded during the periods presented.

The following table represents a roll-forward of deferred contract acquisition costs:
Balance, January 31, 2026
$748 
Additions to deferred contract acquisition costs— 
Amortization of deferred contract acquisition costs(116)
Balance, April 30, 2026
$632 
Deferred contract acquisition costs, current (to be amortized in next 12 months)$401 
Deferred contract acquisition costs, non-current231 
Total deferred contract acquisition costs$632 
v3.26.1
Debt and finance leases
 3 Months Ended
Apr. 30, 2026
Debt Disclosure [Abstract]  
Debt and finance leases Debt and finance leases
As of April 30, 2026 and January 31, 2026, the Company had the following outstanding debt and finance lease liabilities:
April 30, 2026January 31, 2026
Bridge loan$— $90,000 
Revolving credit facility84,240 — 
Finance leases5,752 7,431 
Financing arrangements241 595 
Accrued interest and payments371 2,062 
Total debt and finance lease liabilities$90,604 $100,088 
Less: current portion of debt and finance lease liabilities(5,301)(7,971)
Long-term debt and finance lease liabilities$85,303 $92,117 
(a) Bridge Loan
In connection with the AccessOne Acquisition, on the Closing Date, the Company entered into the Bridge Credit Agreement with respect to a new, 364-day $110,000 secured term loan. The net proceeds of the Bridge Loan were used to fund a portion of the purchase price of the AccessOne Acquisition. The Bridge Loan had a maturity date of
November 11, 2026 and bore interest at a per annum rate equal to the three-month SOFR rate plus a margin of 4.0% per annum. The interest rate applicable to the Bridge Loan increased by 0.5% every three months following the closing date of November 12, 2025. The Company incurred $3,122 in debt issuance costs and original issue discount related to the Bridge Loan.
On the Refinancing Date, the Company terminated without penalty and repaid all outstanding indebtedness and obligations under the Bridge Loan. All security agreements and related financing arrangements entered into with the Company’s former lenders under the Bridge Loan were terminated substantially concurrently with the effectiveness of the New Capital One Credit Agreement. The Company recognized an immaterial loss on extinguishment of debt related to debt issuance costs of the Bridge Loan.
(b) Finance leases
See Note 10 - Leases for more information regarding finance leases.
(c) Previous Capital One Credit Agreement
In December 2023, the Company entered into the Previous Capital One Credit Agreement for a 5-year $50,000 senior secured asset-based revolving credit facility.
In November 2025, the Company entered into an amendment (the “First Amendment”) to the Previous Capital One Credit Facility to permit the AccessOne Acquisition and to accommodate the Bridge Loan.
On the Refinancing Date, the Previous Capital One Credit Agreement was terminated without penalty in connection with the Refinancing.
(d) New Capital One Credit Facility
On the Refinancing Date, the Company and certain of its subsidiaries entered into the New Capital One Credit Agreement providing for a senior secured revolving credit facility up to an aggregate principal amount of $275,000, of which $92,240 was borrowed on the Refinancing Date, and which includes a swingline sublimit of $20,000 and a letter of credit sublimit of $10,000. During the three months ended April 30, 2026, the Company repaid $8,000 of the outstanding balance on the New Capital One Credit Facility. As of April 30, 2026, the outstanding principal balance of the New Capital One Credit Facility was $84,240 and the unused borrowing capacity of the New Capital One Credit Facility was $190,760. The unused borrowing capacity on the New Capital One Credit Facility is available to the Company for working capital, capital expenditures, permitted acquisitions and general corporate purposes. The New Capital One Credit Agreement includes financial covenants including, but not limited to, requiring the Company to maintain a maximum Total Net Leverage Ratio and a minimum Consolidated Fixed Charge Coverage Ratio, each as defined in the New Capital One Credit Agreement. The Company was in compliance with all covenants related to the New Capital One Agreement as of April 30, 2026.
The New Capital One Credit Agreement bears interest at a rate per annum based on SOFR or a Base Rate as specified in the New Capital One Credit Agreement. Swingline loans must be Base Rate loans. As of April 30, 2026, the interest rate on the New Capital One Credit Facility was 6.2%. The Company is permitted to repay the New Capital One Credit Facility, in whole or in part, without penalty or premium, subject to certain notice periods.
The Company will pay an unused line fee equal to the product of (i) a commitment fee percentage ranging from 0.25% to 0.40% per annum based on the applicable total net leverage ratio and (ii) the unused portion of the revolving commitments under the New Capital One Credit Facility.
(e) Financing agreements
In June 2023, the Company entered into a software licensing financing agreement (the "financing agreement") in order to finance its software and service licenses. As of April 30, 2026, there was $241 in outstanding principal and interest due under the financing agreement. The financing agreement requires the Company to pay $123 per month for 36 months beginning August 2023. The effective interest rate on the financing agreement is 10.5% per annum.
Maturities of debt and finance leases, in each of the next five years and thereafter, are as follows:
 TotalRevolving Credit FacilityFinance LeasesOther Debt
2027 (Remaining nine months)
$4,247 $— $3,635 $612 
Fiscal year ending January 31,
20282,117 — 2,117 — 
2029— — — — 
2030— — — — 
2031— — — — 
Thereafter
84,240 84,240 — — 
Total maturities of debt and finance leases$90,604 $84,240 $5,752 $612 
v3.26.1
Stockholders' equity
 3 Months Ended
Apr. 30, 2026
Equity [Abstract]  
Stockholders' equity Stockholders' equity
(a) Common stock
The Company closed its initial public offering (“IPO”) on July 22, 2019 and filed an Amended and Restated Certificate of Incorporation authorizing the issuance of up to 500,000,000 shares of common stock, par value $0.01 per share.
(b) Treasury stock
The Company's equity-based compensation plan allows for the grant of non-vested stock options, restricted stock units ("RSUs") and total shareholder return ("TSR") performance-based stock units ("PSUs") to its employees pursuant to the terms of its stock option and incentive plans (See Note 8). Until September 2023, under the provision of the plans, for RSU and PSU awards, unless otherwise elected, employee participants fulfilled their related income tax withholding obligation by having shares withheld at the time of vesting. The shares withheld were then transferred to the Company's treasury stock at cost.
From September 2023 through March 2026, all employee participants fulfilled their related tax withholding obligation by selling vested shares at the time of vesting in non-discretionary transactions pursuant to the Company’s mandatory sell-to-cover policy (sell-to-cover). The proceeds from the employee participants’ sales of vested shares are remitted to the Company to cover the tax withholding payments to tax authorities. No shares are transferred to the Company’s treasury stock in connection with tax withholdings funded by an employee participant’s sale of vested shares to cover taxes.
Beginning April 2026, the Company’s Section 16 officers fulfilled their income tax withholding obligation related to RSU and PSU vesting events by having shares withheld at the time of vesting. The shares withheld are transferred to the Company's treasury stock at cost. All employee participants who are not Section 16 officers continued to fulfill their tax withholding obligation through sell-to-cover.
(c) Stock repurchase program
In March 2025, the Company’s Board of Directors authorized a stock repurchase program. Under the program, the Company may repurchase up to 2.5 million shares of its common stock from time to time through open market purchases, privately negotiated transactions, block purchases or other methods that comply with applicable securities laws, including repurchase plans that satisfy the conditions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The stock repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of its common stock, and the program may be modified, suspended or discontinued at any time without prior notice. The 1% U.S. federal excise tax on certain repurchases of stock by publicly traded U.S. corporations enacted as part of the Inflation Reduction Act of 2022 applies to repurchases pursuant to the Company’s stock repurchase program. There were no repurchases during the three months ended April 30, 2026 and 2025.
(d) Accumulated other comprehensive loss
Activity in accumulated other comprehensive income (loss) was as follows for the three months ended April 30, 2026 and 2025:
 
Unrealized gain on cash flow hedges
Foreign currency translation adjustment
Accumulated other comprehensive (loss) income
Balance, January 31, 2025
$— $(51)$(51)
Other comprehensive income before reclassifications387 28 415 
Amounts reclassified from accumulated other comprehensive income (loss) 20 — 20 
Net current period other comprehensive income$407 $28 $435 
Balance, April 30, 2025
$407 $(23)$384 
Balance, January 31, 2026
$(133)$(249)$(382)
Other comprehensive loss before reclassifications(8)(108)(116)
Amounts reclassified from accumulated other comprehensive income (loss) (73)— (73)
Net current period other comprehensive loss$(81)$(108)$(189)
Balance, April 30, 2026
$(214)$(357)$(571)
As the Company records a valuation allowance against its U.S. deferred tax assets and substantially all of the Company’s accumulated other comprehensive income originated in the U.S., other comprehensive income did not include income tax expense, and the amounts reclassified from accumulated other comprehensive income (loss) for unrealized gain (loss) on cash flow hedges did not include income tax expense.
v3.26.1
Equity-based compensation
 3 Months Ended
Apr. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Equity-based compensation Equity-based compensation
(a) Equity award plans
In January 2018, the Board of Directors adopted the Company’s 2018 Stock Option Plan (as amended, the "2018 Stock Option Plan") which provided for the issuance of options to purchase up to 3,048,490 shares of the Company’s common stock to officers, directors, employees, and consultants. The option exercise price per share is determined by the Board of Directors based on the estimated fair value of the Company’s common stock.
In June 2019, the Board of Directors adopted the Company’s 2019 Stock Option and Incentive Plan (the "2019 Plan"), which replaced the 2018 Stock Option Plan upon the completion of the IPO. The 2019 Plan allows the Compensation Committee of the Board of Directors (the "Compensation Committee") to make equity-based incentive awards including stock options, RSUs and PSUs to the Company’s officers, employees, directors, and consultants. The initial reserve for the issuance of awards under this plan was 2,139,683 shares of common stock. The initial number of shares reserved and available for issuance automatically increased on February 1, 2020 and automatically increases each February 1 thereafter by 5% of the number of shares of common stock outstanding on the immediately preceding January 31 (or such lesser number of shares determined by the Compensation
Committee). As the 2018 Stock Option Plan was replaced by the 2019 Plan, all grants of stock options, RSUs and PSUs during the three months ended April 30, 2026 were made pursuant to the 2019 plan, respectively.
In June 2019, the Board of Directors also adopted the Company’s 2019 Employee Stock Purchase Plan (the "ESPP"), which became effective immediately prior to the effectiveness of the registration statement for the Company’s initial public offering. The total shares of common stock initially reserved under the ESPP was limited to 855,873 shares.
The Company's incentive bonuses allow eligible employees to elect to receive all or a portion of their incentive compensation in the form of immediately vested restricted stock units instead of cash.
In July 2023, the Board of Directors also adopted the Company’s 2023 Inducement Award Plan (the “Inducement Plan”). The Inducement Plan allows the Compensation Committee or its delegates to make equity-based incentive awards including stock options, RSUs and PSUs to employees of acquired companies to induce them to join the Company. The total shares of common stock initially reserved under the Inducement Plan was 500,000 shares.
As of April 30, 2026, there were 8,776,148 shares available for future grant pursuant to the 2019 Plan after factoring in the automatic increase that occurs on February 1st of each fiscal year, as well as an additional 131,404 shares available for future grant pursuant to the ESPP. The ESPP has two six-month offering periods each calendar year beginning in January and July. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a 15% discount through payroll deductions. As of April 30, 2026, there were 5,634 outstanding restricted stock units and 485,479 shares available for future grant under the Inducement Plan.
(b) Summary of stock-based compensation
The following table sets forth stock-based compensation by type of award:
Three months ended
April 30,
 20262025
RSUs$7,464 $9,591 
PSUs4,325 4,355 
Liability awards1,876 3,336 
ESPP231 275 
Total stock-based compensation$13,896 $17,557 
The following table sets forth the presentation of stock-based compensation in the Company's consolidated financial statements:
Three months ended
April 30,
 20262025
Stock-based compensation expense recorded to additional paid-in capital$12,020 $14,221 
Stock-based compensation expense recorded to accrued expenses1,876 3,336 
Total stock-based compensation$13,896 $17,557 
Less: stock-based compensation expense capitalized as internal-use software(342)(332)
Stock-based compensation expense per consolidated statements of operations$13,554 $17,225 
The Company recorded a tax benefit of $131 and $0 related to stock compensation awards during the three months ended April 30, 2026 and 2025, respectively. During the three months ended April 30, 2026 and 2025, the Company reduced stock compensation expense by $17 and $107, respectively, for improbable-to-probable modifications of stock compensation awards.
(c) Restricted stock units
The Company has issued RSUs to employees and independent directors that vest based on a time-based condition. RSUs granted to employees prior to January 2021, pursuant to a time-based condition, 10% of the
restricted stock units vest after one year, 20% vest after two years, 30% vest after three years and 40% vest after four years (“10/20/30/40”). The restricted stock units expire seven years from the grant date.
During the year ended January 31, 2023, the Company modified the vesting of RSUs granted subsequent to January 1, 2021 for employees other than its named executive officers listed in its 2022 proxy statement ("2022 NEOs") and other members of its executive management team. Pursuant to the modified vesting schedule, RSUs granted after January 1, 2021 for employees other than 2022 NEOs and other members of its executive management team, vest 6.25% each quarter over four years based on continued service. For 2022 NEOs and other members of the Company's executive management team, RSUs granted from January 1, 2022 through December 31, 2022 vest 6.25% each quarter over four years based on continued service. RSUs granted during fiscal 2024 vest 25% each year over four years based on continued service and RSUs granted during fiscal 2025, 2026 and 2027 generally vest following a 10/20/30/40 vesting schedule.
Additionally, the Company provides certain employees the option to settle their incentive bonus in immediately vested RSUs. RSUs granted to settle bonus awards are included in RSUs granted and vested in the table below. See section (g) Liability awards below for additional information regarding share-settled bonus awards.
Restricted stock units
Unvested, January 31, 2026
3,492,962 
Granted in three months ended April 30, 2026
942,206 
Vested(1,213,084)
Forfeited
(101,047)
Unvested, April 30, 2026(1)
3,121,037 
(1) Includes 5,634 awards granted pursuant to the 2023 Inducement Award Plan.
As of April 30, 2026, there was $57,910 remaining of total unrecognized compensation cost related to these awards. The total unrecognized costs are expected to be recognized over a weighted-average term of 2.64 years.
(d) Stock options
Options granted under the equity award plans have a maximum term of ten years and vest over a period determined by the Board of Directors (generally four years from the date of grant or the commencement of the grantee’s employment with the Company). Options generally vest 25% at the one-year anniversary of the grant date, after which point they generally vest pro rata on a monthly basis.
Stock option activity for the three months ended April 30, 2026 is as follows:
Number of
options		Weighted-
average
exercise price		Weighted-
average
remaining
contractual life
(in years)		Aggregate 
Intrinsic
value
Outstanding, January 31, 2026
660,216 $7.84 
Granted in three months ended April 30, 2026
— $— 
Exercised(15,959)$7.66 
Forfeited and expired(1,288)$9.14 
Outstanding and expected to vest, April 30, 2026
642,969 $7.84 2.59$1,131 
Exercisable, April 30, 2026
642,969 $7.84 2.59$1,131 
The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s estimated stock price at the time of exercise and the exercise price, multiplied by the number of related in-the-money options) that would have been received by the option holders had they exercised their options at the end of the period. This amount changes based on the market value of the Company’s common stock. The total intrinsic value of options exercised for the three months ended April 30, 2026 and 2025 (based on the difference between the Company’s estimated stock price on the exercise date and the respective exercise price, multiplied by the number of options exercised), was $25 and $306, respectively.
As of April 30, 2026 and January 31, 2026, all compensation cost related to stock options issued to employees has been recorded, and there is no unrecognized compensation cost remaining related to stock options issued to employees.
