HQY - HealthEquity Reports Year-End Sales Metrics | Benzinga
DRAPER, Utah, Feb. 21, 2024 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ:HQY) ("HealthEquity" or the "Company"), the nation's largest health savings account ("HSA") custodian, today announced HSAs, HSA Assets and Total Accounts as of its fiscal year ended January 31, 2024. The Company also updated its previously announced FY24 guidance, affirmed its FY25 guidance, provided an updated HSA cash repricing schedule, and provided information about its upcoming Investor Day conference.
The total number of HSAs as of January 31, 2024, was 8.7 million, an increase of 9%, from 8.0 million as of January 31, 2023. The Company closed its fiscal year 2024 with 15.7 million Total Accounts, an increase of 5%, from 14.9 million as of January 31, 2023. HSA Assets grew to $25.2 billion as of January 31, 2024, an increase of 14% from $22.1 billion a year earlier.
"For the fourth quarter, Team Purple set records for organic growth in both new HSAs from sales and Total HSA Assets, as investments in digital education and other innovations continue to pay off," said President and CEO Jon Kessler.
"This strong fourth quarter sales performance provides management the ability to raise and narrow guidance for fiscal 2024, maintain and reaffirm our fiscal 2025 outlook and layout intermediate profit goals despite declining benchmark treasury rates over the past three months," said James Lucania, Executive Vice President and CFO. "Our goal is to double non-GAAP net income per share over the next three fiscal years as HSA cash yields continue to rise and margins continue to expand."
Total Accounts (unaudited)
| (in thousands, except percentages) |
| January 31, 2024 |
| January 31, 2023 |
| % Change |
| HSAs |
| 8,692 |
| 7,984 |
| 9 |
| % |
| New HSAs from sales - Quarter-to-date |
| 497 |
| 445 |
| 12 |
| % |
| New HSAs from sales - Year-to-date |
| 949 |
| 971 |
| (2 |
| )% |
| New HSAs from acquisitions - Year-to-date |
| — |
| 90 |
| (100 |
| )% |
| HSAs with investments |
| 610 |
| 541 |
| 13 |
| % |
| CDBs |
| 7,006 |
| 6,933 |
| 1 |
| % |
| Total Accounts |
| 15,698 |
| 14,917 |
| 5 |
| % |
| Average Total Accounts - Quarter-to-date |
| 15,318 |
| 14,677 |
| 4 |
| % |
| Average Total Accounts - Year-to-date |
| 15,105 |
| 14,531 |
| 4 |
| % |
HSA Assets (unaudited)
| (in millions, except percentages) |
| January 31, 2024 |
| January 31, 2023 |
| % Change |
| HSA cash |
| $ |
| 15,006 |
| $ |
| 14,199 |
| 6 |
| % |
| HSA investments |
| 10,208 |
| 7,947 |
| 28 |
| % |
| Total HSA Assets |
| 25,214 |
| 22,146 |
| 14 |
| % |
| Average daily HSA cash - ... |