Financial Data and Key Metrics Changes - Revenue for Q2 reached $176 million, a 103% increase year-over-year, driven by organic growth and the acquisition of WageWorks, although impacted by lower custodial yields and limited use of benefits during the pandemic [8][9] - Adjusted EBITDA was $60 million, up 48% year-over-year, with a margin of 34%, reflecting operational efficiencies despite the loss of high-margin revenue [9][28] - HSA assets grew to $12.2 billion, a 43% increase year-over-year, with $0.7 billion in sequential organic growth, despite $125 million lost during the migration from Legacy WageWorks [11][30] Business Line Data and Key Metrics Changes - Service revenue grew to $103.8 million, representing 59% of total revenue and a 295% year-over-year increase, primarily due to growth in average total accounts from acquisitions [21][22] - Custodial revenue increased to $46.9 million, accounting for 27% of revenue, with an 8% year-over-year growth attributed to higher average HSA cash and investment yields [22][23] - Interchange revenue rose to $25.3 million, making up 14% of total revenue, reflecting a 51% year-over-year growth driven by increased average total accounts [25] Market Data and Key Metrics Changes - HealthEquity outperformed competitors in the HSA market, with account growth of 29% and asset growth of 43% year-over-year, compared to the overall market growth of 12% in accounts and 19% in assets [13][14] - The sales pipeline remains strong, with high win rates and valuable RFPs, indicating a robust demand for total solutions [12] Company Strategy and Development Direction - The company is focused on integrating WageWorks and achieving higher synergies, raising the target for recurring net synergies from $50 million to $80 million, expected to be realized within 18 months [17][36] - Continued investment in the HealthEquity platform aims to enhance client experience, data engagement, and security, despite the pandemic's impact [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the economy and its potential positive impact on business, particularly regarding COBRA qualifying events and overall employment trends [49] - The company anticipates a revenue range of $720 million to $730 million for fiscal 2021, with non-GAAP net income expected between $111 million and $119 million [34][35] Other Important Information - The company reported a net loss of $0.1 million for Q2, equating to $0.00 per share on a GAAP basis, while non-GAAP net income was $30.1 million, a 5% increase year-over-year [28][30] - Operating expenses were $92.8 million, representing 53% of revenue, including merger integration costs [27] Q&A Session Summary Question: Impact of COBRA qualifying events on employment backdrop - Management noted that COBRA generates significant annual revenue and observed a recent increase in qualifying events, indicating a shift in the employment landscape [43][44][46] Question: Selling season performance and client engagement - Management reported positive trends in client engagement and RFPs, with a strong sales pipeline despite some opportunities being deferred due to COVID [50][51] Question: Clarification on account number data and trends - Management explained that the decrease in CDBs was primarily due to the loss of commuter accounts, while HSA closures were related to the migration process [56][58][60] Question: Cash yield on HSA cash balances - Management acknowledged uncertainty in cash yield due to the economic environment but remained optimistic about future placements and yields [62][66] Question: Contribution of net synergies to EBITDA - Management highlighted that the realization of synergies contributed positively to EBITDA, with expectations for continued improvements as integration progresses [75][78]

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, 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. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 52-2383166 (I.R.S. E ...

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, 2020 OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ 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 as specified in its charter) (Primary Standard Industrial Classification Code Number) Delaware 7389 52-2383 ...

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, 2019 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) (Primary Standard Industrial Delaware 7389 52-2383166 (I.R.S. Employer Identification Numb ...

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, 2019 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) (I.R.S. Employer Identification Number) Delaware 7389 52-2383166 (State or other jurisdiction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 HEALTHEQUITY, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) 15 Wes ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 HEALTHEQUITY, INC. (Exact name as specified in its charter) (State or other jurisdiction of Delaware 7389 52-2383166 (I.R.S. Employer Identification Number) Form 10-K ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 31, 2019 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 ...