HealthEquity Reports Third Quarter Ended October 31, 2025 Financial Results
Highlights of the third quarter include:
•Revenue increased 7% to $322.2 million.
•Net income per diluted share rose to $0.59 from $0.06 one year ago, and non-GAAP net income per diluted share increased 29% to $1.01.
•Total HSA Assets grew 15% to $34.4 billion.
•Returned $93.7 million to shareholders through stock repurchases.
•Further reduced HSA cash repricing risk with a cumulative $2.25 billion 5-year Treasury bond hedge at 3.94%.
Draper, Utah – December 3, 2025 – HealthEquity, Inc. (NASDAQ: HQY) ("HealthEquity" or the "Company"), a leader in administering health savings accounts (“HSAs”) and complementary consumer-directed benefits (“CDBs”), today announced financial results for its third quarter ended October 31, 2025.
"HealthEquity delivered a record third quarter for fiscal 2026, with net income of $52 million, 20% growth in Adjusted EBITDA, and 29% growth in non-GAAP net income per share, reflecting our team’s focus on helping members better save, spend and invest for health," said Scott Cutler, President and CEO of HealthEquity. "Our marketplace platform is expanding access to more affordable healthcare solutions, and AI is beginning to power more personalized and efficient experiences. As we enter onboarding season, we do so with strong momentum and an enduring mission to save and improve lives by empowering healthcare consumers."
Third quarter financial results
Revenue for the third quarter ended October 31, 2025 was $322.2 million, an increase of 7% compared to $300.4 million for the third quarter ended October 31, 2024. Revenue this quarter included: service revenue of $120.3 million, custodial revenue of $159.1 million, and interchange revenue of $42.8 million.
HealthEquity reported net income of $51.7 million, or $0.59 per diluted share, and non-GAAP net income of $87.7 million, or $1.01 per diluted share, for the third quarter ended October 31, 2025. The Company reported net income of $5.7 million, or $0.06 per diluted share, and non-GAAP net income of $69.4 million, or $0.78 per diluted share, for the third quarter ended October 31, 2024.
Adjusted EBITDA was $141.8 million for the third quarter ended October 31, 2025, an increase of 20% compared to the third quarter ended October 31, 2024. Adjusted EBITDA was 44% of revenue, compared to 39% for the third quarter ended October 31, 2024.
Account and asset metrics
HSAs as of October 31, 2025 were 10.1 million, an increase of 6% year over year, including 802,000 HSAs with investments, an increase of 12% year over year. Total Accounts as of October 31, 2025 were 17.3 million, including 7.2 million complementary CDBs.
Total HSA Assets as of October 31, 2025 were $34.4 billion, an increase of 15% year over year. Total HSA Assets included $16.9 billion of HSA cash and $17.5 billion of HSA investments. Client-held funds, which are deposits held on behalf of our Clients to facilitate administration of our CDBs, and from which we generate custodial revenue, were $0.8 billion as of October 31, 2025.
Stock repurchase program
The Company repurchased 1.0 million shares of its common stock for $93.7 million during the third quarter ended October 31, 2025. As of that date, $258.8 million of common stock remained authorized for repurchase under the Company's stock repurchase program.
Business outlook
For the fiscal year ending January 31, 2026, management expects revenues of $1.302 billion to $1.312 billion. Its outlook for net income is between $197 million and $205 million, resulting in net income of $2.24 to $2.33 per diluted share. Its outlook for non-GAAP net income, calculated using the method described below, is between $341 million and $348 million, resulting in non-GAAP net income per diluted share of $3.87 to $3.95 (based on an estimated 88 million diluted weighted-average shares outstanding). Management expects Adjusted EBITDA of $555 million to $565 million.
1
See “Non-GAAP financial information” below for definitions of our Adjusted EBITDA and non-GAAP net income. A reconciliation of the non-GAAP financial measures used throughout this release to the most comparable GAAP financial measures is included with the financial tables at the end of this release.
Conference call
HealthEquity management will host a conference call at 4:30 pm (Eastern Time) on Wednesday, December 3, 2025 to discuss the fiscal 2026 third quarter financial results. The conference call will be accessible by dialing 1-833-630-1956, or 1-412-317-1837 for international callers, and referencing conference ID "HealthEquity." A live audio webcast of the call will be available on the investor relations section of our website at http://ir.healthequity.com.
