Highlights of the fiscal year include:
  • Revenue of $126.8 million, an increase of 44% compared to FY15.
  • Net income of $16.6 million, an increase of 63% compared to FY15.
  • Net income per diluted share of $0.28 compared to $0.21 in FY15.
  • Adjusted EBITDA of $40.6 million, an increase of 61% compared to FY15.
  • Non-GAAP earnings per diluted share of $0.34 per share compared to $0.23 in FY15.
  • HSA Members of 2.1 million, an increase of 50% compared to FY15.
  • Total AUM of $3.7 billion, an increase of 56% compared to FY15.

Highlights of the fourth quarter include:
  • Revenue of $35.9 million, an increase of 44% compared to Q4 FY15.
  • Net income of $3.1 million, an increase of 128% compared to Q4 FY15.
  • Net income per diluted share of $0.05 compared to $0.02 in Q4 FY15.
  • Adjusted EBITDA of $8.9 million, an increase of 61% compared to Q4 FY15.
  • Non-GAAP earnings per diluted share of $0.07 per share compared to $0.04 in Q4 FY15.                                                         

DRAPER, Utah, March 22, 2016 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ:HQY), one of the nation's largest HSA custodians, today announced financial results for its fourth quarter and year ended January 31, 2016.

"During fiscal 2016, HealthEquity more than sustained the momentum it demonstrated out-of-the-gate as a public company.  A very strong Q4 provided visibility to strong revenue growth and even stronger profit growth in FY17.  And another year of market share growth points to the durability of our advantage over competitors," remarked Jon Kessler, President and CEO of HealthEquity.

The Company also announced it had achieved two important growth milestones in recent days.

Transition of HSAs acquired from M&T Bank is now complete.  The acquisition, announced less than 60 days ago, brought approximately 35,000 HSA Members and $63 million in AUM to HealthEquity.  "M&T has been a great partner in executing this transition, and we look forward to continuing that partnership by making HealthEquity HSAs available to M&T customers going forward," said Brad Bennion, Senior Vice President for Product and Corporate Development.

With continuing growth and timely completion of the M&T transition,  HealthEquity also surpassed $4 billion in AUM.  "If every American family had an HSA," said Founder and Vice Chairman Dr. Stephen Neeleman, "we would all have lower-cost healthcare and a system more responsive to the consumer.  We measure our contribution towards that goal by growth in HealthEquity HSA Member's savings."  The Company's AUM has roughly doubled in just 24 months.

Full year financial results

For the year ended January 31, 2016, HealthEquity reported revenue of $126.8 million, an increase of 44% compared to $87.9 million for the year ended January 31, 2015. Revenue consisted of:
  • Service revenue of $61.6 million, an increase of 35% compared to FY15.
  • Custodial revenue of $37.8 million, an increase of 55% compared to FY15. 
  • Interchange revenue of $27.4 million, an increase of 55% compared to FY15.

Net income was $16.6 million for the year ended January 31, 2016, compared to $10.2 million for the year ended January 31, 2015.

Net income per share attributable to diluted common share was $0.28 for the year ended January 31, 2016, compared to $0.21 for the year ended January 31, 2015. Non-GAAP earnings per diluted share for the year ended January 31, 2016 was $0.34, compared to $0.23 for the year ended January 31, 2015.

Non-GAAP Adjusted EBITDA was $40.6 million for the year ended January 31, 2016, an increase of 61% compared to $25.2 million for the year ended January 31, 2015. Adjusted EBITDA was 32% of revenue for the year ended January 31, 2016, compared to 29% for the year ended January 31, 2015.

As of January 31, 2016, we had $123.8 million of cash, cash equivalents and marketable securities and no outstanding debt. This compares to $111.0 million in cash, cash equivalents and marketable securities and no outstanding debt as of January 31, 2015.

Fourth quarter financial results

For the fourth quarter ended January 31, 2016, HealthEquity reported revenue of $35.9 million, an increase of 44% compared to $24.9 million for the fourth quarter ended January 31, 2015. Revenue consisted of:
  • Service revenue of $17.1 million, an increase of 30% compared to Q4 FY15.
  • Custodial revenue of $11.2 million, an increase of 64% compared to Q4 FY15. 
  • Interchange revenue of $7.6 million, an increase of 56% compared to Q4 FY15.

