National Identity Management Commission has said Nigerians will now pay for the new multipurpose identity card NIMC's head claimed that by paying for the identity card, it would be ensured that only those who needed it would receive one He said that customers would be able to walk into any bank in their neighborhood and ask for the card CHECK OUT: Don't let unemployment hold you back. Start your digital marketing journey today. Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market . Nigerians will have to pay for the new multipurpose national identity card because of the government's limited revenue, the National Identity Management Commission (NIMC) has said. Peter Iwegbu, NIMC 's head of card management services said this during a two-day news conference in Lagos on Thursday was Paying for the identity card, according to Iwegbu, would guarantee that it was issued to only those who required it. PAY ATTENTION : Standing out in social media world? Easy! "Mastering Storytelling for Social Media" workshop by Legit.ng. Join Us Live! According to him, the choice was made to avoid making the same mistakes as previous attempts to give away free physical cards to Nigerians , which many did not receive. Read also "No longer free": NIMC gives new details on how Nigerians can now process and get national ID card The NIMC official said the commission had previously attempted to provide free national ID cards, producing over two million cards. According to him, a large number of them have not yet been collected. “Before we stopped due to funding, we produced more than two million cards but a lot of them are still in our office, people were not able to pick them up because they didn’t need it,” Iwegbu said. Iwegbu claimed that in addition to the low collection, the government's inadequate revenue prevented it from funding the creation of ID cards. “The government’s limited revenue is also a major factor in the decision to make Nigerians pay for the new ID card,” he added. He noted that people would be able to walk into any bank in their area and seek the card because NIMC is also collaborating with banks nationwide. Plans for those who can’t afford Read also UBA sends message to customers as CBN gives order on dormant, inactive accounts Speaking as well, NIMC's director of information technology , Lanre Yusuf, stated that the concept of a free national ID card had not worked out in the past. According to Yusuf, the new ID card is a post-paid identity card, meaning that people must need it before they can apply for it. “To get the new national ID card , Nigerians will need to make a payment, select a pickup location, and then collect their card from the chosen location,” the director said. “The government has implemented programmes to make the card accessible to the less privileged Nigerians who cannot afford it but require it to access government support. “This initiative demonstrates the government’s commitment to inclusivity and equality.” Yusuf added that sample test cards have already been received and that the multipurpose ID cards should appear soon. “The new national ID card is a multipurpose card that can serve the purpose of identity verification, payments, and even government services,” he said. Read also Access Bank speaks on opening Dutch desk after taking over Mauritius Bank How to update date of birth, other NIN details Legit.ng reported that the National Identity Management Commission (NIMC) has introduced a new online self-service modifications portal, allowing Nigerians to update their National Identification Number (NIN) details from the comfort of their homes. The platform enables users to modify personal information such as their name, phone number, date of birth, and address, simplifying the process and reducing the need for in-person visits to NIMC offices. While the service provides convenience, there are associated fees for certain updates. PAY ATTENTION : Legit.ng Needs Your Opinion! That's your chance to change your favourite news media. Fill in a short questionnaire Source: Legit.ng
Alisha Brooks, shot to death Sunday night at a house near Jones and Danforth, was a devoted mother who was building a career helping others. “I want everyone to remember the good in her and to remember that she was on an upward trajectory, and this is not the way her life was supposed to end,” said her cousin and friend, Tanecia Clarke-Rodriguez. Brooks’s boyfriend, Aaron Shea, 33, who was arrested by Toronto police at the scene on Sunday, has been charged with first-degree murder. Brooks, 34, was a housing worker at Delta Family, a non-profit agency serving marginalized communities in Northwest Toronto. Her current focus was helping refugees. “Alisha loved life! We cannot believe that we will no longer hear her infectious laughter and be awed by her constant and consistent commitment to showing up for community and for Delta Family,” said executive director Kemi Jacobs. Brooks, when she was seven, was committed to helping children in care, Jacobs said. She was devoted to her daughter, a teenager, said Clarke-Rodriguez, and she supported those she loved with enthusiasm. “She showed up for everything, and every single accomplishment I ever had, she made a big deal. She would share it all over her social media. She would message me — always talking about how proud she was,” said Clarke-Rodriguez, an Indigenous outreach co-ordinator for a post-secondary institution. Brooks, who emerged from foster care angry and troubled, struggled to make the transition from care into adulthood. Clarke-Rodriguez said she was drawn to troubled men. “She did tend to go for these types of partners ... I always wanted better for her,” said Clarke-Rodriguez. “It’s hard because I feel like she kept wanting to go forward and parts of her upbringing and childhood trauma and all of that stuff — that other part of her — would also pull her backwards. So, it was a constant struggle, I feel.” The incident on Sunday took place outside a house owned by the John Howard Society of Toronto, an organization that provides programs and services to people in the criminal justice system. It can house up to 16 males on conditional release from prison, who as part of a Crossroads program can receive counselling, community involvement, employment and education programs. Shea, who stands accused of killing Brooks, was a convicted criminal on a statutory release program, according to the Parole Board of Canada and Corrections Canada. Statutory release is mandated for the final third of a prisoner’s sentence. The parole board has limited control, but can impose specific conditions. “The Parole Board of Canada is limited in Statutory Release decisions to imposing special conditions on the release such as to reside at a specific place such as a halfway house,” said spokesperson Wendy Smith, Corrections Service Canada (CSC) confirmed that Shea was on a statutory release program in the community, and provided the following statement. “Our thoughts are with the victim and their family during this difficult time. We are aware of the charges that have been laid against Aaron Shea and that he is in custody ... While it is not common for such an incident to occur at a Community Residential Facility, it is a serious and tragic incident and it is important that it be thoroughly reviewed to fully examine the circumstances around what happened.” The CSC has launched an investigation into the incident, and said if it determines further changes are needed to improve public safety, “it will not hesitate to implement (them).” Brooks was a mentor in the Children’s Aid Foundation of Canada’s (CAFDN) CHEERS program (Creating Hope and Ensuring Excellent Roads to Success), helping Black youth transition from government care to independent living. “Alisha demonstrated remarkable passion and commitment to advocating for children and youth in care,” according to a message the organization posted on its website. Clarke-Rodriguez urged those who knew and cared for Brooks to show up for her daughter. “If anyone that does love her wants to give, they should be pouring into her daughter, whether that’s with words, affirmations, gifts, money, whatever. Everyone should be pouring into her daughter because she is going to need that love so much.” Anyone with information is being asked to contact police at 416-808-7400, Crime Stoppers anonymously at 416-222-TIPS (8477), or at .
