HealthEquity, Inc. has recently released its 10-K report for the fiscal year ended January 31, 2024. The company, based in Draper, Utah, provides technology-enabled services platforms to consumers and employers in the United States, offering cloud-based platforms for individuals to make health saving and spending decisions, pay healthcare bills, and receive personalized benefit information, among other services.
HealthEquity's 10-K report for the fiscal year ended January 31, 2024, filed with the SEC on March 22, 2024, provides insights into the company's financial condition and results of operations. As of January 31, 2025, the company's cash and cash equivalents amounted to $295.9 million, down from $404.0 million in the previous year. HealthEquity relies on cash provided by operating activities to meet short-term liquidity requirements, including corporate payroll, operating costs, interest payments on long-term debt, and capital expenditures. The company also maintains a "shelf" registration statement on Form S-3 with the SEC, allowing it to offer securities for various corporate purposes. Additionally, HealthEquity entered into a five-year senior secured Revolving Credit Facility in August 2024, with an outstanding balance of $461.9 million as of January 31, 2025.
During the fiscal year ended January 31, 2025, HealthEquity used $452.2 million of cash, including $225.0 million borrowed under its prior revolving credit facility, to pay for the BenefitWallet HSA portfolio acquisition. The company also prepaid $50.0 million under the Credit Agreement and used $121.5 million of cash for common stock repurchases. Capital expenditures for the fiscal years ended January 31, 2025 and 2024 were $53.2 million and $42.8 million, respectively, with plans to continue at the current level for the fiscal year ending January 31, 2026.
The 10-K report also outlines the company's cash flows from operating activities, investing activities, and financing activities for the stated periods. Notably, net cash provided by operating activities increased by $97.0 million, primarily due to increased cash receipts with respect to custodial, service, and interchange revenues. The report also discusses contractual obligations, off-balance sheet arrangements, critical accounting policies, and recent accounting pronouncements, providing a comprehensive overview of HealthEquity's financial position and operations. The market has reacted to these announcements by moving the company's shares -18.0% to a price of $83.35. Check out the company's full 10-K submission here.
