HealthEquity Reports Third Quarter Ended October 31, 2023 Financial Results

Written by Customer Service on December 5, 2023. Posted in Earnings Releases And Operating 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, 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 38% of revenue, compared to 34% for the third quarter ended October 31, 2022.

Account and asset metrics

HSAs as of October 31, 2023 were 8.3 million, an increase of 8% year over year, including 592,000 HSAs with investments, an increase of 12% year over year. Total Accounts as of October 31, 2023 were 15.3 million, including 7.0 million other consumer-directed benefits (“CDBs”).

Total HSA Assets as of October 31, 2023 were $22.6 billion, an increase of 12% year over year. Total HSA Assets included $14.0 billion of HSA cash and $8.6 billion of HSA investments. Client-held funds, which are deposits held on behalf of our Clients to facilitate administration of our CDBs, and from which we generate custodial revenue, were $0.8 billion as of October 31, 2023.

BenefitWallet HSA portfolio acquisition

On September 18, 2023, we signed an agreement to acquire the BenefitWallet HSA portfolio from Conduent Business Services, LLC, which portfolio consists of approximately $2.8 billion of HSA Assets held in approximately 665,000 customer accounts, in exchange for a purchase price of approximately $425 million and up to $20 million in transfer-related expenses. The acquisition is expected to close in multiple tranches during the first half of fiscal 2025, subject to the satisfaction of certain customary closing conditions.

Business outlook

For the fiscal year ending January 31, 2024, management expects revenue of $985 million to $995 million. Its outlook for net income is between $34 million and $39 million, resulting in net income of $0.39 to $0.45 per diluted share. Its outlook for non-GAAP net income, calculated using the method described below, is between $181 million and $188 million, resulting in non-GAAP net income per diluted share of $2.08 to $2.16 (based on an estimated 87 million diluted weighted-average shares outstanding). Management expects Adjusted EBITDA of $350 million to $360 million.

For the fiscal year ending January 31, 2025, management expects revenue of approximately $1.140 billion to $1.160 billion and Adjusted EBITDA of approximately 38-39% of revenue. These amounts assume an average annualized yield on HSA cash of approximately 3.00%.

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 (other than with respect to our Adjusted EBITDA outlook for the fiscal year ending January 31, 2025) to the most comparable GAAP financial measures is included with the financial tables at the end of this release. A reconciliation of our Adjusted EBITDA outlook for the fiscal year ending January 31, 2025 to net income, its most directly comparable GAAP measure, is not included, because our net income outlook for this future period is not available without unreasonable efforts as we are unable to predict the ultimate outcome of certain significant items excluded from this non-GAAP measure (such as depreciation and amortization, stock-based compensation expense, and income tax provision).

Conference call

HealthEquity management will host a conference call at 4:30 pm (Eastern Time) on Tuesday, December 5, 2023 to discuss the fiscal 2024 third quarter financial results. The conference call will be accessible by dialing 1-833-630-1956, or 1-412-317-1837 for international callers, and referencing conference ID “HealthEquity, Inc. call.” A live audio webcast of the call will be available on the investor relations section of our website at http://ir.healthequity.com.

Non-GAAP financial information

To supplement our financial information presented on a GAAP basis, we disclose non-GAAP financial measures, including Adjusted EBITDA, non-GAAP net income, and non-GAAP net income per diluted share.

Adjusted EBITDA is adjusted earnings before interest, taxes, depreciation and amortization, amortization of acquired intangible assets, stock-based compensation expense, merger integration expenses, acquisition costs, gains and losses on equity securities, amortization of incremental costs to obtain a contract, costs associated with unused office space, and certain other non-operating items.
Non-GAAP net income is calculated by adding back to GAAP net income (loss) before income taxes the following items: amortization of acquired intangible assets, stock-based compensation expense, merger integration expenses, acquisition costs, gains and losses on equity securities, costs associated with unused office space, and losses on extinguishment of debt, and subtracting a non-GAAP tax provision using a normalized non-GAAP tax rate.
Non-GAAP net income per diluted share is calculated by dividing non-GAAP net income by diluted weighted-average shares outstanding.

Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, GAAP results. We believe that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company cautions investors that non-GAAP financial information, by its nature, departs from GAAP; accordingly, its use can make it difficult to compare current results with results from other reporting periods and with the results of other companies. In addition, while amortization of acquired intangible assets is being excluded from non-GAAP net income, the revenue generated from those acquired intangible assets is not excluded. Whenever we use these non-GAAP financial measures, we provide a reconciliation of the applicable non-GAAP financial measure to the most closely applicable GAAP financial measure. Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measure as detailed in the tables below.

About HealthEquity

HealthEquity and its subsidiaries administer HSAs and other consumer-directed benefits for our more than 15 million accounts in partnership with employers, benefits advisors, and health and retirement plan providers who share our mission to connect health and wealth and value our culture of remarkable “Purple” service. For more information, visit www.healthequity.com.

Forward-looking statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our industry, business strategy, plans, goals and expectations concerning our markets and market position, product expansion, future operations, expenses and other results of operations, revenue, margins, profitability, acquisition synergies, future efficiencies, tax rates, capital expenditures, liquidity and capital resources and other financial and operating information. When used in this discussion, the words “may,” “believes,” “intends,” “seeks,” “aims,” “anticipates,” “plans,” “estimates,” “expects,” “should,” “assumes,” “continues,” “could,” “will,” “future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this press release.

Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to be correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, risks related to the following:

our acquisition of the BenefitWallet HSA portfolio may not be consummated, and if consummated, we may not realize the expected benefits;
our dependence on the continued availability and benefits of tax-advantaged HSAs and other CDBs;
our ability to adequately place and safeguard our custodial assets, or the failure of any of our depository or insurance company partners;
the impact from a decline in interest rate levels on our financial results;
our ability to realize the anticipated financial and other benefits from combining the operations of recent and future acquisitions with our business successfully;
our ability to compete effectively in a rapidly evolving healthcare and benefits administration industry;
our ability to successfully identify, acquire and integrate additional portfolio purchases or acquisition targets;
the significant competition we face and may face in the future, including from those with greater resources than us;
the impact of societal and economic changes arising out of the COVID-19 pandemic on the Company, our operations and our financial results;
our reliance on the availability and performance of our technology and communications systems;
potential future cybersecurity breaches of our technology and communications systems and other data interruptions, including resulting costs and liabilities, reputational damage and loss of business;
the current uncertain healthcare environment, including changes in healthcare programs and expenditures and related regulations;
our ability to comply with current and future privacy, healthcare, tax, ERISA, investment adviser and other laws applicable to our business;
our reliance on partners and third-party vendors for distribution and important services;
our ability to develop and implement updated features for our technology and communications systems; and
our reliance on our management team and key team members.

For a detailed discussion of these and other risk factors, please refer to the risks detailed in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the fiscal year ended January 31, 2023 and subsequent periodic and current reports. Past performance is not necessarily indicative of future results. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Investor Relations Contact
Richard Putnam
801-727-1000
rputnam@healthequity.com

HealthEquity, Inc. and subsidiaries
Condensed consolidated balance sheets

(in thousands, except par value)	October 31, 2023		January 31, 2023
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	334,061	$	254,266
Accounts receivable, net of allowance for doubtful accounts of $4,876 and $4,989 as of October 31, 2023 and January 31, 2023, respectively		96,181		96,835
Other current assets		44,166		31,792
Total current assets		474,408		382,893
Property and equipment, net		7,660		12,862
Operating lease right-of-use assets		50,329		56,461
Intangible assets, net		860,514		936,359
Goodwill		1,648,145		1,648,145
Other assets		52,446		52,180
Total assets	$	3,093,502	$	3,088,900
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	13,419	$	13,899
Accrued compensation		31,208		45,835
Accrued liabilities		41,840		43,668
Current portion of long-term debt		—		17,500
Operating lease liabilities		9,769		10,159
Total current liabilities		96,236		131,061
Long-term liabilities
Long-term debt, net of issuance costs		874,270		907,838
Operating lease liabilities, non-current		50,580		58,988
Other long-term liabilities		17,711		12,708
Deferred tax liability		66,737		82,665
Total long-term liabilities		1,009,298		1,062,199
Total liabilities		1,105,534		1,193,260
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value, 100,000 shares authorized, no shares issued and outstanding as of October 31, 2023 and January 31, 2023, respectively		—		—
Common stock, $0.0001 par value, 900,000 shares authorized, 85,800 and 84,758 shares issued and outstanding as of October 31, 2023 and January 31, 2023, respectively		9		8
Additional paid-in capital		1,808,695		1,745,716
Accumulated earnings		179,264		149,916
Total stockholders’ equity		1,987,968		1,895,640
Total liabilities and stockholders’ equity	$	3,093,502	$	3,088,900