Non-GAAP financial information
To supplement our financial information presented on a GAAP basis, we disclose non-GAAP financial measures, including Adjusted EBITDA, non-GAAP net income, and non-GAAP net income per diluted share.
•Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization, amortization of acquired intangible assets, stock-based compensation expense, merger integration expenses, acquisition costs, gains and losses on equity securities, amortization of incremental costs to obtain a contract, costs associated with unused office space, and certain other non-operating items.
•Non-GAAP net income is calculated by adding back to GAAP net income before income taxes the following items: amortization of acquired intangible assets, stock-based compensation expense, merger integration expenses, acquisition costs, gains and losses on equity securities, costs associated with unused office space, and losses on extinguishment of debt, and subtracting a non-GAAP tax provision using a normalized non-GAAP tax rate.
•Non-GAAP net income per diluted share is calculated by dividing non-GAAP net income by diluted weighted-average shares outstanding.
Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, GAAP results. We believe that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company cautions investors that non-GAAP financial information, by its nature, departs from GAAP; accordingly, its use can make it difficult to compare current results with results from other reporting periods and with the results of other companies. In addition, while amortization of acquired intangible assets is being excluded from non-GAAP net income, the revenue generated from those acquired intangible assets is not excluded. Whenever we use these non-GAAP financial measures, we provide a reconciliation of the applicable non-GAAP financial measure to the most closely applicable GAAP financial measure. Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measure as detailed in the tables below.
About HealthEquity
HealthEquity and its subsidiaries administer HSAs and other consumer-directed benefits for more than 17 million accounts in partnership with employers, benefits advisors, and health and retirement plan providers who share our mission to save and improve lives by empowering healthcare consumers. For more information, visit www.healthequity.com.
Forward-looking statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our industry, business strategy, plans, goals and expectations concerning our markets and market position, product expansion, future operations, expenses and other results of operations, revenue, margins, profitability, acquisition synergies, future efficiencies, tax rates, capital expenditures, liquidity and capital resources and other financial and operating information. When used in this discussion, the words “may,” “believes,” “intends,” “seeks,” “aims,” “anticipates,” “plans,” “estimates,” “expects,” “should,” “assumes,” “continues,” “could,” “will,” “future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this press release.
Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to be correct. Some of these
2
expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, risks related to the following:
•our ability to adequately place and safeguard our custodial assets, or the failure of any of our depository or insurance company partners;
•our ability to compete effectively in a rapidly evolving healthcare and benefits administration industry;
•our dependence on the continued availability and benefits of tax-advantaged HSAs and other CDBs;
•the impact of recent fraudulent account activity involving our member accounts or our third-party service providers on our reputation and financial results;
•our ability to successfully identify, acquire and integrate additional portfolio purchases or acquisition targets;
•the significant competition we face and may face in the future, including from those with greater resources than us;
•our reliance on the availability and performance of our technology and communications systems;
•impact of cybersecurity breaches of our technology and communications systems and other data interruptions, including resulting costs and liabilities, reputational damage and loss of business;
•the current uncertain healthcare environment, including changes in healthcare programs and expenditures and related regulations;
•our ability to comply with current and future privacy, healthcare, tax, ERISA, investment adviser and other laws applicable to our business;
•our reliance on partners and third-party vendors for distribution and important services;
•our ability to develop and implement updated features for our technology platforms and communications systems; and
•our reliance on our management team and key team members.
