Business
HealthEquity Reports Second Quarter Results, Raises WageWorks Synergy Target
Highlights of the second quarter include: Revenue of $176.0 million, an increase of 103% compared to $86.6 million in Q2 FY20.Net loss of $0.1 million, with
About this update from Healthequity, Inc.
[{"type":"text","content":"Highlights of the second quarter include:\n Revenue of $176.0 million, an increase of 103% compared to $86.6 million in Q2 FY20.Net loss of $0.1 million, with non-GAAP net income of $30.1 million, compared to net income of $19.4 million and non-GAAP net income of $28.8 million in Q2 FY20.Net loss per diluted share of less than one half of one cent, with non-GAAP net income per diluted share of $0.42, compared to net income per diluted share of $0.30 and non-GAAP net income per diluted share of $0.44 in Q2 FY20.Adjusted EBITDA of $60.0 million, an increase of 48% compared to $40.6 million in Q2 FY20.5.4 million HSAs, an increase of 29% compared to Q2 FY20.$12.2 billion Total HSA Assets, an increase of 43% compared to Q2 FY20.12.5 million Total Accounts, including both HSAs and complementary CDB accounts, an increase of 158% compared to Q2 FY20.The Company sold 5,290,000 shares of common stock, yielding net proceeds of $286.8 million. DRAPER, Utah, Sept. 08, 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 second quarter ended July 31, 2020, compared to its prior quarter ended July 31, 2019, which did not include the acquisition of WageWorks. “The HealthEquity team delivered strong results this quarter despite the pandemic. Adjusted EBITDA of $60 million, a sequential increase in adjusted EBITDA margin to 34%, and robust sales speak to the margin and growth opportunities of our business,” said Jon Kessler, President and CEO of HealthEquity. “Team Purple delivered for our members, clients and partners, growing HSA Assets sequentially by over $700 million, a second quarter record, and maintaining the high level of service HealthEquity is known for even as 97% of team members worked from home.” Second quarter financial results Revenue for the second quarter ended July 31, 2020 of $176.0 million grew 103% compared to $86.6 million for the second quarter ended July 31, 2019. Revenue this quarter included: service revenue of $103.8 million, custodial revenue of $46.9 million, and interchange revenue of $25.3 million. HealthEquity reported a net loss of $0.1 million, or less than one half of one cent per diluted share, and non-GAAP net income of $30.1 million, or $0.42 per dil...