☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-36568 HEALTHEQUITY, INC. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2021 OR Delaware 52-2383166 (State or other jurisdiction of incorporation or organization) (I.R.S. E ...

HealthEquity, Inc. (NASDAQ:HQY) Q1 2022 Earnings Conference Call June 7, 2021 4:30 PM ET Company Participants Richard Putnam - Investor Relations Jon Kessler - President and CEO Dr. Steve Neeleman - Vice Chair and Founder Tyson Murdock - Executive Vice President and CFO Ted Bloomberg - Executive Vice President and COO Conference Call Participants Greg Peters - Raymond James George Hill - Deutsche Bank David Larsen - BTIG Donald Hooker - KeyBanc Stephanie Davis - SVB Leerink Sean Dodge - RBC Capital Markets ...

Part I [Business](index=5&type=section&id=Item%201.%20Business) HealthEquity provides technology-enabled platforms for Health Savings Accounts (HSAs) and Consumer-Directed Benefits (CDBs), managing millions of accounts and billions in assets, with revenue from service, custodial, and interchange fees, significantly expanded by the WageWorks acquisition Key Metrics as of January 31, 2021 | Metric | Value | | :--- | :--- | | HSAs | 5.8 million | | HSA Assets | $14.3 billion | | Complementary CDBs | 7.0 million | | Total Accounts | 12.8 million | | Network Partners | 174 | | Clients | ~100,000 | - The company's revenue is generated from three primary sources: service fees from clients, custodial revenue from HSA assets and client-held funds, and interchange fees from member card payments[20](index=20&type=chunk) - Completed the acquisition of WageWorks, Inc. on August 30, 2019, for approximately **$2.0 billion** in cash, financed by a new term loan and cash on hand, strategically expanding direct employer sales and providing a comprehensive suite of CDBs[21](index=21&type=chunk)[22](index=22&type=chunk) - As of January 31, 2021, the company had **3,039 team members** (3,001 full-time, 38 part-time), with the workforce comprising **63% women** and **33% people of color**[75](index=75&type=chunk) [Risk Factors](index=16&type=section&id=Item%201A.%20Risk%20factors) The company faces significant risks including the COVID-19 pandemic's impact on interest rates and revenue, integration challenges from the WageWorks acquisition, internal control weaknesses, potential changes to tax-advantaged benefits, and intense competition - The COVID-19 pandemic has materially impacted the business through lower interest rates affecting custodial revenue, reduced commuter benefit usage impacting service and interchange revenue, and increased unemployment affecting overall demand[96](index=96&type=chunk)[97](index=97&type=chunk) - Management identified **material weaknesses** in internal control over financial reporting within the acquired WageWorks subsidiary, which could adversely affect timely and accurate financial reporting[105](index=105&type=chunk) - The business is highly dependent on the tax-advantaged status of HSAs and other CDBs, and any elimination or reduction of these tax benefits would materially harm the company[107](index=107&type=chunk) - The company faces significant competition from banks (Optum, Webster), retail investment firms (Fidelity), and benefits administrators, with competitors potentially having greater resources and brand recognition[112](index=112&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - Cyber-attacks and data security incidents are a major risk due to the sensitive financial and health information handled, where a breach could lead to significant financial and reputational damage[120](index=120&type=chunk)[121](index=121&type=chunk) [Unresolved Staff Comments](index=34&type=section&id=Item%201B.%20Unresolved%20staff%20comments) The company reports no unresolved staff comments from the SEC - None[192](index=192&type=chunk) [Properties](index=34&type=section&id=Item%202.%20Properties) The company leases all its facilities, including its principal executive offices in Draper, Utah, and believes current spaces are sufficient - The company leases all its facilities, with its main office located in Draper, Utah[193](index=193&type=chunk) [Legal Proceedings](index=34&type=section&id=Item%203.%20Legal%20proceedings) The WageWorks subsidiary is involved in material litigation, including securities class action and derivative lawsuits, with further details in Note 7 of the financial statements - The company's subsidiary, WageWorks, is involved in pending material litigation, and for further details, refer to Note 7—Commitments and contingencies[194](index=194&type=chunk) [Mine Safety Disclosures](index=34&type=section&id=Item%204.%20Mine%20safety%20disclosures) This item is not applicable to the company's business - Not applicable[195](index=195&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=35&type=section&id=Item%205.%20Market%20for%20registrant%27s%20common%20equity%2C%20related%20stockholder%20matters%20and%20issuer%20purchases%20of%20equity%20securities) The company's common stock trades on NASDAQ under "HQY", with no current plans for cash dividends as earnings are retained for growth - Common stock is listed on the NASDAQ Global Select Market under the ticker symbol "**HQY**"[196](index=196&type=chunk) - The company has no current plans to pay dividends and intends to retain earnings to fund future growth[198](index=198&type=chunk) [Selected Financial Data](index=37&type=section&id=Item%206.%20Selected%20financial%20data) This item is not applicable - Not applicable[203](index=203&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%207.%20Management%27s%20discussion%20and%20analysis%20of%20financial%20condition%20and%20results%20of%20operations) FY2021 saw 38% revenue growth to **$733.6 million** and 23% Adjusted EBITDA increase to **$240.8 million**, driven by the WageWorks acquisition, despite a net income decrease to **$8.8 million** due to COVID-19 impacts and higher costs Fiscal Year 2021 vs. 2020 Financial Highlights | Metric (in millions) | FY 2021 | FY 2020 | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | $733.6 | $532.0 | 38% | | Net Income | $8.8 | $39.7 | (78)% | | Adjusted EBITDA | $240.8 | $196.5 | 23% | Revenue Breakdown (FY 2021 vs. FY 2020) | Revenue Source (in millions) | FY 2021 | FY 2020 | % Change | | :--- | :--- | :--- | :--- | | Service revenue | $431.0 | $262.9 | 64% | | Custodial revenue | $190.9 | $181.9 | 5% | | Interchange revenue | $111.7 | $87.2 | 28% | | **Total revenue** | **$733.6** | **$532.0** | **38%** | - The increase in revenue was primarily driven by the inclusion of a full year of WageWorks' operations, with service revenue growth partially offset by COVID-19's negative impact on commuter benefits, and custodial revenue growth tempered by a significant decrease in the yield on HSA cash (from **2.44% to 2.06%**) due to Federal Reserve rate cuts[269](index=269&type=chunk)[270](index=270&type=chunk) - As of January 31, 2021, the company had achieved approximately **$60 million** of the targeted **$80 million** in annualized net synergies from the WageWorks acquisition[215](index=215&type=chunk) - Cash and cash equivalents increased to **$328.8 million** at year-end, largely due to net proceeds of **$286.8 million** from a follow-on public offering in July 2020, with **$200 million** of these proceeds used to prepay long-term debt[294](index=294&type=chunk)[296](index=296&type=chunk)[299](index=299&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%207A.