Morningstar, Inc. Increases Quarterly Dividend to 45.5 Cents Per ShareMarco Silva believes Craven Cottage is becoming a fortress for Fulham with Premier League rivals wary of visiting. Fulham beat Arsenal and Tottenham in the league, and held Liverpool to a draw in the Carabao Cup, at home last season, while this term have beaten Newcastle and held the Gunners to a draw at Craven Cottage. The newly renovated Riverside Stand, which backs onto the River Thames, continues to be opened up to more fans in gradual steps, with recent attendances edging towards 27,000 and the eventual capacity is set to be 28,500. The Fulham manager spoke last season about the need for home supporters to build an atmosphere which buoys the Cottagers on and intimidates visiting teams. Reflecting on whether Craven Cottage is becoming a fortress for Fulham, who visit Liverpool on Saturday, Silva said: “I definitely feel it is. I like to create that. “We are not going to win all the games [at home] of course, because even if you want to, and the ambition is to win, we are not going to [always] win. But we have to create a certain type of way to play and certain standards. “I say to the fans that we need them. When you are not on your top level, even if they are not so happy with what they are seeing, the impact they can have on our team in our team and sometimes the opposition team can be so good.” Silva added that he is pleased with how the Riverside Stand's expansion is helping Fulham’s fervent home support to grow. “It's been so good,” he admitted. “After the promotion, the first game we played at home against Liverpool two seasons ago was like a restart and like a statement. From that moment, we built what we want. “We want to create that environment between the team and fans, because we are going to be strong. It’s almost full. Not yet, but I really believe the Riverside Stand is going to be even better for us.”Rivalry Closes Third Tranche Of Non-Brokered Private Placement
Sports on TV for Monday, Dec. 23Stocks rose in afternoon trading on Wall Street Friday, keeping the market on track for its fifth gain in a row. The S&P 500 was up 0.3% and was solidly on track for a weekly gain that will erase most of last week's loss. The Dow Jones Industrial Average climbed 352 points, or 0.8%, and the Nasdaq composite rose 0.1% as of 2:05 p.m. Eastern. Markets have been volatile over the last few weeks, losing ground in the runup to elections in November, then surging following Donald Trump's victory, before falling again. The S&P 500 has been steadily rising throughout this week to within close range of its record. “Overall, market behavior has normalized following an intense few weeks,” said Mark Hackett, chief of investment research at Nationwide, in a statement. Several retailers jumped after giving Wall Street encouraging financial updates. Gap soared 10.8% after handily beating analysts' third-quarter earnings and revenue expectations, while raising its own revenue forecast for the year. Discount retailer Ross Stores rose 2.2% after raising its earnings forecast for the year. EchoStar fell 3.3% after DirecTV called off its purchase of that company's Dish Network unit. Smaller company stocks had some of the biggest gains. The Russell 2000 index rose 1.7%. A majority of stocks in the S&P 500 were gaining ground, but those gains were kept in check by slumps for several big technology companies. Nvidia fell 3.2%. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $3.6 trillion behemoth because of demand for its chips used in artificial-intelligence technology. Intuit, which makes TurboTax and other accounting software, fell 5.6%. It gave investors a quarterly earnings forecast that fell short of analysts’ expectations. Facebook owner Meta Platforms fell 0.8% following a decision by the Supreme Court to allow a multibillion-dollar class action investors’ lawsuit to proceed against the company. It stems from the privacy scandal involving the Cambridge Analytica political consulting firm. European markets were mostly higher and Asian markets ended mixed. Crude oil prices rose. Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury fell to 4.40% from 4.42% late Thursday. In the crypto market, Bitcoin hovered around $99,000, according to CoinDesk. It has more than doubled this year and first surpassed the $99,000 level on Thursday. Retailers remained a big focus for investors this week amid close scrutiny on consumer spending habits headed into the holiday shopping season. Walmart, the nation's largest retailer, reported a quarter of strong sales and gave investors an encouraging financial forecast. Target, though, reported weaker earnings than analysts' expected and its forecast disappointed Wall Street. Consumer spending has fueled economic growth, despite a persistent squeeze from inflation and high borrowing costs. Inflation has been easing and the Federal Reserve has started trimming its benchmark interest rates. That is likely to help relieve pressure on consumers, but any major shift in spending could prompt the Fed to reassess its path ahead on interest rates. Also, any big reversals on the rate of inflation could curtail spending. Consumer sentiment remains strong, according to the University of Michigan's consumer sentiment index. It revised its latest figure for November to 71.8 from an initial reading of 73 earlier this month, though economists expected a slight increase. It's still up from 70.5 in October. The survey also showed that consumers' inflation expectations for the year ahead fell slightly to 2.6%, which is the lowest reading since December of 2020. Wall Street will get another update on how consumers feel when the business group The Conference Board releases its monthly consumer confidence survey on Tuesday. A key inflation update will come on Wednesday when the U.S. releases its October personal consumption expenditures index. The PCE is the Fed's preferred measure of inflation and this will be the last PCE reading prior to the central bank's meeting in December.ALL-REMOTE COMPANY/WILMINGTON, Del.--(BUSINESS WIRE)--Dec 9, 2024-- Phreesia, Inc. (NYSE: PHR) (“Phreesia” or the "Company") announced financial results today for the fiscal third quarter ended October 31, 2024. "We are excited about the future here at Phreesia,” said CEO and Co-Founder Chaim Indig. “Our network continues to grow, adoption of our current offerings is increasing, and we are beginning to see the promise of new solutions we are investing in.” Please visit the Phreesia investor relations website at ir.phreesia.com to view the Company's Q3 Fiscal Year 2025 Stakeholder Letter. Fiscal Third Quarter Ended October 31, 2024 Highlights Total revenue was $106.8 million in the quarter, up 17% year-over-year. Average number of healthcare services clients ("AHSCs") was 4,237 in the quarter, up 15% year-over-year. Total revenue per AHSC was $25,207 in the quarter, up 1% year-over-year. See "Key Metrics" below for additional information. Healthcare services revenue per AHSC was $17,481 in the quarter, down 2% year-over-year. See "Key Metrics" below for additional information. Net loss was $14.4 million in the quarter compared to net loss of $31.9 million in the same period in the prior year. Adjusted EBITDA 1 was $9.8 million in the quarter compared to negative $6.6 million in the same period in the prior year. Net cash provided by operating activities was $5.8 million for the three months ended October 31, 2024, as compared to net cash used in operating activities of $6.3 million for the three months ended October 31, 2023. Free cash flow 2 was $1.6 million for the three months ended October 31, 2024, as compared to negative $11.6 million for the three months ended October 31, 2023. Cash and cash equivalents as of October 31, 2024 was $81.7 million, a decrease of $5.8 million from January 31, 2024 and down $0.1 million from July 31, 2024. Fiscal Year 2025 Outlook We are narrowing our revenue outlook for fiscal 2025 to a range of $418 million to $420 million from a previous range of $416 million to $426 million, implying year-over-year growth of 17% to 18%. We are updating our Adjusted EBITDA outlook for fiscal 2025 to a range of $34 million to $36 million from a previous range of $26 million to $31 million. Our outlook reflects our strong performance in the fiscal third quarter and our continued focus on margin improvement. We are maintaining our expectation for AHSCs to reach approximately 4,200 for fiscal 2025, compared to 3,601 in fiscal 2024. We are maintaining our expectation for Total revenue per AHSC to increase in fiscal 2025 compared to the $98,944 we achieved in fiscal 2024. Fiscal Year 2026 Outlook We are introducing our revenue outlook for fiscal 2026. We expect