Phreesia, Inc. is a software as a service company that offers healthcare organizations a set of applications to automate and manage patient intake.3Wikipedia text CC BY-SA 4.0
Revenue10111213146$467.8M in 2026+368% since 2019Operating income10111213146-$6.6M in 2026−30% since 2019Net income10111213146$2.3M in 2026
Revenue1516$129.5M in Q2 FY2026−1% since Q1 FY2026Operating income1516$7.6M in Q2 FY2026+13% since Q1 FY2026Net income1516$1.9M in Q2 FY2026−35% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
Period ending
2026-01-31
2025-01-31
2024-01-31
Total revenues
$480.6M
$419.8M
$356.3M
Cost of revenue (excluding depreciation and amortization)
$71.4M
$66.2M
$61.0M
Payment solutions expense
$82.8M
$68.7M
$63.0M
Sales and marketing
$100.2M
$121.1M
$147.0M
Research and development
$121.5M
$117.4M
$112.3M
General and administrative
$79.9M
$76.6M
$79.9M
Depreciation
$13.0M
$14.2M
$17.6M
Amortization
$18.5M
$13.7M
$11.9M
Total expenses
$487.2M
$477.9M
$492.8M
Operating loss
-$6.6M
-$58.1M
-$136.5M
Other income, net
$3.0M
$2.0M
$44.0K
Loss on extinguishment of debt
-$501.0K
$0
-$1.1M
Interest expense
-$7.0M
-$2.3M
-$1.9M
Interest income
$2.2M
$2.7M
$4.1M
Total other (expense) income, net
-$2.3M
$2.3M
$1.1M
Loss before income tax expense
-$8.9M
-$55.8M
-$135.3M
Income tax benefit (expense)
$11.2M
-$2.7M
-$1.5M
Net income (loss)
$2.3M
-$58.5M
-$136.9M
Net income (loss) per share attributable to common stockholders - basic (in dollars per share)
$0.04
-$1.02
-$2.51
Net income (loss) per share attributable to common stockholders - diluted (in dollars per share)
$0.04
-$1.02
-$2.51
Weighted-average common shares outstanding - basic (in shares)
59.7M shares
57.6M shares
54.6M shares
Weighted-average common shares outstanding - diluted (in shares)
61.5M shares
57.6M shares
54.6M shares
No quarter-by-quarter statement was filed.
Total assets1710111213146$663.8M in 2026+1020% since 2019Total liabilities1710111213146$326.6M in 2026+412% since 2019Shareholders’ equity111213146$337.2M in 2026Cash1710111213146$73.8M in 2026+4685% since 2019Long-term debt1710111213146$2.7M in 2026−90% since 2019
Total assets1516$647.0M in Q2 FY2026−3% since Q1 FY2026Total liabilities1516$275.1M in Q2 FY2026−16% since Q1 FY2026Shareholders’ equity1516$371.9M in Q2 FY2026+10% since Q1 FY2026Cash1516$74.6M in Q2 FY2026+1% since Q1 FY2026Long-term debt1516$1.1M in Q2 FY2026+87% since Q1 FY2026
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.6
Period ending
2026-01-31
2025-01-31
2024-01-31
2023-01-31
2019-07-31
Cash, cash equivalents, and restricted cash (including restricted cash of $1,691)
$73.8M
$84.2M
Settlement assets
$33.0M
$29.2M
Accounts receivable, net of allowance for doubtful accounts of $1,523 and $1,468 as of January 31, 2026 and 2025, respectively
$97.5M
$73.6M
Cardholder receivables
$38.3M
$0
Deferred purchase price receivables
$18.0M
$0
Accrued interest and fees receivables
$840.0K
$0
Deferred contract acquisition costs
$410.0K
$401.0K
Prepaid expenses and other current assets
$18.0M
$15.9M
Total current assets
$279.8M
$203.3M
Property and equipment, net of accumulated depreciation and amortization of $94,193 and $84,505 as of January 31, 2026 and 2025, respectively
$20.3M
$23.7M
Capitalized internal-use software, net of accumulated amortization of $69,390 and $55,991 as of January 31, 2026 and 2025, respectively
$54.3M
$52.8M
Operating lease right-of-use assets
$2.0M
$1.5M
Deferred contract acquisition costs
$338.0K
$583.0K
