v3.21.1

Leases | 12 Months Ended
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Jan. 31, 2021
Leases [Abstract] |
Leases | Leases (a) Phreesia as Lessee The Company leases office premises in North Carolina and Ottawa, and data center space in Virginia under operating leases which expire on various dates through March 2024. Certain of these arrangements have escalating rent payment provisions or optional renewal clauses. The table below only considers lease obligations through the renewal date as the Company is not reasonably certain to elect the option to extend its leases beyond the option date. No arrangements contain residual value guarantees or restrictions imposed on the leases. We are also committed to pay a portion of the actual operating expenses under certain of these lease agreements. These operating expenses are not included in the table below. The operating lease right-of-use assets were calculated as the present value of operating lease liabilities, less the amount of unamortized tenant improvement allowance and deferred rent. The discount rate used was the Company’s incremental borrowing rate given that the implicit rate to each lease was not readily determinable. The Company also entered into various finance lease arrangements of computer equipment. These agreements are typically for two to three years and are secured by the underlying equipment. Supplemental balance sheet information related to operating and finance leases as of January 31, 2021 was as follows:
| January 31, 2021
Operating leases: |
Lease right-of-use assets | $ | 2,654 |
Lease liabilities, current | 1,087 |
Lease liabilities, noncurrent | 1,899 |
Total operating lease liabilities | $ | 2,986 |
Finance leases: |
Property and equipment, at cost | $ | 19,933 |
Accumulated depreciation | (10,389) |
Property and equipment, net | $ | 9,544 |
Lease liabilities (included in Current portion of debt and finance leases) | 3,820
Lease liabilities, noncurrent (included in Long-term debt and finance leases) | 5,882 |
Total finance lease liabilities | $ | 9,702 |
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 January 31, 2021, for operating leases, the weighted-average remaining lease term is 2.6 years and the weighted-average discount rate is 3.5%. As of January 31, 2021, for finance leases, the weighted-average remaining lease term is 2.7 years, and the weighted-average discount rate is 4.4%. The components of lease expense for the year ended January 31, 2021 were as follows:
| January 31, 2021
Operating leases: |
Operating lease cost | $ | 1,766 |
Variable lease cost | 257 |
Total operating lease cost | $ | 2,023 |
Finance leases: |
Amortization of right-of-use assets | $ | 2,876 |
Interest on lease liabilities | 326 |
Total finance lease cost | $ | 3,202 |
The following represents a schedule of maturing lease commitments for operating and finance leases as of January 31, 2021:
| January 31, 2021
| Operating |  | Finance
Maturity of lease liabilities |  |  |
Fiscal year ending January 31, |  |  |
2022 | 1,171 |  |  | 4,142 |
2023 | 1,142 |  |  | 3,356 |
2024 | 760 |  |  | 2,294 |
2025 | 52 |  |  | 316 |
2026 | — |  |  | 158 |
Total future minimum lease payments | $ | 3,125 |  |  | $ | 10,266 |
Less: interest | (139) |  |  | (564) |
Present value of lease liabilities | $ | 2,986 |  |  | $ | 9,702 |
Future minimum lease payments under non-cancelable operating leases as of January 31, 2020 under ASC 840 were as follows:
| January 31, 2020
| Operating
Fiscal year ending January 31, |
2021 | $ | 1,824 |
2022 | 819 |
2023 | 464 |
2024 | 277 |
| $ | 3,384 |
Other supplemental cash flow information for the year ended January 31, 2021 was as follows:
| January 31, 2021
Supplemental cash flow information |
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash used for operating leases | $ | 1,629 |
Operating cash used for finance leases | 326 |
Financing cash used for finance leases | 2,630 |
Total | $ | 4,585 |
Right-of-use assets obtained in exchange for lease liabilities: |
Operating | $ | 4,359 |
Finance | 8,885 |
Total | $ | 13,244 |
An initial right-of-use asset of $2,741 for operating leases was recognized as a non-cash asset addition in connection with the adoption of ASC 842. Cash paid for amounts included in the present value of operating lease liabilities was $1,629 during the year ended January 31, 2021 and is included in cash (used in) provided by operating activities. (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. These rentals fall under the guidance of ASC 842. 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 are classified as operating leases. During the year ended January 31, 2021, the Company recognized $6,312 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 January 31, 2021, except for those with terms less than one year.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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