HEALTHEQUITY INC

For the period ended Apr 30, 2024. Filed Jun 3, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Apr 30, 2024 · Filed Jun 3, 2024

HQY$102.11-1.5%Stored close · as of Nov 9, 2026

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Contents

Financial statements Condensed consolidated balance sheets as of April 30, 2024 (unaudited) and January 31, 2024

Part I. Financial information

Item 1. Financial statements

Condensed consolidated balance sheets

(in thousands, except par value)	April 30, 2024	January 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, respectively	106,218	104,893
Other current assets	47,455	48,564
Total current assets	404,902	557,436
Property and equipment, net	5,083	6,013
Operating lease right-of-use assets	48,108	48,380
Intangible assets, net	1,071,371	835,948
Goodwill	1,648,145	1,648,145
Other assets	68,875	67,868
Total assets	$3,246,484	$3,163,790
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$18,167	$12,041
Accrued compensation	23,103	49,608
Accrued liabilities	41,192	46,038
Operating lease liabilities	9,755	9,404
Total current liabilities	92,217	117,091
Long-term liabilities
Long-term debt, net of issuance costs	925,675	874,972
Operating lease liabilities, non-current	48,253	48,766
Other long-term liabilities	19,273	19,270
Deferred tax liability	63,282	68,670
Total long-term liabilities	1,056,483	1,011,678
Total liabilities	1,148,700	1,128,769
Commitments and contingencies (see Note 5)
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, respectively	9	9
Additional paid-in capital	1,863,334	1,829,384
Accumulated earnings	234,441	205,628
Total stockholders’ equity	2,097,784	2,035,021
Total liabilities and stockholders’ equity	$3,246,484	$3,163,790

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Condensed consolidated statements of operations and

comprehensive income (unaudited)

	Three months ended April 30,
(in thousands, except per share data)	2024	2023
Revenue
Service revenue	$118,214	$111,073
Custodial revenue	121,644	88,480
Interchange revenue	47,739	44,879
Total revenue	287,597	244,432
Cost of revenue
Service costs	82,347	80,873
Custodial costs	9,057	8,038
Interchange costs	9,055	7,051
Total cost of revenue	100,459	95,962
Gross profit	187,138	148,470
Operating expenses
Sales and marketing	23,494	19,935
Technology and development	56,090	53,192
General and administrative	38,236	25,538
Amortization of acquired intangible assets	25,545	23,166
Merger integration	2,143	3,458
Total operating expenses	145,508	125,289
Income from operations	41,630	23,181
Other expense
Interest expense	(11,795)	(14,997)
Other income, net	3,404	1,828
Total other expense	(8,391)	(13,169)
Income before income taxes	33,239	10,012
Income tax provision	4,426	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:
Basic	86,472	85,030
Diluted	88,324	86,102

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.