HealthEquity Reports Fiscal Year and Fourth Quarter Ended January 31, 2025 Financial Results

Highlights of the fiscal year include: Revenue of $1.20 billion, an increase of 20% compared to $999.6 million in FY24.Net income of $96.7 million, an increase of 74% compared to $55.7 million in FY24, with non-GAAP net income of $277.3 million, an increase of 42% compared to $195.5 million in FY24.Net income per diluted share of $1.09, an increase of 70% compared to $0.64 in FY24, with non-GAAP net income per diluted share of $3.12, an increase of 39% compared to $2.25 in FY24.Adjusted EBITDA of $471.8 million, an increase of 28% compared to $369.2 million in FY24.9.9 million HSAs, an increase of 14% compared to FY24.Total HSA Assets of $32.1 billion, an increase of 27% compared to FY24.17.0 million Total Accounts, including both HSAs and complementary CDBs, an increase of 9% compared to FY24.The Company completed its acquisition of the BenefitWallet HSA portfolio.The Company repurchased 1.4 million shares of its common stock for $122.2 million. Highlights of the fourth quarter include: Revenue of $311.8 million, an increase of 19% compared to $262.4 million in Q4 FY24.Net income of $26.4 million, the same as in Q4 FY24, with non-GAAP net income of $61.3 million, compared to $55.0 million in Q4 FY24.Net income per diluted share of $0.30, the same as in Q4 FY24, with non-GAAP net income per diluted share of $0.69, compared to $0.63 in Q4 FY24.Adjusted EBITDA of $107.8 million, an increase of 9% compared to $98.8 million in Q4 FY24. DRAPER, Utah, March 18, 2025 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) ("HealthEquity" or the "Company"), the nation's largest health savings account ("HSA") custodian, today announced financial results for its fourth quarter and fiscal year ended January 31, 2025. “Team Purple finished fiscal ‘25 in strong fashion, with record revenues and major strides in advancing our strategic initiatives, allowing us to provide our outlook for an even stronger fiscal ‘26,” said Scott Cutler, President and Chief Executive Officer of HealthEquity. “With a focus on Member First Secure Mobile Experiences, we are executing against our 3Ds strategy to Deepen partnerships, Deliver remarkable experiences, and Drive member outcomes for our Clients, Network Partners, and members. We added a record one million new HSAs from sales this year and helped our nearly 10 million HSA members grow their HSA balances to over $32 billion.” Fiscal year financial results Revenue for the fiscal year ended January 31, 2025 was $1.20 billion, an increase of 20% compared to $999.6 million for the fiscal year ended January 31, 2024. Revenue this year included: service revenue of $478.3 million, custodial revenue of $545.4 million, and interchange revenue of $176.0 million. HealthEquity reported net income of $96.7 million, or $1.09 per diluted share, and non-GAAP net income of $277.3 million, or $3.12 per diluted share, for the fiscal year ended January 31, 2025. The Company reported net income of $55.7 million, or $0.64 per diluted share, and non-GAAP net income of $195.5 million, or $2.25 per diluted share, for the fiscal year ended January 31, 2024. Adjusted EBITDA was $471.8 million for the fiscal year ended January 31, 2025, an increase of 28% compared to $369.2 million for the fiscal year ended January 31, 2024. Adjusted EBITDA was 39% of revenue, compared to 37% for the fiscal year ended January 31, 2024. As of January 31, 2025, HealthEquity had $295.9 million of cash and cash equivalents and $1.06 billion of outstanding debt, net of issuance costs. This compares to $404.0 million in cash and cash equivalents and $875.0 million of outstanding debt as of January 31, 2024. Fourth quarter financial results Revenue for the fourth quarter ended January 31, 2025 was $311.8 million, an increase of 19% compared to $262.4 million for the fourth quarter ended January 31, 2024. Revenue this quarter included: service revenue of $124.2 million, custodial revenue of $144.1 million, and interchange revenue of $43.5 million. HealthEquity reported net income of $26.4 million, or $0.30 per diluted share, and non-GAAP net income of $61.3 million, or $0.69 per diluted share, for the fourth quarter ended January 31, 2025. The Company reported net income of $26.4 million, or $0.30 per diluted share, and non-GAAP net income of $55.0 million, or $0.63 per diluted share, for the fourth quarter ended January 31, 2024. Adjusted EBITDA was $107.8 million for the fourth quarter ended January 31, 2025, an increase of 9% compared to $98.8 million