HealthEquity, Inc. and subsidiaries
Condensed consolidated statements of operations and comprehensive income (loss) (unaudited)

	Three months ended October 31,						Nine months ended October 31,
(in thousands, except per share data)		2023			2022			2023			2022
Revenue
Service revenue	$	107,512		$	108,580		$	318,343		$	315,962
Custodial revenue		106,575			74,642			299,933			199,606
Interchange revenue		35,132			32,864			118,924			112,339
Total revenue		249,219			216,086			737,200			627,907
Cost of revenue
Service costs		75,347			76,493			232,445			232,281
Custodial costs		9,177			6,812			27,310			20,543
Interchange costs		6,287			5,923			20,281			19,240
Total cost of revenue		90,811			89,228			280,036			272,064
Gross profit		158,408			126,858			457,164			355,843
Operating expenses
Sales and marketing		19,656			17,245			58,714			49,648
Technology and development		55,614			48,890			163,573			140,653
General and administrative		26,379			25,131			78,363			74,795
Amortization of acquired intangible assets		23,213			23,541			69,545			71,420
Merger integration		2,655			6,509			8,157			23,486
Total operating expenses		127,517			121,316			378,352			360,002
Income (loss) from operations		30,891			5,542			78,812			(4,159	)
Other expense
Interest expense		(13,545	)		(12,165	)		(41,814	)		(34,119	)
Other income, net		3,741			443			8,325			174
Total other expense		(9,804	)		(11,722	)		(33,489	)		(33,945	)
Income (loss) before income taxes		21,087			(6,180	)		45,323			(38,104	)
Income tax provision (benefit)		6,414			(4,539	)		15,975			(12,170	)
Net income (loss) and comprehensive income (loss)	$	14,673		$	(1,641	)	$	29,348		$	(25,934	)
Net income (loss) per share:
Basic	$	0.17		$	(0.02	)	$	0.34		$	(0.31	)
Diluted	$	0.17		$	(0.02	)	$	0.34		$	(0.31	)
Weighted-average number of shares used in computing net income (loss) per share:
Basic		85,697			84,572			85,424			84,349
Diluted		87,122			84,572			86,707			84,349

HealthEquity, Inc. and subsidiaries
Condensed consolidated statements of cash flows (unaudited)

	Nine months ended October 31,
(in thousands)		2023			2022
Cash flows from operating activities:
Net income (loss)	$	29,348		$	(25,934	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		115,167			120,726
Stock-based compensation		59,939			50,310
Amortization of debt discount and issuance costs		2,150			2,454
Loss on extinguishment of debt		1,157			—
Other non-cash items		—			269
Deferred taxes		(15,928	)		(10,565	)
Changes in operating assets and liabilities:
Accounts receivable, net		654			(451	)
Other assets		(12,820	)		6,809
Operating lease right-of-use assets		8,241			6,169
Accrued compensation		(14,829	)		(11,630	)
Accounts payable, accrued liabilities, and other current liabilities		(2,363	)		(33,170	)
Operating lease liabilities, non-current		(9,966	)		(5,401	)
Other long-term liabilities		5,003			(4,427	)
Net cash provided by operating activities		165,753			95,159
Cash flows from investing activities:
Purchases of software and capitalized software development costs		(30,413	)		(35,306	)
Purchases of property and equipment		(1,134	)		(2,971	)
Acquisitions of HSA portfolios		(3,257	)		(70,574	)
Net cash used in investing activities		(34,804	)		(108,851	)
Cash flows from financing activities:
Principal payments on long-term debt		(54,375	)		(6,562	)
Settlement of client-held funds obligation, net		(183	)		(1,579	)
Proceeds from exercise of common stock options		3,404			6,616
Net cash used in financing activities		(51,154	)		(1,525	)
Increase (decrease) in cash and cash equivalents		79,795			(15,217	)
Beginning cash and cash equivalents		254,266			225,414
Ending cash and cash equivalents	$	334,061		$	210,197

HealthEquity, Inc. and subsidiaries
Condensed consolidated statements of cash flows (unaudited) (continued)

