Business
HealthEquity Updates Business Outlook
DRAPER, Utah, June 08, 2021 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) ("HealthEquity" or the "Company"), the nation's largest health savings
About this update from Healthequity, Inc.
[{"type":"text","content":"DRAPER, Utah, June 08, 2021 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) (\"HealthEquity\" or the \"Company\"), the nation's largest health savings account (\"HSA\") non-bank custodian, today announced an updated business outlook, superseding the business outlook announced by HealthEquity on June 7, 2021. The updated business outlook is being issued to exclude anticipated merger integration expenses related to the Further acquisition that were included in the previously announced business outlook. Summary of revisions to the previously issued business outlook The updated business outlook provided below has been revised as compared to the business outlook issued on June 7, 2021 to change the expected net loss from between $19 million and $15 million previously announced to an expected net loss of between $12 million and $8 million, resulting in a change in expected net loss from $0.23 to $0.18 per diluted share previously announced to an expected net loss of $0.14 to $0.10 per diluted share. The revision is due to the pre-tax exclusion of approximately $10 million of merger integration expenses related to the Further acquisition. The revision does not impact the business outlook for revenue, non-GAAP net income and per share estimates, or Adjusted EBITDA. Updated business outlook For the fiscal year ending January 31, 2022, management expects revenues of $755 million to $765 million. Its outlook for net loss is between $12 million and $8 million, resulting in net loss of $0.14 to $0.10 per diluted share. Its outlook for non-GAAP net income, calculated using the method described below, is between $122 million and $126 million, resulting in non-GAAP net income per diluted share of $1.45 to $1.50 (based on an estimated 84 million diluted weighted-average shares outstanding). Management expects Adjusted EBITDA of $241 million to $247 million. This outlook does not include any potential impact from the acquisitions of Further or the Fifth Third Bank HSA portfolio. See “Non-GAAP financial information” below for definitions of our Adjusted EBITDA and non-GAAP net income. A reconciliation of the non-GAAP financial measures used throughout this release to the most comparable GAAP financial measures is included below. Non-GAAP financial information To supplement our financial information presented on a GAAP basis, we disclose non-G...