# EDGAR Filing Document

**Accession Number:** 0001428336
**File Stem:** 0001428336-23-000007
**Filing Date:** 2023-2
**Character Count:** 16800
**Document Hash:** 56f3f3ae0410953cf6474ebfd47a997f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001428336-23-000007.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001428336-23-000007

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230214

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HEALTHEQUITY, INC.
- **CENTRAL INDEX KEY:** 0001428336
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36568
- **FILM NUMBER:** 23628624

**BUSINESS ADDRESS:**
- **STREET 1:** 15 WEST SCENIC POINTE DRIVE
- **STREET 2:** SUITE 100
- **CITY:** DRAPER
- **STATE:** UT
- **ZIP:** 84020
- **BUSINESS PHONE:** 801-727-1000

**MAIL ADDRESS:**
- **STREET 1:** 15 WEST SCENIC POINTE DRIVE
- **STREET 2:** SUITE 100
- **CITY:** DRAPER
- **STATE:** UT
- **ZIP:** 84020

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HEALTHEQUITY INC
- **DATE OF NAME CHANGE:** 20080227

?xml version="1.0" ? hqy-20230214

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported)**

**February 14, 2023** 

**HEALTHEQUITY, INC.**<br>

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36568** | **52-2383166** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(Commission File Number)** | **(I.R.S. Employer**<br>**Identification Number)** |

---

**15 West Scenic Pointe Drive** 

**Suite 100** 

**Draper, Utah 84020** 

**(801) 727-1000** 

**(Address, including Zip Code, and Telephone Number, including Area Code, of Registrant's Principal Executive Offices)**

**Not Applicable**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, par value $0.0001 per share | HQY | The NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On February 14, 2023, HealthEquity, Inc. (the "Company") issued the press release attached as Exhibit 99.1 to this current report on Form 8-K.

The information in Exhibit 99.1 is being furnished to the Securities and Exchange Commission and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

(d) Exhibits

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | <u>[Press release issued by HealthEquity, Inc. dated February 14, 2023](pressrelease-fy23salesmetr.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **HEALTHEQUITY, INC.** | **HEALTHEQUITY, INC.** |
| Date: February 14, 2023 | By: | /s/ Tyson Murdock |
|  | Name: | Tyson Murdock |
|  | Title: | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**HealthEquity Reports Record HSA Sales, Asset Growth**

**Updates Previous Fiscal 2023 Guidance, Announces Investor Conferences, Presentations** 

Draper, Utah – February 14, 2023 – HealthEquity, Inc. (NASDAQ: HQY) ("HealthEquity" or the "Company"), the nation's largest health savings account ("HSA") custodian, today announced HSA Assets and Total Accounts as of its fiscal year ended January 31, 2023. The Company also updated its previously announced FY23 guidance and announced upcoming investor conferences and presentations.

The total number of HSAs as of January 31, 2023, was 8.0 million, an increase of 11%, from 7.2 million as of January 31, 2022. The Company closed its fiscal year 2023 with 14.9 million Total Accounts, an increase of 4%, from 14.4 million as of January 31, 2022. HSA Assets grew to $22.1 billion as of January 31, 2023, an increase of 13% from $19.6 billion a year earlier.

"Team Purple finished fiscal 2023 with record sales of nearly 1 million new HSAs and with $22 billion of HSA assets," said President and CEO Jon Kessler. "We are grateful to our many partners and clients working together with us to help an increasing number of American families connect health and wealth and enabling millions to achieve wellness today and financial well-being tomorrow."

Also commenting, Tyson Murdock, Executive Vice President and CFO of HealthEquity, said, "With the record-setting sales year we are reporting today, we expect to reach the top-end of previously provided ranges for revenue and earnings, including revenue of approximately $860 million for our fiscal year ended January 31, 2023. We provided initial guidance for fiscal 2024 on December 6, 2022, and expect to update that guidance in our Q4 earnings release scheduled for March 21, 2023."

