Phreesia - Earnings Call - Q4 2025
March 12, 2025
Executive Summary
- Q4 FY2025 delivered 15% revenue growth to $109.7M with strong non-GAAP profitability: Adjusted EBITDA of $16.4M (~15% margin), positive operating cash flow ($16.3M) and free cash flow ($9.2M), marking continued operating leverage and cash generation.
- Network Solutions led growth (+29% YoY) alongside Subscription (+13%) and Payments (+5%); AHSCs rose to 4,341 (+10% YoY), while total revenue per AHSC increased 5% YoY to $25,266.
- FY2026 guidance was maintained: revenue $472–$482M, Adjusted EBITDA $78–$88M, AHSCs ≈4,500, with revenue per AHSC expected to increase; balance sheet flexibility supported by $84.2M cash and an undrawn credit facility.
- Management emphasized new product momentum (Appointment Readiness, Patient Bill Pay) and real-time internal AI tools boosting forecasting; calendar/weather headwinds (Christmas mid-week, regional fires/storms) were acknowledged as Q4 mix/timing impacts.
- Wall Street consensus comparisons from S&P Global were unavailable due to API limit; estimate-relative framing deferred (see Estimates Context).
What Went Well and What Went Wrong
What Went Well
- Network Solutions revenue grew 29% YoY, underpinned by privacy/consent-based point‑of‑care engagement; selling season visibility remained solid compared with prior year.
- Sustained operating leverage: Adjusted EBITDA up $19.9M YoY to $16.4M in Q4; three consecutive quarters of positive operating and free cash flow (Q4 OCF $16.3M; FCF $9.2M).
- Product momentum: Appointment Readiness (insurance benefits clarity, increased touchpoint value) and Patient Bill Pay (material uplift in collections and efficiency for clients) are scaling with positive client feedback.
Management quote: “We are well positioned to continue generating positive free cash flow while investing in long-term profitable revenue growth.”
What Went Wrong
- Payment processing take rate moderated (2.79% in Q4 vs 2.93% prior-year Q4) and payment processing expense ratio rose vs prior-year Q4 (69% vs 67%), pressuring gross economics for the payments line.
- Sequential total revenue per AHSC was flat in Q4; management cited calendar placement (Christmas mid-week), adverse weather (Northeast/Southeast), and L.A. fires affecting some clients.
- S&P Global consensus data was not retrievable for estimate comparisons this cycle; limits detailed beat/miss quantification (see Estimates Context).
Transcript
Operator (participant)
Good evening, ladies and gentlemen, and welcome to Phreesia's Fourth Quarter Fiscal 2025 Earnings Conference Call. At this time, all participants are in listen-only mode. We will provide instruction for the question-and-answer session to follow. First, I would like to introduce Balaji Gandhi, Phreesia's Chief Financial Officer. Mr. Gandhi, you may begin.
Balaji Gandhi (CFO)
Thank you, Operator. Good evening and welcome to Phreesia's Earnings Conference Call for the Fourth Quarter of Fiscal 2025, which ended on January 31 of 2025. Joining me on today's call is Chaim Indig, our Chief Executive Officer. A more complete discussion of our results can be found in our earnings press release and in our related Form 8-K submission to the SEC, including our Quarterly Stakeholder Letter, both issued after the markets closed today. These documents are available on the Investor Relations section of our website at ir.phreesia.com. As a reminder, today's call is being recorded, and a replay will be available on our Investor Relations website at ir.phreesia.com following the conclusion of this call.
During today's call, we may make forward-looking statements, including statements regarding trends, our anticipated growth, our strategies, predictions about our industry, and the anticipated performance of our business, including our outlook regarding future financial results. Forward-looking statements are subject to various risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to differ materially from those described in our forward-looking statements. Such risks are described more fully in our earnings press release, our stakeholder letter, and our risk factors included in our SEC filings, including in our annual report on Form 10-K that will be filed with the SEC tomorrow. The forward-looking statements made on this call will be based on our current views and expectations and speak only as of the date on which the statements are made.