revenue to be in the range of $472 million to $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 introducing our Adjusted EBITDA outlook for fiscal 2026. We expect Adjusted EBITDA to be in the range of $78 million to $88 million. The Adjusted EBITDA range provided for fiscal 2026 assumes continued improvement in operating leverage across the Company through focusing on efficiency. We expect AHSCs to reach approximately 4,500 in fiscal 2026. Additionally, we expect Total revenue per AHSC in fiscal 2026 to increase from fiscal 2025. We believe our $81.7 million in cash and cash equivalents as of October 31, 2024, along with cash generated in our normal operations, gives us sufficient flexibility to reach our fiscal 2025 and fiscal 2026 outlook. Additionally, our available borrowing capacity under our credit facility with Capital One provides us with an additional source of capital to pursue future growth opportunities not incorporated into our fiscal 2025 and fiscal 2026 outlook. As of October 31, 2024 we have no borrowings outstanding under our credit facility. Non-GAAP Financial Measures We have not reconciled our Adjusted EBITDA outlook to GAAP Net income (loss) because we do not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other (income) expense, net and (Benefit from) provision for income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss). For further information regarding the non-GAAP financial measures included in this press release, including a reconciliation of GAAP to non-GAAP financial measures and an explanation of these measures, please see “Non-GAAP financial measures” below. Available Information We intend to use our Company website (including our Investor Relations website) as well as our Facebook, X, LinkedIn and Instagram accounts as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Forward Looking Statements This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. These statements include, but are not limited to, statements regarding: our future financial and operating performance, including our revenue, operating leverage, margins, Adjusted EBITDA, cash flows and profitability 3; our ability to finance our plans to achieve our fiscal 2025 and fiscal 2026 outlook with our current cash balance and cash generated in the normal course of business; and our outlook for fiscal 2025 and fiscal 2026, including our expectations regarding revenue, Adjusted EBITDA, AHSCs and Total revenue per AHSC. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. 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, risks associated with: our ability to effectively manage our growth and meet our growth objectives; our focus on the long-term and our investments in growth; the competitive environment in which we operate; our ability to comply with the covenants in our credit agreement with Capital One; changes in market conditions and receptivity to our products and services; our ability to develop and release new products and services and successful enhancements, features and modifications to our existing products and services; our ability to maintain the security and availability of our platform; the impact of cyberattacks, security incidents or breaches impacting our business; changes in laws and regulations applicable to our business model; our ability to make accurate predictions about our industry and addressable market; our ability to attract, retain and cross-sell to healthcare services clients; our ability to continue to operate effectively with a primarily remote workforce and attract and retain key talent; our ability to realize the intended benefits of our acquisitions and partnerships; and difficulties in integrating our acquisitions and investments; and other general, market, political, economic and business conditions (including from the results of the 2024 U.S. presidential and congressional elections and the warfare and/or political and economic instability in Ukraine, the Middle East or elsewhere). The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those listed or described in our filings with the Securities and Exchange Commission (“SEC”), including in our Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024 that will be filed with the SEC following this press release. The forward-looking statements in this press release 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, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. This press release includes 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, with the exception of our Adjusted EBITDA outlook for the reasons described above. Conference Call Information We will hold a conference call on Monday December 9, 2024 at 5:00 p.m. Eastern Time to review our fiscal 2025 third quarter financial results. To participate in our live conference call and webcast, please dial (800) 715-9871 (or (646) 307-1963 for international participants) using conference code number 7404611 or visit the “Events & Presentations” section of our Investor Relations website at ir.phreesia.com . A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days. About Phreesia Phreesia is a trusted leader in patient activation, giving providers, life sciences companies and other organizations tools to help patients take a more active role in their care. Founded in 2005, Phreesia enabled approximately 150 million patient visits in 2023—more than 1 in 10 visits across the U.S.—scale that we believe allows us to make meaningful impact. Offering patient-driven digital solutions for intake, outreach, education and more, Phreesia enhances the patient experience, drives efficiency and improves healthcare outcomes. Phreesia, Inc. Consolidated Balance Sheets (in thousands, except share and per share data) October 31, 2024 January 31, 2024 (Unaudited) Assets Current: Cash and cash equivalents $ 81,740 $ 87,520 Settlement assets 25,046 28,072 Accounts receivable, net of allowance for doubtful accounts of $1,468 and $1,392 as of October 31, 2024 and January 31, 2024, respectively 71,408 64,863 Deferred contract acquisition costs 362 768 Prepaid expenses and other current assets 11,017 14,461 Total current assets 189,573 195,684 Property and equipment, net of accumulated depreciation and amortization of $87,861 and $76,859 as of October 31, 2024 and January 31, 2024, respectively 25,973 16,902 Capitalized internal-use software, net of accumulated amortization of $53,210 and $45,769 as of October 31, 2024 and January 31, 2024, respectively 51,322 46,139 Operating lease right-of-use assets 1,656 266 Deferred contract acquisition costs 450 986 Intangible assets, net of accumulated amortization of $7,536 and $4,925 as of October 31, 2024 and January 31, 2024, respectively 29,014 31,625 Goodwill 75,845 75,845 Other assets 1,870 2,879 Total Assets $ 375,703 $ 370,326 Liabilities and Stockholders’ Equity Current: Settlement obligations $ 25,046 $ 28,072 Current portion of finance lease liabilities and other debt 8,866 6,056 Current portion of operating lease liabilities 1,021 393 Accounts payable 15,870 8,480 Accrued expenses 29,080 37,130 Deferred revenue 22,188 24,113 Other current liabilities 7,130 5,875 Total current liabilities 109,201 110,119 Long-term finance lease liabilities and other debt 10,292 5,400 Operating lease liabilities, non-current 840 134 Long-term deferred revenue 199 97 Long-term deferred tax liabilities 446 270 Other long-term liabilities 133 2,857 Total Liabilities 121,111 118,877 Commitments and contingencies Stockholders’ Equity: Preferred stock, undesignated, $0.01 par value - 20,000,000 shares authorized as of both October 31, 2024 and January 31, 2024; no shares issued or outstanding as of both October 31, 2024 and January 31, 2024 — — Common stock, $0.01 par value - 500,000,000 shares authorized as of both October 31, 2024 and January 31, 2024; 59,439,197 and 57,709,762 shares issued as of October 31, 2024 and January 31, 2024, respectively 594 577 Additional paid-in capital 1,094,629 1,039,361 Accumulated deficit (795,106 ) (742,969 ) Accumulated other comprehensive loss (5 ) — Treasury stock, at cost, 1,355,169 shares as of both October 31, 2024 and January 31, 2024 (45,520 ) (45,520 ) Total Stockholders’ Equity 254,592 251,449 Total Liabilities and Stockholders’ Equity $ 375,703 $ 370,326 Phreesia, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Revenue: Subscription and related services $ 49,363 $ 42,595 $ 144,717 $ 119,783 Payment processing fees 24,704 23,218 77,064 71,102 Network solutions 32,733 25,806 88,351 70,409 Total revenues 106,800 91,619 310,132 261,294 Expenses: Cost of revenue (excluding depreciation and amortization) 17,854 15,529 49,720 44,885 Payment processing expense 16,683 15,410 51,648 47,352 Sales and marketing 30,071 