PLT Energia : Investor Presentation - December 2019

Investor Presentation

Fiscal Fourth Quarter 2019

DISCLAIMERS AND FORWARD-LOOKING STATEMENTS

Statements we make in this presentation may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, which are usually identified by the use of words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "seeks," "should," "will," "could," "appears," "shall," "target," "contemplated,"

"predicts," "potential," "continue" and variations and negatives of such words or similar expressions. We intend these forward-looking statements to be

covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved.

Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, statements about our future financial performance and ability to achieve profitability, including our

revenue, costs of revenue and operating expenses; our anticipated growth and growth strategies and our ability to effectively manage that growth; the

sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; our ability to maintain the security and availability of our platform; our predictions about our industry (including total addressable market) and market trends for healthcare technology solutions; our ability to attract, retain and cross-sell to healthcare provider clients; our ability to maintain renewal rates for healthcare provider clients; our ability to maintain, protect and enhance our intellectual property; our ability to comply with modified or new laws and regulations applying to our business; the increased expenses associated with being a public company; and our outstanding debt under our credit facility, as well as those set forth in the prospectus for our recent offering of our shares of common stock that was filed with the SEC on July 19, 2019 and our other filings with the U.S. Securities and Exchange Commission, including "Risk Factors" sections contained therein.

We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates.

This presentation may include certain non-GAAP financial measures as defined by SEC rules. We have provided a reconciliation of those measures to the most directly comparable GAAP measures, which is available in the Appendix.

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is Patient Intake

Who we are: Leading provider of comprehensive solutions that transform the healthcare experience by engaging patients in their care

What we do: Enable healthcare provider organizations to optimize

operational efficiency, improve profitability and enhance clinical care

How we do it: Software-as-a-Service (SaaS) platform to manage the

patient intake process and an integrated patient payments solution for secure processing of patient payments

~1,600 healthcare provider organizations

$1.4B

patient payments processed in FY19

$100M

revenue in FY19

25%+ revenue growth in FY19

~$7B total addressable market

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INVESTMENT HIGHLIGHTS

Leadership in large, underpenetrated and growing market with strong tailwinds

Leading SaaS platform for patient intake and experience with integrated patient payments

Significant and measurable return on investment

Proven ability to innovate and meet the evolving needs of our clients

Attractive, highly scalable financial model

Multiple growth opportunities

Founder-led and deeply experienced management team with strong culture

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ATTRACTIVE INDUSTRY TAILWINDS

Wasteful	Increasing Patient	Increasing	Shift to Value-Based	Focus on
Spending	Responsibility	Consumerism	Care Models	Personalized
				Healthcare Solutions

• 1.2M intake staff
• $3.6T U.S. healthcare spend1
• $1.1T U.S. healthcare waste1
• ~$300B admin- related waste1

• $586B out-of-pocket spend by 2027
• HDHPs represent 46% of health plan market2
• Provider organizations collect only half of patient balances after initial visit

• Demand for higher quality care, cost transparency, shared decision making and convenience
• 70%+ of patients use online reviews as first step in physician search

• Payment model shift to incentivize value and quality
• Requires high levels of documentation, robust data, sophisticated payment-attributioncapabilities and substantive patient engagement

• Need to directly reach patients when making care decisions
• Current marketing strategies not as effective as targeted outreach

1 In 2018

2 As of the first half of 2018

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OUR VALUE PROPOSITION AND HOW WE MAKE MONEY

Value proposition

How we make money

Providers

• Simplified operations & enhanced staff efficiency
• Improved cash flow and profitability
• Enhanced clinical quality
• Improved patient experience
• Highly visible subscription fees charged on a per provider per month basis (PMPM)
• Based on number and type of applications elected

Patients

• Improved patient experience
• High patient usage
• Flexible payment options
• Engagement in care
• Re-occurringpayment processing fees
• Based on level of patient payment volume processed through Phreesia Platform

Life Sciences Companies

• Targeted, direct digital marketing
• Improved brand conversion and adherence
• Feedback from patient voice
• Fees from the sale of digital marketing solutions to life sciences companies
• Based on guaranteed number of engagements with target audiences

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OUR END-TO-END PATIENT INTAKE SOLUTION

Patients Use These:

Staff Use These:

AT HOME, ON THE GO,	IN THE OFFICE	IN THE OFFICE	IN THE OFFICE
IN THE OFFICE	PhreesiaPad
Mobile	Arrivals Station	Phreesia Dashboard	Analytics

Real-time Integration

Electronic	Practice		Practice Data				Payment
	Management			Payers			APIs
Medical Record			Warehouses			Networks
	System

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LEADING SaaS PLATFORM FOR PATIENT INTAKE AND EXPERIENCE

Registration	Revenue Cycle	Clinical Support	Patient Activation	Appointments	Life Sciences