We undertake no obligation to update and expressly disclaim the obligation to update these forward-looking statements to reflect events or circumstances after the date of this call or to reflect new information or the occurrence of unanticipated events. We may also refer to certain financial measures not in accordance with generally accepted accounting principles, such as adjusted EBITDA and free cash flow, in order to provide additional information to investors. These non-GAAP measures should be considered in addition to, and not as a substitute for, or in isolation from, our GAAP results. A reconciliation of GAAP to non-GAAP results may be found in our earnings press release and stakeholder letter, which were furnished with our Form 8-K filed after the markets closed today with the SEC, and may also be found on our Investor Relations website at irphreesia.com. I will now turn the call over to our CEO, Chaim Indig.
Chaim Indig (CEO)
Thank you, Balaji, and good evening, everyone. Thank you for joining Phreesia's fourth quarter earnings call. I want to take a moment to acknowledge that 20 years ago, Evan and I founded Phreesia. Our mission is making care easier every day. Our vision is for every person to be an active participant in their care. I'm so proud of what we've accomplished over these years and excited about where we are heading. I want to extend my appreciation to my teammates, our clients, partners, and stakeholders who continue to contribute to our success. I am excited about the new products we've introduced over the past several quarters that improve medication adherence and the overall patient and provider experience. We look forward to making these products more widely available to our existing network and new clients. In fiscal 2025, we achieved another milestone.
The Phreesia platform was used in approximately 14% of patient visits across the United States, or approximately 170 million times. I would like to congratulate and thank the Phreesia team for our strong finish to the fiscal year, which is reflected in our earnings press release and stakeholder letter. Let me hand it over to Balaji to review some of the highlights of the fourth quarter results and review our outlook for fiscal 2026.
Balaji Gandhi (CFO)
Thank you, Chaim. Let me start with a couple of the highlights in our earnings materials regarding the fourth quarter. Q4 revenue was $109.7 million, up 15% year-over-year. Q4 adjusted EBITDA was $16.4 million, up $19.9 million year-over-year, with an adjusted EBITDA margin of 15%. Our Q4 average healthcare services clients reached 4,341, an increase of 104 from the prior quarter and 379 from the prior year. Q4 total revenue per AHSC was $25,266, up 5% year-over-year. Our cash flow and cash position continue to improve. In Q4, we maintained positive operating cash flow and free cash flow for the third consecutive quarter. Q4 operating cash flow was positive $16.3 million, up $19.3 million year-over-year. Q4 free cash flow was positive at $9.2 million, up $20.1 million year-over-year. These improvements reflect strong revenue performance over the period, as well as disciplined expense and cash collections management.
We expect the magnitude of improvement in free cash flow and operating cash flow on a quarter-to-quarter basis to vary based on specific timing of invoicing and payments, which you can see in working capital along with CapEx. Cash was at $84.2 million on January 31, up $2.5 million from October 31, 2024. Our fourth quarter reflects continued operating leverage across the company. We are well-positioned to continue generating positive free cash flow while investing in long-term profitable revenue growth. Transitioning to our financial outlook for fiscal 2026, we are maintaining our revenue outlook for fiscal year 2026 at a range of $472 million-$482 million. The revenue range provided for fiscal 2026 assumes no additional revenue from potential future acquisitions completed between now and January 31, 2026. We are maintaining our adjusted EBITDA outlook for fiscal year 2026 at a range of $78 million-$88 million.
We are reiterating our outlook on AHSCs to reach approximately 4,500 in Fiscal 2026 and for revenue per AHSC to increase in Fiscal 2026 compared to Fiscal 2025. Operator, I think we can now open up the lines for the Q&A session.
Operator (participant)
We will now begin the question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to return your question, press star one again. At this time, we will pause momentarily to assemble our roster. Our first question comes from the line of Anne Samuel with JPMorgan. Anne, please go ahead.
Anne Samuel (Executive Director)
Great. Congratulations on 20 years. What an accomplishment. Your gross margin once again saw some really nice expansion. I know gross margin was kind of the first leg of the leverage story, but you're already seeing this really nice leverage on your other expense line. As we think about gross margin moving forward, how much more room is there for expansion? Just how should we be thinking about the contribution it should have to overall leverage?
Chaim Indig (CEO)
Yeah. Hey, Annie, thanks. On gross margin, I think we've talked about this in the past. Mix at this point is one of the biggest drivers of that. And as you know, payment processing is associated with lower margins, and the growth rate is slower. I think just the growth expectations are higher in the other two revenue lines, which should contribute to some gross margin expansion. I don't think there's anything really else to call out in terms of that being a driver of operating leverage. It might be better in some quarters than others.