For a detailed discussion of these and other risk factors, please refer to the risks detailed in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the fiscal year ended January 31, 2025 and subsequent periodic and current reports. Past performance is not necessarily indicative of future results. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Investor Relations Contact
Richard Putnam
801-727-1000
rputnam@healthequity.com
3
HealthEquity, Inc. and subsidiaries
Condensed consolidated balance sheets
(in thousands, except par value)
October 31, 2025
January 31, 2025
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
309,259
$
295,948
Accounts receivable, net of allowance for doubtful accounts of $918 and $2,070 as of October 31, 2025 and January 31, 2025, respectively
111,243
118,006
Prepaid expenses and other current assets
78,206
63,795
Total current assets
498,708
477,749
Property and equipment, net
3,390
3,239
Operating lease right-of-use assets
38,045
43,185
Intangible assets, net
1,124,768
1,204,658
Goodwill
1,648,145
1,648,145
Other assets
85,005
71,574
Total assets
$
3,398,061
$
3,448,550
Liabilities and stockholders’ equity
Current liabilities
Accounts payable
$
19,549
$
14,361
Accrued compensation
43,735
69,330
Accrued liabilities
47,413
62,631
Operating lease liabilities
9,931
10,001
Total current liabilities
120,628
156,323
Long-term liabilities
Long-term debt, net of issuance costs
982,105
1,056,301
Operating lease liabilities, non-current
36,228
42,219
Other long-term liabilities
23,501
22,962
Deferred tax liability
101,573
55,834
Total long-term liabilities
1,143,407
1,177,316
Total liabilities
1,264,035
1,333,639
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value, 100,000 shares authorized, no shares issued and outstanding as of October 31, 2025 and January 31, 2025, respectively
—
—
Common stock, $0.0001 par value, 900,000 shares authorized, 85,615 and 86,536 shares issued and outstanding as of October 31, 2025 and January 31, 2025, respectively
9
9
Additional paid-in capital
1,917,244
1,905,628
Accumulated other comprehensive income
8,837
—
Accumulated earnings
207,936
209,274
Total stockholders’ equity
2,134,026
2,114,911
Total liabilities and stockholders’ equity
$
3,398,061
$
3,448,550
4
HealthEquity, Inc. and subsidiaries
Condensed consolidated statements of operations (unaudited)
Three months ended October 31,
Nine months ended October 31,
(in thousands, except per share data)
2025
2024
2025
2024
Revenue
Service revenue
$
120,286
$
119,174
$
357,943
$
354,108
Custodial revenue
159,067
140,953
475,398
401,281
Interchange revenue
42,811
40,305
145,502
132,568
Total revenue
322,164
300,432
978,843
887,957
Cost of revenue
Service costs
76,889
86,860
240,050
246,122
Custodial costs
10,879
10,241
32,763
29,406
Interchange costs
6,333
6,305
21,061
24,213
Total cost of revenue
94,101
103,406
293,874
299,741
Gross profit
228,063
197,026
684,969
588,216
Operating expenses
Sales and marketing
24,411
22,636
70,317
67,655
Technology and development
65,916
60,189
192,156
174,859
General and administrative
30,880
31,789
86,406
102,285
Amortization of acquired intangible assets
27,002
28,350
81,005
84,876
Merger integration
1,159
34,437
3,700
38,357
Total operating expenses
149,368
177,401
433,584
468,032
Income from operations
78,695
19,625
251,385
120,184
Other expense
Interest expense
(14,049)
(18,155)
(43,862)
(45,377)
Other income, net
2,886
4,748
9,010
11,266
Total other expense
(11,163)
(13,407)
(34,852)
(34,111)
Income before income taxes
67,532
6,218
216,533
86,073
Income tax provision
15,840
515
51,072
15,735
Net income
$
51,692
$
5,703
$
165,461
$
70,338
Net income per share:
Basic
$
0.60
$
0.07
$
1.92
$
0.81
Diluted
$
0.59
$
0.06
$
1.88
$
0.79
Weighted-average number of shares used in computing net income per share:
Basic
85,995
87,193
86,397
86,935
Diluted
86,970
88,634
87,799
88,699
5
HealthEquity, Inc. and subsidiaries
Condensed consolidated statements of comprehensive income (unaudited)
Three months ended October 31,
Nine months ended October 31,
(in thousands, except per share data)
2025
2024
2025
2024
Net income
$
51,692
$
5,703
$
165,461
$
70,338
Other comprehensive income
Cash flow hedges
Net unrealized gains, net of income tax expense
8,634
—
8,837
—
Total other comprehensive income
8,634
—
8,837
—
Comprehensive income
$
60,326
$
5,703
$
174,298
$
70,338
6
HealthEquity, Inc. and subsidiaries
Condensed consolidated statements of cash flows (unaudited)
Nine months ended October 31,
(in thousands)
2025
