Business
HealthEquity Reports Second Quarter Ended July 31, 2022 Financial Results
Highlights of the second quarter include: Revenue of $206.1 million, an increase of 9% compared to $189.1 million in Q2 FY22.Net loss of $10.7 million,
About this update from Healthequity, Inc.
[{"type":"text","content":"Highlights of the second quarter include: Revenue of $206.1 million, an increase of 9% compared to $189.1 million in Q2 FY22.Net loss of $10.7 million, compared to $3.8 million in Q2 FY22, with non-GAAP net income of $28.1 million, a decrease of 16% compared to $33.4 million in Q2 FY22.Net loss per diluted share of $0.13, compared to $0.05 in Q2 FY22, with non-GAAP net income per diluted share of $0.33, compared to $0.40 in Q2 FY22.Adjusted EBITDA of $67.0 million, an increase of 2% compared to $65.5 million in Q2 FY22.7.5 million HSAs, an increase of 26% compared to Q2 FY22.Total HSA Assets of $20.5 billion, an increase of 33% compared to Q2 FY22.14.5 million Total Accounts, including both HSAs and complementary CDB accounts, an increase of 11% compared to Q2 FY22. DRAPER, Utah, Sept. 06, 2022 (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 second quarter ended July 31, 2022. \"Team Purple opened a record 196,000 new HSAs in Q2 and grew Total HSA Assets 33% year-over-year to an industry-leading $20.5 billion,\" said Jon Kessler, President and CEO of HealthEquity. \"Sales momentum, macro tailwinds, and a team focused on remarkable service position us for strong results in fiscal 2023 and beyond.\" Second quarter financial results Revenue for the second quarter ended July 31, 2022 was $206.1 million, an increase of 9% compared to $189.1 million for the second quarter ended July 31, 2021. Revenue this quarter included: service revenue of $103.0 million, custodial revenue of $65.6 million, and interchange revenue of $37.5 million. HealthEquity reported a net loss of $10.7 million, or $0.13 per diluted share, and non-GAAP net income of $28.1 million, or $0.33 per diluted share, for the second quarter ended July 31, 2022. The Company reported a net loss of $3.8 million, or $0.05 per diluted share, and non-GAAP net income of $33.4 million, or $0.40 per diluted share, for the second quarter ended July 31, 2021. Adjusted EBITDA was $67.0 million for the second quarter ended July 31, 2022, an increase of 2% compared to the second quarter ended July 31, 2021. Adjusted EBITDA was 33% of revenue, compared to 35% for the fiscal quarter ended July 31, 2021. Account and asset metrics He...