(e) TSR performance-based stock units (“PSUs”)
The Company grants PSUs to certain members of its management team. PSUs vest over approximately three years from the grant date upon satisfaction of both time-based requirements and market targets based on Phreesia's TSR relative to the TSR of each member of the Russell 3000 Index (the "Peer Group"). Depending on the percentage level at which the market-based condition is satisfied, the number of shares vesting could be between 0% and 220% of the number of PSUs originally granted. PSUs granted during the three months ended April 30, 2026 vest in a maximum of 220% of the number of PSUs originally granted. To earn the target number of PSUs (which represents 100% of the number of PSUs granted), the Company must perform at the 60th percentile for awards granted during fiscal 2023 and fiscal 2024 and at the 55th percentile for awards granted during fiscal 2025 and 2026, with the maximum number of PSUs earned if the Company performed at least at the 90th percentile. If Phreesia's TSR for the performance period is negative, the maximum number of PSUs that can be earned will be capped at 100%.
The Company estimated the fair value of the PSUs using a Monte Carlo Simulation model that projected TSR for Phreesia and each member of the Peer Group over the performance period. The Company recognizes the grant date fair value of PSUs as compensation expense over the vesting period.
Market-based PSU activity for the three months ended April 30, 2026 was as follows:
Performance stock units
Outstanding, January 31, 2026
1,348,269 
Granted in three months ended April 30, 2026
75,000 
Vested— 
Forfeited and expired — 
Outstanding, April 30, 2026
1,423,269 
As of April 30, 2026, unrecognized compensation cost for the PSUs was $24,159, to be recognized over a weighted-average remaining vesting period of 1.95 years, subject to the participants' continued employment with the Company.
(f) Employee stock purchase plan
The ESPP is a compensatory plan because it provides participants with terms that are more favorable than those offered to other holders of the Company's common stock. Employees purchase shares at the lesser of (1) 85% of the closing stock price on the first day of the offering period or (2) 85% of the closing stock price on the last day of the offering period. The ESPP is structured as a qualified employee stock purchase plan under Section 423 of the U.S. Internal Revenue Code of 1986.
As of April 30, 2026, unrecognized compensation cost related to the ESPP was $159, to be recognized over the next two months.
(g) Liability awards
Each year, the Company provides eligible employees the option to elect to receive all or a portion of their incentive compensation in the form of immediately vested restricted stock units instead of cash. Restricted stock units issued to settle liability awards are covered by the 2019 Plan. Share-settled bonus awards will be settled at a value equal to 115% of the cash bonuses. These share-settled bonus awards vest based on the achievement of the Company’s predefined performance targets. As share-settled bonus awards will be settled in a variable number of shares, the Company classifies share-settled bonus awards as liabilities, within accrued expenses in the accompanying consolidated balance sheets until they are settled in shares and included in stockholders' equity. The Company’s share-settled bonus awards are settled semiannually. During the three months ended April 30, 2026, the Company settled $8,053 of share-settled bonus awards by issuing 880,080 immediately vested RSUs. See (c) Restricted stock units above for additional discussion regarding RSUs.
v3.26.1
Fair value measurements
 3 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Fair value measurements Fair value measurements
The following table presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis as of April 30, 2026 and indicates the classification of each item within the fair value hierarchy:
 Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Balance as of April 30, 2026
Assets
Money market mutual funds$38,699 $— $— $38,699 
Cardholder receivables(1)
— — 89,234 89,234 
Deferred purchase price receivable— — 29,901 29,901 
Total assets$38,699 $— $119,135 $157,834 
Liabilities
Foreign currency forward contracts$— $238 $— $238 
Due to healthcare providers(2)
— — 91,157 91,157 
Total liabilities$— $238 $91,157 $91,395 
(1) The aggregate unpaid principal balance of cardholder receivables was $149,020 as of April 30, 2026. The difference between the aggregate fair value and the aggregate unpaid principal balance of cardholder receivables primarily reflects market‑participant assumptions for credit losses (defaults and recoveries), timing of collections, and liquidity/required returns embedded in the discounted cash flow valuation approach.
(2) The aggregate unpaid principal balance of due to healthcare providers was $150,822 as of April 30, 2026. The difference between the aggregate fair value and the aggregate unpaid principal balance of amounts due to healthcare providers primarily reflects market‑participant assumptions, timing of collections, and liquidity/required returns embedded in the discounted cash flow valuation approach similar to the related cardholder receivables.
The following table presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis as of January 31, 2026 and indicates the classification of each item within the fair value hierarchy:
 Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Balance as of January 31, 2026
Assets
Money market mutual funds$44,945 $— $— $44,945 
Cardholder receivables(1)
— — 86,053 86,053 
Deferred purchase price receivable— — 23,425 23,425 
Total assets$44,945 $— $109,478 $154,423 
Liabilities
Foreign currency forward contracts$— $148 $— $148 
Due to healthcare providers(2)
— — 83,385 83,385 
Total liabilities$— $148 $83,385 $83,533 
(1) The aggregate unpaid principal balance of cardholder receivables was $147,471 as of January 31, 2026. The difference between the aggregate fair value and the aggregate unpaid principal balance of cardholder receivables primarily reflects market‑participant assumptions for credit losses (defaults and recoveries), timing of collections, and liquidity/required returns embedded in the discounted cash flow valuation approach.
(2) The aggregate unpaid principal balance of due to healthcare providers was $144,802 as of January 31, 2026. The difference between the aggregate fair value and the aggregate unpaid principal balance of amounts due to healthcare providers primarily reflects market‑participant assumptions, timing of collections, and liquidity/required returns embedded in the discounted cash flow valuation approach similar to the related cardholder receivables.
The carrying value of the Company’s accounts receivable and accounts payable approximate fair value due to the short-term nature of these instruments. As of April 30, 2026, the carrying value of the Company's debt approximated fair value because the interest rates approximated market rates and the related maturities are relatively short-term.
The Company did not have any transfers of assets and liabilities between levels of the fair value measurement hierarchy during the three months ended April 30, 2026.
The Company did not have any nonrecurring fair value measurements as of April 30, 2026 and January 31, 2026.
There were no changes in valuation techniques for any class of assets or liabilities measured at fair value during the periods presented.
Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3)
The Company’s cardholder receivables, deferred purchase price receivable, and amounts due to healthcare providers do not trade in active markets with readily observable prices. Accordingly, fair value is determined using valuation techniques that incorporate significant unobservable inputs and require significant management judgment. These assets and liabilities are classified as Level 3 within the fair value hierarchy.
Cardholder receivables
The fair value of cardholder receivables is estimated using a discounted cash flow model incorporating key input and risk‑adjustment factors, including default assumptions, recovery rates on defaulted assets, and repayment rates. Sensitivities are applied to these inputs. The resulting risk‑adjusted cash flows are discounted using a market‑based yield range based on current personal loan market rates, with emphasis on yields observed for consumer credit grades comparable to the underlying receivable pool. The most significant assumptions include the discount rate and the expected default rate. Because the valuation incorporates significant unobservable inputs, cardholder receivables are classified as Level 3 within the fair value hierarchy.
Deferred purchase price receivable
The fair value of the deferred purchase price receivable is estimated using a discounted cash flow model incorporating key input and risk‑adjustment factors, including discount rates and expected repayment rates. Other assumptions and inputs considered in estimating the fair value of deferred purchase price receivables include the applied credit facility advance rate, funded and unfunded monthly repayment rates, funded and unfunded monthly recourse/default rates, funded and unfunded monthly finance charge rates, funded and unfunded monthly late fee rates, issuer‑level default rates, and issuer‑level recovery rates. Sensitivities are applied to these inputs. The resulting risk‑adjusted cash flows are discounted using a market‑based applied yield informed by the deferred purchase price receivable’s relative risk/return profile and return requirements for comparable market investments. Because significant unobservable inputs are used, the deferred purchase price receivable is classified as Level 3 within the fair value hierarchy.
Due to healthcare providers
The fair value of due to healthcare providers is estimated using a discounted cash flow model incorporating key input and risk‑adjustment factors similar to the related cardholder receivables including the discount rate and the expected default rate. Other inputs and assumptions considered in estimating the fair value of due to healthcare providers include recovery rates on defaulted assets and repayment rates. Sensitivities are applied to these inputs. The resulting risk‑adjusted cash flows are discounted using a market‑based yield range based on current personal loan market rates, with emphasis on yields observed for consumer credit grades comparable to the underlying receivable pool. Due to healthcare providers is settled using cash received from collections of the cardholder receivables or extinguished when cardholder receivables are repurchased by healthcare providers if patients default. Because the valuation incorporates significant unobservable inputs, due to healthcare providers are classified as Level 3 within the fair value hierarchy.
Cardholder receivables
The following table summarizes the activity related to the aggregate fair value of the Company’s cardholder receivables for the three months ended April 30, 2026:
Beginning balance$86,053 
Originations27,717 
Acquisitions-measurement period adjustments1,335 
Sales and settlements(11,188)
Cash collections(15,353)
Adjust asset to fair value through earnings670 
Ending balance$89,234 
Total gains (losses) recognized in earnings are included in other income, net for the three months ended April 30, 2026.
For the three months ended April 30, 2026, the Company did not recognize significant gains or losses attributable to changes in instrument‑specific credit risk for cardholder receivables. During the period, credit‑related inputs did not change materially relative to the assumptions as of January 31, 2026, and changes in fair value primarily reflected movements in discount rates and lower expected cash flows associated with decreases in the unfunded cardholder receivables balance. The Company estimates the portion of a period’s fair value change attributable to instrument‑specific credit risk by remeasuring fair value using its discounted cash flow model while holding discount rate assumptions constant and isolating the effect of credit‑specific assumptions.
Deferred purchase price receivable
The following table summarizes the activity related to the aggregate fair value of the Company’s deferred purchase price receivable for the three months ended April 30, 2026:
Beginning balance$23,425 
Additions6,476 
Cash Collections— 
Adjust asset to fair value through earnings— 
Ending balance$29,901 
Total gains (losses) recognized in earnings are included in other income, net for the three months ended April 30, 2026.
Due to healthcare providers
The following table summarizes the activity related to the aggregate fair value of amounts due to healthcare providers for the three months ended April 30, 2026:
Beginning balance$83,385 
Additions(1)
27,717 
Cash remittances to healthcare providers(20,615)
Adjust liability to fair value through earnings670 
Ending balance$91,157 
(1) Represents new obligations arising from patient payments or receivable activity before remittance.
Total gains (losses) recognized in earnings are included in other income, net for the three months ended April 30, 2026.
Significant Unobservable Inputs and Sensitivity—Level 3 Measurements
The following tables present the range and weighted‑average of the significant unobservable inputs used in Level 3 fair value measurements:
Cardholder receivables
April 30, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate14.20%15.20%14.70%
Default rate27.00%33.00%30.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
January 31, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate14.21%15.21%14.71%
Default rate27.00%33.00%30.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
Deferred purchase price receivable
April 30, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate7.25%10.75%9.00%
Funded monthly repayment rate4.50%5.50%5.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
January 31, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate7.25%10.75%9.00%
Funded monthly repayment rate4.50%5.50%5.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
Due to healthcare providers
April 30, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate14.20%15.20%14.70%
Default rate27.00%33.00%30.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
January 31, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate14.21%15.21%14.71%
Default rate27.00%33.00%30.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
The Company’s Level 3 fair value measurements are sensitive to changes in the significant unobservable inputs used in the valuation models. Changes in these inputs, in isolation or in combination, could result in materially different fair value measurements. The following discussion describes the directional impact of changes in key unobservable inputs on the fair value of the Company’s Level 3 assets and liabilities.
Cardholder receivables
The fair value of cardholder receivables is primarily sensitive to assumptions related to the discount rate and default rate. Increases in the discount rate or default rate would result in a lower fair value measurement. Conversely, decreases in the discount rate or default rate would result in a higher fair value measurement.
Deferred purchase price receivable
The fair value of the deferred purchase price receivable is primarily sensitive to assumptions related to the discount rate and repayment rates. Increases in the discount rate would result in a lower fair value measurement, while increases in repayment rates would result in a higher fair value measurement. Conversely, decreases in the discount rate would result in a higher fair value measurement, and decreases in repayment rates would result in a lower fair value measurement.
Due to healthcare providers
The fair value of amounts due to healthcare providers is primarily sensitive to assumptions related to the discount rate and default rate. Increases in the discount rate or default rate would result in a lower fair value measurement of the liability. Conversely, decreases in the discount rate or default rate would result in a higher fair value measurement of the liability.
v3.26.1
Leases
 3 Months Ended
Apr. 30, 2026
Leases [Abstract]  
Leases Leases
(a) Phreesia as Lessee
The Company leases third-party data center space and office space in the U.S. under operating leases that expire on various dates through June 2028. Certain of these arrangements have escalating rent payment provisions or optional renewal clauses.
The Company has also entered into various finance lease arrangements for computer equipment. These agreements are typically three years and are secured by the underlying equipment.
During the three months ended April 30, 2026, the Company completed the purchase of certain finance leased assets. Upon purchase, the Company acquired the underlying equipment and derecognized the related right-of-use assets and finance lease liabilities. The difference between the purchase price and the carrying amount of the lease liabilities was recorded as an adjustment to the carrying value of the acquired assets. The purchase was paid in cash.
For office leases and leased equipment, the Company has elected the practical expedient to not separate lease and non-lease components, and as such, the variable lease cost primarily represents variable payments such as common area maintenance, utilities and equipment maintenance.
As of April 30, 2026, for operating leases, the weighted-average remaining lease term was 1.9 years and the weighted-average discount rate is 7.4%. As of April 30, 2026, for finance leases, the weighted-average remaining lease term was 1.2 years, and the weighted-average discount rate is 7.8%.
The components of lease expense for the three months ended April 30, 2026 were as follows:
April 30, 2026
Operating leases:
Operating lease cost$243 
Variable lease cost— 
Total operating lease cost$243 
Finance leases:
Amortization of right-of-use assets$1,528 
Interest on lease liabilities132 
Total finance lease cost$1,660 
Amortization of right-of-use assets for finance leases is included within depreciation expense on the Company's consolidated statements of operations.
The following represents a schedule of maturing lease commitments for operating and finance leases as of April 30, 2026:
April 30, 2026
OperatingFinance
Maturity of lease liabilities
2027 (remaining nine months)
$903 $3,875 
Fiscal year ending January 31,
2028793 2,169 
2029292 — 
2030— — 
2031— — 
Thereafter— — 
Total future minimum lease payments$1,988 $6,044 
Less: interest(35)(292)
Present value of lease liabilities$1,953 $5,752 
Other supplemental cash flow information for the three months ended April 30, 2026 was as follows:
April 30, 2026
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used for operating leases$256 
Operating cash used for finance leases$132 
Financing cash used for finance leases$1,680 
For the three months ended April 30, 2026 there were no right-of-use assets obtained in exchange for lease liabilities.
(b) Phreesia as Lessor
In connection with the patient intake and registration process, Phreesia offers its customers the ability to lease PhreesiaPads and Arrivals Kiosks along with their monthly subscription. The Company accounts for these rentals as leases. The Company elected the practical expedient to not separate lease and non-lease components. More specifically, all contractual hardware maintenance is included with the hardware lease components. The leases contain no variable lease payments, no options to extend the lease that are reasonably certain to be exercised, and do not give the lessee an option to purchase the hardware at the end of the lease term. Additionally, the lease term does not represent a major part of the remaining economic life of the assets, and the present value of the lease payments does not equal or exceed substantially all of the fair value of the assets. As a result, all leased hardware in the SaaS arrangements is classified as operating leases.
