HEALTHEQUITY INC

For the period ended Apr 30, 2025. Filed Jun 3, 2025.

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, 2025 · Filed Jun 3, 2025

HQY$103.54+1.4%Stored close · as of Nov 10, 2026

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Contents

Financial statements Condensed consolidated balance sheets as of April 30, 2025 (unaudited) and January 31, 2025

Part I. Financial information

Item 1. Financial statements

Condensed consolidated balance sheets

(in thousands, except par value)	April 30, 2025	January 31, 2025
(unaudited)
Assets
Current assets
Cash and cash equivalents	$287,894	$295,948
Accounts receivable, net of allowance for doubtful accounts of $1,041 and $2,070 as of April 30, 2025 and January 31, 2025, respectively	116,256	118,006
Prepaid expenses and other current assets	68,646	63,795
Total current assets	472,796	477,749
Property and equipment, net	3,173	3,239
Operating lease right-of-use assets	41,446	43,185
Intangible assets, net	1,179,430	1,204,658
Goodwill	1,648,145	1,648,145
Other assets	71,283	71,574
Total assets	$3,416,273	$3,448,550
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$13,496	$14,361
Accrued compensation	24,433	69,330
Accrued liabilities	68,444	62,631
Operating lease liabilities	9,969	10,001
Total current liabilities	116,342	156,323
Long-term liabilities
Long-term debt, net of issuance costs	1,056,566	1,056,301
Operating lease liabilities, non-current	40,223	42,219
Other long-term liabilities	22,178	22,962
Deferred tax liability	57,158	55,834
Total long-term liabilities	1,176,125	1,177,316
Total liabilities	1,292,467	1,333,639
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, 2025 and January 31, 2025, respectively	—	—
Common stock, $0.0001 par value, 900,000 shares authorized, 86,714 and 86,536 shares issued and outstanding as of April 30, 2025 and January 31, 2025, respectively	9	9
Additional paid-in capital	1,905,444	1,905,628
Accumulated earnings	218,353	209,274
Total stockholders’ equity	2,123,806	2,114,911
Total liabilities and stockholders’ equity	$3,416,273	$3,448,550

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Condensed consolidated statements of operations and

comprehensive income (unaudited)

	Three months ended April 30,
(in thousands, except per share data)	2025	2024
Revenue
Service revenue	$119,784	$118,214
Custodial revenue	156,455	121,644
Interchange revenue	54,605	47,739
Total revenue	330,844	287,597
Cost of revenue
Service costs	88,005	82,347
Custodial costs	10,747	9,057
Interchange costs	7,781	9,055
Total cost of revenue	106,533	100,459
Gross profit	224,311	187,138
Operating expenses
Sales and marketing	25,984	23,494
Technology and development	61,436	56,090
General and administrative	25,536	38,236
Amortization of acquired intangible assets	27,002	25,545
Merger integration	1,275	2,143
Total operating expenses	141,233	145,508
Income from operations	83,078	41,630
Other expense
Interest expense	(14,858)	(11,795)
Other income, net	2,733	3,404
Total other expense	(12,125)	(8,391)
Income before income taxes	70,953	33,239
Income tax provision	17,038	4,426
Net income and comprehensive income	$53,915	$28,813
Net income per share:
Basic	$0.62	$0.33
Diluted	$0.61	$0.33
Weighted-average number of shares used in computing net income per share:
Basic	86,655	86,472
Diluted	88,415	88,324

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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.