Anne Samuel (Executive Director)
Great. Thanks. Maybe just one more. You once again saw really strong growth in network solutions. Just wondering, should we be thinking about the underlying market conditions for 2026 as similar to 2025, or are there any market factors we should be thinking about in that line? Thanks.
Chaim Indig (CEO)
No. I would say very similar as we head into the year.
Anne Samuel (Executive Director)
Great. Thank you.
Chaim Indig (CEO)
Thanks.
Operator (participant)
Your next question comes from the line of Jessica Tassan with Piper Sandler. Jessica, please go ahead.
Jessica Tassan (VP and Senior Research Analyst)
Hi, guys. Thank you so much for taking the question. I was hoping that maybe you could talk to us a little bit about Post-Prescription Engagement. How does the product work? What data informs the product? Maybe what does the patient see? Is payment kind of contingency-based, or is it based on whether the patient picks up the prescription, or is it impression-based? Thanks.
Chaim Indig (CEO)
Yeah. Okay. There's a lot in there. I think to answer the last part of that question, you should think about it as impression-based. It's similar to the other campaigns that we run, Jess. If you think about it, we're leveraging a lot of the data that we have in our platform to be able to remind you about a prescription that was filled. That's very valuable to our clients. That's what really drives the product and the value to the customers. It's both to the Life Sciences clients, but also to the providers and the patients as well.
Jessica Tassan (VP and Senior Research Analyst)
Great. Thank you.
Chaim Indig (CEO)
Great.
Operator (participant)
Your next question comes from the line of Jailendra Singh with Truist Securities. Jailendra, please go ahead.
Jailendra Singh (Managing Director)
Yeah. This is Jailendra Singh from Truist Securities. I want to ask about the total revenue per AHSC metric, nice growth of 5% year-over-year, 7% if you exclude the clearinghouse impact, but it was flat sequentially. How meaningful was the impact in fiscal Q4 from the way calendar played out in terms of business days, in terms of how holidays play out in terms of year-over-year trends in fiscal Q4? As we think about fiscal 2026, clearly we have one less day in fiscal Q1. Anything else we should keep in mind in terms of that quarterly progression of that metric?
Chaim Indig (CEO)
No. Great questions there, Jailendra. I think you picked up on the fact that the way the calendar falls and weather really wind up being pretty big factors in our business. One thing about the fourth quarter that we point out is Christmas fell earlier in the week, right on top of a weekend last year in the comp period, whereas in the middle of the week this season. There was sort of a harder comp, tougher comp for us. We also had the Los Angeles fires, and that was obviously very unfortunate and had some clients in that region. Even just on a comp basis, the year-over-year and the weather in the Northeast and in the Southeast was also pretty challenging in January. I think as we've talked about, these are things we're used to.
When we think about modeling internally and sharing our views externally, we try to build those in. Shout out to our FP&A team, who does a very good job of staying on top of that. That was largely baked into our expectations for the year, Jailendra. I think you brought up a good point, which is, yeah, it was a leap year in 2024. It is not a leap year in 2025. I think you could probably spend some time looking at how the calendar falls, and Mondays and Fridays are interesting things to look at year-over-year. In the fourth quarter, there was a little bit of a tougher comp for us here last year.
Jailendra Singh (Managing Director)
Okay. My quick follow-up on kind of just update on any progress on the leveraging AI and automation. You guys have talked about one usage being replacing manual workflows and improving productivity internally. You guys have also talked about leveraging AI and network solution business in various ways. Just curious, any interesting results to share? Are you seeing more opportunities internally, or is this more about kind of driving more business in network solutions from AI side?
Chaim Indig (CEO)
Jailendra, this is Chaim. I'll answer that. Balaji and I were earlier today. We actually got a demonstration of one of our AI applications used internally by our Network Solutions team. They've been wanting to show us what this tool they're using for forecasting. It was, by all accounts, I saw Balaji's jaw drop when he realized what the team has been using it for and how valuable it is. No, we're seeing its impact in real time in our business. We expect to continue to very thoughtfully implement AI throughout our organization, where it not only drives real financial impact, but really improves the outcomes for all of our stakeholders. It would be an understatement for me to say the impact that has happened has been great. We are very excited.
Jailendra Singh (Managing Director)
Thanks, guys.
Chaim Indig (CEO)
Thanks.
Operator (participant)
Your next question comes from the line of Ryan Daniels with William Blair. Ryan, please go ahead.