2024
Cash flows from operating activities:
Net income
$
165,461
$
70,338
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
115,975
123,269
Stock-based compensation
53,946
74,717
Amortization of debt discount and issuance costs
804
1,805
Loss on extinguishment of debt
—
1,576
Deferred taxes
42,734
(10,065)
Changes in operating assets and liabilities:
Accounts receivable, net
6,763
(1,819)
Prepaid expenses and other current and non-current assets
(8,444)
(11,672)
Operating lease right-of-use assets
5,050
5,004
Accrued compensation
(24,639)
(3,161)
Accounts payable, accrued liabilities, and other current liabilities
(11,269)
24,757
Operating lease liabilities, non-current
(5,963)
(5,796)
Other long-term liabilities
(1,239)
(4,845)
Net cash provided by operating activities
339,179
264,108
Cash flows from investing activities:
Purchases of software and capitalized software development costs
(36,768)
(37,900)
Purchases of property and equipment
(1,643)
(1,756)
Acquisitions of HSA portfolios
(293)
(452,241)
Net cash used in investing activities
(38,704)
(491,897)
Cash flows from financing activities:
Principal payments on long-term debt
(75,000)
(536,875)
Repurchases of common stock
(218,234)
(58,513)
Proceeds from long-term debt
—
736,875
Payment of debt issuance costs
—
(3,748)
Settlement of client-held funds obligation, net
621
3,188
Proceeds from exercise of common stock options
5,449
5,046
Net cash provided by (used in) financing activities
(287,164)
145,973
Increase (decrease) in cash and cash equivalents
13,311
(81,816)
Beginning cash and cash equivalents
295,948
403,979
Ending cash and cash equivalents
$
309,259
$
322,163
7
HealthEquity, Inc. and subsidiaries
Condensed consolidated statements of cash flows (unaudited) (continued)
Nine months ended October 31,
(in thousands)
2025
2024
Supplemental cash flow data:
Interest expense paid in cash
$
46,457
$
50,203
Income tax payments, net
7,351
23,817
Supplemental disclosures of non-cash investing and financing activities:
Purchases of software and capitalized software development costs included in accounts payable, accrued liabilities, or accrued compensation
3,447
4,754
Purchases of property and equipment included in accounts payable or accrued liabilities
101
106
Repurchases of common stock included in accrued liabilities
2,478
1,500
Exercise of common stock options receivable
5,390
7
Non-cash purchase consideration related to acquisitions of HSA portfolios
—
20,325
Stock-based compensation expense (unaudited)
Total stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive income is as follows:
Three months ended October 31,
Nine months ended October 31,
(in thousands)
2025
2024
2025
2024
Cost of revenue
$
3,183
$
3,751
$
9,684
$
11,210
Sales and marketing
3,491
3,700
9,890
11,873
Technology and development
5,981
6,353
17,633
18,747
General and administrative
7,887
7,319
16,739
32,887
Total stock-based compensation expense
$
20,542
$
21,123
$
53,946
$
74,717
Total Accounts (unaudited)
(in thousands, except percentages)
October 31, 2025
October 31, 2024
% Change
January 31, 2025
HSAs
10,108
9,508
6
%
9,889
New HSAs from sales - Quarter-to-date
175
186
(6)
%
471
New HSAs from sales - Year-to-date
487
568
(14)
%
1,040
New HSAs from acquisitions - Year-to-date
—
616
*
616
HSAs with investments
802
717
12
%
753
CDBs
7,172
6,955
3
%
7,144
Total Accounts
17,280
16,463
5
%
17,033
Average Total Accounts - Quarter-to-date
17,254
16,400
5
%
16,677
Average Total Accounts - Year-to-date
17,140
16,177
6
%
16,302
*Not meaningful
HSA Assets (unaudited)
(in millions, except percentages)
October 31, 2025
October 31, 2024
% Change
January 31, 2025
HSA cash
$
16,910
$
16,386
3
%
$
17,435
HSA investments
17,536
13,601
29
%
14,676
Total HSA Assets
34,446
29,987
15
%
32,111
Average daily HSA cash - Quarter-to-date
16,942
16,441
3
%
16,634
Average daily HSA cash - Year-to-date
17,080
16,064
6
%
16,206
8
HSA cash maturity schedule
The following table summarizes the amount of HSA cash held by our depository partners and insurance company partners that is expected to reprice by fiscal year and the respective average annualized yield currently earned on that HSA cash as of October 31, 2025:
Year ending January 31, (in billions, except percentages)
HSA cash expected to reprice
Average annualized yield
Remainder of 2026
$
1.0
1.5
%
2027
4.2
1.9
%
2028
2.2
4.1
%
2029
1.5
3.7
%
Thereafter
7.5
4.5
%
Total (1)
$
16.4
3.5
%
(1)Excludes $0.5 billion of HSA cash held in floating-rate contracts as of October 31, 2025.
