Financial Performance - Revenue for Q1 FY2026 increased 18.2% to a record $35.3 million, compared to $29.8 million in Q1 FY2025[7] - Gross profit rose 23.1% to $9.2 million, representing 26.1% of total revenues, up from 25.0% in the same year-ago quarter[8] - Net income surged 123.7% to $1.2 million, or $0.03 per diluted share, compared to $0.6 million, or $0.01 per diluted share, in Q1 FY2025[10] - Adjusted EBITDA increased 12.2% to $2.8 million for Q1 FY2026, compared to $2.5 million in the same year-ago quarter[10] - Net sales for the three months ended April 30, 2025, increased to $35,255,000, a 18.1% rise from $29,838,000 in the same period of 2024[24] - Gross profit for the same period was $9,184,000, representing a 23.1% increase from $7,463,000 year-over-year[24] - Net income for the three months ended April 30, 2025, was $1,237,000, up 123.5% from $553,000 in the prior year[24] Cash and Liquidity - Cash and cash equivalents grew to $12.0 million as of April 30, 2025, up from $7.2 million as of January 31, 2025[11] - Cash and cash equivalents increased to $12,011,000 as of April 30, 2025, compared to $7,150,000 at the beginning of the period[26] - The company generated $6.0 million of cash flow from operations during the quarter, while total debt was reduced to $4.6 million[6] - Net cash provided by operating activities was $6,005,000 for the three months ended April 30, 2025, compared to $3,641,000 in the prior year[26] Operating Expenses - Operating expenses totaled $7.6 million, with a decrease in operating expenses as a percentage of sales to 21.6% from 22.4%[9] - Operating expenses for the three months ended April 30, 2025, totaled $7,606,000, a 13.7% increase from $6,690,000 in the same period of 2024[24] - Research and development expenses decreased to $73,000 from $104,000 year-over-year[24] Investments and Growth Strategy - The company achieved record trade promotion investment at 6% of gross revenue, up from 2% in the previous quarter[3] - The company plans to utilize its cash reserves for prospective acquisitions, further innovation, and margin expansion in the upcoming quarters[6] Customer Acquisition - New customer acquisitions included Lidl, Amazon Fresh, and Sheetz, contributing to a balanced geographic distribution[4] Balance Sheet - Total assets rose to $52,725,000 as of April 30, 2025, up from $47,062,000 at the end of January 2025[22] - Total liabilities increased to $26,287,000 as of April 30, 2025, compared to $22,166,000 at the end of January 2025[22] Share Information - The company reported a weighted average of 37,597,000 basic common shares outstanding for the three months ended April 30, 2025[24]

Revenue and Sales Performance - Revenue for Q1 FY2026 increased 18.2% to a record $35.3 million, compared to $29.8 million in Q1 FY2025[7] - Net sales for the three months ended April 30, 2025, increased to $35,255,000, a 18.1% rise from $29,838,000 in the same period of 2024[24] Profitability - Gross profit rose 23.1% to $9.2 million, representing 26.1% of total revenues, up from 25.0% in the same year-ago quarter[8] - Gross profit for the same period was $9,184,000, representing a 23.1% increase compared to $7,463,000 in 2024[24] - Net income surged 123.7% to $1.2 million, or $0.03 per diluted share, compared to $0.6 million, or $0.01 per diluted share, in Q1 FY2025[10] - Net income for the three months ended April 30, 2025, was $1,237,000, up 123.5% from $553,000 in the prior year[24] Cash Flow and Liquidity - Cash and cash equivalents grew to $12.0 million as of April 30, 2025, up from $7.2 million as of January 31, 2025[11] - Cash and cash equivalents increased to $12,011,000 as of April 30, 2025, from $7,150,000 at the beginning of the period, marking a 68.5% increase[26] - The company generated $6.0 million of cash flow from operations during the quarter, while total debt was reduced to $4.6 million[6] - Net cash provided by operating activities for the three months ended April 30, 2025, was $6,005,000, a 64.7% increase from $3,641,000 in 2024[26] Operating Expenses - Operating expenses totaled $7.6 million, with a decrease in operating expenses as a percentage of sales to 21.6% from 22.4%[9] - Operating expenses for the three months ended April 30, 2025, totaled $7,606,000, a 13.7% increase from $6,690,000 in 2024[24] - Research and development expenses decreased to $73,000 from $104,000 in the same period last year, a decline of 29.8%[24] Strategic Initiatives - The company achieved record trade promotion investment at 6% of gross revenue, up from 2% in the previous quarter[3] - New customer acquisitions included Lidl, Amazon Fresh, and Sheetz, contributing to a balanced geographic distribution[4] - The company plans to utilize its cash reserves for prospective acquisitions, further innovation, and margin expansion in the upcoming quarters[6] Balance Sheet Highlights - Total assets rose to $52,725,000 as of April 30, 2025, compared to $47,062,000 as of January 31, 2025, reflecting a 12.5% growth[22] - Total liabilities increased to $26,287,000 as of April 30, 2025, from $22,166,000 as of January 31, 2025, indicating an 18.5% rise[22] Shareholder Information - The weighted average common shares outstanding for basic earnings per share increased to 37,597,000 from 37,259,000 in the prior year[24] Adjusted Metrics - Adjusted EBITDA increased 12.2% to $2.8 million for Q1 FY2026, compared to $2.5 million in the same year-ago quarter[10]

