EX-99.1 2 hqyearningsrelease-fy26q3.htm EX-99.1

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.

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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

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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

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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

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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

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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

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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

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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

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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		%

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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.

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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.

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