Client-held funds (unaudited)
(in millions, except percentages)
October 31, 2025
October 31, 2024
% Change
January 31, 2025
Client-held funds
$
803
$
748
7
%
$
896
Average daily Client-held funds - Quarter-to-date
792
770
3
%
798
Average daily Client-held funds - Year-to-date
859
823
4
%
817
Reconciliation of net income to Adjusted EBITDA (unaudited)
Three months ended October 31,
Nine months ended October 31,
(in thousands)
2025
2024
2025
2024
Net income
$
51,692
$
5,703
$
165,461
$
70,338
Interest income
(2,864)
(3,897)
(8,961)
(10,881)
Interest expense
14,049
18,155
43,862
45,377
Income tax provision
15,840
515
51,072
15,735
Depreciation and amortization
11,778
12,371
34,970
38,393
Amortization of acquired intangible assets
27,002
28,350
81,005
84,876
Stock-based compensation expense
20,542
21,123
53,946
74,717
Merger integration expenses
1,159
34,437
3,700
38,357
Amortization of incremental costs to obtain a contract
1,982
1,702
5,859
5,015
Costs associated with unused office space
654
812
2,229
2,408
Other
(22)
(1,026)
(49)
(368)
Adjusted EBITDA
$
141,812
$
118,245
$
433,094
$
363,967
Net income as a percentage of revenue (unaudited)
Three months ended October 31,
Nine months ended October 31,
(in thousands, except percentages)
2025
2024
$ Change
% Change
2025
2024
$ Change
% Change
Net income
$
51,692
$
5,703
$
45,989
806
%
$
165,461
$
70,338
$
95,123
135
%
As a percentage of revenue
16
%
2
%
17
%
8
%
9
Adjusted EBITDA as a percentage of revenue (unaudited)
Three months ended October 31,
Nine months ended October 31,
(in thousands, except percentages)
2025
2024
$ Change
% Change
2025
2024
$ Change
% Change
Adjusted EBITDA
$
141,812
$
118,245
$
23,567
20
%
$
433,094
$
363,967
$
69,127
19
%
As a percentage of revenue
44
%
39
%
44
%
41
%
Reconciliation of net income outlook to Adjusted EBITDA outlook (unaudited)
Outlook for the year ending
(in millions)
January 31, 2026
Net income
$197 - 205
Interest income
(11)
Interest expense
57
Income tax provision
66 - 68
Depreciation and amortization
47
Amortization of acquired intangible assets
108
Stock-based compensation expense
75
Merger integration expenses
5
Amortization of incremental costs to obtain a contract
8
Costs associated with unused office space
3
Adjusted EBITDA
$555 - 565
Reconciliation of net income to non-GAAP net income (unaudited)
Three months ended October 31,
Nine months ended October 31,
(in thousands, except per share data)
2025
2024
2025
2024
Net income
$
51,692
$
5,703
$
165,461
$
70,338
Income tax provision
15,840
515
51,072
15,735
Income before income taxes - GAAP
67,532
6,218
216,533
86,073
Non-GAAP adjustments:
Amortization of acquired intangible assets
27,002
28,350
81,005
84,876
Stock-based compensation expense
20,542
21,123
53,946
74,717
Merger integration expenses
1,159
34,437
3,700
38,357
Costs associated with unused office space
654
812
2,229
2,408
Loss on extinguishment of debt
—
1,576
—
1,576
Total adjustments to income before income taxes - GAAP
49,357
86,298
140,880
201,934
Income before income taxes - Non-GAAP
116,889
92,516
357,413
288,007
Income tax provision - Non-GAAP (1)
29,223
23,129
89,353
72,002
Non-GAAP net income
87,666
69,387
268,060
216,005
Diluted weighted-average shares
86,970
88,634
87,799
88,699
GAAP net income per diluted share
$
0.59
$
0.06
$
1.88
$
0.79
Non-GAAP net income per diluted share
$
1.01
$
0.78
$
3.05
$
2.44
(1)The Company utilizes a normalized non-GAAP tax rate to provide better consistency across the interim reporting periods within a given fiscal year by eliminating the effects of non-recurring and period-specific items, which can vary in size and frequency, and which are not necessarily reflective of the Company’s longer-term operations. The normalized non-GAAP tax rate applied to each period presented was 25%. The Company may adjust its non-GAAP tax rate as additional information becomes available and in conjunction with any other significant events occurring that may materially affect this rate, such as merger and acquisition activity, changes in business outlook, or other changes in expectations regarding tax regulations.