Ryan Daniels (Group Head of Healthcare Technology and Services)
Yeah. Good evening, guys. Thanks for taking the question. I'm curious about solutions like Appointment Readiness. You mentioned that also creates a new opportunity to engage users and then leverage that for Network Solution sales. My question is, does a newer product like that need to reach some element of critical mass before you can sell it into the pharma customer base, or is that something that you could just add to existing programs right away as a different or another touchpoint for Network Solutions?
Chaim Indig (CEO)
Ryan, we think very early on, our product organization thinks a lot about scale and deployment. Usually when we're talking about something openly, it's because it's already reached scale where we're able to leverage it across Network Solutions. Often these things have been in development for sometimes years. From the early stages, the key requirement of all of our product briefs is scale. We're able to achieve that on a very regular basis with a lot of our products in a very good clip. I think that's something that is a result of the investments we've been making in R&D.
Ryan Daniels (Group Head of Healthcare Technology and Services)
Okay. Perfect. Thank you. If I follow up, we've seen a lot more announcements, it seems like lately, of different entities inside and even outside of healthcare, names like Salesforce rolling out AI agents to do appointment scheduling and matching patients to clinicians and insurance verification. Are you seeing any changes when you talk to your go-to-market team about the competitive dynamics, or is your installed base and comprehensive offering still kind of winning more of the market relative to some of those solutions? Thanks.
Chaim Indig (CEO)
I would say our close rates, if anything, have gotten a little bit better as of late. I think a lot of those larger entrants have actually helped us in a lot of ways because as people start spending more time looking at it, we end up winning more of those. I think it's been a rising tide where, as the market leader, we've been a beneficiary of it, right?
Ryan Daniels (Group Head of Healthcare Technology and Services)
Okay. Perfect. Thank you. Congrats on the 20 years.
Chaim Indig (CEO)
Cheers, mate. Thanks.
Thanks, Ryan.
Operator (participant)
Your next question comes from the line of Richard Close with Canaccord Genuity. Richard, please go ahead.
Richard Close (Managing Director)
Yes. Thanks for the questions. First, great results on that breast cancer screening. That's pretty neat. Just maybe digging in a little bit more on Ryan's question on Appointment Readiness. Is that something that you charge provider clients to turn on or maybe let them use it like you have done in the past? Since you're talking about life science, having another opportunity to engage, can you talk a little bit about what would be an example of how they are engaging with that offering if it's just their eligibility and deductible and stuff like that, just to better understand?
Chaim Indig (CEO)
To answer your question, Richard, we do not currently charge for this product above and beyond what we already charge. It is something of significant value to providers because it just gets their patients ready. It is something where we are able to add more value to patients and providers, and the scale and investments that we are making just make our offering significantly more valuable. From a network solution standpoint, there are broad examples of that I am not going to go into on this call where there is a lot of prep that needs to go into getting ready for your visit. This allows that education and prep before that patient comes into the office. We have seen uptick on that with network solutions.
Richard Close (Managing Director)
Okay. That's helpful. Maybe on Patient Bill Pay, an update there. Obviously, the results from the Ortho Group, really impressive. Can you talk a little bit more about the rollout of that, maybe interest from existing clients to add that on, or what the attachment rate is with new clients?
Chaim Indig (CEO)
Yeah. Richard, something we're very excited about. I don't think we're going to share an attachment rate, but I think what we could say is it's very similar to what Chaim talked about with Appointment Readiness and Post-Prescription Engagement, which is this has taken years of development and something we've pushed out into the market. Our thesis has been it adds a lot of value from the status quo, and we can generate revenue through additional payment volume through that product, which is, we think, a very differentiated go-to-market. It's something we're pushing out to all of our base clients. As you saw in the letter, seeing some pretty good results.
Richard Close (Managing Director)
Okay. Thanks. Congrats.
Chaim Indig (CEO)
Thanks.
Operator (participant)
Your next question comes from the line of Ryan MacDonald with Needham & Company. Ryan, please go ahead.
Ryan MacDonald (Managing Director and Senior Equity Research Analyst)
Hi. Thanks for taking this question and congrats on this quarter. Maybe within Network Solutions, we're seeing a continued evolution and change in the advertising landscape for pharma marketing, life sciences marketing, and particularly in social media channels, as we're seeing sort of more regulations come in, limiting the ability to target effectively on some of the major social media platforms. Are you, from a go-to-market perspective on that Network Solutions team, doing anything to better position yourself to maybe capture more share of spend in the midst of these changes?