Mobile and in-office registration

Registration Dashboard

Specialty-specific

workflows

Consent management

POS payments	Care Pathways	Post-visit patient surveys
Insurance verification	Healthy Child for	Preventive-screening
pediatrics	outreach for Medicare
Payment plans	Women's Wellness	Social determinants of
health
Online payments	Behavioral health	Service-promotion
screenings for primary care	messaging
Card on file with		Branded patient
Payment Assurance		announcements
Cost Estimation		Research

Online appointments	Patient Connect
Referrals	Patient Insights
Appointments queue	Advanced Analytics
to track requests

Appointment reminders

Automated self-

scheduling

Included in base package

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OUR CURRENT AMBULATORY-BASED ADDRESSABLE MARKET

Subscription-Based Revenue	Consumer-Related Transaction	Life Sciences
And Payment Processing Fees
~890K addressable providers1	$91B addressable out-of-pocket2	DTC point-of-care
in United States	in United States	marketing spend3

~780K active physicians ~77K nurse practitioners ~35K physician assistants

$4.3B

$2.2B

$750M

TAM of ~$7B

Current addressable market does not include acute care

Source: (1) Kaiser Family Foundation, BLS Data, American Association of Nurse Practitioners, National Commission of Certification of Physician Assistants - assumes ~1,005,000 total physicians , with ~75% in non-acute care setting and 100% taking appointments; ~165,000 NPs, with ~85% in non-acute care setting and ~55% taking appointments; 90,000 PAs, with ~60% in non-acute care setting and ~65% taking appointments; (2) CMS, includes out-of-pocket spending for physician, clinical and other professional services; (3) ZS Associates, projected spending in point-of-care marketing in pharma (2014 - 2020)

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SCALABLE FROM SMALL BUSINESSES TO LARGE ENTERPRISES

25+ medical specialties of varying sizes

~40 life sciences brands

Providers

Physician groups

Health systems

Serving ~1,600 healthcare provider organizations

Life Sciences

Pharma manufacturers

• Top 3 global pharma company
• Top 3 global biotech company
• Top 5 diabeteszpharma manufacturer
• Top 5 oncology pharma manufacturer

Serving 13 of the top 20

global pharma companies

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Phreesia is the Top-Ranked Patient Intake

Management Solution

2019 Category Leader for Patient Intake Management, based on survey data from

provider groups on areas such as integration, implementation support and overall customer satisfaction

Utilization ranked as the highest among its competitors across functionality

Broadest adoption of KLAS patient intake functionalities in 2018, with most extensive integration capabilities and high client satisfaction

Note: KLAS Research is a HCIT data and insights research company

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MULTIPLE GROWTH OPPORTUNITIES

	Grow footprint	Cross-sell new	Margin	Partnerships and
Land new clients	within existing	applications to	expansion
M&A
	clients	existing clients	through scale

• Direct sales model
• Acute care market in early innings
• Focus on larger providers

• Additional providers	•	Proven ability to	•	New applications	•	Focus on growing
within existing clients		continuously		and new and larger		partnerships (i.e. PM,
•	New sites		innovate		clients highly		EHR, Life Sciences,
	• Appointments,		scalable on existing		R1)
•	New providers
	Cost Estimation		platform	•	Vital Score
	within existing sites
		and Mobile	•	Adj. EBITDA positive		acquisition
		•	Upsell new		in FY19		completed in FY19
			applications

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Financial Overview

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FINANCIAL PERFORMANCE HIGHLIGHTS

Highly Visible

Revenue

Attractive

Economics

Growth

Opportunities

• Strong visibility into revenue at the beginning of the fiscal period based on contracted business
• 80%+ revenue from recurring monthly subscriptions and re-occurring payment processing fees
• Contracts typically 1-year in length, with ~90% of provider client contracts renewing each year
• Strong financial discipline with focus on profitable growth
• Platform created for significant scale
• Low marginal cost to support new providers
• Stable recurring revenue and contribution margin from consistent Cohorts, net of churn
• Large and growing addressable market of ~$7B
• Expansion from additional providers from both existing and new Clients
• Additional revenue from product innovations sold to existing clients

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SCALABLE AND PREDICTABLE SOURCES OF REVENUE

Provider

Payment Subscription processing and related feesservices1

Life Sciences

REVENUE MODEL

• Includes base package and add-on applications
• Majority of fees charged per provider per month (PPPM)
• Fees earned as % of processed patient payments
• 80%+ volume: Credit / debit transactions processed on Phreesia payment facilitator model
• Remaining volume: Cash, check and credit gateway transactions to other payment processors
• Sale of targeted digital marketing solutions to patients
• Contract duration typically 12 months
• Guaranteed # of engagements with target audience
• Fees charged per brand engagement

