Jason Alger
Health CatalystAbout Jason Alger
Jason Alger, 41, has served as Health Catalyst’s Chief Financial Officer since March 1, 2024, after a decade of finance leadership roles at the company; he is a CPA with a Master of Accountancy from Brigham Young University and previously worked in Ernst & Young’s assurance practice . In FY 2024, Health Catalyst delivered total revenue of $306.6 million (+4% YoY) and Adjusted EBITDA of $26.1 million (up from $11.0 million in 2023), while the company’s “Pay vs Performance” table shows cumulative TSR value of $20 for a $100 investment since 2019 at year-end 2024, indicating stock underperformance despite margin progress .
Key company performance context
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Total Revenue ($USD Millions) | $295.9 | $306.6 |
| Adjusted EBITDA ($USD Millions) | $11.0 | $26.1 |
| TSR – Value of $100 invested (cumulative) | $27 | $20 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Health Catalyst | Chief Accounting Officer | 2021–Mar 2024 | Led public-company reporting; foundation for CFO transition |
| Health Catalyst | SVP Finance | 2017–2020 | Scaled finance as business expanded |
| Health Catalyst | Controller | 2013–2017 | Built core finance controls and processes |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ernst & Young LLP | Assurance practice | 2009–2013 | Public audit experience; strengthens reporting rigor |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $271,250 | $338,333; increased to $350,000 effective Mar 1, 2024 |
| Target Bonus (%) | 50% (pre-promotion) | 65% (effective Mar 1, 2024) |
| Target Bonus ($) | N/A | $212,917 |
| Actual Bonus Paid ($) | $36,026 | $108,441 (51% composite achievement) |
Notes:
- Promotion to CFO effective Mar 1, 2024; target bonus increased from 50% to 65% .
- 2024 bonus pool funded off Adjusted EBITDA; composite achievement 51% .
Performance Compensation
2024 long-term PRSUs (three-year measurement; vesting 33.33% each year; threshold 75% of target; metrics: TSR 25%, Revenue Growth 25%, Adjusted EBITDA Margin 50%) .
| Metric (FY 2024) | Weighting | Target | Actual | Weighted Payout | Vesting Basis |
|---|---|---|---|---|---|
| TSR Percentile vs Russell 3000 | 25% | 55% | 28% | 19.4% | Year 1 of 3 (33.33% tranche) |
| Revenue Growth Rate | 25% | 4.5% | 3.6% | 21.2% | Year 1 of 3 (33.33% tranche) |
| Adjusted EBITDA Margin | 50% | 6.5% | 8.5% | 50.0% | Year 1 of 3 (33.33% tranche) |
| FY 2024 Final Vesting % (aggregated) | — | — | — | 90.5% | 33.33% of grant |
Annual bonus performance framework (company-wide)
| Category | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Improvement – client satisfaction and team engagement (lower of two) | 16.7% | 4.3 | 4.4 | 108% achievement |
| Improvement – % select clients w/ measurable improvements | 16.7% | 70% | 60% | 70% achievement |
| Improvement – # measurable improvements (all clients) | 16.7% | 150 | 148 | 97% achievement |
| Improvement – % projects on time | 16.7% | 70% | 86% | 130% achievement |
| Growth – Net New / Total Platform Clients (legacy) | 50% | 15 / 124 | 21 / 130 | 130% achievement |
| Growth – Dollar-based Retention (legacy) | — | 104% | 100% | Below threshold |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 44,944 shares; less than 1% |
| Composition | 34,901 common shares; 10,043 options exercisable within 60 days |
| RSUs outstanding (unvested) | 46,667 (vest commence 12/1/23) |
| PRSUs outstanding (max at grant) | 35,000 (2024–2026 program) |
| Option awards (legacy) | Multiple fully vested options from 2017–2018 grants |
| Pledging/Hedging | Prohibited for all insiders; no pledging or hedging permitted |
| Ownership guidelines | Not disclosed in proxy (no guideline references) — |
Equity grant detail (FY 2024)
| Award Type | Grant Date | Quantity | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| RSUs | 3/1/2024 | 70,000 | $564,200 | 25% after one year from 12/1/2024; remaining in 12 equal quarterly installments |
| PRSUs (2024–2026) | 3/1/2024 | 35,000 (target) | $262,381 | 33.33% annually; payout vs TSR, Revenue Growth, Adj. EBITDA Margin |
Employment Terms
| Provision | Terms |
|---|---|
| Employment start date | Offer letter dated April 4, 2013 |
| CFO appointment | Effective Mar 1, 2024 |
| Severance (non-CoC) | Tier 2 Executive: 9 months base salary + up to 9 months COBRA; estimated cash severance $262,500; health $17,955; total $280,455 (as of 12/31/2024) |
| Change-of-control (double trigger) | Tier 2: 100% base + 100% target bonus (lump sum) + 12 months COBRA; time-based equity fully accelerates; performance awards vest at target |
| Estimated CoC totals | Cash severance $525,000; health $23,940; equity acceleration $768,863; total $1,317,803 (as of 12/31/2024) |
| Clawbacks / Tax gross-ups | No tax gross-ups; clawback not explicitly disclosed |
| Non-compete / non-solicit | Standard restrictive covenants referenced in severance plan (reaffirmation required) |
Compensation Structure Analysis
- Mix shift and at-risk pay: 2024 design emphasizes equity and PRSUs with three-year metrics (TSR, revenue growth, adjusted EBITDA margin), adding true pay-for-performance alignment; average NEO variable pay comprises ~79% of target compensation .
