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Sept. 9, 2021, 4:06 p.m. EDT

10-Q: HEALTHEQUITY, INC.

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(EDGAR Online via COMTEX) -- Item 2. Management's discussion and analysis of financial condition and results of operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. The following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Statements that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

Overview







        (in thousands, except percentages)                July 31, 2021              July 31, 2020                 % Change              January 31, 2021
        HSAs                                               5,972                      5,384                           11  %                 5,782
        New HSAs from sales - Quarter-to-date                180                        108                           67  %                   370
        New HSAs from sales - Year-to-date                   295                        213                           38  %                   687
        New HSAs from acquisitions - Year-to-date              -                          -                             n/a                     -
        HSAs with investments                                402                        284                           42  %                   333
        CDBs                                               7,171                      7,090                            1  %                 7,028
        Total Accounts                                    13,143                     12,474                            5  %                12,810
        Average Total Accounts - Quarter-to-date          13,358                     12,416                            8  %                12,659
        Average Total Accounts - Year-to-date             13,114                     12,602                            4  %                12,604
        


The number of our HSAs and CDBs are key metrics because our revenue is driven by the amount we earn from them. The number of our HSAs increased by approximately 0.6 million, or 11%, from July 31, 2020 to July 31, 2021, due to further penetration into existing Network Partners and the addition of new Network Partners. The number of our CDBs increased by approximately 0.1 million, or 1%, from July 31, 2020 to July 31, 2021, driven by an increase in COBRA accounts, largely offset by a decrease in commuter benefit accounts that are currently suspended due to the COVID-19 pandemic and fewer workers being required to commute to an office. The suspended commuter accounts continue to be administered on our platform and can be reinstated at any time. We have excluded the suspended commuter accounts from our account totals because they are currently not generating revenue for the Company. HSA Assets







        (in millions, except percentages)              July 31, 2021           July 31, 2020                 % Change           January 31, 2021
        HSA cash with yield (1)                    $        9,938          $        8,626                       15  %       $           9,875
        HSA cash without yield (2)                             90                     344                      (74) %                     244
        Total HSA cash                                     10,028                   8,970                       12  %                  10,119
        HSA investments with yield (1)                      5,351                   3,046                       76  %                   4,078
        . . .
        


Sep 09, 2021

COMTEX_393073560/2041/2021-09-09T16:05:46

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