DRIVERS

• New provider clients
• Expansion within existing clients
• New products and applications
• Increase in payment volume from patients of existing and new providers / clients
• Increase in patient financial responsibility
• New life sciences clients
• Expansion within existing clients
• Purposeful controlled growth
• Investment in new data and analytics products represent upside potential

FY19 % REV

44%

37%

19%

Strong visibility into revenue at the beginning of the fiscal period based on contracted business

1 In addition to subscription revenue, Phreesia generates certain fees from provider clients for professional services associated with implementation, travel and expense reimbursements, shipping and handling, sale of hardware (PhreesiaPads and Arrivals Stations), on-site support and training

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STRONG OPERATING AND FINANCIAL PERFORMANCE

TOTAL REVENUE ($M)

Life Sciences		Provider

AVG. NUMBER OF

PROVIDER CLIENTS

+5%

AVG. ANNUAL PROVIDER
REVENUE PER CLIENT ($K)	ADJ. EBITDA ($M)1

	+25%
	$100
$80	+32%
	$81
$61
$19	$19
FY 18	FY 19

	+33%
	$33
$25	+31%
	$26
$20
$5	$7

FQ3 19 FQ3 20

				1,573
			+5%	1,503
			1,490
	1,416
	FY 18	FY 19	FQ3 19 FQ3 20

	+26%
	$54,231
$43,163
FY 18	FY 19

			$4		$3
	+25%			$0
	$16,637
$13,308
		($4)
FQ3 19	FQ3 20	FY 18	FY 19	FQ3 19	FQ3 20

Strong performance in first two quarters as public company

1 For a reconciliation to the nearest GAAP measure, please see slide 19

FY ended January 31 FQ ended October 31

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Appendix

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DETAILED INCOME STATEMENT

$M

	Fiscal year ended January 31,		Three months ended October 31,
	FY 2018	FY 2019		Q3 2019	Q3 2020
Revenue:
Subscription and Related Services Revenue	$32.4	$43.9	$10.9	$14.6
Payment Processing Revenue	28.7	36.9	9.1	11.6
Total Provider Revenue	$61.1	$80.8		$20.0	$26.2
Life Sciences	$18.7	$19.1	$4.8	$6.7
Total Revenue	$79.8	$99.9		$24.8	$32.8
% Growt h		25.1%			32.7%
Expenses:
Cost of revenues (excluding depreciation and amortization)	$12.6	$15.1	$3.8	$4.4
Interchange costs	17.2	21.9	5.4	6.9
Sales and Marketing	24.8	26.4	7.2	8.3
Research and Development	11.4	14.3	3.9	4.8
General and Adminstrative	18.8	20.1	4.5	7.2
Depreciation	6.8	7.6	2.0	2.2
Amortization	2.8	4.0	1.0	1.3
Total Expenses	$94.4	$109.4		$27.8	$35.1
Operating loss	($14.6)	($9.5)	($3.0)	($2.2)
Operat ing Margin	(18.2%)	(9.5%)	(12.3%)	(6.8%)
Other Income (Expense)	$0.6	($0.0)	$0.2	$0.1
Change in Fair Value of Warrant Liability	(0.6)	(2.1)	(0.6)	$0.0
Interest Income (Expense)	(3.6)	(3.5)	(0.7)	($0.2)
Total Other Income (Loss)	($3.6)	($5.6)		($1.1)	($0.1)
Provision for Taxes	0	0	0	(0.1)
Net Income (Loss)	($18.2)	($15.1)	($4.2)	($2.4)
Net Margin %	(22.8%)	(15.1%)	(16.9%)	(7.4%)
Memo: Adjusted EBITDA 1	($4.1)	$3.5	$0.4	$3.0
% Margin	(5.1%)	3.6%	1.7%	9.2%

1 For a reconciliation to the nearest GAAP measure, please see slide 19	18

ADJUSTED EBITDA RECONCILIATION1

$M
		Fiscal year ended January 31,	Three months ended October 31,
Reconciliation to Adjusted EBITDA	FY 2018	FY 2019	Q3 2019	Q3 2020
($18.2)	($15.1)	($4.2)	($2.4)
Net Income (Loss)
Interest (Income) Expense. Net	3.6	3.5	0.7	0.2
Depreciation and Amortization	9.6	11.6	3.0	3.5
Stock-Based Compensation Expense	0.8	1.4	0.4	1.8
Change in Fair Value of Warrant Liability	0.6	2.1	0.6	0.0
Income tax provision	0.0	0.0	0.0	0.1
Other (Income) Expense, Net	(0.6)	0.0	(0.2)	(0.1)
Adjusted EBITDA	1	($4.1)	$3.5	$0.4	$3.0
Adjust ed EBITDA Margin %	(5.1%)	3.6%	1.7%	9.2%

1 Adjusted EBITDA is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be

considered as an alternative to net income or loss or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of our liquidity

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