Net income and comprehensive income was $3.1 million for the fourth quarter ended January 31, 2016, compared to $1.4 million for the fourth quarter ended January 31, 2015.

Net income per share attributable to diluted common share was $0.05 for the fourth quarter ended January 31, 2016, compared to $0.02 for the fourth quarter ended January 31, 2015. Non-GAAP earnings per diluted share for the fourth quarter ended January 31, 2016 was $0.07, compared to $0.04 for the fourth quarter ended January 31, 2015.

Non-GAAP Adjusted EBITDA was $8.9 million for the fourth quarter ended January 31, 2016, an increase of 61% compared to $5.5 million for the fourth quarter ended January 31, 2015. Adjusted EBITDA was 25% of revenue for the fourth quarter ended January 31, 2016, compared to 22% for the fourth quarter ended January 31, 2015.

HSA Member metrics

The total number of HSAs for which we serve as a non-bank custodian ("HSA Members") as of January 31, 2016 was 2.1 million, an increase of 50% from 1.4 million as of January 31, 2015.

Total assets under management ("AUM") as of January 31, 2016 was $3.7 billion, an increase of 56% year over year, consisted of:
  • Cash AUM of $3.3 billion, an increase of 58% compared to the same period last year; and
  • Investment AUM of $405.9 million, an increase of 42% compared to the same period last year.

Business outlook

For the year ended January 31, 2017, we expect our revenue to be between $170.0 million and $174.0 million and our Adjusted EBITDA to be between $56.0 million and $58.0 million. We expect our non-GAAP earnings per diluted share to be between $0.45 per share and $0.47 per share. Our non-GAAP earnings per diluted share estimate is based on an estimated weighted average shares outstanding of 61 million and is calculated by adding back to net income all non-cash stock compensation expense, net of tax. We expect total stock compensation expense, net of tax, to be between $5.0 million and $6.0 million for the year ended January 31, 2017.

Conference call

HealthEquity management will host a conference call at 5:00 pm (Eastern Time) on Tuesday, March 22, 2016 to discuss the fiscal year 2016 fourth quarter and full year financial results. The conference call will be accessible by dialing 888-587-0615, or 719-325-2308 for international callers, and referencing conference ID 4009198. A live audio webcast of the call will also be available on the investor relations section of the company's website at http://ir.healthequity.com.

A replay of the conference call will be available approximately one hour after conclusion of the call and will be accessible through April 22, 2016. The replay can be accessed by dialing 888-203-1112 or 719-457-0820 for international callers, and providing access code 4009198.

Non-GAAP financial Information

To supplement our financial information presented on a GAAP basis, we disclose Adjusted EBITDA, non-GAAP earnings per diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP income from operations, and non-GAAP operating margin, which are non-GAAP financial measures. We define Adjusted EBITDA as adjusted earnings before interest, taxes, depreciation and amortization, stock-based compensation expense, and other certain non-operating items. We define non-GAAP earnings per diluted share as net income per diluted share, calculated by adding back to net income non-cash stock-based compensation expense, net of tax. Non-GAAP gross profit is calculated by excluding from gross profit stock-based compensation expense attributable to cost of revenue. Non-GAAP gross margin is the ratio calculated by dividing non-GAAP gross profit by revenues. Non-GAAP income from operations is calculated by excluding stock-based compensation expense from operating income. Non-GAAP operating margin is the ratio calculated by dividing non-GAAP operating income by revenues.

These 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. The company cautions investors that non-GAAP financial information, by its nature, departs from traditional accounting conventions; accordingly, its use can make it difficult to compare current results with results from other reporting periods and with the results of other companies. 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.

