On this page of StockholderLetter.com we present the latest annual shareholder letter from HEALTHEQUITY, INC. — ticker symbol HQY. Reading current and past HQY letters to shareholders can bring important insights into the investment thesis.
Stephanie Larsen Team Member since 2013
To our shareholders We are a leader and an innovator in the high growth category of technology-enabled services platforms that empower consumers to make healthcare saving and spending decisions. Ten years later, this introductory sentence of HealthEquity s IPO prospectus remains an apt summary of what we do and why we do it. Our mission is to save and improve the lives of healthcare consumers. Fiscal year 2024 results con rm the merits of our approach. Team Purple welcomed nearly a million new Health Savings Account (HSA) members, roughly the number of our total HSA membership ten years ago. Our 8.7 million HSA members and more than $25 billion in HSA Assets at scal year-end made HealthEquity, once again, the largest HSA provider by share.1 The number of our consumer-directed bene t accounts rose for the rst time since the onset of COVID-19. Members, clients, and partners received HealthEquity s remarkable Purple service and education. To shareholders, Team Purple delivered prodigious margin expansion in conjunction with double-digit percentage revenue growth, helping HealthEquity reach nearly $1 billion in revenue while empowering healthcare consumers to make better saving and spending decisions. Building on this success and our strength, we are focusing capital investment on our proprietary platform and its connectivity to clients and partners in the health bene ts ecosystem. We are leveraging technology cloud, data science, and application programming infrastructure (API) to deliver remarkable experiences, deepen partnerships, and drive member outcomes. Opportunistic transactions such as Bene tWallet, expected to be the largest HSA portfolio transfer ever upon completion in scal 2025, further leverage our platform investments. We aim to continue market share capture and double-digit compound annual percentage revenue growth, while also doubling our non-GAAP net income per share over the next three years. 1 Devenir Research 2023 Year-End HSA Market Statistics & Trends, March 26, 2024. Copyright 2024 HealthEquity, Inc. All rights reserved. Stacie Saltzgiver Team Member since 2020
HealthEquity understands what personal, portable health accounts like HSAs, when connected to the health bene ts ecosystem, can do for consumers, employers and other health payers, and the broader healthcare system in the United States. We estimate that by 2030, the total number of HSAs could grow to 50 million from today s 37 million, HSA Assets could grow to $300 billion from today s $123 billion, and annual revenues of all rms in our market could grow to $10 billion from today s approximately $5 billion. HealthEquity s recent results, and over the past ten years as a public company, should give shareholders con dence in our ability to capture a signi cant share of this potential opportunity. We and our more than 3,100 teammates across the United States are humbled by shareholder support for HealthEquity s mission over the past ten years and grateful to those joining or continuing the journey with us. Stephen D. Neeleman, M.D. Founder, Vice Chairman and Director Jon Kessler President, Chief Executive Officer and Director Copyright 2024 HealthEquity, Inc. All rights reserved. Darek Easterly Team Member since 2015
(millions) (millions) Revenue (millions) HSAs HSA Assets (thousands) Adjusted EBITDA 200+ Network Partners #1 HSA Provider (thousands) Total Accounts 4 Copyright 2024 HealthEquity, Inc. All rights reserved.
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HQY Shareholder/Stockholder Letter Transcript:

Stephanie Larsen
Team Member since 2013

To our shareholders
We are a leader and an innovator
in the high growth category of
technology-enabled services
platforms that empower
consumers to make healthcare
saving and spending decisions.
Ten years later, this introductory sentence of HealthEquity   s IPO
prospectus remains an apt summary of what we do and why we do it.
Our mission is to save and improve the lives of healthcare consumers.
Fiscal year 2024 results con   rm the merits of our approach. Team
Purple welcomed nearly a million new Health Savings Account (HSA)
members, roughly the number of our total HSA membership ten years
ago. Our 8.7 million HSA members and more than $25 billion in HSA
Assets at    scal year-end made HealthEquity, once again, the largest
HSA provider by share.1 The number of our consumer-directed bene   t
accounts rose for the    rst time since the onset of COVID-19. Members,
clients, and partners received HealthEquity   s remarkable Purple service
and education. To shareholders, Team Purple delivered prodigious margin
expansion in conjunction with double-digit percentage revenue growth,
helping HealthEquity reach nearly $1 billion in revenue while empowering
healthcare consumers to make better saving and spending decisions.
Building on this success and our strength, we are focusing capital
investment on our proprietary platform and its connectivity to clients
and partners in the health bene   ts ecosystem. We are leveraging
technology     cloud, data science, and application programming
infrastructure (API)     to deliver remarkable experiences, deepen
partnerships, and drive member outcomes. Opportunistic transactions
such as Bene   tWallet, expected to be the largest HSA portfolio transfer
ever upon completion in    scal 2025, further leverage our platform
investments. We aim to continue market share capture and double-digit
compound annual percentage revenue growth, while also doubling our
non-GAAP net income per share over the next three years.
1
Devenir Research 2023 Year-End HSA Market Statistics & Trends, March 26, 2024.
Copyright   2024 HealthEquity, Inc. All rights reserved.
Stacie Saltzgiver
Team Member since 2020

HealthEquity understands what personal, portable health accounts
like HSAs, when connected to the health bene   ts ecosystem, can do
for consumers, employers and other health payers, and the broader
healthcare system in the United States. We estimate that by 2030, the
total number of HSAs could grow to 50 million from today   s 37 million,
HSA Assets could grow to $300 billion from today   s $123 billion, and
annual revenues of all    rms in our market could grow to $10 billion from
today   s approximately $5 billion. HealthEquity   s recent results, and
over the past ten years as a public company, should give shareholders
con   dence in our ability to capture a signi   cant share of this potential
opportunity.
We and our more than 3,100 teammates across the United States are
humbled by shareholder support for HealthEquity   s mission over the past
ten years and grateful to those joining or continuing the journey with us.
Stephen D. Neeleman, M.D.
Founder, Vice Chairman and Director
Jon Kessler
President, Chief Executive Officer
and Director
Copyright   2024 HealthEquity, Inc. All rights reserved.
Darek Easterly
Team Member since 2015





































(millions)





(millions)
Revenue




























(millions)
HSAs









HSA Assets






(thousands)





Adjusted EBITDA




200+


Network Partners

#1


HSA Provider

(thousands)





Total Accounts
4

Copyright   2024 HealthEquity, Inc. All rights reserved.



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