During the three months ended April 30, 2026, the Company recognized $2,074, respectively, in subscription and related services revenue related to the leasing of PhreesiaPads and Arrivals Kiosks.
Future lease payments receivable under operating leases were immaterial as of April 30, 2026, except for those with terms of one year or less.
During the three months ended April 30, 2026, the Company recognized immaterial sublease income associated with AccessOne’s subleased office space, which remains in place through the term of the head lease ending June 30, 2028.
Leases Leases
(a) Phreesia as Lessee
The Company leases third-party data center space and office space in the U.S. under operating leases that expire on various dates through June 2028. Certain of these arrangements have escalating rent payment provisions or optional renewal clauses.
The Company has also entered into various finance lease arrangements for computer equipment. These agreements are typically three years and are secured by the underlying equipment.
During the three months ended April 30, 2026, the Company completed the purchase of certain finance leased assets. Upon purchase, the Company acquired the underlying equipment and derecognized the related right-of-use assets and finance lease liabilities. The difference between the purchase price and the carrying amount of the lease liabilities was recorded as an adjustment to the carrying value of the acquired assets. The purchase was paid in cash.
For office leases and leased equipment, the Company has elected the practical expedient to not separate lease and non-lease components, and as such, the variable lease cost primarily represents variable payments such as common area maintenance, utilities and equipment maintenance.
As of April 30, 2026, for operating leases, the weighted-average remaining lease term was 1.9 years and the weighted-average discount rate is 7.4%. As of April 30, 2026, for finance leases, the weighted-average remaining lease term was 1.2 years, and the weighted-average discount rate is 7.8%.
The components of lease expense for the three months ended April 30, 2026 were as follows:
April 30, 2026
Operating leases:
Operating lease cost$243 
Variable lease cost— 
Total operating lease cost$243 
Finance leases:
Amortization of right-of-use assets$1,528 
Interest on lease liabilities132 
Total finance lease cost$1,660 
Amortization of right-of-use assets for finance leases is included within depreciation expense on the Company's consolidated statements of operations.
The following represents a schedule of maturing lease commitments for operating and finance leases as of April 30, 2026:
April 30, 2026
OperatingFinance
Maturity of lease liabilities
2027 (remaining nine months)
$903 $3,875 
Fiscal year ending January 31,
2028793 2,169 
2029292 — 
2030— — 
2031— — 
Thereafter— — 
Total future minimum lease payments$1,988 $6,044 
Less: interest(35)(292)
Present value of lease liabilities$1,953 $5,752 
Other supplemental cash flow information for the three months ended April 30, 2026 was as follows:
April 30, 2026
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used for operating leases$256 
Operating cash used for finance leases$132 
Financing cash used for finance leases$1,680 
For the three months ended April 30, 2026 there were no right-of-use assets obtained in exchange for lease liabilities.
(b) Phreesia as Lessor
In connection with the patient intake and registration process, Phreesia offers its customers the ability to lease PhreesiaPads and Arrivals Kiosks along with their monthly subscription. The Company accounts for these rentals as leases. The Company elected the practical expedient to not separate lease and non-lease components. More specifically, all contractual hardware maintenance is included with the hardware lease components. The leases contain no variable lease payments, no options to extend the lease that are reasonably certain to be exercised, and do not give the lessee an option to purchase the hardware at the end of the lease term. Additionally, the lease term does not represent a major part of the remaining economic life of the assets, and the present value of the lease payments does not equal or exceed substantially all of the fair value of the assets. As a result, all leased hardware in the SaaS arrangements is classified as operating leases.
During the three months ended April 30, 2026, the Company recognized $2,074, respectively, in subscription and related services revenue related to the leasing of PhreesiaPads and Arrivals Kiosks.
Future lease payments receivable under operating leases were immaterial as of April 30, 2026, except for those with terms of one year or less.
During the three months ended April 30, 2026, the Company recognized immaterial sublease income associated with AccessOne’s subleased office space, which remains in place through the term of the head lease ending June 30, 2028.
Leases Leases
(a) Phreesia as Lessee
The Company leases third-party data center space and office space in the U.S. under operating leases that expire on various dates through June 2028. Certain of these arrangements have escalating rent payment provisions or optional renewal clauses.
The Company has also entered into various finance lease arrangements for computer equipment. These agreements are typically three years and are secured by the underlying equipment.
During the three months ended April 30, 2026, the Company completed the purchase of certain finance leased assets. Upon purchase, the Company acquired the underlying equipment and derecognized the related right-of-use assets and finance lease liabilities. The difference between the purchase price and the carrying amount of the lease liabilities was recorded as an adjustment to the carrying value of the acquired assets. The purchase was paid in cash.
For office leases and leased equipment, the Company has elected the practical expedient to not separate lease and non-lease components, and as such, the variable lease cost primarily represents variable payments such as common area maintenance, utilities and equipment maintenance.
As of April 30, 2026, for operating leases, the weighted-average remaining lease term was 1.9 years and the weighted-average discount rate is 7.4%. As of April 30, 2026, for finance leases, the weighted-average remaining lease term was 1.2 years, and the weighted-average discount rate is 7.8%.
The components of lease expense for the three months ended April 30, 2026 were as follows:
April 30, 2026
Operating leases:
Operating lease cost$243 
Variable lease cost— 
Total operating lease cost$243 
Finance leases:
Amortization of right-of-use assets$1,528 
Interest on lease liabilities132 
Total finance lease cost$1,660 
Amortization of right-of-use assets for finance leases is included within depreciation expense on the Company's consolidated statements of operations.
The following represents a schedule of maturing lease commitments for operating and finance leases as of April 30, 2026:
April 30, 2026
OperatingFinance
Maturity of lease liabilities
2027 (remaining nine months)
$903 $3,875 
Fiscal year ending January 31,
2028793 2,169 
2029292 — 
2030— — 
2031— — 
Thereafter— — 
Total future minimum lease payments$1,988 $6,044 
Less: interest(35)(292)
Present value of lease liabilities$1,953 $5,752 
Other supplemental cash flow information for the three months ended April 30, 2026 was as follows:
April 30, 2026
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used for operating leases$256 
Operating cash used for finance leases$132 
Financing cash used for finance leases$1,680 
For the three months ended April 30, 2026 there were no right-of-use assets obtained in exchange for lease liabilities.
(b) Phreesia as Lessor
In connection with the patient intake and registration process, Phreesia offers its customers the ability to lease PhreesiaPads and Arrivals Kiosks along with their monthly subscription. The Company accounts for these rentals as leases. The Company elected the practical expedient to not separate lease and non-lease components. More specifically, all contractual hardware maintenance is included with the hardware lease components. The leases contain no variable lease payments, no options to extend the lease that are reasonably certain to be exercised, and do not give the lessee an option to purchase the hardware at the end of the lease term. Additionally, the lease term does not represent a major part of the remaining economic life of the assets, and the present value of the lease payments does not equal or exceed substantially all of the fair value of the assets. As a result, all leased hardware in the SaaS arrangements is classified as operating leases.
During the three months ended April 30, 2026, the Company recognized $2,074, respectively, in subscription and related services revenue related to the leasing of PhreesiaPads and Arrivals Kiosks.
Future lease payments receivable under operating leases were immaterial as of April 30, 2026, except for those with terms of one year or less.
During the three months ended April 30, 2026, the Company recognized immaterial sublease income associated with AccessOne’s subleased office space, which remains in place through the term of the head lease ending June 30, 2028.
v3.26.1
Commitments and contingencies
 3 Months Ended
Apr. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies Commitments and contingencies
(a) Indemnifications
The Company’s agreements with certain customers include certain provisions for indemnifying customers against liabilities if its services infringe a third-party’s intellectual property rights. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances that may be involved in each particular agreement. To date, the Company
has not incurred any material costs as a result of such provisions and has not accrued any liabilities related to such obligations in its consolidated financial statements.
In addition, the Company has indemnification agreements with its directors and its executive officers that require it, among other things, to indemnify its directors and executive officers for costs associated with any fees, expenses, judgments, fines and settlement amounts incurred by any of those persons in any action or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the person’s service as a director or officer, including any action by us, arising out of that person’s services as a director or officer or that person’s services provided to any other company or enterprise at the Company’s request. The Company maintains director and officer insurance coverage that may enable it to recover a portion of any future indemnification amounts paid. To date, there have been no claims under any of the Company’s directors and executive officers indemnification provisions.
(b) Legal proceedings
Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.
The Company is involved in legal proceedings from time to time that arise in the normal course of business. In the opinion of management, such routine claims and lawsuits are not significant, and the Company does not expect them to have a material adverse effect on its business, financial condition, results of operations, or liquidity, except as noted below.
On May 12, 2024, the Company learned of a cybersecurity incident impacting the ConnectOnCall service, an application created by a subsidiary the Company acquired in October 2023. All systems have been restored, and the Company believes that it maintains a sufficient level of insurance coverage related to such events, and the related incremental costs incurred to date are not material.
Between December 24, 2024 and the date of this report, 14 related putative class action complaints were filed against ConnectOnCall.com, LLC and Phreesia, Inc., in the United States District Court for the Eastern District of New York (the “ConnectOnCall Case”). The cases have been consolidated as In re ConnectOnCall.com Data Breach Litigation. Plaintiffs purport to represent a nationwide class and state-specific subclasses of individuals who allegedly had personally identifiable information and personal health information stolen because of the ConnectOnCall incident. Plaintiffs assert a variety of common law claims seeking monetary damages, disgorgement, restitution, attorneys’ fees, interest, declaratory relief, and injunctive relief related to the incident.
The Company expects to continue to incur legal and professional services expenses associated with this litigation in future periods. The Company will recognize these expenses as services are received, net of probable insurance recoveries. The Company and the plaintiffs engaged in a mediation, and on March 2, 2026, the plaintiffs filed an amended motion for preliminary approval of a settlement with the court. A hearing was held on the motion on May 6, 2026, at which the court directed the parties to submit revised papers in response to the court’s suggestions, which papers are to be submitted to the court by June 3, 2026. Due to the uncertainties surrounding the pending preliminary approval, the Company has not recorded a loss contingency liability for the above litigation as of April 30, 2026, because the Company cannot reasonably estimate a range of possible losses at this time.
On May 13, 2026, a purported stockholder of the Company filed a putative securities class action complaint, Theodoulou v. Phreesia, Inc., et al., No. 1:26-cv-00556, in the United States District Court for the District of Delaware against the Company and certain of its officers. The complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder arising from certain public statements regarding the Company’s business and financial outlook. The complaint seeks unspecified damages and other relief. At this time, the Company cannot reasonably estimate the possible loss or range of loss, if any, associated with this matter.
(c) Other contractual commitments
Other contractual commitments consist primarily of non-cancelable purchase commitments to support the Company’s technology infrastructure as well as commitments related to its acquisition.
During the three months ended April 30, 2026, there were no significant changes in the Company's material cash requirements as compared to the material cash requirements from known contractual and other obligations described in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026, filed with the SEC on March 31, 2026.
v3.26.1
Income taxes
 3 Months Ended
Apr. 30, 2026
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
The income tax provision is calculated for an interim period by distinguishing between elements recognized in the income tax provision through applying an estimated annual effective tax rate to a measure of year-to-date operating results referred to as “ordinary income (or loss),” and discretely recognizing specific events referred to as “discrete items” as they occur. For the three months ended April 30, 2026 and 2025, the Company recorded tax expense of $1,760 and $735, respectively. The Company’s tax expense was 37.3% and 23.1% of income (loss) before income taxes for the three months ended April 30, 2026 and 2025, respectively. The Company's effective tax rate differs from the U.S. statutory tax rate of 21% primarily because the Company records a valuation allowance against its U.S. deferred tax assets, and due to foreign income tax expense related to its Canadian branch and its subsidiary in India before considering discrete items. During the three months ended April 30, 2026, the Company recorded tax expense of $551 to record the impact on income tax expense of a measurement period adjustment recorded for the AccessOne acquisition. Additionally, the Company recorded tax expense of $131 related to certain employee stock compensation shortfall which is required to be treated as a discrete item. The year-on-year change in effective tax rate is primarily a result of the US operations turning from loss to profit during the year-to-date reporting period combined with the discrete items mentioned above that were not applicable in the three months ended April 30, 2025.
Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. Management of the Company has evaluated the positive and negative evidence pertaining to the realizability of its deferred tax assets, including the Company’s history of losses, and concluded that there is uncertainty regarding the ability to realize the benefit of its U.S. deferred tax assets primarily relating to net operating loss carryforwards. On the basis of this evaluation, the Company has recorded a valuation allowance against its deferred tax assets that are not more likely than not to be realized at both April 30, 2026 and January 31, 2026.
v3.26.1
Net income (loss) per share attributable to common stockholders
 3 Months Ended
Apr. 30, 2026
Earnings Per Share [Abstract]  
Net income (loss) per share attributable to common stockholders Net income (loss) per share attributable to common stockholders
(a) Net income (loss) per share attributable to common stockholders
Basic and diluted net income (loss) per share attributable to common stockholders was calculated as follows:
 Three months ended
April 30,
20262025
Basic net income (loss) per share
Numerator:
Net income (loss)
$2,963 $(3,914)
Denominator:
Weighted-average shares of common stock outstanding, basic
60,944,962 58,920,782 
Basic net income (loss) per share attributable to common stockholders:
$0.05 $(0.07)
Diluted net income (loss) per share
Numerator:
Net income (loss)
$2,963 $(3,914)
Denominator:
Number of shares used for basic net income (loss) per computation60,944,962 58,920,782 
RSUs
293,058 — 
Stock options
196,950 — 
PSUs
— — 
Liability awards
605,895 — 
ESPP
— — 
Weighted-average shares of common stock outstanding, diluted
62,040,865 58,920,782 
Diluted net income (loss) per share attributable to common stockholders:
$0.05 $(0.07)
(b) Potential dilutive securities
The Company excludes potential dilutive securities, which include stock options, RSUs, PSUs, liability awards and grants under the Company's ESPP from the computation of diluted net income (loss) per share when the effect of including the securities would be anti-dilutive. The following potential shares of common stock, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:
Three months ended
April 30,
20262025
Stock options to purchase common stock, restricted stock units and performance stock awards4,027,530 5,792,263 
Employee stock purchase plan169,405 71,848 
Total4,196,935 5,864,111 
v3.26.1
Related party transactions
 3 Months Ended
Apr. 30, 2026
Related Party Transactions [Abstract]  
Related party transactions Related party transactions
For the three months ended April 30, 2026 and 2025, the Company recognized revenue totaling $319 and $188, respectively, for advertisements placed by a pharmaceutical company. One of the Company's independent members of its board of directors serves on the board of directors for this pharmaceutical company. As of April 30, 2026 and January 31, 2026, accounts receivable from the pharmaceutical company totaled $0 and $450, respectively.
v3.26.1
Segments and geographic information
 3 Months Ended
Apr. 30, 2026
Segment Reporting [Abstract]  
Segments and geographic information Segments and geographic information
Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company defines the term “chief operating decision maker” to be its Chief Executive Officer. The Company’s Chief Executive Officer reviews the financial information presented on an entire company basis for purposes of allocating resources and evaluating its financial performance. Accordingly, the Company has determined that it operates in a single reportable operating segment, managed on a consolidated basis, which the Company refers to as the Technology solutions segment.