10
Reconciliation of net income outlook to non-GAAP net income outlook (unaudited)
Outlook for the year ending
(in millions, except per share data)
January 31, 2026
Net income
$197 - 205
Income tax provision
66 - 68
Income before income taxes - GAAP
263 - 273
Non-GAAP adjustments:
Amortization of acquired intangible assets
108
Stock-based compensation expense
75
Merger integration expenses
5
Costs associated with unused office space
3
Total adjustments to income before income taxes - GAAP
191
Income before income taxes - Non-GAAP
454 - 464
Income tax provision - Non-GAAP (1)
113 - 116
Non-GAAP net income
$341 - 348
Diluted weighted-average shares
88
GAAP net income per diluted share (2)
$2.24 - 2.33
Non-GAAP net income per diluted share (2)
$3.87 - 3.95
(1)The Company utilizes a normalized non-GAAP tax rate to provide better consistency across the interim reporting periods within a given fiscal year by eliminating the effects of non-recurring and period-specific items, which can vary in size and frequency, and which are not necessarily reflective of the Company’s longer-term operations. The normalized non-GAAP tax rate applied to each period presented was 25%. The Company may adjust its non-GAAP tax rate as additional information becomes available and in conjunction with any other significant events occurring that may materially affect this rate, such as merger and acquisition activity, changes in business outlook, or other changes in expectations regarding tax regulations.
(2)GAAP and non-GAAP net income per diluted share may not calculate due to rounding.
Certain terms
Term
Definition
HSA
Health Savings Account, which is a financial account through which consumers spend and save long-term for healthcare on a tax-advantaged basis.
CDB
Consumer-directed benefits offered by employers, including flexible spending and health reimbursement arrangements (“FSAs” and “HRAs”), Consolidated Omnibus Budget Reconciliation Act (“COBRA”) administration, commuter and other benefits.
HSA member
Consumers with HSAs that we serve.
Total HSA Assets
HSA members’ custodial cash assets held by our federally insured depository partners and our insurance company partners. Total HSA Assets also includes HSA members' investments held by our custodial investment fund partner.
Client
Our employer clients.
Total Accounts
The sum of HSAs and CDBs on our platforms.
Client-held funds
Deposits held on behalf of our Clients to facilitate administration of our CDBs.
Network Partner
Our health plan partners, benefits administrators, and retirement plan recordkeepers.
Adjusted EBITDA
Earnings before interest, taxes, depreciation and amortization, amortization of acquired intangible assets, stock-based compensation expense, merger integration expenses, acquisition costs, gains and losses on equity securities, amortization of incremental costs to obtain a contract, costs associated with unused office space, and certain other non-operating items.
Non-GAAP net income
Calculated by adding back to GAAP net income before income taxes the following items: amortization of acquired intangible assets, stock-based compensation expense, merger integration expenses, acquisition costs, gains and losses on equity securities, costs associated with unused office space, and losses on extinguishment of debt, and subtracting a non-GAAP tax provision using a normalized non-GAAP tax rate.
Non-GAAP net income per diluted share
Calculated by dividing non-GAAP net income by diluted weighted-average shares outstanding.