for the fourth quarter ended January 31, 2024. Adjusted EBITDA was 35% of revenue, compared to 38% for the fourth quarter ended January 31, 2024. Account and asset metrics HSAs as of January 31, 2025 were 9.9 million, an increase of 14% year over year, including 753,000 HSAs with investments, an increase of 23% year over year. Total Accounts as of January 31, 2025 were 17.0 million, including 7.1 million other consumer-directed benefits ("CDBs"). Total HSA Assets as of January 31, 2025 were $32.1 billion, an increase of 27% year over year. Total HSA Assets included $17.4 billion of HSA cash and $14.7 billion of HSA investments. Client-held funds, which are deposits held on behalf of our Clients to facilitate administration of our CDBs, and from which we generate custodial revenue, were $0.9 billion as of January 31, 2025. BenefitWallet HSA portfolio acquisition In the first half of fiscal 2025, we acquired the BenefitWallet HSA portfolio, comprised of approximately 616,000 HSAs plus other accounts and $2.7 billion of HSA Assets, from Conduent Business Services, LLC for a purchase price of $425.0 million. We paid the purchase price using $225.0 million of borrowings under our revolving credit facility, with the remainder paid using cash on hand. Stock repurchase program The Company repurchased 1.4 million shares of its common stock for $122.2 million during the fiscal year ended January 31, 2025. As of January 31, 2025, $177.8 million of common stock remained authorized for repurchase under the Company's stock repurchase program. Business outlook For the fiscal year ending January 31, 2026, management expects revenues of $1.280 billion to $1.305 billion. Its outlook for net income is between $164 million and $179 million, resulting in net income of $1.85 to $2.01 per diluted share. Its outlook for non-GAAP net income, calculated using the method described below, is between $318 million and $333 million, resulting in non-GAAP net income per diluted share of $3.57 to $3.74 (based on an estimated 89 million weighted-average shares outstanding). Management expects Adjusted EBITDA of $525 million to $545 million. See “Non-GAAP financial information” below for definitions of our Adjusted EBITDA and non-GAAP net income. A reconciliation of the non-GAAP financial measures used throughout this release to the most comparable GAAP financial measures is included with the financial tables at the end of this release. Conference call HealthEquity management will host a conference call at 4:30 pm (Eastern Time) on Tuesday, March 18, 2025 to discuss the fiscal 2025 fourth quarter and year-end results. The conference call will be accessible by dialing 1-844-481-2556, or 1-412-317-0560 for international callers, and referencing conference ID "HealthEquity." A live audio webcast of the call will be available on the investor relations section of our website at http://ir.healthequity.com. Non-GAAP financial information To supplement our financial information presented on a GAAP basis, we disclose non-GAAP financial measures, including Adjusted EBITDA, non-GAAP net income, and non-GAAP net income per diluted share. Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization, amortization of acquired intangible assets, stock-based compensation expense, merger integration expenses, acquisition costs, gains and losses on equity securities, amortization of incremental costs to obtain a contract, costs associated with unused office space, and certain other non-operating items.Non-GAAP net income is calculated by adding back to GAAP net income before income taxes the following items: amortization of acquired intangible assets, stock-based compensation expense, merger integration expenses, acquisition costs, gains and losses on equity securities, costs associated with unused office space, and losses on extinguishment of debt, and subtracting a non-GAAP tax provision using a normalized non-GAAP tax rate.Non-GAAP net income per diluted share is calculated by dividing non-GAAP net income by diluted weighted-average shares outstanding. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, GAAP results. We believe that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company cautions investors that non-GAAP financial information, by its nature, departs from GAAP; accordingly, its use can make it difficult to compare current results with results from other reporting periods and with the results of other companies. In addition, while amortization of acquired intangible assets is being excluded from non-GAAP net income, the revenue generated from those acquired intangible assets is not excluded. Whenever we use these non-GAAP financial measures, we provide a reconciliation of the applicable non-GAAP financial measure to the most closely applicable GAAP financial measure. Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measure as detailed in the tables below. About HealthEquity HealthEquity and its subsidiaries administer HSAs and other consumer-directed benefits for more than 17 million accounts in partnership with employers, benefits advisors, and health and retirement plan providers who share our vision of saving and improving the lives of healthcare consumers. For more information, visit www.healthequity.com. Forward-looking statements This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our industry, business strategy, plans, goals and expectations concerning our markets and market position, product expansion, future operations, expenses and other results of operations, revenue, margins, profitability, acquisition synergies, future efficiencies, tax rates, capital expenditures, liquidity and capital resources and other financial and operating information. When used in this discussion, the words “may,” “believes,” “intends,” “seeks,” “aims,” “anticipates,” “plans,” “estimates,” “expects,” “should,” “assumes,” “continues,” “could,” “will,” “future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this press release. Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to be correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, risks related to the following: our ability to adequately place and safeguard our custodial assets, or the failure of any of our depository or insurance company partners;our ability to compete effectively in a rapidly evolving healthcare and benefits administration industry;our dependence on the continued availability and benefits of tax-advantaged HSAs and other CDBs;risks relating to our recent CEO transition;the impact of increased fraudulent account activity involving our member accounts or our third-party service providers on our reputation and financial results;our ability to successfully identify, acquire and integrate additional portfolio purchases or acquisition targets;the significant competition we face and may face in the future, including from those with greater resources than us;our reliance on the availability and performance of our technology and communications systems;recent and potential future cybersecurity breaches of our technology and communications systems and other data interruptions, including resulting costs and liabilities, reputational damage and loss of business;the current uncertain healthcare environment, including changes in healthcare programs and expenditures and related regulations;potential regulatory changes and changes in the enforcement environment under the new U.S. administration;our ability to comply with current and future privacy, healthcare, tax, ERISA, investment adviser and other laws applicable to our business;our reliance on partners and third-party vendors for distribution and important services;our ability to develop and implement updated features for our technology platforms and communications systems; andour reliance on our management team and key team members. For a detailed discussion of these and other risk factors, please refer to the risks detailed in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the fiscal year ended January 31, 2025. Past performance is not necessarily indicative of future results. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Investor Relations ContactRichard Putnam801-727-1000rputnam@healthequity.com HealthEquity, Inc. and subsidiariesConsolidated balance sheets (unaudited) (in thousands, except par value) January 31, 2025 January 31, 2024 Assets Current assets Cash and cash equivalents$ 295,948 $ 403,979 Accounts receivable, net of allowance for doubtful accounts of $2,070 and $3,947 as of January 31, 2025 and 2024, respectively 118,006 104,893 Other current assets 63,795 48,564 Total current assets 477,749 557,436 Property and equipment, net 3,239 6,013 Operating lease right-of-use assets 43,185 48,380 Intangible assets, net 1,204,658 835,948 Goodwill 1,648,145 1,648,145 Other assets 71,574 67,868 Total assets$ 3,448,550 $ 3,163,790 Liabilities and stockholders’ equity Current liabilities Accounts payable$ 14,361 $ 12,041 Accrued compensation 69,330 49,608 Accrued liabilities 62,631 46,038 Operating lease liabilities 10,001 9,404 Total current liabilities 156,323 117,091 Long-term liabilities Long-term debt, net of issuance costs 