Business
HealthEquity Reports Second Quarter Ended July 31, 2023 Financial Results
Delivers Record HSA Asset Growth, Margin Expansion Highlights of the second quarter include: Revenue of $243.5 million, an increase of 18% compared to $206.1
About this update from Healthequity, Inc.
[{"type":"text","content":"Delivers Record HSA Asset Growth, Margin Expansion Highlights of the second quarter include: Revenue of $243.5 million, an increase of 18% compared to $206.1 million in Q2 FY23.Net income of $10.6 million, compared to net loss of $10.7 million in Q2 FY23, with non-GAAP net income of $45.6 million, an increase of 62% compared to $28.1 million in Q2 FY23.Net income per diluted share of $0.12, compared to net loss per diluted share of $0.13 in Q2 FY23, with non-GAAP net income per diluted share of $0.53, compared to $0.33 in Q2 FY23.Adjusted EBITDA of $88.1 million, an increase of 31% compared to $67.0 million in Q2 FY23.8.2 million HSAs, an increase of 9% compared to Q2 FY23.Total HSA Assets of $23.2 billion, an increase of 13% compared to Q2 FY23.15.0 million Total Accounts, including both HSAs and complementary CDBs, an increase of 3% compared to Q2 FY23. DRAPER, Utah, Sept. 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 second quarter ended July 31, 2023. \"HealthEquity’s 8.2 million HSA Members grew their health savings by $883 million, including strong contributions from the 156,000 new HSA Members Team Purple welcomed during the quarter,\" said Jon Kessler, President and CEO of HealthEquity. \"Strong member and balance growth, improving custodial yields, and an ongoing service technology rollout all contributed to 360bps of year-over-year expansion of adjusted EBITDA as a percentage of revenue and record operating cash flow.\" Second quarter financial results Revenue for the second quarter ended July 31, 2023 was $243.5 million, an increase of 18% compared to $206.1 million for the second quarter ended July 31, 2022. Revenue this quarter included: service revenue of $105.7 million, custodial revenue of $98.9 million, and interchange revenue of $38.9 million. HealthEquity reported net income of $10.6 million, or $0.12 per diluted share, and non-GAAP net income of $45.6 million, or $0.53 per diluted share, for the second quarter ended July 31, 2023. The Company 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. Adjusted EBITDA was $88.1 milli...