0001428336false00014283362024-06-032024-06-03

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

June 3, 2024
HEALTHEQUITY, INC.

Delaware
001-36568
52-2383166
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer
Identification Number)

15 West Scenic Pointe Drive
Suite 100
Draper, Utah 84020
(801) 727-1000

(Address, including Zip Code, and Telephone Number, including Area Code, of Registrant’s Principal Executive Offices)

Not Applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.0001 per shareHQYThe NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operations and Financial Condition
On June 3, 2024, HealthEquity, Inc. issued a press release attached as Exhibit 99.1 to this current report on Form 8-K.
The information in Exhibit 99.1 is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01    Financial Statements and Exhibits
(d) Exhibits



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HEALTHEQUITY, INC.
Date: June 3, 2024By:/s/ James Lucania
Name:James Lucania
Title:Executive Vice President and Chief Financial Officer




HealthEquity Reports First Quarter Ended April 30, 2024 Financial Results
Highlights of the first quarter include:
•Revenue of $287.6 million, an increase of 18% compared to $244.4 million in Q1 FY24.
•Net income of $28.8 million, compared to $4.1 million in Q1 FY24, with non-GAAP net income of $70.3 million, an increase of 64% compared to $42.8 million in Q1 FY24.
•Net income per diluted share of $0.33, compared to $0.05 in Q1 FY24, with non-GAAP net income per diluted share of $0.80, compared to $0.50 in Q1 FY24.
•Adjusted EBITDA of $117.4 million, an increase of 36% compared to $86.6 million in Q1 FY24.
•9.1 million HSAs, an increase of 13% compared to Q1 FY24.
•Total HSA Assets of $27.3 billion, an increase of 22% compared to Q1 FY24.
•16.0 million Total Accounts, including both HSAs and complementary CDBs, an increase of 7% compared to Q1 FY24.
•The Company completed its acquisition of the BenefitWallet HSA portfolio on May 9, 2024.

