Healthequity, Inc. · NASDAQ:HQY
Healthequity — JPM Conference 2025
21 slides from Healthequity's conference presentation, January 2025
Slide 1: JPM Conference
JPM Conference January 2025 Copyright © 2025 HealthEquity, Inc. All rights reserved. | HealthEquity does not provide legal, tax or financial advice. 1
Slide 2: Disclosures and safe harbor statements
Disclosures and safe harbor statements This presentation does not constitute an offer or invitation for the sale or purchase of securities and has been prepared solely for informational purposes. This presentation includes a summary of certain information contained in our public filings filed with t
Slide 3: Our Mission
Our Mission We save and improve lives by empowering healthcare consumers. HealthEquity members Copyright © 2025 HealthEquity, Inc. All rights reserved. | HealthEquity does not provide legal, tax or financial advice. 3
Slide 4: FYE25 estimates key metrics
FYE25 estimates ~9.8M HSAs +13% YoY ~$31B HSA assets +23% YoY ~17M Total accounts +8% YoY ~990k ~$5.8B 200+ #1 new HSAs HSA asset growth Network partners HSA administrator HealthEquity key metrics estimated for fiscal year ending January 31, 2025, except Devenir ranking is as of the Devenir June 30,
Slide 5: Leading the growth of health savings
Market Total HSA assets HQY HSA assets Leading the growth of health savings 2010 Present Future Total HSAs ~6 million ~37 million ~50 million Total HSA assets ~$10B assets; 9% invested ~$135B assets; 40% invested ~$300B assets; 50%+ invested Total HSA + CDB revenue ~$2 billion ~$5 billion+ ~$10 bill
Slide 6: Industry poised for innovation; HealthEquity positioned to capitalize
Market Industry poised for innovation; HealthEquity positioned to capitalize Buyers seek solutions to help manage Healthcare Healthcare Technology and affordability consumerism AI solutions healthcare Containing costs Educating employees Improving transparency affordability without sacrificing to ma
Slide 7: Improving healthcare affordability through HDHP and HSA at TIAA
Client Insight Improving healthcare affordability through HDHP and HSA at TIAA 12,000 80% 28% 50% Eligible employees of eligible employees lower HDHP costs lower YoY employee enrolled in one of the vs. traditional plan healthcare costs vs. HDHPs offering national average NYC, NY Headquarters “ “We r
Slide 8: Network effect
Strategy AI Assets Network recommend- ations 100,000+ Clients effect Insights Contributions Sample member data Claims New 17m 200+ products and Members Open Platform Network services Partners Reimbursements Products and services Data Eligibility Copyright © 2025 HealthEquity, Inc. All rights reserve
Slide 9: Tech-powered 3D growth strategy
Strategy Tech-powered 3D growth strategy Deliver Drive Deepen Remarkable Member Partnerships Experiences Outcomes Extending the competitive Digitizing personalized, Empowering members to advantage of our integrated always-on service and make better health and ecosystem education financial decisions
Slide 10: Deepening partnerships
Strategy 200+ 3 of 41 Deepening partnerships Network partnerships HealthEquity HSA sales are associated with partnership channels 1 2 Analyzer Navigator AI-powered Price transparency benefits plan and incentives for analysis and practical financial personalized stewardship recommendations HealthEqui
Slide 11: Deliver remarkable experiences
Strategy 59%1 9 of 102 Deliver remarkable customers demand customers desire advanced digital experiences consistent service across experiences to maintain loyalty channel experiences 1 2 Expedited Digital Wallet Claims and Digital Card Digital AI claims Instant card issuance processing for most that
Slide 12: Member outcomes
Strategy E360 vs. industry21 80%1 46% Higher HSA contributions Member outcomes Members receiving E360, our best practice 19% Higher balances engagement program 60% Higher investing rates 1 2 Member Health Payment engagement Accounts Always-on Maximize the impact personalized of every dollar with eng
Slide 13: Engagement Consulting drives positive employee behaviors at State of Louisiana
Client Insight Engagement Consulting drives positive employee behaviors at State of Louisiana. 12,000 20% 38% Eligible employees Increased HSA adoption YoY average investment in 12 months balance increase Baton Rouge, LA “ Headquarters “I’m most proud of making a difference to ensure other workers h
Slide 14: Why HealthEquity
Market position 200 Why HealthEquity Network partnerships Intelligent connected ecosystem That eases administrative burden, enables Personal seamless member experiences and unlocks recommendations data-driven insights and recommendations Proprietary technology Prioritizes data security, open archite
Slide 15: Culture, Business, Operations
Onboarding Culture Amplifying team culture to achieve our mission Business Identifying multipliers and acceleration opportunity Operations Strengthening execution velocity and quality HealthEquity Team Meeting Copyright © 2025 HealthEquity, Inc. All rights reserved. | HealthEquity does not provide l
Slide 16: Financials
Financials Copyright © 2025 HealthEquity, Inc. All rights reserved. | HealthEquity does not provide legal, tax or financial advice. 16
Slide 17: Cash and capital allocation
Strategy Cash and capital allocation Cash flow Cash drivers Capital allocation Multi-year custodial $264M yield tailwind Organic growth Fiscal 2025 Q3 YTD net Growing revenue Portfolio M&A cashflows provided by and expanding operating activities margins fuel cash growth Return of capital Adjusted EB
Slide 18: HSA cash maturity schedule
HSA cash maturity schedule $16.4 billion total HSA cash assets as of 3.6% October 31, 2024 HSA cash custodial assets repricing in $billions $5.5 $15.8 billion in fixed-rate contracts $3.7 $3.2 FY25, 26, 27 $2.0 maturing yields are below the $1.4 current forward curve expectations for new rates expec
Slide 19: HSA key metrics
HSA key metrics HSAs (000s) HSA Assets ($M) Total Accounts (000s) Net new HSA sales Invested assets Acq HSAs Cash assets HSA 9.5M Beg HSAs $29,987 9,508 FSA 3.0M 8,295 597 $22,568 7,650 616 $13,601 645 $20,204 739 HRA 2.3M 670 $8,597 $7,108 COBRA 0.5M 7,650 8,295 6,241 $16,386 $13,096 $13,971 Commut
Slide 20: Fiscal third quarter financial results
Fiscal third quarter financial results Revenue ($M) Adjusted EBITDA(1) ($M) Three Months Nine Months Three Months Nine Months $888.0 $364.0 $737.2 $627.9 $270.3 $300.4 $118.2 $249.2 $95.6 $198.7 $216.1 $73.4 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 21% Q3FY24 growth YoY 24% adjust
Slide 21: Copyright © 2025 HealthEquity, Inc. All rights reserved. | HealthEquity does not provide legal,
Copyright © 2025 HealthEquity, Inc. All rights reserved. | HealthEquity does not provide legal, tax or financial advice. 21