Intangible assets, net of accumulated amortization of $13,489 and $8,407 as of January 31, 2026 and 2025, respectively
$79.8M
$28.1M
Goodwill
$170.1M
$75.8M
$75.8M
Deferred tax assets
$1.6M
$0
Other assets
$2.4M
$2.7M
Long-term cardholder receivables
$47.7M
$0
Long-term deferred purchase price receivables
$5.4M
$0
Total Assets
$663.8M
$388.4M
Settlement obligations
$33.0M
$29.2M
Current portion of debt and finance lease liabilities
$8.0M
$8.0M
Current portion of operating lease liabilities
$1.3M
$964.0K
Accounts payable
$11.5M
$5.6M
Accrued expenses
$41.3M
$37.5M
Due to healthcare providers
$38.1M
$0
Deferred revenue
$49.5M
$32.8M
Other current liabilities
$705.0K
$0
Total current liabilities
$183.2M
$114.0M
Long-term debt and finance lease liabilities
$92.1M
$8.2M
Operating lease liabilities, non-current
$1.1M
$646.0K
Long-term due to healthcare providers
$45.3M
$0
Long-term deferred revenue
$244.0K
$119.0K
Long-term deferred tax liabilities
$4.5M
$484.0K
Other long-term liabilities
$47.0K
$185.0K
Total Liabilities
$326.6M
$123.6M
Preferred stock, undesignated, $0.01 par value$20,000,000 shares authorized as of both January 31, 2026 and 2025; no shares issued or outstanding as of January 31, 2026 and 2025, respectively
$0
$0
Common stock, $0.01 par value500,000,000 shares authorized as of both January 31, 2026 and 2025; 62,020,186 and 60,083,444 shares issued as of January 31, 2026 and 2025, respectively
$620.0K
$601.0K
Additional paid-in capital
$1.2B
$1.1B
Accumulated deficit
-$799.2M
-$801.5M
Accumulated other comprehensive loss
-$382.0K
-$51.0K
Treasury stock, at cost, 1,355,169 shares as of both January 31, 2026 and 2025
-$45.5M
-$45.5M
Total Stockholders Equity
$337.2M
$264.8M
$251.4M
$287.8M
Total Liabilities and Stockholders Equity
$663.8M
$388.4M
Accounts receivable, allowance for doubtful accounts
$1.5M
$1.5M
$1.4M
Accumulated depreciation and amortization, net
$94.2M
$84.5M
Accumulated amortization of capitalized internal-use software
$69.4M
$56.0M
Accumulated amortization of intangible assets
$13.5M
$8.4M
Preferred stock par value (in dollars per share)
$0.01
$0.01
Preferred stock authorized (in shares)
20.0M shares
20.0M shares
Preferred stock issued (in shares)
0 shares
0 shares
Preferred stock outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
$0.01
Common stock, shares authorized (in shares)
500.0M shares
500.0M shares
500.0M shares
Common stock, shares issued (in shares)
62.0M shares
60.1M shares
Treasury stock (in shares)
1.4M shares
1.4M shares
Period ending
2026-01-31
2025-01-31
2024-01-31
2023-01-31
2019-07-31
Cash, cash equivalents, and restricted cash (including restricted cash of $1,691)
$73.8M
$84.2M
Settlement assets
$33.0M
$29.2M
Accounts receivable, net of allowance for doubtful accounts of $1,523 and $1,468 as of January 31, 2026 and 2025, respectively
$97.5M
$73.6M
Cardholder receivables
$38.3M
$0
Deferred purchase price receivables
$18.0M
$0
Accrued interest and fees receivables
$840.0K
$0
Deferred contract acquisition costs
$410.0K
$401.0K
Prepaid expenses and other current assets
$18.0M
$15.9M
Total current assets
$279.8M
$203.3M
Property and equipment, net of accumulated depreciation and amortization of $94,193 and $84,505 as of January 31, 2026 and 2025, respectively
$20.3M
$23.7M
Capitalized internal-use software, net of accumulated amortization of $69,390 and $55,991 as of January 31, 2026 and 2025, respectively
$54.3M
$52.8M
Operating lease right-of-use assets
$2.0M
$1.5M
Deferred contract acquisition costs
