DRAPER, Utah, April 04, 2024 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ:HQY) ("HealthEquity") released the findings of a new survey on Artificial Intelligence (AI) in benefits administration. The survey provides a benchmark on senior benefit leaders' attitude toward AI-enabled benefits tools. A majority (73%) of the more than 800 respondents surveyed believe that AI will have a positive influence on benefits administration. Of the VP and Director-level benefits leaders surveyed only 31% believed they ar ...

Business Performance - As of January 31, 2024, the company administered 8.7 million HSAs with total balances of $25.2 billion, and 7.0 million complementary CDBs, resulting in a total of 15.7 million accounts[16]. - The company's market share in the HSA sector increased from 4% in December 2010 to 20% as of June 2023, making it the largest HSA provider by both accounts and assets[18]. - The company earned approximately 39%, 30%, and 25% of its consolidated revenue from fees from depository and insurance company partners during the fiscal years ended January 31, 2024, 2023, and 2022, respectively[96]. - The company derived 16%, 17%, and 17% of its total revenue from interchange fees during the fiscal years ended January 31, 2024, 2023, and 2022, respectively[109]. - Total revenue for the year ended January 31, 2024, reached $999.6 million, up from $861.7 million in 2023, representing a growth of approximately 16%[340]. - Gross profit for the year ended January 31, 2024, was $622.6 million, compared to $491.9 million in 2023, indicating a significant increase of about 27%[340]. - The company's net income for the year ended January 31, 2024, was $55.7 million, a turnaround from a net loss of $26.1 million in 2023[340]. - The company recognized custodial revenue of $386.6 million for the year ended January 31, 2024, significantly higher than $261.3 million in 2023, marking a growth of approximately 48%[340]. Acquisitions and Growth Strategy - In September 2023, the company agreed to acquire the BenefitWallet HSA portfolio for $425 million, which includes approximately 665,000 customer accounts and $2.8 billion of HSA Assets[25]. - The company completed the acquisition of the Further business in November 2021, adding approximately 580,000 HSAs and $1.9 billion of HSA Assets for $455 million[23]. - The selective acquisition strategy aims to strengthen service offerings, with ongoing evaluations of opportunities in the competitive landscape[52]. - The company’s growth strategy aims to increase the number of HSAs, CDBs, and HSA Assets at rates higher than industry averages, although past growth rates may not predict future performance[155]. Technology and Innovation - The company is investing in a significant modernization of its proprietary technology platforms to enhance security, privacy, and infrastructure[47]. - The proprietary cloud-based technology solution integrates data from various sources, enhancing the consumer experience and driving member outcomes[49]. - The company’s technology platforms enable members to manage healthcare savings and spending decisions efficiently, including bill payments and investment choices[53]. - New products and services utilizing AI and machine learning introduce technological and legal risks, which could negatively impact the company's reputation and financial condition[120]. Compliance and Regulatory Risks - The company maintains compliance with extensive federal and state regulations, ensuring the security and privacy of account holders' information[62]. - The company is focused on maintaining compliance with various federal and state regulations, including HIPAA and ERISA, which impact its operations[68][72]. - Compliance with regulatory requirements is resource-intensive and any claims of non-compliance could lead to investigations and significant costs, potentially affecting investor perceptions and stock price[141]. - The company is subject to extensive regulations, and any compliance failures could adversely affect its business operations[137]. - Changes in laws regarding Health Savings Accounts (HSAs) and other consumer-directed benefits (CDBs) could limit growth and increase compliance costs[128]. Financial Position and Liabilities - The company holds approximately $1.65 billion in goodwill and $835.9 million in intangible assets, which together represent about 79% of total assets as of January 31, 2024[159]. - The company has a substantial debt of $350 million under a five-year senior secured term loan facility and up to $1 billion under a revolving credit facility[160]. - Long-term debt outstanding was $286.9 million as of January 31, 2024, down from $341.3 million in 2023[320]. - The company's total liabilities decreased to $1.13 billion as of January 31, 2024, down from $1.19 billion in 2023[338]. Employee Engagement and Diversity - As of January 31, 2024, HealthEquity had 3,126 full-time team members and 24 part-time team members, with a team member engagement score of 80.7% favorable[77][84]. - HealthEquity's executive leadership team consists of 31% women, while 66% of all other team members are women[77]. - The company has implemented a Talent Partnership Program with Employee Resource Groups (ERGs) to enhance talent acquisition and diversity[81]. - HealthEquity's engagement survey participation rate was 89%[84]. Risks and Challenges - The company faces risks related to the integration of acquisitions, which may take longer and be more costly than anticipated, affecting financial performance[94]. - The company is exposed to cybersecurity threats, which could lead to significant operational disruptions and reputational damage[112]. - The company may experience attrition of clients and network partners if it fails to meet expectations during technology platform migrations[98]. - The company is increasing the portion of HSA cash held by insurance company partners, which poses risks related to the lack of federal insurance for those funds[90]. - A decline in interest rates could adversely affect the company's ability to earn income on HSA assets and client-held funds, potentially impacting financial performance[96].

HealthEquity Reports Fiscal Year and Fourth Quarter Ended January 31, 2024 Financial Results Highlights of the fiscal year include: Highlights of the fourth quarter include: 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 wel ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ 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) (State or other jurisdiction of incorporation or organization) 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, 2023 OR Delaware 52-2383166 (I.R.S. ...

HealthEquity, Inc. (NASDAQ:HQY) Q2 2024 Earnings Conference Call September 5, 2023 4:30 PM ET Company Participants Richard Putnam - Investor Relations Jon Kessler - President & Chief Executive Officer James Lucania - Incoming Chief Financial Officer Tyson Murdock - Executive Vice President & Chief Financial Officer Steve Neeleman - Vice Chair & Founder of the Company Conference Call Participants Greg Peters - Raymond James Stan Berenshteyn - Wells Fargo Glen Santangelo - Jefferies Sean Dodge - RBC Capital M ...

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 (Exact name of registrant as specified in its charter) For the quarterly period ended July 31, 2023 (State or other jurisdiction of OR incorporation or organization) Delaware 52-2383166 (I.R.S. Employer Identification Number) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: ...

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, 2023 OR ☐ 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) (State or other jurisdiction of incorporation or organization) Delaware 52-2383166 (I.R.S. E ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36568 HEALTHEQUITY, INC. (Exact name of registrant as specified in its charter) Delaware 52-2383166 (State or other jurisdiction of incorporatio ...

ealthEquit Net new HSA sales Acq HSAs 11% growth YoY 13% total HSA asset growth YOY Fiscal third quarter financial results Three Months Twelve Months Three Months Twelve Months 16 Guidance ealthEquit 30% 26% Years increased market share3 18 HealthEquity® Investor Presentation March 2023 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, w ...

HealthEquity, Inc. (NASDAQ:HQY) Q4 2023 Earnings Conference Call March 21, 2023 4:30 PM ET Company Participants Richard Putnam - Investor Relations Jon Kessler - President and Chief Executive Officer Tyson Murdock - Executive Vice President and Chief Financial Officer Stephen Neeleman - Founder and Vice Chairman Conference Call Participants Anne Samuel - JPMorgan Chase & Co. Greg Peters - Raymond James & Associates, Inc. Sean Dodge - RBC Capital David Larsen - BTIG Stanislav Berenshteyn - Wells Fargo Securi ...