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 the company's industry, business strategy, plans, goals and expectations concerning our market position, product expansion, future operations, revenue, margins, profitability, future efficiencies, capital expenditures, liquidity and capital resources and other financial and operating information. When used in this discussion, the words "may," "believes," "intends," "seeks," "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. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the control of the company. The company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, the continued availability of tax-advantaged consumer-directed benefits to employers and employees, the company's ability to acquire and retain new network partners and to cross-sell its products to existing network partners and members, the company's ability to successfully identify, acquire and integrate portfolio purchases or acquisition targets, the company's ability to raise awareness among employers and employees about the advantages of adopting and participating in consumer-directed benefits programs, and the company's ability to identify and execute on network partner opportunities. For a detailed discussion of these and other risk factors, please refer to the risks detailed in the company's filings with the Securities and Exchange Commission, including, without limitation, our most recent Annual Report on Form 10-K and subsequent periodic and current reports. Past performance is not necessarily indicative of future results. The company undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date of this press release.

HealthEquity, Inc. and its subsidiaries Consolidated balance sheets (unaudited)

(in thousands, except par value)   January 31, 2016       January 31, 2015  
Assets      
Current assets      
Cash and cash equivalents $ 83,641     $ 111,005  
Marketable securities, at fair value 40,134      
Total cash, cash equivalents and marketable securities 123,775     111,005  
Accounts receivable, net of allowance for doubtful accounts of $40 as of January 31, 2016 and 2015 14,308     9,054  
Inventories 620     625  
Deferred tax asset 2,642     1,764  
Other current assets 1,703     2,271  
Total current assets 143,048     124,719  
Property and equipment, net 3,506     2,577  
Intangible assets, net 66,840     26,541  
Goodwill 4,651     4,651  
Other assets 1,750     281  
Total assets $ 219,795     $ 158,769  
Liabilities and stockholders' equity      
Current liabilities      
Accounts payable $ 2,431     $ 1,303  
Accrued compensation 7,776     5,301  
Accrued liabilities 1,899     2,227  
Total current liabilities 12,106     8,831  
Long-term liabilities      
Deferred rent 236     488  
Deferred tax liability 3,996     5,355  
Total long-term liabilities 4,232     5,843  
Total liabilities 16,338     14,674  
Commitments and contingencies      
Stockholders' equity      
Preferred stock, $0.0001 par value, 100,000 shares authorized, no shares issued and outstanding as of January 31, 2016 and 2015      
Common stock, $0.0001 par value, 900,000 shares authorized, 57,726 and 54,802 shares issued and outstanding as of January 31, 2016 and 2015, respectively 6     5  
Additional paid-in capital 199,940     157,094  
Accumulated other comprehensive loss (98 )    
Accumulated earnings (deficit) 3,609     (13,004 )
Total stockholders' equity 203,457     144,095  
Total liabilities and stockholders' equity $ 219,795     $ 158,769  

HealthEquity, Inc. and its subsidiaries Consolidated statements of operations and comprehensive income (unaudited)
(in thousands, except per share data) Three months ended January 31,   Year ended January 31,
  2016       2015       2016       2015  
Revenue              
Service revenue $ 17,101     $ 13,156     $ 61,608     $ 45,735  
Custodial revenue 11,163     6,817     37,755     24,374  
Interchange revenue 7,622     4,898     27,423     17,746  
Total revenue 35,886     24,871     126,786     87,855  
Cost of revenue              
Service costs 13,256     9,596     39,418     29,842  
Custodial costs 2,051     1,147     6,522     4,141  
Interchange costs 2,148     1,615     8,248     5,899  
Total cost of revenue 17,455     12,358     54,188     39,882  
Gross profit 18,431     12,513     72,598     47,973  
Operating expenses              
Sales and marketing 4,665     3,790     13,302     10,619  
Technology and development 4,891     3,202     16,832     10,501  
General and administrative 3,535     3,091     14,113     8,343  
Amortization of acquired intangible assets 981     410     2,208     1,637  
Total operating expenses 14,072     10,493     46,455     31,100  
Income from operations 4,359     2,020     26,143     16,873  
Other expense              
Loss on revaluation of redeemable convertible preferred stock derivative             (735 )
Other expense, net (63 )   (98 )   (589 )   (374 )
Total other expense (63 )   (98 )   (589 )   (1,109 )
Income before income taxes 4,296     1,922     25,554     15,764  
Income tax provision 1,168     551     8,941     5,598  
Net income $ 3,128     $ 1,371     $ 16,613     $ 10,166  
Net income attributable to common stockholders:              
Basic $ 3,128     $ 1,371     $ 16,613     $ 12,058  
Diluted $ 3,128     $ 1,371     $ 16,613     $ 10,901  
Net income per share attributable to common stockholders:              
Basic $ 0.05     $ 0.03     $ 0.29     $ 0.39  
Diluted $ 0.05     $ 0.02     $ 0.28     $ 0.21  
Weighted-average number of shares used in computing net income per share attributable to common stockholders:              
Basic 57,673     54,768     56,719     31,181  
Diluted 59,420     57,535     58,863     51,856  
Comprehensive income:              
Net income 3,128     1,371     16,613     10,166  
Other comprehensive loss:              
Unrealized loss on available-for-sale marketable securities, net of tax (64 )       (98 )    
Comprehensive income $ 3,064     $ 1,371     $ 16,515     $ 10,166  