**Total Accounts (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **(in thousands, except percentages)** | **January 31, 2023** | **January 31, 2022** | **% Change** |
| HSAs | 7984 | 7207 | 11% |
| New HSAs from sales - Quarter-to-date | 445 | 472 | (6)% |
| New HSAs from sales - Year-to-date | 971 | 918 | 6% |
| New HSAs from acquisitions - Year-to-date | 90 | 740 | (88)% |
| HSAs with investments | 541 | 455 | 19% |
| CDBs | 6933 | 7192 | (4)% |
| Total Accounts | 14917 | 14399 | 4% |
| Average Total Accounts - Quarter-to-date | 14677 | 14326 | 2% |
| Average Total Accounts - Year-to-date | 14531 | 13450 | 8% |

---

**HSA Assets (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **(in millions, except percentages)** | **January 31, 2023** | **January 31, 2022** | **% Change** |
| HSA cash | $14199 | $12943 | 10% |
| HSA investments | 7947 | 6675 | 19% |
| Total HSA Assets | 22146 | 19618 | 13% |
| Average daily HSA cash with yield - Year-to-date | 13049 | 10579 | 23% |
| Average daily HSA cash with yield - Quarter-to-date | 13375 | 12118 | 10% |

---

In previous years, the Company provided its initial business outlook for the following fiscal year in connection with reporting its sales results in February. With the Company providing its initial business outlook for fiscal year 2024 in its third quarter earnings report in December and fiscal 2023 sales results in line with previously provided estimates, the Company will not be hosting an investor call today, but its management team plans to present and meet with investors at the following upcoming investor conferences:

**BTIG Virtual Medtech, Digital Health, Life Science and Diagnostic Tools Conference** 

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 15, 2023

Location:&nbsp;&nbsp;&nbsp;&nbsp;Snowbird Ski Resort

Time:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scheduled one-on-one meetings

Webcast:&nbsp;&nbsp;&nbsp;&nbsp;None

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**Baird's Silicon Slopes Event** 

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 2, 2023

Location:&nbsp;&nbsp;&nbsp;&nbsp;Waldorf Astoria Park City

Time:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3:50 pm Mountain Time

Webcast:&nbsp;&nbsp;&nbsp;&nbsp;None

**Raymond James 44**<sup>th</sup> **Annual Institutional Investors Conference**

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 6, 2023

Location:&nbsp;&nbsp;&nbsp;&nbsp;JW Marriott Grande Lakes Orlando

Time:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1:05 pm Eastern Time

Webcast:&nbsp;&nbsp;&nbsp;&nbsp;None

**Non-GAAP financial information** 

Our previously provided guidance for fiscal year 2023 includes certain non-GAAP financial measures, including Adjusted EBITDA, non-GAAP net income, and non-GAAP net income per diluted share, to supplement our financial information presented on a GAAP basis. For definitions of these non-GAAP measures, as well as reconciliations of the applicable non-GAAP financial measures to the most closely applicable GAAP financial measures, see our press release issued on December 6, 2022. 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.

**About HealthEquity**

HealthEquity and its subsidiaries administer HSAs and other consumer-directed benefits for our more than 14 million accounts in partnership with employers, benefits advisors, and health and retirement plan providers who share our mission to connect health and wealth and value our culture of remarkable "Purple" service. 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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of societal and economic changes arising out of the COVID-19 pandemic on the Company, its operations and its financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to realize the anticipated financial and other benefits from combining the operations of recent and future acquisitions with our business successfully;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to compete effectively in a rapidly evolving healthcare and benefits administration industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on the continued availability and benefits of tax-advantaged health savings accounts and other consumer-directed benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully identify, acquire and integrate additional portfolio purchases or acquisition targets;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the significant competition we face and may face in the future, including from those with greater resources than us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reliance on the availability and performance of our technology and communications systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential future cybersecurity breaches of our technology and communications systems and other data interruptions, including resulting costs and liabilities, reputational damage and loss of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the current uncertain healthcare environment, including changes in healthcare programs and expenditures and related regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to comply with current and future privacy, healthcare, tax, ERISA, investment adviser and other laws applicable to our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reliance on partners and third-party vendors for distribution and important services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to develop and implement updated features for our technology and communications systems and successfully manage our growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to protect our brand and other intellectual property rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, 2022, our Quarterly Report on Form 10-Q for the quarter ended April 30, 2022, 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

801-727-1209

rputnam@healthequity.com

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**Certain terms**

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| | |
|:---|:---|
| **Term** | **Definition** |
| HSA | 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 in mutual funds through our custodial investment fund partner. |
| Total Accounts | The sum of HSAs and CDBs on our platforms. |

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