$338.0K
$583.0K
Intangible assets, net of accumulated amortization of $13,489 and $8,407 as of January 31, 2026 and 2025, respectively
$79.8M
$28.1M
Goodwill
$170.1M
$75.8M
$75.8M
Deferred tax assets
$1.6M
$0
Other assets
$2.4M
$2.7M
Long-term cardholder receivables
$47.7M
$0
Long-term deferred purchase price receivables
$5.4M
$0
Total Assets
$663.8M
$388.4M
Settlement obligations
$33.0M
$29.2M
Current portion of debt and finance lease liabilities
$8.0M
$8.0M
Current portion of operating lease liabilities
$1.3M
$964.0K
Accounts payable
$11.5M
$5.6M
Accrued expenses
$41.3M
$37.5M
Due to healthcare providers
$38.1M
$0
Deferred revenue
$49.5M
$32.8M
Other current liabilities
$705.0K
$0
Total current liabilities
$183.2M
$114.0M
Long-term debt and finance lease liabilities
$92.1M
$8.2M
Operating lease liabilities, non-current
$1.1M
$646.0K
Long-term due to healthcare providers
$45.3M
$0
Long-term deferred revenue
$244.0K
$119.0K
Long-term deferred tax liabilities
$4.5M
$484.0K
Other long-term liabilities
$47.0K
$185.0K
Total Liabilities
$326.6M
$123.6M
Preferred stock, undesignated, $0.01 par value$20,000,000 shares authorized as of both January 31, 2026 and 2025; no shares issued or outstanding as of January 31, 2026 and 2025, respectively
$0
$0
Common stock, $0.01 par value500,000,000 shares authorized as of both January 31, 2026 and 2025; 62,020,186 and 60,083,444 shares issued as of January 31, 2026 and 2025, respectively
$620.0K
$601.0K
Additional paid-in capital
$1.2B
$1.1B
Accumulated deficit
-$799.2M
-$801.5M
Accumulated other comprehensive loss
-$382.0K
-$51.0K
Treasury stock, at cost, 1,355,169 shares as of both January 31, 2026 and 2025
-$45.5M
-$45.5M
Total Stockholders Equity
$337.2M
$264.8M
$251.4M
$287.8M
Total Liabilities and Stockholders Equity
$663.8M
$388.4M
Accounts receivable, allowance for doubtful accounts
$1.5M
$1.5M
$1.4M
Accumulated depreciation and amortization, net
$94.2M
$84.5M
Accumulated amortization of capitalized internal-use software
$69.4M
$56.0M
Accumulated amortization of intangible assets
$13.5M
$8.4M
Preferred stock par value (in dollars per share)
$0.01
$0.01
Preferred stock authorized (in shares)
20.0M shares
20.0M shares
Preferred stock issued (in shares)
0 shares
0 shares
Preferred stock outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
$0.01
Common stock, shares authorized (in shares)
500.0M shares
500.0M shares
500.0M shares
Common stock, shares issued (in shares)
62.0M shares
60.1M shares
Treasury stock (in shares)
1.4M shares
1.4M shares
Cash from operations10111213146$78.8M in 2026Capital spending10111213146$11.1M in 2026+135% since 2019Free cash flow10111213146$67.7M in 2026
Cash from operations1516$18.3M in Q2 FY2026−23% since Q1 FY2026Capital spending1516$492.0K in Q2 FY2026−89% since Q1 FY2026Free cash flow1516$17.8M in Q2 FY2026−9% since Q1 FY2026
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
Period ending
2026-01-31
2025-01-31
2024-01-31
Net income (loss)
$2.3M
-$58.5M
-$136.9M
Depreciation and amortization
$31.5M
$27.9M
$29.5M
Stock-based compensation expense
$67.5M
$67.0M
$71.6M
Amortization of deferred financing costs and debt discount
$3.0M
$236.0K
$321.0K
Loss on extinguishment of debt
$501.0K
$0
$1.1M
Non-cash gain on settlement
$0
-$2.3M
$0
Cost of Phreesia hardware purchased by customers
$1.0M
$1.9M
$1.6M
Deferred contract acquisition costs amortization
$570.0K
$1.8M
$1.1M
Non-cash operating lease expense
$914.0K
$747.0K
$702.0K
Deferred taxes