Sales Performance - Q1 2025 same store sales increased by 2% compared to a decline of 13.5% in Q1 2024[1] - Net sales for Q1 2025 were $249.1 million, up from $244.2 million in Q1 2024, representing a 2.0% increase[3] - The company expects net sales for fiscal year 2025 to range from a decline of 1.0% to an increase of 3.5%[6] Profitability - Gross profit for Q1 2025 was $75.6 million, or 30.4% of net sales, compared to $73.8 million, or 30.2% of net sales in Q1 2024[3] - Net loss for Q1 2025 was $(21.3) million, compared to a net loss of $(18.1) million in Q1 2024[3] - Adjusted EBITDA for Q1 2025 was $(9.0) million, slightly worse than $(8.7) million in Q1 2024[3] - The company reported a net loss of $21,254 thousand for the thirteen weeks ended May 3, 2025, compared to a net loss of $18,066 thousand for the same period in 2024, reflecting a decline of approximately 12.1%[22] - Adjusted EBITDA for the same period was $(8,960) thousand, slightly worse than the $(8,737) thousand reported in the prior year[27] - The diluted loss per share was $(0.56) for the thirteen weeks ended May 3, 2025, compared to $(0.48) for the same period in 2024[24] - The company incurred $5,646 thousand in valuation allowance adjustments, impacting the adjusted net loss[24] Expenses and Management - SG&A expenses were $95.3 million, or 38.2% of net sales, down from 38.6% in Q1 2024, reflecting improved expense management[3] - Adjusted EBITDA guidance for fiscal year 2025 is projected to be between $33 million and $45 million[6] Inventory and Assets - As of May 3, 2025, total inventory was $412.3 million, reflecting strategic inventory investments in anticipation of increased tariffs[8] - Merchandise inventories increased to $412,268 thousand, up from $341,958 thousand, indicating a rise of approximately 20.5%[20] - Total assets increased to $929,669 thousand as of May 3, 2025, up from $852,102 thousand on February 1, 2025, representing a growth of approximately 9.1%[20] Liabilities and Equity - Current liabilities rose to $378,500 thousand, compared to $283,963 thousand in the previous period, marking an increase of about 33.3%[20] - Stockholders' equity decreased to $215,057 thousand from $235,704 thousand, a decline of approximately 8.8%[20] - The company had net borrowings on the line of credit amounting to $67,210 thousand during the period, compared to $37,992 thousand in the previous year[22] Future Plans - The company plans to open one new store in Surprise, Arizona during fiscal year 2025[6]

