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HealthEquity Reports First Quarter Ended April 30, 2020 Financial Results
Highlights of the first quarter include: Revenue of $190.0 million, an increase of 118% compared to $87.1 million in Q1 FY20.Net income of $1.8 million, with
About this update from Healthequity, Inc.
[{"type":"text","content":"Highlights of the first quarter include:\n Revenue of $190.0 million, an increase of 118% compared to $87.1 million in Q1 FY20.Net income of $1.8 million, with non-GAAP net income of $30.8 million, an increase of 12% compared to non-GAAP net income of $27.4 million in Q1 FY20.Net income per diluted share of $0.03, with non-GAAP net income per diluted share of $0.43 in both Q1 FY21 and Q1 FY20.Adjusted EBITDA of $63.0 million, an increase of 62% compared to $38.9 million in Q1 FY20.5.4 million HSAs, an increase of 33% compared to Q1 FY20.$11.5 billion Total HSA Assets, an increase of 38% compared to Q1 FY20.12.7 million Total Accounts, including both HSAs and complementary CDB accounts, an increase of 169% compared to Q1 FY20. DRAPER, Utah, June 02, 2020 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) (\"HealthEquity\" or the \"Company\"), the nation's largest health savings account (\"HSA\") non-bank custodian, today announced financial results for its first quarter ended April 30, 2020, compared to its prior quarter ended April 30, 2019, which did not include the acquisition of WageWorks. “The team’s remarkable response to the COVID-19 pandemic has strengthened HealthEquity’s culture and accelerated promised synergies,” said Jon Kessler, President and CEO. “During a tumultuous quarter, 17% year-over-year increase in new HSA openings and 33% Adjusted EBITDA margin show just how deeply growth and profitability are embedded in our model.” First quarter financial results Revenue for the first quarter ended April 30, 2020 of $190.0 million grew 118% compared to $87.1 million for the first quarter ended April 30, 2019. Revenue this quarter included: service revenue of $111.3 million, custodial revenue of $46.9 million, and interchange revenue of $31.8 million. HealthEquity reported net income of $1.8 million, or $0.03 per diluted share, and non-GAAP net income of $30.8 million, or $0.43 per diluted share, for the first quarter ended April 30, 2020. The Company reported net income of $41.8 million, or $0.65 per diluted share, and non-GAAP net income of $27.4 million, or $0.43 per diluted share, for the first quarter ended April 30, 2019. Adjusted EBITDA was $63.0 million for the first quarter ended April 30, 2020, an increase of 62% compared to $38.9 million for the first quarter ended April 30, 2019. Adjusted EBITDA was 33% of r...