-$13.3M
$214.0K
$228.0K
Gains and losses for fair value option
-$1.0M
$0
$0
Accounts receivable
-$23.4M
-$8.8M
-$11.2M
Collections of principal on receivables originally held for sale to securitization
$13.7M
$0
$0
Accrued Interest Receivable
-$446.0K
$0
$0
Prepaid expenses and other assets
-$1.4M
-$1.4M
-$2.2M
Deferred contract acquisition costs
-$334.0K
-$1.0M
$0
Accounts payable
$5.3M
-$3.2M
-$2.0M
Accrued expenses and other liabilities
$2.9M
$182.0K
$14.2M
Payment of due to provider for receivables originally held for sale to securitization
-$17.6M
$0
$0
Lease liabilities
-$1.1M
-$824.0K
-$1.2M
Deferred revenue
$8.3M
$8.7M
$731.0K
Net cash provided by (used in) operating activities
$78.8M
$32.4M
-$32.4M
Collections of cardholder receivables held for investment and deferred purchase price
$15.7M
$0
$0
Acquisitions, net of cash acquired
-$153.2M
$0
-$14.6M
Capitalized internal-use software
-$13.3M
-$15.4M
-$19.3M
Purchases of property and equipment
-$11.1M
-$8.7M
-$5.8M
Net cash used in investing activities
-$161.9M
-$24.1M
-$39.7M
Proceeds from issuance of common stock upon exercise of stock options
$1.5M
$1.0M
$955.0K
Treasury stock to satisfy tax withholdings on stock compensation awards
$0
$0
-$12.2M
Proceeds from employee stock purchase plan
$2.4M
$2.9M
$3.2M
Finance lease payments
-$6.8M
-$7.8M
-$6.8M
Constructive financing
$0
$0
$1.7M
Principal payments on financing agreements
-$1.3M
-$1.2M
-$600.0K
Debt issuance costs and loan facility fee payments
-$3.2M
-$152.0K
-$1.3M
Financing payments of acquisition-related liabilities
$0
-$6.3M
-$1.3M
Debt extinguishment costs
$0
$0
-$758.0K
Proceeds from debt instruments
$110.0M
$0
$0
Principal payments on debt instruments
-$20.0M
$0
$0
Payments due to provider for unfunded receivables
-$9.6M
$0
$0
Net cash provided by (used in) financing activities
$72.9M
-$11.5M
-$17.1M
Effect of exchange rate changes on cash, cash equivalents and restricted cash
-$176.0K
-$106.0K
$0
Net decrease in cash, cash equivalents and restricted cash
-$10.4M
-$3.3M
-$89.2M
Non-cash activity related to credit card receivables and deferred purchase price
$17.6M
$0
$0
Right of use assets acquired in exchange for operating lease liabilities
$0
$2.0M
$398.0K
Property and equipment acquisitions through finance leases
$0
$13.7M
$7.4M
Purchase of property and equipment and capitalized software included in accounts payable and accrued liabilities
$2.0M
$1.8M
$1.3M
Capitalized stock-based compensation
$1.3M
$1.4M
$1.4M
Issuance of stock to settle liabilities for stock-based compensation
$12.7M
$11.9M
$12.3M
Deferred consideration liabilities payable in business combinations
$0
$0
$8.7M
Issuance of stock as consideration in business combinations
$0
$0
$35.3M
Capitalized software acquired through vendor financing
Phreesia Inc. sits at the top of its group. 5 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
AccessOne Funding, LLC Subsidiary · Delaware, United States
AccessOne Holdings, Inc. Subsidiary · Delaware, United States
AccessOne MedCard, Inc. Subsidiary · North Carolina, United States
AccessOne Parent Holdings, Inc. Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Phreesia Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We are a fully remote company and do not maintain physical corporate offices. Our employees work remotely, from home or at shared co-working office spaces. We believe these arrangements support our current needs. We maintain a mailing address at 1521 Concord Pike, Suite 301, PMB 221, Wilmington, DE 19803. For purposes of compliance with applicable requirements of the Securities Act and the Exchange Act, stockholder communications required to be sent to our principal executive offices may be directed to the email address set forth in our proxy materials and/or identified on our investor relations website.