1,056,301 874,972 Operating lease liabilities, non-current 42,219 48,766 Other long-term liabilities 22,962 19,270 Deferred tax liability 55,834 68,670 Total long-term liabilities 1,177,316 1,011,678 Total liabilities 1,333,639 1,128,769 Commitments and contingencies Stockholders’ equity Preferred stock, $0.0001 par value, 100,000 shares authorized, no shares issued and outstanding as of January 31, 2025 and 2024 — — Common stock, $0.0001 par value, 900,000 shares authorized, 86,536 and 86,127 shares issued and outstanding as of January 31, 2025 and 2024, respectively 9 9 Additional paid-in capital 1,905,628 1,829,384 Accumulated earnings 209,274 205,628 Total stockholders’ equity 2,114,911 2,035,021 Total liabilities and stockholders’ equity$ 3,448,550 $ 3,163,790 HealthEquity, Inc. and subsidiariesConsolidated statements of operations and comprehensive income (unaudited) Three months ended January 31, Year ended January 31, (in thousands, except per share data) 2025 2024 2025 2024 Revenue Service revenue$ 124,209 $ 118,575 $ 478,317 $ 455,690 Custodial revenue 144,133 105,433 545,414 386,594 Interchange revenue 43,475 38,379 176,043 157,303 Total revenue 311,817 262,387 1,199,774 999,587 Cost of revenue Service costs 105,466 83,859 351,588 317,357 Custodial costs 10,269 8,398 39,675 32,502 Interchange costs 7,039 6,810 31,252 27,091 Total cost of revenue 122,774 99,067 422,515 376,950 Gross profit 189,043 163,320 777,259 622,637 Operating expenses Sales and marketing 23,084 20,559 90,739 79,273 Technology and development 64,654 55,238 239,513 218,811 General and administrative 29,975 23,140 132,260 103,656 Amortization of acquired intangible assets 27,002 23,218 111,878 92,763 Merger integration 2,178 2,278 40,535 10,435 Total operating expenses 146,893 124,433 614,925 504,938 Income from operations 42,150 38,887 162,334 117,699 Other expense Interest expense (15,257) (13,641) (60,634) (55,455)Other income, net 3,068 4,471 14,334 12,796 Total other expense (12,189) (9,170) (46,300) (42,659)Income before income taxes 29,961 29,717 116,034 75,040 Income tax provision 3,596 3,353 19,331 19,328 Net income and comprehensive income$ 26,365 $ 26,364 $ 96,703 $ 55,712 Net income per share: Basic$ 0.30 $ 0.31 $ 1.11 $ 0.65 Diluted$ 0.30 $ 0.30 $ 1.09 $ 0.64 Weighted-average number of shares used in computing net income per share: Basic 86,677 85,975 86,870 85,564 Diluted 88,614 87,435 88,828 86,957 HealthEquity, Inc. and subsidiariesConsolidated statements of cash flows (unaudited) Year ended January 31, (in thousands) 2025 2024 Cash flows from operating activities: Net income$ 96,703 $ 55,712 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 162,451 153,078 Stock-based compensation 96,425 77,151 Amortization of debt issuance costs 2,067 2,852 Loss on extinguishment of debt 1,576 1,157 Deferred taxes (12,836) (13,995)Changes in operating assets and liabilities: Accounts receivable (13,113) (8,058)Other assets (11,790) (32,790)Operating lease right-of-use assets 6,664 10,190 Accrued compensation 17,758 2,951 Accounts payable, accrued liabilities, and other current liabilities 8,888 (204)Operating lease liabilities, non-current (7,779) (11,780)Other long-term liabilities (7,158) 6,562 Net cash provided by operating activities 339,856 242,826 Cash flows from investing activities: Purchases of software and capitalized software development costs (51,129) (41,123)Acquisitions of HSA portfolios (452,241) (3,257)Purchases of property and equipment (2,084) (1,694)Net cash used in investing activities (505,454) (46,074)Cash flows from financing activities: Principal payments on long-term debt (561,875) (54,375)Proceeds from long-term debt 736,875 — Payment of debt issuance costs (3,748) — Repurchases of common stock (121,493) — Settlement of client-held funds obligation, net (1,620) 865 Proceeds from exercise of common stock options 9,428 6,471 Net cash provided by (used in) financing activities 57,567 (47,039)Increase (decrease) in cash and cash equivalents (108,031) 149,713 Beginning cash and cash equivalents 403,979 254,266 Ending cash and cash equivalents$ 295,948 $ 403,979 HealthEquity, Inc. and subsidiariesConsolidated statements of cash flows (unaudited) (continued) Year ended January 31, (in thousands) 2025 2024 Supplemental cash flow data: Interest expense paid in cash$ 58,587 $ 49,560 Income tax payments, net 26,069 35,352 Supplemental disclosures of non-cash investing and financing activities: Non-cash purchase consideration related to acquisitions of HSA portfolios 20,325 — Purchases of software and capitalized software