	Nine months ended October 31,
(in thousands)		2023		2022
Supplemental cash flow data:
Interest expense paid in cash	$	44,194	$	36,268
Income tax payments, net		24,777		775
Supplemental disclosures of non-cash investing and financing activities:
Purchases of software and capitalized software development costs included in accounts payable, accrued liabilities, or accrued compensation		2,882		4,099
Purchases of property and equipment included in accounts payable or accrued liabilities		98		297
Exercise of common stock options receivable		19		21
Increase in goodwill due to measurement period adjustments, net		—		77

Stock-based compensation expense (unaudited)

Total stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive income (loss) is as follows:

	Three months ended October 31,				Nine months ended October 31,
(in thousands)		2023		2022		2023		2022
Cost of revenue	$	4,673	$	3,662	$	13,222	$	10,667
Sales and marketing		3,506		2,569		9,763		7,136
Technology and development		5,923		4,045		15,098		10,388
General and administrative		7,560		7,894		21,856		22,119
Total stock-based compensation expense	$	21,662	$	18,170	$	59,939	$	50,310

Total Accounts (unaudited)

(in thousands, except percentages)	October 31, 2023	October 31, 2022	% Change	January 31, 2023
HSAs	8,295	7,650	8%	7,984
New HSAs from sales – Quarter-to-date	163	170	(4)%	445
New HSAs from sales – Year-to-date	453	526	(14)%	971
New HSAs from acquisitions – Year-to-date	—	90	(100)%	90
HSAs with investments	592	529	12%	541
CDBs	6,984	6,849	2%	6,933
Total Accounts	15,279	14,499	5%	14,917
Average Total Accounts – Quarter-to-date	15,167	14,523	4%	14,677
Average Total Accounts – Year-to-date	15,034	14,482	4%	14,531

HSA Assets (unaudited)

(in millions, except percentages)	October 31, 2023		October 31, 2022		% Change	January 31, 2023
HSA cash	$	13,971	$	13,096	7%	$	14,199
HSA investments		8,597		7,108	21%		7,947
Total HSA Assets		22,568		20,204	12%		22,146
Average daily HSA cash – Quarter-to-date		13,977		12,973	8%		13,375
Average daily HSA cash – Year-to-date		14,024		12,941	8%		13,049

Client-held funds (unaudited)

(in millions, except percentages)	October 31, 2023		October 31, 2022		% Change		January 31, 2023
Client-held funds	$	761	$	759	0	%	$	901
Average daily Client-held funds – Quarter-to-date		794		794	0	%		809
Average daily Client-held funds – Year-to-date		862		832	4	%		827

Reconciliation of net income (loss) to Adjusted EBITDA (unaudited)

	Three months ended October 31,						Nine months ended October 31,
(in thousands)		2023			2022			2023			2022
Net income (loss)	$	14,673		$	(1,641	)	$	29,348		$	(25,934	)
Interest income		(3,713	)		(443	)		(7,795	)		(584	)
Interest expense		13,545			12,165			41,814			34,119
Income tax provision (benefit)		6,414			(4,539	)		15,975			(12,170	)
Depreciation and amortization		14,567			16,959			45,622			49,306
Amortization of acquired intangible assets		23,213			23,541			69,545			71,420
Stock-based compensation expense		21,662			18,170			59,939			50,310
Merger integration expenses		2,655			6,509			8,157			23,486
Acquisition costs		—			—			—			53
Amortization of incremental costs to obtain a contract		1,379			1,114			4,033			3,256
Costs associated with unused office space		950			1,181			3,252			3,788
Other		301			345			454			1,690
Adjusted EBITDA	$	95,646		$	73,361		$	270,344		$	198,740

Reconciliation of net income outlook to Adjusted EBITDA outlook (unaudited)

	Outlook for the year ending
(in millions)	January 31, 2024
Net income	$34 – 39
Interest income	(12)
Interest expense	55
Income tax provision	19 – 24
Depreciation and amortization	60
Amortization of acquired intangible assets	93
Stock-based compensation expense	78
Merger integration expenses	13
Amortization of incremental costs to obtain a contract	5
Costs associated with unused office space	4
Other expense	1
Adjusted EBITDA	$350 – 360

Reconciliation of net income (loss) to non-GAAP net income (unaudited)

