Business
HealthEquity Reports First Quarter Ended April 30, 2023 Financial Results
Highlights of the first quarter include: Revenue of $244.4 million, an increase of 19% compared to $205.7 million in Q1 FY23.Net income of $4.1 million,
About this update from Healthequity, Inc.
[{"type":"text","content":"Highlights of the first quarter include: Revenue of $244.4 million, an increase of 19% compared to $205.7 million in Q1 FY23.Net income of $4.1 million, compared to net loss of $13.6 million in Q1 FY23, with non-GAAP net income of $42.8 million, an increase of 89% compared to $22.7 million in Q1 FY23.Net income per diluted share of $0.05, compared to net loss per diluted share of $0.16 in Q1 FY23, with non-GAAP net income per diluted share of $0.50, compared to $0.27 in Q1 FY23.Adjusted EBITDA of $86.6 million, an increase of 48% compared to $58.3 million in Q1 FY23.8.0 million HSAs, an increase of 9% compared to Q1 FY23.Total HSA Assets of $22.3 billion, an increase of 10% compared to Q1 FY23.15.0 million Total Accounts, including both HSAs and complementary CDBs, an increase of 4% compared to Q1 FY23. DRAPER, Utah, June 05, 2023 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) (\"HealthEquity\" or the \"Company\"), the nation's largest health savings account (\"HSA\") custodian, today announced financial results for its first quarter ended April 30, 2023. \"Team Purple delivered both growth and profitability in Q1, adding 134,000 new HSA members in the quarter and increasing our Adjusted EBITDA margin by 700 basis points year over year,\" said Jon Kessler, President and CEO of HealthEquity. \"We are raising our outlook for the full year based on this strong first quarter performance, which also enabled our early payment of $50 million of variable-rate debt even as we continue to invest in drivers of future growth, including a remarkable service experience for our partners, clients, and members.\" First quarter financial results Revenue for the first quarter ended April 30, 2023 was $244.4 million, an increase of 19% compared to $205.7 million for the first quarter ended April 30, 2022. Revenue this quarter included: service revenue of $105.1 million, custodial revenue of $94.4 million, and interchange revenue of $44.9 million. HealthEquity reported net income of $4.1 million, or $0.05 per diluted share, and non-GAAP net income of $42.8 million, or $0.50 per diluted share, for the first quarter ended April 30, 2023. The Company reported a net loss of $13.6 million, or $0.16 per diluted share, and non-GAAP net income of $22.7 million, or $0.27 per diluted share, for the first quarter ended April 30, 2022. Adjusted EBITDA was...