HEALTHEQUITY INC
For the period ended Jul 31, 2024. Filed Sep 3, 2024.
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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.
Jul 31, 2024 · Filed Sep 3, 2024
HQY$102.11-1.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Financial statements Condensed consolidated balance sheets as of July 31, 2024 (unaudited) and January 31, 2024
Part I. Financial information
Item 1. Financial statements
Condensed consolidated balance sheets
| (in thousands, except par value) | July 31, 2024 | January 31, 2024 |
|---|---|---|
| (unaudited) | ||
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $326,893 | $403,979 |
| Accounts receivable, net of allowance for doubtful accounts of $2,831 and $3,947 as of July 31, 2024 and January 31, 2024, respectively | 108,454 | 104,893 |
| Other current assets | 60,280 | 48,564 |
| Total current assets | 495,627 | 557,436 |
| Property and equipment, net | 4,592 | 6,013 |
| Operating lease right-of-use assets | 46,484 | 48,380 |
| Intangible assets, net | 1,254,210 | 835,948 |
| Goodwill | 1,648,145 | 1,648,145 |
| Other assets | 65,408 | 67,868 |
| Total assets | $3,514,466 | $3,163,790 |
| Liabilities and stockholders’ equity | ||
| Current liabilities | ||
| Accounts payable | $10,562 | $12,041 |
| Accrued compensation | 37,072 | 49,608 |
| Accrued liabilities | 63,379 | 46,038 |
| Operating lease liabilities | 9,895 | 9,404 |
| Total current liabilities | 120,908 | 117,091 |
| Long-term liabilities | ||
| Long-term debt, net of issuance costs | 1,101,400 | 874,972 |
| Operating lease liabilities, non-current | 46,158 | 48,766 |
| Other long-term liabilities | 25,497 | 19,270 |
| Deferred tax liability | 63,466 | 68,670 |
| Total long-term liabilities | 1,236,521 | 1,011,678 |
| Total liabilities | 1,357,429 | 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 July 31, 2024 and January 31, 2024, respectively | — | — |
| Common stock, $0.0001 par value, 900,000 shares authorized, 87,324 and 86,127 shares issued and outstanding as of July 31, 2024 and January 31, 2024, respectively | 9 | 9 |
| Additional paid-in capital | 1,886,765 | 1,829,384 |
| Accumulated earnings | 270,263 | 205,628 |
| Total stockholders’ equity | 2,157,037 | 2,035,021 |
| Total liabilities and stockholders’ equity | $3,514,466 | $3,163,790 |
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Condensed consolidated statements of operations and
comprehensive income (unaudited)
| Three months ended July 31, | Six months ended July 31, | |||
|---|---|---|---|---|
| (in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 |
| Revenue | ||||
| Service revenue | $116,720 | $111,960 | $234,934 | $223,033 |
| Custodial revenue | 138,684 | 92,676 | 260,328 | 181,156 |
| Interchange revenue | 44,524 | 38,913 | 92,263 | 83,792 |
| Total revenue | 299,928 | 243,549 | 587,525 | 487,981 |
| Cost of revenue | ||||
| Service costs | 76,915 | 76,904 | 159,262 | 157,777 |
| Custodial costs | 10,108 | 8,037 | 19,165 | 16,075 |
| Interchange costs | 8,853 | 6,943 | 17,908 | 13,994 |
| Total cost of revenue | 95,876 | 91,884 | 196,335 | 187,846 |
| Gross profit | 204,052 | 151,665 | 391,190 | 300,135 |
| Operating expenses | ||||
| Sales and marketing | 21,525 | 19,123 | 45,019 | 39,058 |
| Technology and development | 58,580 | 54,767 | 114,670 | 107,959 |
| General and administrative | 32,260 | 27,825 | 70,496 | 53,363 |
| Amortization of acquired intangible assets | 30,981 | 23,166 | 56,526 | 46,332 |
| Merger integration | 1,777 | 2,044 | 3,920 | 5,502 |
| Total operating expenses | 145,123 | 126,925 | 290,631 | 252,214 |
| Income from operations | 58,929 | 24,740 | 100,559 | 47,921 |
| Other expense | ||||
| Interest expense | (15,427) | (13,272) | (27,222) | (28,269) |
| Other income, net | 3,114 | 2,756 | 6,518 | 4,584 |
| Total other expense | (12,313) | (10,516) | (20,704) | (23,685) |
| Income before income taxes | 46,616 | 14,224 | 79,855 | 24,236 |
| Income tax provision | 10,794 | 3,643 | 15,220 | 9,561 |
| Net income and comprehensive income | $35,822 | $10,581 | $64,635 | $14,675 |
| Net income per share: | ||||
| Basic | $0.41 | $0.12 | $0.74 | $0.17 |
| Diluted | $0.40 | $0.12 | $0.73 | $0.17 |
| Weighted-average number of shares used in computing net income per share: | ||||
| Basic | 87,131 | 85,533 | 86,805 | 85,286 |
| Diluted | 88,646 | 86,341 | 88,606 | 86,356 |
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Condensed consolidated statements of stockholders’ equity (unaudited)
| Three months ended July 31, | Six months ended July 31, | |||
|---|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2024 | 2023 |
| Total stockholders' equity, beginning balance | $2,097,784 | $1,918,592 | $2,035,021 | $1,895,640 |
| Common stock: | ||||
| Beginning balance | 9 | 9 | 9 | 8 |
| Issuance of common stock upon exercise of stock options, and for restricted stock | — | — | — | 1 |
| Ending balance | 9 | 9 | 9 | 9 |
| Additional paid-in capital: | ||||
| Beginning balance | 1,863,334 | 1,764,573 | 1,829,384 | 1,745,716 |
| Issuance of common stock upon exercise of stock options, and for restricted stock | 1,857 | 368 | 3,787 | 1,021 |
| Stock-based compensation | 21,574 | 20,073 | 53,594 | 38,277 |
| Ending balance | 1,886,765 | 1,785,014 | 1,886,765 | 1,785,014 |
| Accumulated earnings | ||||
| Beginning balance | 234,441 | 154,010 | 205,628 | 149,916 |
| Net income | 35,822 | 10,581 | 64,635 | 14,675 |
| Ending balance | 270,263 | 164,591 | 270,263 | 164,591 |
| Total stockholders' equity, ending balance | $2,157,037 | $1,949,614 | $2,157,037 | $1,949,614 |
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