Financial Performance - Total revenue for the three months ended April 30, 2025, was $638,983,000, representing a 21.7% increase from $524,577,000 in the same period of the previous year[19] - Net income for the three months ended April 30, 2025, was $63,363,000, compared to a net loss of $15,616,000 in the same period last year, indicating a significant turnaround[21] - The company reported a gross profit of $555,992,000 for the three months ended April 30, 2025, which is a 25% increase from $444,958,000 in the prior year[19] - Total revenue for the nine months ended April 30, 2025, was $1,884,660,000, up from $1,600,864,000 in the same period of 2024, representing a growth of approximately 17.7%[43] - Net income for the nine months ended April 30, 2025, was $149,716,000, compared to $1,326,000 for the same period in 2024, indicating a significant increase[26] - Gross profit for the three months ended April 30, 2025, was $555,992,000, with a gross margin of 87.0%[141] - Non-GAAP gross profit for the nine months ended April 30, 2025, was $1,658.98 million, up from $1,386.25 million for the same period in 2024, reflecting a growth of 19.6%[163] Revenue Breakdown - Product revenue increased to $345,479,000 for the three months ended April 30, 2025, up from $255,465,000, marking a 35.3% growth year-over-year[19] - Subscription revenue for the nine months ended April 30, 2025, reached $1,794,777,000, compared to $1,498,081,000 in 2024, reflecting an increase of about 19.8%[43] - Subscription revenue for the three months ended April 30, 2025, was $609,663,000, accounting for the majority of total revenue[142] - Subscription revenue for the three months ended April 30, 2025, reached approximately $330.0 million, up from $231.8 million for the same period in 2024, representing a growth of 42.3%[148] - Support, entitlements, and other services revenue increased by approximately $24.4 million, or 9%, for the three months ended April 30, 2025, compared to the same period in 2024, due to a 10% growth in the end customer base[201] Expenses and Costs - Operating expenses for the three months ended April 30, 2025, totaled $507,347,000, up from $456,546,000, reflecting an 11.1% increase year-over-year[19] - The company reported stock-based compensation expenses of $83.998 million for the nine months ended April 30, 2024, compared to $85.969 million for the same period in the previous year, showing a slight decrease of 2.3%[23] - Sales and marketing expenses rose to $775,185 thousand for the nine months ended April 30, 2025, reflecting an increase of $57,259 thousand or 8% compared to the prior year[209] - The percentage of total revenue attributed to sales and marketing expenses was 44.8% for the nine months ended April 30, 2025, compared to 41.1% in the prior year[209] Cash Flow and Liquidity - Cash and cash equivalents decreased to $655,270,000 as of July 31, 2024, from $872,599,000 as of April 30, 2025, indicating a reduction in liquidity[17] - Net cash provided by operating activities for the nine months ended April 30, 2025, was $601,927,000, compared to $428,234,000 for the same period in 2024, showing a growth of approximately 40.5%[26] - Cash, cash equivalents, and restricted cash at the end of the period on April 30, 2025, totaled $872,626,000, up from $600,158,000 at the end of the previous period, marking an increase of about 45.2%[26] Shareholder Information - Nutanix issued 3,274 thousand shares through employee equity incentive plans, contributing $547 thousand to paid-in capital during the nine months ended April 30, 2024[23] - The company repurchased approximately 0.6 million and 0.9 million shares of Class A common stock during the three and nine months ended April 30, 2025, for an aggregate purchase price of approximately $37.5 million and $57.5 million, respectively[107] - As of April 30, 2025, approximately $161.4 million remained available for future share repurchases under the Board's authorization[107] Strategic Initiatives - The company plans to continue investing in research and development to enhance its solutions and expand its product offerings, particularly in generative artificial intelligence and multicloud environments[11] - Nutanix aims to improve operational efficiencies and reduce sales and marketing expenses as a percentage of revenue while focusing on major accounts and pipeline growth[11] - The company continues to focus on operational efficiencies and profitable growth through investments in solutions and sales and marketing[139] - The company plans to invest in sales and marketing to support growth, expecting an increase in sales and marketing expenses in the near term[167] Customer Metrics - Total end customers increased to 28,490 as of April 30, 2025, up from 25,860 in the previous year[141] - Approximately 77% of end customers who have been with the company for 18 months or longer have made a repeat purchase, with total lifetime orders averaging 9.4 times greater than the initial order[175] - The net dollar-based retention rate (NRR) as of April 30, 2025, was 110%, down from 117% a year earlier[176] Accounting and Compliance - The company has adopted new accounting standards related to convertible debt instruments, which may impact future financial reporting[38] - The company operates a subscription-based business model, allowing customers flexibility in choosing license levels and durations based on their needs[32]