Draper, Utah – June 3, 2024 – HealthEquity, Inc. (NASDAQ: HQY) ("HealthEquity" or the "Company"), the nation's largest health savings account ("HSA") custodian, today announced financial results for its first quarter ended April 30, 2024.
"Record first quarter HSA sales, greater Enhanced Rates adoption, and timely transition of two of three BenefitWallet tranches made for a great team start to fiscal 2025" said Jon Kessler, President and CEO of HealthEquity. "With momentum on both growth and margins, we are raising full year guidance and pushing forward our platform investments to deliver remarkable experiences, deepen partnerships, and drive member outcomes."
First quarter financial results
Revenue for the first quarter ended April 30, 2024 was $287.6 million, an increase of 18% compared to $244.4 million for the first quarter ended April 30, 2023. Revenue this quarter included: service revenue of $118.2 million, custodial revenue of $121.6 million, and interchange revenue of $47.7 million.
HealthEquity reported net income of $28.8 million, or $0.33 per diluted share, and non-GAAP net income of $70.3 million, or $0.80 per diluted share, for the first quarter ended April 30, 2024. The Company reported net income of $4.1 million, or $0.05 per diluted share, and non-GAAP net income of $42.8 million, or $0.50 per diluted share, for the first quarter ended April 30, 2023.
Adjusted EBITDA was $117.4 million for the first quarter ended April 30, 2024, an increase of 36% compared to the first quarter ended April 30, 2023. Adjusted EBITDA was 41% of revenue, compared to 35% for the first quarter ended April 30, 2023.
Account and asset metrics
HSAs as of April 30, 2024 were 9.1 million, an increase of 13% year over year, including 665,000 HSAs with investments, an increase of 20% year over year. Total Accounts as of April 30, 2024 were 16.0 million, including 6.9 million other consumer-directed benefits ("CDBs").
Total HSA Assets as of April 30, 2024 were $27.3 billion, an increase of 22% year over year. Total HSA Assets included $15.9 billion of HSA cash and $11.4 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 $0.9 billion as of April 30, 2024.
BenefitWallet HSA portfolio acquisition
In September 2023, we entered into an agreement to acquire the BenefitWallet HSA portfolio from Conduent Business Services, LLC. Pursuant to the purchase agreement, approximately 616,000 HSAs and other accounts and $2.7 billion of HSA Assets were transferred from Conduent to HealthEquity in three separate tranches during the first and second quarters of fiscal 2025 for an aggregate purchase price of $425.0 million. We paid the aggregate purchase price using $225.0 million of borrowings under our revolving credit facility, with the remainder paid using cash on hand.
Business outlook
For the fiscal year ending January 31, 2025, management expects revenue of $1.16 billion to $1.18 billion. Its outlook for net income is between $90 million and $105 million, resulting in net income of $1.01 to $1.18 per diluted share. Its
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outlook for non-GAAP net income, calculated using the method described below, is between $261 million and $276 million, resulting in non-GAAP net income per diluted share of $2.93 to $3.10 (based on an estimated 89 million diluted weighted-average shares outstanding). Management expects Adjusted EBITDA of $454 million to $474 million.
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 with the financial tables at the end of this release.
Conference call
HealthEquity management will host a conference call at 4:30 pm (Eastern Time) on Monday, June 3, 2024 to discuss the fiscal 2025 first 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." 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 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 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 various other consumer-directed benefits for over 16 million accounts, working in close partnership with employers, benefits advisors, and health and retirement plan providers who share our unwavering commitment to our mission to save and improve lives by empowering healthcare consumers. Through cutting-edge solutions, innovation, and a relentless focus on improving health outcomes, we empower individuals to take control of their healthcare journey while ultimately enhancing their overall well-being. Learn more about our “Purple" service and approach at 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,”
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“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 ability to adequately place and safeguard our custodial assets, or the failure of any of our depository or insurance company partners;
•our ability to compete effectively in a rapidly evolving healthcare and benefits administration industry;
•our dependence on the continued availability and benefits of tax-advantaged HSAs and other CDBs;
•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;
•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 platforms 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, 2024 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
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HealthEquity, Inc. and subsidiaries
Condensed consolidated balance sheets
(in thousands, except par value)April 30, 2024January 31, 2024
(unaudited)
Assets
Current assets
Cash and cash equivalents$251,229 $403,979 
Accounts receivable, net of allowance for doubtful accounts of $3,741 and $3,947 as of April 30, 2024 and January 31, 2024, respectively106,218 104,893 
Other current assets47,455 48,564 
Total current assets404,902 557,436 
Property and equipment, net5,083 6,013 
Operating lease right-of-use assets48,108 48,380 
Intangible assets, net1,071,371 835,948 
Goodwill1,648,145 1,648,145 
Other assets68,875 67,868 
Total assets$3,246,484 $3,163,790 
Liabilities and stockholders’ equity
Current liabilities
Accounts payable$18,167 $12,041 
Accrued compensation23,103 49,608 
Accrued liabilities41,192 46,038 
Operating lease liabilities9,755 9,404 
Total current liabilities92,217 117,091 
Long-term liabilities
Long-term debt, net of issuance costs925,675 874,972 
Operating lease liabilities, non-current48,253 48,766 
Other long-term liabilities19,273 19,270 
Deferred tax liability63,282 68,670 
Total long-term liabilities1,056,483 1,011,678 
Total liabilities1,148,700 1,128,769 
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value, 100,000 shares authorized, no shares issued and outstanding as of April 30, 2024 and January 31, 2024, respectively— — 
Common stock, $0.0001 par value, 900,000 shares authorized, 87,010 and 86,127 shares issued and outstanding as of April 30, 2024 and January 31, 2024, respectively9 9 
Additional paid-in capital1,863,334 1,829,384 
Accumulated earnings234,441 205,628 
Total stockholders’ equity2,097,784 2,035,021 
Total liabilities and stockholders’ equity$3,246,484 $3,163,790 

4

HealthEquity, Inc. and subsidiaries
Condensed consolidated statements of operations and comprehensive income (unaudited)
Three months ended April 30,
(in thousands, except per share data)20242023
Revenue
Service revenue$118,214 $111,073 
Custodial revenue121,644 88,480 
Interchange revenue47,739 44,879 
Total revenue287,597 244,432 
Cost of revenue
Service costs82,347 80,873 
Custodial costs9,057 8,038 
Interchange costs9,055 7,051 
Total cost of revenue100,459 95,962 
Gross profit187,138 148,470 
Operating expenses
Sales and marketing23,494 19,935 
Technology and development56,090 53,192 
General and administrative38,236 25,538 
Amortization of acquired intangible assets25,545 23,166 
Merger integration2,143 3,458 
Total operating expenses145,508 125,289 
Income from operations41,630 23,181 
Other expense
Interest expense(11,795)(14,997)
Other income, net3,404 1,828 
Total other expense(8,391)(13,169)
Income before income taxes33,239 10,012 
Income tax provision4,426 5,918 
Net income and comprehensive income$28,813 $4,094 
Net income per share:
Basic$0.33 $0.05 
Diluted$0.33 $0.05 
Weighted-average number of shares used in computing net income per share:
Basic86,472 85,030 
Diluted88,324 86,102 

