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Apr 30, 2022
HealthEquity Q1 2023 Earnings Report
HealthEquity reported first quarter financial results, showing revenue increase and growth in HSAs and total accounts.
Key Takeaways
HealthEquity's first quarter of fiscal year 2023 showed positive growth in key areas, including revenue, HSAs, and total accounts. The company reported a revenue of $205.7 million, a 12% increase compared to the previous year. There was a net loss of $13.6 million, and a non-GAAP net income of $22.7 million.
Revenue increased by 12% to $205.7 million compared to Q1 FY22.
Net loss was $13.6 million, while non-GAAP net income was $22.7 million.
Total HSAs grew by 26% to 7.4 million compared to Q1 FY22.
Total accounts, including HSAs and CDBs, increased by 13% to 14.5 million.
HealthEquity
HealthEquity
HealthEquity Revenue by Segment
Revenue by Segment
Service Revenue
CapyFin.comCustodial Revenue
CapyFin.comInterchange Revenue
CapyFin.com Forward Guidance
For the fiscal year ending January 31, 2023, HealthEquity anticipates revenues between $827 million and $837 million. The outlook for net loss is between $51 million and $43 million, resulting in net loss of $0.61 to $0.51 per diluted share. The outlook for non-GAAP net income is between $103 million and $111 million, resulting in non-GAAP net income per diluted share of $1.23 to $1.32. Management expects Adjusted EBITDA of $249 million to $259 million.
Positive Outlook
- Revenue is expected to be between $827 million and $837 million.
- Non-GAAP net income is projected to be between $103 million and $111 million.
- Non-GAAP net income per diluted share is anticipated to be $1.23 to $1.32.
- Adjusted EBITDA is expected to be $249 million to $259 million.
- Company is well-positioned to outpace the market and deliver strong revenue and adjusted EBITDA in fiscal 2023.
Challenges Ahead
- Net loss is projected to be between $51 million and $43 million.
- Net loss per diluted share is expected to be $0.61 to $0.51.
- Our ability to realize the anticipated financial and other benefits from combining the operations of recent and future acquisitions with our business successfully
- Our ability to compete effectively in a rapidly evolving healthcare and benefits administration industry
- The impact of societal and economic changes arising out of the COVID-19 pandemic on the Company, its operations and its financial results
Revenue & Expenses
Visualization of income flow from segment revenue to net income