The Technology solutions segment provides 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. The Technology solutions segment’s solutions include SaaS-based integrated tools that manage patient access, registration and payments. Additionally, the Technology solutions segment has tools to communicate with patients about their health, which have demonstrated increased rates of preventive care and vaccinations. Additionally, Technology solutions segment’s solutions include clinical assessments to screen patients for a variety of physical, behavioral and mental health conditions, helping providers to better understand their patients and connect them to needed services, resulting in improved health outcomes. The Technology solutions segment also provides life sciences companies, government entities, patient advocacy, public interest and not-for-profit and other organizations with a channel for direct communication with patients. The Technology solutions segment also provides additional products and services such as the trusted, scalable, compliant and operationally efficient healthcare payment card that accelerates cash flow and the MediFind provider directory, which helps patients find care based on providers' specialty and condition expertise. The Technology solutions segment offers its healthcare services clients the ability to lease tablets ("PhreesiaPads") and on-site kiosks ("Arrivals Kiosks") along with their monthly subscription.
The chief operating decision maker uses net income (loss) in assessing the performance of and allocating resources to the Technology solutions segment. The chief operating decision maker uses actual versus budgeted net income (loss) in evaluating the performance of the Technology solutions segment.
The accounting policies of the Technology solutions segment are the same as described in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026 and in Note 3 - Summary of significant accounting policies. As the Company operates in a single operating segment managed on a consolidated basis, the revenues of the Technology solutions segment are equal to the Company’s total revenues presented on the accompanying consolidated statements of operations. Additionally, revenues for each significant group of products and services is presented on the accompanying consolidated statements of operations. As the Company has only one operating segment, the Company does not have inter-segment sales or transfers. Additionally, the measure of segment profit for the Technology solutions segment is equal to the Company’s net income (loss) presented on the accompanying consolidated statements of operations.
The following table presents the Company’s segment revenue, segment profit (loss), significant segment expenses, and other segment items, as well as a reconciliation from segment profit (loss) to consolidated net income (loss).
Three months ended
April 30,
20262025
Revenue
$130,935 $115,936 
Labor costs (1)
46,47849,992
Payment solutions expense25,67521,428
Third-party non-labor operating expenses
28,30823,700
Stock-based compensation
13,55417,225
Other segment items
13,9577,505
Segment net income (loss)
$2,963 $(3,914)
Reconciliation of profit or loss
Adjustments and reconciling items
$— $— 
Consolidated net income (loss)
$2,963 $(3,914)
(1) Excludes stock-based compensation expense which is presented separately
Other segment items include depreciation and amortization, interest expense, interest income, income tax expense, loss on extinguishment of debt, other income, net and other items affecting comparability.
The total segment assets for the Technology solutions segment are equal to the total assets presented on the accompanying consolidated balance sheets. The following table presents other quantitative segment disclosures for the three months ended April 30, 2026 and 2025, respectively.
Three months ended
April 30,
20262025
Depreciation and amortization
$9,954 $6,878 
Interest expense$(2,299)$(435)
Interest income
$297 $205 
Loss on extinguishment of debt$(17)$— 
Income tax expense
$(1,760)$(735)
Expenditures for long-lived assets
$7,514 $7,055 
v3.26.1
Derivative instruments and hedging activities
 3 Months Ended
Apr. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative instruments and hedging activities Derivative instruments and hedging activities
Cash Flow Hedges
During the year ended January 31, 2026, and during the three months ended April 30, 2026, the Company entered into foreign currency forward contracts to buy Canadian Dollars in exchange for U.S. Dollars in order to hedge the functional currency equivalent cash flows related to the Company’s Canadian Dollar denominated payroll payments. The Company does not hold any derivatives for trading or speculative purposes.
As of April 30, 2026, the notional value of the foreign currency forward contracts that the Company held to buy Canadian Dollars in exchange for U.S. Dollars totaled 39,100 Canadian Dollars, including a notional value of 35,190 Canadian Dollars designated as a foreign currency cash flow hedge and a notional value of 3,910 not designated as a foreign currency cash flow hedge.
The fair values of outstanding derivative foreign currency forward contract was as follows:
Consolidated balance sheet location
April 30, 2026
January 31, 2026
Foreign currency cash flow hedges
Accrued expenses$214 $133 
Non-designated hedges
Accrued expenses23 14 
The effect of derivative instruments on the Company’s consolidated statements of operations were as follows:
Consolidated statements of operations location
Three months ended
April 30,
20262025
Foreign currency cash flow hedges
Expenses$(73)$20 
Foreign currency cash flow hedges
Income tax benefit (expense)
— — 
Non-designated hedges
Other income (expense), net(24)249 
Pre-tax gains (losses) associated with cash flow hedges were as follows:
Consolidated statements of operations and Statements of comprehensive income (loss) locations
Three months ended
April 30,
 20262025
Gain (loss) recognized in accumulated other comprehensive income (included in assessment of effectiveness)Unrealized gain (loss) on cash flow hedge$(8)$387 
Gains reclassified from accumulated other comprehensive income into income (effective portion)Expenses(73)20 
Tax effect reclassified from accumulated other comprehensive income into income (effective portion)Income tax expense— — 
As of April 30, 2026, the foreign currency forward contracts had maturities of 3 months and 8 months. As of April 30, 2026, the Company estimates that the entire $214 of the net loss recorded in accumulated other comprehensive income (loss) related to its foreign currency cash flow hedge will be reclassified into income within the next 12 months.
See Note 9 - Fair value measurements for additional disclosures for derivatives and hedging.
v3.26.1
Acquisition
 3 Months Ended
Apr. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisition Acquisition
During the fourth quarter of fiscal 2026, on the Closing Date, the Company completed the acquisition of 100% of the outstanding equity of AccessOne Parent Holdings, Inc. The AccessOne Acquisition was accounted for as a business combination.
During the three months ended April 30, 2026, the Company recorded measurement‑period adjustments related to the AccessOne Acquisition. In connection with its assessment of certain acquired contract liabilities, the Company reclassified $1,335 from long‑term cardholder receivables to long‑term deferred revenue. This adjustment reflects information obtained during the measurement period regarding the underlying terms of the acquired arrangements and represents facts and circumstances that existed as of the Closing Date. In addition, the Company reduced deferred tax liabilities acquired in connection with the AccessOne Acquisition by $551, with a corresponding reduction to goodwill.
The preliminary fair value estimates and assumptions regarding certain tangible assets acquired and liabilities assumed, and the valuation of intangible assets acquired and income taxes are subject to change as the Company finalizes valuation procedures, deferred tax analyses, and closing statement amounts. Any measurement‑period adjustments will be recognized in the period determined and will reflect facts and circumstances that existed as of the Closing Date.
Pro forma results
The unaudited pro forma financial information presented below was derived from historical financial records of Phreesia and AccessOne and presents the operating results for the period presented as if the AccessOne Acquisition occurred on February 1, 2024. The pro forma results include adjustments that are directly attributable to the transaction and factually supportable. The pro forma adjustments are expected to have a continuing impact on the Company’s results. Pro forma adjustments primarily reflect (i) incremental amortization of acquired intangible assets, (ii) interest expense associated with the Bridge Loan used to finance a portion of the consideration for the AccessOne Acquisition, (iii) acquisition-related costs, and (iv) related income tax effects.
Accordingly, the following unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the AccessOne Acquisition had occurred at the beginning of fiscal year 2025, nor are they indicative of future results of operations:
Three months ended April 30, 2025
Revenue$127,633 
Net loss$(5,234)
v3.26.1
Securitization program and variable interest entities
 3 Months Ended
Apr. 30, 2026
Transfers and Servicing of Financial Assets [Abstract]  
Securitization program and variable interest entities Securitization program and variable interest entities
(a) Securitization program
The Company sells eligible cardholder receivables pursuant to a securitization program (the “Securitization Program”), which is governed by the Receivables Purchase and Administration Agreement (as defined below).
On April 30, 2026, AccessOne Funding, LLC (“AccessOne Funding”), an indirect wholly-owned subsidiary of the Company, as seller, AccessOne MedCard, Inc. (“AccessOne MedCard”), an indirect wholly-owned subsidiary of Phreesia, as servicer, PNC Bank, National Association (“PNC”), as purchaser and administrative agent, and PNC Capital Markets LLC (“PNC Capital Markets”), as structuring agent, entered into Amendment No. 9 (the “Amendment”) to the Receivables Purchase and Administration Agreement, dated as of March 31, 2020, as previously amended, restated, supplemented or otherwise modified (the “Receivables Purchase Agreement”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Amendment.
The Amendment amended the Receivables Purchase Agreement to, among other things, increase the facility limit from $200,000 to $300,000 and extend the scheduled termination date of the Receivables Purchase Agreement from May 4, 2026 to April 30, 2029. The Amendment also updated certain definitions, covenants, eligibility and concentration provisions, servicing fee provisions, settlement mechanics and related administrative provisions. The Amendment also increased the concentration limit applicable to Eligible Receivables with related Providers that have Provider Ratings below “BBB-” or “Baa3” or that do not have Provider Ratings from 5.00% to 15.00% of the aggregate Securitization Value of all Eligible Receivables, subject to the Administrative Agent’s discretion to approve a greater percentage in writing following customary due diligence, requisite credit approvals and related analysis.
In connection with the Amendment, Phreesia, AccessOne Holdings, Inc. (“AccessOne Holdings”) and PNC Bank entered into an Amended and Restated Performance Guaranty (the “Guaranty”), pursuant to which Phreesia became a joint and several co-guarantor of AccessOne MedCard’s obligations under certain transaction documents. The Guaranty expressly provides that it is not a guarantee of the collection of any pool receivables and that Phreesia and AccessOne Holdings are not responsible for any non-payment or delay in the payment of any pool receivables solely due to the insolvency, bankruptcy, lack of creditworthiness or other financial inability to pay of the related obligor or provider.
The Company had no transfers under the Receivables Purchase Agreement accounted for as secured borrowings for the three months ended April 30, 2026. Cardholder receivables are originated by AccessOne MedCard and then entire receivables sold to AccessOne Funding, a special‑purpose entity, for an amount equal to their face value. In accordance with the Receivables Purchase Agreement, AccessOne Funding sells entire cardholder receivables to PNC, an unaffiliated financial institution, for an initial cash purchase price (equal to the nominal amount of such receivables) and the right to receive a deferred purchase price, pursuant to the Securitization Program. Transfers that meet the sale criteria under ASC 860, Transfers and Servicing are accounted for as sales, and the related receivables are derecognized, as the assets are legally isolated, PNC has the ability to pledge or exchange the assets, and the Company does not maintain effective control.
The Receivables Purchase Agreement includes customary credit enhancement features, including a retained deferred purchase price and a reserve cash account. The Receivables Purchase Agreement requires a reserve cash account equal to 1.0% of outstanding securitized cardholder receivables. Restricted cash related to the Receivables Purchase Agreement totaled $1,691 and $1,691 as of April 30, 2026 and January 31, 2026, respectively. As of April 30, 2026, restricted cash related to the Securitization Program was classified within other long-term assets. The deferred purchase price is a beneficial interest representing a right to receive certain cash flows from receivables sold to PNC. The Company receives cash and a deferred purchase price as consideration for derecognized receivables. The deferred purchase price functions as a credit enhancement and is settled from collections on the securitized cardholder receivables by the Company. Repayment of the deferred purchase price is conditional on the performance of the securitized cardholder receivables. Continuing involvement with transferred assets consists primarily of servicing activities and the deferred purchase price. Cash flows on the deferred purchase price are affected by the performance of the securitized receivables. The Company’s maximum exposure to loss related to transferred financial assets is equal to the $29,901 carrying amount of its deferred purchase price receivable as of April 30, 2026, as collections on the sold receivables are expected to be sufficient to repay senior interest holders in the securitization. The Company does not provide liquidity facilities, guarantees or other support beyond customary servicing obligations and the Performance Guaranty.
(b) Variable interest entities
In the ordinary course of business, the Company engages in certain activities that are not reflected on the consolidated balance sheets, generally referred to as off-balance sheet arrangements. These activities typically involve transactions with VIEs. AccessOne Funding is a wholly owned special‑purpose entity utilized in the Securitization Program. AccessOne Funding was established solely to facilitate the sale of entire cardholder
receivables under the Securitization Program on behalf of the Company. Although AccessOne Funding is included in the Company’s consolidated financial statements, it is a separate legal entity with separate creditors.
AccessOne Funding’s equity investment at risk is not sufficient to permit AccessOne Funding to finance its activities without additional subordinated financial support. The activities that most significantly impact AccessOne Funding’s economic performance include facilitating the transfer of cardholder receivables pursuant to the Securitization Program and overseeing compliance with Securitization Program on behalf of the Company. The Company, through its control over these activities, has the current ability to direct these significant activities. The Company’s obligation to absorb losses or right to receive benefits that could potentially be significant arises primarily from its retained deferred purchase price beneficial interest and servicing arrangements, which expose the Company to variability in residual cash flows and servicing economics based on the performance of the securitized cardholder receivables. Accordingly, AccessOne Funding is a VIE for which the Company is the primary beneficiary. The Company reassesses on an ongoing basis whether it is the primary beneficiary of AccessOne Funding and whether any Securitization Program changes would require a change in consolidation conclusions. Reconsideration events include, among others, amendments to the Securitization Program or servicing arrangements, changes in decision‑making rights, or modifications that alter the Company’s exposure to AccessOne Funding’s variability.
Assets and liabilities of AccessOne Funding are included in the Company’s consolidated financial statements based on their nature within the respective line items. As of April 30, 2026, AccessOne Funding’s assets primarily consisted of deferred purchase price receivable of $29,901 and other long-term assets for restricted cash of $1,691. As of January 31, 2026, AccessOne Funding’s assets primarily consisted of deferred purchase price receivable of $23,425 and restricted cash of $1,691. As of April 30, 2026 and January 31, 2026, AccessOne Funding did not have any significant liabilities. AccessOne Funding’s assets are restricted and may be used only to settle obligations of AccessOne Funding. The Company’s exposure to AccessOne Funding’s variability primarily relates to the fair value of the retained deferred purchase price beneficial interest. The Company’s involvement with AccessOne Funding affects results of operations primarily through changes in the fair value of the deferred purchase price receivable, which are recorded in other income, net in the consolidated statements of operations. Cash flows related to AccessOne Funding consist primarily of collections applied to the deferred purchase price receivable.
The Company’s exposure to variability is not expected to extend beyond the fair value of these arrangements. During the three months ended April 30, 2026, there were no material changes in the Company’s risk exposure related to AccessOne Funding. AccessOne Funding’s creditors and interest holders have no recourse to the Company beyond these arrangements.
The Company evaluated interests in other legal entities and concluded that no other VIEs require consolidation. The Company did not have significant variable interests in unconsolidated VIEs as of April 30, 2026 and 2025.
(f) Covenants
The Receivables Purchase Agreement contains certain customary affirmative and negative covenants, reserve requirements, and termination events.
Additionally, as of April 30, 2026, the Company was required to maintain $50,000 of liquidity, which included unrestricted cash and availability under its securitization agreements. The Company was in compliance with all Receivables Purchase Agreement covenants as of April 30, 2026.
v3.26.1
Subsequent events
 3 Months Ended
Apr. 30, 2026
Subsequent Events [Abstract]  
Subsequent events Subsequent events
On May 7, 2026, the Company implemented a restructuring plan intended to reduce operating expenses and better align the Company’s cost structure with its current business priorities. The plan includes the recent elimination of approximately 220 positions, approximately half of which are contractor roles.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Apr. 30, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Summary of significant accounting policies (Policies)
 3 Months Ended
Apr. 30, 2026
Accounting Policies [Abstract]  
Consolidated financial statements Consolidated financial statementsThe accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and regulations of the Securities and Exchange Commission ("SEC") regarding quarterly financial reporting and include the accounts of Phreesia, Inc., its branch operation in Canada, its consolidated subsidiaries and its consolidated variable interest entity (or collectively, the "Company").
