HEALTHEQUITY INC

For the period ended Oct 31, 2024. Filed Dec 9, 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.

Oct 31, 2024 · Filed Dec 9, 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 October 31, 2024 (unaudited) and January 31, 2024

Part I. Financial information

Item 1. Financial statements

Condensed consolidated balance sheets

(in thousands, except par value)	October 31, 2024	January 31, 2024
(unaudited)
Assets
Current assets
Cash and cash equivalents	$322,163	$403,979
Accounts receivable, net of allowance for doubtful accounts of $2,516 and $3,947 as of October 31, 2024 and January 31, 2024, respectively	106,712	104,893
Other current assets	66,371	48,564
Total current assets	495,246	557,436
Property and equipment, net	3,890	6,013
Operating lease right-of-use assets	44,845	48,380
Intangible assets, net	1,228,476	835,948
Goodwill	1,648,145	1,648,145
Other assets	67,745	67,868
Total assets	$3,488,347	$3,163,790
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$10,352	$12,041
Accrued compensation	47,514	49,608
Accrued liabilities	86,725	46,038
Operating lease liabilities	9,948	9,404
Total current liabilities	154,539	117,091
Long-term liabilities
Long-term debt, net of issuance costs	1,081,039	874,972
Operating lease liabilities, non-current	44,202	48,766
Other long-term liabilities	25,275	19,270
Deferred tax liability	58,605	68,670
Total long-term liabilities	1,209,121	1,011,678
Total liabilities	1,363,660	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 October 31, 2024 and January 31, 2024, respectively	—	—
Common stock, $0.0001 par value, 900,000 shares authorized, 86,823 and 86,127 shares issued and outstanding as of October 31, 2024 and January 31, 2024, respectively	9	9
Additional paid-in capital	1,893,088	1,829,384
Accumulated earnings	231,590	205,628
Total stockholders’ equity	2,124,687	2,035,021
Total liabilities and stockholders’ equity	$3,488,347	$3,163,790

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Condensed consolidated statements of operations and

comprehensive income (unaudited)

	Three months ended October 31,		Nine months ended October 31,
(in thousands, except per share data)	2024	2023	2024	2023
Revenue
Service revenue	$119,174	$114,082	$354,108	$337,115
Custodial revenue	140,953	100,005	401,281	281,161
Interchange revenue	40,305	35,132	132,568	118,924
Total revenue	300,432	249,219	887,957	737,200
Cost of revenue
Service costs	86,860	75,721	246,122	233,498
Custodial costs	10,241	8,029	29,406	24,104
Interchange costs	6,305	6,287	24,213	20,281
Total cost of revenue	103,406	90,037	299,741	277,883
Gross profit	197,026	159,182	588,216	459,317
Operating expenses
Sales and marketing	22,636	19,656	67,655	58,714
Technology and development	60,189	55,614	174,859	163,573
General and administrative	31,789	27,153	102,285	80,516
Amortization of acquired intangible assets	28,350	23,213	84,876	69,545
Merger integration	34,437	2,655	38,357	8,157
Total operating expenses	177,401	128,291	468,032	380,505
Income from operations	19,625	30,891	120,184	78,812
Other expense
Interest expense	(18,155)	(13,545)	(45,377)	(41,814)
Other income, net	4,748	3,741	11,266	8,325
Total other expense	(13,407)	(9,804)	(34,111)	(33,489)
Income before income taxes	6,218	21,087	86,073	45,323
Income tax provision	515	6,414	15,735	15,975
Net income and comprehensive income	$5,703	$14,673	$70,338	$29,348
Net income per share:
Basic	$0.07	$0.17	$0.81	$0.34
Diluted	$0.06	$0.17	$0.79	$0.34
Weighted-average number of shares used in computing net income per share:
Basic	87,193	85,697	86,935	85,424
Diluted	88,634	87,122	88,699	86,707

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Condensed consolidated statements of stockholders’ equity (unaudited)

	Three months ended October 31,		Nine months ended October 31,
(in thousands)	2024	2023	2024	2023
Total stockholders' equity, beginning balance	$2,157,037	$1,949,614	$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	1,886,765	1,785,014	1,829,384	1,745,716
Issuance of common stock upon exercise of stock options, and for restricted stock	837	2,019	4,624	3,040
Stock-based compensation	21,123	21,662	74,717	59,939
Repurchases of common stock	(15,637)	—	(15,637)	—
Ending balance	1,893,088	1,808,695	1,893,088	1,808,695
Accumulated earnings
Beginning balance	270,263	164,591	205,628	149,916
Repurchases of common stock	(44,376)	—	(44,376)	—
Net income	5,703	14,673	70,338	29,348
Ending balance	231,590	179,264	231,590	179,264
Total stockholders' equity, ending balance	$2,124,687	$1,987,968	$2,124,687	$1,987,968

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