36,478 92,266 111,135 Research and development 29,315 28,544 87,738 82,484 General and administrative 19,633 20,240 58,182 61,105 Depreciation 3,566 4,483 11,011 13,231 Amortization 3,521 2,980 10,052 8,003 Total expenses 120,643 123,664 360,617 368,195 Operating loss (13,843 ) (32,045 ) (50,485 ) (106,901 ) Other expense, net (144 ) (47 ) (261 ) (39 ) Interest income, net 26 523 311 2,027 Total other (expense) income, net (118 ) 476 50 1,988 Loss before provision for income taxes (13,961 ) (31,569 ) (50,435 ) (104,913 ) Provision for income taxes (442 ) (372 ) (1,702 ) (1,326 ) Net loss $ (14,403 ) $ (31,941 ) $ (52,137 ) $ (106,239 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.25 ) $ (0.58 ) $ (0.91 ) $ (1.96 ) Weighted-average common shares outstanding, basic and diluted 57,891,591 55,251,074 57,358,637 54,139,555 (1) Our potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. Phreesia, Inc. Consolidated Statements of Comprehensive Loss (Unaudited) (in thousands) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Net loss $ (14,403 ) $ (31,941 ) $ (52,137 ) $ (106,239 ) Other comprehensive loss, net of tax: Change in foreign currency translation adjustments, net of tax (3 ) — (5 ) — Other comprehensive loss, net of tax (3 ) — (5 ) — Comprehensive loss $ (14,406 ) $ (31,941 ) $ (52,142 ) $ (106,239 ) Phreesia, Inc. Consolidated Statements of Cash Flows (Unaudited) (in thousands) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Operating activities: Net loss $ (14,403 ) $ (31,941 ) $ (52,137 ) $ (106,239 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 7,087 7,463 21,063 21,234 Stock-based compensation expense 16,525 17,963 49,813 53,749 Amortization of deferred financing costs and debt discount 62 84 174 253 Cost of Phreesia hardware purchased by customers 571 582 1,248 1,232 Deferred contract acquisition costs amortization 1,322 235 1,706 855 Non-cash operating lease expense 207 142 568 484 Deferred taxes 57 39 176 181 Changes in operating assets and liabilities: Accounts receivable (10,141 ) (991 ) (6,558 ) (3,361 ) Prepaid expenses and other assets 1,005 (1,530 ) 4,286 (761 ) Deferred contract acquisition costs (552 ) — (765 ) — Accounts payable 6,948 1,189 5,198 (1,226 ) Accrued expenses and other liabilities (3,655 ) 469 (6,202 ) 6,530 Lease liabilities (202 ) (232 ) (622 ) (884 ) Deferred revenue 954 218 (1,823 ) (1,347 ) Net cash provided by (used in) operating activities 5,785 (6,310 ) 16,125 (29,300 ) Investing activities: Acquisitions, net of cash acquired — (10,406 ) — (14,279 ) Capitalized internal-use software (3,566 ) (4,069 ) (11,112 ) (13,889 ) Purchases of property and equipment (616 ) (1,242 ) (5,919 ) (3,344 ) Net cash used in investing activities (4,182 ) (15,717 ) (17,031 ) (31,512 ) Financing activities: Proceeds from issuance of common stock upon exercise of stock options 17 250 583 925 Treasury stock to satisfy tax withholdings on stock compensation awards — (1,451 ) — (12,176 ) Proceeds from employee stock purchase plan 840 919 2,443 2,782 Finance lease payments (1,895 ) (1,729 ) (5,170 ) (5,156 ) Constructive financing — — — 1,688 Principal payments on financing agreements (304 ) (273 ) (888 ) (318 ) Debt issuance costs and loan facility fee payments — — (152 ) (250 ) Financing payments of acquisition-related liabilities (309 ) — (1,673 ) — Net cash used in financing activities (1,651 ) (2,284 ) (4,857 ) (12,505 ) Effect of exchange rate changes on cash and cash equivalents (10 ) — (17 ) — Net decrease in cash and cash equivalents (58 ) (24,311 ) (5,780 ) (73,317 ) Cash and cash equivalents – beginning of period 81,798 127,677 87,520 176,683 Cash and cash equivalents – end of period $ 81,740 $ 103,366 $ 81,740 $ 103,366 Supplemental information of non-cash investing and financing information: Right of use assets acquired in exchange for operating lease liabilities $ — $ 346 $ 1,958 $ 346 Property and equipment acquisitions through finance leases $ 6,847 $ 371 $ 13,709 $ 7,438 Purchase of property and equipment and capitalized software included in current liabilities $ 3,508 $ 2,911 $ 3,508 $ 2,911 Capitalized stock-based compensation $ 343 $ 309 $ 1,006 $ 1,023 Issuance of stock to settle liabilities for stock-based compensation $ 2,853 $ 3,420 $ 10,679 $ 10,641 Issuance of stock as consideration in business combinations $ — $ 30,645 $ — $ 35,321 Deferred consideration liabilities payable in business combinations $ — $ 10,294 $ — $ 10,294 Capitalized software acquired through vendor financing $ — $ — $ — $ 2,047 Cash paid for: Interest $ 595 $ 295 $ 1,459 $ 649 Income taxes $ 549 $ — $ 2,559 $ 48 Non-GAAP Financial Measures This press release and statements made during the above-referenced webcast may include certain non-GAAP financial measures as defined by SEC rules. 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. We define Adjusted EBITDA as net income or loss before interest income, net, provision for income taxes, depreciation and amortization, and before stock-based compensation expense and other expense, net. We have provided below a reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure. We have presented Adjusted EBITDA in this press release and our Quarterly Report on Form 10-Q to be filed after this press release because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short and long-term operational plans. In particular, we believe that the exclusion of the amounts eliminated in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. We have not reconciled our Adjusted EBITDA outlook to GAAP Net income (loss) because we do not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other (income) expense, net and (Benefit from) provision for income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss). Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows: Although depreciation and amortization expense are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; Adjusted EBITDA does not reflect: (1) changes in, or cash requirements for, our working capital needs; (2) the potentially dilutive impact of non-cash stock-based compensation; (3) tax payments that may represent a reduction in cash available to us; or (4) interest income, net; and Other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled measures differently, which reduces its usefulness as a comparative measure. Because of these and other limitations, you should consider Adjusted EBITDA along with other GAAP-based financial performance measures, including various cash flow metrics, net loss, and our GAAP financial results. The following table presents a reconciliation of Adjusted EBITDA to net loss for each of the periods indicated: Phreesia, Inc. Adjusted EBITDA ( Unaudited) Three months ended October 31, Nine months ended October 31, (in thousands) 2024 2023 2024 2023 Net loss $ (14,403 ) $ (31,941 ) $ (52,137 ) $ (106,239 ) Interest income, net (26 ) (523 ) (311 ) (2,027 ) Provision for income taxes 442 372 1,702 1,326 Depreciation and amortization 7,087 7,463 21,063 21,234 Stock-based compensation expense 16,525 17,963 49,813 53,749 Other expense, net 144 47 261 39 Adjusted EBITDA $ 9,769 $ (6,619 ) $ 20,391 $ (31,918 ) We calculate Free cash flow as Net cash provided by (used in) operating activities less capitalized internal-use software development costs and purchases of property and equipment. Additionally, Free cash flow is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. We consider Free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities, including investing in our business, making strategic investments, partnerships and acquisitions and strengthening our financial position. The following table presents a reconciliation of Free cash flow from Net cash provided by (used in) operating activities, the most directly comparable GAAP financial measure, for each of the periods indicated: Phreesia, Inc. Free cash flow ( Unaudited) Three months ended October 31, Nine months ended October 31, (in thousands, unaudited) 2024 2023 2024 2023 Net cash provided by (used in) operating activities $ 5,785 $ (6,310 ) $ 16,125 $ (29,300 ) Less: Capitalized internal-use software (3,566 ) (4,069 ) (11,112 ) (13,889 ) Purchases of property and equipment (616 ) (1,242 ) (5,919 ) (3,344 ) Free cash flow $ 1,603 $ (11,621 ) $ (906 ) $ (46,533 ) Phreesia, Inc. Reconciliation of GAAP and Adjusted Operating Expenses (Unaudited) Three months ended October 31, Nine months ended October 31, (in thousands) 2024 2023 2024 2023 GAAP operating expenses General and administrative $ 19,633 $ 20,240 $ 58,182 $ 61,105 Sales and marketing 30,071 36,478 92,266 111,135 Research and development 29,315 28,544 87,738 82,484 Cost of revenue (excluding depreciation and amortization) 17,854 15,529 49,720 44,885 $ 96,873 $ 100,791 $ 287,906 $ 299,609 Stock compensation included in GAAP operating expenses General and administrative $ 6,049 $ 5,798 $ 18,534 $ 17,423 Sales and marketing 5,431 6,322 16,500 19,850 Research and development 3,793 4,561 11,049 13,002 Cost of revenue (excluding depreciation and amortization) 1,252 1,282 3,730 3,474 $ 16,525 $ 17,963 $ 49,813 $ 53,749 Adjusted operating expenses General and administrative $ 13,584 $ 14,442 $ 39,648 $ 43,682 Sales and marketing 24,640 30,156 75,766 91,285 Research and development 25,522 23,983 76,689 69,482 Cost of revenue (excluding depreciation and amortization) 16,602 14,247 45,990 41,411 $ 80,348 $ 82,828 $ 238,093 $ 245,860 Phreesia, Inc. Key Metrics (Unaudited) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Key Metrics: Average number of healthcare services clients ("AHSCs") 4,237 3,688 4,157 3,481 Healthcare services revenue per AHSC $ 17,481 $ 17,845 $ 53,351 $ 54,836 Total revenue per AHSC $ 25,207 $ 24,842 $ 74,605 $ 75,063 The definitions of our key metrics are presented below. AHSCs . We define AHSCs as the average number of clients that generate subscription and related services or payment processing revenue each month during the applicable period. In cases where we act as a subcontractor providing white-label services to our partner's clients, we treat the contractual relationship as a single healthcare services client. We believe growth in AHSCs is a key indicator of the performance of our business and depends, in part, on our ability to successfully develop and market our solutions to healthcare services organizations that are not yet clients. While growth in AHSCs is an important indicator of expected revenue growth, it also informs our management of the areas of our business that will require further investment to support expected future AHSC growth. For example, as AHSCs increase, we may need to add to our customer support team and invest to maintain effectiveness and performance of our solutions for our healthcare services clients and their patients. Healthcare services revenue per AHSC. We define Healthcare services revenue as the sum of subscription and related services revenue and payment processing revenue. We define Healthcare services revenue per AHSC as Healthcare services revenue in a given period divided by AHSCs during that same period. We are focused on continually delivering value to our healthcare services clients and believe that our ability to increase Healthcare services revenue per AHSC is an indicator of the long-term value of our solutions. Total revenue per AHSC. We define Total revenue per AHSC as Total revenue in a given period divided by AHSCs during that same period. Our healthcare services clients directly generate subscription and related services and payment processing revenue. Additionally, our relationships with healthcare services clients who subscribe to our solutions give us the opportunity to engage with life sciences companies, health plans and other payer organizations, patient advocacy, public interest and other not-for-profit organizations who deliver direct communication to patients through our solutions. As a result, we believe that our ability to increase Total revenue per AHSC is an indicator of the long-term value of our solutions. Additional Information (Unaudited) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Patient payment volume (in millions) $ 1,081 $ 965 $ 3,340 $ 2,970 Payment facilitator volume percentage 81 % 82 % 81 % 82 % Patient payment volume . We believe that patient payment volume is an indicator of both the underlying health of our healthcare services clients’ businesses and the continuing shift of healthcare costs to patients. We measure patient payment volume as the total dollar volume of transactions between our healthcare services clients and their patients utilizing our payment platform, including via credit and debit cards that we process as a payment facilitator as well as cash and check payments and credit and debit transactions for which we act as a gateway to other payment processors. Payment facilitator volume percentage . We define payment facilitator volume percentage as the volume of credit and debit card patient payment volume that we process as a payment facilitator as a percentage of total patient payment volume. Payment facilitator volume is a major driver of our payment processing revenue. Our payment facilitator volume percentage could decline slightly over time should we increase our penetration of enterprise customers that are less likely to use Phreesia as a payment facilitator. ______________________________ 1 Adjusted EBITDA is a non-GAAP measure. We define Adjusted EBITDA as net income or loss before interest income, net, provision for income taxes, depreciation and amortization, and before stock-based compensation expense and other expense, net. See “Non-GAAP Financial Measures” for a reconciliation of Adjusted EBITDA to the closest GAAP measure. 2 Free cash flow is a non-GAAP measure. We define Free cash flow as net cash provided by (used in) operating activities less capitalized internal-use software development costs and purchases of property and equipment. See “Non-GAAP Financial Measures” for a reconciliation of Free cash flow to the closest GAAP measure. 3 We define “profitability,” discussed herein, in terms of Adjusted EBITDA, a non-GAAP financial measure. See ‘Non-GAAP Financial Measures’ for a definition of Adjusted EBITDA and a reconciliation of our Adjusted EBITDA to Net loss, the closest GAAP measure. View source version on businesswire.com : https://www.businesswire.com/news/home/20241209683231/en/ CONTACT: Investor Relations Contact:Balaji Gandhi Phreesia, Inc. investors@phreesia.com (929) 506-4950Media Contact:Nicole Gist Phreesia, Inc. nicole.gist@phreesia.com (407) 760-6274 KEYWORD: DELAWARE UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: SCIENCE SOFTWARE PRACTICE MANAGEMENT RESEARCH HEALTH HOSPITALS HEALTH TECHNOLOGY TECHNOLOGY SOURCE: Phreesia, Inc. Copyright Business Wire 2024. PUB: 12/09/2024 04:05 PM/DISC: 12/09/2024 04:05 PM http://www.businesswire.com/news/home/20241209683231/en
San Francisco 49ers quarterback Brock Purdy will miss Sunday's game against the Green Bay Packers with a sore throwing shoulder. Purdy injured his right shoulder in last Sunday's loss to the Seattle Seahawks. Purdy underwent an MRI that showed no structural damage but the shoulder didn't improve during the week and Purdy was ruled out for the game. Coach Kyle Shanahan said star defensive end Nick Bosa also will miss the game with injuries to his left hip and oblique. Left tackle Trent Williams is questionable with an ankle injury and will be a game-time decision. This will be the first time Purdy has missed a start because of an injury since taking over as the 49ers' quarterback in December 2022. Brandon Allen will start in his place. The Niners (5-5) are currently in a three-way tie for second in the NFC West, a game behind first-place Arizona, and have little margin for error if they want to get back to the playoffs after making it to the Super Bowl last season. Purdy has completed 66% of his passes this season for 2,613 yards, 13 TDs, eight interceptions and a 95.9 passer rating that is down significantly from his league-leading mark of 113 in 2023. Allen has been mostly a backup since being drafted by Jacksonville in 2016. Allen last started a game in Week 18 of the 2021 season for Cincinnati and has thrown just three passes the last three seasons — including none since joining San Francisco in 2023. Joshua Dobbs will be the backup on Sunday.
Court challenge over vote to extend post-Brexit trading arrangements dismissedCEZ, a. s. ( OTCMKTS:CEZYY – Get Free Report )’s share price dropped 0.3% during trading on Friday . The company traded as low as $18.00 and last traded at $18.00. Approximately 100 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 9,661 shares. The stock had previously closed at $18.05. CEZ, a. s. Stock Performance The firm’s 50-day simple moving average is $18.00 and its two-hundred day simple moving average is $18.00. About CEZ, a. s. ( Get Free Report ) CEZ, a. s. engages in the generation, distribution, trade, and sale of electricity and heat in Western, Central, and Southeastern Europe. The company operates through four segments: Generation, Distribution, Sales, and Mining. It operates hydro, wind, solar, nuclear, coal, natural gas, biogas, and biomass power plants; and combined cycle gas turbine plant and small combined heat and power units. Recommended Stories Receive News & Ratings for CEZ a. s. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CEZ a. s. and related companies with MarketBeat.com's FREE daily email newsletter .