Headquartered in Wilmington, Delaware, Phreesia employs approximately 1400 people across the United States and Canada. Phreesia was founded in January 2005 by CEO Chaim Indig and COO Evan Roberts. Michael Weintraub has remained chairman of the company's board since its founding. Phreesia develops patient intake and "digital engagement" solutions.
On July 18, 2019, Phreesia (PHR) completed its initial public offering and is listed on the New York Stock Exchange (NYSE).
In 2021, Phreesia acquired schedule-management solution QueueDr, now offered to Phreesia clients as Appointment Accelerator. In December 2021, it also announced the acquisition of Insignia Health, licensor of the Patient Activation Measure. In August 2023, it was announced that Phreesia had acquired the Sulphur Springs-headquartered electronic forms management and automation provider Access eForms for an undisclosed amount.
May 28, 2025Reported quarterly or annual results56
Mar 12, 2025Reported quarterly or annual results57
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
967 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 39 major events, 565 insider forms, 43 large holders, 300 other. The latest 20:
316 open-market trades by officers, directors and large owners since October 2021: 6 buys and 310 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Phreesia Inc. names in Item 1A of its 10-K filed Mar 31, 2026: 57 risks under these headings, as written.18
Risks relating to our business and industry
We operate in a highly competitive industry, and if we are not able to compete effectively, including with the EHR and PM systems with which we integrate, our business and results of operations may be harmed.
If we fail to manage our future growth effectively, our revenue may not increase, and we may be unable to implement our business strategy.
Our operating results have fluctuated and may continue to fluctuate significantly and if we fail to meet the expectations of analysts or investors, our stock price and the value of your investment could decline substantially.
Privacy concerns, cyber-attacks, data breaches or cybersecurity incidents relating to our solutions could result in economic loss, damage to our reputation, deterrence of users from using our products, and exposure to legal penalties and liability.
Our operations in India subject us to additional risks which could have an adverse effect on our business, operating results, and financial condition.
We typically incur significant upfront costs in our client relationships, and if we are unable to develop or grow these relationships over time, we are unlikely to recover these costs and our operating results may suffer.
As a result of our variable sales and implementation cycles, we may be unable to recognize revenue to offset expenditures, which could result in fluctuations in our quarterly results of operations or otherwise harm our future operating results.
The growth of our business relies, in part, on the growth and success of our clients and certain revenues from our engagements, which is difficult to predict and is subject to factors outside of our control.