HealthEquity, Inc. and its subsidiaries Consolidated statements of redeemable convertible preferred stock and stockholders' equity (deficit)(unaudited)
      Stockholders' equity (deficit)
  Redeemable convertible preferred stock Convertible preferred stock Common stock Common stock warrants Additional paid-in capital Accumu- latedcompre- hensiveloss Accumu- latedearnings (deficit) Total stock- holders' equity (deficit)
(in thousands, except exercise prices) Shares Amount Shares Amount Shares Amount
Balance as of January 31, 2013 17,433   $ 41,186   6,738   $ 8,990   5,386   $ 1   $ 3,679   $   $   $ (19,069 ) $ (6,399 )
Series D-3 redeemable convertible preferred stock cash dividend                   (694 ) (694 )
Issuance of common stock:                      
Exercise of 1,084 warrants at $0.0682 per share         1,084     (1,345 ) 2,547       1,202  
Exercise of 568 options at $0.9210 per share         568       523       523  
Stock-based compensation               57       57  
Tax benefit on stock options exercised               271       271  
Stock repurchased and retired-665,613 preferred shares (674,120 common stock equivalent shares), $5.00 per share (84 ) (236 ) (582 ) (861 )           (2,274 ) (3,135 )
Redeemable convertible preferred stock accretion   5,764             (3,398 )   (2,366 ) (5,764 )
Net income                   1,233   1,233  
Balance as of January 31, 2014 17,349   $ 46,714   6,156   $ 8,129   7,038   $ 1   $ 2,334   $   $   $ (23,170 ) $ (12,706 )
Issuance of series D-3 redeemable convertible preferred stock cash dividend               (347 )     (347 )
Issuance of common stock cash dividend               (50,000 )     (50,000 )
Issuance of common stock:                      
Exercise of 2,972 warrants at $0.8008 per share         2,972     (2,334 ) 4,714       2,380  
Exercise of 1,841 options at $1.3204 per share         1,841       2,430       2,430  
Conversion of preferred stock to common stock upon initial public offering (17,349 ) (42,693 ) (6,156 ) (8,129 ) 32,486   3     50,819       42,693  
Issuance of common stock         10,465   1     132,586       132,587  
Stock-based compensation               2,525       2,525  
Tax benefit on stock options exercised               3,429       3,429  
Redeemable convertible preferred stock accretion   (4,021 )           4,021       4,021  
Reclassification of series D-3 redeemable convertible preferred stock derivative liability               6,917       6,917  
Net income                   10,166   10,166  
Balance as of January 31, 2015   $     $   54,802   $ 5   $   $ 157,094   $   $ (13,004 ) $ 144,095  
Issuance of common stock:                      
Exercise of 1,950 options at $0.98 per share         1,951   1     1,914       1,915  
Issuance of common stock         973       23,492       23,492  
Stock-based compensation               5,883       5,883  
Tax benefit on stock options exercised               11,557       11,557  
Other comprehensive loss, net of tax                 (98 )   (98 )
Net income                   16,613   16,613  
Balance as of January 31, 2016   $     $   57,726   $ 6   $   $ 199,940   $ (98 ) $ 3,609   $ 203,457  