You Asked: soundbar space woes and best big TV betsThe Miami Hurricanes, who once appeared to be a near-lock for the College Football Playoff, are not playing for a national title. Instead, they will play in the Pop-Tarts Bowl in Orlando. That bowl berth against Iowa State is a let-down for fans with dreams of a sixth national title in their minds, as well as players hoping to compete for a championship. However, Miami’s trip to Orlando and the lead-up to it are still crucial periods for the Hurricanes for multiple reasons. First, it’s a chance for the program to achieve something it has not done in more than two decades: win 11 games. Although the 11th win won’t get them closer to a championship, it is a good sign of the program’s progress over Mario Cristobal’s tenure. It would also end UM’s five-game losing streak in bowls. “We’re not satisfied,” Cristobal said. “We want to win every single game. We won 10. We were close on the other two, but close isn’t good enough. We want progress. We’re hungry and driven to get better, and so that’s what our focus is on: to improving as a football program, to getting better, to moving into the postseason with an opportunity against a great football team like this and putting our best on the field.” There are signs the Hurricanes will show up at close to full strength for the bowl game. Running back Damien Martinez announced he was going to play, and star quarterback Cam Ward said in a video call posted on social media that he intends to play, as well. “We’re trying to win our first bowl game in 20 years,” Ward said in the video, mistaking the length of UM’s long bowl losing streak. “We’re going hard.” Playing in the bowl game also provides the opportunity for the Hurricanes to get in several practices between now and the game. That means Miami can develop its young players and prepare them for next season during both the practices and the bowl game itself. “It’s extremely valuable,” Cristobal said. “You really don’t have many opportunities throughout the course of the year — time is limited more and more each season with your student-athletes. I want to state this and be very clear: it’s very important, it’s ultra-important for the University of Miami to continue to develop and grow and progress by stressing the importance of offseason opportunities ... You learn a lot about your team and learn a lot about your people and your program when you head to the postseason.” Of course, there are potential negatives. Players can get hurt; Mark Fletcher Jr. suffered a foot injury in the Pinstripe Bowl last year that cost him all of spring practice. A poor performance can also potentially set the tone for next season, like how Florida State, fresh off a playoff snub last year, suffered a devastating loss against Georgia in the Orange Bowl and went on to a dismal 2-10 season this year. “This is the ending of ’24 and the beginning of ’25,” Cristobal said. “This is the last opportunity to be on the field and carry some momentum into the offseason. So it is, in essence, it is the most important game because it’s the next game. “There’s a lot of excitement in the form of opportunity for our guys. Our guys love to play football. The chance to play one more time with this special group — this is a special group of guys now. They’ve worked hard to really change the trajectory of the University of Miami, and they want to continue to elevate the status and the culture at the University of Miami. So certainly a ton to play for.” ____ Be the first to know Get local news delivered to your inbox!NEW YORK (AP) — Top-ranked chess player Magnus Carlsen is headed back to the World Blitz Championship on Monday after its governing body agreed to loosen a dress code that got him fined and denied a late-round game in another tournament for refusing to change out of jeans . Lamenting the contretemps, International Chess Federation President Arkady Dvorkovich said in a statement Sunday that he'd let World Blitz Championship tournament officials consider allowing “appropriate jeans” with a jacket, and other “elegant minor deviations” from the dress code. He said Carlsen's stand — which culminated in his quitting the tournament Friday — highlighted a need for more discussion “to ensure that our rules and their application reflect the evolving nature of chess as a global and accessible sport.” Carlsen, meanwhile, said in a video posted Sunday on social media that he would play — and wear jeans — in the World Blitz Championship when it begins Monday. “I think the situation was badly mishandled on their side,” the 34-year-old Norwegian grandmaster said. But he added that he loves playing blitz — a fast-paced form of chess — and wanted fans to be able to watch, and that he was encouraged by his discussions with the federation after Friday's showdown. “I think we sort of all want the same thing,” he suggested in the video on his Take Take Take chess app’s YouTube channel. “We want the players to be comfortable, sure, but also relatively presentable.” The events began when Carlsen wore jeans and a sportcoat Friday to the Rapid World Championship, which is separate from but held in conjunction with the blitz event. The chess federation said Friday that longstanding rules prohibit jeans at those tournaments, and players are lodged nearby to make sartorial switch-ups easy if needed. An official fined Carlsen $200 and asked him to change pants, but he refused and wasn't paired for a ninth-round game, the federation said at the time. The organization noted that another grandmaster, Ian Nepomniachtchi, was fined earlier in the day for wearing sports shoes, changed and continued to play. Carlsen has said that he offered to wear something else the next day, but officials were unyielding. He said “it became a bit of a matter of principle,” so he quit the rapid and blitz championships. In the video posted Sunday, he questioned whether he had indeed broken a rule and said changing clothes would have needlessly interrupted his concentration between games. He called the punishment “unbelievably harsh.” “Of course, I could have changed. Obviously, I didn’t want to,” he said, and “I stand by that.”
Ange Postecoglou has said he is happy Pep Guardiola signed a contract extension at so he has a chance to "knock him off" the summit. City confirmed on Thursday that after agreeing a new two-year deal. Guardiola is seeking an unprecedented fifth consecutive league title but despite 's last silverware coming in 2008, Postecoglou has never hidden his ambition of returning Spurs to serious challengers for the game's biggest prizes. When asked in a news conference whether there was any part of him that wanted Guardiola to leave City after a period of sustained success, Postecoglou said: "I look at it the other way -- 'imagine you knock him off?' That would be something, eh? And I'm at the stage of my life where I'd rather have a chance of knocking him off than missing that opportunity. In the right way, obviously. "I think when greatness is around, you want to be around it. Hopefully it challenges you to be like that as well. "I love the fact that there is a massive target out there that can seem insurmountable. It does for me anyway, raises my level, gets me going. "I keep saying, I lived the experience of equalisation of sport in Australia and it is great from a competitive point of view because everybody believes they can win but after a while I used to get frustrated with it because excellence tends to be capped at a certain point. It is up to everyone else to bridge that gap. "I love the challenge of that and I never see that as a bad thing." Postecoglou also insisted he had no concerns about the integrity of Premier League officiating despite . The 42-year-old was suspended last week by referees' body Professional Game Match Officials Limited pending an investigation after footage emerged in which he appeared to make derogatory remarks about and their former manager Jürgen Klopp. "I'm not across the detail of it but firstly, he's obviously made some poor decisions, made a big mistake," Postecoglou said. "He's a human being so you worry about his welfare. I'm sure he's getting good support around him. With our officials, rightly so, we hold them to the highest possible standard because of those things but I don't think just because one person makes a mistake that necessary means ... I'm not silly to think every official is perfect, like no manager is perfect or anyone else. We all make mistakes. "I never lose faith in the officialdom because if you do then it is a very slippery slope. I've worked in a couple of leagues where that was always kind of the undertone and I hated it because you kind of questioned everything. "I don't want to do that. I believe the officials. I believe in the integrity of the officials. I'll always abide by their decision-making and accept it."Now that daylight saving has come to an end, nights will be cooler and longer for the rest of the year—meaning it's time to cozy up inside and listen to your favorite music. Vinyl has made a comeback in a big way (though to be honest, it never really left). As tech experts and music lovers know, nothing compares to listening to vinyl; the rich, clear, and decompressed sounds seem to make the music resonate more deeply than it would played from another medium. Also: Everything you need for a vinyl setup But not all speakers were created equal, and not all speakers were created for vinyl. Experts and enthusiasts agree that the best speakers for listening to vinyl have specialized features, including multiple inputs, built-in phono preamps, and silk dome tweeters to ensure your records sound as crisp as possible. Impress your loved ones or enjoy your music solo with the best speakers for listening to vinyl. What are the best speakers for vinyl right now? As a vinyl enthusiast with a vintage setup, I combined my own hands-on experience, expert recommendations from music industry professionals, and extensive research to choose the best speakers for vinyl. My pick for the best vinyl speakers