- Annual bonus governance: Bonus pool funding tied to Adjusted EBITDA thresholds with capped payouts; 2024 composite achievement resulted in 51% payout for NEOs (including Alger) .
- Peer benchmarking: Compensation peer group (Accolade, American Well, Definitive Healthcare, Phreesia, Zuora, etc.) reflects similar revenue/mid-cap software/services profiles to manage pay competitiveness .
- Shareholder feedback: Say-on-Pay support ~99% in 2024; 2025 program largely consistent with 2024 to maintain alignment .
Say-on-Pay & Shareholder Feedback
| Item | Detail |
|---|---|
| SOP approval (2024) | ~99% support |
| 2025 plan updates | PRSUs continue with same 3-year metrics; CEO LTIP 50% RSUs/50% PRSUs; NEOs 70% RSUs/30% PRSUs; 2025 bonus paid via PRSUs, capped |
Performance & Track Record
- FY 2024 highlights: Revenue $306.6m (+4% YoY); Adjusted EBITDA $26.1m (up from $11.0m in 2023); net loss improved to $69.5m from $118.1m .
- PRSU Year 1 results: Above-target Adjusted EBITDA margin (8.5% vs 6.5% target), below-target revenue growth (3.6% vs 4.5%), TSR percentile below target (28% vs 55%)—overall vesting 90.5% for 2024 tranche .
- TSR context: Cumulative $100 investment value $20 at YE 2024, underscoring stock underperformance over the multi-year window despite internal margin gains .
Equity Ownership & Insider Activity
- Beneficial ownership: 44,944 shares; less than 1% ownership—indicates limited personal stake relative to float .
- Insider trading controls: Strict quarterly windows and 10b5‑1 pre‑clearance; hedging/pledging prohibited, including margin pledges .
- Form 4 activity: We attempted to retrieve Jason Alger’s Form 4 transactions (2023–present); API access was unauthorized, so transaction-level selling/withholding analysis could not be completed. If needed, we can revisit with updated access.
Attempted insider-trades fetch returned 401 Unauthorized; unable to analyze selling pressure or tax-withholding trends programmatically at this time.
Investment Implications
- Alignment: Alger’s pay is meaningfully performance-tied via PRSUs with multi-year TSR, revenue, and margin metrics; time-based RSUs plus double-trigger CoC acceleration balance retention and alignment .
- Retention risk: Non-CoC severance is modest (9 months base); CoC benefits are standard (base + target bonus, accelerated vesting at target), suggesting reasonable retention incentives without excessive entrenchment .
- Execution signals: FY 2024 margin outperformance vs target (Adj. EBITDA margin 8.5% vs 6.5%) is positive, but TSR remains weak; capital discipline and bookings growth (21 net new platform clients) supported bonus outcomes—watch revenue growth recovery and retention improvements to sustain PRSU vesting .
- Governance: No hedging/pledging; no tax gross-ups; strong say‑on‑pay support; peer set appropriate—indicates sound compensation governance .
Appendix – Additional Data Tables
2024 Bonus and Equity Outcomes (Jason Alger)
| Component | Detail |
|---|---|
| Actual cash bonus | $108,441 |
| RSU vesting cadence | 25% after one year from 12/1/2024; remaining in 12 equal quarterly installments |
| PRSU 2024–2026 | 35,000 target; 3-year metrics & 33.33% annual vesting |
| 2024 PRSU Year 1 vesting % | 90.5% |
Executive biography snapshot
| Attribute | Detail |
|---|---|
| Age | 41 |
| Education | M.Acc., Brigham Young University; CPA |
| CFO tenure | Since Mar 1, 2024 |
| Prior experience | EY assurance (2009–2013) |
If you want an insider trading and selling pressure timeline, authorize Form 4 data access and we will compile a transaction-level chart of grants, vesting, sales, 10b5‑1 plans, and post-transaction ownership.