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Apr 30, 2023
HealthEquity Q1 2024 Earnings Report
HealthEquity demonstrated growth and profitability, driven by an increase in new HSA members and improved Adjusted EBITDA margin.
Key Takeaways
HealthEquity reported a 19% increase in revenue, reaching $244.4 million for the first quarter ended April 30, 2023. Net income was $4.1 million, a significant improvement from the previous year's net loss of $13.6 million. The company added 134,000 new HSA members and increased its Adjusted EBITDA margin by 700 basis points year-over-year.
Revenue increased by 19% to $244.4 million compared to Q1 FY23.
Net income was $4.1 million, a significant turnaround from the $13.6 million net loss in Q1 FY23.
Non-GAAP net income increased by 89% to $42.8 million compared to Q1 FY23.
The company added 134,000 new HSA members during the quarter.
Revenue by Segment
Forward Guidance
For the fiscal year ending January 31, 2024, HealthEquity expects revenue of $975 million to $985 million and net income between $9 million and $14 million, resulting in net income of $0.10 to $0.16 per diluted share. Non-GAAP net income is projected to be between $164 million and $171 million, or $1.88 to $1.97 per diluted share. Adjusted EBITDA is expected to be $333 million to $343 million.
Positive Outlook
- Revenue is projected to be between $975 million and $985 million.
- Net income is expected to be between $9 million and $14 million.
- Non-GAAP net income is projected to be between $164 million and $171 million.
- Adjusted EBITDA is expected to be between $333 million and $343 million.
- Non-GAAP net income per diluted share is projected to be $1.88 to $1.97.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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