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HealthEquity
🇺🇸 NASDAQ:HQY
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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.

Total Revenue
$206M
Previous year: $184M
+11.7%
EPS
$0.27
Previous year: $0.38
-28.9%
Total HSAs
7.4M
Previous year: 5.8M
+27.6%
HSAs with investments
506K
Previous year: 371K
+36.4%
Total Accounts
14.5M
Previous year: 12.8M
+13.3%
Gross Profit
$111M
Previous year: $103M
+7.8%
Cash and Equivalents
$161M
Previous year: $737M
-78.1%
Free Cash Flow
$5.92M
Previous year: $28.4M
-79.2%
Total Assets
$3.07B
Previous year: $3.16B
-3.1%

HealthEquity

HealthEquity

HealthEquity Revenue by Segment

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

Company Overview

Full financial data and analysis

View HealthEquity