Chaim Indig (CEO)
Maybe just talking about our positioning there, Ryan. Our Phreesia's platform of personalized health content is built on very important principles of both privacy and consent. We are trying to, with our platform, meet the patients where they are with relevant personalized information at those very key moments of their healthcare journey. For us, that is what differentiates us in leading on privacy and consent. We think we have a very unique platform to do that. Obviously, yeah, there is lots of competition for those dollars. Lots of dollars.
Ryan MacDonald (Managing Director and Senior Equity Research Analyst)
Okay. Thank you. Maybe as you think about the reiterated sort of guidance on the magnitude of AHSCs and the additions that you're expecting for this year, can you just talk about what you're seeing early days in the year that gives you confidence in the trajectory of that count? What to the extent that you can do to either meter up or down investments to make sure you're hitting to those targets as we progress through a year in what is likely, again, a volatile macro? Thank you.
Chaim Indig (CEO)
Yeah. Sure. I mean, I think we've talked about this for a couple of years now. We did put a lot of capital into the business. We are still spending a fair amount of capital in that area in sales and marketing, which is inclusive of our life sciences network solutions area. Ryan, when we put those projections out there for fiscal 2026, the numbers might move around quarter to quarter. We wanted to put something out there that captured where we thought we'd be for the end of the year and feel pretty comfortable with that today and with our go-to-market motions and the resources we have. I think we can go to the next caller.
Operator (participant)
Your next question comes from the line of Jeff Garro with Stephens. Jeff, please go ahead.
Jeff Garro (Managing Director and equity research analyst)
Yeah. Good afternoon. Thanks for taking the questions. A couple more for me on network solutions. First, just want to check in and see if you could help us understand how far along are you in penetrating all of the 170 million visits on the network with network solutions content. Also want to ask, how are you getting better at generating those monetization moments and maybe even further finding the best and most personalized match for your inventory of network solutions content to engage with those individual patient moments?
Chaim Indig (CEO)
Yeah. Jeff, I think we did share the 170 million visit milestone, but I think the very unique part about Phreesia's business model is that those visits, there's lots of different ways we're bringing value to our clients in those visits. As Chaim talked about, there are certain products that are driving value in some ways so providers can generate subscription revenue or payment processing revenue. Others, we are able to also generate Network Solutions revenue. I don't think you should come away thinking that all 170 million of those will generate revenue from all three lines. It's actually a pretty, I think, unique part of our business model.
That said, I think you can do some very shortcut math on looking at our Network Solutions revenue divided by visits, which we've provided, I think, for maybe five periods now since we've been public, and see that the dollars on a per-visit basis continue to tick up. We think that will continue to tick up and is incorporated into our financial outlook for fiscal 2026. The new products we've introduced in the last couple of quarters will help drive that.
Jeff Garro (Managing Director and equity research analyst)
Excellent. Appreciate that. One more on network solutions. Back in mid-December, you spoke pretty positively on progress for network solutions on the kind of key selling season for pharma advertising. I want to see if that remains the case here several months later and maybe just generally how you feel about visibility there.
Chaim Indig (CEO)
Yeah. No change. Exactly in the same spot. I think maintaining our financial outlook so we reflect the same comments we made back in December.
Jeff Garro (Managing Director and equity research analyst)
Great. Thanks again for taking the questions. Also, congrats on the 20 years.
Chaim Indig (CEO)
Thank you.
Operator (participant)
Your next question comes from the line of Daniel Grosslight with Citigroup. Daniel, please go ahead.
Daniel Grosslight (Managing Director and equity research analyst)
Hi guys. Thanks for taking the question and congrats on another strong quarter here. There's been a lot of macro noise out there right now, whether it's around consumer confidence or what's going to happen with Medicaid, enhanced subsidies on the exchanges, or physician payment rates in Medicare. I'm curious if you're seeing any of these macro factors impact your business this year, impact the sales cycle this year. I don't know if you have this data readily available, but if you could perhaps size what % of your visit volume is coming from folks on Medicaid or the exchanges. Thanks.
