HealthEquity Inc · Q3 2024 earnings

Briefing

HealthEquity's Q3 2024 performance demonstrated double-digit revenue growth and margin expansion.

HealthEquity reported a 15% increase in revenue to $249.2 million, a net income of $14.7 million, and non-GAAP net income of $52.2 million. The company's HSA count grew to 8.3 million, with total HSA assets reaching $22.6 billion. They also agreed to acquire the BenefitWallet HSA portfolio.

• Revenue increased by 15% year-over-year, reaching $249.2 million.
• Net income was $14.7 million, a significant improvement compared to the previous year's net loss of $1.6 million.
• Non-GAAP net income increased by 61% year-over-year, reaching $52.2 million.
• The company's HSA base grew to 8.3 million, representing an 8% increase year-over-year.

Headline financials

Revenue & EPS history

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 is between $181 million and $188 million, resulting in non-GAAP net income per diluted share of $2.08 to $2.16. Management expects Adjusted EBITDA of $350 million to $360 million.