Phreesia, Inc.

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 2026 outlook.

SEC original ↗Phreesia, Inc. — Earnings release (8-K exhibit)EX-99Sep 4, 2025

As of July 31, 2025 we had no borrowings outstanding under our credit facility.

SEC original ↗Phreesia, Inc. — Earnings release (8-K exhibit)EX-99Sep 4, 2025

5 CMS, includes out-of-pocket spending for physician, clinical and other professional services (2023) and Gallup s study on the estimated borrowings for medical bills in 2024 (2025).

SEC original ↗Phreesia, Inc. — Presentation / slide deck (8-K exhibit)EX-99Sep 4, 2025

We calculate Adjusted EBITDA as net (loss) income before interest (income), net, income tax expense (benefit), depreciation and amortization, and before stock-based compensation expense, loss on extinguishment of debt and other expense (income), net.

SEC original ↗Phreesia, Inc. — Presentation / slide deck (8-K exhibit)EX-99Sep 4, 2025

These variations are reflected in changes in working capital, alongside the timing of capital expenditures.

SEC original ↗Phreesia, Inc. — Presentation / slide deck (8-K exhibit)EX-99Sep 4, 2025

We calculate Adjusted EBITDA as net income or loss before interest (income) expense, net, income tax expense (benefit), depreciation and amortization, and before stock-based compensation expense, loss on extinguishment of debt and other (income) expense, net.

SEC original ↗Phreesia, Inc. — Presentation / slide deck (8-K exhibit)EX-99Sep 4, 2025

The Adjusted EBITDA range provided for fiscal 2026 assumes continued improvements in operating leverage across the Company through a focus on efficiency and does not take into account the AccessOne Acquisition.

SEC original ↗Phreesia, Inc. — Earnings release (8-K exhibit)EX-99Sep 4, 2025

These statements include, but are not limited to, statements regarding our future financial and operating performance, including our revenue, operating leverage, margins, Adjusted EBITDA and cash flows the consummation of the AccessOne Acquisition and timing thereof the expected results of the AccessOne Acquisition discussed herein, including an expansion of our total addressable market our ability to finance our plans to achieve our fiscal 2026 outlook with our current cash balance and cash generated in the normal course of business and our outlook for fiscal 2026, including our expectations regarding revenue, Adjusted EBITDA, AHSCs and total revenue per AHSC.

SEC original ↗Phreesia, Inc. — Earnings release (8-K exhibit)EX-99Sep 4, 2025

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 investments, partnerships and acquisitions, and strengthening our financial position.

SEC original ↗Phreesia, Inc. — Earnings release (8-K exhibit)EX-99Sep 4, 2025

We remain focused on an integrated payments go-to-market strategy through which we offer flexible pricing for our healthcare services clients, which enables us to expand our network, total revenue and profitability6.

SEC original ↗Phreesia, Inc. — Presentation / slide deck (8-K exhibit)EX-99Sep 4, 2025

AI-Assisted Referrals As we continue strategically leveraging AI to increase operational efficiencies and further our mission of making care easier every day, we are introducing a new iteration on our referral product, AI-Assisted Referrals, to improve processing times and help patients get the specialty care they need quicker.

SEC original ↗Phreesia, Inc. — Presentation / slide deck (8-K exhibit)EX-99Sep 4, 2025

Non-GAAP 3 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 income tax (benefit) expense, which are reconciling items between Adjusted EBITDA and GAAP net income (loss).

SEC original ↗Phreesia, Inc. — Earnings release (8-K exhibit)EX-99Sep 4, 2025

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.

SEC original ↗Phreesia, Inc. — Earnings release (8-K exhibit)EX-99Sep 4, 2025

presidential administration, tariff and trade issues, and the warfare and or political and economic instability in Ukraine, the Middle East or elsewhere).

SEC original ↗Phreesia, Inc. — Earnings release (8-K exhibit)EX-99Sep 4, 2025

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 July 31, 2025 that will be filed with the SEC following this press release.

SEC original ↗Phreesia, Inc. — Earnings release (8-K exhibit)EX-99Sep 4, 2025

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 income tax (benefit) expense which are reconciling items between Adjusted EBITDA and GAAP net income (loss).

SEC original ↗Phreesia, Inc. — Earnings release (8-K exhibit)EX-99Sep 4, 2025

10 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 income tax (benefit) expense, which are reconciling items between Adjusted EBITDA and GAAP net income (loss).

SEC original ↗Phreesia, Inc. — Presentation / slide deck (8-K exhibit)EX-99Sep 4, 2025