development costs included in accounts payable, accrued liabilities, or accrued compensation 5,971 3,145 Repurchases of common stock included in accrued liabilities 754 — Purchases of property and equipment included in accounts payable or accrued liabilities 45 263 Exercise of common stock options receivable 10 429 Stock-based compensation expense (unaudited) Total stock-based compensation expense included in the consolidated statements of operations and comprehensive income is as follows: Three months ended January 31, Year ended January 31, (in thousands) 2025 2024 2025 2024 Cost of revenue$ 3,745 $ 4,120 $ 14,955 $ 16,462 Sales and marketing 3,750 3,419 15,623 13,182 Technology and development 6,255 5,793 25,002 20,891 General and administrative 7,958 3,880 40,845 26,616 Total stock-based compensation expense$ 21,708 $ 17,212 $ 96,425 $ 77,151 Total Accounts (unaudited) (in thousands, except percentages)January 31, 2025 January 31, 2024 % Change HSAs 9,889 8,692 14 %New HSAs from sales - Quarter-to-date471 497 (5)%New HSAs from sales - Year-to-date 1,040 949 10 %New HSAs from acquisitions - Year-to-date 616 — *HSAs with investments 753 610 23 %CDBs 7,144 7,006 2 %Total Accounts 17,033 15,698 9 %Average Total Accounts - Quarter-to-date 16,677 15,318 9 %Average Total Accounts - Year-to-date 16,302 15,105 8 % HSA assets (unaudited) (in millions, except percentages)January 31, 2025 January 31, 2024 % Change HSA cash$ 17,435 $ 15,006 16 %HSA investments 14,676 10,208 44 %Total HSA Assets 32,111 25,214 27 %Average daily HSA cash - Quarter-to-date 16,634 14,210 17 %Average daily HSA cash - Year-to-date 16,206 14,071 15 % The following table summarizes the amount of HSA cash held by our Depository Partners and insurance company partners that is expected to reprice by fiscal year and the respective average annualized yield currently earned on that HSA cash as of January 31, 2025: Year ending January 31, (in billions, except percentages)HSA cash expected to reprice Average annualized yield 2026$ 2.3 2.5 %2027 4.1 1.9 %2028 2.1 4.0 %2029 1.5 3.6 %Thereafter 6.6 4.4 %Total (1)$ 16.6 3.4 % (1)Excludes $0.8 billion of HSA cash held in floating-rate contracts as of January 31, 2025. Client-held funds (unaudited) (in millions, except percentages) January 31, 2025 January 31, 2024 % Change Client-held funds$ 896 $ 842 6 %Average daily Client-held funds - Quarter-to-date 798 791 1 %Average daily Client-held funds - Year-to-date 817 845 (3)% Net income reconciliation to Adjusted EBITDA (unaudited) Three months ended January 31, Year ended January 31, (in thousands) 2025 2024 2025 2024 Net income$ 26,365 $ 26,364 $ 96,703 $ 55,712 Interest income (3,033) (4,343) (13,914) (12,138)Interest expense 15,257 13,641 60,634 55,455 Income tax provision 3,596 3,353 19,331 19,328 Depreciation and amortization 12,180 14,693 50,573 60,315 Amortization of acquired intangible assets 27,002 23,218 111,878 92,763 Stock-based compensation expense 21,708 17,212 96,425 77,151 Merger integration expenses 2,178 2,278 40,535 10,435 Amortization of incremental costs to obtain a contract 1,730 1,402 6,745 5,435 Costs associated with unused office space 836 927 3,244 4,179 Other (35) 84 (403) 538 Adjusted EBITDA$ 107,784 $ 98,829 $ 471,751 $ 369,173 Reconciliation of net income outlook to Adjusted EBITDA outlook (unaudited) Outlook for the year ending (in millions)January 31, 2026 Net income$164 - 179 Interest income(9)Interest expense53 Income tax provision55 - 60 Depreciation and amortization49 Amortization of acquired intangible assets108 Stock-based compensation expense85 Merger integration expenses9 Amortization of incremental costs to obtain a contract8 Costs associated with unused office space3 Adjusted EBITDA$525 - 545 Reconciliation of net income to non-GAAP net income (unaudited) Three months ended January 31, Year ended January 31, (in thousands, except per share data) 2025 2024 2025 2024 Net income$ 26,365 $ 26,364 $ 96,703 $ 55,712 Income tax provision 3,596 3,353 19,331 19,328 Income before income taxes - GAAP 29,961 29,717 116,034 75,040 Non-GAAP adjustments: Amortization of acquired intangible assets 27,002 23,218 111,878 92,763 Stock-based compensation expense 21,708 17,212 96,425 77,151 Merger integration expenses 2,178 2,278 40,535 10,435 Costs associated with unused office space 836 927 3,244 4,179 Loss on extinguishment of debt — — 1,576 1,157 Total adjustments to income before income taxes - GAAP 51,724 43,635 253,658 185,685 Income before income taxes - Non-GAAP 81,685 73,352 369,692 260,725 Income tax provision - Non-GAAP (1) 20,421 