HealthEquity, Inc. and its subsidiaries Consolidated statements of cash flows (unaudited)
  Year ended January 31,
(in thousands)   2016       2015       2014  
Cash flows from operating activities:          
Net income $ 16,613     $ 10,166     $ 1,233  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 8,601     5,890     4,270  
Loss on revaluation of warrant liability         614  
Loss on revaluation of redeemable convertible preferred stock derivative     735     5,363  
Loss on other investments     24      
Bad debt expense 24     31      
Imputed interest on notes payable         38  
Amortization of deferred financing costs 23          
Deferred taxes (2,178 )   1,593     3,552  
Stock-based compensation 5,883     2,525     57  
Changes in operating assets and liabilities:          
Restricted cash         791  
Accounts receivable (5,174 )   (3,380 )   (1,546 )
Inventories 5     (234 )   (118 )
Other assets (107 )   (1,608 )   (272 )
Accounts payable 1,011     (1,156 )   1,492  
Due to trust         (791 )
Accrued compensation 2,475     1,167     1,334  
Accrued liabilities (383 )   (802 )   1,808  
Income taxes payable         (77 )
Deferred rent (252 )   95     267  
Net cash provided by operating activities 26,541     15,046     18,015  
Cash flows from investing activities:          
Purchase of marketable securities (40,291 )        
Purchase of property and equipment (2,376 )   (1,712 )   (1,595 )
Purchase of software and capitalized software development costs (6,896 )   (6,420 )   (3,844 )
Note receivable from shareholder         800  
Purchase of other investments (500 )   (305 )    
Acquisition of intangible member assets (40,489 )        
Net cash used in investing activities (90,552 )   (8,437 )   (4,639 )
Cash flows from financing activities:          
Repayment of notes payable         (2,167 )
Dividend payments     (50,347 )   (694 )
Proceeds from initial public offering, net of payments for offering costs     132,587      
Repurchase of redeemable convertible preferred stock and convertible preferred stock         (3,371 )
Proceeds from follow-on offering, net of payments for offering costs 23,492          
Proceeds from exercise of common stock options 1,915     2,430     523  
Proceeds from exercise of common stock warrants     2,380     74  
Tax benefit from exercise of common stock options 11,557     3,429     271  
Deferred financing costs paid (317 )        
Net cash provided by (used in) financing activities 36,647     90,479     (5,364 )
(Decrease) increase in cash and cash equivalents (27,364 )   97,088     8,012  
Beginning cash and cash equivalents 111,005     13,917     5,905  
Ending cash and cash equivalents $ 83,641     $ 111,005     $ 13,917  

Stock-based compensation expense (unaudited)

Total stock-based compensation expense included in the consolidated statements of operations and comprehensive income is as follows:
    Three months ended January 31,   Year ended January 31,
(in thousands)     2016       2015       2016       2015  
Cost of revenue   $ 348     $ 308     $ 1,088     $ 403  
Sales and marketing   198     359     903     504  
Technology and development   336     147     1,014     263  
General and administrative   747     916     2,878     1,355  
Total stock-based compensation expense   $ 1,629     $ 1,730     $ 5,883     $ 2,525  

The following table presents components of our unaudited consolidated statements of operations and comprehensive income, adjusted for stock compensation expense:
    Three months ended January 31,   Year ended January 31,
(in thousands, except for percentages)   2016   2015   2016   2015
Reconciliation of gross profit to non-GAAP gross profit:                
Gross profit   $ 18,431     $ 12,513     $ 72,598     $ 47,973  
Excluding: Stock-based compensation expense attributable to cost of revenue   348     308     1,088     403  
Non-GAAP gross profit   $ 18,779     $ 12,821     $ 73,686     $ 48,376  
Reconciliation of gross margin to non-GAAP gross margin:                
GAAP gross margin   51 %   50 %   57 %   55 %
Excluding: Stock-based compensation expense attributable to cost of revenue   1 %   1 %   1 %   %
Non-GAAP gross margin   52 %   51 %   58 %   55 %
Reconciliation of income from operations to non-GAAP income from operations:                
Income from operations   $ 4,359     $ 2,020     $ 26,143     $ 16,873  
Excluding: Stock-based compensation expense   1,629     1,730     5,883     2,525  
Non-GAAP income from operations   $ 5,988     $ 3,750     $ 32,026     $ 19,398  
Reconciliation of operating margin to non-GAAP operating margin:                
GAAP operating margin   12 %   8 %   21 %   19 %
Excluding: Stock-based compensation expense   5 %   7 %   4 %   3 %
Non-GAAP operating margin   17 %   15 %   25 %   22 %