%20Quantitative%20and%20qualitative%20disclosures%20about%20market%20risk) The company faces significant interest rate risk impacting custodial revenue on **$14.3 billion** in HSA assets and **$986 million** in client funds, and interest expense on its **$1.0 billion** variable-rate loan, alongside credit and market concentration risks - A sustained decline in prevailing interest rates negatively affects custodial revenue earned on HSA Assets (**$14.3 billion**) and Client-held funds (**$986 million**)[327](index=327&type=chunk)[328](index=328&type=chunk) - The company has significant interest rate risk on its debt, where a **one percent** increase in the interest rate on its **$1.0 billion** outstanding credit facility would result in approximately **$9.9 million** of additional annual interest expense as of January 31, 2021[332](index=332&type=chunk) - Concentration of credit risk exists as cash and cash equivalents of **$328.8 million** are held in accounts that frequently exceed federally insured limits[326](index=326&type=chunk) [Financial Statements and Supplementary Data](index=55&type=section&id=Item%208.%20Financial%20statements%20and%20supplementary%20data) The audited financial statements include an independent auditor's report with an unqualified opinion on financials but an adverse opinion on internal controls due to material weaknesses at the WageWorks subsidiary - The independent auditor, PricewaterhouseCoopers LLP, issued an **adverse opinion** on the Company's internal control over financial reporting as of January 31, 2021[337](index=337&type=chunk) - The adverse opinion was due to several material weaknesses at the WageWorks subsidiary, including ineffective risk assessment, information and communication, monitoring, controls over the accounting close process, the contract-to-cash cycle, and IT general controls[337](index=337&type=chunk)[347](index=347&type=chunk) Consolidated Balance Sheet Highlights (as of Jan 31, 2021) | Account (in millions) | Value | | :--- | :--- | | Total Assets | $2,710.4 | | Goodwill & Intangibles, net | $2,094.2 | | Total Liabilities | $1,331.7 | | Long-term Debt, net | $924.2 | | Total Stockholders' Equity | $1,378.7 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=85&type=section&id=Item%209.%20Changes%20in%20and%20disagreements%20with%20accountants%20on%20accounting%20and%20financial%20disclosure) The company reports no changes in or disagreements with its accountants regarding accounting principles or financial disclosure - None[486](index=486&type=chunk) [Controls and Procedures](index=85&type=section&id=Item%209A.%20Controls%20and%20procedures) Management concluded disclosure controls and procedures were ineffective due to material weaknesses in internal control over financial reporting at the WageWorks subsidiary, with a remediation plan underway - The CEO and CFO concluded that disclosure controls and procedures were **not effective** as of January 31, 2021[488](index=488&type=chunk) - The ineffectiveness was due to **material weaknesses** in internal control over financial reporting at the WageWorks subsidiary[492](index=492&type=chunk) - Specific material weaknesses were identified in: Risk Assessment, Information and Communication, Monitoring, Accounting Close and Financial Reporting, Contract to Cash Process, and Information Technology General Controls (ITGCs)[495](index=495&type=chunk)[496](index=496&type=chunk)[497](index=497&type=chunk)[498](index=498&type=chunk)[499](index=499&type=chunk) - Management is actively working on remediation efforts, including enhancing risk assessment, formalizing policies, improving process-level controls, and consolidating IT systems[502](index=502&type=chunk)[503](index=503&type=chunk)[504](index=504&type=chunk) [Other Information](index=87&type=section&id=Item%209B.%20Other%20information) The company reports no other information for this item - None[506](index=506&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=88&type=section&id=Item%2010.%20Directors%2C%20executive%20officers%20and%20corporate%20governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2021 Proxy Statement, including the Code of Business Conduct and Ethics - The required information is incorporated by reference from the company's 2021 Proxy Statement[508](index=508&type=chunk) - The company has a Code of Business Conduct and Ethics applicable to all team members, officers, and directors, available on its website[509](index=509&type=chunk) [Executive Compensation](index=88&type=section&id=Item%2011.%20Executive%20compensation) Information regarding executive compensation is incorporated by reference from the company's 2021 Proxy Statement - The required information is incorporated by reference from the company's 2021 Proxy Statement[510](index=510&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=88&type=section&id=Item%2012.%20Security%20ownership%20of%20certain%20beneficial%20owners%20and%20management%20and%20related%20stockholder%20matters) Information on security ownership of beneficial owners, management, and related stockholder matters is incorporated by reference from the 2021 Proxy Statement - The required information is incorporated by reference from the company's 2021 Proxy Statement[511](index=511&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=88&type=section&id=Item%2013.%20Certain%20relationships%20and%20related%20transactions%2C%20and%20director%20independence) Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the 2021 Proxy Statement - The required information is incorporated by reference from the company's 2021 Proxy Statement[512](index=512&type=chunk) [Principal Accounting Fees and Services](index=88&type=section&id=Item%2014.%20Principal%20accounting%20fees%20and%20services) Information regarding principal accounting fees and services is incorporated by reference from the company's 2021 Proxy Statement - The required information is incorporated by reference from the company's 2021 Proxy Statement[513](index=513&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=89&type=section&id=Item%2015.%20Exhibits%2C%20financial%20statement%20schedules) This section lists documents filed as part of the Form 10-K, including consolidated financial statements and notes, with schedules omitted as information is included elsewhere - All required financial statements are included in the report[515](index=515&type=chunk) - Financial statement schedules have been omitted because they are not applicable or the information is included within the consolidated financial statements and notes[516](index=516&type=chunk) [Form 10-K Summary](index=92&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable - None[523](index=523&type=chunk)