Variable interest entities In addition to the subsidiaries the Company controls through its equity ownership, the Company consolidates a variable interest entity because it is the primary beneficiary.
Fiscal year Fiscal yearThe Company’s fiscal year ends on January 31. References to fiscal 2027 and 2026 refer to the fiscal years ending on January 31, 2027 and January 31, 2026, respectively.
Reclassifications and Changes in Financial Statement Captions Reclassifications and Changes in Financial Statement Captions
The Company has presented interest expense and interest income separately on its consolidated statements of operations. The Company has separately presented interest expense and interest income in its consolidated statement of operations for the three months ended April 30, 2025 to conform to the current period classification. In prior periods, the Company had separately presented interest expense and interest income in the notes to its financial statements but had presented interest expense and interest income on a combined basis on its consolidated statements of operations because the individual amounts were not material.
Beginning with the three months ended January 31, 2026, the revenue line previously labeled “Payment processing fees” was relabeled “Payment solutions” to reflect the expanded scope of the Company’s payments offerings following the AccessOne Acquisition, which closed on November 12, 2025. “Payment solutions” includes all revenue previously presented as “Payment processing fees” and all revenue from the operations acquired in the AccessOne Acquisition. Additionally, “Payment processing expense” was relabeled “Payment solutions expense” and includes all expenses previously presented as “Payment processing expense” and direct costs of revenue related to the operations acquired in the AccessOne Acquisition. Prior period amounts have not been reclassified, as the Company did not own the acquired operations in prior periods and the change in presentation did not affect any previously reported amounts.
Use of estimates Use of estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These judgments, estimates and assumptions are used for, but not limited to revenue recognition, the fair value of cardholder receivables, the fair value of deferred purchase price receivables, the fair value of due to provider liabilities. the allowance for doubtful accounts, contingent liabilities, the determination of the useful lives of long-lived assets, the capitalization, valuation and recoverability of long-lived assets, the fair value of securities underlying stock-based compensation and the fair value of identifiable assets and liabilities and deferred consideration in business acquisitions.
Concentrations of credit risk and Risks and uncertainties Concentrations of credit risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and settlement assets. For cardholder receivables, the Company does not bear credit risk from the patient cardholder, as the Company has full recourse to the healthcare provider for unpaid principal. Accordingly, the primary exposure relates to the healthcare provider’s obligation to remit the recourse payment under the financial services arrangement. For information regarding credit risk and maximum exposure to loss associated with the deferred purchase price receivable, refer to Note 18 — Securitization program and variable interest entities.
The Company’s cash and cash equivalents are held by established financial institutions. At times, the Company’s cash on deposit at financial institutions may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. The Company does not require collateral from its customers and generally requires payment within 30 to 60 days of billing. Settlement assets are amounts due from well-established payment processing companies and normally take one to two business days to settle, which mitigates the associated risk of concentration. The Company utilizes two third-party payment processors.
The Company’s customers are primarily physician’s offices and other healthcare services organizations located in the United States as well as pharmaceutical companies.Risks and uncertaintiesThe Company is subject to a variety of risk factors, including the economy, data privacy and security laws and government regulations. Additionally, the Company is subject to other risks associated with the markets in which it operates including reliance on third-party vendors, partners, and service providers. The Company has a substantial number of employees in Canada and India, and the Company supplements its workforce with contractors and consultants in domestic and international locations. Certain of the Company's service providers, including certain third-party software developers, are located in international locations subject to warfare and/or political and economic instability, such as Ukraine and India. As with any business, operation of the Company involves risk, including the risk of service interruption impacting the operations of the Company's business and the Company's customer’s facilities below expected levels of operation, shut downs due to the breakdown or failure of information technology and communications systems, changes in laws or regulations, political and economic instability, or catastrophic events such as fires, earthquakes, floods, explosions, global health concerns such as pandemics or other similar occurrences affecting the delivery of the Company’s products and services. The occurrence of any of these events could significantly reduce or eliminate revenues generated, or significantly increase the expenses of the Company's operations, adversely impacting the Company’s operating results and the Company's ability to meet the Company's obligations and commitments.
New accounting pronouncements and recent accounting pronouncements not yet adopted New accounting pronouncements
Impact of recently adopted accounting pronouncements
On February 1, 2026, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2025‑05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets on a prospective basis. ASU 2025-05 provides a practical expedient that permits entities to assume that current economic conditions as of the balance‑sheet date do not change over the remaining life of current accounts receivable and current contract assets arising from transactions within the scope of Accounting Standard Codification (“ASC”) 606. The Company did not elect to apply the practical expedient upon adoption of ASU 2025-05. As a result, the adoption did not impact the Company’s allowance for credit losses.
During the three months ended April 30, 2026, the Company did not adopt any other accounting pronouncements that materially impacted the Company's financial statements.
Recent accounting pronouncements not yet adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, Clarifying the Effective Date. The new standards require companies to disclose disaggregated information about certain income statement expense line items. The provisions of ASU 2024-03, as amended by ASU 2025-01, are effective for annual periods beginning after December 15, 2026, and interim reporting periods in fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company plans to adopt ASU 2024-03 and ASU 2025-01 for annual periods beginning in the fiscal year ending January 31, 2028 and for interim periods beginning in the fiscal year ending January 31, 2029. The Company is currently evaluating the impact that ASU 2024-03 and ASU 2025-01 will have on its financial statements and related disclosures. The Company does not expect the disclosure changes that result from the adoption of ASU 2024-03 and ASU 2025-01 to materially impact its consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU amends the existing standard to remove all references to prescriptive and sequential software development project stages. Under this guidance, eligible software development costs will begin capitalization when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. In evaluating whether it is probable the project will be completed; management is required to consider whether there is significant uncertainty associated with the development activities of the software. This guidance is effective for all annual periods beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The guidance may be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. The Company is currently evaluating the impact of this ASU to determine the impact on the consolidated financial statements and related disclosures.
There are no other recently issued accounting pronouncements the Company has not yet adopted that will materially impact the Company's consolidated financial statements.
v3.26.1
Composition of certain financial statement captions (Tables)
 3 Months Ended
Apr. 30, 2026
Composition of Certain Financial Statements [Abstract]  
Schedule of Accrued Expenses
Accrued expenses as of April 30, 2026 and January 31, 2026 are as follows:
 April 30, 2026January 31, 2026
Payroll-related expenses and taxes$7,647 $12,535 
Stock-based compensation liability1,475 7,652 
Payment processing fees liability7,482 7,056 
Acquisition-related liabilities119 119 
Income and other tax liabilities3,529 2,674 
Information technology6,560 5,546 
Other3,709 5,675 
Total accrued expenses$30,521 $41,257 
Schedule of Property and Equipment
Property and equipment as of April 30, 2026 and January 31, 2026 are as follows:
 April 30, 2026January 31, 2026
PhreesiaPads and Arrivals Kiosks$17,557 $16,523 
Computer equipment77,975 84,380 
Computer software14,685 12,887 
Hardware development575 577 
Other161 158 
Total property and equipment$110,953 $114,525 
Less: accumulated depreciation(90,385)(94,193)
Property and equipment — net$20,568 $20,332 
Schedule of Intangible Assets
The following presents the details of intangible assets as of April 30, 2026 and January 31, 2026:
Useful Life
 (years)April 30, 2026January 31, 2026
Acquired technology
5 to 7
$22,910 $22,910 
Customer relationship
7 to 15
53,940 53,940 
License156,200 6,200 
Trademarks
12 to 15
10,200 10,200 
Total intangible assets, gross carrying value$93,250 $93,250 
Less: accumulated amortization(16,099)(13,489)
Net carrying value$77,151 $79,761 
Schedule of Estimated Amortization Expense for Intangible Assets
The estimated amortization expense for intangible assets for the next five years and thereafter is as follows as of April 30, 2026:
April 30, 2026
2027 (Remaining nine months)
$7,885 
Fiscal year ending January 31,
202810,513 
202910,412 
203010,212 
2031 - thereafter38,129 
Total$77,151 
Schedule of Goodwill
The following table presents a roll-forward of goodwill for the three months ended April 30, 2026:
Balance, January 31, 2026
$170,064 
Goodwill from measurement period adjustments on acquisitions(551)
Balance, April 30, 2026
$169,513 
Schedule of Accounts Receivable
Accounts receivable as of April 30, 2026 and January 31, 2026 are as follows:
 April 30, 2026January 31, 2026
Billed$83,201 $93,296 
Unbilled7,873 5,680 
Total accounts receivable, gross$91,074 $98,976 
Less: accounts receivable allowances(1,467)(1,523)
Total accounts receivable$89,607 $97,453 
Schedule of Allowance for Doubtful Accounts
Activity in the Company's allowance for doubtful accounts was as follows for the three months ended April 30, 2026:
 April 30, 2026
Balance, January 31, 2026
$1,523 
Bad debt expense14 
Write-offs and adjustments(70)
Balance, April 30, 2026
$1,467 
Schedule of Prepaid and Other Current Assets
Prepaid and other current assets as of April 30, 2026 and January 31, 2026 are as follows:
 April 30, 2026January 31, 2026
Prepaid software and business systems$6,177 $7,246 
Prepaid data center expenses4,226 4,661 
Prepaid insurance1,216 1,721 
Other prepaid expenses and other current assets4,510 4,350 
Total prepaid and other current assets$16,129 $17,978 
v3.26.1
Revenue and contract costs (Tables)
 3 Months Ended
Apr. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Rollforward of Contract Assets and Contract Liabilities
The following table represents a roll-forward of contract assets:
Balance, January 31, 2026
$5,680 
Amount transferred to receivables from beginning balance of contract assets(5,639)
Contract asset additions, net of reclassification to receivables7,832 
Balance, April 30, 2026
$7,873 
The following table represents a roll-forward of deferred revenue:
Balance, January 31, 2026
$49,766 
Revenue recognized that was included in deferred revenue at the beginning of the period(29,908)
Deferred revenue from measurement period adjustments on acquisitions1,335 
Current period activity in deferred revenue
21,591 
Balance, April 30, 2026
$42,784 
Schedule of Deferred Contract Acquisition Costs
The following table represents a roll-forward of deferred contract acquisition costs:
Balance, January 31, 2026
$748 
Additions to deferred contract acquisition costs— 
Amortization of deferred contract acquisition costs(116)
Balance, April 30, 2026
$632 
Deferred contract acquisition costs, current (to be amortized in next 12 months)$401 
Deferred contract acquisition costs, non-current231 
Total deferred contract acquisition costs$632 
v3.26.1
Debt and finance leases (Tables)
 3 Months Ended
Apr. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Outstanding Finance Lease Liabilities and Other Debt
As of April 30, 2026 and January 31, 2026, the Company had the following outstanding debt and finance lease liabilities:
April 30, 2026January 31, 2026
Bridge loan$— $90,000 
Revolving credit facility84,240 — 
Finance leases5,752 7,431 
Financing arrangements241 595 
Accrued interest and payments371 2,062 
Total debt and finance lease liabilities$90,604 $100,088 
Less: current portion of debt and finance lease liabilities(5,301)(7,971)
Long-term debt and finance lease liabilities$85,303 $92,117 
Schedule of Maturities of Finance Leases and Other Debt
Maturities of debt and finance leases, in each of the next five years and thereafter, are as follows:
 TotalRevolving Credit FacilityFinance LeasesOther Debt
2027 (Remaining nine months)
$4,247 $— $3,635 $612 
Fiscal year ending January 31,
20282,117 — 2,117 — 
2029— — — — 
2030— — — — 
2031— — — — 
Thereafter
84,240 84,240 — — 
Total maturities of debt and finance leases$90,604 $84,240 $5,752 $612 
v3.26.1
Stockholders' equity (Tables)
 3 Months Ended
Apr. 30, 2026
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Activity in accumulated other comprehensive income (loss) was as follows for the three months ended April 30, 2026 and 2025:
 
Unrealized gain on cash flow hedges
Foreign currency translation adjustment
Accumulated other comprehensive (loss) income
Balance, January 31, 2025
$— $(51)$(51)
Other comprehensive income before reclassifications387 28 415 
Amounts reclassified from accumulated other comprehensive income (loss) 20 — 20 
Net current period other comprehensive income$407 $28 $435 
Balance, April 30, 2025
$407 $(23)$384 
Balance, January 31, 2026
$(133)$(249)$(382)
Other comprehensive loss before reclassifications(8)(108)(116)
Amounts reclassified from accumulated other comprehensive income (loss) (73)— (73)
Net current period other comprehensive loss$(81)$(108)$(189)
Balance, April 30, 2026
$(214)$(357)$(571)
v3.26.1
Equity-based compensation (Tables)
 3 Months Ended
Apr. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock - Based Compensation by Type of Award
The following table sets forth stock-based compensation by type of award:
Three months ended
April 30,
 20262025
RSUs$7,464 $9,591 
PSUs4,325 4,355 
Liability awards1,876 3,336 
ESPP231 275 
Total stock-based compensation$13,896 $17,557 
Schedule of Stock-Based Compensation in Financial Statements
The following table sets forth the presentation of stock-based compensation in the Company's consolidated financial statements:
Three months ended
April 30,
 20262025
Stock-based compensation expense recorded to additional paid-in capital$12,020 $14,221 
Stock-based compensation expense recorded to accrued expenses1,876 3,336 
Total stock-based compensation$13,896 $17,557 
Less: stock-based compensation expense capitalized as internal-use software(342)(332)
Stock-based compensation expense per consolidated statements of operations$13,554 $17,225 
Schedule of Restricted Stock Unit Activity
Restricted stock units
Unvested, January 31, 2026
3,492,962 
Granted in three months ended April 30, 2026
942,206 
Vested(1,213,084)
Forfeited
(101,047)
Unvested, April 30, 2026(1)
3,121,037 
(1) Includes 5,634 awards granted pursuant to the 2023 Inducement Award Plan.
Schedule of Stock Option Activity
Stock option activity for the three months ended April 30, 2026 is as follows:
Number of
options		Weighted-
average
exercise price		Weighted-
average
remaining
contractual life
(in years)		Aggregate 
Intrinsic
value
Outstanding, January 31, 2026
660,216 $7.84 
Granted in three months ended April 30, 2026
— $— 
Exercised(15,959)$7.66 
Forfeited and expired(1,288)$9.14 
Outstanding and expected to vest, April 30, 2026
642,969 $7.84 2.59$1,131 
Exercisable, April 30, 2026
642,969 $7.84 2.59$1,131 
Schedule of Market-Based Performance Stock Unit Activity
Market-based PSU activity for the three months ended April 30, 2026 was as follows:
Performance stock units
Outstanding, January 31, 2026
1,348,269 
Granted in three months ended April 30, 2026
75,000 
Vested— 
Forfeited and expired — 
Outstanding, April 30, 2026
1,423,269 
v3.26.1
Fair value measurements (Tables)
 3 Months Ended
Apr. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis as of April 30, 2026 and indicates the classification of each item within the fair value hierarchy:
 Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Balance as of April 30, 2026
Assets
Money market mutual funds$38,699 $— $— $38,699 
Cardholder receivables(1)
— — 89,234 89,234 
Deferred purchase price receivable— — 29,901 29,901 
Total assets$38,699 $— $119,135 $157,834 
Liabilities
Foreign currency forward contracts$— $238 $— $238 
Due to healthcare providers(2)
— — 91,157 91,157 
Total liabilities$— $238 $91,157 $91,395 
(1) The aggregate unpaid principal balance of cardholder receivables was $149,020 as of April 30, 2026. The difference between the aggregate fair value and the aggregate unpaid principal balance of cardholder receivables primarily reflects market‑participant assumptions for credit losses (defaults and recoveries), timing of collections, and liquidity/required returns embedded in the discounted cash flow valuation approach.
