HealthEquity Q2 2024 Earnings Report
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
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