5

HealthEquity, Inc. and subsidiaries
Condensed consolidated statements of cash flows (unaudited)
Three months ended April 30,
(in thousands)20242023
Cash flows from operating activities:
Net income$28,813 $4,094 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization38,938 39,041 
Stock-based compensation32,020 18,204 
Amortization of debt discount and issuance costs703 782 
Loss on extinguishment of debt— 1,157 
Deferred taxes(5,388)(738)
Changes in operating assets and liabilities:
Accounts receivable, net(1,325)(1,579)
Other assets(227)(4,514)
Operating lease right-of-use assets1,741 1,844 
Accrued compensation(25,757)(25,381)
Accounts payable, accrued liabilities, and other current liabilities(2,347)(50)
Operating lease liabilities, non-current(1,745)(1,921)
Other long-term liabilities3 599 
Net cash provided by operating activities65,429 31,538 
Cash flows from investing activities:
Purchases of software and capitalized software development costs(13,106)(9,003)
Purchases of property and equipment(721)(132)
Acquisitions of HSA portfolios(256,123)— 
Net cash used in investing activities(269,950)(9,135)
Cash flows from financing activities:
Proceeds from long-term debt50,000 — 
Principal payments on long-term debt— (54,375)
Settlement of client-held funds obligation, net(546)2,432 
Proceeds from exercise of common stock options2,317 916 
Net cash provided by (used in) financing activities51,771 (51,027)
Decrease in cash and cash equivalents(152,750)(28,624)
Beginning cash and cash equivalents403,979 254,266 
Ending cash and cash equivalents$251,229 $225,642 

6

HealthEquity, Inc. and subsidiaries
Condensed consolidated statements of cash flows (unaudited) (continued)
Three months ended April 30,
(in thousands)20242023
Supplemental cash flow data:
Interest expense paid in cash$18,850 $19,498 
Income tax payments (refunds), net277 (7)
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 compensation2,404 2,465 
Purchases of property and equipment included in accounts payable or accrued liabilities32 119 
Acquisitions of HSA portfolios included in accounts payable or accrued liabilities4,453 — 
Exercise of common stock options receivable42 120 
Stock-based compensation expense (unaudited)
Total stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive income is as follows:
Three months ended April 30,
(in thousands)20242023
Cost of revenue$4,525 $3,606 
Sales and marketing4,323 2,779 
Technology and development5,940 4,892 
General and administrative17,232 6,927 
Total stock-based compensation expense$32,020 $18,204 
Total Accounts (unaudited)
(in thousands, except percentages)April 30, 2024April 30, 2023% ChangeJanuary 31, 2024
HSAs9,097 8,045 13 %8,692 
New HSAs from sales - Quarter-to-date194 134 45 %497 
New HSAs from sales - Year-to-date194 134 45 %949 
New HSAs from acquisitions - Year-to-date400 — *— 
HSAs with investments665 556 20 %610 
CDBs6,913 6,954 (1)%7,006 
Total Accounts16,010 14,999 7 %15,698 
Average Total Accounts - Quarter-to-date15,919 14,980 6 %15,318 
Average Total Accounts - Year-to-date15,919 14,980 6 %15,105 