(2) The aggregate unpaid principal balance of due to healthcare providers was $150,822 as of April 30, 2026. The difference between the aggregate fair value and the aggregate unpaid principal balance of amounts due to healthcare providers primarily reflects market‑participant assumptions, timing of collections, and liquidity/required returns embedded in the discounted cash flow valuation approach similar to the related cardholder receivables.
The following table presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis as of January 31, 2026 and indicates the classification of each item within the fair value hierarchy:
 Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Balance as of January 31, 2026
Assets
Money market mutual funds$44,945 $— $— $44,945 
Cardholder receivables(1)
— — 86,053 86,053 
Deferred purchase price receivable— — 23,425 23,425 
Total assets$44,945 $— $109,478 $154,423 
Liabilities
Foreign currency forward contracts$— $148 $— $148 
Due to healthcare providers(2)
— — 83,385 83,385 
Total liabilities$— $148 $83,385 $83,533 
(1) The aggregate unpaid principal balance of cardholder receivables was $147,471 as of January 31, 2026. The difference between the aggregate fair value and the aggregate unpaid principal balance of cardholder receivables primarily reflects market‑participant assumptions for credit losses (defaults and recoveries), timing of collections, and liquidity/required returns embedded in the discounted cash flow valuation approach.
(2) The aggregate unpaid principal balance of due to healthcare providers was $144,802 as of January 31, 2026. The difference between the aggregate fair value and the aggregate unpaid principal balance of amounts due to healthcare providers primarily reflects market‑participant assumptions, timing of collections, and liquidity/required returns embedded in the discounted cash flow valuation approach similar to the related cardholder receivables.
Schedule of Reconciliation of Changes in Level 3 Instruments Measured on a Recurring Basis, Asset
The following table summarizes the activity related to the aggregate fair value of the Company’s cardholder receivables for the three months ended April 30, 2026:
Beginning balance$86,053 
Originations27,717 
Acquisitions-measurement period adjustments1,335 
Sales and settlements(11,188)
Cash collections(15,353)
Adjust asset to fair value through earnings670 
Ending balance$89,234 
The following table summarizes the activity related to the aggregate fair value of the Company’s deferred purchase price receivable for the three months ended April 30, 2026:
Beginning balance$23,425 
Additions6,476 
Cash Collections— 
Adjust asset to fair value through earnings— 
Ending balance$29,901 
The following tables present the range and weighted‑average of the significant unobservable inputs used in Level 3 fair value measurements:
Cardholder receivables
April 30, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate14.20%15.20%14.70%
Default rate27.00%33.00%30.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
January 31, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate14.21%15.21%14.71%
Default rate27.00%33.00%30.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
Deferred purchase price receivable
April 30, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate7.25%10.75%9.00%
Funded monthly repayment rate4.50%5.50%5.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
January 31, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate7.25%10.75%9.00%
Funded monthly repayment rate4.50%5.50%5.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
Schedule of Reconciliation of Changes in Level 3 Instruments Measured on a Recurring Basis, Liability
The following table summarizes the activity related to the aggregate fair value of amounts due to healthcare providers for the three months ended April 30, 2026:
Beginning balance$83,385 
Additions(1)
27,717 
Cash remittances to healthcare providers(20,615)
Adjust liability to fair value through earnings670 
Ending balance$91,157 
(1) Represents new obligations arising from patient payments or receivable activity before remittance.
Due to healthcare providers
April 30, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate14.20%15.20%14.70%
Default rate27.00%33.00%30.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
January 31, 2026
Unobservable InputMinimumMaximum
Weighted- Average(1)
Discount rate14.21%15.21%14.71%
Default rate27.00%33.00%30.00%
(1) Weighted-average shown as a representative midpoint within the disclosed range.
v3.26.1
Leases (Tables)
 3 Months Ended
Apr. 30, 2026
Leases [Abstract]  
Schedule of Lease Expense and Other Supplemental Cash Flow Information
The components of lease expense for the three months ended April 30, 2026 were as follows:
April 30, 2026
Operating leases:
Operating lease cost$243 
Variable lease cost— 
Total operating lease cost$243 
Finance leases:
Amortization of right-of-use assets$1,528 
Interest on lease liabilities132 
Total finance lease cost$1,660 
Other supplemental cash flow information for the three months ended April 30, 2026 was as follows:
April 30, 2026
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash used for operating leases$256 
Operating cash used for finance leases$132 
Financing cash used for finance leases$1,680 
Schedule of Maturities of Operating Leases
The following represents a schedule of maturing lease commitments for operating and finance leases as of April 30, 2026:
April 30, 2026
OperatingFinance
Maturity of lease liabilities
2027 (remaining nine months)
$903 $3,875 
Fiscal year ending January 31,
2028793 2,169 
2029292 — 
2030— — 
2031— — 
Thereafter— — 
Total future minimum lease payments$1,988 $6,044 
Less: interest(35)(292)
Present value of lease liabilities$1,953 $5,752 
Schedule of Maturities of Finance Leases
The following represents a schedule of maturing lease commitments for operating and finance leases as of April 30, 2026:
April 30, 2026
OperatingFinance
Maturity of lease liabilities
2027 (remaining nine months)
$903 $3,875 
Fiscal year ending January 31,
2028793 2,169 
2029292 — 
2030— — 
2031— — 
Thereafter— — 
Total future minimum lease payments$1,988 $6,044 
Less: interest(35)(292)
Present value of lease liabilities$1,953 $5,752 
v3.26.1
Net income (loss) per share attributable to common stockholders (Tables)
 3 Months Ended
Apr. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Basic and diluted net income (loss) per share attributable to common stockholders was calculated as follows:
 Three months ended
April 30,
20262025
Basic net income (loss) per share
Numerator:
Net income (loss)
$2,963 $(3,914)
Denominator:
Weighted-average shares of common stock outstanding, basic
60,944,962 58,920,782 
Basic net income (loss) per share attributable to common stockholders:
$0.05 $(0.07)
Diluted net income (loss) per share
Numerator:
Net income (loss)
$2,963 $(3,914)
Denominator:
Number of shares used for basic net income (loss) per computation60,944,962 58,920,782 
RSUs
293,058 — 
Stock options
196,950 — 
PSUs
— — 
Liability awards
605,895 — 
ESPP
— — 
Weighted-average shares of common stock outstanding, diluted
62,040,865 58,920,782 
Diluted net income (loss) per share attributable to common stockholders:
$0.05 $(0.07)
Schedule of Shares Excluded from Computation of Diluted Net Income (Loss) Per Share The following potential shares of common stock, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:
Three months ended
April 30,
20262025
Stock options to purchase common stock, restricted stock units and performance stock awards4,027,530 5,792,263 
Employee stock purchase plan169,405 71,848 
Total4,196,935 5,864,111 
v3.26.1
Segments and geographic information (Tables)
 3 Months Ended
Apr. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table presents the Company’s segment revenue, segment profit (loss), significant segment expenses, and other segment items, as well as a reconciliation from segment profit (loss) to consolidated net income (loss).
Three months ended
April 30,
20262025
Revenue
$130,935 $115,936 
Labor costs (1)
46,47849,992
Payment solutions expense25,67521,428
Third-party non-labor operating expenses
28,30823,700
Stock-based compensation
13,55417,225
Other segment items
13,9577,505
Segment net income (loss)
$2,963 $(3,914)
Reconciliation of profit or loss
Adjustments and reconciling items
$— $— 
Consolidated net income (loss)
$2,963 $(3,914)
(1) Excludes stock-based compensation expense which is presented separately
The following table presents other quantitative segment disclosures for the three months ended April 30, 2026 and 2025, respectively.
Three months ended
April 30,
20262025
Depreciation and amortization
$9,954 $6,878 
Interest expense$(2,299)$(435)
Interest income
$297 $205 
Loss on extinguishment of debt$(17)$— 
Income tax expense
$(1,760)$(735)
Expenditures for long-lived assets
$7,514 $7,055 
v3.26.1
Derivative instruments and hedging activities (Tables)
 3 Months Ended
Apr. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values Of Outstanding Derivative Foreign Currency Forward Contract
The fair values of outstanding derivative foreign currency forward contract was as follows:
Consolidated balance sheet location
April 30, 2026
January 31, 2026
Foreign currency cash flow hedges
Accrued expenses$214 $133 
Non-designated hedges
Accrued expenses23 14 
Schedule of Derivative Instruments, Gain (Loss)
The effect of derivative instruments on the Company’s consolidated statements of operations were as follows:
Consolidated statements of operations location
Three months ended
April 30,
20262025
Foreign currency cash flow hedges
Expenses$(73)$20 
Foreign currency cash flow hedges
Income tax benefit (expense)
— — 
Non-designated hedges
Other income (expense), net(24)249 
Pre-tax gains (losses) associated with cash flow hedges were as follows:
Consolidated statements of operations and Statements of comprehensive income (loss) locations
Three months ended
April 30,
 20262025
Gain (loss) recognized in accumulated other comprehensive income (included in assessment of effectiveness)Unrealized gain (loss) on cash flow hedge$(8)$387 
Gains reclassified from accumulated other comprehensive income into income (effective portion)Expenses(73)20 
Tax effect reclassified from accumulated other comprehensive income into income (effective portion)Income tax expense— — 
v3.26.1
Acquisition (Tables)
 3 Months Ended
Apr. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Business Combination Pro Forma Information
Accordingly, the following unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the AccessOne Acquisition had occurred at the beginning of fiscal year 2025, nor are they indicative of future results of operations:
Three months ended April 30, 2025
Revenue$127,633 
Net loss$(5,234)
v3.26.1
Background and liquidity (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 13, 2026
Jan. 31, 2026
Apr. 30, 2026
Debt Instrument [Line Items]      
Long-term debt     $ 612
Second Capital One Credit Facility      
Debt Instrument [Line Items]      
Debt instrument, term 5 years    
Long-term debt $ 275    
Number of months with sufficient funds to operate (in months) 12 months    
Bridge Loan      
Debt Instrument [Line Items]      
Debt instrument, face amount   $ 90  
Bridge Loan | Bridge Credit Agreement      
Debt Instrument [Line Items]      
Debt instrument, term   364 days  
Debt instrument, face amount   $ 110  
v3.26.1
Summary of significant accounting policies (Details) - processor
 3 Months Ended 12 Months Ended
Apr. 30, 2026
Jan. 31, 2026
Concentration Risk [Line Items]    
Number of third-party payment processors 2  
Two Entities | Revenue Benchmark | Customer Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk, percentage 10.00%  
One Entity | Revenue Benchmark | Customer Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk, percentage   10.00%
Minimum    
Concentration Risk [Line Items]    
Customer payment period (in days) 30 days  
Settlement period (in days) 1 day  
Maximum    
Concentration Risk [Line Items]    
Customer payment period (in days) 60 days  
Settlement period (in days) 2 days  
v3.26.1
Composition of certain financial statement captions - Schedule of Accrued Expenses (Details) - USD ($)
$ in Thousands
Apr. 30, 2026
Jan. 31, 2026
Composition of Certain Financial Statements [Abstract]    
Payroll-related expenses and taxes $ 7,647 $ 12,535
Stock-based compensation liability 1,475 7,652
Payment processing fees liability 7,482 7,056
Acquisition-related liabilities 119 119
Income and other tax liabilities 3,529 2,674
Information technology 6,560 5,546
Other 3,709 5,675
Total accrued expenses $ 30,521 $ 41,257
v3.26.1
Composition of certain financial statement captions - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Apr. 30, 2026
Jan. 31, 2026
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 110,953 $ 114,525
Less: accumulated depreciation (90,385) (94,193)
Property and equipment — net 20,568 20,332
PhreesiaPads and Arrivals Kiosks    
Property, Plant and Equipment [Line Items]    
Total property and equipment 17,557 16,523
Computer equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 77,975 84,380
Computer software    
Property, Plant and Equipment [Line Items]    
Total property and equipment 14,685 12,887
Hardware development    
Property, Plant and Equipment [Line Items]    
Total property and equipment 575 577
Other    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 161 $ 158
v3.26.1
Composition of certain financial statement captions - Narrative (Details) - USD ($)
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Jan. 31, 2026
Composition of Certain Financial Statements [Line Items]      
Depreciation $ 3,371,000 $ 2,986,000  
Capitalized cost of computer software 4,326,000 3,791,000  
Capitalized computed software amortization 3,972,000 3,022,000  
Amortization of intangible assets 2,611,000 870,000  
Goodwill, impairment loss 0 0  
Accounts receivable, allowance for credit loss, write-off 0 $ 0  
Capitalized implementation costs 1,532,000    
AccessOne      
Composition of Certain Financial Statements [Line Items]      
Decrease to acquired deferred tax liabilities $ 551,000    
Acquired technology      
Composition of Certain Financial Statements [Line Items]      
Finite-lived intangible assets, remaining amortization period (in years) 5 years 1 month 6 days   5 years 4 months 24 days
Customer relationship      
Composition of Certain Financial Statements [Line Items]      
Finite-lived intangible assets, remaining amortization period (in years) 8 years 4 months 24 days   8 years 7 months 6 days
License      
Composition of Certain Financial Statements [Line Items]      
Finite-lived intangible assets, remaining amortization period (in years) 10 years 7 months 6 days   10 years 9 months 18 days
Trademarks      
Composition of Certain Financial Statements [Line Items]      
Finite-lived intangible assets, remaining amortization period (in years) 11 years 8 months 12 days   12 years
Computer Equipment      
Composition of Certain Financial Statements [Line Items]      
Property and equipment, at cost $ 41,571,000   $ 49,009,000
Accumulated depreciation $ 36,192,000   $ 42,060,000
v3.26.1
Composition of certain financial statement captions - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Apr. 30, 2026
Jan. 31, 2026
Finite-Lived Intangible Assets [Line Items]    
Total intangible assets, gross carrying value $ 93,250 $ 93,250
Less: accumulated amortization (16,099) (13,489)
Net carrying value 77,151 79,761
Acquired technology    
Finite-Lived Intangible Assets [Line Items]    
Total intangible assets, gross carrying value 22,910 22,910
Customer relationship    
Finite-Lived Intangible Assets [Line Items]    
Total intangible assets, gross carrying value $ 53,940 53,940
License    
Finite-Lived Intangible Assets [Line Items]    
Useful life (in years) 15 years  
Total intangible assets, gross carrying value $ 6,200 6,200
Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Total intangible assets, gross carrying value $ 10,200 $ 10,200
Minimum | Acquired technology    
Finite-Lived Intangible Assets [Line Items]    
Useful life (in years) 5 years  
Minimum | Customer relationship    
Finite-Lived Intangible Assets [Line Items]    
Useful life (in years) 7 years  
Minimum | Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Useful life (in years) 12 years  
Maximum | Acquired technology    
Finite-Lived Intangible Assets [Line Items]    
Useful life (in years) 7 years  
Maximum | Customer relationship    
Finite-Lived Intangible Assets [Line Items]    
Useful life (in years) 15 years  
Maximum | Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Useful life (in years) 15 years  
v3.26.1
Composition of certain financial statement captions - Schedule of Estimated Amortization Expense for Intangible Assets (Details) - USD ($)
$ in Thousands
Apr. 30, 2026
Jan. 31, 2026
Composition of Certain Financial Statements [Abstract]    
2027 (Remaining nine months) $ 7,885  
2028 10,513  
2029 10,412  
2030 10,212  
2031 - thereafter 38,129  
Net carrying value $ 77,151 $ 79,761
v3.26.1
Composition of certain financial statement captions - Schedule of Goodwill Roll-Forward (Details)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
USD ($)
Goodwill [Roll Forward]  
Goodwill balance at beginning of period $ 170,064
Goodwill from measurement period adjustments on acquisitions (551)
Goodwill balance at end of period $ 169,513
v3.26.1
Composition of certain financial statement captions - Schedule of Accounts Receivable (Details) - USD ($)
$ in Thousands
Apr. 30, 2026
Jan. 31, 2026
Composition of Certain Financial Statements [Abstract]    
Billed $ 83,201 $ 93,296
Unbilled 7,873 5,680