If our existing clients are not satisfied with our services, it could have a material adverse effect on our business, financial condition, results of operations and reputation.
The estimates and assumptions we use to determine the size of our target market may prove to be inaccurate, and even if the markets in which we compete meet our size estimates and forecasted growth, our business may not grow at similar rates, or at all.
If we cannot implement our solutions for clients or resolve any technical issues in a timely manner, we may incur costs in the form of service credits or other remedial steps and/or lose clients, and our reputation may be harmed.
The other 46 risks
We historically derive a significant portion of our revenues from our largest clients.
We have experienced net losses in the past and we may not maintain positive net income in the future.
We depend on our senior management team and certain key employees, and the loss of one or more of our executive officers or key employees or an inability to attract and retain highly skilled employees could adversely affect our business.
We have made, and may in the future make, acquisitions and investments which may be difficult to integrate, divert management resources, result in unanticipated costs or dilute our stockholders.
We may be unable to successfully integrate the business acquired in the AccessOne Acquisition, integration may be more difficult, costly or time-consuming than expected, and we may fail to realize all of the anticipated benefits of the AccessOne Acquisition on the anticipated time frame or at all.
Certain of our operating results and financial metrics, including the key metrics included in this report, may be difficult to predict as a result of seasonality.
Business or economic disruptions or global health concerns could harm our business and increase our costs and expenses.
If our internal controls over financial reporting or our disclosure controls and procedures are not effective, we may not be able to accurately report our financial results, prevent fraud or file our periodic reports in a timely manner, which may cause investors to lose confidence in our reported financial information and may lead to a decline in our stock price.
From time to time, we are subject to various legal proceedings that could adversely affect our business, financial condition and results of operations.
We are a fully remote company, which subjects us to unique operational risks.
Risks relating to our payment processing business
If our payment processing platform is limited, restricted, curtailed or degraded in any way, or if we fail to continue to grow and develop our payments platform, our business may be materially and adversely affected.
If we fail to comply with the applicable requirements of card networks, they could seek to fine us, suspend us or terminate our payment facilitator status. If our clients or sales partners incur fines or penalties that we cannot collect from them, we may have to bear the cost of such fines or penalties.
Changes in laws and regulations relating to interchange fees on payment card transactions, or increases in card network fees and other changes to fee arrangements, may result in the loss of clients who use our payment processing services and would adversely affect our revenue and results of operations.
Risk relating to our data and intellectual property
If our intellectual property is not adequately protected, we may not be able to build name recognition, protect our technology and products, and our business may be adversely affected.
Any restrictions on our use of, or ability to license and integrate, third-party technologies could have a material adverse effect on our business, financial condition and results of operations.
Third parties may initiate legal proceedings alleging that we are infringing or otherwise violating their intellectual property rights, the outcome of which would be uncertain and could have a material adverse effect on our business, financial condition and results of operations.
Interruption or failure of our information technology and communications systems could impair our ability to effectively deliver our products and services, which could cause us to lose clients and harm our operating results.
If our solutions fail to provide accurate and timely information, or if the content delivered to clients and patients or any other element of our service is associated with errors or malfunctions, we could have liability to clients or patients which could adversely affect our results of operations.
We may be liable for use of incorrect or incomplete data we provide, which could harm our business, financial condition and results of operations.
Our use of “open source” software could adversely affect our ability to offer our services and subject us to possible litigation.
Risks relating to laws and regulations applicable to our industry
We are subject to healthcare laws and data privacy and security laws and regulations governing our collection, use, disclosure, storage and transmission of personally identifiable information, including protected health information and payment card data, which may impose restrictions on us and our operations, require us to change our business practices and put in place additional compliance mechanisms, and subject us to fines, penalties, lawsuits, adverse publicity, reputational harm, loss of client trust or government enforcement actions if we are unable to fully comply with such laws.