18,337 92,423 65,180 Non-GAAP net income 61,264 55,015 277,269 195,545 Diluted weighted-average shares 88,614 87,435 88,828 86,957 GAAP net income per diluted share$ 0.30 $ 0.30 $ 1.09 $ 0.64 Non-GAAP net income per diluted share$ 0.69 $ 0.63 $ 3.12 $ 2.25 (1)The Company utilizes a normalized non-GAAP tax rate to provide better consistency across the interim reporting periods within a given fiscal year by eliminating the effects of non-recurring and period-specific items, which can vary in size and frequency, and which are not necessarily reflective of the Company’s longer-term operations. The normalized non-GAAP tax rate applied to each period presented was 25%. The Company may adjust its non-GAAP tax rate as additional information becomes available and in conjunction with any other significant events occurring that may materially affect this rate, such as merger and acquisition activity, changes in business outlook, or other changes in expectations regarding tax regulations. Reconciliation of net income outlook to non-GAAP net income outlook (unaudited) Outlook for the year ending (in millions, except per share data)January 31, 2026 Net income$164 - 179 Income tax provision55 - 60 Income before income taxes - GAAP219 - 239 Non-GAAP adjustments: Amortization of acquired intangible assets108 Stock-based compensation expense85 Merger integration expenses9 Costs associated with unused office space3 Total adjustments to income before income taxes - GAAP205 Income before income taxes - Non-GAAP424 - 444 Income tax provision - Non-GAAP (1)106 - 111 Non-GAAP net income$318 - 333 Diluted weighted-average shares89 GAAP net income per diluted share (2)$1.85 - 2.01 Non-GAAP net income per diluted share (2)$3.57 - 3.74 (1)The Company utilizes a normalized non-GAAP tax rate to provide better consistency across the interim reporting periods within a given fiscal year by eliminating the effects of non-recurring and period-specific items, which can vary in size and frequency, and which are not necessarily reflective of the Company’s longer-term operations. The normalized non-GAAP tax rate applied to each period presented was 25%. The Company may adjust its non-GAAP tax rate as additional information becomes available and in conjunction with any other significant events occurring that may materially affect this rate, such as merger and acquisition activity, changes in business outlook, or other changes in expectations regarding tax regulations.(2)GAAP and Non-GAAP net income per diluted share may not calculate due to rounding. Certain terms Term DefinitionHSA A financial account through which consumers spend and save long-term for healthcare on a tax-advantaged basis.CDB Consumer-directed benefits offered by employers, including flexible spending and health reimbursement arrangements (“FSAs” and “HRAs”), Consolidated Omnibus Budget Reconciliation Act (“COBRA”) administration, commuter and other benefits.HSA member Consumers with HSAs that we serve.Total HSA Assets HSA members’ custodial cash assets held by our federally insured depository partners and our insurance company partners. Total HSA Assets also includes HSA members' investments held by our custodial investment fund partner.Client Our employer clients.Total Accounts The sum of HSAs and CDBs on our platforms.Client-held funds Deposits held on behalf of our Clients to facilitate administration of our CDBs.Network Partner Our health plan partners, benefits administrators, and retirement plan recordkeepers.Adjusted EBITDA Earnings before interest, taxes, depreciation and amortization, amortization of acquired intangible assets, stock-based compensation expense, merger integration expenses, acquisition costs, gains and losses on equity securities, amortization of incremental costs to obtain a contract, costs associated with unused office space, and certain other non-operating items.Non-GAAP net income Calculated by adding back to GAAP net income before income taxes the following items: amortization of acquired intangible assets, stock-based compensation expense, merger integration expenses, acquisition costs, gains and losses on equity securities, costs associated with unused office space, and losses on extinguishment of debt, and subtracting a non-GAAP tax provision using a normalized non-GAAP tax rate.Non-GAAP net income per diluted share Calculated by dividing non-GAAP net income by diluted weighted-average shares outstanding.

HealthEquity Reports Fiscal Year and Fourth Quarter Ended January 31, 2025 Financial Results

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