7

HSA Assets (unaudited)
(in millions, except percentages)April 30, 2024April 30, 2023% ChangeJanuary 31, 2024
HSA cash$15,850 $14,113 12 %$15,006 
HSA investments11,427 8,206 39 %10,208 
Total HSA Assets27,277 22,319 22 %25,214 
Average daily HSA cash - Quarter-to-date15,388 14,074 9 %14,210 
Average daily HSA cash - Year-to-date15,388 14,074 9 %14,071 
Client-held funds (unaudited)
(in millions, except percentages)April 30, 2024April 30, 2023% ChangeJanuary 31, 2024
Client-held funds$858 $926 (7)%$842 
Average daily Client-held funds - Quarter-to-date840 902 (7)%791 
Average daily Client-held funds - Year-to-date840 902 (7)%845 
Reconciliation of net income to Adjusted EBITDA (unaudited)
Three months ended April 30,
(in thousands)20242023
Net income$28,813 $4,094 
Interest income(3,881)(1,598)
Interest expense11,795 14,997 
Income tax provision4,426 5,918 
Depreciation and amortization13,393 15,875 
Amortization of acquired intangible assets25,545 23,166 
Stock-based compensation expense32,020 18,204 
Merger integration expenses2,143 3,458 
Amortization of incremental costs to obtain a contract1,632 1,304 
Costs associated with unused office space790 1,016 
Other759 153 
Adjusted EBITDA$117,435 $86,587 


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Reconciliation of net income outlook to Adjusted EBITDA outlook (unaudited)
Outlook for the year ending
(in millions)January 31, 2025
Net income$90 - 105
Interest income(15)
Interest expense63
Income tax provision30 - 35
Depreciation and amortization50
Amortization of acquired intangible assets112
Stock-based compensation expense100
Merger integration expenses13
Amortization of incremental costs to obtain a contract7
Costs associated with unused office space3
Other expense1
Adjusted EBITDA$454 - 474

Reconciliation of net income to non-GAAP net income (unaudited)
Three months ended April 30,
(in thousands, except per share data)20242023
Net income$28,813 $4,094 
Income tax provision4,426 5,918 
Income before income taxes - GAAP33,239 10,012 
Non-GAAP adjustments:
Amortization of acquired intangible assets25,545 23,166 
Stock-based compensation expense32,020 18,204 
Merger integration expenses2,143 3,458 
Costs associated with unused office space790 1,016 
Loss on extinguishment of debt— 1,157 
Total adjustments to income before income taxes - GAAP60,498 47,001 
Income before income taxes - Non-GAAP93,737 57,013 
Income tax provision - Non-GAAP (1)23,434 14,253 
Non-GAAP net income70,303 42,760 
Diluted weighted-average shares88,324 86,102 
GAAP net income per diluted share$0.33 $0.05 
Non-GAAP net income per diluted share$0.80 $0.50 
(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.





9

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, 2025
Net income$90 - 105
Income tax provision30 - 35
Income before income taxes - GAAP120 - 140
Non-GAAP adjustments:
Amortization of acquired intangible assets112
Stock-based compensation expense100
Merger integration expenses13
Costs associated with unused office space3
Total adjustments to income before income taxes - GAAP228
Income before income taxes - Non-GAAP348 - 368
Income tax provision - Non-GAAP (1)87 - 92
Non-GAAP net income$261 - 276
Diluted weighted-average shares89
GAAP net income per diluted share (2)$1.01 - 1.18
Non-GAAP net income per diluted share (2)$2.93 - 3.10
(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.
(2)GAAP and Non-GAAP net income per diluted share may not calculate due to rounding.

Certain terms
TermDefinition
HSAA financial account through which consumers spend and save long-term for healthcare on a tax-advantaged basis.
CDBConsumer-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 memberConsumers 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.
ClientOur employer clients.
Total AccountsThe sum of HSAs and CDBs on our platforms.
Client-held fundsDeposits held on behalf of our Clients to facilitate administration of our CDBs.
Network PartnerOur health plan partners, benefits administrators, and retirement plan recordkeepers.
Adjusted EBITDA
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 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 shareCalculated by dividing non-GAAP net income by diluted weighted-average shares outstanding.
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v3.24.1.1.u2
Cover Page
Jun. 03, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jun. 03, 2024
Entity File Number 001-36568
Entity Registrant Name HEALTHEQUITY, INC.
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 52-2383166
Entity Address, Address Line One 15 West Scenic Pointe Drive
Entity Address, Address Line Two Suite 100
Entity Address, City or Town Draper
Entity Address, State or Province UT
Entity Address, Postal Zip Code 84020
City Area Code 801
Local Phone Number 727-1000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $0.0001 per share
Trading Symbol HQY
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001428336
Amendment Flag false
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