8-K
filed December 5, 2023, 6:59 PM ET
ticker PHR
CIK 0001412408
earnings
confidence high
sentiment positive
materiality 0.75
Phreesia, Inc. (PHR): debt financing — Phreesia reports Q3 revenue $91.6M (+25% YoY), raises FY24 EBITDA outlook, introduces FY25 profitability target
Phreesia, Inc.
2024-Q3 EPS reported
-$1.96
revenue$261,294,000
- Total revenue $91.6M (+25% YoY); net loss $31.9M vs $40.2M; subscription revenue +29%.
- Adjusted EBITDA -$6.6M, improved from -$18.3M; FY24 outlook raised to ~$39M (from -$54M to -$49M).
- FY25 revenue outlook $424M-$434M; Adjusted EBITDA target $10M-$20M; $500M annualized revenue now expected in FY26.
- New $50M 5-year asset-based revolving credit facility with Capital One; replaced SVB; $0.8M termination fees.
- SVP Michael Davidoff to leave on Jan 19, 2024 to pursue other opportunities.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 1.0
Phreesia, Inc. incurred revolving credit of $50,000,000 with Capital One, National Association at Term SOFR plus a 3.00% applicable margin.
- Instrument
- revolving credit
- Principal
- $50,000,000
- Counterparty
- Capital One, National Association
- Rate
- Term SOFR plus a 3.00% applicable margin
- Event
- incurrence
Exact text from the filing
On December 4, 2023 (the “Closing Date”), Phreesia, Inc. (the “Company”) and certain of its subsidiaries located in the United States (collectively, the “Credit Parties”) entered into a Credit Agreement (the “Credit Agreement”) by and among the Credit Parties, as borrowers, the financial institutions from time to time party thereto as lenders, and Capital One, National Association, a national banking association (“Capital One”), as agent for the lenders and for itself as lender, providing for a senior secured asset-based revolving credit facility (the “Credit Facility”) up to an aggregate principal amount of $50,000,000
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Phreesia, Inc. reported fiscal third quarter ended October 31, 2023 results: revenue $91.6 million, net income Net loss was $31.9 million.
- Period
- fiscal third quarter ended October 31, 2023
- Revenue
- $91.6 million
- Net income
- Net loss was $31.9 million
- Result
- reported results
Exact text from the filing
relations website at ir.phreesia.com to view the Company's Q3 Fiscal Year 2024 Stakeholder Letter. Fiscal Third Quarter Ended October 31, 2023 Highlights • Total revenue was $91.6 million in the quarter as compared to $73.1 million in the same period in the prior year, an increase of 25%. • Average number of healthcare services clients ("AHSCs") was 3,688 in the
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael Davidoff departed as Senior Vice President, Payer Solutions at Phreesia, Inc..
- Action
- will leave
- Role
- Senior Vice President, Payer Solutions
Exact text from the filing
Michael Davidoff, Phreesia Inc.’s Senior Vice President, Payer Solutions and a named executive officer, notified the Company on December 1, 2023 that he will leave the Company on January 19, 2024 to pursue other professional opportunities.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.99
Phreesia, Inc. entered into Credit Agreement with Capital One, National Association valued at $50,000,000 (effective 2023-12-04).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Capital One, National Association
- Value
- $50,000,000
- Effective
- 2023-12-04
Exact text from the filing
On December 4, 2023 (the "Closing Date"), Phreesia, Inc. (the "Company") and certain of its subsidiaries located in the United States (collectively, the "Credit Parties") entered into a Credit Agreement (the "Credit Agreement") by and among the Credit Parties, as borrowers, the financial institutions from time to time party thereto as lenders, and Capital One, National Association, a national banking association ("Capital One"), as agent for the lenders and for itself as lender, providing for a senior secured asset-based revolving credit facility (the "Credit Facility") up to an aggregate principal amount of $50,000,000
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.99
Phreesia, Inc. terminated Second Amended and Restated Loan and Security Agreement with Silicon Valley Bank with Silicon Valley Bank (effective 2023-12-04).
- Action
- termination
- Agreement
- credit facility
- Counterparty
- Silicon Valley Bank
- Effective
- 2023-12-04
Exact text from the filing
On December 4, 2023, the Company terminated the Second Amended and Restated Loan and Security Agreement with Silicon Valley Bank, as amended by the First Loan Modification Agreement with Silicon Valley Bank (the "SVB Facility").
View on SEC.gov
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