Existing laws regulate our ability to engage in direct marketing, and changes in privacy laws could adversely affect our ability to market our products effectively and could impact our results from operations or result in costs and fines.
Any failure by us to comply fully with website accessibility standards could result in us being subject to considerable fines and penalties.
The healthcare regulatory and political framework is uncertain and evolving.
We conduct business in a heavily regulated industry in an uncertain and evolving political and regulatory environment, and any failure to comply with applicable healthcare laws and government regulations could result in financial penalties, adverse regulatory action and adverse publicity, or could require us to make significant operational changes, any of which could harm our business.
We may be subject to risks related to government contracts and related procurement regulations.
The U.S. Food and Drug Administration (“FDA”) may in the future determine that our technology solutions are subject to the Federal Food, Drug, and Cosmetic Act and we may face additional costs and risks as a result.
Individuals may claim our calling or text messaging services are subject to, and are not compliant with, the Telephone Consumer Protection Act or similar state laws.
Our business is dependent in part on phone, email and text messaging channels, and any technical, legal or other restrictions on the sending of such correspondence or a decrease in consumer willingness to receive such correspondence could adversely affect our business.
Artificial intelligence presents risks and challenges that can impact our business, including by increasing competition, posing security risks to our confidential information, proprietary information and personal data, and increasing our regulatory and compliance burden.
We may be adversely affected by the operation of laws in non-U.S. jurisdictions.
Due to the particular nature of certain services we provide or the manner in which we provide them, we may be subject to additional government regulation and foreign government regulation.
Risks relating to our dependence on third parties
We rely on our third-party contractors, vendors and partners, including some outside of the United States, to execute our business strategy. Replacing them could be difficult and disruptive to our business. If we are unsuccessful in forming or maintaining such relationships on terms favorable to us, our business may not succeed.
We rely on a limited number of third-party suppliers and contract manufacturers to support our products, and a loss or degradation in performance of these suppliers and contract manufacturers could have a negative effect on our business, financial condition and results of operations.
We rely on Internet infrastructure, bandwidth providers, data center providers, other third parties and our own systems for providing services to our clients, and any failure or interruption in the services provided by these third parties or our own systems could expose us to litigation and negatively impact our relationships with clients, adversely affecting our brand and our business.
Risks relating to taxes and accounting standards
Our financial results are based in part on our estimates or judgments relating to our critical accounting policies. Changes in related judgments or assumptions, or changes in accounting standards and tax regulations could materially impact our financial position and results of operations.
Our ability to use our net operating losses to offset future taxable income may be subject to certain limitations.
Risks relating to our financing needs
Our cash and cash equivalents could be adversely affected if the financial institutions in which we hold our cash and cash equivalents fail.
In order to support the growth of our business, we may need to incur additional indebtedness under our current credit facility or seek capital through new equity or debt financings, which sources of additional capital may not be available to us on acceptable terms or at all.
Restrictive covenants in the agreements governing our New Capital One Credit Facility may restrict our ability to pursue our business strategies.
Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations and our financial condition and results of operations.
Risks relating to ownership of our common stock
Our share price has been and may in the future be volatile, and you could lose all or part of your investment.
We do not currently intend to pay dividends on our common stock and, consequently, your ability to achieve a return on your investment will depend on appreciation in the price of our common stock.
We cannot guarantee that our stock repurchase program will enhance long-term stockholder value. Share repurchases could also increase the volatility of our stock price and diminish our cash reserves.
Risks relating to our bylaws and certificate of incorporation
Anti-takeover provisions under our incorporation documents and Delaware law could delay or prevent a change of control, which could limit the market price of our common stock and may prevent or frustrate attempts by our stockholders to replace or remove our current management.
Our bylaws designate certain specified courts as the sole and exclusive forums for certain disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
Legal proceedings
From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. For further information regarding legal proceedings, refer to Note 11 - Commitments and contingencies in Part II - Item 8 in this Annual Report on Form 10-K.