Financial Performance - Q1 revenue was $187.3 million, an increase of 9% year over year[5] - GAAP operating loss was $43.9 million, or 23% of revenues, improved from a loss of $66.2 million, or 38% of revenues, in Q1 fiscal 2025[5] - Non-GAAP operating income was $8.1 million, or 4% of revenues, compared to a non-GAAP operating loss of $15.8 million, or 9% of revenues, in Q1 fiscal 2025[5] - Revenues for the three months ended April 30, 2025, were $187,267,000, representing a 8.6% increase from $172,448,000 in the same period of 2024[27] - GAAP revenue for Q2 2025 was $187,267, up from $172,448 in Q2 2024, reflecting an increase of approximately 8.5%[34] - Revenue adjusted for the impact of foreign currency in Q2 2025 was $187,630, compared to $172,477 in Q2 2024, showing a similar growth trend[34] Customer Growth - The number of Core customers grew to 24,297, an increase of 10% year over year[5] - Customers spending $100,000 or more annually increased to 728, a 20% year-over-year growth[5] - The dollar-based net retention rate for Core customers in Q1 was 96%[7] Cash Flow and Expenses - Cash flows from operating activities were $6.8 million, compared to negative $1.9 million in Q1 fiscal 2025[5] - Cash and cash equivalents increased to $193,791,000 as of April 30, 2025, up from $184,728,000 at the end of January 2025[29] - Total operating expenses decreased to $211,944,000 from $220,813,000 year-over-year, reflecting a 4% reduction[27] - Free cash flow for Q2 2025 was $3,995, compared to a negative free cash flow of $4,275 in Q2 2024, indicating a turnaround[34] - Adjusted free cash flow for Q2 2025 reached $9,882, contrasting with a negative adjusted free cash flow of $4,275 in Q2 2024[34] - The company reported a net cash provided by operating activities of $6,764 in Q2 2025, compared to $(1,898) in Q2 2024, indicating improved operational efficiency[34] Profitability - Non-GAAP net income per share is projected to be $0.04 to $0.05, assuming diluted weighted average shares outstanding of approximately 243 million[7] - Non-GAAP income from operations was $8,137,000 for the three months ended April 30, 2025, compared to a loss of $15,770,000 in the same period of 2024[32] - GAAP net loss for Q2 2025 was $40,018, compared to a loss of $63,722 in Q2 2024, representing a 37% improvement[34] - Non-GAAP net income for Q2 2025 was $12,023, a significant recovery from a loss of $13,323 in Q2 2024[34] - GAAP net loss per share, basic, improved to $(0.17) in Q2 2025 from $(0.28) in Q2 2024[34] - Non-GAAP net income per share, basic, was $0.05 in Q2 2025, recovering from a loss of $(0.06) in Q2 2024[34] Future Outlook - For fiscal 2026, Asana expects revenues of $775.0 million to $790.0 million, representing year-over-year growth of 7% to 9%[6] - Asana entered into the largest subscription agreement in its history with a renewal exceeding $100 million over a three-year term[7] Assets and Equity - Total assets decreased to $877,133,000 from $891,415,000 since January 31, 2025[29] - Asana's total stockholders' equity increased to $236,304,000 from $227,523,000 since January 31, 2025[29] Research and Development - The company plans to continue investing in research and development, with R&D expenses at $75,127,000 for the quarter, down from $82,791,000 in the previous year[27] - The company reported stock-based compensation expense of $48,167,000 for the three months ended April 30, 2025, slightly down from $48,640,000 in the prior year[27]

Financial Performance - Net sales increased by approximately 18% to $35.3 million for the three months ended April 30, 2025, compared to $29.8 million for the same period in 2024[108]. - Costs of sales rose by approximately 17% to $26.1 million, representing 74% of net sales, compared to $22.4 million or 75% of net sales in the prior year[109]. - Gross profit margin improved to 26% for the three months ended April 30, 2025, up from 25% in the same period of 2024[110]. - Net income for the three months ended April 30, 2025, was approximately $1.2 million, compared to $0.6 million in the same period of 2024[107]. Operating Expenses - Operating expenses increased by approximately $916 thousand, primarily due to higher payroll, commissions, and advertising expenses[110]. Cash Flow and Working Capital - Working capital increased to approximately $5.5 million as of April 30, 2025, from approximately $4.9 million as of January 31, 2025[113]. - Net cash provided by operating activities was approximately $6.0 million for the three months ended April 30, 2025, compared to $3.6 million in the same period of 2024[116]. Debt and Financing - The company had no borrowings outstanding under its Credit Agreement and approximately $2.4 million outstanding under its Term Loan Agreement as of April 30, 2025[114]. - The company may require additional funding to finance growth or achieve strategic objectives, with no assurance that financing will be available on acceptable terms[120]. Commodity Price Impact - A 1.0% increase in commodity prices would negatively impact costs of sales by approximately $193 thousand on an annualized basis[125].

