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Jul 31, 2023
HealthEquity Q2 2024 Earnings Report
HealthEquity reported an increase in revenue, reaching $243.5 million, alongside a net income of $10.6 million and a non-GAAP net income of $45.6 million.
Key Takeaways
HealthEquity reported strong second-quarter results, marked by revenue growth of 18% year-over-year, reaching $243.5 million. The company's net income was $10.6 million, a significant improvement from the previous year's net loss. Non-GAAP net income also saw a substantial increase, reaching $45.6 million. Key performance indicators such as HSA accounts and total HSA assets also showed positive growth.
Revenue increased by 18% to $243.5 million compared to Q2 FY23.
Net income was $10.6 million, a significant turnaround from the $10.7 million net loss in Q2 FY23.
Non-GAAP net income increased by 62% to $45.6 million compared to Q2 FY23.
Total HSA assets grew by 13% to $23.2 billion compared to Q2 FY23.
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, 2024, HealthEquity anticipates revenue between $980 million and $990 million, net income between $19 million and $24 million, and Adjusted EBITDA between $338 million and $348 million.
Positive Outlook
- Revenue is expected to be between $980 million and $990 million.
- Net income is projected to be between $19 million and $24 million.
- Non-GAAP net income is anticipated to be between $171 million and $179 million.
- Adjusted EBITDA is expected to be between $338 million and $348 million.
- Non-GAAP net income per diluted share is projected to be $1.97 to $2.06.
Revenue & Expenses
Visualization of income flow from segment revenue to net income