HealthEquity, Inc. (NASDAQ:HQY) Q4 2021 Earnings Conference Call March 15, 2021 4:30 PM ET Company Participants Richard Putnam - Investor Relations Jon Kessler - President and CEO Steve Neeleman - Vice Chair and Founder Darcy Mott - Executive Vice President and CFO Tyson Murdock - Executive Vice President and Deputy CFO Ted Bloomberg - Executive Vice President and Chief Operating Officer Conference Call Participants Greg Peters - Raymond James Robert Jones - Goldman Sachs George Hill - Deutsche Bank Sandy D ...

HealthEquity® Investor presentation February 2021 Copyright © 2021 HealthEquity, Inc. All rights reserved. HealthEquity does not provide legal, tax or financial advice. Safe harbor This presentation contains "forward-looking" statements that are based on our management's beliefs and assumptions and on information currently available to management. These forward-looking statements include, without limitation, statements regarding our industry, business strategy, plans, goals and expectations concerning our m ...

HealthEquity® J.P. Morgan Investor presentation January 2021 Copyright © 2021 HealthEquity, Inc. All rights reserved. HealthEquity does not provide legal, tax or financial advice. Safe harbor This presentation contains "forward-looking" statements that are based on our management's beliefs and assumptions and on information currently available to management. These forward-looking statements include, without limitation, statements regarding our industry, business strategy, plans, goals and expectations conce ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-36568 HEALTHEQUITY, INC. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Ac ...

HealthEquity® Investor presentation December 2020 Copyright © 2020 HealthEquity, Inc. All rights reserved. HealthEquity does not provide legal, tax or financial advice. Safe harbor This presentation contains "forward-looking" statements that are based on our management's beliefs and assumptions and on information currently available to management. These forward-looking statements include, without limitation, statements regarding our industry, business strategy, plans, goals and expectations concerning our m ...

HealthEquity, Inc. (NASDAQ:HQY) Q3 2021 Earnings Conference Call December 7, 2020 4:30 PM ET Company Participants Richard Putnam - Investor Relations Jon Kessler - President & Chief Executive Officer Steve Neeleman - Vice Chair & Founder Tyson Murdock - Executive Vice President & Deputy Chief Financial Officer Darcy Mott - Executive Vice President & Chief Financial Officer Ted Bloomberg - Executive Vice President & Chief Operating Officer Conference Call Participants Anne Samuel - JPMorgan Greg Peters - Ra ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2020 (State or other jurisdiction of incorporation or organization) (Address of principal executive offices) (Zip code) (801) 727-1000 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 52-2383166 Commission file number: 001-36568 (I.R.S. Employer ...