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, Dec. 03, 2025 (GLOBE NEWSWIRE) -- 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.

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 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

[email protected]

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

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

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

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

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

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	%

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.

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.