Financial Performance - Net sales increased by approximately 18% to $35.3 million for the three months ended April 30, 2025, compared to $29.8 million for the same period in 2024[108] - Gross profit margin improved to 26% for the three months ended April 30, 2025, up from 25% in the same period of 2024[110] - Net income for the three months ended April 30, 2025, was approximately $1.2 million, compared to $0.6 million for the same period in 2024[107] Operating Expenses - Operating expenses rose by approximately $916 thousand, primarily due to increased payroll, commissions, and advertising expenses[110] Working Capital and Cash Flow - Working capital increased to approximately $5.5 million as of April 30, 2025, from approximately $4.9 million as of January 31, 2025[113] - Net cash provided by operating activities was approximately $6.0 million for the three months ended April 30, 2025, compared to $3.6 million for the same period in 2024[115] - The company had no borrowings outstanding under its Credit Agreement and approximately $2.4 million outstanding under its Term Loan Agreement as of April 30, 2025[114] Market and Growth Outlook - The increase in net sales was primarily driven by volume gains from new products and successful trade and marketing promotions[108] - The company anticipates that its cash resources will be sufficient to meet its cash requirements through at least the next twelve months, but may require additional funding for growth[120] Commodity Price Impact - A 1% increase in commodity prices would negatively impact costs of sales by approximately $193 thousand on an annualized basis[125]

Revenue and Growth - Total revenue for Q1 FY2026 was $56.5 million, a 10% increase year-over-year, with subscription revenue at $54.8 million, up 12% year-over-year[4] - Annual recurring revenue (ARR) as of April 30, 2025, reached $252.1 million, reflecting a 21% year-over-year increase, or 20% on a constant currency basis[4] - Total revenue for the three months ended April 30, 2025, was $56.523 million, a 10.5% increase from $51.327 million in the same period of 2024[22] - Subscription revenue reached $54.843 million, up from $49.038 million year-over-year, representing an increase of 11.5%[22] - For Q2 FY2026, total revenue is expected to be between $54.4 million and $55.2 million, with total ARR projected between $255.8 million and $258.8 million[6] Profitability and Loss - Loss from operations was $18.8 million, an improvement from $22.5 million in Q1 FY2025, with a non-GAAP operating loss of $4.2 million, down from $6.7 million[4] - The net loss for the quarter was $17.679 million, compared to a net loss of $20.995 million in the prior year, reflecting a 15.5% improvement[22] - Non-GAAP net loss per share improved to $0.06 from $0.10 year-over-year, indicating a reduction in losses[29] - Non-GAAP operating loss guidance for FY2026 is between $15.5 million and $10.5 million[6] Cash Flow and Expenses - Cash flow used in operating activities was $6.8 million, compared to a cash flow of $1.6 million provided in Q1 FY2025, resulting in negative free cash flow of $8.6 million[4] - The company experienced a net cash used in operating activities of $6.783 million, a decline from a net cash provided of $1.559 million in the same quarter of 2024[29] - Total operating expenses for the quarter were $68.510 million, slightly up from $68.185 million in the same quarter of 2024[22] - The company reported a total stock-based compensation expense of $13.384 million, down from $14.627 million in the previous year[22] Margins and Performance Obligations - Gross margin for the quarter was 87.9%, down from 88.9% in Q1 FY2025, while non-GAAP gross margin was 88.7%, compared to 89.9% in the same period[4] - Remaining performance obligations (RPO) as of April 30, 2025, were $239.6 million, a 9% increase year-over-year[4] - The gross profit margin for the quarter was 87.9%, compared to 88.9% in the prior year[28] Product Development and Investment - The company launched Couchbase Edge Server, designed for low latency data access in resource-constrained environments[4] - Continued investment in AI capabilities, including a high-performance vector database for AI agent-based applications[4]

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, 2025 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) Delaware 52-2383166 (State or other jurisdiction of incorporation or organization) (I.R.S. E ...

HealthEquity Reports First Quarter Ended April 30, 2025 Financial Results Highlights of the first quarter include: HSAs as of April 30, 2025 were 9.9 million, an increase of 9% year over year, including 770,000 HSAs with investments, an increase of 16% year over year. Total Accounts as of April 30, 2025 were 17.1 million, including 7.2 million other consumer-directed benefits ("CDBs"). Total HSA Assets as of April 30, 2025 were $31.3 billion, an increase of 15% year over year. Total HSA Assets included $17. ...