Chaim Indig (CEO)
Daniel, I think the first thing we'd say is obviously we're monitoring all of these trends and activities pretty closely. Nothing to really call out, but let's just step as of today and what we know, and we'll keep monitoring and let you know if anything changes. These are all things we're tracking pretty closely. I think in terms of mix, there's nothing about the mix of our network. If you thought about it on a payer basis, that would be different than just the broader population. Apologize, don't know offhand exactly what percentage of the population is Medicaid, but I don't think you'd see it be very different. That would apply to Medicare or employer-sponsored coverage.
Daniel Grosslight (Managing Director and equity research analyst)
Yep. Makes sense. Okay. Okay. And then just on your capital deployment priorities for fiscal 2026, you have really solid cash balance now. You're consistently free cash flow positive. I'm just curious how you're thinking about the buy versus build dynamic in 2026 and if there's any changes in capital deployment priorities.
Chaim Indig (CEO)
No change. I mean, I think we talk a lot about capital allocation. For the last almost six years now we've been public, our philosophy has been to allocate capital where we can get good, solid, durable growth that's profitable. Sometimes that comes organic. Sometimes that comes inorganic. Obviously, it's been heavily organic over our history, and there's a pretty rigorous process for us to look at things inorganic. I think it's nice to have the balance sheet that we have and the cash flow that we have to be able to continue to look at both organic and inorganic and drive that durable, profitable growth.
Daniel Grosslight (Managing Director and equity research analyst)
Got it. Thank you.
Operator (participant)
Your next question comes from the line of Scott Schoenhaus with KeyBanc Capital Markets. Scott, please go ahead.
Scott Schoenhaus (Managing Director Equity Research)
Hey, team. Thanks for taking my question. On the investment letter, you said your after-hours service was back online. That's good to hear. It reminds me that you had two other acquisitions last year. Are you fully charging for those platforms now? How should we think about those tailwinds of all three for fiscal 2026? Thanks.
Balaji Gandhi (CFO)
Yeah. Actually, Scott, it's amazing how time flies, but all three of those acquisitions were actually in calendar 2023, so fiscal 2024. We actually did not do any acquisitions in fiscal 2025. The other two that you're referring to from fiscal 2024 have contributed to growth. I think we've called out MediFind and Access driving revenue and contributing to growth. That's something when we made those acquisitions, we expected it to contribute. I don't think there's anything particularly to call out there. Yeah, we're excited to have the on-call product back out in the market.
Scott Schoenhaus (Managing Director Equity Research)
Yeah. Thanks, Balaji. Thanks for that. You're totally right. Time does fly. Follow-up on the last question about capital allocation. Would you think about deploying it through other means? Would you think about share repurchases if you see valuations depressed? You're generating cash now, and that's expected to probably accelerate as margins continue to expand here. Just kind of thinking about capital allocation flexibility and optionality here.
Balaji Gandhi (CFO)
Yeah. I think what you should take away is we're always trying to position ourselves to be able to be flexible. Look, we're a very growth-minded company and trying to drive, again, that profitable, durable growth. That's where you should think about us prioritizing capital deployment in certainly the next couple of years.
Scott Schoenhaus (Managing Director Equity Research)
Thanks.
Operator (participant)
Your next question comes from the line of, again, Jessica Tassan with Piper Sandler. Jessica, please go ahead.
Jessica Tassan (VP and Senior Research Analyst)
Hi, guys. Thanks for taking the follow-up. I just wanted to check in. On the network solution side, can you just remind us when are you able to upsell or maybe resell these contracts throughout the year? Are contracts usually time-bound or impression-bound? Just wondering about the per AHSC network solutions revenue over the course of the fiscal year. Thanks.
Chaim Indig (CEO)
Yeah. It's throughout the year. We resell campaigns for a fixed number of messages that are delivered. When we complete those campaigns, we resell them. I don't know if that answers your question, Jess, but it's sort of ongoing. We do do forecasting and pacing. Yeah. I think Chaim talked about AI being an interesting application there and helping us do that.
Jessica Tassan (VP and Senior Research Analyst)
Got it. Thank you.
Operator (participant)
This concludes our question and answer session. I would like to turn the conference back over to Chaim Indig.
Chaim Indig (CEO)
Thank you, everyone. The last 20 years has been wonderful. We look forward to the years forward. We know we've just begun this amazing journey. Thanks, everyone, for joining us in this quarter. We'll talk to you in a couple of months.
Operator (participant)
This concludes today's conference call. You may now disconnect.