overall is the PSB Alpha iQ speakers due to their built-in phono preamp, crisp and loud sound, and EQ customizations. We also included speakers from brands like Paradigm, Edifier, Sonos, and more, so your vinyl collection sounds the way it should. Also: The best Bluetooth turntables The best speakers for vinyl in 2024 The standout feature of the PSB Alpha iQ speakers is their built-in phono preamp. Since vintage record players don't have a built-in phono preamp, you typically need a receiver to act as the preamp. If you have an older record player, these speakers eliminate the need for a receiver. While the Alpha iQ speakers are lauded for being ideal for a vintage setup, verified customers said also they loved the modern features like Bluetooth connectivity and Apple AirPlay technology to listen digitally. A handy companion app called BluOS lets you select the audio output, customize EQ settings, and connect to streaming services like Spotify. BluOS is a multi-room streaming platform that allows you to listen to vinyl through other BluOS-powered devices (like speakers from Bluesound and other makers). These bookshelf speakers can reach 180W of peak power (the most power on this list) and have a frequency response of 60 Hz—20 kHz. The drivers are 4-inch mid-bass drivers paired with .75-inch aluminum dome tweeters, meaning great sound quality for such a compact speaker. I tested these speakers with my vintage setup and loved their full bass response and transparent sound. While not as room-filling as my floor-standing vintage Technics speakers, vinyl records sound crisp with the Aplha IQs. It was easy to set these speakers up and connect them, and I could switch quickly between listening to vinyl and one of my Spotify playlists. PSB Alpha iQ specs: Type: Bookshelf | Power: 180W | Inputs: AUX, HDMI ARC port, Phono, Bluetooth | Frequency: 60 Hz-20 kHz Built-in phono preamp Useful BluOS app for EQ customizations Crisp and loud sound Expensive PSB Alpha iQ The standout feature of the PSB Alpha iQ speakers is their built-in phono preamp. Since vintage record players don't have a built-in phono preamp, you typically need a receiver to act as the preamp. If you have an older record player, these speakers eliminate the need for a receiver. While the Alpha iQ speakers are lauded for being ideal for a vintage setup, verified customers said also they loved the modern features like Bluetooth connectivity and Apple AirPlay technology to listen digitally. A handy companion app called BluOS lets you select the audio output, customize EQ settings, and connect to streaming services like Spotify. BluOS is a multi-room streaming platform that allows you to listen to vinyl through other BluOS-powered devices (like speakers from Bluesound and other makers). These bookshelf speakers can reach 180W of peak power (the most power on this list) and have a frequency response of 60 Hz—20 kHz. The drivers are 4-inch mid-bass drivers paired with .75-inch aluminum dome tweeters, meaning great sound quality for such a compact speaker. I tested these speakers with my vintage setup and loved their full bass response and transparent sound. While not as room-filling as my floor-standing vintage Technics speakers, vinyl records sound crisp with the Aplha IQs. It was easy to set these speakers up and connect them, and I could switch quickly between listening to vinyl and one of my Spotify playlists. PSB Alpha iQ specs: Type: Bookshelf | Power: 180W | Inputs: AUX, HDMI ARC port, Phono, Bluetooth | Frequency: 60 Hz-20 kHz These bookshelf speakers provide a clear and balanced sound thanks to the tweeters' pure aluminum dome design, which blocks out unwanted frequencies. They can also be raised with a speaker stand (sold separately) to enhance their sound. Andy Fraser, a musician for over 15 years and the owner of Guitar Inside Out praises the Paradigm Monitor SE series for their well-built design, primarily because Paradigm builds all its speakers in-house. "The attention to detail and quality can be clearly seen in the construction and assembly," Fraser said. "But more importantly, they sound great and so realistic. For someone like me who really focuses on the instruments, you can hear the musicianship and skill of every instrument being played." You can pair these speakers with other models in the Paradigm Monitor SE lineup, such as the Monitor SE 2000C Center Channel speaker. Reddit users say that these speakers shine when paired with other Paradigm devices. Paradigm Monitor SE tech specs: Type: Bookshelf/tweeter | Power: Up to 100W | Inputs : Binding post | Frequency: 61-21k Hz ±3dB Relatively affordable Quality build Compact size Lacking a bit in mid-range sound No subwoofer Paradigm Monitor SE Atom These bookshelf speakers provide a clear and balanced sound thanks to the tweeters' pure aluminum dome design, which blocks out unwanted frequencies. They can also be raised with a speaker stand (sold separately) to enhance their sound. Andy Fraser, a musician for over 15 years and the owner of Guitar Inside Out praises the Paradigm Monitor SE series for their well-built design, primarily because Paradigm builds all its speakers in-house. "The attention to detail and quality can be clearly seen in the construction and assembly," Fraser said. "But more importantly, they sound great and so realistic. For someone like me who really focuses on the instruments, you can hear the musicianship and skill of every instrument being played." You can pair these speakers with other models in the Paradigm Monitor SE lineup, such as the Monitor SE 2000C Center Channel speaker. Reddit users say that these speakers shine when paired with other Paradigm devices. Paradigm Monitor SE tech specs: Type: Bookshelf/tweeter | Power: Up to 100W | Inputs : Binding post | Frequency: 61-21k Hz ±3dB If you want speakers that can play podcasts in addition to your favorite records, the Kanto YU6 bookshelf speakers could be your best bet. Their versatility lies in their input options: AUX, RCA with Phono, optical, and Bluetooth, meaning you can use them for pretty much any setup. An included remote control also allows for adjustments to the volume, input, tone, and balance to better fine-tune your listening experience. Plus, they come in various colors including red, white, bamboo, and black for every aesthetic. Review: Kanto YU6 ZDNET contributor Jack Wallen tested these speakers and said they exceeded his expectations. "The clarity (even at louder levels) was incredible," he wrote in his review. And, with the help of the remote, I could add a bit more bass or treble as needed." Reddit users recommend these speakers for audiophiles on a budget since they "sound fantastic for the price and have a ton of connections if you're not going through a receiver." Kanto YU6 tech specs: Type: Bookshelf/tweeter | Power: Up to 100W | Inputs : 3.5mm mini-jack AUX, RCA with Phono Switch, 1x Optical (TOSLINK), Bluetooth 4.0 with Qualcomm® aptX | Frequency: 50Hz - 20kHz Multiple connection and color options Included remote control Impressive sound For the best bass sound, you'll need to add a subwoofer Kanto YU6 If you want speakers that can play podcasts in addition to your favorite records, the Kanto YU6 bookshelf speakers could be your best bet. Their versatility lies in their input options: AUX, RCA with Phono, optical, and Bluetooth, meaning you can use them for pretty much any setup. An included remote control also allows for adjustments to the volume, input, tone, and balance to better fine-tune your listening experience. Plus, they come in various colors including red, white, bamboo, and black for every aesthetic. Review: Kanto YU6 ZDNET contributor Jack Wallen tested these speakers and said they exceeded his expectations. "The clarity (even at louder levels) was incredible," he wrote in his review. And, with the help of the remote, I could add a bit more bass or treble as needed." Reddit users recommend these speakers for audiophiles on a budget since they "sound fantastic for the price and have a ton of connections if you're not going through a receiver." Kanto YU6 tech specs: Type: Bookshelf/tweeter | Power: Up to 100W | Inputs : 3.5mm mini-jack AUX, RCA with Phono Switch, 1x Optical (TOSLINK), Bluetooth 4.0 with Qualcomm® aptX | Frequency: 50Hz - 20kHz For a more budget-friendly option, the Edifier R1280DB speakers are a great set at just $150. One Reddit user said these speakers "are nearly unmatched in quality for their price," and make a solid option for a minimalist setup. These bookshelf speakers have numerous connections: RCA, Bluetooth, auxiliary, optical, and coaxial. There is also an included remote control, but you can also adjust the equalization of treble and bass on the side panel knobs. The Edifier R1280DB speakers have 4-inch bass drivers and a 13mm silk dome tweeter. And, while the overall power is lower than other options (42 watts for both speakers), the sound quality is still good for the price. Edifier R1280DB tech specs: Type: Bookshelf | Power: 42W | Input: RCA and Bluetooth | Frequency: 55Hz-20KHz Great price Easily control volume and EQ with knobs on speakers Plenty of connectivity options Lower power packs less of a punch Edifier R1280DB For a more budget-friendly option, the Edifier R1280DB speakers are a great set at just $150. One Reddit user said these speakers "are nearly unmatched in quality for their price," and make a solid option for a minimalist setup. These bookshelf speakers have numerous connections: RCA, Bluetooth, auxiliary, optical, and coaxial. There is also an included remote control, but you can also adjust the equalization of treble and bass on the side panel knobs. The Edifier R1280DB speakers have 4-inch bass drivers and a 13mm silk dome tweeter. And, while the overall power is lower than other options (42 watts for both speakers), the sound quality is still good for the price. Edifier R1280DB tech specs: Type: Bookshelf | Power: 42W | Input: RCA and Bluetooth | Frequency: 55Hz-20KHz If you want something smart home-friendly with superb sound quality, the Sonos Five is