Company: PHR
Filing Date: 2025-12-09
Form Type: 10-Q
Source: 0001412408-25-000132
Chunk: 295

Company: Phreesia, Inc.
Filing Date: 2025-12-09
Form: 10-Q
Item: Part I, Item 2
Chunk 295
---
 of at least $5.0 million. The Capital One Credit Facility was entered into with Capital One, N.A. (“Capital One”) acting as administrative agent and replaces our previous senior secured revolving credit facility with Silicon Valley Bank, which we terminated on the same date. We believe the Capital One Credit Facility will give us additional financial flexibility through fiscal 2028. The facility is available to us for working capital and general corporate purposes.

The Capital One Credit Facility includes financial covenants including but not limited to requiring us to maintain minimum Consolidated EBITDA, minimum Liquidity, a minimum Consolidated Fixed Charge Coverage Ratio, a restriction on the amount of dividends, limitations on incurring additional indebtedness, limitations on acquisitions and limiting the amount of cash and cash equivalents we hold outside Capital One, each as defined in the Credit Agreement. We were in compliance with all covenants related to the Capital One Credit Facility as of October 31, 2025.

As of October 31, 2025 we had no borrowings outstanding under the Capital One Credit Facility. 

On November 12, 2025, we entered into the First Amendment to the Capital One Credit Facility. The First Amendment to the Capital One Credit Facility amended the covenant limiting acquisitions to permit the acquisition of AccessOne, amended the covenant limiting additional indebtedness to accommodate the Bridge Loan, and amended the security interest supporting the Capital One Credit Facility to permit the security interests granted in connection with the Bridge Loan. The amendment included further changes to sections governing mandatory and 

49

voluntary prepayments, negative covenants and events of default to accommodate the existence of the Bridge Loan.

We believe that our cash and cash equivalents, along with cash generated in its normal operations and the available borrowing capacity under the Capital One Credit Facility will be sufficient to meet the Company’s needs for at least the next 12 months.

Our future capital requirements and the adequacy of available funds will depend on many factors, including those set forth under “Risk Factors.”

In the event that additional financing is required from outside sources, we may be unable to raise the funds on acceptable terms, if at all. If we are unable to raise additional capital when desired, our business, operating results and financial condition could be adversely affected.

Financing agreements

In June 2023, we entered into a financing agreement to obtain financing for internal-use software and related software support. As of October 31, 2025, there was $0.9 million in outstanding principal and interest due under the agreement.