--- schema_version: "secwatch.filing_event.v1" accession: "0001412408-23-000193" form_type: "8-K" ticker: "PHR" cik: "0001412408" company_name: "Phreesia, Inc." filed_at: "2023-12-05T23:59:59+00:00" generated_at: "2026-06-07T17:52:57.948924+00:00" event_type: "earnings" sentiment: "positive" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Phreesia reports Q3 revenue $91.6M (+25% YoY), raises FY24 EBITDA outlook, introduces FY25 profitability target ## Summary - 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. ## SEC filing metadata - accession: 0001412408-23-000193 - form_type: 8-K - ticker: PHR - cik: 0001412408 - company_name: Phreesia, Inc. - filed_at: 2023-12-05T23:59:59+00:00 - event_type: earnings - sentiment: positive - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 1.02, 2.02, 2.03, 5.02, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1412408/000141240823000193/0001412408-23-000193-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1412408/000141240823000193/phr-20231201.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001412408-23-000193 - JSON: https://secwatch.observer/filing/0001412408-23-000193.json - Plain text: https://secwatch.observer/filing/0001412408-23-000193.txt ## Key facts - Debt Financings 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1412408/000141240823000193/0001412408-23-000193-index.htm - Earnings Releases 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1412408/000141240823000193/0001412408-23-000193-index.htm - Executive change Michael Davidoff departed as Senior Vice President, Payer Solutions at Phreesia, Inc.. - Action: will leave - Role: Senior Vice President, Payer Solutions source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1412408/000141240823000193/0001412408-23-000193-index.htm - Material Agreements 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1412408/000141240823000193/0001412408-23-000193-index.htm - Material Agreements 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 source text: 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"). evidence_url: https://www.sec.gov/Archives/edgar/data/1412408/000141240823000193/0001412408-23-000193-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.