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HealthEquity Reports First Quarter Ended April 30, 2024 Financial Results
Highlights of the first quarter include: Revenue of $287.6 million, an increase of 18% compared to $244.4 million in Q1 FY24.Net income of $28.8 million,
About this update from Healthequity, Inc.
[{"type":"text","content":"Highlights of the first quarter include: Revenue of $287.6 million, an increase of 18% compared to $244.4 million in Q1 FY24.Net income of $28.8 million, compared to $4.1 million in Q1 FY24, with non-GAAP net income of $70.3 million, an increase of 64% compared to $42.8 million in Q1 FY24.Net income per diluted share of $0.33, compared to $0.05 in Q1 FY24, with non-GAAP net income per diluted share of $0.80, compared to $0.50 in Q1 FY24.Adjusted EBITDA of $117.4 million, an increase of 36% compared to $86.6 million in Q1 FY24.9.1 million HSAs, an increase of 13% compared to Q1 FY24.Total HSA Assets of $27.3 billion, an increase of 22% compared to Q1 FY24.16.0 million Total Accounts, including both HSAs and complementary CDBs, an increase of 7% compared to Q1 FY24.The Company completed its acquisition of the BenefitWallet HSA portfolio on May 9, 2024. DRAPER, Utah, June 03, 2024 (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, 2024. \"Record first quarter HSA sales, greater Enhanced Rates adoption, and timely transition of two of three BenefitWallet tranches made for a great team start to fiscal 2025\" said Jon Kessler, President and CEO of HealthEquity. \"With momentum on both growth and margins, we are raising full year guidance and pushing forward our platform investments to deliver remarkable experiences, deepen partnerships, and drive member outcomes.\" First quarter financial results Revenue for the first quarter ended April 30, 2024 was $287.6 million, an increase of 18% compared to $244.4 million for the first quarter ended April 30, 2023. Revenue this quarter included: service revenue of $118.2 million, custodial revenue of $121.6 million, and interchange revenue of $47.7 million. HealthEquity reported net income of $28.8 million, or $0.33 per diluted share, and non-GAAP net income of $70.3 million, or $0.80 per diluted share, for the first quarter ended April 30, 2024. The Company 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. Adjusted EBITDA was $117.4 million for the first quarter ended April 30, 2024, an increa...