Total accounts receivable, gross 91,074 98,976
Less: accounts receivable allowances (1,467) (1,523)
Total accounts receivable $ 89,607 $ 97,453
v3.26.1
Composition of certain financial statement captions - Schedule of Allowance for Doubtful Accounts (Details)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]  
Balance, January 31, 2026 $ 1,523
Bad debt expense 14
Write-offs and adjustments (70)
Balance, April 30, 2026 $ 1,467
v3.26.1
Composition of certain financial statement captions - Schedule of Prepaid and Other Current Assets (Details) - USD ($)
$ in Thousands
Apr. 30, 2026
Jan. 31, 2026
Composition of Certain Financial Statements [Abstract]    
Prepaid software and business systems $ 6,177 $ 7,246
Prepaid data center expenses 4,226 4,661
Prepaid insurance 1,216 1,721
Other prepaid expenses and other current assets 4,510 4,350
Total prepaid and other current assets $ 16,129 $ 17,978
v3.26.1
Revenue and contract costs - Narrative (Details) - USD ($)
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Jan. 31, 2025
Jan. 30, 2025
Revenue from External Customer [Line Items]        
Capitalized contract cost, amortization $ 116,000 $ 110,000    
Deferred contract acquisition costs (in years)     3 years 5 years
Capitalized contract cost, impairment loss $ 0 0    
Minimum        
Revenue from External Customer [Line Items]        
Capitalized contract cost, amortization period (in years) 3 years      
Maximum        
Revenue from External Customer [Line Items]        
Capitalized contract cost, amortization period (in years) 5 years      
Subscription and Related Services        
Revenue from External Customer [Line Items]        
Lease income $ 2,074,000 $ 2,419,000    
v3.26.1
Revenue and contract costs - Schedule of Rollforward of Contract Assets and Contract Liabilities (Details)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
USD ($)
Contract with Customer Asset [Roll Forward]  
Balance, January 31, 2026 $ 5,680
Amount transferred to receivables from beginning balance of contract assets (5,639)
Contract asset additions, net of reclassification to receivables 7,832
Balance, April 30, 2026 7,873
Contract with Customer Liability [Roll Forward]  
Balance, January 31, 2026 49,766
Revenue recognized that was included in deferred revenue at the beginning of the period (29,908)
Deferred revenue from measurement period adjustments on acquisitions 1,335
Current period activity in deferred revenue 21,591
Balance, April 30, 2026 $ 42,784
v3.26.1
Revenue and contract costs - Schedule of Deferred Contract Acquisition Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Jan. 31, 2026
Capitalized Contract Cost [Roll Forward]      
Balance, January 31, 2026 $ 748    
Additions to deferred contract acquisition costs 0    
Amortization of deferred contract acquisition costs (116) $ (110)  
Balance, April 30, 2026 632    
Deferred contract acquisition costs, current (to be amortized in next 12 months) 401   $ 410
Deferred contract acquisition costs, non-current 231   338
Total deferred contract acquisition costs $ 632   $ 748
v3.26.1
Debt and finance leases - Schedule of Outstanding Finance Lease Liabilities and Other Debt (Details) - USD ($)
$ in Thousands
Apr. 30, 2026
Jan. 31, 2026
Debt Instrument [Line Items]    
Bridge loan $ 0 $ 90,000
Revolving credit facility 84,240  
Finance leases 5,752 7,431
Debt 612  
Total debt and finance lease liabilities 90,604 100,088
Less: current portion of debt and finance lease liabilities (5,301) (7,971)
Long-term debt and finance lease liabilities 85,303 92,117
Financing arrangements    
Debt Instrument [Line Items]    
Debt 241 595
Accrued interest and payments    
Debt Instrument [Line Items]    
Debt 371 2,062
Revolving credit facility    
Debt Instrument [Line Items]    
Revolving credit facility $ 84,240 $ 0
v3.26.1
Debt and finance leases - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Mar. 13, 2026
Nov. 12, 2025
Dec. 31, 2023
Jun. 30, 2023
Apr. 30, 2026
Jan. 31, 2026
Apr. 30, 2025
Debt Instrument [Line Items]              
Repaid of outstanding balance         $ 98,000   $ 0
Debt         612    
Financing arrangements              
Debt Instrument [Line Items]              
Debt instrument, term       36 months      
Debt         $ 241 $ 595  
Installment payment, amount       $ 123      
Effective interest rate (as a percent)       10.50%      
Bridge Credit Agreement | Bridge Loan              
Debt Instrument [Line Items]              
Debt instrument, term           364 days  
Revolving credit facility | Bridge Credit Agreement | Bridge Loan              
Debt Instrument [Line Items]              
Line of credit facility, expiration period (in days)   364 days          
Line of credit borrowing capacity   $ 110          
Basis spread on variable rate (as a percent)   4.00%          
Debt instrument, increase in interest rate (as a percent)   0.50%          
Debt issuance costs and original issue discount   $ 3,122          
Revolving credit facility | Senior Secured Asset-based Revolving Credit Facility | Revolving credit facility              
Debt Instrument [Line Items]              
Line of credit borrowing capacity     $ 50        
Debt instrument, term     5 years        
Effective interest rate (as a percent)         6.20%    
Revolving credit facility | New Capital One Credit Facility | Revolving credit facility              
Debt Instrument [Line Items]              
Line of credit borrowing capacity $ 275            
Line of credit borrowing capacity $ 92,240            
Revolving credit facility | New Capital One Credit Facility | Revolving credit facility | Minimum              
Debt Instrument [Line Items]              
Line of credit facility, commitment fee percentage 0.25%            
Revolving credit facility | New Capital One Credit Facility | Revolving credit facility | Maximum              
Debt Instrument [Line Items]              
Line of credit facility, commitment fee percentage 0.40%            
Bridge Loan | New Capital One Credit Facility | Revolving credit facility              
Debt Instrument [Line Items]              
Line of credit borrowing capacity         $ 84,240    
Line of credit facility, swingline sublimit $ 20            
Repaid of outstanding balance         8,000    
Unused borrowing capacity         $ 190,760    
Letter of Credit | New Capital One Credit Facility | Revolving credit facility              
Debt Instrument [Line Items]              
Line of credit facility, letter of credit sublimit $ 10            
v3.26.1
Debt and finance leases - Schedule of Maturities of Finance Leases and Other Debt (Details) - USD ($)
$ in Thousands
Apr. 30, 2026
Jan. 31, 2026
Total    
2027 (Remaining nine months) $ 4,247  
2028 2,117  
2029 0  
2030 0  
2031 0  
Thereafter 84,240  
Total maturities of debt and finance leases 90,604  
Revolving Credit Facility    
2027 (Remaining nine months) 0  
2028 0  
2029 0  
2030 0  
2031 0  
Thereafter 84,240  
Revolving Credit Facility 84,240  
Finance Leases    
2027 (Remaining nine months) 3,635  
2028 2,117  
2029 0  
2030 0  
2031 0  
Thereafter 0  
Finance leases 5,752 $ 7,431
Other Debt    
2027 (Remaining nine months) 612  
2028 0  
2029 0  
2030 0  
2031 0  
Thereafter 0  
Total maturities of debt and finance leases $ 612  
v3.26.1
Stockholders' equity - Narrative (Details) - $ / shares
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Jan. 31, 2026
Mar. 31, 2025
Jul. 22, 2019
Class of Stock [Line Items]          
Common stock, authorized (in shares) 500,000,000   500,000,000   500,000,000
Common stock, par value per share (in dollars per share) $ 0.01   $ 0.01   $ 0.01
Shares withheld for tax withholding obligation (in shares) 0        
Stock Repurchase Program          
Class of Stock [Line Items]          
Repurchase of outstanding common stock, shares authorized (in shares)       2,500,000  
Shares repurchased (in shares) 0 0      
v3.26.1
Stockholders' equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 337,207 $ 264,808
Other comprehensive income (loss) before reclassifications (116) 415
Amounts reclassified from accumulated other comprehensive income (loss) (73) 20
Other comprehensive (loss) income (189) 435
Ending balance 359,090 282,186
Unrealized gain on cash flow hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (133) 0
Other comprehensive income (loss) before reclassifications (8) 387
Amounts reclassified from accumulated other comprehensive income (loss) (73) 20
Other comprehensive (loss) income (81) 407
Ending balance (214) 407
Foreign currency translation adjustment    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (249) (51)
Other comprehensive income (loss) before reclassifications (108) 28
Amounts reclassified from accumulated other comprehensive income (loss) 0 0
Other comprehensive (loss) income (108) 28
Ending balance (357) (23)
Accumulated other comprehensive (loss) income    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (382) (51)
Ending balance $ (571) $ 384
v3.26.1
Equity-based compensation - Narrative (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 01, 2021
Dec. 31, 2020
Jun. 30, 2019
shares
Apr. 30, 2026
USD ($)
offering_period
shares
Apr. 30, 2025
USD ($)
shares
Jan. 31, 2024
Dec. 31, 2022
Jan. 31, 2026
USD ($)
Jan. 31, 2025
Jul. 31, 2023
shares
Jan. 31, 2023
Jan. 31, 2018
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Tax benefit of stock compensation award       $ 131,000 $ 0              
Reduced stock compensation expense       17,000 107,000              
Exercises in period, intrinsic value       $ 25,000 306,000              
Minimum shares earned, minimum target percentage           60.00%   55.00% 55.00%   60.00%  
Maximum shares earned, minimum target percentage       90.00%                
Issuance of stock for share-settled bonus awards       $ 8,053,000 6,508,000              
Common Stock                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Issuance of stock for share-settled bonus awards       $ 9,000 $ 3,000              
Issuance of stock for share-settled bonus awards (in shares) | shares       880,080 267,687              
Employee stock purchase plan                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Employee purchase price of common stock (as a percent)       85.00%                
Employee stock purchase plan                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
ESPP, employee common stock purchase discount (as a percent)       15.00%                
Unrecognized compensation costs       $ 159,000                
Weighted average remaining expense term (in years)       2 months                
Restricted stock units                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Vesting term (in years)   7 years                    
Unrecognized compensation costs       $ 57,910,000                
Weighted average remaining expense term (in years)       2 years 7 months 20 days                
Bonus settlement in shares (as a percent)       115.00%                
Restricted stock units | Employees Other than NEOs                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Vesting term (in years) 4 years                      
Quarterly vesting rate (as a percent) 6.25%                      
Restricted stock units | NEOs and Other Members of Executive Management                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Vesting term (in years)           4 years 4 years          
Quarterly vesting rate (as a percent)           25.00% 6.25%          
Restricted stock units | Share-based Payment Arrangement, Year 1                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Annual vesting rate (as a percent)   10.00%                    
Vesting term (in years)   1 year                    
Restricted stock units | Share-based Payment Arrangement, Year 2                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Annual vesting rate (as a percent)   20.00%                    
Vesting term (in years)   2 years                    
Restricted stock units | Share-based Payment Arrangement, Year 3                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Annual vesting rate (as a percent)   30.00%                    
Vesting term (in years)   3 years                    
Restricted stock units | Share-based Payment Arrangement, Year 4                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Annual vesting rate (as a percent)   40.00%                    
Vesting term (in years)   4 years                    
Employee Stock Option                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Vesting term (in years)       4 years                
Maximum term (in years)       10 years                
Unrecognized compensation cost       $ 0       $ 0        
Performance stock units                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Annual vesting rate (as a percent)       100.00%                
Vesting term (in years)       3 years                
Unrecognized compensation costs       $ 24,159,000                
Weighted average remaining expense term (in years)       1 year 11 months 12 days                
Performance stock units | Minimum                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Annual vesting rate (as a percent)       0.00%                
Performance stock units | Maximum                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Annual vesting rate (as a percent)       220.00%                
2018 Stock Option Plan                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Share-based payment award, number of shares authorized (in shares) | shares                       3,048,490
2019 Stock Option and Incentive Plan                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Common stock reserve for future issuance (in shares) | shares     2,139,683                  
Percentage increase in number of shares reserved (as a percent)     5.00%                  
2019 Stock Option and Incentive Plan | Employee stock purchase plan                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Number of shares available for grant (in shares) | shares     855,873 8,776,148                
Additional shares authorized (in shares) | shares       131,404                
ESPP, number of offering periods per year | offering_period       2                
ESPP offering period (in months)       6 months                
2019 Stock Option and Incentive Plan | Restricted stock units                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Number of shares available for grant (in shares) | shares       485,479                
Outstanding shares (in shares) | shares       5,634                
2019 Stock Option and Incentive Plan | Employee Stock Option | Share-based Payment Arrangement, Year 1                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Annual vesting rate (as a percent)       25.00%                
Vesting term (in years)       1 year                
2019 Stock Option and Incentive Plan | Employee Stock Option | Share-based Payment Arrangement, Year 2                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Annual vesting rate (as a percent)       25.00%                
Vesting term (in years)       1 year                
2019 Stock Option and Incentive Plan | Employee Stock Option | Share-based Payment Arrangement, Year 3                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Annual vesting rate (as a percent)       25.00%                
Vesting term (in years)       1 year                
2019 Stock Option and Incentive Plan | Employee Stock Option | Share-based Payment Arrangement, Year 4                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Annual vesting rate (as a percent)       25.00%                
Vesting term (in years)       1 year                
2023 Stock Option And Inducement Plan                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Common stock reserve for future issuance (in shares) | shares                   500,000    
v3.26.1
Equity-based compensation - Schedule of Stock - Based Compensation by Type of Award (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation $ 13,896 $ 17,557
RSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation 7,464 9,591
PSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation 4,325 4,355
Liability awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation 1,876 3,336
ESPP    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation $ 231 $ 275
v3.26.1
Equity-based compensation - Schedule of Stock-Based Compensation in Financial Statements (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Share-Based Payment Arrangement [Abstract]    
Stock-based compensation expense recorded to additional paid-in capital $ 12,020 $ 14,221
Stock-based compensation expense recorded to accrued expenses 1,876 3,336
Total stock-based compensation 13,896 17,557
Less: stock-based compensation expense capitalized as internal-use software (342) (332)
Stock-based compensation expense per consolidated statements of operations $ 13,554 $ 17,225
v3.26.1
Equity-based compensation - Schedule of Restricted Stock Unit Activity and Market-Based Performance Stock Unit Activity (Details)
 3 Months Ended
Apr. 30, 2026
shares
Restricted stock units  
Restricted Stock and Performance Stock Activity [Roll Forward]  
Beginning balance (in shares) 3,492,962
Granted (in shares) 942,206
Vested (in shares) (1,213,084)
Forfeited and expired (in shares) (101,047)
Ending balance (in shares) 3,121,037
Restricted stock units | 2023 Stock Option And Inducement Plan  
Restricted Stock and Performance Stock Activity [Roll Forward]  
Granted (in shares) 5,634
Performance stock units  
Restricted Stock and Performance Stock Activity [Roll Forward]  
