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Healthequity, Inc. (HQY) SEC Filing 10-K Annual Report for the fiscal year ending Wednesday, January 31, 2024

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Healthequity Inc

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CIK: 1428336 Ticker: HQY

HealthEquity Reports Fiscal Year and Fourth Quarter Ended January 31, 2024 Financial Results
Highlights of the fiscal year include:
•Revenue of $999.6 million, an increase of 16% compared to $861.7 million in FY23.
•Net income of $55.7 million, compared to net loss of $26.1 million in FY23, with non-GAAP net income of $195.5 million, compared to $114.5 million in FY23.
•Net income per diluted share of $0.64, compared to net loss per diluted share of $0.31 in FY23, with non-GAAP net income per diluted share of $2.25, compared to $1.36 in FY23.
•Adjusted EBITDA of $369.2 million, an increase of 36% compared to $272.3 million in FY23.
•8.7 million HSAs, an increase of 9% compared to FY23.
•Total HSA Assets of $25.2 billion, an increase of 14% compared to FY23.
•15.7 million Total Accounts, including both HSAs and complementary CDBs, an increase of 5% compared to FY23.
•The Company agreed to acquire the BenefitWallet HSA portfolio.
Highlights of the fourth quarter include:
•Revenue of $262.4 million, an increase of 12% compared to $233.8 million in Q4 FY23.
•Net income of $26.4 million, compared to net loss of $0.2 million in Q4 FY23, with non-GAAP net income of $55.0 million, compared to $31.3 million in Q4 FY23.
•Net income per diluted share of $0.30, compared to net loss per diluted share of less than one cent in Q4 FY23, with non-GAAP net income per diluted share of $0.63, compared to $0.37 in Q4 FY23.
•Adjusted EBITDA of $98.8 million, an increase of 34% compared to $73.6 million in Q4 FY23.

Draper, Utah – March 19, 2024 – HealthEquity, Inc. (NASDAQ: HQY) ("HealthEquity" or the "Company"), the nation's largest health savings account ("HSA") custodian, today announced financial results for its fourth quarter and fiscal year ended January 31, 2024.
“We delivered fiscal 2024 with a record of nearly $1 billion in revenue as well as over 500 bps expansion in Adjusted EBITDA margin,” said Jon Kessler, President and CEO of HealthEquity. “Building on these results, we believe we are well-positioned to continue our growth in fiscal 2025 as our technology investments enable us to continue taking market share, with an initial outlook for increases of approximately 15% in revenue and 20% in Adjusted EBITDA.”
Fiscal year financial results
Revenue for the fiscal year ended January 31, 2024 was $999.6 million, an increase of 16% compared to $861.7 million for the fiscal year ended January 31, 2023. Revenue this year included: service revenue of $455.7 million, custodial revenue of $386.6 million, and interchange revenue of $157.3 million.
HealthEquity reported net income of $55.7 million, or $0.64 per diluted share, and non-GAAP net income of $195.5 million, or $2.25 per diluted share, for the fiscal year ended January 31, 2024. The Company reported a net loss of $26.1 million, or $0.31 per diluted share, and non-GAAP net income of $114.5 million, or $1.36 per diluted share, for the fiscal year ended January 31, 2023.
Adjusted EBITDA was $369.2 million for the fiscal year ended January 31, 2024, an increase of 36% compared to $272.3 million for the fiscal year ended January 31, 2023. Adjusted EBITDA was 37% of revenue, compared to 32% for the fiscal year ended January 31, 2023.
As of January 31, 2024, HealthEquity had $404.0 million of cash and cash equivalents and $875.0 million of outstanding debt, net of issuance costs. This compares to $254.3 million in cash and cash equivalents and $925.3 million of outstanding debt as of January 31, 2023.
Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications relate primarily to recordkeeping and advisory fees associated with HSA investments of $25.6 million, $21.8 million, and $16.7 million for the fiscal years ended January 31, 2024, 2023, and 2022, respectively, which were reclassified from custodial revenue to service revenue to better align our financial statement presentation with the underlying drivers of our revenue streams. The Company also reclassified certain immaterial personnel-related costs from custodial costs to service costs or general and administrative costs. The reclassifications had no impact on our total revenue, income (loss) from operations, net income (loss), cash flows, or stockholders' equity.
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The following information was filed by Healthequity Inc (HQY) on Tuesday, March 19, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Healthequity Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income (Loss)
Consolidated Statements Of Stockholders' Equity
Business Combinations
Business Combinations (Tables)
Business Combinations - Narrative (Details)
Business Combinations - Preliminary Allocation Of Consideration (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Outstanding Contractual Obligations (Details)
Employee Benefits
Employee Benefits (Details)
Fair Value
Fair Value (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Components Of Income Tax Provision (Benefit) (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Schedule Of Unrecognized Tax Benefits (Details)
Indebtedness
Indebtedness (Tables)
Indebtedness - Narrative (Details)
Indebtedness - Schedule Of Long-Term Debt (Details)
Insider Trading Arrangements
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill - Narrative (Details)
Intangible Assets And Goodwill - Schedule For Future Amortization Expense (Details)
Intangible Assets And Goodwill - Schedule Of Finite-Lived Intangible Assets (Details)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Supplemental Cash Flow Information (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Details)
Net Income (Loss) Per Share (Tables)
Pay Vs Performance Disclosure
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Details)
Selected Quarterly Financial Data (Unaudited) (Tables)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Schedule Of Restricted Stock Unit Activity (Details)
Stock-Based Compensation - Schedule Of Stock Option Activity (Details)
Stock-Based Compensation - Schedule Of Stock-Based Compensation (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Business And Significant Accounting Policies
Summary Of Business And Significant Accounting Policies (Policies)
Summary Of Business And Significant Accounting Policies (Tables)
Summary Of Business And Significant Accounting Policies - Intangible Assets (Details)
Summary Of Business And Significant Accounting Policies - Narrative (Details)
Summary Of Business And Significant Accounting Policies - Property And Equipment (Details)
Supplemental Financial Statement Information
Supplemental Financial Statement Information (Tables)
Supplemental Financial Statement Information - Narrative (Details)
Supplemental Financial Statement Information - Other Expense, Net (Details)
Supplemental Financial Statement Information - Property And Equipment (Details)
Ticker: HQY
CIK: 1428336
Form Type: 10-K Annual Report
Accession Number: 0001428336-24-000016
Submitted to the SEC: Fri Mar 22 2024 4:01:19 PM EST
Accepted by the SEC: Fri Mar 22 2024
Period: Wednesday, January 31, 2024
Industry: Business Services

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