Business
HealthEquity Reports Third Quarter Ended October 31, 2023 Financial Results
Highlights of the third quarter include: Revenue of $249.2 million, an increase of 15% compared to $216.1 million in Q3 FY23.Net income of $14.7 million,
About this update from Healthequity, Inc.
[{"type":"text","content":"Highlights of the third quarter include: Revenue of $249.2 million, an increase of 15% compared to $216.1 million in Q3 FY23.Net income of $14.7 million, compared to net loss of $1.6 million in Q3 FY23, with non-GAAP net income of $52.2 million, an increase of 61% compared to $32.4 million in Q3 FY23.Net income per diluted share of $0.17, compared to net loss per diluted share of $0.02 in Q3 FY23, with non-GAAP net income per diluted share of $0.60, compared to $0.38 in Q3 FY23.Adjusted EBITDA of $95.6 million, an increase of 30% compared to $73.4 million in Q3 FY23.8.3 million HSAs, an increase of 8% compared to Q3 FY23.Total HSA Assets of $22.6 billion, an increase of 12% compared to Q3 FY23.15.3 million Total Accounts, including both HSAs and complementary CDBs, an increase of 5% compared to Q3 FY23.The Company agreed to acquire the BenefitWallet HSA portfolio. DRAPER, Utah, Dec. 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 third quarter ended October 31, 2023. \"Team Purple delivered another quarter of year-over-year double-digit revenue growth plus margin expansion,\" said Jon Kessler, President and CEO of HealthEquity. \"Our outlook reflects our ability to sustain that trend by remaining focused, together with our partners and clients, on the needs of the healthcare consumer.\" Third quarter financial results Revenue for the third quarter ended October 31, 2023 was $249.2 million, an increase of 15% compared to $216.1 million for the third quarter ended October 31, 2022. Revenue this quarter included: service revenue of $107.5 million, custodial revenue of $106.6 million, and interchange revenue of $35.1 million. HealthEquity reported net income of $14.7 million, or $0.17 per diluted share, and non-GAAP net income of $52.2 million, or $0.60 per diluted share, for the third quarter ended October 31, 2023. The Company reported a net loss of $1.6 million, or $0.02 per diluted share, and non-GAAP net income of $32.4 million, or $0.38 per diluted share, for the third quarter ended October 31, 2022. Adjusted EBITDA was $95.6 million for the third quarter ended October 31, 2023, an increase of 30% compared to the third quarter ended October 31, 2022. Adjusted EBITDA was...