Beginning balance (in shares) 1,348,269
Granted (in shares) 75,000
Vested (in shares) 0
Forfeited and expired (in shares) 0
Ending balance (in shares) 1,423,269
v3.26.1
Equity-based compensation - Schedule of Stock Option Activity (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
Apr. 30, 2026
USD ($)
$ / shares
shares
Number of options  
Beginning balance (in shares) | shares 660,216
Granted (in shares) | shares 0
Exercised (in shares) | shares (15,959)
Forfeited and expired (in shares) | shares (1,288)
Ending balance (in shares) | shares 642,969
Exercisable (in shares) | shares 642,969
Weighted- average exercise price  
Beginning balance (in dollars per share) | $ / shares $ 7.84
Granted (in dollars per share) | $ / shares 0
Exercised (in dollars per share) | $ / shares 7.66
Forfeited and expired (in dollars per share) | $ / shares 9.14
Ending balance (in dollars per share) | $ / shares 7.84
Exercisable (in dollars per share) | $ / shares $ 7.84
Weighted-average remaining contractual life of options outstanding and expected to vest (in years) 2 years 7 months 2 days
Weighted-average remaining contractual life of options exercisable (in years) 2 years 7 months 2 days
Aggregate intrinsic value outstanding and expected to vest | $ $ 1,131
Aggregate intrinsic value exercisable | $ $ 1,131
v3.26.1
Fair value measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Apr. 30, 2026
Jan. 31, 2026
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Money market mutual funds $ 38,699 $ 44,945
Cardholder receivables 89,234 86,053
Deferred purchase price receivable 29,901 23,425
Total assets 157,834 154,423
Foreign currency forward contracts 238 148
Due to healthcare providers 91,157 83,385
Total liabilities 91,395 83,533
Unpaid principal balance of cardholder receivables 149,020 147,471
Unpaid principal balance due to healthcare providers 150,822 144,802
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Money market mutual funds 38,699 44,945
Cardholder receivables 0 0
Deferred purchase price receivable 0 0
Total assets 38,699 44,945
Foreign currency forward contracts 0 0
Due to healthcare providers 0 0
Total liabilities 0 0
Significant Other Observable Inputs (Level 2)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Money market mutual funds 0 0
Cardholder receivables 0 0
Deferred purchase price receivable 0 0
Total assets 0 0
Foreign currency forward contracts 238 148
Due to healthcare providers 0 0
Total liabilities 238 148
Significant Unobservable Inputs (Level 3)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Money market mutual funds 0 0
Cardholder receivables 89,234 86,053
Deferred purchase price receivable 29,901 23,425
Total assets 119,135 109,478
Foreign currency forward contracts 0 0
Due to healthcare providers 91,157 83,385
Total liabilities $ 91,157 $ 83,385
v3.26.1
Fair value measurements - Schedule of Reconciliation of Changes in Level 3 Instruments Measured on a Recurring Basis (Details)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
USD ($)
Cardholder Receivables  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning balance $ 86,053
Originations 27,717
Acquisitions-measurement period adjustments/ Additions 1,335
Sales and settlements (11,188)
Cash collections (15,353)
Adjust asset to fair value through earnings 670
Ending balance 89,234
Deferred Purchase Price Receivable  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning balance 23,425
Acquisitions-measurement period adjustments/ Additions 6,476
Cash collections 0
Adjust asset to fair value through earnings 0
Ending balance $ 29,901
v3.26.1
Fair value measurements - Schedule of Activity Related to Aggregate Fair Value of Amounts Due to Health Care Providers (Details) - Due to Health Care Providers
$ in Thousands
 3 Months Ended
Apr. 30, 2026
USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Beginning balance $ 83,385
Additions 27,717
Cash remittances to healthcare providers (20,615)
Adjust liability to fair value through earnings 670
Ending balance $ 91,157
v3.26.1
Fair value measurements - Schedule of Range and Weighted‑Average of Significant Unobservable Inputs Used in Level 3 Fair Value Measurements by Asset (Details)
Apr. 30, 2026
Jan. 31, 2026
Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Cardholder receivables, Unobservable Input, Discount rate (as a percent) 14.20% 14.21%
Cardholder receivables, Unobservable Input, Default rate (as a percent) 27.00% 27.00%
Deferred purchase price receivable, Unobservable Input, Discount rate (as a percent) 7.25% 7.25%
Deferred purchase price receivable, Unobservable Input, Funded monthly repayment rate (as a percent) 4.50% 4.50%
Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Cardholder receivables, Unobservable Input, Discount rate (as a percent) 15.20% 15.21%
Cardholder receivables, Unobservable Input, Default rate (as a percent) 33.00% 33.00%
Deferred purchase price receivable, Unobservable Input, Discount rate (as a percent) 10.75% 10.75%
Deferred purchase price receivable, Unobservable Input, Funded monthly repayment rate (as a percent) 5.50% 5.50%
Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Cardholder receivables, Unobservable Input, Discount rate (as a percent) 14.70% 14.71%
Cardholder receivables, Unobservable Input, Default rate (as a percent) 30.00% 30.00%
Deferred purchase price receivable, Unobservable Input, Discount rate (as a percent) 9.00% 9.00%
Deferred purchase price receivable, Unobservable Input, Funded monthly repayment rate (as a percent) 5.00% 5.00%
v3.26.1
Fair value measurements - Schedule of Range and Weighted‑Average of Significant Unobservable Inputs Used in Level 3 Fair Value Measurements by Liability (Details)
Apr. 30, 2026
Jan. 31, 2026
Minimum    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Due to health care providers, Unobservable Input, Discount rate (as a percent) 14.20% 14.21%
Due to health care providers, Unobservable Input, Default rate (as a percent) 27.00% 27.00%
Maximum    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Due to health care providers, Unobservable Input, Discount rate (as a percent) 15.20% 15.21%
Due to health care providers, Unobservable Input, Default rate (as a percent) 33.00% 33.00%
Weighted Average    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Due to health care providers, Unobservable Input, Discount rate (as a percent) 14.70% 14.71%
Due to health care providers, Unobservable Input, Default rate (as a percent) 30.00% 30.00%
v3.26.1
Leases - Narrative (Details)
 3 Months Ended
Apr. 30, 2026
USD ($)
extension_option
Apr. 30, 2025
USD ($)
Lessee, Lease, Description [Line Items]    
Operating lease, weighted average remaining lease term (in years) 1 year 10 months 24 days  
Operating lease, weighted average discount rate (as a percent) 7.40%  
Finance lease, weighted average remaining lease term (in years) 1 year 2 months 12 days  
Finance lease, weighted average discount rate (as a percent) 7.80%  
Right-of-use asset obtained in exchange for lease liabilities $ 0  
Number of options to extend | extension_option 0  
Subscription and Related Services    
Lessee, Lease, Description [Line Items]    
Lease income $ 2,074,000 $ 2,419,000
Computer Equipment    
Lessee, Lease, Description [Line Items]    
Finance lease, term of contract (in years) 3 years  
v3.26.1
Leases - Schedule of Lease Expense (Details)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
USD ($)
Operating leases:  
Operating lease cost $ 243
Variable lease cost 0
Total operating lease cost 243
Finance leases:  
Amortization of right-of-use assets 1,528
Interest on lease liabilities 132
Total finance lease cost $ 1,660
v3.26.1
Leases - Schedule of Maturities of Operating and Finance Leases (Details) - USD ($)
$ in Thousands
Apr. 30, 2026
Jan. 31, 2026
Operating    
2027 (remaining nine months) $ 903  
2028 793  
2029 292  
2030 0  
2031 0  
Thereafter 0  
Total future minimum lease payments 1,988  
Less: interest (35)  
Present value of lease liabilities 1,953  
Finance    
2027 (Remaining nine months) 3,875  
2028 2,169  
2029 0  
2030 0  
2031 0  
Thereafter 0  
Total future minimum lease payments 6,044  
Less: interest (292)  
Present value of lease liabilities $ 5,752 $ 7,431
v3.26.1
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash used for operating leases $ 256  
Operating cash used for finance leases 132  
Financing cash used for finance leases $ 1,680 $ 1,376
v3.26.1
Commitments and contingencies (Details)
 16 Months Ended
Apr. 30, 2026
lawsuit
Commitments and Contingencies Disclosure [Abstract]  
Number of lawsuits filed 14
v3.26.1
Income taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Effective Income Tax Rate Reconciliation [Line Items]    
Income tax expense $ 1,760 $ 735
Effective tax rate (as a percent) 37.30% (23.10%)
Tax expense related to certain employee stock compensation $ 131  
AccessOne    
Effective Income Tax Rate Reconciliation [Line Items]    
Income tax expense $ 551  
v3.26.1
Net income (loss) per share attributable to common stockholders - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Numerator:    
Net income (loss) $ 2,963 $ (3,914)
Denominator:    
Weighted-average shares of common stock outstanding, basic (in shares) 60,944,962 58,920,782
Basic net income (loss) per share attributable to common stockholders (in dollars per share) $ 0.05 $ (0.07)
Numerator:    
Net income (loss) $ 2,963 $ (3,914)
Denominator:    
Number of shares used for basic net income (loss) per computation (in shares) 60,944,962 58,920,782
Weighted-average shares of common stock outstanding, diluted (in shares) 62,040,865 58,920,782
Diluted net income (loss) per share attributable to common stockholders (in dollars per share) $ 0.05 $ (0.07)
RSUs    
Denominator:    
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) 293,058 0
Stock options    
Denominator:    
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) 196,950 0
PSUs    
Denominator:    
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) 0 0
Liability awards    
Denominator:    
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) 605,895 0
ESPP    
Denominator:    
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) 0 0
v3.26.1
Net income (loss) per share attributable to common stockholders - Schedule of Shares Excluded from Computation of Diluted Net Income (Loss) Per Share (Details) - shares
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share (in shares) 4,196,935 5,864,111
Stock options to purchase common stock, restricted stock units and performance stock awards    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share (in shares) 4,027,530 5,792,263
Employee stock purchase plan    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share (in shares) 169,405 71,848
v3.26.1
Related party transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Jan. 31, 2026
Related Party Transaction [Line Items]      
Revenue $ 130,935 $ 115,936  
Accounts receivable 89,607   $ 97,453
Related Party      
Related Party Transaction [Line Items]      
Revenue 319 $ 188  
Accounts receivable $ 0   $ 450
v3.26.1
Segments and geographic information - Narrative (Details)
 3 Months Ended
Apr. 30, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
Number of operating segments 1
v3.26.1
Segments and geographic information - Schedule of Expenditures on Long-Lived Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Segment Reporting Information [Line Items]    
Revenue $ 130,935 $ 115,936
Payment solutions expense [1] 25,675 21,428
Stock-based compensation 13,554 17,225
Net income (loss) 2,963 (3,914)
Technology Solutions Segment    
Segment Reporting Information [Line Items]    
Net income (loss) 2,963 (3,914)
Operating Segments | Technology Solutions Segment    
Segment Reporting Information [Line Items]    
Revenue 130,935 115,936
Labor costs 46,478 49,992
Payment solutions expense 25,675 21,428
Third-party non-labor operating expenses 28,308 23,700
Stock-based compensation 13,554 17,225
Other segment items 13,957 7,505
Net income (loss) 2,963 (3,914)
Eliminations and Reconciling Items | Technology Solutions Segment    
Segment Reporting Information [Line Items]    
Net income (loss) $ 0 $ 0
[1]
(1) Beginning with the fourth quarter of the fiscal year ended January 31, 2026, the revenue line previously labeled “Payment processing fees” was relabeled “Payment solutions” to reflect the expanded scope of our payments offerings following the AccessOne Acquisition (as defined herein), which closed on November 12, 2025. Additionally, “Payment processing expense” was relabeled “Payment solutions expense.” Prior period amounts have not been reclassified, as the Company did not own the acquired operations in prior periods and the change in presentation did not affect any previously reported amounts. See Note 2 - Basis of presentation.
v3.26.1
Segments and geographic information - Schedule of Other Quantitative Segment Disclosures (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Segment Reporting Information [Line Items]    
Interest expense $ 2,299 $ 435
Interest income 297 205
Loss on extinguishment of debt (17) 0
Income tax expense (1,760) (735)
Technology Solutions Segment    
Segment Reporting Information [Line Items]    
Depreciation and amortization 9,954 6,878
Interest expense (2,299) (435)
Interest income 297 205
Loss on extinguishment of debt (17) 0
Income tax expense (1,760) (735)
Expenditures for long-lived assets $ 7,514 $ 7,055
v3.26.1
Derivative instruments and hedging activities - Narrative (Details) - Foreign currency cash flow hedges
$ in Thousands, $ in Thousands
Apr. 30, 2026
CAD ($)
Apr. 30, 2026
USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, notional amount $ 39,100  
Foreign currency cash flow hedge loss to be reclassified during next 12 months   $ (214)
Minimum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, remaining maturity 3 months 3 months
Maximum    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, remaining maturity 8 months 8 months
Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, notional amount $ 35,190  
Non-designated hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, notional amount $ 3,910  
v3.26.1
Derivative instruments and hedging activities - Schedule of Fair Values Of Outstanding Derivative Foreign Currency Forward Contract (Details) - Foreign currency cash flow hedges - USD ($)
$ in Thousands
Apr. 30, 2026
Jan. 31, 2026
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative asset $ 214 $ 133
Non-designated hedges    
Derivatives, Fair Value [Line Items]    
Derivative asset $ 23 $ 14
v3.26.1
Derivative instruments and hedging activities - Schedule of Effect of Derivative Instruments on the Company’s Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Non-designated hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, gain (loss) on derivative, net $ (24) $ 249
Foreign currency cash flow hedges | Designated as Hedging Instrument | Expenses    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, gain (loss) on derivative, net (73) 20
Foreign currency cash flow hedges | Designated as Hedging Instrument | Income tax benefit (expense)    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, gain (loss) on derivative, net $ 0 $ 0
v3.26.1
Derivative instruments and hedging activities - Schedule of Pre-tax Gains (Losses) Associated with Cash Flow Hedges (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gain (loss) recognized in accumulated other comprehensive income (included in assessment of effectiveness) $ (8) $ 387
Gains reclassified from accumulated other comprehensive income into income (effective portion) (73) 20
Tax effect reclassified from accumulated other comprehensive income into income (effective portion) $ 0 $ 0
v3.26.1
Acquisition - Narrative (Details) - AccessOne - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Jan. 31, 2026
Business Combination [Line Items]    
Percentage of equity acquired (as a percent)   100.00%
Measurement period adjustment cardholder receivable $ 1,335  
Reduced deferred tax liabilities $ 551  
v3.26.1
Acquisition - Schedule of Business Combination Pro Forma Information (Details) - AccessOne
$ in Thousands
 3 Months Ended
Apr. 30, 2025
USD ($)
Business Combination [Line Items]  
Revenue $ 127,633
Net loss $ (5,234)
v3.26.1
Securitization program and variable interest entities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 30, 2026
Apr. 29, 2026
Jan. 31, 2026
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Restricted cash $ 0   $ 1,691
Restricted cash included in other long-term assets 1,691   0
Deferred Purchase Price Receivable      
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Maximum exposure to loss from transferred financial assets $ 29,901   23,425
Securitization Program      
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Reserve cash account, percentage 1.00%    
Restricted cash $ 1,691   1,691
Restricted cash included in other long-term assets 1,691    
Securitization Program | Deferred Purchase Price Receivable      
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Transfers accounted for secured borrowings, assets, carrying amount 29,901   $ 23,425
Credit and Securitization Agreements | Securitization Program      
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Debt instrument, covenant, minimum liquidity 50,000    
Receivables Purchase Agreement | Revolving credit facility      
Securitization or Asset-Backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items]      
Line of credit borrowing capacity $ 300,000 $ 200,000  
Eligible receivables, provider ratings, percentage 15.00% 5.00%  
v3.26.1
Subsequent events (Details)
May 07, 2026
position
Subsequent Event  
Subsequent Event [Line Items]  
Number of positions eliminated 220