HSA Members (unaudited)
    January 31, 2016     January 31, 2015     January 31, 2014     % Change from prior year
HSA Members   2,140,631     1,426,785     967,710     50 %   47 %
Average HSA Members - Year-to-date   1,600,327     1,087,962     747,182     47 %   46 %
Average HSA Members - Quarter-to-date   1,850,843     1,230,256     837,666     50 %   47 %
HSAs with investments   44,680     30,552     19,432     46 %   57 %

Assets under management (unaudited)
(in thousands, except percentages)     January 31, 2016       January 31, 2015       January 31, 2014     % Change from prior year
Cash AUM   $ 3,278,628     $ 2,075,741     $ 1,442,336     58 %   44 %
Investment AUM   405,878     286,526     182,614     42 %   57 %
Total AUM   $ 3,684,506     $ 2,362,267     $ 1,624,950     56 %   45 %
Average daily cash AUM - Year-to-date   $ 2,326,506     $ 1,553,845     $ 1,137,825     50 %   37 %
Average daily cash AUM - Quarter-to-date   $ 2,682,827     $ 1,698,402     $ 1,223,589     58 %   39 %

Net income reconciliation to Adjusted EBITDA (unaudited)
    Three months ended January 31,   Year ended January 31,
(in thousands)     2016       2015       2016       2015  
Net income   $ 3,128     $ 1,371     $ 16,613     $ 10,166  
Interest expense   68         91      
Income tax provision   1,168     551     8,941     5,598  
Depreciation and amortization   1,890     1,294     6,393     4,253  
Amortization of acquired intangible assets   981     410     2,208     1,637  
Loss on revaluation of redeemable convertible preferred stock derivative liability               735  
Stock-based compensation expense   1,629     1,730     5,883     2,525  
Other (1)   (6 )   150     496     328  
Total adjustments   5,730     4,135     24,012     15,076  
Adjusted EBITDA   $ 8,858     $ 5,506     $ 40,625     $ 25,242  

(1) For the three months ended January 31, 2016 and 2015, Other consisted of interest income of $(111) and $(29) and miscellaneous taxes of $81 and $179, and SEC registration costs of $24 and $0, respectively. For the years ended January 31, 2016 and 2015, Other consisted of interest income of $(414) and $(38), and miscellaneous taxes of $334 and $366, acquisition-related costs of $471 and $0, and SEC registration costs of $105 and $0, respectively.

Net income per diluted share reconciliation to non-GAAP earnings per diluted share (unaudited)

    Three months ended January 31,   Year ended January 31,
(in thousands, except per share data)     2016       2015       2016       2015  
Net income attributable to common stockholders for diluted earnings per share   $ 3,128     $ 1,371     $ 16,613     $ 10,901  
GAAP adjustments for participating securities (1)               $ (735 )
Net income   $ 3,128     $ 1,371     $ 16,613     $ 10,166  
Stock compensation expense, net of tax (2)   1,010     1,072     3,647     1,565  
Adjusted net income   $ 4,138     $ 2,443     $ 20,260     $ 11,731  
Diluted weighted-average number of shares used in computing non-GAAP earnings per diluted share:   59,420     57,535     58,863     51,856  
Non-GAAP earnings per diluted share   $ 0.07     $ 0.04     $ 0.34     $ 0.23  

(1)   The net impact of adjustments required for participating securities in conformity with the two-class method as prescribed by GAAP.(2)   The company used an estimated statutory tax rate of 38% to calculate the net impact of non-cash stock-based compensation expense.

 

Investors Contact:Westwicke PartnersBob East / Asher Dewhurst443-213-0500healthequity@westwicke.com

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