	Three months ended October 31,					Nine months ended October 31,
(in thousands, except per share data)		2023		2022			2023		2022
Net income (loss)	$	14,673	$	(1,641	)	$	29,348	$	(25,934	)
Income tax provision (benefit)		6,414		(4,539	)		15,975		(12,170	)
Income (loss) before income taxes – GAAP		21,087		(6,180	)		45,323		(38,104	)
Non-GAAP adjustments:
Amortization of acquired intangible assets		23,213		23,541			69,545		71,420
Stock-based compensation expense		21,662		18,170			59,939		50,310
Merger integration expenses		2,655		6,509			8,157		23,486
Acquisition costs		—		—			—		53
Costs associated with unused office space		950		1,181			3,252		3,788
Loss on extinguishment of debt		—		—			1,157		—
Total adjustments to income (loss) before income taxes – GAAP		48,480		49,401			142,050		149,057
Income before income taxes – Non-GAAP		69,567		43,221			187,373		110,953
Income tax provision – Non-GAAP (1)		17,391		10,805			46,843		27,738
Non-GAAP net income		52,176		32,416			140,530		83,215

Diluted weighted-average shares		87,122		84,572			86,707		84,349
Non-GAAP net income per diluted share	$	0.60	$	0.38		$	1.62	$	0.99

(1) The Company utilizes a normalized non-GAAP tax rate to provide better consistency across the interim reporting periods within a given fiscal year by eliminating the effects of non-recurring and period-specific items, which can vary in size and frequency, and which are not necessarily reflective of the Company’s longer-term operations. The normalized non-GAAP tax rate applied to each period presented was 25%. The Company may adjust its non-GAAP tax rate as additional information becomes available and in conjunction with any other significant events occurring that may materially affect this rate, such as merger and acquisition activity, changes in business outlook, or other changes in expectations regarding tax regulations.

Reconciliation of net income outlook to non-GAAP net income outlook (unaudited)

	Outlook for the year ending
(in millions, except per share data)	January 31, 2024
Net income	$34 – 39
Income tax provision	19 – 24
Income before income taxes – GAAP	53 – 63
Non-GAAP adjustments:
Amortization of acquired intangible assets	93
Stock-based compensation expense	78
Merger integration expenses	13
Costs associated with unused office space	4
Total adjustments to income before income taxes – GAAP	188
Income before income taxes – Non-GAAP	241 – 251
Income tax provision – Non-GAAP (1)	60 – 63
Non-GAAP net income	$181 – 188

Diluted weighted-average shares	87
Non-GAAP net income per diluted share (2)	$2.08 – 2.16

(2) Non-GAAP net income per diluted share may not calculate due to rounding of non-GAAP net income and diluted weighted-average shares.

Certain terms

Term	Definition
HSA	A financial account through which consumers spend and save long-term for healthcare on a tax-advantaged basis.
CDB	Consumer-directed benefits offered by employers, including flexible spending and health reimbursement arrangements (“FSAs” and “HRAs”), Consolidated Omnibus Budget Reconciliation Act (“COBRA”) administration, commuter and other benefits.
HSA member	Consumers with HSAs that we serve.
Total HSA Assets	HSA members’ custodial cash assets held by our federally insured depository partners and our insurance company partners. Total HSA Assets also includes HSA members’ investments in mutual funds through our custodial investment fund partner.
Client	Our employer clients.
Total Accounts	The sum of HSAs and CDBs on our platforms.
Client-held funds	Deposits held on behalf of our Clients to facilitate administration of our CDBs.
Network Partner	Our health plan partners, benefits administrators, and retirement plan recordkeepers.
Adjusted EBITDA	Adjusted earnings before interest, taxes, depreciation and amortization, amortization of acquired intangible assets, stock-based compensation expense, merger integration expenses, acquisition costs, gains and losses on equity securities, amortization of incremental costs to obtain a contract, costs associated with unused office space, and certain other non-operating items.
Non-GAAP net income	Calculated by adding back to GAAP net income (loss) before income taxes the following items: amortization of acquired intangible assets, stock-based compensation expense, merger integration expenses, acquisition costs, gains and losses on equity securities, costs associated with unused office space, and losses on extinguishment of debt, and subtracting a non-GAAP tax provision using a normalized non-GAAP tax rate.
Non-GAAP net income per diluted share	Calculated by dividing non-GAAP net income by diluted weighted-average shares outstanding.

HealthEquity Reports Third Quarter Ended October 31, 2023 Financial Results

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Cookie Notice