an excellent speaker compatible with Amazon Alexa or Google Assistant for voice control. You can also easily control the bass, treble, and loudness through the Sonos App or Apple AirPlay 2. Sonos' Trueplay technology puts the speaker-tuning capability in your hands to adapt and optimize the speaker to a room's unique acoustics. Also : The top Sonos speakers: One, Arc, Beam, and more compared The Sonos Five speaker packs quite the punch into just one speaker. It has six Class-D digital amplifiers tuned to match the six dedicated speaker drivers, which include three 23mm tweeters and three 4-inch mid-woofers. One Reddit user said that the Sonos Five speaker is "definitely a versatile and easy way to get into vinyl" for those looking to build a vinyl setup. In addition, you can pair two Sonos Five speakers together for even more immersive sound—keep in mind one speaker alone will cost you $549. Sonos Five tech specs: Type: All-in-one | Power: 120W | Inputs: Bluetooth, 3.5mm audio| Frequency: 50-60Hz Smart home compatible Trueplay technology Six custom-designed drivers Expensive for just one speaker (it will cost you even more if you want a pair) Truplay only works with iOS Sonos Five If you want something smart home-friendly with superb sound quality, the Sonos Five is an excellent speaker compatible with Amazon Alexa or Google Assistant for voice control. You can also easily control the bass, treble, and loudness through the Sonos App or Apple AirPlay 2. Sonos' Trueplay technology puts the speaker-tuning capability in your hands to adapt and optimize the speaker to a room's unique acoustics. Also : The top Sonos speakers: One, Arc, Beam, and more compared The Sonos Five speaker packs quite the punch into just one speaker. It has six Class-D digital amplifiers tuned to match the six dedicated speaker drivers, which include three 23mm tweeters and three 4-inch mid-woofers. One Reddit user said that the Sonos Five speaker is "definitely a versatile and easy way to get into vinyl" for those looking to build a vinyl setup. In addition, you can pair two Sonos Five speakers together for even more immersive sound—keep in mind one speaker alone will cost you $549. Sonos Five tech specs: Type: All-in-one | Power: 120W | Inputs: Bluetooth, 3.5mm audio| Frequency: 50-60Hz While all the other vinyl speakers listed above are bookshelf speakers, these floor-standing speakers might be the perfect statement piece. The Triangle Borea BR08 floor-standing speakers tower is just over three feet high and can fill a room with sound ranging from 65 to 131 square feet, making it the perfect option for larger rooms or homes. These speakers have four drivers, a 25mm EFS silk dome tweets, and a 16cm midrange. Their three-way configuration diffuses all frequencies without interference between the transducers, producing clear voices and instruments. You'll have to shell out well over $1,000 to get this pair of turntable speakers, but when you have both for your vinyl setup, verified Amazon customers say that the layered and cohesive sound blew them away. Triangle Borea BR08 tech specs: Type: Floor-standing | Power: 150W | Inputs: N/A | Frequency: 40Hz-22kHz Great sound quality in highs, mids, and lows Solid build Best for larger rooms Expensive for just one speaker, and you'll need two for full sound Triangle Borea BR08 While all the other vinyl speakers listed above are bookshelf speakers, these floor-standing speakers might be the perfect statement piece. The Triangle Borea BR08 floor-standing speakers tower is just over three feet high and can fill a room with sound ranging from 65 to 131 square feet, making it the perfect option for larger rooms or homes. These speakers have four drivers, a 25mm EFS silk dome tweets, and a 16cm midrange. Their three-way configuration diffuses all frequencies without interference between the transducers, producing clear voices and instruments. You'll have to shell out well over $1,000 to get this pair of turntable speakers, but when you have both for your vinyl setup, verified Amazon customers say that the layered and cohesive sound blew them away. Triangle Borea BR08 tech specs: Type: Floor-standing | Power: 150W | Inputs: N/A | Frequency: 40Hz-22kHz What are the best speakers for vinyl? The best speakers for vinyl are the PSB Alpha iQ speakers based on sound quality, price, and power. However, these speakers would also be a great addition to any vinyl setup. Speaker Price Frequency response Power PSB Alpha iQ $1,299 60Hz-20kHz 180W Paradigm Monitor SE Atom $300 61-21k Hz ±3dB 100W Kanto YU6 $480 50Hz - 20kHz 100W Edifier R1280DB $150 55Hz-20kHz 42W Sonos Five $550 50Hz-60Hz 120W Triangle Borea BR08 $549 40Hz – 22kHz 150W Which speakers for vinyl are right for you? It really depends on what your current vinyl setup looks like. If you have a vintage record player, the PSB Alpha iQ or the Triangle Borea BR08 would make for great speakers. Newer turntables would pair well with the Sonos Five, Paradigm Monitor SE Atom, or the Edifier R1280DB. Choose these speakers... If you want... PSB Alpha iQ The best overall option. They have built-in phono preamp for a vintage vinyl setup, and an app for EQ customizations. Paradigm Monitor SE Atom A well-designed pair of speakers for vinyl. These bookshelf speakers provide a clear and balanced sound. Kanto YU6 A pair of versatile speakers that can connect to almost any setup. They come with an included remote to fine-tune the sound. Edifier R1280DB Budget-friendly speakers for vinyl. These bookshelf speakers have numerous connections: RCA, Bluetooth, auxiliary, optical, and coaxial. Sonos Five Speakers for vinyl that are compatible with your smart home devices. You can also easily control the bass, treble, and loudness through the Sonos App or Apple AirPlay 2. Triangle Borea BR08 Floor-standing speakers for vinyl. These speakers tower at just over three feet and can fill a room with sound ranging from 65-131 square feet. Factors to consider when choosing the best speakers for vinyl: Choosing the best speakers for vinyl is essential since they will ultimately determine how your music sounds. Ultimately, it comes down to the following factors: Power: This refers to the maximum power a speaker can handle without causing damage. The higher the wattage, the better and louder the speakers usually sound. Frequency: A speaker's frequency response is measured in hertz and represents how well it can reproduce the audible range of sound. Most speakers are capable of responding from around 45-20,000 Hz. Inputs: Consider speakers that offer different kinds of inputs so you can have options for how you want to listen to your music and vinyl collection. Speakers for vinyl usually have RCA inputs. Pricing: Speakers for vinyl greatly range in price depending on the brand, quality, and overall sound. They typically range from $150 a pair up to splurge-worthy setups costing $700 per pair. How did we choose these speakers for vinyl? When choosing the best speakers for vinyl, I considered my own experience with some of the products and my knowledge of vinyl and building out a vinyl listening setup, as well as spoke to music industry experts on their take of what the best speakers are. For products we have not gone hands-on with, we put extensive research into different products and brands, taking into consideration user reviews (both good and bad), competitor analysis, and more. FAQs on speakers for vinyl Getting the best sound quality out of your vinyl collection is more than just having the best speakers for vinyl. Here are some tips to truly level up your listening experience: Make sure your turntable is level. Make sure your turntable's cartridge and stylus are working correctly, and if necessary, replace or upgrade them. Store your records correctly—vertically, not horizontally! Clean your records every so often. Frequency response determines how well and clearly a sound can be reproduced by the speakers. It is measured in hertz (Hz). Look for a wider frequency response, especially close to 20Hz - 20,000kHz. Also: The best sound systems A fuzzy or muffled noise when playing a vinyl record isn't the speakers' fault, but a problem with a turntable's stylus. The stylus is most likely damaged or worn down. To fix this issue, first try cleaning the stylus from dust with a small brush to see if that solves it. If it still sounds fuzzy, you should replace the stylus with a new one. Bluetooth speakers will only work if you have a Bluetooth turntable. If you opt for this route, you'll be able to use more speaker options, but keep in mind you might not get as good of sound as wired speakers. The best record player for listening to vinyl is the Audio-Technica LP120, but we also recommend the Fluance RT81 Elite or the Pro-Ject Phono SB. Try to avoid Crosley Cruiser Turntable models since they are known to ruin your records. However, higher-end Crosley turntables are still a decent option you can look into. Other speakers for vinyl worth considering There are plenty of other quality speakers on the market that would make great speakers for vinyl. Here are a few other options to look into: Marshall Acton III Bluetooth Speaker This sleek speaker has Over the Air (OTA) updates via the app ensure that your speaker is always up-to-date with the latest software and Bluetooth updates. Plus, it features Dynamic Loudness sound. Klipsch R-41M Powerful Detailed Bookshelf Home Speaker At $150, these speakers for vinyl still pack a punch thanks to Klipsch's exclusive 90x90o Tractrix horn technology that ensures that the speaker's high-frequency energy is aimed at the listener. Sony SSCS3 3-Way Floor-Standing Speaker These floor-standing speakers stand a little over 3 feet tall and have a 3-way, 4-speaker system with a maximum output of 145W. Meet the experts ZDNET sourced an external industry expert for this article. Here is more information about him: Andy Fraser: A musician for over 20 years who also teaches music, and the owner of Guitar Inside Out , an advice blog about guitars. 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